The crypto market greeted September 8 with declines in most major coins, but the main events of the night came not only from the charts. The Ethereum Foundation advanced the Hegotá upgrade and set a course to protect the network from quantum attacks by 2029, Chainalysis assessed the scale of crypto tax evasion, and 3,400 BTC returned to the Liquid federation wallet after the bridge incident.
- The Ethereum Foundation reviewed 62 proposals for Hegotá and outlined key directions for network development through 2029.
- Chainalysis believes that in some countries, over 90% of digital asset holders do not pay taxes on crypto transactions.
- Liquid received back 3,400 BTC out of about 4,000 coins withdrawn on September 6.
Market Cap Leaders Move Into the Red
Bitcoin was trading around $78,409 at 09:30 MSK. During the day, the price fell from $79,700 to $78,300, with a total drop of 1.61% over 24 hours. It was a day of pressure on long positions: buyers could not hold levels seen earlier.
Bitcoin fell to $78,409.
Ethereum also moved down. The coin traded at $2,467, losing 1.42% in 24 hours. The fluctuation range was relatively narrow: from $2,464 to $2,512.
Ethereum rolled back to $2,467.
The market capitalization of the largest digital assets overall remained under pressure. Among the top 25 coins and tokens, Zcash fell the most—by 6.77%, Canton by 4.94%, and Hyperliquid by 3.31%. Monero lost 2.94% over the same period.
Only a few assets posted gains. Chainlink added 6.14%, Avalanche rose 1.75%, and Sui strengthened by 1.33%. Against this backdrop, even familiar market benchmarks like Litecoin and Dogecoin remained part of a broader picture: investors watched not just one coin, but the state of the entire sector.
In the top 100, the strongest moves over the day were:
- Aerodrome Finance: +15.38%.
- Injective: +12%.
- Pieverse: +10.97%.
- Pons: -8.55%.
- Morpho: -7.86%.
- Dash: -7.5%.
ETFs See Inflows, but Futures Market Punishes Longs
Spot crypto ETFs in the United States showed inflows in key areas:
- Bitcoin ETF: +$174.60 million.
- Ethereum ETF: +$26.46 million.
- Hyperliquid-related ETF: +$10.52 million.
- Solana ETF: -$5.21 million.
Inflows into bitcoin ETFs totaled about $175 million.
The Fear and Greed Index fell to 69 points but remains in the greed zone. The day before, it was at 71 points, a week ago also 69 points. A month ago, the figure was 31 points, which corresponded to the fear zone.
The Fear and Greed Index dropped to 69 points.
According to CoinGlass, the futures market looked as follows over the day:
- Liquidated traders: 70,963.
- Total liquidations: $192.68 million.
- Long positions: $139.11 million.
- Short positions: $53.56 million.
- Largest single liquidation: $2.84 million on Hyperliquid in the BTC-USD pair.
Daily liquidations reached $192.68 million.
Ethereum Foundation Sets Priorities for Hegotá
The Protocol Cluster division at the Ethereum Foundation evaluated 62 EIP proposals for the Hegotá upgrade. EIP-7805, known as FOCIL and aimed at protecting transactions from censorship, as well as EIP-8141, or Frame Transactions, an important proposal for account abstraction development, were categorized as mandatory for implementation.
Another 15 proposals were considered likely to be included in the upgrade. 28 applications were rejected. This selection shows that developers are focused not only on speed and convenience but also on the resilience of the network’s core architecture.
A separate section is devoted to research through 2029. By December, the team plans to make all three Ethereum L1 layers resistant to quantum attacks: the execution layer, the consensus layer, and the data layer. Here, cryptography, client software, and blockchain security come to the fore.
The Ethereum roadmap highlights five cross-cutting areas:
- Fast finality.
- Post-quantum protection.
- Privacy.
- Network state management.
- zkEVM.
For users, this is not as noticeable as fees or token price, but such changes determine how reliable the infrastructure will be for investments, applications, and settlements.
Chainalysis Assesses the Scale of Tax Evasion
Chainalysis stated that in some countries, more than 90% of digital asset holders evade taxes on cryptocurrency. The assessment appeared ahead of 2027, when France will begin receiving much more detailed data on crypto transactions under the European DAC8 directive and the OECD’s CARF standard.
According to analysts, in France the potentially taxable volume of crypto transactions in 2025 will reach about $9.4 billion. The breakdown is as follows:
- Income: $1.7 billion.
- Capital gains: $2.5 billion.
- Crypto payments: $5.2 billion.
At the same time, for the 2024 tax year, only about 24,000 taxpayers declared capital gains of €368 million. In practice, digital assets increasingly have to be accounted for as carefully as securities or other property in accounting, and for regulators, a crypto transfer is becoming as significant an event as a bank transaction in traditional finance.
The tax topic is important not only for private investors. Platforms like Binance and Coinbase, as well as major analytics providers, already operate in an environment where transparency requirements are rising. In this sense, the crypto market is gradually converging with traditional markets, where investors track both S&P 500 dynamics and reporting rules.
Liquid Returns Most of the Withdrawn BTC
3,400 BTC out of about 4,000 coins withdrawn on September 6 returned to the Liquid federation wallet. The funds came back after Blockstream confirmed patches were installed on affected bridge nodes.
About 598 BTC remain unreturned. Blockstream continues negotiations with ethical hackers. The network is still suspended: the company and federation members are finalizing fixes, strengthening security, eliminating chain splits, and preparing for a safe restart.
Liquid wallets and services remain unavailable. Users do not need to take any action, but should not send Bitcoin to peg addresses in Liquid until an official announcement of the network’s resumption. For the bridge infrastructure, the key task now is to restore stability and prevent risks such as double spending.
Artificial intelligence, mining, and new trading applications continue to be part of the overall technological backdrop, but it is the events around Ethereum, Liquid, and tax control that set the tone for this morning.
The crypto market reminded us again: price is only the top layer, and beneath it are the battles for security, transparency, and trust in blockchain infrastructure.
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