Canaan Liquidates Entire 3,952 ETH Position and 54 BTC, Raising $13.9 Million for Buybacks

On-chain analytics platform CryptoQuant concluded in a weekly report published on the 22nd that Bitcoin has confirmed its entry into a bull market. According to the report, Bitcoin has risen above its 365-day simple moving average of about $80,500 for the first time since March 2023 and is trading at $86,000; past breaks above this line signaled the start of bull markets in 2019 and 2023. The next resistance zone is $88,000 to $90,000, which overlaps with the upper band of short-term traders' realized price, and the firm warns that profit-taking selling is likely to intensify once the price reaches around $90,000. CEO Ki Young Ju said in a post on X that this bull cycle's gains will be limited to 3 to 5 times rather than more than 10 times, and that the subsequent bear market will also be milder. According to Farside Investors, U.S. spot Bitcoin ETFs saw total net inflows of $1.7137 billion over the two days of the 21st and 22nd.

Bitcoin ETFs took in $1.7 billion in inflows over a strong two-day run, with $714.7 million arriving on Tuesday after Monday's roughly $1 billion haul, the ninth biggest inflow day ever, bringing the four-day streak to about $2.3 billion. In the stablecoin world, Mastercard and SoFi have teamed up on stablecoin settlement for cards, with SoFi now settling debit and credit card transactions across Mastercard's network using SoFi USD and migrating its entire credit card program, which is expected to process more than $25 billion in annualized volume. Binance has invested $100 million into Circle, buying shares at a 5% discount on a vesting schedule, and signed a new five-year commercial agreement to promote USDC on its platform. Binance is also under US scrutiny over possible Iran sanctions violations, according to Bloomberg News. BitMEX, the exchange that invented the perpetual swap, has now closed.

Morgan Stanley raised its price target on Cipher Digital to $54 from $43.50 on September 18 while keeping an Overweight rating, citing the Bitcoin miner's pivot to AI infrastructure. The thesis rests on a 15-year lease worth roughly $5.5 billion at Cipher's Black Pearl site with Amazon.com, under which Cipher agreed to provide about 300 megawatts to Amazon Web Services. Cipher began delivering capacity in August 2026, two months ahead of schedule, and said rent had commenced, while a separate Barber Lake transaction backed by Google adds another hyperscaler validation point. The bear case is financing and execution, since a long lease only becomes valuable once the data center is built, commissioned and delivered on schedule, and Cipher's legacy mining exposure means investors are underwriting a business-model transition while new projects consume cash. Insider Monkey's database counted 72 hedge funds holding Cipher in Q2 2026, up from 49 in Q1, with D. E. Shaw's disclosed common-share position at about 14.51 million shares after a 12% decrease, while Amazon's hedge-fund count rose to 369 from 353 and Arrowstreet Capital increased its position about 24% to 40.35 million shares.