Key Takeaways Phong Le, CEO of Strategy, justified the company’s decision to sell Bitcoin between $60K-$65K before repurchasing at $80K, emphasizing that capital costs—not market price—determine trading decisions. The firm acquired 4,603 BTC for $369.7 million in late August at an average entry point of $80,318, pushing its total Bitcoin reserves to 845,050 BTC. Strategy successfully lowered its net leverage to zero after accumulating $6.71 billion in cash assets to offset $6.75 billion in outstanding convertible bonds. The company officially embraced a “two-way strategy” that permits Bitcoin liquidations to support dividend distributions, debt servicing, and broader financial requirements. Over the trailing twelve months, MSTR stock has plummeted 64% to $123.47, even as Bitcoin hovers around $76,900. On September 1, Strategy’s CEO Phong Le addressed a thorny question that has puzzled investors: why would the company liquidate Bitcoin holdings near $60,000 only to repurchase them when prices climbed above $80,000?
LATEST: ⚡ Strategy CEO Phong Le defended selling roughly 7,000 BTC at $60,000-$65,000 to fund preferred dividends, calling it “the right trade at the time” on Bloomberg TV. pic.twitter.com/VjG3naqcRz
— CoinMarketCap (@CoinMarketCap) September 2, 2026
Le’s explanation was direct and unambiguous. The firm doesn’t execute Bitcoin transactions based on spot prices. Instead, it evaluates the expense of securing capital.
As of this writing, MSTR stock trades at $123.47, reflecting a steep 64% decline year-over-year. Bitcoin was priced at $76,900 on September 2.
Strategy Inc, MSTR
During his Bloomberg Crypto appearance, Le outlined the company’s framework. Whenever Strategy can float common shares at a premium above net asset value, deploying that capital toward Bitcoin enhances shareholder value on a per-share basis. Conversely, when such conditions don’t exist, liquidating Bitcoin to satisfy financial commitments becomes the optimal choice.
“Our decisions to buy or sell Bitcoin aren’t dictated by Bitcoin’s market price,” Le stated. “They’re determined by our cost of capital.”
From July through August, Strategy offloaded approximately 7,000 BTC through three separate disclosed transactions totaling 5,553 BTC. These sales generated cash reserves needed for preferred dividend obligations and broader financial restructuring efforts.
Le characterized these sales as “negligible” compared to the company’s massive holdings and maintained that using Bitcoin proceeds to fund preferred dividends represented “the optimal decision under those circumstances.”
Strategy Eliminates Debt Burden Strategy leveraged its two-month hiatus from Bitcoin acquisitions to fortify its financial position. The company expanded its dollar-denominated assets to $6.71 billion by August 30, virtually matching its $6.75 billion convertible debt load.
This maneuver reduced the firm’s internally calculated net leverage ratio to exactly 0.0%. Le described the reconfigured balance sheet as a “fortress,” insisting that no mandatory Bitcoin liquidation thresholds exist within the company’s debt covenants.
Throughout this timeframe, Strategy issued roughly $602.8 million in common equity and strategically deployed a portion to buy back $152 million worth of STRC preferred shares trading below their $100 stated value.
Resuming Accumulation Strategy filed documentation on August 31 confirming its acquisition of 4,603 BTC for $369.7 million during the week spanning August 24 through August 30, representing an average purchase price of $80,318 per Bitcoin.
This transaction elevated the company’s cumulative position to 845,050 BTC, representing an aggregate investment of approximately $63.73 billion at an average acquisition cost of $75,412 per coin. Strategy currently controls slightly over 4% of Bitcoin’s fixed 21 million token supply.
Le clarified that resuming Bitcoin purchases wasn’t a bet on upward price momentum. Rather, it reflected a capital allocation adjustment once MSTR’s stock premium rendered common stock issuance economically advantageous again.
He emphasized that Strategy would willingly acquire Bitcoin at $90,000, $100,000, or even $130,000 if financing economics support such moves. Similarly, the company would sell again if balance sheet optimization demands it.
In June, the board granted formal approval for a Bitcoin monetization framework, authorizing up to $1.25 billion in potential BTC liquidations to establish a designated dollar reserve and meet ongoing obligations.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Skeptics who claimed that the influx of institutional money had destroyed Bitcoin's traditional four-year cycles have once again been proven wrong. The Bitcoin Cycle Momentum on-chain indicator from analytics platform CryptoQuant has entered positive bullish territory for the first time in eight months.
Historically, this signal has accurately marked the end of prolonged downturns, confirming that crypto market cycles still work like clockwork.
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For the reversal to be considered fully confirmed, the indicator must consolidate at higher levels in the coming weeks. The foundation is already there: Bitcoin's recent rapid surge from $62,000 to $81,000 pulled the market out of a months-long slumber and triggered a wave of activity.
Bitcoin price chart plotted against cycle momentum indicators from 2013 to 2026, Source: Gaah_im / CryptoQuantThe current recovery is following the classic cycle-transition scenario: coins are flowing en masse from panicking retail investors to long-term holders. While retail players were realizing losses amid widespread fear, large investors were aggressively buying the bottom.
The statistics for August clearly confirm this:
Large wallets holding at least 100 BTC: added around 60,000 BTC to their holdings.Small investors holding less than 100 BTC: sold a combined total of around 47,000 BTC.Large holders are so confident in an imminent rally that, instead of selling their Bitcoin, they have begun using it as collateral for loans to ride out the downturn. On specialized platforms, the volume of such loans among large investors increased by 18% as they temporarily shifted part of their risk exposure into other digital assets.
Billions have flowed into crypto, but the rally is delayed. Are retail investors to blame?The technical reversal is backed by a real influx of capital. Global liquidity is returning to the market: U.S. spot Bitcoin ETFs recorded their strongest weekly investor inflows in the past 10 months, while more than $470 million in USDC stablecoins — digital equivalents of the dollar — flowed into major exchanges.
Nevertheless, it is too early to expect uninterrupted growth from current levels. At around $78,000, Bitcoin entered what is known as "strategic limbo" — a neutral zone where the price is considered fair at the moment and the market needs a breather. Temporary overhead pressure is coming from retail investors, who began selling coins en masse to secure quick profits immediately after the first wave of growth.
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The key support zone is now around $69,000 — the average price at which short-term investors bought their Bitcoin. If the market holds this level, a return to the broader bullish trend will be only a matter of time.
Bitcoin once again drew attention with its strong performance in August, and LMAX Group Market Strategist Joel Kruger, speaking to The Block, noted that the rise occurred despite challenging macroeconomic conditions.
Bitcoin’s Strong August Performance! The leading cryptocurrency, Bitcoin, ended August with a strong gain.
At this point, BTC has surged approximately 25% in August, marking its strongest August performance since 2017. This rise also marks the highest monthly gain since November 2024.
It Rose Despite Macroeconomic Pressures! According to Joel Kruger, Bitcoin’s August performance occurred despite challenging market conditions. During the same period, bond yields rose, the US dollar strengthened, and geopolitical risks resurfaced.
Kruger noted that while these developments have put pressure on risky assets, it is remarkable that Bitcoin has remained strong.
The $80,000 Level is Critical! Bitcoin started September at around $78,000, and according to Kruger, BTC is holding onto most of the gains it made after the rally.
At this point, Kruger predicts that Bitcoin may enter a period of consolidation for now. Identifying the $80,000 to $82,820 range as a significant resistance zone for the coming days, Kruger added that a sustained move above this range could revive a rise towards $100,000.
Kruger concludes by stating that macroeconomic data from the US could be decisive in determining the direction of Bitcoin in the coming period. In particular, employment data and messages regarding the Fed’s interest rate policy will be closely watched in terms of risk appetite in the crypto market.
*This is not investment advice.
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Strategy CEO Phong Le addressed concerns regarding the company’s recent sale of bitcoin, stating that the decision was made to reinforce the firm’s balance sheet. Le described the sale as “the right trade at the time” and emphasized that Strategy is now in a strong financial position.
Bitcoin sales and renewed accumulationStrategy, which holds the largest bitcoin treasury among publicly traded companies, resumed purchasing bitcoin on Monday after pausing for 10 weeks. During this pause that began in June, the company sold a small portion of its bitcoin holdings and focused on building two cash reserves.
Le explained that the company’s decision process does not revolve around bitcoin’s price movements. “We don’t really make decisions specifically on bitcoin’s price,” he stated. He further clarified that the company is fundamentally a “net accumulator,” and sales arise from capital management considerations, rather than speculation or trading objectives.
Strategy CEO Phong Le explained that, “We’re a net accumulator, and so I don’t sit around and say, ‘Well, when am I going to sell Bitcoin next?’ It comes down to a bit of a capital management mathematical equation of when we would do it.”
Le said he does not expect further sales as the company anticipates a strong bull market in the near future.
Strategy’s business model and bitcoin treasuryOriginally known as MicroStrategy, Strategy is an enterprise software firm that pivoted to a bitcoin-focused treasury in 2020. The company initially moved into bitcoin as an inflation hedge for its shareholders and has since become the largest corporate holder of the asset, now managing 845,050 bitcoins valued at $65.1 billion at current prices.
The company’s shares, listed on Nasdaq under the ticker MSTR, enable investors to gain increased exposure to bitcoin’s price movements through traditional equity markets.
Earlier this year, Strategy repurchased some of its preferred stock (STRC) at a discount and increased its dollar reserves, aiming to bolster its overall financial liquidity.
Mini dictionary: STRC, Strategy’s preferred stock, is a class of shares that generally offers priority for dividends and assets over common shares, but with restricted voting rights.
Despite this financial repositioning, Strategy reported a paper loss of $8.22 billion in its July quarterly earnings. Le dismissed the significance of the current accounting loss, characterizing the company’s position as robust and noting confidence in the future.
Phong Le drew a parallel to major financial institutions, stating, “We’re the J.P. Morgan of the crypto economy, so whether we sell 1,000 Bitcoin out of 840,000 to me is irrelevant to the conversation.”
Stock performanceStrategy stock traded 2% lower on Wednesday. Since the start of the year, MSTR has declined 22%.
While Bitcoin has shown a strong recovery in the last two weeks, market maker Wintermute assessed the recent surge and the possibility of a new bull market.
Is the Rise in Bitcoin a Harbinger of a New Bull Market? While Bitcoin has seen a significant surge in the last two weeks, Wintermute, one of the largest market makers in the crypto sector, stated that there aren’t yet enough signals to say that this movement marks the beginning of a new bull market.
Company analysts stated that price increases alone would not be sufficient for a sustained bull cycle. At this point, the company indicated that a new and strong channel of capital inflow into the crypto market is necessary for a true bull market to begin and be sustained.
According to analysts, in previous bull cycles, ICOs, stablecoins, spot Bitcoin ETFs, and institutional investments fulfilled this function.
“…The market is waiting for something new to trigger the next bull market. For a real bull run to begin and continue strongly in the cryptocurrency market, it requires not only rising prices but also new and large inflows of capital.”
A New Channel for Capital Could Come from RWAs! Noting that the narratives seen in previous cycles are now old and outdated, Wintermute predicted that the most important source of capital for the next crypto bull run could be the tokenization of real-world assets (RWA).
According to Wintermute analysts, the total value of RWA assets has more than doubled in a year, exceeding $30 billion.
In this context, analysts believe that if this growth in the RWA market continues and accelerates the influx of traditional capital into the blockchain ecosystem, the current rise in Bitcoin could transform into a broader and more sustainable bull market.
*This is not investment advice.
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A volunteer group called the Bitcoin Red Team just ran one of the most ambitious automated security audits the crypto ecosystem has ever seen. Their weapon of choice: Kimi K3, an open-weight AI model built by China’s Moonshot AI. Over roughly 108 hours, the model catalogued 7,958 potential security findings across 501 Bitcoin-related open-source projects, with 1,280 of those rated high or critical severity.
Kimi K3 outperformed every other open-weight model tested, including Zhipu’s GLM-5.2, in standardized vulnerability detection benchmarks.
What the audit actually found Of the 7,958 potential issues flagged by Kimi K3, only 24.7% could be dynamically reproduced. At the time of reporting, 29.4% of the findings had been communicated upstream to the affected projects.
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The most consequential discovery was a critical two-factor authentication bypass in BTCPay Server version 2.4.2. The vulnerability had already been exploited to extract Lightning wallet credentials before it was patched, making it a live, in-the-wild security incident rather than a theoretical concern.
How Kimi K3 stacks up The UK’s AI Safety Institute and its counterpart CAISI ran a preliminary assessment of Kimi K3 in July 2026, scoring it at 32% on ExploitBench. That’s a benchmark designed to measure an AI model’s ability to identify and reason about exploitable software vulnerabilities. GLM-5.2 scored 24% on the same test.
Among open-weight models, those whose weights are publicly available for anyone to download and run, Kimi K3 sits at the top. The model was released around July 16–27, 2026, and the Red Team intensified its auditing effort in the weeks that followed.
The gap between open-weight and closed-source models remains significant. Leading US models from OpenAI and Anthropic averaged around 76% on ExploitBench. That’s more than double Kimi K3’s score.
The Coldcard incident that started it all The Red Team’s effort was catalyzed by a security incident in July 2026 involving the Coldcard Mk3. A flaw in the Mk3 firmware led to the theft of approximately 594 BTC, estimated at $38 million at the time. The incident sparked widespread speculation that the attackers had used AI to identify the firmware vulnerability, though that claim hasn’t been definitively proven.
What this means for Bitcoin security The economics of code auditing are about to shift. A professional security audit of a single Bitcoin project can cost tens of thousands of dollars and take weeks. Kimi K3 scanned 501 projects in 108 hours.
US AI companies, which build the most capable models, have generally restricted their tools from being used for vulnerability research, citing safety concerns. Meanwhile, an open-weight Chinese model is being freely deployed to find and report bugs in critical financial infrastructure. The gap between open-weight and closed-source model performance on ExploitBench—32% versus 76%—suggests the most capable vulnerability detection still lives behind API paywalls.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.
Cryptocurrency mining, the process of using computer hardware to verify transactions on a blockchain network, experienced a major surge in popularity between 2011 and 2018. During this period, cryptocurrency prices climbed to record highs, encouraging miners to invest in expensive hardware and infrastructure to mine digital assets and earn rewards.
Summary
SHRMiner offers cloud mining contracts, daily reward tracking, and cryptocurrency withdrawals. CGMiner provides open-source mining software but requires command-line knowledge. StormGain and MinerGate offer accessible tools for users without dedicated mining hardware. Zionodes lets users remotely manage mining equipment through a real-time dashboard. In recent years, however, the landscape has changed. Rising energy costs and the significant upfront investment required for mining have made it increasingly difficult for individual and small-scale miners to remain profitable.
If you want to use your spare time to earn Bitcoin with your smartphone, several apps offer convenient ways to participate in mining. That said, mobile mining typically generates relatively low returns and can put additional strain on your device. Here are some of the top apps to consider for Bitcoin mining in 2026.
1. SHRMiner — A Bitcoin mining app worth watching Founded in 2018, SHRMiner has grown into one of the leading cloud mining service providers, allowing users to rent computing power from professional ASIC mining hardware to participate in Bitcoin mining. The company focuses on ease of use, security, and transparency.
Key features and benefits Easy to use and accessible: SHRMiner provides a straightforward dashboard, simple contract selection, daily reward tracking, and withdrawal monitoring, making it easy for users to manage their mining activities.
Flexible contract options: The platform offers different plans and contract levels designed to accommodate both beginners and experienced users, with flexible options based on investment amount and contract duration.
Security and transparency: The platform states that it uses cold wallets, encryption, and real-time monitoring to help protect user funds and mining operations.
Reputation and reviews: SHRMiner has been featured in cryptocurrency media coverage and press releases, where it has been presented as a reliable option for users interested in cryptocurrency mining.
How to get started with SHRMiner Getting started with SHRMiner is simple and straightforward:
Create a free account — Visit the official SHRMiner platform and create a free account using your email address. New users can currently receive a $15 bonus, along with a $0.60 daily mining reward. [Click here to register instantly.]
Choose a mining contract — Select a short-term or long-term plan based on your budget and expected returns.
Fund your account — Deposit funds into your account and purchase a mining contract to participate in Bitcoin mining.
Start earning — Once the contract is activated, mining rewards will begin automatically.
Withdraw anytime — SHRMiner supports flexible daily withdrawals to your cryptocurrency wallet.
With an intuitive interface and convenient mining experience, SHRMiner has become one of the platforms worth watching in the 2026 cloud mining market. Users can simply register, log in, select a plan, and begin participating in mining.
2. CGMiner CGMiner is a popular Bitcoin mining application that also supports mining other cryptocurrencies, including Litecoin and Dogecoin. Launched in 2011, CGMiner is known for its versatility and open-source design, making it a popular choice for users looking to scale their mining operations.
However, CGMiner uses a command-line interface, which means it has a steeper learning curve than many other mining applications. Users control the mining software through keyboard commands, so having a comfortable and ergonomic computer keyboard can make extended use more convenient.
CGMiner is compatible with multiple operating systems, including Linux, Mac, and Windows, giving it a broad user base. If you’re comparing it with platforms such as RollerCoin, the latter may be a more accessible option for beginners.
3. StormGain StormGain is a user-friendly Bitcoin mining application that provides a convenient dashboard for monitoring asset prices and market movements. The platform also includes charting tools that allow users to track trends and price changes.
With StormGain, users can participate in digital currency mining without investing in expensive mining hardware. The service offers native applications for Android and iOS, as well as a web-based version, making it accessible across different devices.
Whether you’re new to cryptocurrency or already have mining experience, StormGain provides a convenient way to participate in Bitcoin and other cryptocurrency-related activities.
4. MinerGate Founded in 2014, MinerGate is an open mining pool designed to improve mining efficiency while helping reduce associated costs. Its user interface and overall experience have received attention for providing a relatively straightforward mining environment.
The software is designed to be easy to install and allows users to quickly get started with cryptocurrency mining. MinerGate also provides tools for managing and monitoring cryptocurrency mining activities.
One of MinerGate’s notable features is its ability to use both CPU and GPU resources to mine multiple cryptocurrencies. This provides users with a more flexible and comprehensive approach to cryptocurrency mining.
Overall, MinerGate offers a user-friendly mining solution that can appeal to both beginners and more experienced cryptocurrency users.
5. Zionodes Zionodes is one of the more user-friendly Bitcoin mining platforms available today. After registering an account, users can get started with mining operations relatively quickly. One of its most useful features is a dynamic dashboard that allows users to monitor earnings and mining activity in real time.
Zionodes uses a remote mining model, meaning users can own their own mining hardware while managing how it is used remotely. This gives customers greater control and ownership over their mining operations compared with traditional cloud mining service models.
With an easy-to-use interface and an emphasis on transparency, Zionodes has positioned itself as one of the more accessible and user-friendly options for Bitcoin mining.
Final thoughts Overall, these five Bitcoin mining apps and platforms offer different ways to participate in the cryptocurrency mining market in 2026. From SHRMiner’s cloud mining model and MinerGate’s flexible mining options to Zionodes’ remote mining approach, each platform offers a different experience for cryptocurrency users.
Whether you’re a beginner exploring Bitcoin mining for the first time or an experienced miner looking for a more convenient option, these platforms can provide accessible ways to participate without having to build and operate a traditional mining setup yourself.
For cryptocurrency enthusiasts looking to make use of their spare time and explore alternative ways to earn Bitcoin, these apps and platforms are worth considering in 2026.
Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.
Strategy Inc. is not selling its Bitcoin. At least not while the market is running hot, according to CEO Phong Le, who made his position clear in early September 2026: the company does not plan to offload any of its holdings during what he described as an incoming heavy bull market.
That’s a confident statement from the man running a company that now holds 845,050 BTC, worth roughly $65 billion. To put that in perspective, Strategy controls more than 4% of the entire Bitcoin supply that will ever exist.
The numbers behind the conviction Strategy’s latest Bitcoin purchase was 4,603 BTC acquired at an average price of $80,318 per coin, resuming accumulation after an approximate ten-week pause.
That pause wasn’t a loss of faith. The company used the break to clean up its balance sheet, pay down debt to reach a zero net debt position, and build a cash cushion of roughly $7 billion.
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During that same period, Strategy sold approximately 7,000 BTC, at prices between $60,000 and $65,000 per coin, primarily to cover preferred dividend obligations. Le framed those sales as a capital cost decision, not a referendum on Bitcoin’s value.
From ‘never sell’ to ‘sell only when it makes sense’ Strategy built its reputation on an almost religious commitment to never selling Bitcoin. But the reality of running a public company with preferred shareholders and debt obligations meant the dogma needed a practical update. Le’s framing in September 2026 reflects that evolution.
Le described the approach as a two-way strategy: accumulate when conditions favor it, and sell only under strictly defined circumstances tied to capital costs rather than price sentiment. The emphasis, he stressed, is on growing Bitcoin per share over time, a metric that treats the company’s stock as a proxy for Bitcoin exposure, adjusted for dilution and capital efficiency.
What this signals for institutional Bitcoin holders Le’s comments suggest the company is thinking several moves ahead. By establishing that future sales are possible but rule-bound, Strategy creates a framework other institutional holders can study and adapt.
For market participants watching Strategy’s every filing, Le’s September remarks also carry a forward signal. He does not expect to sell during the bull market, implying he sees the bull market as real, ongoing, and substantial enough to justify holding rather than trimming.
Strategy’s Bitcoin-per-share metric is also worth watching as a benchmark. If that number grows consistently over time, it becomes harder for critics to argue the company’s approach is destroying shareholder value.
The company holding over 4% of the total Bitcoin supply means its decisions ripple outward. A surprise sale at scale would move markets. Strategy’s behavior is no longer just a corporate finance story. It shapes how the broader market reads institutional conviction in Bitcoin.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitcoin has held between $76,500 and $79,500 for five trading days as its $76,350 active-investor cost basis has absorbed selling after a 24.9% August gain.
Summary
Bitcoin’s True Market Mean stands at $76,350, just below the current trading range. Long-term holder SOPR has stayed near breakeven for nine sessions, indicating limited profit-taking. September options place downside protection between $68,000 and $75,000, while calls favor a move above $80,000. Strategy bought 4,603 BTC for $369.7 million as spot Bitcoin ETF demand cooled. Bitfinex analysts said in a Sept. 2 Alpha report that Bitcoin’s position above the True Market Mean reduces the risk of a deep pullback, even though September has produced an average loss of 2.95% since 2013.
The True Market Mean, which measures the average cost basis of active Bitcoin investors, stood at $76,350 when the report was published. Bitcoin had remained inside a 3% range between $76,500 and $79,500 since Federal Reserve Chair Kevin Warsh delivered a hawkish message at Jackson Hole on Aug. 28.
Selling has appeared around the upper end of the range, but buyers have prevented Bitcoin from closing decisively below the on-chain cost basis. Bitfinex described $76,350 as a market pivot rather than a fixed price that buyers must defend to the dollar.
August closed with Bitcoin up 24.9% from its $62,922 monthly open, recording its first positive August since 2021 and its largest monthly gain since November 2024. As crypto.news reported in its coverage of Bitcoin’s best August since 2017, the rally left $80,000 as the main resistance level entering September.
Bitcoin momentum favors limited pullbacks During the week ended Aug. 23, Bitcoin added $14,833, the largest weekly dollar gain in its history, according to Bitfinex. The increase exceeded the previous record, set in November 2024, by $3,275 and produced a weekly return of 23.6%, the strongest percentage gain since March 2023.
Historical data cited in the report showed that Bitcoin has recorded 17 weekly gains above 15% since 2020. The price was higher 30 days later in 14 of those cases, with a median return of 8.4%.
Based on that record, the analysts said corrections are likely to remain “short lived and limited in scale” while Bitcoin stays above the former $68,000 range ceiling. The level also sits close to the area where traders have concentrated downside options protection.
Bitcoin’s strength has continued despite pressure from two U.S.-linked risks. Warsh’s comments raised expectations for another interest-rate increase, while renewed conflict between the United States and Iran pushed Brent crude toward $95 per barrel.
Warsh said inflation had not improved fast enough to assure policymakers that it was returning to the Fed’s 2% goal. In an earlier report on his Jackson Hole speech, prediction-market traders placed the probability of a 2026 rate increase at 68% after Bitcoin slipped below $80,000.
Higher U.S. rates can lift Treasury yields and the dollar, raising the cost of holding non-yielding assets. Bitfinex nevertheless found that Bitcoin’s price structure had remained intact during the five sessions following the speech.
Sellers are exiting Bitcoin close to breakeven On-chain spending data indicate that investors who bought Bitcoin around current prices are providing much of the available supply.
The long-term holder Spent Output Profit Ratio, or SOPR, moved between 0.88 and 1.19 over nine consecutive sessions and stood at 0.98 in the report. A reading of 1 means the average coin is being spent at the same price at which its holder acquired it.
Bitfinex linked the pattern to buyers from February and March who held through the subsequent decline and began selling when Bitcoin returned to their entry prices. For five sessions, bids absorbed that supply without allowing the price to break below the True Market Mean.
Two sustained changes would weaken that reading, according to the analysts. SOPR falling below 0.9 while Bitcoin declines would indicate that holders are accepting losses to exit. A move above 1.1 would show that investors with larger unrealized gains are selling into strength.
Supply concentration around the current range helps explain why BTC price has moved sideways. When Bitcoin closed at $80,256 on Aug. 27, 72.1% of circulating supply was in profit. By the time the price closed at $77,468, the share had fallen to 67.7%.
Bitfinex calculated that roughly 880,000 BTC carried a cost basis inside the $2,800 gap between the two closes. Each move across the area pushes a large block of coins between profit and loss, changing the incentive to sell.
The short-term holder cost basis, meanwhile, stood at $69,980 and was climbing by about $300 per day. Bitfinex identified the level as possible support during a deeper correction, below an initial target near $73,500.
Strategy purchases offset weaker Bitcoin ETF flows Corporate demand returned while Bitcoin was meeting passive sellers above $77,000. Strategy purchased 4,603 BTC for $369.7 million between Aug. 24 and Aug. 30, paying an average price of $80,318 per coin.
The transaction was Strategy’s first Bitcoin purchase in 10 weeks and increased its holdings to 845,050 BTC, acquired for an average of $75,412. At-the-market equity sales financed the deal, according to the company’s filing.
Strategy’s average price for the purchase has been above every Bitcoin daily close since May 14. The company therefore bought inside the same area where the market had struggled to sustain prices above $79,000.
Demand for U.S. spot Bitcoin exchange-traded funds became less consistent over the same period. A nine-session inflow run totaling $3.04 billion ended with $201.9 million in redemptions on Aug. 28, the day of Warsh’s speech.
Inflows returned with $216.7 million on the following Monday, including $205.9 million directed to BlackRock’s IBIT. Sept. 1 then produced a $236.5 million outflow, driven mainly by IBIT, according to the figures cited by Bitfinex.
A separate analyst assessment identified sustained ETF buying as one requirement for extending the rally. The same report noted that spot products recorded $606 million of inflows on Aug. 20 as Bitcoin moved above $76,000.
While Bitcoin fund demand cooled, U.S. spot Ether ETFs attracted $815.7 million during the previous week and extended their inflow run to 13 sessions through Sept. 1. Bitfinex said Strategy’s renewed buying had helped counter the slowdown in Bitcoin ETF demand.
Stablecoin supply also stopped expanding after rising by $1.25 billion before Warsh’s remarks. Aggregate market capitalization peaked at $309.4 billion on Aug. 28 and later stood at $303.83 billion, according to the report.
Bitfinex interpreted the change as capital waiting at the market’s entry point rather than leaving crypto through a sustained wave of stablecoin redemptions. Stablecoins often serve as settlement assets for traders, making changes in their total supply a gauge of capital available for deployment.
Bitcoin options favor upside without heavy leverage Options traders have purchased protection around scheduled U.S. economic releases, but the positioning does not show an across-the-board bet on a Bitcoin decline.
Average implied volatility stood at 37.2 for a sixth consecutive session between 37 and 38, placing it in the 18th percentile of daily closes recorded during the previous year. Options had been cheaper on fewer than one in five trading days, while the 2026 low was 33.8.
Implied volatility also remained below the trailing 30-day realized volatility of about 41%. Bitfinex said the pricing indicated that traders expected the current compression to continue even though Bitcoin had moved 21% within three sessions in August.
The Sept. 11 at-the-money straddle cost $3,208, requiring a 4.13% move to reach breakeven. Unlike the options expiring on Sept. 4, the contract covers the U.S. payroll report, the Producer Price Index release, and seven standard trading sessions.
Across the eight U.S. payroll releases held in 2026, Bitcoin moved by an average of 1.9% on release day. Four produced moves below 1%, while the other four generated changes ranging from 2.4% to 4.4%, according to Bitfinex.
Downside protection for the payroll-to-Consumer Price Index window was concentrated between $68,000 and $75,000. The Sept. 11 expiry carried one put for every call, compared with an overall options-market put-to-call ratio of 0.56.
Call open interest was largest at $80,000, while put open interest was concentrated at $75,500. Perpetual-futures leverage remained 10% below its August peak, which Bitfinex interpreted as traders retaining upside exposure without rebuilding a large pool of positions vulnerable to forced liquidation.
Under the report’s base case, Bitcoin would remain between $76,657 and $81,300 through the Sept. 4–11 U.S. data window. Two daily closes above $82,818, accompanied by SOPR above 1 and positive ETF flows on both days, would open a path toward the next cost-basis reference near $85,200.
Two closes below $76,657 would instead activate Bitfinex’s retracement scenario, placing the three-to-six-month holder cost basis near $73,500 first and the short-term holder cost basis at $69,980 second.
In brief Bitcoin is consolidating near $77,500 after spiking from roughly $64,420 to nearly $80,700 in six trading days last week, the move traders are calling a "Bart Simpson" setup. The four-hour chart's own indicators show a stalling market, not the violent breakdown a completed Bart Simpson pattern requires. Analysts have flagged $75,800 as the level that would confirm the bearish setup; a slower, weeks-long slide toward $62,000 along a descending trendline is the more realistic alternative to an actual flash crash. Bitcoin gained close to 25% in August, ripping from about $64,420 on August 19 to nearly $80,700 by August 25. It has spent the week since grinding sideways and fading, last trading around $77,470.
That shape—sharp spike, flat top, partial giveback—is why crypto traders keep typing the words "Bart Simpson" into their group chats.
The Bart Simpson pattern is a chart-formation nickname, not a technical indicator. It describes a sharp move in one direction, a period of tight sideways chop, then a snap back toward where the move started—resembling the cartoon character's spiked hair. It has circulated in crypto trading circles since 2015 and tends to resurface every time Bitcoin pulls off a fast, narrow-range rally like August's.
What the 4-hour chart actually shows
The Bart pattern would imply Bitcoin is in store for a flash crash, but Bitcoin's four-hour chart reads mixed, not alarming signals. The Relative Strength Index, or RSI, measures how overbought or oversold an asset is on a 0-100 scale, and for BTC it currently sits at 44.8—leaning bearish but nowhere near the sub-30 oversold territory that typically accompanies a real breakdown.
The Average Directional Index, or ADX, gauges how strong a trend is regardless of direction, and that’s at 22, below the 25 threshold traders use to confirm a market is actually trending in either direction.
Bitcoin price data. Image: TradingviewThe most alarming data point is the Squeeze Momentum indicator, which flags when volatility is compressing before an eventual breakout. For Bitcoin, that’s currently signaling bearish, and with momentum falling. Right now it is showing a compression zone, meaning there may be a big movement ahead. If the jump is bearish, the Bart Simpson would happen, and if it’s to the upside, the bullish trend is confirmed.
The 50-period exponential moving average is still above the 200-period moving average, the textbook definition of a bullish trend structure, even as short-term momentum cools. This setup usually means a Bart Simpson is unlikely, because prices are bullish on average.
Myriad: Bitcoin price next move? Click to make your prediction.None of these readings individually scream imminent crash, which is part of why analysts are split on whether the Bart Simpson pattern actually completely forms this time.
What a real flash crash would require
A completed Bart Simpson needs the reversal to happen roughly as fast as the spike did—that's the entire premise of the pattern.
Applied to Bitcoin's current setup, a genuine flash-crash version would mean price giving back the whole August rally in a matter of hours, not weeks, snapping back down toward the $64,000 zone it launched from. That's close to a 17% single move, on par with the scale of the rally itself.
Bitcoin price data. Image: TradingviewGetting there isn't a matter of drifting lower. It requires a specific trigger: a break below $75,800. Holding above it would tend to invalidate the bearish setup instead.
A flash crash also needs a catalyst violent enough to force it: cascading leveraged liquidations, not a routine pullback. Bitcoin has produced exactly that kind of event before, including the $19 billion liquidation wipeout triggered by an October 2025 Trump tariff threat, so the mechanism exists. It just hasn't shown up yet in this week's four-hour indicators, which is why the pattern remains a possibility traders are debating rather than something already confirmed.
Why September is amplifying the chatter
The Bart Simpson talk is landing during Bitcoin's historically weakest month. Bitcoin has closed eight of the last 13 Septembers in the red since 2013, averaging a 2.97% loss. This is the worst average and median of any month on the calendar. Traders have nicknamed it "Red September," and this year it's colliding with a live Federal Reserve decision.
The CME FedWatch tool currently prices a 64% chance the Fed hikes rates at its September 15-16 meeting. That’s typically bearish for risk assets, including crypto, because as lending gets more expensive, investors look for safe assets like gold/bonds to hedge against losses. Spot Bitcoin ETFs shed roughly $236 million on Tuesday alone, and oil has climbed into the low $90s a barrel after fresh U.S.-Iran strikes near the Strait of Hormuz, adding inflation pressure to the case for a hike.
None of that guarantees a crash on its own, but they are worth considering before opening trades. A rate-driven risk-off move and a Bart Simpson flash crash are two different mechanisms that happen to point in the same direction right now.
The other scenario: A correction that isn't a flash crash
There's a second bearish path that looks nothing like Bart Simpson. Drawing a descending trendline from the roughly $80,626 August high based on supports, the current indicators and natural expectations produces a gradual downward channel that reaches the $62,000 area over about eight weeks, into late October, rather than in a single violent leg
Bitcoin price data. Image: TradingviewThat's a similar percentage decline to the flash-crash scenario, but stretched across a seasonally weak September and a historically volatile October instead of compressed into hours.
This is also the pattern Bitcoin has actually drawn before. Decrypt reported in March that Bitcoin's price action was tracing a compressive wedge—a series of lower highs against a descending resistance line—that preceded crashes in October 2025 and January 2026. Both of those were grinding structural breakdowns, not one-candle flash crashes. A slow bleed with lower highs and lower lows is still bearish, but it's mechanically a correction, not a Bart Simpson.
The distinction matters for anyone trying to trade around the meme. A flash crash needs a forced-liquidation event and a fast break of $75,800 to complete the pattern's shape. A drawn-out correction just needs September's seasonal drag, a Fed hike, and time.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Bitcoin is consolidating near $77,500 after spiking from roughly $64,420 to nearly $80,700 in six trading days last week, the move traders are calling a "Bart Simpson" setup. The four-hour chart's own indicators show a stalling market, not the violent breakdown a completed Bart Simpson pattern requires. Analysts have flagged $75,800 as the level that would confirm the bearish setup; a slower, weeks-long slide toward $62,000 along a descending trendline is the more realistic alternative to an actual flash crash. Bitcoin gained close to 25% in August, ripping from about $64,420 on August 19 to nearly $80,700 by August 25. It has spent the week since grinding sideways and fading, last trading around $77,470.
That shape—sharp spike, flat top, partial giveback—is why crypto traders keep typing the words "Bart Simpson" into their group chats.
The Bart Simpson pattern is a chart-formation nickname, not a technical indicator. It describes a sharp move in one direction, a period of tight sideways chop, then a snap back toward where the move started—resembling the cartoon character's spiked hair. It has circulated in crypto trading circles since 2015 and tends to resurface every time Bitcoin pulls off a fast, narrow-range rally like August's.
What the 4-hour chart actually shows
The Bart pattern would imply Bitcoin is in store for a flash crash, but Bitcoin's four-hour chart reads mixed, not alarming signals. The Relative Strength Index, or RSI, measures how overbought or oversold an asset is on a 0-100 scale, and for BTC it currently sits at 44.8—leaning bearish but nowhere near the sub-30 oversold territory that typically accompanies a real breakdown.
The Average Directional Index, or ADX, gauges how strong a trend is regardless of direction, and that’s at 22, below the 25 threshold traders use to confirm a market is actually trending in either direction.
Bitcoin price data. Image: TradingviewThe most alarming data point is the Squeeze Momentum indicator, which flags when volatility is compressing before an eventual breakout. For Bitcoin, that’s currently signaling bearish, and with momentum falling. Right now it is showing a compression zone, meaning there may be a big movement ahead. If the jump is bearish, the Bart Simpson would happen, and if it’s to the upside, the bullish trend is confirmed.
The 50-period exponential moving average is still above the 200-period moving average, the textbook definition of a bullish trend structure, even as short-term momentum cools. This setup usually means a Bart Simpson is unlikely, because prices are bullish on average.
Myriad: Bitcoin price next move? Click to make your prediction.None of these readings individually scream imminent crash, which is part of why analysts are split on whether the Bart Simpson pattern actually completely forms this time.
What a real flash crash would require
A completed Bart Simpson needs the reversal to happen roughly as fast as the spike did—that's the entire premise of the pattern.
Applied to Bitcoin's current setup, a genuine flash-crash version would mean price giving back the whole August rally in a matter of hours, not weeks, snapping back down toward the $64,000 zone it launched from. That's close to a 17% single move, on par with the scale of the rally itself.
Bitcoin price data. Image: TradingviewGetting there isn't a matter of drifting lower. It requires a specific trigger: a break below $75,800. Holding above it would tend to invalidate the bearish setup instead.
A flash crash also needs a catalyst violent enough to force it: cascading leveraged liquidations, not a routine pullback. Bitcoin has produced exactly that kind of event before, including the $19 billion liquidation wipeout triggered by an October 2025 Trump tariff threat, so the mechanism exists. It just hasn't shown up yet in this week's four-hour indicators, which is why the pattern remains a possibility traders are debating rather than something already confirmed.
Why September is amplifying the chatter
The Bart Simpson talk is landing during Bitcoin's historically weakest month. Bitcoin has closed eight of the last 13 Septembers in the red since 2013, averaging a 2.97% loss. This is the worst average and median of any month on the calendar. Traders have nicknamed it "Red September," and this year it's colliding with a live Federal Reserve decision.
The CME FedWatch tool currently prices a 64% chance the Fed hikes rates at its September 15-16 meeting. That’s typically bearish for risk assets, including crypto, because as lending gets more expensive, investors look for safe assets like gold/bonds to hedge against losses. Spot Bitcoin ETFs shed roughly $236 million on Tuesday alone, and oil has climbed into the low $90s a barrel after fresh U.S.-Iran strikes near the Strait of Hormuz, adding inflation pressure to the case for a hike.
None of that guarantees a crash on its own, but they are worth considering before opening trades. A rate-driven risk-off move and a Bart Simpson flash crash are two different mechanisms that happen to point in the same direction right now.
The other scenario: A correction that isn't a flash crash
There's a second bearish path that looks nothing like Bart Simpson. Drawing a descending trendline from the roughly $80,626 August high based on supports, the current indicators and natural expectations produces a gradual downward channel that reaches the $62,000 area over about eight weeks, into late October, rather than in a single violent leg
Bitcoin price data. Image: TradingviewThat's a similar percentage decline to the flash-crash scenario, but stretched across a seasonally weak September and a historically volatile October instead of compressed into hours.
This is also the pattern Bitcoin has actually drawn before. Decrypt reported in March that Bitcoin's price action was tracing a compressive wedge—a series of lower highs against a descending resistance line—that preceded crashes in October 2025 and January 2026. Both of those were grinding structural breakdowns, not one-candle flash crashes. A slow bleed with lower highs and lower lows is still bearish, but it's mechanically a correction, not a Bart Simpson.
The distinction matters for anyone trying to trade around the meme. A flash crash needs a forced-liquidation event and a fast break of $75,800 to complete the pattern's shape. A drawn-out correction just needs September's seasonal drag, a Fed hike, and time.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Investors withdrew $43.7 million from Fidelity’s spot Bitcoin exchange-traded fund [ETF] on 1 September, adding to a wider reversal that was seen across the US market.
The Fidelity Bitcoin outflow was notable, but it was not the largest that was seen on the day, BlackRock’s fund accounted for most of the $236.5 million that left spot Bitcoin ETFs during the session.
Fidelity Bitcoin fund records first September outflow Fidelity’s Wise Origin Bitcoin Fund [FBTC] started September with $43.7 million in net withdrawals, according to Farside Investors data.
What the data showed was that more money was withdrawn from the fund than invested during that session, but this does not mean Fidelity itself sold Bitcoin because it had turned against the asset. ETF flows reflect decisions made by investors who buy and sell shares in the fund.
The latest withdrawal also followed an up-and-down end to August. FBTC attracted $6.9 million on August 31 after recording an $83.6 million outflow on August 27.
But despite the withdrawals observed, the overall flow remains positive, with FBTC having seen about $10.21 billion in net inflows overall.
BlackRock drove most of the ETF decline BlackRock’s iShares Bitcoin Trust [IBIT] recorded a much larger $201.2 million outflow on September 1. Bitwise’s BITB was the only fund to finish the session with an inflow, adding $8.4 million.
The remaining funds reported no net movement.
The negative session came one day after spot Bitcoin ETFs collectively saw an inflow of $216.7 million. On both days, the funds recorded a relatively modest net withdrawal of about $19.8 million.
On 1 Sep weak demand is apparent but only on one trading day, which does not imply that institutions are leaving.
Spot Bitcoin ETFs have witnessed nearly $54.68 billion in net inflows after the products have been launched. But whether the latest ETF withdrawal can trigger a longer trend of liquidation would depend on how the funds fare for the next few days.
Final Summary Fidelity’s Bitcoin ETF recorded a $43.7 million outflow, while BlackRock led withdrawals with $201.2 million. This has brought total outflows for yesterday to $236.5 million, reducing most of the positive figures in the previous session when it saw inflows total $216.7 million.
The United States Justice Department and cybersecurity firm CrowdStrike announced that they have successfully dismantled Sality, a peer-to-peer botnet operating since 2003. The botnet, which infected computers globally, used a decentralized architecture to avoid shutdown and has been responsible for significant cryptocurrency thefts in recent years.
Longstanding Threat to Cryptocurrency UsersFor the past eight years, Sality’s main function was to deliver EggJagger, a malicious payload that targets cryptocurrency owners. EggJagger works by monitoring the clipboard of infected machines and replacing any copied cryptocurrency wallet address with one under the attacker’s control. As a result, unsuspecting users would send funds to the operator instead of their intended recipient.
EggJagger consistently intercepted cryptocurrency addresses, rerouting payments made in Bitcoin or Ethereum to wallets belonging to the attacker.
CrowdStrike, a leading provider of cybersecurity solutions, estimates that EggJagger alone enabled the theft of at least 12.1 million rubles, or approximately $150,000, from victims. The majority of these stolen funds remained untouched after the theft, which allowed their value to appreciate as cryptocurrency prices climbed. At their peak in January 2025, the unspent assets had grown to 147 million rubles, equivalent to a nominal $1.35 million and roughly $4 million in purchasing power for some currencies.
MetricValueDateMinimum theft from EggJagger$150,0002018–2026Peak unspent stolen holdings$1.35 million (nominal)January 2025Estimated purchasing power$4 million (approx.)January 2025Before its use as a cryptocurrency-targeted attack, Sality acted as a carrier for a range of malicious tools including credential theft, spam, proxy services and denial-of-service payloads.
International Operation Targets Botnet InfrastructureAuthorities from the United States, Bulgaria, Hungary, and Romania collaborated alongside private sector partners such as CrowdStrike to disrupt Sality’s operations. The FBI Los Angeles Field Office and the Defense Criminal Investigative Service seized crucial domains linked to Sality in the US, while European authorities targeted infrastructure in their respective countries.
The Shadowserver Foundation, a non-profit organization specializing in cybersecurity, has partnered with internet service providers to notify victims and help remediate infected machines.
Sality persisted for over two decades because it did not rely on a central command server. Instead, each infected computer directly connected to others, enabling the malware to spread through executable files traversing network shares and removable drives. The protocol accepted any machine that successfully responded to its handshake protocol, without any robust authentication.
CrowdStrike’s Counter Adversary Operations team exploited this weakness to reconfigure the botnet. By inserting their own nodes and removing legitimate peers from each infected machine’s address list, they successfully isolated over 15,000 infected systems worldwide.
The Sality operator, tracked by CrowdStrike under the name SALTY SPIDER, occasionally deployed the botnet for targeted attacks. In September 2023, the botnet was used for a denial-of-service action against AvanChange, a Russian cryptocurrency exchange, supposedly as retaliation for personal reasons. CrowdStrike believes exchanges like AvanChange were also channels to convert stolen digital assets into cash.
Currently, affected computers now communicate with so-called “sinkholes” managed by CrowdStrike, disrupting the operator’s control. CrowdStrike has provided detection guidelines and network indicators for the public and emphasized that infected systems will remain at risk until the malware is manually removed.
Rise of Adaptive AI-Powered MalwareExperts warn that recent advances in artificial intelligence could fuel the next wave of cyber threats. New research from the University of Toronto, Vector Institute, University of Cambridge, and ServiceNow demonstrates a proof-of-concept AI worm capable of scanning for vulnerabilities, developing tailored attack strategies, and autonomously spreading across networks.
Researchers suggest these adaptive worms may soon challenge existing cybersecurity measures by changing tactics in real time and exploiting a broad spectrum of targets.
Mini dictionary: Shadowserver Foundation, a non-profit cybersecurity organization that actively monitors internet security threats and helps remediate large-scale malware and botnet infections by working with internet providers and law enforcement agencies around the world.
The next generation of malware, supercharged by artificial intelligence, poses a growing threat due to its ability to adapt instantly and operate without direct human intervention.
Bitcoin has all the factors in place to a seven-figure price over the next four years, according to BitMEX co-founder Arthur Hayes.
But he’s buying ETH right now, because he believes it could easily do a “3x to 5x pretty quickly.”
On the latest episode of Trade Secrets, Hayes says the collapse of the AI bubble, “massive” money printing, and potential US yield curve control are among some of the reasons why Bitcoin could go to $1 million by 2030
“We have the ingredients. The time is now. So I think the $58,000 was probably the bottom in Bitcoin, and now it’s going to grind higher in this hate fuck rally,” the 41-year-old billionaire says.
Hayes’ prediction comes just a couple of weeks after 10x Research head of research Markus Thielen told Trade Secrets that reaching that figure by 2030 was “mathematically impossible.” He argued that the amount of capital inflows Bitcoin saw over the past 15 years that pushed it to the current price suggest it has little chance of attracting the trillions in inflows over the next four years required to reach $1 million.
Arthur Hayes loses interest in Hyperliquid While Hayes is still bullish on Bitcoin, he is less optimistic than he once was about Hyperliquid’s future upside d.
Bitcoin is up 22.15% over the past 30 days. (CoinMarketCap)
“I don’t think there’s that type of asymmetry in the price right now. Everybody knows that Hyperliquid is here,” he says. “It’s not an it’s not this like unknown thing that’s outperforming expectations, right? [...] There are massive expectations now on Hyperliquid.”
“That doesn’t necessarily mean it’s not going to go up in price, but I think there’s better risk-reward at least for the capital at Maelstrom to deploy into the shitcoin space than Hype,” he says.
The comments come shortly after US President Donald Trump said the US is working to bring Hyperliquid into the country. However, Hayes, who was pardoned by Trump in 2024, now says the president has little influence over crypto asset prices.
“It’s irrelevant. What Trump says or does is irrelevant. Look at what Bessant does. Read the Treasury, read the Fed, read the monetary authorities. Like Trump is just a very entertaining politician, but he has no effect on the price of Bitcoin,” Hayes says.
Hayes also questioned whether Trump would be willing to spend the political capital required to push through crypto legislation such as the CLARITY Act, particularly when other issues matter more to the average voter. He suggested that the “median under-sighted voter” does not care about the legislation.
Hayes ‘feels excellent’ about BitMEX shutdownHayes began his career as an equity derivatives trader at Deutsche Bank and Citibank in Hong Kong after graduating from the University of Pennsylvania in 2008.
Hayes co-founded the pioneering crypto derivatives exchange BitMEX in 2014 alongside Ben Dolo and Samuel Reed. The exchange recently announced it would be shutting down on Sept. 23 and urged users to close positions and withdraw funds before the deadline.
Hayes says it “feels excellent” that the exchange is shutting down on its own terms.
“We shut it down because we wanted to shut it down, not because we got hacked,” he says, adding that it is the “best way” to go.
“We landed the plane on our own terms,” he adds.
Hayes says that competition is now so fierce that running a crypto exchange now is “really a mug’s game” unless you have the scale of a major player like Binance or OKX.
“There’s no point in even playing because it’s just so expensive to secure it, so expensive to run the tech in the data centers, like it doesn’t make any sense as a business,” Hayes says.
Hayes’s number one pick is EthereumHayes says that his “number one pick” at the moment is Ethereum. “I think that is a better risk-reward for a spare unit of fiat that’s gonna be deployed into crypto than Hyperliquid,” he says.
“That doesn’t necessarily mean that Hyperliquid won’t rise in price. I just don’t think it’s poised for a 5x, and like where I think Ethereum could do, you know, 3x to 5x pretty quickly,” he says.
“Everybody hates it. It’s the one megacap crypto that has not eclipsed its 2021 all-time high.”Hayes points out that it is the base layer for DeFi and, while “hated” for many reasons, is long overdue for a surge. “I think now it’s time to perform because it’s been so beaten down and so forgotten. And we saw it rip 20% when Bitcoin ripped,” he says.
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Trump: Preparing to Strike Iran Again, We Have Full Control of the Strait
U.S. President Donald Trump met with U.S. tourism industry executives at the White House on Wednesday local time, during which he again discussed the Iran issue. Trump said: "The Iranian regime is collapsing, a new round of strikes against Iran will not take long, and we are prepared to launch another strike on Iran in the future. We have full control over the Strait of Hormuz, through which millions of barrels of oil are exported daily. I hope domestic retail gasoline prices will drop."
4 minutes ago
CZ: Some hot money is flowing back from the AI sector to the crypto market, and the crypto industry will not disappear.
Binance founder CZ published a post noting that some "hot money" is flowing back from the AI sector to the crypto market. Currency-related industries will not disappear, as both individuals and AI will still need currency in the future.
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Ansem: Crypto Market Remains in the Early Stage of a Bull Run, Retail Investors Are Entering with More Capital
Crypto KOL Ansem posted an article stating that the crypto market is still in the early stages of a bull run, and the key to generating returns at this stage is to identify assets with asymmetric upside while tolerating short-term volatility. Over the past two years, rotating between meme coins and new trading pairs has been the dominant strategy, with lower valuation caps leading traders to favor short-term holdings; however, in a bull market, high-quality assets offer greater upside potential, so extending holding periods after careful selection may prove more advantageous. Ansem believes retail investors are entering the crypto market with more capital. The growth of mobile users on Pump.fun and Fomo, as well as Robinhood Chain’s ongoing efforts to convert stock traders to on-chain activities, all indicate that market liquidity may increase in the future. New users pay relatively less attention to market capitalization changes, so tokens that gain widespread traction may receive stronger capital inflows. He also noted that the trend toward short-form video has led fewer and fewer investors to read project whitepapers or research token differences, which in turn creates opportunities for those willing to build a complete investment thesis and exercise patience. However, traders still need to set criteria for when they are wrong, review the reasons for missing out on high-growth assets, and define conditions for re-entering the market after selling too early.
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An unaudited report released by the Arbitrum Foundation shows that Arbitrum DAO generated $6.19 million in revenue in the first half of 2026, with sources including Arbitrum One transaction fees, Timeboost sequencing priority auctions, scaling program licensing fees, and treasury management returns. The protocol’s gross profit margin exceeded 97%, and non-ARB treasury assets stood at $125 million as of the end of June. In H1 2026, Arbitrum processed a total of 478 million transactions, accounting for roughly 18% of its cumulative lifetime total of 2.7 billion transactions; monthly average stablecoin transfer volume surpassed $70 billion, and the number of stablecoin holders rose 40% to 10.5 million. Additionally, Arbitrum has deployed over 2,000 tokenized RWAs. Robinhood Chain, built on Arbitrum’s tech stack, launched its mainnet on July 1, contributing $360,000 in licensing fees to the DAO that month, making up 35% of its monthly revenue. On September 1, Robinhood Chain hit daily fees of $3.75 million, decentralized exchange (DEX) volume exceeding $1.5 billion, and total value locked (TVL) of over $750 million.
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SEC Chair Paul Atkins said the agency’s newly proposed crypto framework represents its “most historic step yet” toward fulfilling the White House’s push to make the United States the crypto capital of the world, timed just ahead of the CLARITY Act’s scheduled Senate vote on September 15.
Atkins Lays Out the SEC’s Plan A and Plan B
Atkins said the SEC’s proposal is designed to work in tandem with the CLARITY Act rather than in place of it, allowing the agency to collect public comment now and be ready to move forward with formal rules once the legislation clears Congress and reaches the president’s desk.
Asked how far the SEC would go if Congress fails to act, Atkins said the agency believes it has sufficient authority under existing law to proceed with rulemaking on its own, though he was clear that path is less durable than legislation.
“What we really do need is statutory grounding of this to make sure that it is sustainable, lasting into the future,” Atkins said, noting that rules built purely on agency authority can be reversed by a future commission, while a law passed by Congress cannot be undone as easily.
Atkins also framed the effort as a reshoring push, arguing that crypto innovators have spent the past several years building products and raising capital offshore rather than in the U.S., and that American investors can already move money anywhere in the world regardless of domestic policy. “We need to make sure that they can do it here in the United States under United States law,” he said.
Crypto Markets Pull Back Even as Optimism Builds
This comes as Bitcoin, Ethereum, XRP and the broader altcoin market cool off after a recent rally. Bitcoin is trading near $77,000, down roughly 1.3% on the day, as a global bond market selloff weighed on risk assets.
Experts have observed that Bitcoin’s 4-hour Bollinger Bands are compressing following its move from $63,000 to above $80,000, a sign that volatility has cooled significantly after the run-up. With BTC trading around $77,100, $79,500 remains the important resistance level the market has been tracking closely.
XRP ETF Demand Building Despite the Pullback
Away from the price action, institutional appetite for XRP appears to be holding up. US spot XRP ETFs pulled in roughly $105 million, or about 73.2 million XRP, during the week of August 24. Analyst Ali Charts said that an hourly close above $1.38 would confirm that pattern, with the $1.31 to $1.38 range serving as the zone to watch in the meantime.
Ethereum’s Wave Structure Points to a Deeper Pullback First
After a move higher, ETH could see a pullback toward the $2,100 to $2,220 range before finding its footing. Some buying interest may show up earlier, around $2,320, which could spark a bounce toward $2,780 to $2,960 before a deeper dip back near $2,100. A daily close below $2,050 would signal this pullback scenario is no longer playing out as expected.
What It All Adds Up To
Between Atkins’ regulatory push, softening price action across majors, and mixed signals from ETF flows versus short-term technicals, the setup heading into the September 15 CLARITY Act vote looks anything but settled. Institutional demand for XRP appears to be building quietly in the background, even as Bitcoin consolidates and Ethereum’s chart structure points to further downside before any renewed rally attempt.
Story Ends Here
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Grayscale, a16z and the Crypto Council for Innovation ask the SEC not to automatically tighten the rules for the new generation of ETFs. The crypto sector especially refuses that Bitcoin, Ethereum or other digital assets be placed in the same category as private asset funds, leveraged strategies or event contracts. The three organizations want faster reviews tailored to the real risk of each product.
In brief Grayscale, a16z and the CCI sent their proposals to the SEC at the end of August. a16z asks the SEC not to treat all new ETFs as a single category. Grayscale notably wants to establish a confidential procedure before the official submission of a file. Crypto refuses a single rule for all ETFs The SEC has been working on this file for several weeks. The regulator opened at the end of June a consultation on new ETFs and digital assets. Grayscale and a16z have now responded.
The common point between their letters is quite clear: a crypto ETF should not automatically face new constraints simply because the SEC considers it “novel,” that is, new or unusual. The category studied by the regulator is very broad.
It can include products exposed to crypto, private assets, commodities, a single stock, highly leveraged strategies, or prediction markets. a16z believes these products do not present the same liquidity, valuation, or investor protection issues.
The company also recalls that crypto ETFs and ETPs now have a more developed infrastructure. Bitcoin and Ethereum have already set precedents. Solana also has products listed in the United States. For a16z, starting almost from scratch for each new category therefore does not make much sense.
Grayscale and a16z propose two different paths However, the two groups do not agree on everything. a16z wants to keep the current definition of an “investment company” provided by the Investment Company Act of 1940. A product that mainly holds assets that are not financial securities should not automatically fall into this category.
Grayscale defends a similar position. The manager notably refuses that the SEC impose new portfolio conditions, minimum quotas of financial securities, or additional restrictions on crypto products that already have a compliance history. The matter is becoming concrete for Grayscale. The group also removed three Cardano, Hedera, and Polkadot ETF applications in August.
Another problem: timing. Today, an issuer can finish part of the registration of its fund while the authorization for listing by the exchange is still pending. a16z wants to better coordinate these two procedures. The company proposes standardized timelines, shorter reviews, and, when possible, simultaneous processing of applications.
Grayscale puts forward another idea. The group wants an optional and confidential procedure before the public filing, with a defined response time for SEC staff. The CCI also supports this mechanism. It notably mentions the problem of files copied very quickly after their publication, a phenomenon that the use of AI could accelerate even more.
The next wave of crypto ETFs is happening now The market concerned is already large. Assets held in US ETFs exceed 12 trillion dollars according to figures cited in the responses addressed to the SEC. More than 4,600 funds are now available.
Crypto represents only part of this market. But it is advancing quickly. US spot Bitcoin ETFs recently approached 100 billion dollars in assets. Ethereum and Solana also have their own products, while managers are testing assets increasingly distant from the two large cryptos.
One detail still divides the players. a16z would like to reserve the term “ETF” for funds registered under the Investment Company Act. Other products would be clearly identified as ETPs. Grayscale opposes this. For the manager, the term ETF can also describe a listed product with an arbitrage mechanism and a transparent price, regardless of its precise legal framework.
The CCI prefers clearer information on the regulatory status of each product rather than a complete change of names. The SEC must now decide between investor protection, speed of procedures, and the arrival of much more varied crypto products. As for the candidates, they are no longer waiting for Bitcoin or Ethereum: Grayscale has, for example, filed an application to launch a BNB ETF on Nasdaq.
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Lydie M.
Enseignante et ingénieure IT, Lydie découvre le Bitcoin en 2022 et plonge dans l’univers des cryptomonnaies. Elle vulgarise des sujets complexes, décrypte les enjeux du Web3 et défend une vision d’un futur numérique ouvert, inclusif et décentralisé.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Remixpoint, a Tokyo-listed energy and digital asset firm, has exited every altcoin on its balance sheet.
In a timely disclosure filed on September 2, 2026, the company confirmed it sold all of its Ethereum, Solana, XRP, and Dogecoin on September 1.
The total proceeds came to ¥878,814,569 (~$5.5 million). After the sales, the firm now holds only Bitcoin, approximately 1,506 BTC, cementing its shift to a pure Remixpoint Bitcoin treasury strategy.
Four Altcoins Sold in One Day, Dogecoin Was the Only Loser The sales covered four assets in a single trading day. Remixpoint sold 901.44 ETH, 13,920 SOL, 1.19 million XRP, and 2.8 million DOGE.
Against a combined book value of ¥761 million, the firm booked a gain of ¥117,772,649 (~$737,000). ETH and SOL carried the bulk of the profit.
XRP came in as a modest gain. Dogecoin was the only position sold at a loss, at ¥3.25 million below cost.
The sale was executed into a turbulent tape. As CoinGape had reported, Bitcoin fell below $77,000 as fresh U.S. military strikes triggered a broad risk-off selloff on September 1.
Despite that backdrop, Remixpoint still closed the altcoin stack in profit relative to its fiscal-year opening book value.
This signals the sales were a planned strategy close-out. Not capitulation.
Meanwhile, other firms are moving in a different direction on the very same assets.
SharpLink has resumed Ethereum accumulation, and Solana treasury firm DFDV resumed SOL purchases as prices climbed above $100.
Remixpoint’s exit makes it an outlier among DAT peers still stacking altcoins.
Remixpoint Joins Japan’s BTC-Only Treasury Wave, But Charts Its Own Course This move places Remixpoint firmly inside Japan’s growing wave of Bitcoin treasury companies. Yet the firm’s path differs from peers like Metaplanet.
Japan’s largest Bitcoin treasury, Metaplanet, recently added 2,823 BTC, while also launching its U.S. Superplanet vehicle and deploying Bitcoin as productive collateral.
Metaplanet is scaling aggressively. Remixpoint, by contrast, sold its altcoin sleeve to fund grid-scale battery projects.
The company’s own disclosure confirms BTC also generated yield during the holding period.
Bitcoin lending between February and August 2026 produced 14.92 BTC, worth approximately ¥164.21 million.
August alone yielded 2.48 BTC (~¥31.15 million). Combined ETH and SOL staking over the same window added ¥29.87 million.
Management’s logic is clear: BTC serves as both the reserve asset and the yield engine. Altcoin staking was not worth the complexity.
The XRP exit is particularly notable given Japan’s regulatory direction. Lawmakers are advancing a bill to treat Bitcoin, Ethereum, and XRP like stocks, which could cut crypto tax toward 20%.
At the same time, SBI Holdings is still expanding XRP rails and gaming firm Gumi is adding both BTC and XRP.
Remixpoint’s XRP exit is one mid-cap treasury de-risking, not a signal that Japan is abandoning the asset.
Globally, the DAT debate is also shifting. Strategy has authorized Bitcoin sales for credit and dividend purposes, though Michael Saylor insists the firm will remain a net Bitcoin buyer.
Smaller Japanese firms like ANAP have also entered the BTC treasury space. Remixpoint’s ¥117.8 million profit will book as Q2 FY2027 revenue, quarter ending September 30, 2026.
Proceeds are directed toward battery storage expansion and strengthening shareholder value.
Our guide compares top decentralized futures exchanges by liquidity and fees.
Japan-listed Remixpoint said on September 2 that it had sold its entire holdings of Ether, Solana, XRP and Dogecoin one day earlier, leaving Bitcoin as the company’s only cryptocurrency asset. The disposal generated ¥878.8 million in proceeds and a ¥117.8 million gain, according to the company’s Tokyo Stock Exchange disclosure. Remixpoint said the change concentrates its digital-asset portfolio around Bitcoin and is intended to clarify its operating policy and improve capital efficiency.
Four Altcoin Positions Exit the Balance Sheet The company sold 901.44672542 ETH for ¥353.4 million, 13,920.07255868 SOL for ¥227.9 million, 1.191 million XRP for ¥260.4 million and 2.802 million DOGE for ¥37.1 million. The ETH position produced a ¥60.2 million gain, while SOL added ¥49.3 million and XRP generated ¥11.5 million. Dogecoin was the only loss-making line, recording a ¥3.3 million deficit. Together, the four positions had a ¥761 million book value at the beginning of Remixpoint’s fiscal year ending March 2027.
The transaction changes the mix of the treasury rather than ending its crypto strategy. Remixpoint said it held approximately 1,506 BTC after the sale. That company-specific shift arrives as other Japanese treasury operators continue to manage large Bitcoin positions, including Metaplanet’s recent transfer of 3,000 BTC to Coinbase Prime.
Bitcoin Lending Adds ¥164.2 Million Remixpoint also reported 14.92055902 BTC in lending fees worth ¥164.2 million for the period from February 24 through August 31. The lending principal began at roughly 1,411 BTC in late February and stood at about 1,504 BTC at the start of August. Separately, staking 901.45 ETH and 13,920 SOL produced rewards worth ¥29.9 million between July 2025 and August 2026, with the rewards received in yen.
Those results show that the company’s treasury activity includes yield generation as well as asset appreciation. Unlike a passive holding policy, lending introduces counterparty and operational exposure alongside Bitcoin price risk. The new portfolio is simpler by asset count, but it remains concentrated in one volatile asset.
Sale Proceeds May Support Battery Assets Remixpoint expects to recognize about ¥117 million from the altcoin sale as business-unit revenue in the second quarter of its fiscal year ending March 2027. The company said it is considering using the proceeds to expand grid-scale battery assets, strengthen its financial base and fund other measures intended to increase corporate and shareholder value.
The disclosure does not commit the full proceeds to additional Bitcoin purchases. It instead separates the decision to retain a Bitcoin-only crypto portfolio from the possible deployment of the cash raised through the altcoin exit. That distinction matters as investors compare Remixpoint with the broader group of public companies holding Bitcoin on their balance sheets.
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The US attack on Iranian targets near the Strait of Hormuz, coupled with a surge in oil prices to a 40-day high, a rise in US 10-year Treasury yields to approximately 4.81%, nearing their highest levels in recent years, and a pricing of around 66-70% probability of a Fed rate hike in September, increased investor anxiety and reduced the attractiveness of risky assets like Bitcoin.
At this point, Bitcoin has fallen to around $76,500, a 2% drop in the last 24 hours. This has also dragged down altcoins, with Ethereum experiencing a 3% decrease, and XRP and Solana both falling by 4%.
While Bitcoin and altcoins are experiencing declines, Wintermute, a prominent market maker in the cryptocurrency market, said that institutional investors have begun to shift towards altcoins following Bitcoin’s strong rise.
Wintermute’s latest report noted that institutional capital is expanding beyond Bitcoin into select altcoins like Solana and XRP.
Record Entries in Solana and XRP Funds! According to Wintermute’s analysis, large investors are quietly buying Solana and XRP.
One of the most important developments highlighted by Wintermute at this point is that fund inflows into Solana and XRP-focused ETFs are expected to reach record levels in 2026.
According to the report, Solana funds received a total of $154 million, while XRP funds received $110 million. Wintermute stated that this development shows that institutional investor interest is not limited to Bitcoin and Ethereum alone, and that capital is expanding towards select altcoins.
However, Wintermute added that this assessment does not mean investors are completely abandoning Bitcoin. The company views the current situation not as a complete exit from Bitcoin, but rather as institutional investors taking positions in some altcoins where they see higher return potential following Bitcoin.
Wintermute concluded by stating that the crypto market has shown unexpected macroeconomic resilience, fully absorbing the impact of the Fed chairman’s hawkish statements and weakness in the US technology sector. In this environment, Bitcoin has stabilized after a strong rally, while institutional money has begun to more actively invest in altcoins.
*This is not investment advice.
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Japanese firm Remixpoint sold its entire altcoin portfolio in a single session on September 1, pocketing a ¥117.77 million ($598,400) profit while consolidating its crypto treasury exclusively into Bitcoin.
The move marks a sharp reversal from a diversification bet the company made just months earlier.
From Altcoin Diversification to a Bitcoin-Only StandardBack in June, Remixpoint pursued a different strategy entirely. Seeking to protect capital from a weakening yen, the company built a position of roughly 1.2 million XRP tokens while also adding Solana and Dogecoin to its balance sheet.
Internal financial models at the time projected that revenue from that crypto segment would reach up to ¥12.44 billion ($63.21 million). Management’s thinking shifted over the summer, however, after assessing the market risks and volatility tied to holding multiple altcoins.
Leadership settled on what the company called a selection-and-concentration strategy. On September 1, Remixpoint liquidated all its altcoin positions in a single trading day.
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Japan’s DAT Remixpoint Dumps All Altcoins, Focusing Solely on Bitcoin. Source: RemixpointThe total transaction value reached ¥878.81 million ($4.47 million), against a book value of ¥761.04 million ($3.87 million) at the start of the period, producing that net profit. Results varied sharply by asset.
Ethereum delivered the largest gain at ¥60.20 million ($305,900), followed by Solana at ¥49.30 million ($250,500), with both tokens also generating ¥29.87 million ($151,800) combined in staking rewards. XRP contributed a smaller ¥11.52 million ($58,500) profit, while Dogecoin posted the only loss, at ¥3.25 million ($16,500).
Remixpoint plans to direct the realized profit toward its core energy business, expanding its fleet of industrial battery storage systems and strengthening its overall financial position.
Why Bitcoin Won Out Over the RestRemixpoint’s crypto holdings now consist exclusively of approximately 1,506 BTC. Company leadership framed the decision as pragmatic rather than ideological, pointing to Bitcoin’s ability to generate stable passive income through lending.
Between February and August 2026, the firm’s Bitcoin lending program accumulated 14.92 BTC in interest, generating ¥164.21 million ($834,300) without requiring any sale of the underlying asset.
🚨 JAPANESE COMPANY GOES BITCOIN-ONLY
Japan-listed Remixpoint has sold its entire ETH, SOL, XRP & DOGE holdings.
The company now holds roughly 1,506 BTC — worth ~$115M. 🟠
— Akshay (@iiam_Akshay) September 2, 2026
That yield advantage helped tip the balance away from altcoins, which offered price exposure but little in the way of an equivalent income mechanism. The company’s brief diversification experiment has effectively ended, with its capital now consolidated around a single asset.
Remixpoint’s pivot reflects a broader pattern among Japanese corporate treasuries navigating currency weakness and seeking yield, though few have reversed course this decisively in such a short window.
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Solana price held above $99 after a mild market correction interrupted its recent rally. SOL declined 2.95% to $99.35 over 24 hours, underperforming the broader cryptocurrency market. However, the token remains 35% higher over two weeks.
Eleven consecutive days of ETF inflows continue supporting expectations for further near-term price gains. Bitcoin price is still holding above $77k, eyeing recovery ahead of September 15-17th Fed Meeting.
US Solana ETFs Record 11 Straight Days of Net Inflows Solana spot exchange-traded funds have seen eleven consecutive sessions of $10.19 million daily inflows on September 1.
The total net inflows amounted to 1.35 billion and combined assets amounted to 1.39 billion. The trading volume in the products amounted to $68.55 million session.
🚨JUST IN: @Solana U.S. spot ETFs have now logged net inflows for 11 straight trading days, adding another $10.9M yesterday. pic.twitter.com/X8m6ZXkeeh
— SolanaFloor (@SolanaFloor) September 2, 2026
Bitwise was the top daily demand with 6.17 million and Fidelity with 2.67 million. Morgan Stanley received an extra capital of $1.36 million, and other listed funds showed no new capital.
Bitwise was the biggest product with assets of $949.83 million and lifetime inflows of $1.03 billion. The persistent streak indicators implied institutional enthusiasm even as the prices of the ETFs in general were generally weaker.
Solana Derivatives Volume Jumps 23% as Trading Activity Accelerates The trading of Solana derivatives gained momentum as the volume increased by 22% to reach a new level of 9.43 billion, indicating that more traders are participating in the market.
The open interest decreased 1.40% to $6.47 billion, indicating that some traders were unwinding leveraged positions even though the turnover had increased.
Source: Coingalss data The volume of options increased 19.30% to $15.18 million, indicating increased demand of contracts associated with the Solana price.
In the meantime, the options open interest increased by 2% to the current level of $135.98 million, which indicates the slight improvement of the outstanding positions of derivatives traders.
Is Solana Price Preparing for a Breakout Toward the $120 Target? At the time of writing, the SOL price hovered at $99.48 after falling 0.52% on the daily timeframe.
Solana price fluctuated between $97.38 and $100.71, indicating the fluctuations around the psychological mark of $100
The Solana price is however above the vital $95 support, maintaining the bigger recovery framework. The Relative Strength Index is 62.15 after moving out of overbought.
In the meantime, Chaikin Money Flow stands at 0.25 which indicates that capital inflows continue to favor SOL.
A daily close above $100 would open the way back to the big $110 resistance.
A stronger volume than breaking of $110 may reveal the next bullish price of $120 as per the detailed SOL price analysis.
Source: TradingView On the other hand, the decline of the Solana price to $90 due to the loss of $95 will expose the price to a new demand.
A prolonged decline of less than $90 would undermine the bullish arrangement and re-introduce the focus to $80.
After a sharp rise in Bitcoin and altcoins, the trend has recently turned downwards, but a new study published by ARK Invest and Glassnode reveals noteworthy data regarding the decentralization of cryptocurrency networks.
A joint study by Ark Invest and Glassnode has revealed a remarkable picture of the decentralization of the Bitcoin, Ethereum, and Solana networks.
According to this study, in the Bitcoin and Ethereum networks, it is sufficient for three independent actors to act in coordination to reach the level considered a critical threshold. In contrast, Solana requires 19 organizations.
Three Bitcoin Mining Pools Exceed the 51% Threshold! One of the most striking findings of the study concerned the Bitcoin network. The study revealed that Bitcoin requires three organizations each to accumulate enough processing power or stakes to influence block production.
At this point, the critical control threshold for Bitcoin is considered to be 51% of the network’s total mining power.
Research data for 2026 shows Foundry USA with 27.27%, AntPool with 17.06%, and F2Pool with 16.96% of hash power. The combined hash power of these three mining pools is sufficient to surpass the critical 51% threshold.
However, researchers also point out that this data does not mean that Bitcoin is controlled by three companies.
In Ethereum, the Critical Threshold is Three Actors!
In the case of Ethereum, the research uses a different threshold due to the structure of the Proof-of-Stake mechanism. For Ethereum, the critical threshold is considered to be 33% of the total stake amount.
According to the study, the critical threshold on the Ethereum network can only be surpassed by the total stake controlled by the three largest staking organizations. However, this does not mean that Ethereum is directly controlled by these three companies. These staking organizations perform verification on the network by pooling ETH belonging to numerous different users.
The Situation is Different in Solana! The study concluded that, unlike Bitcoin and Ethereum, Solana requires the coordination of 19 independent assets to reach the same critical threshold. At this point, Solana sacrifices decentralization in exchange for higher performance and faster coordination.
The study concluded that even if a particular mining pool or validator constitutes a large share of the network, this does not automatically mean that the operator directly owns all of the underlying hash power or staked assets.
*This is not investment advice.
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Crypto whales added three altcoins in the first 30 hours of September, a month Bitcoin has closed lower in five of the last eight years.
Bitcoin September Record: BeInCryptoThe market opened it 2.2% below Tuesday’s high, so the buying went against the broader market .
Uniswap (UNI)Nansen-labelled crypto whale wallets lifted UNI holdings from 3.20 million to 3.46 million on September 2, a 257,777-token increase worth about $1.62 million. The cohort grew from eight wallets to nine, so a new large holder joined.
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The flows around it agree. Fresh wallets took in $2.91 million and exchange balances fell by 351,274 UNI, per Nansen wallet data. UNI is up 9% in 24 hours and 47% on the week, and it returns to this list after whales bought it in July.
UNI Whales Versus Perp Traders: BeInCryptoUsage backs the move. Uniswap handled $2.69 billion in daily volume and $10.7 million in fees, per DeFiLlama protocol data, and those fees feed the UNI burn mechanism approved last December, so heavier trading removes UNI from circulation.
Usage and Price: BeInCryptoTwo groups hedged instead of following. Derivatives traders cut $854,910 of UNI exposure while staying net long, and the whales themselves were net DEX sellers of $130,256 even as balances grew, which reads as locking in part of the gain.
Orca (ORCA)Orca is the cleanest contrarian setup of the three. Labelled crypto whale balances rose from 160,325 to 201,097 ORCA, a 25.4% jump, while the token fell 1.3%.
The cohort stayed at 10 wallets, so existing holders did the buying. Exchanges lost $263,753 of ORCA in 24 hours, the second-largest outflow in 30 days, pulling sell-side supply off the market. It seems that retail and whales are unified on this one.
ORCA Price Versus Whale Balance: BeInCryptoYet, the weekly picture is weaker. Whale flow over seven days is still negative $417,113, so one strong day has not undone a week of selling.
Pump.fun (PUMP)PUMP carries the most disagreement. Whale balances rose 62.75 million tokens, worth about $272,000, and fresh wallets added $1.83 million while the price fell 3.5%.
PUMP Whale and Trader Split: BeInCryptoThe other side is heavier. Smart traders sold $475,249, top-profit wallets sold $1.80 million, and exchange flow flipped from an $885,645 outflow to a $739,671 inflow inside the same window, and tokens moving onto exchanges are usually about to be sold.
Pump.fun has a huge built-in buyer of its own. The company says it spends half of everything it earns buying PUMP on the open market and destroying it, so those tokens can never be sold again. It burned $997,700 worth in the latest day.
That has shrunk the supply, but it has never stopped the price falling when holders sold faster than the company bought. Whale wallets held 4.745 billion PUMP when September began. If they fall back below that, the sellers have won.
PUMP Buyback Ledger: BeInCryptoAnalyst’s View: This is not an altcoin season. It is a bet on three tokens with a built-in buyer, made in a month Bitcoin usually loses.
Three Buyback Engines: BeInCryptoA buyback creates one steady buyer, not proof anyone else wants the token. And in all three cases the whale cohort sold on DEXs while its balances rose, so a rising balance means large wallets hold more, not that they bought on the open market.
Whales Inventory Versus DEX Trades: BeInCryptoUNI has the deepest confirmation, ORCA the sharpest divergence, PUMP the loudest counter-argument.
Bitcoin (BTC) has given some of its gains from the sharp August rally, and the retreat is now tracing a familiar outline on the chart.
Analysts have flagged a Bart Simpson pattern forming on BTC. The formation has drawn concern that the decline still has room to extend.
The Bart Simpson Pattern Is Forming on Bitcoin, Here’s What It MeansBitcoin gained 25% in August and pushed through $80,000 late in the month. The asset traded near $77,281 on Wednesday, down 1.42% over 24 hours.
Bitcoin (BTC) Price Performance. Source: BeInCrypto MarketsSeveral analysts flagged the shape on the 4-hour chart. The pattern takes its name from the cartoon character because it resembles his hair.
Price moves sharply in one direction, trades sideways in a narrow range, then snaps back toward the earlier level.
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The setup becomes particularly important if Bitcoin loses the $75,800 level, which another analyst identified as a key threshold. A break below it could confirm the bearish pattern.
On the other hand, holding above $75,800 could invalidate the bearish setup and give buyers room to regain momentum. In that case, Bitcoin could turn higher and retest the May high near $83,000.
Still, the Bart Simpson pattern should not be treated as a definitive bearish signal. The formation can emerge during normal consolidation after a sharp price move and does not necessarily lead to another leg lower.
Spot Demand Contracts as Long-Term Holders SellThe flow data carries more weight than the pattern. Analyst CW8900 said spot demand has turned negative during the sideways move.
Negative readings appeared on two consecutive days. In contrast, futures demand stayed solid across the same stretch.
“Without the support of spot demand, there is no bullish rally,” the analyst said.
Meanwhile, analyst Axel Adler Jr reported that long-term holder distribution rose 61.5% between August 18 and August 28. The 30-day sum climbed from 174,500 BTC to 281,900 BTC.
That marked the highest reading since the start of 2026. Adler said the rebound after the short squeeze opened a window for profit-taking.
He added that inflation and labor figures due over the next few days will shape the Fed’s September decision. Whether current demand can absorb that growing supply now decides where Bitcoin price action heads next.
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Bitcoin August Rally Is Being Put to the Test With Higher Treasury Yields
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Bitcoin fell to $77,500 today, unwinding part of the nearly 25% August’s gain. It happens as renewed U.S.-Iran strikes and a fresh leg higher in Treasury yields rekindled bets on a Federal Reserve rate hike this month.
The reversal poses a direct test of whether August’s rally was a durable shift in Bitcoin’s macro positioning or simply a byproduct of falling yields that has now gone into reverse.
The U.S. and Iran traded a fresh round of strikes overnight Tuesday, with both sides digging in over control of the Strait of Hormuz. President Donald Trump threatened to hit Iran’s oil infrastructure directly, while Tehran warned of further retaliation against U.S. bases in the surrounding Gulf countries.
Oil prices jumped sharply on the escalation, marking the worst U.S.-Iran hostilities in over a month and reviving worries about energy-driven inflation spreading through the global economy. Government bond yields surged in response across Japan, Australia, the U.S., and Europe, and markets moved quickly to price in a higher probability that the Federal Reserve would raise rates at its September meeting. Right now, inflation is still running above the central bank’s 2% annual target.
Discover: The Best Crypto to Diversify Your Portfolio
Why Falling Yields Helped BitcoinAugust’s near-25% rally was fueled chiefly by a drop in yields. Higher rates bode poorly for purely speculative assets such as Bitcoin, and the same yield channel that lifted the asset last month is the one dragging it lower this week.
Renewed buying from Strategy, the largest corporate Bitcoin holder, offered only limited support even as the company made its first purchase in two months. That the market’s most consistent structural bid could not offset macro pressure underscores how much of Bitcoin’s near-term price action is currently dictated by rates and oil rather than treasury-driven demand.
The selloff was not confined to Bitcoin. Crypto prices retreated on Wednesday after also posting strong August gains, with every major token trading lower against the dollar.
Solana and the TRUMP memecoin posted the sharpest declines among majors, while BNB held up best, slipping just 0.3%. The uniformity of the drawdown across large caps and memecoins alike points to a risk-off move. They are all driven by macro conditions rather than any single protocol.
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Friday’s Payrolls Data Could Set the Next Rate SignalThe focus this week is squarely on U.S. nonfarm payrolls data, due Friday, for further cues on the Fed’s next move. Any sign of labor-market resilience gives the central bank more headroom to hike, which would reinforce the same yield pressure now weighing on Bitcoin and other risk-sensitive assets.
🚨 KEVIN WARSH'S RATE HIKE CASE DEPENDS ON THIS WEEK'S JOBS DATA.
At Jackson Hole, he leaned hard on 4.1% unemployment and near record low jobless claims to argue the Fed has room to keep rates high, or go higher, without hurting workers.
That argument only holds up if the… pic.twitter.com/vElFjJkaIi
— Bull Theory (@BullTheoryio) August 31, 2026 A softer print would cut the other way, easing the immediate case for a September hike and potentially relieving some of the yield pressure that unwound August’s gains, though that remains a conditional scenario rather than a confirmed outcome.
Until that data lands, Bitcoin’s price action is likely to keep tracking oil prices and Treasury yields more closely than any crypto-specific catalyst as the U.S.-Iran conflict and bond-market rout intensified earlier this week.
Wall Street logged its third consecutive losing session Tuesday. Fresh U.S. strikes on Iran sent oil surging, and CNBC’s Jim Cramer says three forces now keep the market, including Bitcoin, volatile.
The Dow fell 419 points and the Nasdaq dropped 1%. Both slides reflect geopolitical shocks, bond market stress, and a hawkish new Fed chair. The 10-year Treasury yield climbed to 4.79%.
Three Forces Rattling Wall StreetThe first of the three factors is Iran. Renewed U.S. strikes near the Strait of Hormuz pushed Brent crude up 4.6% to $95.70 a barrel Tuesday evening. U.S. crude closed above $90 for the first time in over a month.
Cramer says the pattern keeps repeating as Iran’s latest Hormuz threat resurfaces whenever ceasefire hopes fade.
The second factor is the Federal Reserve. Federal Reserve Chair Kevin Warsh has signaled he would raise rates even at the cost of a recession.
Cramer compares him to former Fed Chair Paul Volcker, another inflation hawk. Traders now put the odds of a September rate hike at 66%, up from about 40% a week earlier.
The third is the president himself. Cramer estimates a provocative post on Iran shaves about a quarter point off major indexes. An actual strike can cut markets by half a percent and add two percentage points to oil. He calls it a volatility premium with no fixed expiration.
Cramer’s team also trimmed data center exposure ahead of the November election, wary of political risk to AI names. They kept core holdings in Nvidia and Apple.
Bitcoin Also Feeling the PressureThe pressure has spilled into digital assets too. Bitcoin’s brief slide below $77,000 tracked Tuesday’s broader risk-off move.
Bitcoin has slipped below $77,000 briefly. Image Source: BeInCryptoInvestors trimmed exposure across both stocks and crypto. Ether slid alongside bitcoin as traders cut risk broadly across the sector. Cramer’s investing club raised cash to more than 15%, the highest level in its 25-year history.
He is betting the whipsaw continues until Iran’s conflict eases or the Fed’s path becomes clearer. The next test arrives Friday, when the August jobs report could reshape rate-hike expectations further.
Short Closed, Long Opened, Position GoneHigh-leverage trader James Wynn suffered another swift liquidation after flipping from bearish to bullish on $BTC. According to on-chain tracker Lookonchain, Wynn closed a 1.33 BTC short position for a $1,500 loss, then immediately opened a 30x Bitcoin long worth approximately $147,000. The position carried a liquidation price of $77,243.53. Bitcoin moved against the trade and the position was wiped out shortly after it was opened.
The rapid sequence, a short closed at a small loss, a directional flip, and an almost instant liquidation, is consistent with a pattern that on-chain analysts have tracked for months. Wynn had been opening leveraged positions on Bitcoin through Hyperliquid with position sizes ranging from $44,000 to $190,000 in notional value. The platform's automated liquidation system closes positions once margin falls below the required threshold, leaving no room for recovery when leverage is extreme.
A Long Record of High-Stakes LossesThe latest trade fits squarely into one of the most closely watched liquidation streaks in crypto. The liquidation left Wynn's account at just over $900, and blockchain analytics firm Lookonchain noted that he had been liquidated six times in the space of two weeks. Prior to that streak, Wynn had already logged 194 total liquidations, with his peak notional exposure once reaching $1.26 billion.
After making sizable profits on meme coins like PEPE, Wynn turned to leveraged trading on Hyperliquid in March 2025 and quickly became one of the platform's most visible traders, amassing tens of millions of dollars in gains through aggressive bets on cryptocurrencies. Those gains eroded sharply. On-chain analytics firm Arkham Intelligence confirmed that Wynn's account on Hyperliquid had been reduced to slightly over $900 after his Bitcoin position was liquidated.
The episode is a reminder of how quickly extreme leverage can work in reverse. At 40x leverage, a roughly 2.5% adverse move in Bitcoin is enough to wipe the margin entirely, and the repeated liquidations underline the dangers of high-leverage trading on decentralized perpetual exchanges. At 30x, the margin for error is only marginally wider. Each directional bet Wynn places is watched closely by on-chain analysts, partly because the trades themselves can move sentiment, and partly because the outcomes consistently illustrate the asymmetric downside of high-leverage crypto trading.
Sources
Yahoo Finance: James Wynn's Account Drops to $900 After Latest Bitcoin Liquidation on Hyperliquid
CoinDesk: How James Wynn's $100M Implosion Is a Leverage Tale as Old as Time
The Block: Hyperliquid Trader James Wynn Hit With Over $100 Million Loss
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Strategy CEO Phong Le said Bitcoin is entering a strong bull market and the company has no plans to sell its BTC holdings. Speaking in an interview with Bloomberg, Le stated that Strategy will continue its Bitcoin accumulation strategy and may continue buying even if the price rises.
Le stated that the company would continue to make purchases even if Bitcoin reached $80,000, $90,000, $100,000, or $130,000. The Strategy CEO said that if Bitcoin were to reach $260,000 in the future, investors would still consider purchases made at the $130,000 level as a successful investment in retrospect.
Strategy is known as one of the largest companies that places Bitcoin at the center of its institutional treasury strategy. The company maintains its long-term approach by increasing the amount of Bitcoin on its balance sheet through regular BTC purchases. Phong Le’s recent statements also indicate that Strategy will not abandon its Bitcoin accumulation policy despite price fluctuations.
The company’s decision not to sell Bitcoin is based on the expectation that the crypto asset will appreciate in value in the long term. Strategy management argues that Bitcoin’s limited supply, as well as increasing institutional adoption, could provide long-term support for the price.
Le’s assessment revealed that the company is focusing on long-term potential rather than short-term price movements in Bitcoin. The CEO stated that even purchases at levels as high as $130,000 could be considered reasonable retrospectively if Bitcoin were to reach $260,000.
Strategy’s aggressive Bitcoin accumulation policy sets the company apart from traditional institutional investors, but it also increases its balance sheet risk against declines in the BTC price. Despite this, Le has given no indication that the current strategy will be changed.
The assessment that Bitcoin has entered a strong bull market supports the expectation that the company may continue to make large-scale BTC purchases in the future. Market participants are closely monitoring Strategy’s new purchases and changes in the company’s Bitcoin reserves.
*This is not investment advice.
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Key Takeaways Cango shares dropped over 21% following disclosure of an $81.6 million quarterly net loss for Q2 2026. Quarterly revenue totaled $50.8 million, representing approximately a 50% decrease from the prior quarter, with bitcoin mining contributing $47.4 million. During the quarter, the firm produced 656 BTC and maintains holdings of 1,065 BTC valued at approximately $82.8 million. Operational hashrate reached 27.58 EH/s following the retirement of legacy S19 mining equipment. Earnings per share registered at ¥-13.370, falling short of the ¥-6.820 analyst consensus by ¥6.55. Shares of Cango (CANG) were changing hands near $1.89 during Tuesday’s session, declining more than 21% following the cryptocurrency mining company’s disclosure of an $81.6 million net loss in the second quarter.
Cango Inc., CANG
The quarterly performance significantly underperformed Street forecasts. Earnings per share registered at ¥-13.370, falling ¥6.55 below the analyst consensus of ¥-6.820. Meanwhile, revenue totaling ¥341.24 million came in substantially lower than the ¥577.37 million estimate.
Second quarter revenue reached $50.8 million, representing approximately half the figure generated in the first quarter. The bitcoin mining segment generated $47.4 million of total revenue.
The significant drop in revenue stemmed from a strategic operational adjustment. The company decommissioned aging S19 mining equipment and transitioned portions of its capacity toward a hosted leasing arrangement, characterizing this as a move to optimize its mining footprint.
Cango, $CANG, Q2-26.
Mining revenue got cut in half. Losses improved sharply as Cango resets the fleet and pivots toward AI compute.
🔴 Revenue: $50.8M | -15% vs. consensus | -50% QoQ
🔴 GAAP diluted EPS -$1.99 vs. -$0.90 est.
📉 Net loss: -$81.6M vs. -$261.1M in Q1 pic.twitter.com/BZjJ4PzJQ8
— EarningsTime (@Earnings_Time) August 31, 2026
As of June 30, the company’s operational hashrate stood at 27.58 EH/s. This figure comprised 19.94 EH/s from proprietary mining operations and 7.74 EH/s from leasing arrangements.
The firm produced 656 Bitcoin throughout the quarter. As the period closed, its treasury contained 1,065 BTC in holdings, representing approximately $82.8 million in value based on current market rates.
There was a modest bright spot regarding expenses. The streamlined operation enabled a reduction of roughly 5% in average cash costs per bitcoin mined compared to the first quarter, lowering the figure to around $73,313. The company has additionally implemented hedging strategies for its bitcoin holdings to mitigate volatility risks.
Emphasis on Efficiency Rather Than Expansion Chief Executive Officer Paul Yu indicated the organization is now prioritizing “unit economics rather than scale” within its cryptocurrency mining operations. This strategic adjustment signals a departure from merely expanding computational capacity.
The company has simultaneously been diversifying into artificial intelligence infrastructure. Cango is repurposing its Georgia-based mining facility to accommodate GPU computing capabilities, with the location designed to support up to 3 MW.
Expansion Into AI Computing Income from the Georgia GPU facility is anticipated to commence during the third quarter. This projection makes the upcoming quarterly report critical for evaluating whether the artificial intelligence strategy is yielding tangible revenue.
CANG shares have declined 42.69% during the trailing three-month period and have fallen 89.76% over the past year.
According to InvestingPro, Cango’s overall financial health receives a “fair performance” assessment.
Strategy CEO Phong Le defended the company’s decision to sell Bitcoin near $60,000 before resuming purchases around $80,000, arguing that its treasury trades depend on capital costs rather than Bitcoin’s market price.
Summary
Strategy bought 4,603 Bitcoin for $369.7 million at an average price of $80,318 last week. Phong Le said capital costs, rather than Bitcoin’s market price, determine Strategy’s treasury transaction decisions. Strategy’s latest filing showed 845,050 Bitcoin acquired for an aggregate $63.73 billion through August 30. Dollar assets reached $6.71 billion, nearly matching convertible debt and reducing reported net leverage completely. Le said Strategy remains a net Bitcoin accumulator despite adopting a formal two-way treasury strategy. Speaking on Bloomberg Crypto on Sept. 1, Le said the earlier sales and the latest purchase were both appropriate because Strategy’s financing conditions had changed between the transactions.
Strategy purchased 4,603 BTC for $369.7 million between Aug. 24 and Aug. 30 at an average price of $80,318, according to an Aug. 31 regulatory filing.
The purchase lifted its holdings to 845,050 BTC, acquired for approximately $63.73 billion at an average cost of $75,412 per coin.
Strategy links Bitcoin trades to capital costs Le said Strategy does not decide whether to buy or sell Bitcoin solely by comparing the cryptocurrency’s current price with past levels.
Instead, management considers the cost of raising capital and the return it expects from deploying that capital. If Strategy can issue common shares at a premium to the value of its assets, it may use the proceeds to buy Bitcoin while increasing Bitcoin exposure on a per-share basis.
“We don’t buy or sell Bitcoin based on the price of Bitcoin,” Le said. “We buy or sell based on our cost of capital.”
The position explains why Strategy considered selling Bitcoin between approximately $60,000 and $65,000 reasonable while later paying more than $80,000. The transactions occurred under different balance sheet and financing conditions.
Le said issuing MSTR shares had become attractive again because the stock was trading at a premium. Strategy sold approximately $602.8 million of common shares during the week that ended Aug. 30, using part of the proceeds for its Bitcoin purchase.
The company also increased its general USD Cash pool by $29 million and spent approximately $152 million repurchasing STRC preferred shares below their $100 stated amount.
Strategy’s return to Bitcoin purchases after a two-month pause was therefore part of a broader capital allocation decision rather than a directional call that Bitcoin would rise from $80,000.
Bitcoin sales funded financial obligations Le said Strategy sold roughly 7,000 BTC during its balance sheet restructuring, describing the amount as “minuscule” relative to its total holdings.
Strategy’s public Bitcoin ledger records sales of 2,225 BTC in early July, 1,638 BTC in early August and 1,690 BTC the following week. Those three disclosed reductions total 5,553 BTC.
The company had also reported selling approximately $218.4 million of Bitcoin earlier in 2026 to fund part of its preferred dividend obligations. Le’s interview figure appears to describe the broader period in rounded terms.
Le said selling Bitcoin to pay preferred dividends was “the right trade at the time.” Strategy had already committed to regular payments on its preferred securities and needed dollar liquidity to meet those obligations without relying entirely on new financing.
The sales represented a departure from Strategy’s earlier reputation as a company that only accumulated Bitcoin. Its board formally authorized a Bitcoin monetization program in June, allowing management to sell BTC to finance its dollar reserve, pay dividends and interest, repurchase securities or meet other approved obligations.
The policy permits up to $1.25 billion in Bitcoin sales to build the designated USD Reserve. It does not require Strategy to sell that amount.
Strategy’s first disclosed sale under its evolving treasury policy marked a transition toward active management of its Bitcoin holdings, rather than an abandonment of its accumulation strategy.
Strategy says net leverage has fallen to zero Le said Strategy used the pause in Bitcoin purchases to strengthen its balance sheet. Over roughly two months, it increased dollar assets while reducing its net exposure to convertible debt.
The company reported $6.71 billion in USD assets as of Aug. 30. That amount comprised cash and other dollar-denominated holdings allocated across its designated reserve and general corporate liquidity.
Its convertible debt stood at approximately $6.75 billion. Strategy therefore reported net leverage of 0.0% because its company-defined calculation subtracts dollar assets from outstanding debt before comparing the balance with its Bitcoin reserve.
Net leverage of 0.0% does not mean Strategy has eliminated its legal debt or preferred stock obligations. The company continues to have convertible notes outstanding and must make preferred dividend payments.
The metric instead shows that its dollar assets nearly offset the principal value of its convertible debt. The calculation does not subtract all preferred stock claims.
Le described the balance sheet as a “fortress,” arguing that Strategy has no meaningful Bitcoin liquidation price under its current structure. The company’s debt is not secured directly by its Bitcoin in a way that would automatically force sales when BTC falls to a stated level.
That claim does not mean a prolonged Bitcoin decline would have no financial effect. Lower Bitcoin prices could reduce Strategy’s asset value, weaken its ability to issue shares at attractive prices and increase pressure from preferred dividends and other obligations.
Strategy adopts a two-way Bitcoin policy Le said Strategy now operates a “two-way strategy.” It may sell Bitcoin when doing so improves its capital structure, even though it intends to remain a net accumulator over time.
The framework makes Bitcoin one component of Strategy’s financing system rather than an asset that can never be sold. Management can compare BTC sales with common equity issuance, preferred offerings, repurchases and cash usage.
Strategy’s June framework explains that common stock issuance can be accretive when MSTR trades above the company’s adjusted net asset value. Issuing shares below that level can dilute Bitcoin exposure per share.
Le said Strategy could continue purchasing Bitcoin at $90,000, $100,000 or $130,000 if the cost of capital makes those purchases attractive. Those levels were examples, not forecasts or confirmed purchase orders.
The company would also consider selling Bitcoin again if the proceeds were more valuable elsewhere in its capital structure. Le said price alone would not determine such a decision.
Strategy’s Aug. 31 purchase confirms that it has returned to accumulation after its restructuring period. It now controls slightly more than 4% of Bitcoin’s maximum 21 million supply.
The next update will depend on Strategy’s weekly capital markets activity. Further MSTR issuance at a premium could finance additional Bitcoin purchases, while weak equity demand or higher financing costs could slow accumulation or make another sale more economical.
Meanwhile, Le’s central argument was that the apparent contradiction between selling near $60,000 and buying near $80,000 disappears when the transactions are viewed through Strategy’s cost of capital.
The Bitcoin sales supplied dollars for preferred obligations and balance sheet restructuring. The later purchase used proceeds from common shares issued when management believed MSTR’s market premium made the transaction accretive.
Le said Strategy had strengthened its dollar position, reduced net leverage and retained flexibility to transact in both directions. He maintained that the company remains a long-term net buyer, but no longer treats Bitcoin sales as prohibited.
He also said future purchases could occur at much higher Bitcoin prices if Strategy can obtain capital on sufficiently attractive terms. The comments described a conditional financing framework rather than a Bitcoin price prediction.
Capital B has raised €7.6 million from strategic investor Adam Back through a new private placement that could fund the purchase of 376 more Bitcoin and take its holdings to 3,521 BTC.
Summary
Capital B raised €7.6 million from Adam Back through a private placement of 13.18 million shares with warrants attached. The company said the proceeds and ongoing operations could fund another 376 BTC, potentially taking its holdings to 3,521 BTC. Full exercise of the warrants issued in the transaction could provide Capital B with another €49.4 million in capital. Back’s stake is expected to rise to 17.77% after the new shares are issued, before accounting for potential warrant exercises. Capital B said on Sept. 2 that Back subscribed to 13,181,030 shares carrying four warrants each at €0.58 per unit, generating gross proceeds of €7.64 million. The subscription price represented a 15.4% premium to the company’s Sept. 1 closing share price.
Net proceeds are expected to reach approximately €7.3 million after fees and transaction expenses. Capital B plans to use the funds primarily to add Bitcoin to its balance sheet as a long-term reserve asset, continuing a strategy focused on increasing BTC held per fully diluted share.
The financing follows another private placement announced days earlier under the same €0.58 subscription terms.
Capital B could add 376 Bitcoin after Adam Back investment Proceeds from the new placement, combined with Capital B’s ongoing operations, could support the purchase of 376 BTC. Completing the acquisition would increase the company’s potential holdings to 3,521 BTC.
Capital B currently holds 3,145 BTC after buying another five Bitcoin for €280,000 in August. Crypto.news previously reported the five Bitcoin purchase, which took its strategic reserve from 3,140 BTC to 3,145 BTC.
The five coins were acquired at an average price of €55,882 each. Capital B reported an aggregate acquisition cost of €284.2 million for its strategic Bitcoin reserve after the transaction.
The Sept. 2 financing consists of shares with attached subscription warrants, known as ABSA. Each of the 13.18 million shares carries four warrants divided across three tranches.
Two Warrants 2026-06 attached to each share have an exercise price of €0.75. One Warrant 2026-07 can be exercised at €0.98, while one Warrant 2026-08 carries a €1.27 exercise price. All three classes have five-year maturities.
Capital B can open an accelerated exercise period for a tranche if the 20-day volume-weighted average price of its shares exceeds 130% of the corresponding exercise price for 20 consecutive trading days. Unexercised warrants would become void at the end of an accelerated exercise period.
Full warrant exercise could provide another €49.4 million If Back exercises every warrant issued through the transaction, Capital B would receive another €49.43 million.
The 26.36 million Warrants 2026-06 could generate €19.77 million. Another €12.92 million could come from the 13.18 million Warrants 2026-07, while exercise of the same number of Warrants 2026-08 would provide €16.74 million.
Those proceeds remain conditional on future warrant exercises and are separate from the €7.6 million secured through the share placement.
The structure follows Capital B’s €21 million private placement announced on Aug. 28. That financing involved 36.2 million shares carrying four warrants each and was subscribed by institutional investors including Back and French asset manager TOBAM.
Investors paid the same €0.58 per unit, while net proceeds were estimated at €19.9 million. Capital B said the financing and its operating resources could fund 270 BTC, potentially increasing its holdings from 3,145 BTC to 3,415 BTC.
Full exercise of the 144.88 million warrants attached to that placement could generate another €135.8 million. The potential proceeds were separate from the confirmed €21 million financing and depended on investors exercising the warrants.
Capital B used a similar funding structure in May when it completed a €15.2 million private placement involving Back, TOBAM and other institutional investors. The company issued more than 23 million shares with four warrants attached to each at €0.66 per unit.
Capital B later deployed part of the capital raised during that period into a 192 BTC acquisition worth €13 million. The purchase increased its holdings to 3,135 BTC at the time.
Adam Back’s Capital B stake is set to rise Back already held 54.3 million Capital B shares before the latest transaction, representing 14.82% of ordinary share capital and 12.31% on a diluted basis.
Once the new shares are issued, his position will increase to approximately 67.49 million shares. His ordinary ownership will rise to 17.77%, while his diluted stake will reach 14.76%.
Full exercise of the warrants from the Sept. 2 placement would increase Back’s position to 120.21 million shares, equivalent to 27.80% of Capital B on an ordinary basis and 23.36% on a diluted basis.
Blockstream Capital Partners would hold 18.91% after the initial share issuance, while public and institutional investors would account for 53.43%. Executives would hold 5.59%, followed by TOBAM at 3.18% and UTXO Management at 1.12%.
Capital B shareholders approved substantial financing authority in June, including up to €5 billion in capital increases and €100 billion in credit instruments. The resolutions received more than 95% support from votes cast and formed part of the company’s financing framework for its Bitcoin treasury strategy.
Capital B reverse stock split takes effect Sept. 8 Closing of Back’s latest private placement is expected from Sept. 3, although Capital B said technical requirements could delay completion by several days. The shares issued through the transaction will carry the same rights as its existing ordinary shares.
The new shares will be admitted to trading on Euronext Growth Paris after closing. Warrants attached to the shares will not be separately listed, while ordinary shares created through future warrant exercises will be admitted to trading as they are issued.
Capital B is separately preparing a 10-for-1 reverse stock split scheduled for Sept. 8. Ten existing shares will be consolidated into one new share when the process takes effect.
Following the consolidation, each warrant from the latest placement will entitle its holder to one-tenth of a new Capital B share. The adjusted exercise prices will be €7.50 for Warrants 2026-06, €9.80 for Warrants 2026-07 and €12.70 for Warrants 2026-08.
This is a general announcement. Products and services referred to here may not be available in your region. Fellow Binancians, Binance Academy is pleased to announce that the Bitcoin Learn & Earn rewards have been replenished for the month of September 2026! Eligible new users can once again complete the optional quiz and earn 0.00001 BTC in token vouchers. Activity Period: 2026-09-01 00:00 (UTC) until further notice How to Participate Eligible new users who registered on Binance after 2026-09-01 00:00 (UTC) and complete the Learn & Earn quiz with all the correct answers can each earn 0.00001 BTC in token vouchers. Rewards are available for claims to the first 5,000 new users each month on a first-come, first-served basis. Please Note: Each user can complete the Learn & Earn only once and claim a maximum of one reward.Once all rewards are distributed, participation will close for that month.Rewards will be renewed each month, please stay tuned to our official announcements. Begin your crypto journey by learning the foundation of it all — Bitcoin. Explore the Bitcoin Page For More Information: How to Get Started with Binance Learn & EarnBinance Launches EduFi - Learn and Earn Program - to Educate Users on the Blockchain Industry Terms and Conditions: Only users who registered after 2026-09-01 00:00 (UTC) can participate in the Learn & Earn.Eligible new users are required to complete KYC to receive rewards from this activity.Illegally bulk registered accounts or sub-accounts shall not be eligible to participate or receive any rewards. Rewards are limited and are available on a first-come, first-served basis. Users may only claim the reward for the Learn & Earn after completing the respective quiz.Users will not be able to participate in this activity once all rewards are distributed. The actual value of the reward received is subject to change due to market fluctuation.Token voucher rewards will be distributed within 48 hours to qualified learners who pass the quiz. Users may check their rewards via Profile > Rewards Hub.The validity period for the token voucher is set at 14 days from the day of distribution. Learn how to redeem a token voucher.Binance reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software.Binance reserves the right to terminate the activity at any time without prior notice.Binance accounts can only be used by the account registrants. Binance reserves the right to suspend, freeze or cancel the use of Binance accounts by persons other than account registrants.Binance reserves the right of final interpretation of the activity. Binance reserves the right to change or modify these terms at its discretion at any time.Additional promotion terms and conditions can be accessed here.There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-09-02
The days of waiting days for casino payouts are fading fast. Bitcoin has introduced a new standard for speed, transparency, and control in the digital gaming world. Players no longer need to rely on traditional banking hours or worry about chargebacks eroding their winnings. Blockchain technology removes the middleman, putting the power directly into the hands of the player. This shift is not just a minor upgrade; it is a fundamental restructuring of how money moves in the gaming sector. For those looking to experience this shift firsthand, Lucky Hills casino Canada offers a seamless entry point into the world of crypto-powered gaming, combining a robust selection of games with the instant settlement that Bitcoin provides. The platform demonstrates how modern operators leverage this technology to build trust and efficiency.
Key Facts About Crypto and Gaming Table of Contents
Bitcoin’s integration into online casinos is not just a trend; it is backed by measurable data. The numbers show a clear trajectory of adoption and user preference. Here are five surprising statistics that highlight this transformation.
In January 2026, the average Bitcoin transaction confirmation time on the Lightning Network dropped to under two seconds, making real-time slot play and instant bonus payouts a technical reality. A 2025 industry report by Statista indicated that over 48% of online casino players in North America had used a cryptocurrency for at least one deposit or withdrawal within the previous twelve months. The volatility of Bitcoin in late 2024 pushed many operators to adopt stablecoin conversion at the point of deposit, yet by mid-2025, over 60% of high-stakes players still preferred holding their winnings in BTC to capitalize on market upswings. Chargeback fraud, which costs traditional online casinos an estimated $200 million annually, has seen a 99% reduction on platforms that exclusively use blockchain transactions. By the third quarter of 2026, the global market for crypto-based gambling is projected to exceed $1.5 trillion, driven largely by the demand for provably fair algorithms that allow players to verify each game’s outcome independently. The Speed Advantage Over Traditional Banking Traditional banking methods create friction. Credit card processing can take days, and withdrawal requests often involve lengthy verification delays. Bitcoin eliminates these bottlenecks entirely. When you request a payout in BTC, the network processes it within minutes, regardless of the amount or the time of day. This immediacy changes the player experience dramatically. You win a jackpot at 2 AM, and you can have the funds in your personal wallet before your coffee brews. This speed is not just a convenience; it reduces anxiety and builds immediate trust between the player and the platform.
Furthermore, the absence of intermediaries means lower transaction fees. Banks and payment processors charge hefty percentages for handling cross-border transactions. Bitcoin transactions carry a miner fee that is often a fraction of a cent. For players who engage in frequent gameplay, these savings add up quickly. This cost efficiency allows operators to pass value back to the players through more generous bonuses and promotional offers, creating a more competitive market.
Transparency and Provable Fairness Trust is the currency of the online gaming world. For years, players had to take the house’s word that the random number generator was truly random. Bitcoin and blockchain technology introduce a concept called provable fairness. This cryptographic method allows players to verify that a game’s outcome was not tampered with. You can check the hash before you play and confirm the result after the round. This transparency is revolutionary.
This level of verification builds a stronger relationship between the player and the casino. It removes the suspicion that often clouds traditional gaming. When you see the code and verify the result, you engage with the game on a more confident level. This system also protects the operator, proving they run a fair operation. The immutable ledger of the blockchain records every transaction, creating a permanent and unalterable history of gameplay and financial activity.
The Future Landscape of Crypto Slots and Bonuses The evolution of Bitcoin in casinos points toward a future where decentralized finance (DeFi) and gaming merge completely. We are already seeing the rise of smart contracts that automatically trigger bonus payouts without human intervention. Imagine a slot machine that pays out a progressive jackpot directly to your wallet the moment the reels stop, with no manual approval process. This automation reduces overhead and eliminates the potential for human error or delay.
The integration of Web3 wallets also simplifies the user experience. You no longer need to provide extensive personal documents to start playing. You connect your wallet, and your transaction history on the blockchain serves as your verification. This privacy aspect appeals to a growing demographic of users who value their digital autonomy. As the technology matures, expect to see more gamified experiences where your in-game assets are tokenized, allowing you to trade them on open markets. The line between playing a game and investing in digital assets will continue to blur, offering a dynamic environment for both casual players and crypto enthusiasts.
Final Thoughts Bitcoin has moved from a niche payment method to a core infrastructure for modern online casinos. It offers speed, security, and a level of transparency that traditional finance cannot match. The shift towards provably fair gaming and instant settlements is not a passing fad; it is the logical evolution of an industry that thrives on trust and efficiency. As we move further into 2026, the casinos that embrace this technology will lead the market, offering players a superior and more equitable gaming experience. The question is no longer whether to use Bitcoin, but which platform will best harness its potential to redefine the thrill of the game.
Michelle DG
Michelle is an editor at CoinCentral & Blockonomi, covering the latest trends in crypto, blockchain, and digital finance. With a sharp eye for detail and a passion for emerging technologies. [email protected]
TLDR: Strategy sold 7,000 BTC near $60K to fund preferred dividends, calling it the right trade. Net debt fell from $7 billion to zero while dollar reserves grew to $7 billion. Total assets reached $72 billion, including $65 billion in Bitcoin holdings. Strategy opposes MSCI’s proposal to exclude firms with non-operating assets from stock indexes. Strategy CEO Phong Le defended two opposite Bitcoin trades as equally correct decisions during a recent Bloomberg TV interview.
Le said selling Bitcoin between $60,000 and $65,000, then buying again near $80,000, both reflected sound financial judgment. He explained that Strategy bases its choices on cost of capital rather than price direction alone.
Selling at $60K Reflected Capital Needs, Not Price Doubt Le said the earlier Bitcoin sale, covering roughly 7,000 BTC, was tied to funding preferred dividends. He described it as the right trade at the time, based on where Strategy’s balance sheet stood then.
The amount sold represented less than 1% of total Bitcoin holdings. Le said this kind of sale is part of running Strategy as an operating company, not purely a Bitcoin accumulator.
He compared the sale to financing decisions companies make around large infrastructure investments. According to Le, the goal was never to predict short-term Bitcoin price movement.
Instead, the sale addressed an immediate capital requirement using existing Bitcoin reserves. This distinction, he said, separates Strategy’s approach from simple market timing.
Over the following two months, Strategy reduced its net debt from about $7 billion to zero. During that stretch, the company also built roughly $7 billion in U.S. dollar reserves.
Total assets climbed to around $72 billion, with $65 billion held directly in Bitcoin. Le referred to this position as a fortress balance sheet.
With debt cleared and reserves strengthened, Strategy resumed Bitcoin buying near $80,000. Le said this purchase used the same cost-of-capital reasoning applied to the earlier sale.
He noted that selling MSTR shares at a premium now supports funding additional Bitcoin purchases. Le called this a two-way strategy rather than one-directional accumulation.
Buying at $80K Fits a Longer-Term Accumulation Plan Despite the earlier sale, Le stressed that Strategy remains a net accumulator of Bitcoin overall. He said the company expects to keep buying at higher price levels if conditions remain favorable.
Le pointed to $90,000, $100,000, and even $130,000 as levels where purchases could still make sense. The company views Bitcoin accumulation as a long-term financial strategy.
Alongside the Bitcoin trading discussion, Strategy and Michael Saylor formally opposed an MSCI proposal. The proposal would exclude companies holding non-operating assets from global stock indexes. Strategy argues this classification treats Bitcoin holdings inconsistently compared to other asset types.
Strategy noted that current accounting rules already classify Bitcoin gains and losses as operating income. Meanwhile, assets like wood and oil remain classified as operating income under existing index standards. The company said this inconsistency conflicts with the role of index providers as neutral market arbiters.
Strategy confirmed it is participating in MSCI’s feedback process regarding the proposed change. The company also cited $6.7 billion in U.S. dollar reserves as part of its financial position. Strategy said its capital-raising ability places it among major participants in broader capital markets today.
Bitcoin, ağustos ayında kaydettiği güçlü yükselişin ardından teknik grafiklerde dikkat çeken bir görünüm sergilemeye başladı. Bitcoin fiyatında ortaya çıkan ve analistlerin “Bart Simpson formasyonu” olarak adlandırdığı yapı, son günlerdeki geri çekilmenin daha derin bir düzeltmeye dönüşüp dönüşmeyeceği sorusunu gündeme taşıdı.
Ağustos boyunca yaklaşık yüzde 25 değer kazanan lider kripto para, ayın son bölümünde 80.000 dolar seviyesinin üzerine çıkmayı başardı. Ancak yükselişin ardından gelen satışlar, BTC’nin kazançlarının bir kısmını geri vermesine neden oldu.
Bitcoin, çarşamba günü yaklaşık 77.281 dolar seviyesinde işlem görürken son 24 saat içerisinde yüzde 1,42 değer kaybetti. Kripto para piyasasında yatırımcıların dikkatini şimdi hem teknik seviyeler hem de zincir üstü talep verileri çekiyor.
Bart Simpson Formasyonu Bitcoin İçin Ne Anlama Geliyor? Bazı analistler, Bitcoin’in dört saatlik grafiğinde Bart Simpson karakterinin saç çizgisine benzeyen bir fiyat formasyonunun oluştuğuna dikkat çekti. Bu yapı genellikle fiyatın kısa sürede sert biçimde yükselmesi veya düşmesi, ardından dar bir aralıkta yatay hareket etmesi ve sonrasında ilk hareketin ters yönünde hızla geri dönmesiyle ortaya çıkıyor.
Bitcoin’in ağustos rallisinin ardından dar bir bantta işlem görmesi ve daha sonra geri çekilmeye başlaması, bu formasyonun gündeme gelmesine yol açtı. Ancak teknik yapı tek başına kesin bir yön tahmini sunmuyor.
Piyasa analizi açısından 75.800 dolar seviyesi kritik bir eşik olarak öne çıkıyor. Analistlere göre Bitcoin’in bu seviyenin altına gerilemesi, söz konusu düşüş senaryosunun teknik açıdan daha güçlü hale gelmesine neden olabilir.
Buna karşılık BTC’nin 75.800 dolar üzerinde kalması, negatif formasyonu geçersiz hale getirebilir. Böyle bir durumda alıcıların yeniden güç kazanması ve Bitcoin fiyatının mayıs ayında görülen yaklaşık 83.000 dolar seviyesine doğru hareket etmesi mümkün olabilir.
Bitcoin Spot Talebi Neden Negatife Döndü? Teknik görünüm kadar piyasadaki gerçek alım talebi de yatırımcılar için önem taşıyor. Analist CW8900, Bitcoin’in yatay hareket ettiği süreçte spot piyasadaki talebin negatif bölgeye geçtiğini belirtti.
Bu negatif görünüm iki gün üst üste devam etti. Aynı dönemde vadeli işlem piyasasındaki talebin güçlü kalması ise dikkat çeken bir ayrışma yarattı.
Spot piyasadan gelen talebin zayıflaması, fiyat yükselişlerinin sürdürülebilirliği açısından önemli bir risk oluşturabilir. Vadeli işlem tarafındaki hareketler kaldıraçla desteklenirken, spot alımlar genellikle kripto para piyasasına doğrudan sermaye girişini yansıtıyor.
Bu nedenle yatırımcıların yalnızca teknik grafiklere değil, spot talebin yeniden toparlanıp toparlanmadığına da bakması gerekiyor. Özellikle Bitcoin ve diğer dijital varlık piyasalarında yükselişin sağlıklı şekilde devam etmesi için gerçek alım iştahının korunması önem taşıyor.
Uzun Vadeli Bitcoin Yatırımcıları Satışlarını Artırdı Zincir üstü veriler, uzun vadeli Bitcoin sahiplerinin son yükseliş döneminde satış faaliyetlerini artırdığını da gösteriyor. Analist Axel Adler Jr.’a göre uzun vadeli yatırımcıların dağıtım miktarı 18 Ağustos ile 28 Ağustos arasında yüzde 61,5 yükseldi.
30 günlük toplam satış miktarı aynı süreçte 174.500 BTC’den 281.900 BTC’ye çıktı. Bu rakam, 2026 yılının başlangıcından bu yana görülen en yüksek seviyeye işaret ediyor.
Adler, kısa pozisyonların tasfiye edildiği short squeeze sonrasında gerçekleşen fiyat toparlanmasının uzun vadeli yatırımcılar için kâr realizasyonu fırsatı yarattığını düşünüyor. Artan satış miktarı, piyasaya ek Bitcoin arzı gelmesi anlamına geliyor.
Bu nedenle mevcut Bitcoin fiyat hareketinin yönü, yeni talebin piyasaya çıkan bu arzı ne kadar karşılayabileceğine bağlı olacak. Yatırımcıların portföy ve kripto yatırımı kararlarında bu arz-talep dengesini dikkate alması önem taşıyor.
FED Kararı BTC Fiyatını Etkileyebilir Mi? Önümüzdeki günlerde açıklanacak ABD enflasyon ve iş gücü piyasası verileri de Bitcoin için önemli bir katalizör olabilir. Bu veriler, ABD Merkez Bankası’nın eylül ayındaki para politikası kararına ilişkin beklentileri doğrudan etkileyebilir.
Faiz beklentilerindeki değişim, yatırımcıların riskli varlıklara yönelik yaklaşımını değiştirebileceği için Bitcoin ve geniş kripto para piyasası üzerinde de etkili olabilir. Özellikle artan satış arzı devam ederken makroekonomik verilerden kaynaklanabilecek volatilite daha fazla önem kazanıyor.
Sonuç olarak Bart Simpson formasyonu tek başına Bitcoin için kesin bir düşüş sinyali oluşturmuyor. Ancak 75.800 dolar desteğinin durumu, spot talepteki zayıflama ve uzun vadeli yatırımcıların artan satışları birlikte takip edilmesi gereken önemli göstergeler arasında bulunuyor.
Bu içerik kesinlikle yatırım tavsiyesi niteliği taşımamaktadır. Piyasalar yüksek risk içermektedir ve yatırım kararlarınızı almadan önce kendi araştırmanızı yapmanız önemlidir.
Son Dakika kripto para haberleri için hemen tıkla.
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Twenty One Capital CEO Raphael Zagury said Bitcoin is experiencing its first “hashrate bear market” as network computing power remains below its late 2025 record and listed mining companies redirect infrastructure investment toward artificial intelligence.
Summary
Raphael Zagury called Bitcoin’s prolonged computing power decline its first ever hashrate bear market publicly. Bitcoin hashrate fell roughly 22% to 24% from its late 2025 peak, presentation materials showed. Zagury said artificial intelligence creates a competing use for miners’ power capacity and infrastructure today worldwide. Public miners increasingly pursue AI computing, though several companies continue operating substantial Bitcoin mining fleets. Lower network hashrate can increase surviving miners’ revenue share after Bitcoin adjusts mining difficulty downward. Zagury presented the argument at Bitcoin Asia in Hong Kong on Aug. 28. Twenty One Capital subsequently filed the prepared transcript with the U.S. Securities and Exchange Commission.
Bitcoin hashrate approached 1.3 zettahashes per second late last year before entering a prolonged decline, Zagury said. His presentation materials calculated a drawdown of approximately 22% to 24% from the peak.
“Hashrate bear market” is Zagury’s description of the current cycle rather than an official Bitcoin network classification. It refers to the unusually long period during which estimated computing power has failed to return to its previous record.
Bitcoin hashrate decline differs from the 2021 shock Bitcoin’s hashrate measures the estimated computing power miners contribute to securing the network and competing for block rewards. A higher figure generally means more machines or more efficient equipment is operating.
Twenty One Capital CEO: Bitcoin Is Experiencing Its First-Ever Hashrate Bear Market; Nearly All Miners Are Moving From Bitcoin Mining to AI
Tether-backed Bitcoin treasury company Twenty One Capital CEO Rapha Zagury said at Bitcoin Asia 2026 that Bitcoin is experiencing its… pic.twitter.com/cw8WiyROll
— Wu Blockchain (@WuBlockchain) September 2, 2026 Zagury contrasted the current decline with the disruption caused by China’s 2021 mining ban. Hashrate fell rapidly during that episode as companies shut down Chinese facilities, but recovered as machines moved to North America, Central Asia and other regions.
The present cycle has developed more gradually. Rather than relocating the same machines, operators are reconsidering whether new electricity and data center capacity should be allocated to Bitcoin mining at all.
“This has been the longest period that we’ve seen from an all-time high until recovery,” Zagury said.
Network estimates vary because Bitcoin does not publish an exact count of active machines. Analysts infer hashrate from block production rates and mining difficulty, which means daily readings can fluctuate sharply.
CoinWarz estimated hashrate at about 829 exahashes per second on Sept. 2, after readings moved above one zettahash during several days in late August. Longer moving averages provide a clearer measure than daily estimates.
Previous analysis found that Bitcoin mining difficulty had fallen 19.9% from its November peak by late July. Hashrate had remained in a downward trend for approximately 287 days, according to Bitcoin Magazine Pro data cited in that report.
AI gives miners another use for scarce power Bitcoin miners and AI data centers compete for several of the same resources. Both require large power connections, cooling systems, land, data center buildings and access to capital.
AI facilities require different chips, networking equipment and construction standards from Bitcoin mines. Converting a mining site is therefore more complicated than replacing ASIC machines with graphics processors. Sites with secured power and fiber access can nevertheless provide a starting point for high performance computing development.
Zagury said this option changes the hashrate cycle because miners can now direct capital toward another computing market instead of automatically expanding their Bitcoin fleets.
“If you look at the public mining companies out there, there really isn’t anybody staying the course to mine Bitcoin at scale,” he said. “Pretty much everybody is leaving the industry right now.”
The statement describes a broad trend but should not be read literally. MARA, CleanSpark, Riot, Bitdeer and other publicly traded companies continue operating large Bitcoin mining fleets, even as some explore or build AI infrastructure.
The shift is most advanced at companies such as TeraWulf, IREN, Core Scientific, HIVE and Cipher. TeraWulf reported $21 million in AI and high performance computing hosting revenue during the first quarter, exceeding its Bitcoin mining revenue for the first time as its AI business became its largest revenue source.
Cipher has also obtained a $200 million revolving credit facility to finance its expansion into long-term AI data center contracts.
Low cost miners could gain network share Zagury rejected the idea that Bitcoin mining is inherently a poor business. He argued that profitability depends on where an operator sits on the industry’s cost curve.
A miner with efficient equipment and low electricity costs can remain profitable under conditions that force a higher-cost competitor to shut down. Capital structure also matters because heavy debt and short repayment schedules can create pressure even when a facility remains operationally competitive.
Hash price, which measures expected miner revenue for a unit of computing power, remains low compared with historical levels. That puts pressure on operators using older machines or expensive electricity.
However, declining network hashrate can benefit miners that remain active. Bitcoin adjusts mining difficulty every 2,016 blocks, or approximately every two weeks, to keep average block production close to ten minutes.
When computing power leaves the network, a downward difficulty adjustment can make it easier for remaining miners to find blocks. Each surviving operator can then control a larger share of the network without adding machines.
“The beautiful thing about Bitcoin mining being in a bear market of hashrate is that, for those that stay around, they naturally get a higher share of the market,” Zagury said.
That benefit does not guarantee higher profits. Revenue still depends on Bitcoin’s price, transaction fees, electricity costs, equipment efficiency and the amount of competing hashrate.
Bitcoin price must outpace hashrate growth Zagury said mining has the best chance of outperforming Bitcoin when the asset’s price increases faster than network hashrate.
If Bitcoin rises by 50% while hashrate remains flat, a miner’s revenue can increase without an equivalent rise in competition. If computing power grows faster than Bitcoin’s price, each operator’s network share and revenue per machine can decline.
Zagury recommended buying Bitcoin directly before investing in mining for someone allocating only a small amount of capital. He said investors considering larger, diversified allocations could combine Bitcoin with mining exposure.
“If you only have $1, buy Bitcoin first,” Zagury said. “I think that’s the best way to express your view.”
His position reflects Twenty One Capital’s stated approach of measuring potential investments against Bitcoin. The Tether-backed company treats the cryptocurrency as its main benchmark and argues that an operating business must justify its additional risks by offering a credible path to outperforming BTC.
Mining companies face construction, electricity, equipment, management and financing risks that do not arise from holding a spot Bitcoin exchange-traded fund. They can also offer operating leverage when Bitcoin rises faster than their costs and network competition.
Energy flexibility remains mining’s main advantage Zagury also defended Bitcoin mining against criticism that it wastes electricity. He argued that energy use supports economic development and that mining offers a flexible source of demand.
ASIC machines can shut down and restart faster than heavy industrial facilities. Miners can therefore reduce consumption when electricity demand rises and resume operations when unused capacity becomes available.
The ability to curtail operations has led miners to participate in grid stabilization programs, particularly in energy markets with variable renewable generation. Financial and environmental results depend on the underlying power source and the terms of each arrangement.
AI data centers generally require steadier power than Bitcoin mines because customer workloads cannot be interrupted as easily. Bitcoin mining may therefore retain a role at sites where electricity is abundant but unreliable or cannot be transmitted economically.
Zagury said mining now provides four forms of optionality: flexible energy demand, increased network share when competitors leave, proximity to Bitcoin’s protocol and reusable data center infrastructure.
Whether miners capture those benefits will become clearer through upcoming difficulty adjustments and public company results. Filings will show how much capital miners direct toward new ASIC equipment compared with AI construction.
The sector’s direction is unlikely to be uniform. Some operators will retain Bitcoin mining, others will combine mining with AI hosting, and companies controlling the most attractive power sites may shift more aggressively toward high performance computing.
Bitcoin started September below 78000 dollars after a 25% rise in August, its best monthly performance since November 2024. Indeed, this entry into the month called “Rektember” revives an unfavorable seasonality. Bitcoin loses on average about 3% in September since 2013. In 2026, the main risk however does not come from the calendar but from the Federal Reserve. Markets now anticipate a possible rate increase starting September 16.
In brief Bitcoin enters ‘Rektember’ after a 25% rise in August. September historically shows an average return of -3% for BTC. The risk of a Fed rate hike reaches 66%. High bond yields increase the pressure on risky assets. Inflation and upcoming US statistics could steer Bitcoin. September remains the least favorable month for Bitcoin While the market enters the period cautiously, the expression “Rektember” combines September with the English term “rekt” used in the crypto ecosystem to signal heavy losses. This word is based on Bitcoin’s historically weak performance during the ninth month of the year.
BTC has closed September in the red eight times since 2013. Its average monthly return is -3%, making it its worst-performing month over the period.
Some important data summarize this seasonality :
Bitcoin has lost on average nearly 3% in September since 2013 ; Only five of the last thirteen Septembers ended in the green ; BTC gained about 25% in August 2026 ; Its price dropped 1% below 78000 dollars at the beginning of September. Thus, this historical average does not directly predict a correction. This sample only covers thirteen years. Moreover, the last three Septembers all saw increases. Bitcoin notably rose by 5.16% in 2025.
However, the August rebound might facilitate profit-taking. After a monthly gain of 25%, some owners may secure part of their gains, especially when Bitcoin fails to sustainably reclaim the 80000 dollar mark.
The probability of a rate hike reaches 66% The monetary risk is a more real factor than seasonality. As August ended, CME FedWatch assigned a 66% probability to a 25 basis point increase at the upcoming Fed meeting. This estimate was still 40% a week before.
In this light, this decision could raise the federal funds rate range from 3.50%-3.75% to 3.75%-4.00%. A second increase before year-end would then raise the range to 4.00%-4.25%. These probabilities come from futures contracts. They may still increase before the September 15 and 16 meeting.
Kevin Warsh consolidated his expectations during his speech at Jackson Hole. Thus, the Fed chairman recalled that the PCE inflation was about 3.7% over twelve months and 4.1% annualized over six months, against a 2% target.
In his official speech, he stated:
We must be convinced that core inflation is clearly and quickly moving toward our target. Otherwise, we have work to do.
This explanation does not guarantee a hike in September. However, it proves that the Federal Reserve remains ready to tighten its policy if upcoming data do not reveal a sufficient slowdown in prices.
Higher yields reduce the appeal of risky assets Kevin Warsh’s remarks sparked a new phase of tension in the bond market. Thus, the yield on the US ten-year Treasury approached 4.8%, its highest level since January 2025.
Higher yields have made bonds and dollar investments relatively more attractive. Bitcoin pays no regular income. Investors typically require a stronger upside to accept its volatility if rates rise.
The pressure is not exclusively related to cryptos. Indeed, the S&P 500 recorded a 0.7% loss on September 1, while the Nasdaq dropped 1%. Gold also retreated under the pressure of a rising dollar and yields.
Moreover, geopolitical tensions between the United States and Iran add another risk. WTI crude oil is above 90 dollars a barrel after new American strikes. A sustained increase in energy would fuel inflation and strengthen arguments for a rate hike.
Bitcoin’s progress will therefore truly depend on upcoming US employment and price figures. A slowdown in inflation would reduce the probability of a rate increase. Conversely, strong data would strengthen the dollar and keep BTC under pressure before the September 16 decision.
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Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
CoinMarketCap’s Crypto Fear and Greed Index continues to remain in the “greed” zone despite a limited decline in market sentiment. The index fell 2 points to 73 compared to yesterday’s level.
The index is used to measure investor sentiment in the cryptocurrency market. A reading closer to zero indicates excessive fear, while a reading closer to 100 indicates excessive optimism. The current value of 73 shows that investors generally maintain a bullish outlook and have a high risk appetite.
CoinMarketCap considers the price movements of the top 10 cryptocurrencies by market capitalization when creating its index. In addition, market volatility, indicators from derivative markets, and the put/call ratio are among the data used in the calculation.
The index is also calculated using stablecoin supply ratio (SSR) and CoinMarketCap’s own search data. This combines various indicators related to price performance, market volatility, derivatives market, and investor interest under a single metric.
The index being at 73 indicates strong bullish sentiment in the market, while the 2-point drop compared to the previous day suggests a limited cooling in investor sentiment. Nevertheless, the fact that the indicator is still in the greed zone suggests that market participants’ interest in risky assets remains at high levels.
High levels of greed are often seen alongside strong price performance and increased investor interest. However, it is also considered that excessive optimism can make the market more vulnerable to potential corrections.
As prices rise in the crypto market, investors’ willingness to take on more risks can contribute to the index’s upward movement. Conversely, sharp price drops and increased volatility can lead to heightened fear levels.
Market participants will be watching the index’s movement in the coming days, along with the price performance of Bitcoin and major cryptocurrencies. A potential rise in the index could signal a further strengthening of risk appetite, while a fall could indicate increased investor caution.
*This is not investment advice.
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