September's encryption triad: BTC, ETH, SOL, who will lead the way?

September has just begun, and the encryption market is a bit shaky, with everyone waiting for direction. Looking at it now, BTC, ETH, and SOL are vying for the "leader" position this month. Whether they can achieve this depends on whether institutions are buying in, how derivatives hold up under pressure, and whether DeFi can continue to rise. Let's talk about BTC first; it seems to have a bit of an "American halo" lately, and you can feel that American institutions are hoarding aggressively. That said, whether this demand can actually push September's prices up still depends on whether there are continuous buy-ins afterward; just the current excitement is not enough.

Looking at ETH again, it feels a bit like "half is seawater and half is flame." The derivatives market isn't very strong, and selling pressure still exists; however, the spot market seems to be hiding some signals—over 120,000 ETH are withdrawn from exchanges daily, perhaps indicating that someone is quietly increasing their holdings. Therefore, the outlook for ETH this month is uncertain, and the balance is quite delicate.

Finally, there is SOL, supported by DeFi. The total locked value has surged to 15.7 billion USD, with a 24-hour increase of 4.19%. The ecosystem is indeed on the rise. However, a problem has also arisen; the trading side is a bit cold. Next, we will see if its fundamentals can withstand this "speculative fatigue". If it can't hold on, the previous growth may be in vain.

Overall, in September, BTC is currently holding the cards of institutional demand and scarcity, leading temporarily; on one hand, ETH faces caution in derivatives, while on the other hand, there is confidence in the spot market, which still has a chance to fight; SOL has opportunities through DeFi innovation, but the short-term trading downturn needs to be reversed quickly. Ultimately, who can win depends on which logic everyone believes more – is it the "stability" of BTC, the "steady progress" of ETH, or the "disruptive opportunity" of SOL? In any case, BTC currently has the advantage, but ETH and SOL might also surprise us.