Weekly Crypto Brief (Sept 13–19, 2025): First U.S. Dogecoin ETF, Stablecoin Yield Pressure, BTC Volatility Below Nasdaq 100

Three forces shaped crypto this week (Sept 13–19, 2025). First, the first U.S.–listed Dogecoin ETF began trading, widening regulated access to a memecoin and signaling persistent demand for exchange-traded crypto exposure through standard brokerage accounts.
Second, as benchmark rates edge lower, stablecoins face yield pressure. Reserve income from short-dated Treasuries is likely to shrink, which can compress issuer margins and reduce the generosity of on-chain “earn” programs. The carry trade becomes less attractive, and some capital may rotate toward higher-beta tokens if real yields continue to cool.
Third, Bitcoin’s volatility kept sliding. On a 30-day look, BTC’s realized swings dipped below the Nasdaq 100—a notable milestone that underscores bitcoin’s maturation into a macro-sensitive asset. Calmer price action, deeper ETF liquidity, and a broader institutional holder base are helping dampen spikes.
Takeaway: broader access (DOGE), thinner carry (stablecoins), and a calmer flagship (BTC). For portfolio decisions, watch ETF volumes, Treasury-bill yields, and cross-asset volatility gauges; together they will steer liquidity, risk appetite, and potential leadership across digital assets into Q4.