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Orcabay Officially Obtains Markets in Crypto-Assets (MiCA) License 🇪🇺
We are thrilled to announce that Orcabay has secured its MiCA license, marking a major milestone in our mission to bring trust and transparency to crypto markets.
This achievement enables us to operate across all 30 countries of the European Economic Area (EEA), expanding our secure and fully compliant market-making and liquidity solutions for crypto token projects and exchanges across Europe.
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bitcoin:native broke above $85K as centralized spot activity strengthened and over $200M of shorts were liquidated.
Falling open interest shows the move was driven partly by short covering—not new leveraged longs—but higher CEX spot volume gives the breakout some genuine support.
Price rose while open interest declined, confirming that position closures and short liquidations contributed to the move. The setup is healthier than a rally driven by rapidly expanding leverage, but follow-through now requires continued spot buying.
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This week in Diary of a Market Maker:
- BTC ranges around $84K
- U.S. 10Y yield hits 5.33%
- BTC ETFs see $3.08B in 9 days
- Robinhood brings perps to U.S.
- Crypto hacks hit $768M in September
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Tuesday’s rebound failed below $85K. BTC fell 0.7% and ETH 1.4% as CEX spot volume weakened, while open interest remained broadly unchanged.
This is no longer clear deleveraging: price is falling without a meaningful OI reduction, suggesting some fresh shorts are entering.
ETF demand improved slightly but remains far below last week’s levels.
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Market making, when done properly, provides liquidity, tighter spreads and better execution for traders. It should not be treated as manipulation by default.
The real problem is artificial volume and price manipulation. New projects need trading activity to attract attention, while exchanges often consider volume when assessing listings. That creates an incentive to hire market makers promising results they cannot achieve through legitimate trading.
Allow market making under clear rules, require due diligence from projects and exchanges, and hold firms accountable for how they trade.
NEW: South Korea's FSC said it will review lifting the ban on crypto market makers to improve the efficiency and stability of the digital asset ecosystem, local news outlet Digital Asset reports.
The country's investor protection rules currently view market making as equivalent to unfair market activities, such as price manipulation.
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ETF demand remained positive in the latest completed US session, but inflows slowed for a third consecutive day.
Bitcoin ETFs attracted $190.7M, down 45% from $346.9M in the previous session. Ethereum ETF inflows fell 37% from $104.5M to $66.1M.
Institutional buyers are still accumulating, with $2.85B flowing into Bitcoin and Ethereum ETFs over four sessions. However, this demand has not been strong enough to reverse the decline. For momentum to recover, ETF inflows likely need to accelerate while BTC reclaims $85K.
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- BTC falls below $84K, U.S. 10 year yield hits 5.11%
- Bitcoin ETFs record $999M in daily inflows
- NYSE plans 24/7 tokenized U.S. stock and ETF trading
- BlackRock moves model portfolios onchain with Ondo
- U.S. global push for dollar backed stablecoins
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The market is transitioning from a short squeeze into consolidation.
BTC and ETH remain higher, supported by nearly $1B of daily ETF inflows, but spot and perpetual volumes are falling while onchain open interest continues rising.
This means the move now has genuine spot support, but derivatives are becoming less healthy.
Rising funding and persistent leverage increase reversal risk if BTC loses $85K or ETF demand weakens.
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Why could this be significant?
Tether earns a large share of its income from yield on reserves, particularly U.S. Treasuries. MiCA’s 60% bank deposit requirement would force a major shift away from higher yielding assets.
Removing it could eliminate one of Tether’s biggest objections to MiCA compliance.
JUST IN: The ECB and European central bank system recommend scrapping MiCA's 60% bank deposit requirement for stablecoin reserves, proposing liquid short-term assets as a safer alternative, per Reuters.
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Leverage =/= "fake" volume
If you use 50x leverage on your $100 position, the volume will be $5000, not $100 (margin).
Weirdly, people are surprised by this.
I guess it’s time to drop the bigger bomb:
Almost every perp protocol measures volume the same way: by the notional size of the position.
• $1 margin at 100x leverage = $100 in volume
• $1,000 margin at 100x leverage = $100,000 in volume
Not defending Kalshi in any way here.
I’m just genuinely surprised how many people are only now discovering that most crypto volume is inflated.
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State of the market (22.9.2026)
Crypto liquidity improved sharply as a short squeeze liquidated approximately $648M of bearish positions. Trading volume rose much faster than open interest, supporting better execution, although leverage was quickly rebuilt.
Key numbers:
- DEX perpetual volume: $33.74B, up 112%
- Perpetual DEX OI: $15.14B (Hyperliquid OI: $8.83B)
- DEX spot volume: $11.50B
- CEX volume: approximately $46.6B
Turnover is growing much faster than leverage, improving liquidity and liquidation absorption. However, rising OI following the squeeze shows that risk was repositioned rather than removed, leaving the market exposed to a momentum reversal.
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"...is that Kalshi has volume deals so MMs are forced to fuck around and do things like this."
Thought we were over fake volume / wash trading deals.
I guess not.
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Felt bad leaving you guys with nothing tonight
So here is the undeniable proof that Kalshi is faking their PERP volume
FYI in case the data was to vanish over night, I have downloaded it and it's encrypted on 3 diff clouds
jus in case u know
Anyhow, here is an example
On ETH the exact same $5500 trade size keeps appearing over and over again
By over and over again, I mean it literally made up 48%–58% of ALL ETH PERP volume on 4 separate days
Also rumor, by rumor I mean person who told me wants to stay anonymous so I can't share proof, is that Kalshi has volume deals so MMs are forced to fuck around and do things like this
Literally incentivized to cheat
What I don't understand is why they are so bad at it kek
pro tip: if you guys want to fake volume one day, don't use the same lot size to do it over and over again
sincerely,
beni
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Congrats to @circle and @Arc on the mainnet launch.
Markets now operate 24/7, across borders and at global scale. Arc brings the infrastructure to match, with real time value movement, tokenized assets and agentic economic activity.
As a member of the Circle Alliance Program, we’re excited to see how Arc helps shape the future of financial markets.
Arc Mainnet is live.
Arc launches as the Economic OS for the internet: an open platform for global markets, real-time value movement, tokenized assets, and agentic economic activity.
Arc is more than a blockchain.
It launches as a full-stack financial platform with assets, applications, interoperability, developer infrastructure, and Circle platform services live from day one.
Arc delivers USDC as native gas, deterministic sub-second finality, EVM compatibility, and institutional validators.
It integrates with Arc Studio, App Kits, Arc Portal, Circle Agent Stack, CCTP, Gateway, CPN, and StableFX.
A complete economic platform at genesis.
Arc launches with infrastructure for:
→ Agentic economic workflows
→ Lending and borrowing
→ Trading and liquidity
→ Onchain FX
→ Payments and settlement
→ Tokenized assets
→ Exchanges, wallets, custody, compliance, data, and developer tooling
190+ institutional and ecosystem builders are building across Arc.
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Seeing a lot of Uniswap v4 hook debate.
For those unaware: a hook is a small add on contract attached to a Uniswap pool when it is created. It runs right before or after a swap and can change how the pool behaves, including the fee you pay and what you actually receive. Anyone can write one, no permission needed.
@0xProject scanned 84,163 hooks across six chains and classified only 19.4% as safe. 54.2% malicious, 26.4% likely malicious.
A hook quotes one price when a router samples it, then charges another when the trade arrives. Some detect when they are being quoted. The venue can tell when it is being interviewed, so sampling harder does not help. The user never chose that pool. Their router chose it for them.
@haydenzadams argues it is a skill issue and routers simply should not route to bad hooks. A hook's powers are encoded in its own address, so the dangerous flags are readable before any analysis, which is what Uniswap's routing allowlist already does. Predatory AMMs existed long before hooks.
Both sides agree hooks are useful and that some are predatory. The real disagreement is whether this is a protocol design flaw or a routing quality problem.
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Crypto liquidity improved as Monday activity returned following a quieter Sunday. Spot and perpetual volumes rose significantly faster than open interest, suggesting stronger trading flow rather than a leverage driven move. The Fed decision and uncertainty around the CLARITY Act keep tail risk elevated.
Key numbers (daily change):
- DEX perpetual volume: $25.39B, up 95%
- Onchain OI: $23.65B, up 2.5%
- Hyperliquid OI: $14.40B, up 4.3%, representing 60.9% of open interest across perpetual DEXs
- DEX spot volume: $8.59B, up 43%
- CEX volume: approximately $30.6B, up 57%
- Robinhood Chain: $1.98B volume
Rising turnover without comparable OI growth suggests better liquidity and greater capacity to absorb liquidations. This supports tighter spreads and faster inventory recycling, while regulatory uncertainty remains the main event risk.
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