Uphold Market Commentary – Sep 15, 2025 ▫️Markets are firmly positioned ahead of Wednesday’s Fed decision, with a 25bp rate cut seen as almost certain and speculation of 50bp gaining traction. Inflation remains sticky, with August CPI at 2.9% and core at 3.1%, while Treasury yields have climbed back above 4%, reflecting lingering concerns. Risk assets have rallied into the meeting, though positioning is cautious. Bitcoin is trading around $114,500, holding gains on easing expectations but struggling to build momentum. ▫️Ethereum looked strong over the weekend; climbing to $4,700 before easing back below $4,500 this morning. With labor revisions exposing a weaker jobs backdrop and sentiment still fragile, Powell’s message on September 17 will be pivotal: confirmation of an easing cycle could fuel further upside across crypto, while any hawkish lean risks stalling the rally. Uphold Alts Focus ▫️Pumpfun continues to dominate headlines. Yesterday, it overtook Hyperliquid in 24-hour revenue, generating $3.12m versus $2.48m, placing it just behind Tether ($21.7m) and Circle ($7.62m). $PUMP is trading at $0.0083 on Uphold Ascent, up 71.5% over the past week. Despite ranking #42 by market cap, it sits in the top 10 by daily trading volume at $1.36B. ▫️Hyperliquid $HYPE remains a focal point, however, with revenue per employee reaching ~$102M. To compare, here are other well-known companies: Tether ($93M), Nvidia ($3.6M), and Apple ($2.4M). ▫️Multicoin Capital made waves by co-leading a $1.65B private round for Forward Industries, a medical design firm pivoting into a Solana treasury play. The firm used the capital to acquire 6.8M $SOL tokens at an average of $232 on September 15. ▫️Aerodrome is today’s top gainer, up more than 8%. As Base’s native DEX and increasingly its default liquidity layer, $AERO is drawing attention during the ongoing State of Base event, where builders are charting the network’s growth. ▫️World Liberty Financial $WLFI is also edging higher, trading above $0.215 and up 1.5% on the week, with daily volume still around $1B and seven-day volume near $9.3B — enough to keep it in the top 10 non-stablecoin assets. Want to learn more about @UpholdInc's institutional trading platform, Uphold Ascent? Visit the website (in bio) or send me a DM!