Overview
The crypto market saw major developments as spot Bitcoin ETFs recorded $282 million in net outflows, while Ethereum targets October 6 for the Glamsterdam upgrade. Also, Standard Chartered predicts SKY token to rise to $0.325 and HYPE’s protocol revenue rises by 83.3%.
Bitcoin Witnessed $282 Million in Net Outflow
According to SoSoValue, the Bitcoin spot ETFs saw a total net outflow of $282.56 million yesterday. The Bitcoin Spot ETF with the highest net inflow yesterday was Morgan Stanley’s ETF MSBT, with a daily net inflow of $3.98 million, and the total historical net inflow of MSBT currently stands at $524.87 million.
The Bitcoin Spot ETF with the highest net outflow yesterday was Ark Invest and 21Shares’s ETF ARKB, with a daily net outflow of $164.32 million, and the total historical net inflow of ARKB currently stands at $1.22 billion.
The total net asset value of Bitcoin Spot ETFs is $97.49 billion, with an ETF net asset ratio of 6.28%. The historical cumulative net inflow has reached $55.17 billion.
Ethereum Targets October 6 for Glamsterdam Upgrade
Ethereum developers have tentatively scheduled the Glamsterdam upgrade for activation on Sepolia at 13:53 UTC on October 6, 2026. ACDC #186 meeting notes and subsequent reporting from Ethereum protocol researcher Christine D. Kim show that the date remains conditional. Developers had not completed a stable Glamsterdam activation on a private development network when they selected the Sepolia schedule.
The testing plan has since moved forward by another iteration. Kim said on September 11 that attention had turned to Glamsterdam-Devnet-11, which is expected to launch on Monday, September 14. Earlier plans had identified Devnet-10 as the next major test.
Nasdaq Puts $100 Million in Kraken
Nasdaq, one of the world’s most important stock exchange operators, has announced a $100 million investment in Payward, the parent company of crypto exchange Kraken, to jointly build the infrastructure that will bring publicly listed shares onto the blockchain. This Nasdaq-Kraken tokenized stock deal marks a genuine reversal of the narrative: traditional finance is not watching from the sidelines while crypto exchanges experiment with equity tokens. Wall Street is putting its own capital directly into crypto infrastructure.
Nasdaq now owns equity in the venue it has picked to distribute its own tokenized shares outside the United States, and the deal lands nine days after Payward struck a comparable arrangement with the London Stock Exchange.
Standard Chartered Expects SKY Token to Rise to $0.325
Standard Chartered has issued its first coverage of Sky’s SKY token, setting a target price of $0.325 by the end of 2028, which is five times higher than the current $0.065. The bank expects that as USDS adoption and lending capacity expand, the value delivered to SKY token holders by Sky will exceed five times its current level by 2028. Data from DeFiLlama shows that USD Sky’s yield-bearing sUSDS token has a total value locked of $4.5 billion with an annualized yield of 3.6%.
Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered, said Sky is a decentralized finance (DeFi) platform originally named MakerDAO, capable of issuing stablecoins, establishing governance frameworks, and charging wholesale interest rates to borrowers making it akin to a ‘federal bank.’
HYPE’s Protocol Revenue Rises
In the past 30 days, Hyperliquid protocol revenue amounted to approximately $59.84 million, a growth of 83.3% compared to the previous 30 days; revenue in the most recent 7 days reached about $11.57 million, a 12.7% decrease compared to the prior period.
From August 12 to September 11, the cumulative HYPE burned by the Assistance Fund increased to 47.123 million tokens, with approximately 775.4 thousand newly burned in the past 30 days, valued at around $62.08 million. According to the official mechanism, the Assistance Fund automatically converts transaction fees allocated to it into HYPE, and HYPE within the fund is permanently removed from circulation and total supply.
FAQs
1. How much money flowed out of Bitcoin spot ETFs?
Bitcoin spot ETFs recorded approximately $282.56 million in net outflows for the day. ARKB led withdrawals with $164.32 million, while MSBT recorded $3.98 million in inflows.
2. When is Ethereum’s Glamsterdam upgrade expected on Sepolia?
Ethereum developers have tentatively targeted October 6, 2026, at 13:53 UTC for Glamsterdam’s Sepolia activation. The schedule remains conditional on successful development-network testing.
3. Why is Nasdaq investing $100 million in Kraken’s parent company?
Nasdaq is investing in Payward as the companies work together on infrastructure for tokenized publicly listed equities. The partnership highlights growing integration between traditional capital markets and blockchain-based financial infrastructure.
4. What is Standard Chartered’s SKY token price target?
Standard Chartered has reportedly set an end-2028 SKY price target of $0.325, around five times the stated current price of $0.065. The outlook is tied partly to USDS adoption and lending growth.
5. How much revenue is Hyperliquid generating?
Hyperliquid generated approximately $59.84 million in protocol revenue over the past 30 days, representing an 83.3% increase from the preceding period. Seven-day revenue stood at roughly $11.57 million.