Wayex Weekly Wrap: BTC Rangebound, ETH Delays, and Sun Setbacks

Crypto markets are buzzing with a mix of resilience, drama, and fresh opportunities. Bitcoin is holding steady but looks vulnerable as whales cash out, Ethereum stakers face weeks-long delays that Vitalik insists are by design, and Justin Sun loses a legal battle that could soon reveal his holdings. Meanwhile, Sam Bankman-Fried’s dormant X account jolted FTT back to life, the UK is emerging as a surprising crypto ally, and down under, Ledger is teaming up with rugby stars while Coinbase prepares to launch the first AUD and SGD stablecoins. 

What’s Happening On The Wayex Platform This Week 

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Bitcoin Rangebound But Vulnerable: Whales Sell, Liquidity Targets $107K

Bitcoin is holding near US$112K, stuck in a tight $110K–$120K USD ($167K - $182K AU) corridor even as global risk assets hover close to record highs. On-chain data shows whales and smaller cohorts alike distributing holdings, a broad wave of selling that has capped rallies and reinforced resistance near the top of the range. At the same time, retail “buy the dip” calls are rising across social channels, but analysts warn this enthusiasm could be a contrarian sign, masking the risk of further downside.

Liquidity maps reveal a thick cluster of bids around $107K USD ($162K AU) , making it a potential magnet if selling continues. The breakdown below both the 50- and 100-day moving averages adds to the near-term bearish tone. Still, ETF inflows and long-term holder accumulation remain supportive backstops, explaining why pullbacks have been shallow so far compared to past cycles.

For now, the market is locked between tactical whale distribution and structural institutional demand. If buyers can absorb supply and defend $112K USD (170K AUD) the range may resolve higher into Q4. If not, a slide toward $107K (162K AUD) could shake out weaker hands before the next leg higher. 

We’ll have to wait and see. 

ETH Staking Queue, But Vitalik Tells Soldiers Not To Desert The Troops 

If you follow the crypto news closely, like we do, you would know about the drama behind the long staking delays. In 2022, ETH transitioned to an 18-day staking delay according to AI Invest. However, waiting times have since BLOWN out and users are not happy Jan. 

A quick explainer of the drama is that Ethereum slows exits on purpose so the validator set can’t stampede out all at once, even if that means friction for users who want to fully withdraw their stake during periods of stress. Cryptonews

The current snapshot underscores why the experience is frustrating users waiting to cash out their holdings. According to CryptoNews roughly 2.49 million ETH sit in the exit queue, implying ~43 days before those validators can fully withdraw, while about 35.6 million ETH remain staked across ~1.05 million active validators, earning around 2.87% APR. That backlog ballooned in late August and, despite easing a bit, still represents weeks of controlled outflow. The same mechanics apply on the other side: entry activations are also rate-limited by churn, which is why the pipeline can oscillate between crowded exits and crowded entries depending on market conditions. But, if you ask Vitalik what he thinks, he thinks you’re a troop deserting the army. 

But, Ethereum’s “43-day unstaking delay” isn’t a bug; it’s a feature of the network’s safety rails. Vitalik Buterin has defended the wait times as a deliberate trade-off: capping how many validators can exit per epoch prevents a sudden mass departure that could threaten liveness and finality. The long delay has been raising the ire of the crypto world and has been courting a huge amount of controversy this year. 

Critics point out that many wallets advertise “earn yield” without making the variability of redemption timelines obvious, leaving retail stakers surprised when funds can’t be redeemed quickly to meet real-world needs. Buterin acknowledged the gap in his earlier tweet, arguing the current delay is not optimal and has stated he is open to new solutions to reduce the wait times. 

Justin Sun Lawsuit Thrown Out 

A few weeks ago, we reported on Justin Sun from TRON suing Bloomberg to prevent them from disclosing his crypto holdings. A U.S. judge has refused Justin Sun’s attempt to stop Bloomberg from publishing details of his personal cryptocurrency holdings. The legal motion sought a restraining order and injunction against Bloomberg, arguing that the financial news outlet had previously committed to confidentiality. However, in his decision, Judge Colm Connolly ruled that Sun had not provided clear and convincing evidence to prove that Bloomberg promised to withhold such information. 

This means we’ll be getting the BIG, BIG story on Justin Tron’s crypto holdings from Bloomberg very soon. And, we must say we’re very, very interested in what’s going to come out. 

Sam Wishes Crypto Twitter GM 

Sam Bankman-Fried’s verified X (formerly Twitter) account unexpectedly sprang to life when it posted the terse message “gm,” sending shockwaves through the crypto space. 

Though very minimal, the post led to a 32% jump in the trading price of FTT, the now largely speculative token tied to the defunct FTX, alongside a surge in trading volume of 467%. The striking nature of the post made while Bankman-Fried is serving a 25-year sentence prompted questions about how it could have been made, given that inmates in U.S. federal prisons are not permitted to directly access social media. A later clarification claimed that SBF himself did not make the post, suggesting a third party may have used his account. Meanwhile, the FTX estate has stepped up legal action, suing to reclaim billions of dollars in funds. 

UK And USA: The Special Relationship Moves To Crypto 

UK Prime Minister Keir Starmer has become an unlikely ally for crypto, backing a pragmatic policy path instead of heavy restrictions. The abrupt change follows a meeting between President Trump and Prime Minister Starmer and comes with a commitment of the UK and US treasuries to explore digital asset opportunities in partnership. 

The UK leader is positioning digital assets within a wider plan to strengthen London’s role as a global financial hub, aiming to keep fintech and Web3 firms in the UK while maintaining protections for consumers. This middle ground has made the UK a surprising “dark horse bet” compared to jurisdictions that have either cracked down too hard or stalled in regulatory gridlock. 

The UK, in partnership with the US, is advancing clearer rules on stablecoins, tokenisation, and capital markets pilots, while offering sandbox programs that allow firms to build under supervision. London’s financial talent, open regulators, and political will give it an edge in attracting both startups and institutions. By carving out a balanced approach, the UK stands apart from the US, where enforcement has chilled activity, and the EU, where regulation can feel heavy. If Starmer sustains this stance, the UK could become a leading hub for the next phase of crypto innovation.

Big Moves In Aussie Crypto Land 

Ledger, a leading global firm in digital asset security, has announced a partnership with three well-known Australian rugby personalities, Angus Crichton, Drew Mitchell, and Matt Giteau 

to act as its first local brand ambassadors for raising awareness about crypto safety. 

Athletes are not new to being all in with crypto, just ask Kevin Durant and his 10-year recovery process with Coinbase! 

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Speaking of Coinbase, Coinbase will list the Australian Digital Dollar (AUDD) and Singapore Dollar stablecoin (XSGD) on September 29, making them the first AUD- and SGD-backed tokens available globally on the platform with no regional restrictions. Users in Australia and Singapore will be able to convert their local currencies into the stablecoins. Backed 1:1 with fiat reserves, AUDD is issued by AUDC Pty Ltd, while XSGD is issued by StraitsX under the Monetary Authority of Singapore’s regulatory framework. The move comes as the stablecoin market surpasses $250 billion USD  and gains traction among businesses worldwide, with local tokens like AUDD and XSGD seen as a key step in reducing FX costs, enabling cross-border payments, and fueling real-world adoption in fast-growing digital finance hubs.

Things that made us laugh this week 

Founders Corner

Bitcoin feels stuck in quicksand. Whales are dumping into every rally, retail is blindly chanting “buy the dip,” and liquidity is screaming US$107K as the next test. Honestly, this is the kind of reset that can be good and healthy for the market.

Ethereum’s staking fiasco is another reminder that crypto UX still can't please everyone. A 43-day wait to unstake? Vitalik might call it a feature, but let’s be real, if users feel trapped, they’ll take their capital elsewhere. For all the talk of decentralisation, sometimes we forget the basics: people want flexibility.

Meanwhile, the UK is quietly eating the US’s lunch. While Washington argues with itself, Starmer is rolling out a smart, middle-ground policy that could make London the surprise crypto hub of the decade. If they keep this up, the talent drain will flow straight across the Atlantic.

And then we get the circus: SBF’s account tweeting “gm” from prison, Justin Sun losing his battle to gag Bloomberg, Aussie rugby stars shilling crypto wallets. Entertaining? Sure. But it all points to the same reality: crypto is already mainstream, whether regulators like it or not.