Good morning!
In our own reporting today, five companies tie bitcoin to stablecoins, AI payments and Visa cards at the same time. Tether, Circle, Anchorage, Block and Lightspark link bitcoin to the wider crypto economy.
On the market side, bitcoin's share slips below 60% as altcoins gain ground.
Some stories in Kaupr Daily:
💎 The altcoin market grows at its fastest pace since July 2025
💎 Bitcoin ETFs erase a $5.8 billion hole from July
💎 Morgan Stanley's bitcoin ETF passes 9,000 BTC
💎 Galaxy Digital puts $100 million of Sky's yield-bearing stablecoin in its treasury
💎 Ledger and Kraken's parent bring tokenised stocks to hardware wallets
Sunday's Kaupr Digest described last week in five threads. One of them was that the money came back. This morning's figures show how much: $2.4 billion into bitcoin ETFs in a week, enough to turn the year positive.
— Morten
New from Kaupr: Kaupr Events
Kaupr has launched Kaupr Events, a short newsletter about events in onchain finance: our own live events, curated picks from the Nordics and Baltics, and recordings of what you missed. It replaces our Luma calendar as the home for our events.
First up is How to invest in the tokenization trends, a joint event with Virtune on Wednesday 7 October, 11:00–12:30 CET, live online. Virtune's CEO and co-founder Christopher Kock and Chief Sales Officer Andreas Severin discuss what is driving tokenization, which platforms the financial industry is building on, and how investors can gain exposure through regulated ETPs. Moderated by Morten Myrstad.
Bitcoin gets stablecoins, AI payments and Visa cards
Five companies tie bitcoin to the wider crypto economy
Five companies are linking bitcoin to the wider crypto economy. Tether brings USDT back to bitcoin, and Circle brings USDC for bitcoin-backed loans. Anchorage Digital plans to let institutions earn yield on bitcoin. Jack Dorsey's Block adds bitcoin to x402, a standard for AI agent payments. Lightspark links Visa cards to bitcoin and stablecoin balances.
Why it matters: Bitcoin has long stood apart from stablecoins and everyday payments. Several of the biggest names in both are now building links to it.
Source: Bitcoin ties into stablecoins, AI agents and Visa cards — Kaupr
Bitcoin dominance falls to 58.5%, but altseason is not confirmed
Bitcoin's share of the total crypto market fell to 58.5% on 26 September, after failing to hold 60%. The altcoin market has risen 33% since mid-August. Glassnode's altcoin signal reads 81 of 100. Yet the Altcoin Season Index sits at 45–53, well short of the 75 that would confirm an altseason.
Why it matters: In earlier cycles, a falling bitcoin share came before broad altcoin rallies. The source argues that ETF money now flows mainly to bitcoin, which may make such rallies smaller this time.
Source: Bitcoin dominance falls below 60%, signaling potential altcoin season — Crypto Briefing
Altcoin market grows at its fastest pace since July 2025
The altcoin market cap rose 12.5% over 30 days to $1.23 trillion, the fastest expansion since July 2025, according to ChainCatcher data. Arbitrum, Zcash and Uniswap led the rotation. AI-themed and meme tokens posted some of the biggest gains, which the source reads as speculative money driving part of the move.
Why it matters: Fast growth is not the same as broad growth. Where the money lands shows how much of the move is speculation.
Source: Altcoin Market Cap Climbs 12.5% In 30 Days, Fastest Expansion Since July 2025 — OneBullEx
The money came back to the bitcoin ETFs
Bitcoin ETFs take in $2.4 billion in a week
US spot bitcoin ETFs drew $2.4 billion in the week to 25 September, their biggest week since October 2025. Money came in on all five days. BlackRock's IBIT led with $1.2 billion and Fidelity's FBTC added $702 million. Ether funds took in $690 million, and Solana funds had a record day.
Why it matters: Weekly flows show whether institutional buyers are adding exposure or pulling back. Last week, they added across bitcoin, ether and Solana.
Source: Bitcoin ETFs turn positive for 2026 with $2.4 billion weekly inflow, their largest since October — The Block
Bitcoin ETFs erase a $5.8 billion hole for the year
On 13 July, US spot bitcoin ETFs were $5.8 billion in net outflows for 2026. They are now around $800 million in the green, CoinDesk reports, citing SoSoValue data. Nearly $4 billion has come in since August. The year still trails 2024's $35.2 billion and 2025's $21.4 billion by a wide margin.
Why it matters: A positive year turns the story from outflows to recovery. The comparison with earlier years shows how far that recovery still has to run.
Source: Bitcoin ETF flows turn positive for 2026 after erasing $5.8 billion deficit — CoinDesk
A record week, but River questions the demand behind it
US spot bitcoin ETFs drew $2.39 billion last week, their largest weekly total of 2026. River, a bitcoin financial services firm, reads the market differently: 81% of bitcoin's supply has not moved in six months. "Bitcoin has risen 50% without a real increase in demand," the firm wrote. CryptoQuant and Santiment data point the other way.
Why it matters: Flows measure money into funds, not what drives the price. Analysts reading the same week reach different conclusions.
Source: Bitcoin ETFs Pull In a Record $2.39 Billion: Is There Real Demand Behind It? — BeInCrypto
Morgan Stanley's bitcoin ETF passes 9,000 BTC
Morgan Stanley's bitcoin ETF now holds 9,261 BTC, worth about $779 million, according to data shared by Cointelegraph. The figure comes five months after the fund launched. The dollar value moves with the bitcoin price, while the coin count shows how much the fund has actually accumulated.
Why it matters: Bitcoin ETFs are no longer only run by crypto specialists and the largest asset managers. A Wall Street bank now runs its own fund and is building holdings.
Source: Morgan Stanley Bitcoin ETF Holds 9,261 BTC Worth About $779 Million — Hokanews
A listed company puts a yield-bearing stablecoin in its treasury
Galaxy Digital puts $100 million into Sky's sUSDS
Galaxy Digital has added $100 million of sUSDS, the interest-bearing stablecoin issued by Sky, to its treasury. It says it is the first listed company to hold sUSDS as a treasury asset. Galaxy also accepts sUSDS as loan collateral in its institutional trading business, and borrowers keep earning the Sky Savings Rate.
Why it matters: Yield-bearing stablecoins are moving out of DeFi and into a listed company's treasury and lending book.
Source: Galaxy Digital Buys $100 Million of Sky Stablecoin sUSDS to Deepen Partnership — Bloomingbit
Tokenised stocks in cold storage
Ledger and Kraken's parent bring tokenised stocks to hardware wallets
Ledger and Payward, the parent of Kraken, will let users hold xStocks through Ledger devices while keeping control of their keys. Kraken customers can also sign transactions on a Ledger. Payward says xStocks have passed $42 billion in volume. The tokens carry no voting rights or direct dividends and are unavailable in the US.
Why it matters: Tokenised stocks can now be held the way many crypto users hold bitcoin: offline and in self-custody.
Source: Ledger, Payward Bring Tokenized Stocks to Hardware Wallets — CryptoMeter
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Wishing you a great Monday — and welcome back tomorrow morning for the next edition of Kaupr Today.
Best regards Morten Myrstad Founder & Editor