Jupiter’s JLP liquidity pool has reached a major milestone, surpassing $2 billion in Total Value Locked (TVL) as of September 7, 2025. The pool is currently offering an Annual Percentage Yield (APY) of 17.58%, drawing increased attention from both institutional and retail participants across the Solana ecosystem.

A Significant Benchmark for Solana DeFi

The $2 billion TVL level signals strong capital inflows and marks a notable step forward for Jupiter’s expanding footprint within decentralized finance. Higher liquidity not only strengthens the protocol’s depth but also supports smoother and more efficient trading for users across Solana.

While major institutions have not yet issued public comments on the milestone, the DeFi community on X has responded with clear enthusiasm. User discussions have largely framed the achievement as a sign of growing confidence in Jupiter’s design and the broader Solana-based derivatives ecosystem.

Historical Parallels Within Solana

This isn’t the first time such milestones have energized Solana’s DeFi sector. Earlier cycles—such as Raydium’s rapid TVL growth in 2021—were followed by spikes in on-chain activity and trading volume, reinforcing the connection between liquidity expansion and protocol growth.

JLP Continues Climbing With Strong Market Performance

According to CoinMarketCap data on September 7, 2025:

• JLP Market Cap: $2.01 billion
  
• 24H Trading Volume: $19.15 million
  
• 90-Day Price Performance: +20.37%
  

These metrics underscore sustained momentum, with JLP’s price climbing steadily over the past quarter alongside rising participation in its liquidity programs.

What This Means for the Solana Ecosystem

Researchers at Coincu note that Jupiter’s latest milestone reflects a broader shift toward decentralized finance solutions offering high liquidity and competitive yields. As more users prioritize on-chain derivatives and flexible trading infrastructure, protocols like Jupiter are increasingly positioned to influence how liquidity is structured across Solana and potentially beyond.

Enhanced liquidity, strong APYs, and growing user engagement are setting the stage for further advancement—not only for Jupiter, but for Solana’s DeFi landscape as a whole.

Bitcoin analysts are closely watching two key price levels that may help determine whether the market is nearing a true bottom. According to André Dragosch, Head of Research at Bitwise Europe, Bitcoin’s current “max-pain zone” could sit near $84,000 — the estimated average cost basis of BlackRock’s IBIT fund. Another critical level is around $73,000, the long-referenced purchase average for MicroStrategy.

These zones represent prices where major institutional holders have accumulated significant amounts of Bitcoin. If the market pulls back into these ranges, Dragosch suggests it could trigger a “clear-out” event — a period where selling pressure flushes out weaker hands and potentially sets the stage for a long-term bottom.

What the Max-Pain Zone Actually Means

The idea behind a max-pain zone is simple: the market tends to experience the most pressure at levels where influential investors are heavily positioned. As price retraces toward these institutional cost bases, holders who are near breakeven may feel compelled to sell, generating short-term volatility.

MicroStrategy is a textbook example. With tens of thousands of BTC purchased at an average of roughly $73,000, that level has become a psychological and technical anchor for the broader market. Traders often monitor these regions for signs of capitulation or renewed accumulation — both of which can mark a turning point in the cycle.

History supports this pattern. Previous Bitcoin cycle bottoms have often formed close to large institutional entry zones, reinforcing the idea that major cost bases help shape long-term market structure.

Current Trends and Market Impact

The market continues to pay attention to institutional behavior, especially as Bitcoin matures into a widely held asset among public companies and financial products. BlackRock’s IBIT, with an average cost near $84,000, is now another reference point for traders assessing sentiment and positioning.

Across Bitcoin’s last three cycles, price drops toward these significant entry zones have been followed by sharp increases in volatility and liquidity events. For investors, understanding these levels is less about predicting exact bottoms and more about identifying areas where risk and sentiment tend to shift.

The takeaway: market bottoms are rarely defined by technical indicators alone — they’re often shaped by investor psychology, institutional positioning, and liquidity behavior.

Former BitMEX CEO Arthur Hayes believes Bitcoin may have already put in its cycle bottom when prices dipped toward $80,000 last week. The cryptocurrency fell more than 35% from its all-time highs before finding support around $80,500, a level Hayes now views as a key floor.

In a series of posts on X, Hayes pointed to improving liquidity conditions in the United States as a major factor that could support Bitcoin and other risk assets in the coming weeks. He highlighted the Federal Reserve’s plan to end quantitative tightening next month, a shift that would halt balance-sheet contraction and gradually free up more liquidity across financial markets.

According to Hayes, small but noticeable improvements are already showing up. The Fed’s balance sheet is expected to stop shrinking this week, and U.S. bank lending rose in November — both signs, he said, that conditions may be easing after months of tightening.

Although Hayes expects Bitcoin to remain below $90,000 in the short term — with potential retests of the low-$80,000 area — he believes the market has likely seen the worst of its selling pressure. In his view, stronger liquidity typically benefits crypto markets, especially during periods when investors rotate back into risk assets.

Throughout the recent pullback, Hayes has repeated a consistent message: sustained strength in crypto requires the return of quantitative easing, not just temporary liquidity bumps. He also argued that a meaningful drop in major tech stocks, particularly AI-related names, may need to occur before a broad recovery in digital assets can take hold.

Market expectations for the Federal Reserve’s next policy move have shifted dramatically in recent weeks. The CME FedWatch Tool now shows a 79% probability of a 0.25% rate cut at December’s meeting — up sharply from 42% only a week earlier — as traders grapple with uncertainty caused by the U.S. government shutdown and limited macroeconomic data.

Economist Mohamed El-Erian called the rapid swings in rate expectations “stunning,” saying they undermine the predictability the Fed normally maintains. He attributed the volatility to disrupted economic data and the central bank’s unclear communication strategy.

Despite the broader uncertainty, Hayes has maintained a broadly constructive outlook on Bitcoin since its October highs, underscoring his belief that improved liquidity — and eventually renewed monetary easing — remain essential for a sustained uptrend.