person
Head of research at CryptoQuant, quoted on rally sustainability and still-bearish internal indicators.
Memecoin-for-stock-token trading on Robinhood Chain fell 96% from a peak of $443 million a day in early September, according to CryptoQuant. The chain's earnings now depend on the plainer stock-token trade it was built to host.
Reality
CryptoQuant counted 78,000 altcoin deposits to exchanges in the seven days to Sept. 28, up from about 29,800 two weeks earlier. More holders look ready to sell into the rally, though the reports count transfers without putting a size on them.
Reality
US spot Bitcoin ETFs took in $998.95 million on September 21, the year's biggest single day, and another $648 million of buying came from short sellers being liquidated in a market still about 30% below its October 2025 high.
Perspective Coverage
3 publishersReality
Two days of spot ETF inflows add to roughly $1.12 billion. The short liquidations cited alongside them are more than three times that, and they only pay once.
Reality
More than $3 billion of short liquidations did the heavy lifting, with a $517 million ETF day alongside it. That fuel is spent, so the next leg has to be bought.
Reality