Market Commentary

M2 Active Treasury Team

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October 6, 2025

$6 Billion a Day: Why Debt Is Now Driving Bitcoin Demand

Markets balanced a dovish Fed outlook against soaring U.S. debt nearing $38 trillion, while Bitcoin ETFs saw $3.2B in inflows and Solana attracted institutional momentum. Read M2’s weekly recap for key insights on policy shifts, stablecoin trends, and ETF developments driving digital finance.

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M2 Active Treasury Team

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September 29, 2025

Positioning got punished, not the thesis.

Post-Fed whiplash defined the week: leveraged longs unwound, BTC ETFs saw ~$258M outflows, and $1.5B in liquidations hit markets. Yet macro data held steady, policy support stayed intact, and issuers lined up new ETFs under streamlined SEC rules. Tether expanded leadership ahead of USAT, miners pivoted to AI/HPC, and Solana DAT listings gained momentum.

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M2 Active Treasury Team

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September 23, 2025

Shallow Cuts, Shifting Flows: Fed Moves, Stablecoin Expansion, and Market Realignments

Stay ahead with this week’s Crypto Market Monitor: The Fed delivers a 25 bps “starter cut,” Bolivia and China accelerate stablecoin adoption, BitGo files for a $90B IPO, and FTX creditors prepare for another $1.6B distribution. Explore the key market shifts shaping digital assets and global finance.

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M2 Active Treasury Team

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September 16, 2025

Flows Return: Bitcoin Hits $116k on Record ETF Inflows Ahead of Fed Cut

Bitcoin surged to $116k as BTC/ETH ETFs saw $3B+ inflows. Softer inflation and labour data cleared the way for a Fed cut. Read the full market recap.

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M2 Active Treasury Team

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September 8, 2025

Bitcoin Whales Sell, Ethena Expands Treasury, and Solana Gears Up

Catch up on the latest digital asset trends: Bitcoin whales sell 115,000 BTC in the largest distribution since 2022, Trump-linked tokens fuel $1.3B gains before sharp retracements, Solana prepares for a Nasdaq listing, Ethena expands its treasury, and phishing scams cost users $12M in August.

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M2 Active Treasury Team

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September 4, 2025

Altcoin Season? Solana Returns with Enhanced Yield Solutions

Explore the early signs of altcoin season as Solana steps into the spotlight surpassing Ethereum in usage, drawing $6.4M in ETF-linked inflows, and gaining institutional traction through upgraded infrastructure and enhanced yield opportunities. Stay ahead of the curve with M2’s expert analysis.

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M2 Active Treasury Team

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September 2, 2025

WLFI Goes Live, Gaza Plan Goes On-Chain, and DOGE Gets a Treasury

This week’s M2 Newsletter (25 Aug – 1 Sep 2025) covers Binance’s WLFI listing, Gaza’s proposed tokenised land registry, a $200M Dogecoin treasury.

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M2 Active Treasury Team

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August 26, 2025

Fed pivot confirmed, ETH hits $4,888 ATH, BTC rebounds to 117,500, and crypto lending surges to a record $61.7B

Powell’s Jackson Hole pivot sets the stage for September easing. BTC ETFs see –$1.18B outflows, ETH ETFs flip to inflows, and DATCO-driven lending reaches $61.7B.

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M2 Active Treasury Team

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August 19, 2025

Markets Stuck Between Tariffs and Tensions

This week’s market recap: U.S.–China tariff truce extended, inflation surges to a 3-year high, and Treasury signals conditional Bitcoin reserve flexibility. Standard Chartered lifts ETH target to $7,500, while volatility stays compressed ahead of Jackson Hole and Fed minutes.

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