Main Points：
- Robert Kiyosaki discloses ~60 BTC holdings and recent accumulation of ETH
- Arthur Hayes outlines a $3.4 million/BTC scenario fueled by aggressive U.S. monetary expansion
- CZ praises Michael Saylor’s “treasury strategy” and digital asset treasury firms
- Crypto markets show bouts of volatility, funding liquidations, and sector divergence
- In Asia, corporate restructuring, exchanges re-entry, and regulatory shifts garner attention
- Broader trends: institutional adoption, correlation with traditional finance, centralization pressures
1. Kiyosaki’s Bitcoin & Ethereum Holdings
In a widely circulated YouTube video released on September 18, Robert Kiyosaki, author of Rich Dad Poor Dad, announced that he currently holds about 60 BTC, and revealed that he has also begun purchasing Ethereum. Using profits from real estate and lending, he says he is diversifying into traditional inflation hedges like gold and oil, but increasingly leaning into digital assets.
Kiyosaki’s public disclosure reinforces his long-standing bullish posture on Bitcoin (he has frequently touted it in interviews). The move also signals to retail and veteran investors alike that notable figures continue to stake conviction in crypto, especially as macroeconomic uncertainties persist.
2. Arthur Hayes’s $3.4 Million Bitcoin Forecast: Mechanism & Caveats
2.1 The Bold Thesis
Former BitMEX CEO and Maelstrom Fund CIO Arthur Hayes recently published an analysis positing that Bitcoin could reach as high as $3.4 million per coin by 2028. His argument ties the future of Bitcoin to expected fiscal and monetary expansion under a prospective Trump administration, particularly via yield curve control (YCC).
Hayes’ central claims include:
- The U.S. Treasury will need to issue vast sums of debt to refinance maturing obligations and plug deficit gaps.
- The Federal Reserve may absorb a large fraction of this debt (50 % or more), effectively monetizing government spending.
- He models a slope factor of ~0.19: each additional dollar of credit creation could push BTC upward.
- In aggregate, Hayes anticipates $15+ trillion in new credit issuance through 2028, potentially driving Bitcoin into the multiple-million-dollar range.
2.2 Hayes’s Own Reservation
Importantly, Hayes tempers his own projection. He states that the direction of Bitcoin’s long-term trajectory matters more than nailing the exact peak. He is not necessarily convinced that BTC will land exactly at $3.4M, but rather that it could be “markedly higher” than its present levels if his macro assumptions come to pass.
Such disclaimers are crucial. The forecast depends on strong assumptions about U.S. fiscal policy, foreign demand for U.S. debt, inflation dynamics, and regulatory regime shifts.
3. CZ and the Rise of Crypto Treasury Firms
In a recent conversation, Binance founder Changpeng Zhao (CZ) lauded Michael Saylor and his pioneering role in building the infrastructure for digital asset treasury (DAT) companies. DAT firms hold large crypto treasuries as part of their corporate strategy; MicroStrategy is perhaps the best known example.
CZ argued that these firms meaningfully impact crypto markets by creating stable, sustained demand for high-quality tokens in their holdings. As such, they form an emerging institutional backbone to the ecosystem.
However, this model is not without risk. Some crypto-holding companies have reportedly turned to share buybacks to support flagging stock valuations amid high volatility. Critics see this as a signal that the “buy and hold crypto treasury” narrative may not scale indefinitely.
4. Market Dynamics: Volatility, Liquidations, and Divergence
4.1 BTC Range, Altcoin Rotation
Throughout September, Bitcoin traded in a relatively narrow range (~–0.63 % at one point around $114,600) while some altcoins, such as Aster (ASTER), experienced sharp rallies. This suggests tactical capital rotation, where traders seek higher upside in speculative projects while maintaining core BTC/ETH exposure.
4.2 Liquidations & Deleveraging
On September 22, $1.45 billion worth of long positions were liquidated, the largest such event of the year in derivatives markets. The wiping out of highly leveraged traders triggered cascading sell pressure, but also led to a “flush” effect — purging weak hands and potentially setting up relief on oversold conditions.
Yet caution remains warranted. Some analysts warn that the rebound following such delevering may prove transient if macro or policy drivers falter.
4.3 Whale Activity & Institutional Accumulation
Recent reports indicate that large holders (“whales”) have been accumulating aggressively. For instance, over a recent week, whales added ~$3.3 billion in Bitcoin and ~$1.73 billion in Ethereum. This underscores confidence among seasoned stakeholders and may provide support in volatile regimes.
Meanwhile, Bitcoin’s correlation with major U.S. equities (Nasdaq-100, S&P 500) has strengthened, reflecting its evolving integration with traditional finance.
5. Asia & Japanese Market Developments
5.1 Bakkt / Bitcoin Japan / Corporate Restructuring
Bakkt Holdings, a U.S.-listed crypto infrastructure firm, recently appointed Mike Alfred to its board in an effort to accelerate growth and strengthen corporate governance. In Japan, Horita Marusho announced a rebranding to Bitcoin Japan Corporation and will hold an extraordinary shareholders meeting in November to ratify its new structure. The firm intends to launch a bitcoin treasury business leveraging Bakkt’s ~30 % equity stake.
5.2 Gate Japan & Binance Alpha
Gate.com (Gate.io) moved to re-enter the Japanese market by acquiring a local exchange (Coin Master Co.) and rebranding as Gate Japan, aiming to resume domestic services. Meanwhile, Binance listed Hana Network (HANA) on its Binance Alpha listing platform. HANA/USDT spot trading and perpetual futures (50× leverage) are now live. These moves suggest renewed focus on Japan and selective expansion of newer networks in emerging markets.
5.3 UPCX & Super-App Vision
UPCX, aiming to unify payments and asset management, recently completed about six months post domestic listing. Its CMO, Sato Tsuyoki, spoke to strategies for scaling toward a “super app” that blends crypto, traditional finance, and everyday payments.
5.4 Cross-Border M&A & Regulation: Korea & Naver/Upbit
In a standout regional development, Korea’s internet giant Naver announced plans to acquire crypto exchange Upbit, signaling convergence of content, finance, and blockchain. The announcement caused Naver’s stock to spike as investors anticipated deeper fintech integration. Regulatory oversight and operational harmonization will be critical to watch.
6. Broader Themes & Evolving Trends
6.1 Institutional Adoption & Asset Correlation
Academic work demonstrates that Bitcoin’s integration into traditional markets has hit new highs, with rolling correlations peaking at 0.87 during certain regimes. That suggests BTC is shifting from an “alternative” asset toward something more deeply embedded in institutional portfolios — with implications for risk, diversification, and contagion.
6.2 Ecosystem Centralization Pressures
A recent study introduced a framework for measuring decentralization over time across blockchain subsystems (consensus, developers, marketplaces, etc.). Interestingly, while the broader ecosystem tends to become more decentralized, trends in recent years show increasing centralization in core layers like consensus and developer influence. This raises design and governance challenges, especially for new blockchains seeking trust and resilience.
6.3 Stablecoins & “Banking 2.0”
Another major shift is the rising role of stablecoins in knitting digital assets with traditional finance. A paper titled Banking 2.0 argues that stablecoins may represent the next transformative phase of banking, enabling low-friction, cross-border, programmatic finance. As regulatory frameworks firm up and demand for fiat-adjacent rails rises, stablecoins will be a battleground for innovation and regulatory contention.
6.4 ETF Proliferation & Regulatory Windows
The U.S. Securities and Exchange Commission (SEC) recently revamped its approval process for crypto exchange-traded funds (ETFs). Under the new rules, the review period for compliant applications falls dramatically (from up to 270 days to about 75), and some criteria allow for standardized approvals. RDozens of firms are now filing or reworking applications, with first wave spot ETFs expected possibly in Q4 2025.
Crypto ETFs may unlock broader institutional and retail inflows beyond self-custodied tokens, thereby expanding product choice and deepening liquidity.
7. Summary & Outlook
Over the week of September 20–26, the crypto world was abuzz with high-profile disclosures, massive macro forecasts, and evolving business strategies. Kiyosaki’s public declarations of BTC and ETH ownership reinforce ongoing retail interest. Meanwhile, Arthur Hayes’s vivid $3.4 million forecast — even if symbolic — underscores how intertwined crypto valuations are becoming with macro policy expectations. The increasing prominence of crypto treasury companies and their influence on token demand is shifting the institutional landscape.
At the same time, market behavior remains volatile: sharp derivatives liquidations, altcoin rotations, and diverging sentiment suggest that risk is very much alive. In Asia, structural changes—corporate rebrands, exchange re-introductions, and cross-border M&A—point to renewed energy in the region.
Longer term, we see significant inflection points:
- Bitcoin is no longer just a fringe asset — its correlation to traditional markets is rising.
- Decentralization, once a defining rhetorical claim of blockchains, now faces internal pressure in core layers.
- Stablecoins and crypto-native “Banking 2.0” architecture may reshape how money moves globally.
- ETF infrastructure and regulatory liberalization could unlock new pools of capital.
If you’re exploring new crypto assets or seeking fresh avenues for yield or practical blockchain use, consider the following:
- Focus on tokens or networks with strong treasury strategies or institutional backing.
- Monitor macro policy paths (especially in the U.S.) — liquidity is becoming a primary driver.
- Assess decentralization metrics, not just parachain scale or tokenomics.
- Consider stablecoin and cross-chain infrastructure plays as foundational rails.
In short: the crypto landscape is shifting from speculative wild west to structurally layered, macro-aware terrain. Understanding that interplay is key to finding the next frontier.
