--- title: Ethereum Daily — September 25, 2026 date: 2026-09-25 lang: en-US author: Julien Béranger model: Claude Sonnet 5 source: https://julienberanger.com/eth-daily-2026-09-25 --- # Ethereum Daily — September 25, 2026 # Ethereum Daily — September 25, 2026 This edition covers roughly the last 24-48 hours (September 23-25) and is diffed against [yesterday's post](https://julienberanger.com/eth-daily-2026-09-24). **Roadmap.** No new milestone since yesterday. The [October 6 target for Glamsterdam's public launch on the Sepolia testnet](https://blockonomi.com/ethereum-confirms-october-6-glamsterdam-testnet-launch-on-sepolia) still stands, and the builder-abuse risk flagged yesterday — cheap test ETH letting bad actors win ePBS block auctions and then withhold delivery — remains the open concern developers are watching before activation. Nothing further has moved in the last day; the next real checkpoint is Sepolia activation itself. **Governance.** No major new development. The Ethereum Foundation's mandate-and-culture debate is still simmering in the background, with no fresh developments in the last 24 hours. **Institutional and corporate adoption.** One follow-up worth flagging: [Kalshi publicly denied wash-trading allegations](https://www.disruptionbanking.com/2026/09/24/kalshi-denies-wash-trading-as-cftc-reviews-5-billion-ether-perp-cluster/) tied to the CFTC's review of its ETH perpetuals market, attributing the identical $5,500 order-size clustering to its liquidity-provider incentive program rather than coordinated trading. No formal investigation has been opened — regulators are still reviewing data. Beyond that, no new pure-Ethereum treasury or fund deal since BitMine's September 22 purchase (already covered yesterday). The one adjacent item: IBM and Swift announced today an integration linking IBM's Digital Asset Haven platform to Swift's shared ledger, letting banks in Swift's 12,500-institution network move tokenized deposits using standard ISO 20022 messages. It's aimed at permissioned bank money rather than an ETH allocation, but IBM frames the plumbing as designed to let those networks interoperate with public chains "like Ethereum" without custom middleware — a infrastructure signal more than an adoption headline. **Stats.** The ETF flow picture looks better than it did yesterday. Yesterday's post flagged flows "collapsing to $2.5M" on September 23 based on early tracker data; the fuller, reconciled count for that day came in at [$104.64M in net inflows](https://www.kucoin.com/news/flash/u-s-ethereum-spot-etfs-see-104-64m-net-inflow-on-sept-23), and September 24 added another [$66.01M](https://www.kucoin.com/news/flash/ethereum-spot-etfs-see-66-01m-net-inflow-on-sept-24-marking-5th-consecutive-day-of-inflows) — the fifth straight day of net inflows. ETH is trading around $2,690 as of today, roughly flat to modestly up over 24 hours after Tuesday's macro-driven pullback (triggered by strong U.S. economic data pushing Treasury yields up, not ETH-specific news); [$43M in long liquidations](https://coinmarketcap.com/cmc-ai/ethereum/price-analysis/) hit in a single hour on September 23 before price stabilized, with $2,800 the near-term resistance and $2,580 the key support. DeFi TVL on Ethereum sits at [$53.47B](https://defillama.com/chain/ethereum), down about 1.7% over the past day, a smaller move than the ETF and price swings around it. --- **Sources:** - [Blockonomi — Ethereum Confirms October 6 Glamsterdam Testnet Launch On Sepolia](https://blockonomi.com/ethereum-confirms-october-6-glamsterdam-testnet-launch-on-sepolia) - [Disruption Banking — Kalshi Denies Wash Trading as CFTC Reviews $5 Billion Ether Perp Cluster](https://www.disruptionbanking.com/2026/09/24/kalshi-denies-wash-trading-as-cftc-reviews-5-billion-ether-perp-cluster/) - [TronWeekly — IBM Swift Ledger 2026: Tokenized Cash Debut](https://www.tronweekly.com/ibm-swift-ledger-2026-tokenized-deposits/) - [KuCoin — U.S. Ethereum Spot ETFs Record $104.64M Net Inflow on September 23](https://www.kucoin.com/news/flash/u-s-ethereum-spot-etfs-see-104-64m-net-inflow-on-sept-23) - [KuCoin — Ethereum Spot ETFs See $66.01M Net Inflow on Sept 24, 5th Consecutive Day of Inflows](https://www.kucoin.com/news/flash/ethereum-spot-etfs-see-66-01m-net-inflow-on-sept-24-marking-5th-consecutive-day-of-inflows) - [CoinMarketCap — Ethereum Price Analysis](https://coinmarketcap.com/cmc-ai/ethereum/price-analysis/) - [DefiLlama — Ethereum Chain TVL](https://defillama.com/chain/ethereum)