BTC Open Interest Rises by Approximately $2 Billion Following Breakout【MEXC Alpha Trader – Daily Market Brief (September 22, 2026)】

I. Macro & Market Sentiment

• Market Data: BTC $85,646.00 (+5.21%) | ETH $2,738.99 (+2.76%) | SOL $116.80 (+4.71%)
• Market Sentiment: Funding Rate +0.0100% | Fear & Greed Index 78 (Extreme Greed)
• Rate Pricing: CME shows a 53.1% probability that the Federal Reserve will raise rates by 25 basis points in October, above the 46.9% probability of holding rates unchanged. Read More
• Inflation Disruption: Average diesel prices rose to $6.505 per gallon, with higher energy and logistics costs potentially reinforcing inflation persistence. Read More

II. Trading Signals / Hot Topics

[Today's Focus] BTC | ETF Inflows and Short Covering Push the Breakout into a Leverage-Driven Pricing Phase

BTC, the market's primary liquidity anchor, briefly broke above $86,101, rising 6.69% over 24 hours, while spot ETFs recorded $593 million in inflows over two days.

Analysis: ETF inflows signal a recovery in spot capital channels, but open interest increased by approximately $2 billion, indicating that the rally has also been accompanied by expanding leverage. Subsequent volatility will depend more heavily on derivatives market positioning.

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[Market Watch] ETH | Treasury Accumulation and High Staking Participation Reduce Tradable Supply

As a value carrier for stablecoins, RWA, and L2 settlement layers, Bitmine added 27,562 ETH last week, bringing its holdings to 5,983,940 ETH, of which approximately 85% has been staked.

Analysis: Corporate treasury purchases combined with staking reduce the immediately tradable spot supply; however, concentrated holdings also concentrate liquidity and balance-sheet risks in a single entity.

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[On-Chain] BTC | Circle Integrates Collateralized Lending, Extending BTC Liquidity Channels to USDC

As an institutional reserve asset, BTC can now be minted into cirBTC through Circle on Arc and the Ethereum mainnet, then used as collateral to borrow USDC in Morpho-related markets.

Analysis: This mechanism transforms BTC from a static allocation into an on-chain liquidity asset that can be used as collateral. Lending demand and liquidation parameters will become additional indicators of its degree of financialization.

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III. Regulation & Major Events

• Agora | Received preliminary conditional approval from the OCC to establish a national trust bank, further clarifying the institutional access pathway for stablecoin and custody businesses. Read More
• Iran | 760 vessels in Hormozgan Province were damaged in attacks, with disruptions to shipping and energy supply chains continuing. Read More

IV. Platform-Exclusive Benefits

• MEXC Kickoff Fest (Futures)
• Upgrade User Benefits Center Tasks (Futures)

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Recommended Reading: MEXC On-Chain Daily Report: Circle Launches Institutional Bitcoin-Backed Borrowing Service

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