Crypto market weekly news: FTX prepares for the third creditor distribution; SEC simplifies ETF approval process; the first DOGE Spot ETF in the US is listed.

In the past week, FTX announced a third distribution to creditors totaling $1.6 billion, marking progress in its bankruptcy restructuring efforts. Meanwhile, institutional infrastructure continues to evolve, with BitGo submitting an S-1 listing application. On the regulatory front, the SEC has streamlined the approval process for crypto assets ETFs, while Australia has also provided exemptions for stablecoin distribution. In terms of product innovation, the first DOGE Spot ETF in the U.S. has officially begun trading, and market participants have referred to September 21 as 'Bitcoin bottom day,' predicting a new round of price rise.

Market Dynamics: FTX Recovery Process and BitGo Listing Plan

The bankruptcy reorganization trust of FTX announced that it will distribute $1.6 billion to four creditor groups on September 30. According to the announcement, this amount will be paid at a rate of 78% to 120% based on the original holding value at the time the exchange ceased operations.

At the same time, the crypto assets custodian BitGo submitted its first S-1 registration statement to the SEC, moving towards the public market. The company plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol BTGO. Financial disclosures show that the company generated $4.19 billion in revenue in the first half of 2025.

Regulation and Institutional Infrastructure: New Regulations and New Tools

Positive news has come from the regulatory side. The SEC approved new rules last Wednesday, allowing exchanges to list Spot commodity ETPs, including Crypto Assets, without the need for individual institutional reviews. This procedural change eliminates the lengthy 19(b) rule filing process, which previously required up to 240 days and active approval or disapproval from the SEC.

In addition, the Australian Securities and Investments Commission has granted a category exemption that allows licensed intermediaries to distribute stablecoins without separate regulatory approval. This policy is designed to facilitate exchanges, brokers, and platforms that trade stablecoins but do not create the tokens themselves.

At the enterprise level, Circle, the stablecoin issuer, has integrated with the Hyperliquid platform, introducing native USDC support for the largest decentralized derivatives trading platform and making its first investment in HYPE tokens. Meanwhile, tech giant Google has released an open-source protocol that allows AI applications to send and receive payments while supporting stablecoins, indicating a deep integration of AI and crypto payments.

Network and Tokens: Ethereum Upgrade and DOGE ETF

The Ethereum core development team confirmed during Thursday's "Core Developer Consensus Meeting" that the next major network upgrade "Fusaka" is tentatively scheduled for December. This upgrade aims to improve the blockchain's scalability and plans to double the blob capacity in the following weeks.

In terms of product innovation, the first DOGE (Dogecoin) Spot ETF in the United States was launched for trading on the Cboe BZX exchange on Thursday morning, with the stock code DOJE. This spot fund provides investors with direct exposure to the DOGE price, rather than through futures or derivative instruments.

Bitcoin Price Prediction and "Bottom Day"

Strategy company's Bitcoin purchase volume has reached the smallest monthly increase, purchasing only 60 million dollars worth of 525 Bitcoins, bringing its total holdings to approximately 639,000 Bitcoins. However, this has not affected the bullish sentiment in the market.

Sunday (September 21) was hailed by economist Timothy Peterson as "Bitcoin Bottom Day." He pointed out that Bitcoin typically has a higher price by the end of the year after this date, with a success rate of 70% and a median increase of 50%. He now believes the likelihood of a price increase is 90%, and he is almost certain that the price will be higher six months from now, stating that $100,000 is likely to become a permanent bottom. If Peterson's theory holds, September 21 will mark a decisive turning point, laying the foundation for Bitcoin's next major rise.

Conclusion

This week's dynamics in the crypto market clearly demonstrate a trend towards maturity and institutionalization in the industry. From the SEC simplifying the ETF approval process, the successful listing of the first DOGE Spot ETF in the United States, to the orderly creditor distribution in the FTX bankruptcy case, all indicate that Crypto Assets are gradually being incorporated into the traditional financial system. Although predictions such as 'Bitcoin bottom day' carry speculative overtones, the optimism reflected behind them is built on the continuous improvement of these infrastructures and regulatory frameworks. Therefore, even if some predictions ultimately do not fully materialize, these structural advancements will lay a solid foundation for the future large-scale adoption and long-term growth of the crypto market.