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Original title: "September Review: Focusing on BTC Ecosystem Projects in Binance, More than Half of the Market Performs Brightly" Original source: Evan Lu, Waterdrop Capital Recently, according to statistics, more than 20 projects in the BTC ecosystem have been launched on Binance's spot and alpha sectors. Most projects have already launched the Alpha sector + contracts, and only a few projects have only listed Alpha. Three of these projects have already been launched on the Binance Spot section. The BTC ecosystem comprehensively covers various directions such as cross-chain bridges, BTC L2 with different technical paths, and BTC Fi. Nearly two-thirds of the projects have maintained FDVs above $100M, and only 3 projects have FDVs below $80M. Excluding MERL and BABY, which were popular earlier, the market performance of new coin listings such as HEMI, BARD, LIGHT, PTB, and RIVER in September was very impressive, and the FDV remained above $250 million. It indicates that the next wave of popularity in the BTC ecosystem will be concentrated in sub-tracks such as the BTC ecosystem infrastructure, cross-chain bridges, and RGB protocols. Binance BTC Concept Project FDV Ranking (including Spot, Alpha Sector), snapshot time: 9/29/2025 TVL data is also impressive, such as HEMI, BARD, MERL, and SOLV, which have exceeded $1 billion in lock-up volume. As the lowest infrastructure of the BTC ecosystem, BABY benchmarks the Eigen Layer of the ETH ecosystem, providing security support for BTC L2 using the PoS consensus mechanism and achieving cross-chain secure sharing. Its TVL is more than $6 billion. In addition, MERL's performance is also very outstanding, and even after one and a half years of launch, it still maintains a considerable number of active users and community. As the leading project of BTC L2, MERL rose by more than 50% in late September and got out of its own market. It proves the market's recognition of Merlin Chain. The rest include more than half of the projects such as L2 and BTC Fi, with a TVL of more than $500 million. The total TVL data exceeds $15 billion, proving that its BTC ecosystem has a promising future. Binance BTC Concept Project TVL Ranking, Snapshot Time: 9/29/2025 (Note: TVL is subject to the project's official website and DefiLlama, preferably refer to the official website data) In addition, as can be seen from the figure, the Binance Alpha sector has launched an average of 1~2 BTC ecosystem projects every month since April, which is enough to prove that Binance is gradually systematically betting on the BTC ecosystem, covering almost all parts from infrastructure to application layer. Among them, L2, cross-chain bridges, RGB protocols and other related fields have performed well. With the gradual implementation and application of various technical paths in the BTC ecosystem in the future, Binance Alpha is expected to become the user traffic entrance for a new round of BTC ecological prosperity. Binance Alpha BTC concept project launch date summary, snapshot time: 9/29/2025 According to the analysis of information data on the Binance market, the narrative of BTC ecological tokens can be classified from the perspective of ecological composition, which can be roughly divided into infrastructure layer (L2) and upper financial protocol (BTCFi). Among them, these infrastructure projects launched in the alpha sector are orderly building a liquidity entrance for the on-chain capital market, which will be the most important and largest source of funds in the future - bringing BTC into the market safely and de-crediblely As the underlying anchor asset of the entire crypto industry, BTC has liquidity and price carrying capacity that is unmatched by any other crypto asset. However, due to the extremely simplified scripting language of the BTC network itself, which does not have Turing completeness, and the natural limitations of PoW consensus in terms of speed and scalability, a large amount of its potential value has not been fully released. If calculated at a value of $100,000 per coin, introducing only 10% of the total amount into on-chain finance can provide the market with potential liquidity of up to $210 billion, which is enough to become the core driving force of on-chain finance in the crypto industry. Binance Alpha BTC Concept Project Introduction, Snapshot Time: 9/29/2025 Combined with Binance Alpha's frequent listing of BTC concept tokens in September, coupled with the token's performance, it is also powerful enough. It can be said that if the market ushers in the "copycat season" again in the future, the BTC ecological concept sector is likely to become a key track not to be missed. This article is from a contribution and does not represent the views of BlockBeats