📈 88% of crypto top 100 above 200-day average

88 of crypto's top 100 tokens are above their 200-day averages. Half the S&P 500 isn't. Brent just fell below $100. And BlackRock says AI agents are about to start spending stablecoins. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Wednesday, September 23, 2026   Bitcoin is consolidating near $85,575 this morning as Brent crude falls back below $100 for the first time since September 9 — a significant macro shift that removes the last of the energy-driven inflation scare from the picture. Iran and the U.S. are in mediated talks at the UN, and oil’s drop has taken Treasury yields lower with it, leaving crypto as one of the few assets with a bid. The headline numbers are still healthy: 88 of the top 100 tokens by market cap are above their 200-day moving averages, compared to only 243 of 500 S&P stocks. Bitcoin cash surged 32% after a CME futures listing announcement. And BlackRock published a paper arguing that AI agents will soon pay for computing power and data autonomously using stablecoins. Stay alert. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $85,575 −0.46% ETH $2,725 −1.08% SOL $116.81 −0.50% XRP $1.57 +1.58% Prices approximate. Visit coindesk.com/price for live data. A message from Grayscale Meet ZCSH, the first and only US-listed ETP offering dedicated ZEC exposure.1 Zcash builds on Bitcoin’s foundation, adding optional privacy for transactions — shielded transactions at times have accounted for more than 50% of user transactions.2 Why ZCSH: Built by Grayscale, with nearly 10 years of operating history behind the fund. Over $900 million in AUM3 100% of management fees fund Zcash ecosystem growth4 Exposure through your brokerage account — no wallet, exchange account, or custody solution required. Invest now The Zcash ETF (“ZCSH”), an ETP, is not registered under the Investment Company Act of 1940 (“40 Act”) and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. An investment in ZCSH is subject to a high degree of risk and heightened volatility. ZCSH is not suitable for an investor that cannot afford the loss of the entire investment. An investment in ZCSH is not a direct investment in ZEC. Must be preceded or accompanied by a prospectus, click here. Please read carefully before investing in the Fund. Foreside Fund Services, LLC is the Marketing Agent for ZCSH. 1First and only US-listed ETF dedicated solely to ZEC as of August 25, 2026. 2Blockworks Analytics, Zcash: Transactions, October 6, 2024–June 28, 2026. 3As of September 18, 2026. Subject to change. ​4All ZCSH management fees support initiatives for the development and growth of the Zcash ecosystem and marketing activities in support of ZCSH, for up to 12 months following the effectiveness of the Fund’s registration statement. This commitment is a voluntary undertaking by the Sponsor, paid from the Sponsor’s own funds after receipt of the Sponsor’s fee, and is not an obligation of the Fund. What matters today Markets   Story 1 of 3 The S&P 500 has a breadth problem. Crypto doesn’t The S&P 500 is near record highs, but 257 of its 500 stocks are trading below their 200-day moving averages — meaning the index’s strength is being carried by a shrinking number of winners, a deteriorating signal. The crypto market looks healthier by comparison: 88 of the top 100 tokens by market cap are above their 200-day averages, and most are also above their 50- and 100-day, a broadly bullish configuration. Crucially, crypto is also still well below its record highs while stocks are at or near them, making crypto cheap on a relative basis. TDX Strategies’ Dick Lo identifies $90,000 as the next psychological test and the 2026 high of $97,900 as the intermediate target. The one caution flag: most capital is flowing in through ETFs rather than stablecoins, which makes the rally more vulnerable to a rapid unwind if institutional positioning reverses. Read more → Markets   Story 2 of 3 Bitcoin consolidates near $86,000 as the rally narrows and Brent slips below $100 Bitcoin is holding near $86,000 after Monday’s breakout, but breadth has narrowed sharply in the past few hours: 38 of the CoinDesk 100 constituents are lower on the day even as the index itself is still up. Daily volume has dropped 36% from Monday’s breakout levels, taker flow has flipped short for the first time in over a week, and Binance’s USDT borrow rate is near a multi-month high at 5.49%, making leveraged longs more expensive to hold. The significant macro development is Brent crude falling below $100 for the first time since September 9, as U.S.–Iran talks at the UN raise hopes of a supply deal. Gold fell nearly 1% alongside oil, while the dollar index rose 0.21% — leaving crypto and XRP (up 3.3%) as the standout bids. Bitcoin cash surged 32% after CME announced BCH futures, providing one of the more specific catalysts of the week. Read more → Markets   Story 3 of 3 BlackRock says AI agents will soon buy computing power and data using stablecoins In a paper titled “The Machine-Native Economy,” BlackRock argues that artificial intelligence agents will increasingly act as autonomous economic participants — paying for API calls, booking services and purchasing computing capacity without human intervention — and that stablecoins are the most likely payment infrastructure. Their relatively stable value makes them practical for pricing services; blockchain networks can process payments around the clock. BlackRock specifically highlights Coinbase’s x402 protocol as an emerging mechanism for agent-to-service payments. Looking further out, the paper identifies compute capacity itself as a potential tokenized asset class: as demand for AI processing grows, standardized claims on cloud computing could eventually be traded, financed, or used as collateral on digital asset infrastructure — a market BlackRock notes could reach $1.1 trillion in annual cloud revenue by 2030 across Amazon, Microsoft and Google. The nearer-term opportunity is stablecoin payments; liquid markets for tokenized compute contracts have not yet developed. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences