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The global crypto landscape is shifting fast, from regulatory delays to national experiments. In the U.S., anticipation for a Dogecoin ETF grows as the SEC pushes decisions into November. Solana has hit a record USD 121.45 billion (AUD 183.48 billion) in Total Value Locked, driven by institutional capital and DeFi growth. Asia is also moving: South Korea’s Upbit is launching an Ethereum layer 2, while Hong Kong speeds up licensing even as China holds its ban. Kazakhstan is creating a national crypto reserve from seized assets and state mining, while Justin Sun faces scrutiny after his World Liberty Financial tokens were frozen. Together, these stories capture the mix of regulation, innovation, and speculation shaping crypto’s next phase.
What’s Happening On The Wayex Platform This Week
Addressing ALTCOIN Autumn Speculations
Altcoin season, or altseason, is the period in crypto markets when altcoins outperform Bitcoin in both price growth and trading volume. These cycles often start when Bitcoin dominance falls, prompting investors to rotate into other projects that promise faster gains. Excitement during these periods is typically driven by speculation, innovation narratives, and social media momentum, which can fuel both opportunity and risk. A popular way to track this trend is through the Altcoin Season Index, which measures how many altcoins outperform Bitcoin; a score above 75 usually signals a true last season.
Currently, it sits at 67, a huge jump from last month’s numbers!
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Looking back, history shows how dramatic these cycles can be. In late 2017 and early 2018, altcoins such as Ethereum, Ripple, and Litecoin delivered explosive gains as Bitcoin's dominance plummeted below 40 per cent. That surge coincided with the ICO boom, where hundreds of new tokens entered the market and fueled unprecedented retail speculation. Another notable altseason unfolded in early 2021, when coins like Dogecoin, Solana, and Cardano skyrocketed alongside the rise of DeFi platforms and NFTs. Both periods demonstrated the high-risk, high-reward nature of altcoin speculation, as many projects later lost significant value once the market cooled.
Today, analysts are watching closely to see if similar conditions are building, but I must admit it is starting to feel like the boy who cried wolf, cause they have been saying that ALL YEAR.
However, while some investors expect a new wave of altcoin growth if Bitcoin consolidates, others caution that without strong fundamentals, many tokens may not sustain momentum. The lessons from past altseasons remain clear: while altcoins can generate massive short-term gains, they also expose traders to heightened volatility and sudden reversals.
Treasury Plays For Worldcoin
On September 8, 2025, Nasdaq-listed Eightco Holdings announced a bold new treasury strategy by adopting Worldcoin (WLD) as its primary reserve asset. The company secured around $250 million USD (378 million AUD) from crypto-focused investors, including MOZAYYX, World Foundation, Discovery Capital Management, and Kraken, along with an additional $20 million USD from BitMine Immersion Technologies under Tom Lee. Eightco also appointed Wall Street analyst Dan Ives as its new chairman and revealed plans to change its Nasdaq ticker from OCTO to ORBS, referencing Worldcoin’s orb-shaped identity devices.
The market response was explosive, with Eightco’s stock soaring more than 5,600 per cent before settling at gains of about 3,009 per cent to close at $45.08 per share. At the same time, Worldcoin itself surged nearly 50 per cent, climbing from around $1.03 USD (1.56 AUD) to $1.53 USD ($2.31 AUD). This move echoes strategy plays happening across the board in crypto.
NASDAQ Investment In Winklevoss
Nasdaq is making a big move into crypto with a USD 50 million (75 million AUD) investment in Gemini, the exchange founded by the Winklevoss twins. The funding is tied to Gemini’s upcoming IPO, with Nasdaq buying in at the IPO price and adding extra excitement around the launch.
As part of the partnership, Gemini will provide custody and staking services for Nasdaq clients, while gaining access to Nasdaq’s Calypso platform that handles institutional collateral management. The timing is interesting because Gemini has been feeling the heat. It has reported losses of more than USD 280 million (423 million AUD) in the first half of 2025, even as trading volumes grow. But this partnership with Nasdaq’s backing sends a strong signal to the market that crypto exchanges can play a bigger role in mainstream markets, showing the influence of DeFi is only getting stronger with Wall Street.
Justin Sun Blacklisted From Selling His WLF Tokens
Justin Sun, a major backer of the Trump-linked World Liberty Financial (WLFI) project, is in the spotlight after his WLFI tokens were unexpectedly frozen following a dramatic price collapse. On-chain data shows Sun transferred approximately USD 9 million($14 million AUD) worth of WLFI to exchanges. The amount flagged as suspicious prompted WLFI to blacklist his wallet, effectively freezing about 595 million unlocked tokens valued at around USD $107 million ($162 million AUD) and an additional 2.4 billion still under vesting. The token price plunged by over 20 per cent in hours, dropping nearly 40–60 per cent since its debut launch, amplifying concerns about governance risk and centralisation in a “DeFi” project. Sun fired back on social media, calling the freeze “unreasonable” and insisting the moves were merely deposit tests, not market sales, while pledging continued support and urging the team to unlock his assets. This standoff has raised serious questions about WLFI’s credibility and its commitment to decentralisation narratives.
Doge ETF Confusion
A Dogecoin ETF was set to launch in the U.S. this Thursday as the REX Osprey DOGE ETF, ticker DOJE, makes its debut, marking the first memecoin exchange-traded fund in the country. Bloomberg analyst Eric Balchunas noted that the fund is moving forward under the Investment Company Act of 1940, a route that has proven faster than traditional spot ETF applications. This milestone is significant because it brings a meme-inspired cryptocurrency like Dogecoin into the mainstream financial system.
However, the path to a Dogecoin ETF in the U.S. just hit another roadblock as the SEC extended its review, in an article published by CoinTelegraph on September 10th 2025.
The article states the SEC pushed the decision on Bitwise’s Dogecoin ETF and Grayscale’s Hedera ETF to November 12.
We do think it’s important to note that there’s a bit of confusion around the Dogecoin ETF. CoinDesk reported on 10 September 2025 that the ETF would be approved on September 11. We should have a clearer picture tomorrow.
This confusion shows how cautious regulators remain, even as demand for altcoin ETFs continues to grow. Back in April, the SEC already postponed decisions on a range of altcoin ETF proposals, including Dogecoin, XRP, Solana, and Litecoin, pointing to the complexity of bringing these products to market. Analysts such as Bloomberg’s Eric Balchunas and James Seyffart still see a path forward, but the pushback makes it clear that the commission is carefully weighing the risks and broader market implications. Other asset managers, including 21Shares and Osprey, have also submitted Dogecoin ETF filings, keeping speculation alive. Until November brings clarity, anticipation will remain high as both retail investors and institutions wait to see if meme-based assets will finally gain mainstream ETF approval.
In recent months, major firms such as Bitwise, 21Shares, and Grayscale have filed or updated their own Dogecoin ETF proposals, highlighting strong institutional interest. Earlier this year, the SEC delayed decisions on several spot altcoin ETFs, pushing deadlines into summer, but the REX Osprey product avoided those hurdles with its approach. The launch reflects how Dogecoin, once dismissed as a joke, is now securing a place on Wall Street as both retail and institutional demand continue to grow.
Solana TVL Locked
Solana’s DeFi ecosystem is experiencing a powerful resurgence, with Total Value Locked soaring to a new record high of USD 12.11 billion ($18.2 billion) as of September 9th 2025. This surpassed its previous peak from January. The growth is roughly 15 per cent in just 30 days, which is a great performance in a market experiencing some lagging growth indicators.
Solana is benefiting from rising institutional participation, with corporate treasuries allocating billions of dollars into SOL and new investment vehicles emerging to channel liquidity into its protocols. Leading DeFi platforms such as Jupiter, Jito, and Kamino are anchoring this expansion, each securing billions in locked value and strengthening Solana’s position ahead of Ethereum Layer 2 networks.
Today, Solana is hitting an all-time high according to Yahoo Finance. All this action is happening at the same time, derivatives markets tied to Solana are heating up, with open interest hitting record levels and technical indicators like RSI pointing toward continued bullish momentum.
Where to next for Solana? We’ll need to wait and see.
APAC Is Where It’s At This Week, Hong Kong, South Korea and Kazakhstan
Asia’s crypto landscape is heating up with major developments across South Korea and Hong Kong. In Seoul, leading exchange Upbit has launched Giwa, an Ethereum layer 2 built on the Optimism Foundation’s OP Stack, boasting one-second block times while inheriting Ethereum’s security. The move signals that Upbit is evolving beyond trading into building developer-friendly Web3 infrastructure. Meanwhile, in Hong Kong, regulators are pushing ahead with a comprehensive crypto framework, introducing strict licensing for stablecoin issuers and fiat-backed rules designed to strengthen transparency and attract global capital. These efforts stand in sharp contrast to mainland China, which maintains its crypto ban but continues to watch digital asset trends closely. Together, these steps highlight how Asia is carving out diverse strategies: South Korea positioning itself as a hub for technical innovation, and Hong Kong doubling down on regulation to cement its role as a bridge between traditional finance and digital assets.
Kazakhstan is sharply ramping up its digital asset strategy, with President Kassym-Jomart Tokayev calling for the creation of a national crypto reserve and the passage of a digital asset law by 2026. The ‘State Fund of Digital Assets’ would be managed by a subsidiary of the National Bank’s Investment Corporation and stocked using seized cryptocurrencies alongside contributions from state-backed mining operations. It’s all a central pillar in broader ambitions that include a ‘CryptoCity’ pilot in Alatau and even the launch of Central Asia’s first spot Bitcoin ETF on the Astana International Exchange. By embedding crypto into sovereign reserves, trialling crypto in everyday payments, and stacking strong legal and governance frameworks, Kazakhstan is emerging as a frontrunner in government-led digital asset adoption across the region.
Things that made us laugh this week
Founders Corner
This week highlights how unevenly the crypto landscape is evolving. In the U.S., the SEC continues to delay altcoin ETF approvals, reflecting caution despite growing demand. Asia, by contrast, is pushing ahead, with South Korea with new infrastructure, Hong Kong with faster licensing, and Kazakhstan with state-backed reserves. These moves show regulation and innovation advancing on different timelines across regions.
On the market side, Solana’s record TVL underscores growing institutional and DeFi momentum, while the WLFI freeze tied to Justin Sun raises questions about governance and credibility. With “altcoin autumn” speculation rising again, history reminds us that these cycles bring both opportunity and heightened risk. The bigger picture: crypto continues to mature in some areas while remaining volatile and experimental in others.
**All information in this article is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by Wayex to invest, buy, or sell any coins, tokens, or other crypto assets. Any descriptions of Wayex products or features are merely for illustrative purposes. Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. It is essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.
