Meme ETFs Drop, Powell Blinks, BTC Shrugs

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Hey Degens,

Two big threads today: meme-ETF day one was no joke, and the Fed finally cracked the door open to easier money.

Bitcoin barely moved on the headline, which is classic “priced in,” but the setup into Q4 looks better than the chart makes it feel.

TL;DR

• REX-Osprey’s XRP and DOGE ETFs did $54.7M combined on day one. Not normal for a fresh launch.

• The Fed cut to 4.25–4.50% and Powell basically said more cuts are likely.

• BTC hovered around $116k. Analysts think continued cuts + treasury and ETF demand can push a new ATH soon.

THE RUNDOWN

Meme ETFs, Real Liquidity
XRPR traded $37.7M, DOJE did $17M on debut. Balchunas called it the biggest day one of 2025 for XRPR and “shockingly solid” for DOJE.

Powell Taps the Brakes
Rates cut to 4.25–4.50%. Powell leaned “risk-management cut” and set a data-dependent path for more easing.

BTC = Cool Customer
Post-cut, BTC floated near $116–117k. Stocks faded. Market had the move queued up already.

Road Map From Here
Bankers’ median sees the funds rate ~3.6% by year-end. One chunky cut or a couple small ones to get there.

Flows Still Matter
Pros point to ETF and corporate treasury demand as the steady bid under price. Strong ETF flows since July help the case.

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Main Event: Powell gives the green light, Bitcoin waits for ignition

The cut itself wasn’t the story.

The forward glide path was. Powell highlighted softer jobs and lingering inflation, then framed this as the start of easier conditions.

Translation for crypto: liquidity likely improves into year-end.

Bitcoin’s reaction stayed muted around $116k because the cut was widely expected. The more interesting angle is the mix of buyers.

Analysts flagged ongoing corporate treasury allocations and spot ETF inflows as the quiet engine.

If cuts continue and those flows persist, the path to a retest of the highs is there. Think “drift up with bursts,” not fireworks every day.

Deeper Cuts

• XRPR/DOJE context

  Most new ETFs see ~$1M day-one volume. $54.7M combined is serious curiosity turning into real orders. Good omen for the next wave of crypto ETFs.

• Macro path

  Powell said the balance of risks shifted. The median dots point to lower by year-end and further out into 2026–2027. None of it is “preset,” but the bias helps risk assets.

• Market color

  Nasdaq and S&P sagged after the cut. BTC held steady. Into Q4, the more decisive moves likely arrive around data prints and FOMC confirmations, not the first cut alone.

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Mini Hot Takes

• Meme ETFs aren’t a sideshow. They’re distribution. Liquidity that starts with fun often sticks around for the majors.

• The cut wasn’t bullish. The path is. One-and-done does nothing. A sequence changes positioning.

• Flat BTC into good news is fine. It means real buyers didn’t chase. They usually step in on dips.

— Dr. P & The DegenDen Team

Meme of the Day