Track market-moving stories before they get noisy

Machines are now paying other machines in Bitcoin, and the receipts are sitting onchain for anyone to verify. AI agents built on Stacks, the Layer 2 blockchain anchored to Bitcoin, are autonomously earning, transferring, and transacting with Bitcoin-derived assets, no human required at any step of the process.

This is not a demo or a whitepaper promise. The AIBTC protocol reported more than 8,700 onchain transactions in the first quarter of 2026 alone, executed by over 150 deployed AI agents operating on the Stacks network.

How the machine economy actually works The agents themselves operate using sBTC, a Bitcoin-backed asset native to Stacks, as well as STX (the network’s native token) and USDCx. The x402-Stacks protocol handles the payment rails, enabling pay-per-request transactions between agents, which is effectively a billing system where software pays software for data or services at the moment of consumption.

Specific agents, identified onchain under names like Sonic Mast and Tiny Marten, have been autonomously accumulating and transacting in satoshis since February 2026. Their activity is publicly verifiable through their agent addresses, which provides a kind of live proof-of-concept that an agentic Bitcoin economy is already running.

The agents generate revenue through several mechanisms: running paid API endpoints, participating in DeFi staking on the Stacks ecosystem, and engaging in trading activity on decentralized exchanges. Bitflow, one of the leading DEXs on Stacks, added AI-specific tooling for automated trading strategies in Q2 2026, giving agents more surface area to operate across.

Growth that is hard to ignore According to Tenero Research, active agents on the Stacks network grew from 105 to 766 in a single week. The network’s stated target is 10,000 active agents.

Stacks has also been upgrading the underlying protocol to support the load. Improvements to programmability and transaction speeds have been rolled out to accommodate the growing agent population.

What this means for Bitcoin’s broader utility The emergence of AI agents as a user class on Stacks is significant precisely because agents have different requirements than human users. They operate continuously, they need micropayment capability (paying fractions of a cent for a single API call, for instance), and they cannot navigate browser-based interfaces or custodial onboarding flows.

Stacks’ differentiator is the Bitcoin connection itself. Agents holding and transacting in sBTC inherit Bitcoin’s liquidity depth and name recognition, which matters when the agents are interacting with counterparties who may care about the quality of the asset being transferred.

Either way, 8,700 Bitcoin-settled transactions executed by autonomous software in a single quarter is a data point that would have seemed implausible two years ago. The ledger does not lie about whether the transactions happened.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Bitcoin’s Rally to $80K Sends Investor Greed to Highest Level Since the October 2025 Crash

Richard Wyckoff published his market framework before the Great Depression, yet his distribution schematic remains one of the most referenced tools in crypto trading circles. This article breaks down how the method works, where it has appeared in Bitcoin price history, and what it actually tells traders about supply and demand.

Summary

Richard Wyckoff developed his market cycle theory in the early 1900s, dividing price action into four phases: accumulation, markup, distribution, and markdown. The distribution phase contains specific sub-events, including the buying climax, automatic reaction, secondary test, sign of weakness, and last point of supply, each signaling a gradual shift from demand to supply. Volume analysis sits at the center of the Wyckoff method, with traders comparing effort (volume) against result (price movement) to detect when large operators are offloading positions. Bitcoin has displayed patterns consistent with Wyckoff distribution at several major tops, most notably in the first half of 2021 before a 50% drawdown. The method has limits: it does not predict timing or targets, and forcing its schematics onto every chart without confirming volume evidence is one of the most common mistakes traders make. The first thing most people get wrong about Wyckoff analysis is the assumption that it predicts where price will go. It does not. The method was never designed as a forecasting system. It was designed as a reading system, a way to interpret what large, informed participants are doing with their capital based on the relationship between price and volume. That distinction matters because it changes how a trader uses the framework. Instead of drawing lines and waiting for a target, a Wyckoff practitioner watches for behavioral evidence that supply is overwhelming demand, or the reverse.

Who Richard Wyckoff was Richard Demille Wyckoff was born in 1873 and spent his career on Wall Street during one of the most volatile periods in American financial history. He began working as a stock runner at age 15, eventually founding The Magazine of Wall Street in 1907, which grew into one of the most widely read financial publications of the era. He was a contemporary of Jesse Livermore, J.P. Morgan, and Charles Dow, and unlike many of his peers, he focused on educating retail investors rather than profiting from their mistakes.

Wyckoff believed that markets were driven by the activity of what he called the “Composite Man,” a conceptual figure representing the collective behavior of large institutional operators. His core argument was simple: if retail traders could learn to read the footprints left by these operators through price and volume, they could align their trades with the dominant force in the market rather than fighting it.

By the time of his death in 1934, Wyckoff had amassed a body of work that included books, articles, and a detailed correspondence course. The Stock Market Institute later formalized his teachings, and figures like Robert Evans and Hank Pruden carried the method into the late twentieth century. The core principles have survived largely unchanged because they describe something fundamental: the behavior of large participants operating in liquid markets. The Wyckoff method does not rely on indicators, oscillators, or mathematical formulas. It relies on reading the tape, a skill that translates directly into reading candlestick charts with volume data today.

The Wyckoff market cycle Wyckoff divided all market behavior into four repeating phases:

Accumulation occurs when large operators quietly build positions after a prolonged decline. Price moves sideways in a range while volume patterns reveal absorption of supply. Retail sentiment is typically bearish during this phase, which is precisely why informed money can buy at low prices without pushing the market up prematurely.

Markup follows accumulation. Once large operators have built their positions, they allow price to rise, often quickly, as diminished supply meets renewed demand. This is the phase most retail traders recognize and attempt to trade.

Distribution is the mirror image of accumulation. Large operators begin selling their positions to eager buyers near the top of a trend. Price again moves sideways, but this time the underlying dynamic is the transfer of ownership from informed to uninformed participants. Distribution is harder to identify in real time than accumulation because bullish sentiment masks the selling pressure.

Markdown follows distribution. Once large operators have sold enough of their inventory, price falls, sometimes rapidly, as the remaining holders discover that demand has evaporated.

The cycle then repeats. Wyckoff did not claim that every cycle looks identical, but he argued that the underlying logic of supply and demand creates recognizable behavioral patterns at each phase.

Distribution phases in detail Wyckoff and his later students, particularly Robert Evans and Hank Pruden, mapped specific events within the distribution phase. These events appear in a rough sequence, though real markets do not always follow the textbook order perfectly.

Preliminary supply (PSY) is the first sign that selling pressure is entering the market after a prolonged uptrend. Volume increases on a price advance, but the advance stalls or reverses. This event does not confirm distribution on its own. It signals that supply is beginning to appear.

Buying climax (BC) is a sharp, high-volume price spike that typically marks the highest point of the range. Retail enthusiasm peaks, volume surges, and price often gaps or extends rapidly. The key feature of a buying climax is that it occurs on the heaviest volume of the entire uptrend, yet price fails to sustain the advance. Large operators are using the demand created by retail excitement to offload inventory.

Automatic reaction (AR) is the selloff that follows the buying climax. Once the wave of buying exhausts itself, price drops under its own weight. The low of the automatic reaction defines the lower boundary of the distribution trading range.

Secondary test (ST) is a rally back toward the buying climax high on diminished volume. If volume and spread (the size of individual candles) decrease compared to the buying climax, the test confirms that demand is weakening. There can be multiple secondary tests.

Upthrust after distribution (UTAD) is an optional event where price briefly breaks above the buying climax high, trapping breakout buyers before reversing back into the range. Not all distribution ranges produce a UTAD, but when one appears, it is often the final bull trap before markdown begins.

Sign of weakness (SOW) is a decline that breaks below the lower boundary of the range, typically on increased volume. This event confirms that supply is in control. Price may bounce after a sign of weakness, but the character of the market has changed.

Last point of supply (LPSY) is the final weak rally before markdown accelerates. Volume and spread are noticeably lower than earlier rallies within the range. This event represents the last opportunity for large operators to sell remaining inventory before allowing price to fall freely.

Volume analysis in Wyckoff Volume is not decoration in the Wyckoff method. It is the primary diagnostic tool. The core principle is effort versus result: if heavy volume (effort) produces little price movement (result), then the opposing force is absorbing the effort. If light volume accompanies a price move, the move lacks conviction and is likely to fail.

During distribution, traders watch for several volume patterns:

Volume climaxes on up-moves suggest that selling pressure is absorbing buying pressure. Even though price is rising, the extraordinary volume indicates that supply is meeting every bid.

Declining volume on rallies within the trading range confirms that demand is drying up. Each successive test of the highs produces less enthusiasm.

Expanding volume on declines within the range confirms that supply is increasing. Sellers are becoming more aggressive at lower prices.

A volume spike on a break below the range (sign of weakness) confirms that the distribution is complete and markdown is beginning.

One of Wyckoff’s most useful observations is that volume leads price. Changes in volume character often appear one or two events before the price action confirms the shift. This is why experienced Wyckoff practitioners spend more time studying volume bars than candlestick patterns.

Wyckoff applied to Bitcoin Bitcoin’s 24/7 market structure and transparent on-chain data make it an unusually clean canvas for Wyckoff analysis. Unlike equities, which trade in sessions with opening and closing auctions that distort volume profiles, Bitcoin produces continuous price and volume data across global exchanges. On-chain analytics add a layer of confirmation that Wyckoff could never have imagined: the ability to see exactly when coins move from dormant wallets to exchange hot wallets, signaling that holders are preparing to sell. Two episodes stand out.

The 2021 top. Between February and May 2021, Bitcoin traded in a range between roughly $48,000 and $64,000. The April rally to $64,000 occurred on climactic volume across major exchanges, consistent with a buying climax. Price then dropped to approximately $47,000 (automatic reaction) before rallying back toward the highs on lower volume (secondary test). The May breakdown below $47,000 on sharply increased volume matched the sign of weakness event. The subsequent markdown carried Bitcoin to $29,000 within weeks. On-chain data later confirmed that long-term holders had been distributing coins to new buyers throughout the range, adding a data layer that Wyckoff himself never had access to.

The 2024 consolidation. After Bitcoin reached new highs near $73,000 in March 2024, it entered a multi-month trading range. Some analysts identified Wyckoff distribution features in the range, pointing to declining volume on rallies toward the highs. Others argued the pattern more closely resembled re-accumulation, a sideways pause within an ongoing uptrend. This disagreement illustrates an important point: Wyckoff analysis requires patience. The method reveals its answer only after the range resolves. Traders who labeled the range as distribution too early risked exiting before a continuation higher.

Wyckoff vs. modern technical analysis Most popular technical analysis today relies on calculated indicators: moving averages, RSI, MACD, Bollinger Bands. These tools transform raw price data into derivative signals and generate buy or sell triggers based on mathematical thresholds.

Wyckoff analysis works differently. It reads raw price and volume directly, interpreting the behavior of market participants rather than the output of formulas. A Wyckoff practitioner asks “who is buying and who is selling at this price, and is the balance shifting?” An indicator-based trader asks “has RSI crossed above 70?”

Neither approach is inherently superior, but they answer different questions. Indicators excel at standardized, repeatable signals that can be backtested and automated. Wyckoff excels at contextual reading of market structure, identifying when the underlying dynamics of supply and demand are changing before indicators register the shift.

Many traders combine both. They use Wyckoff principles to identify the phase of the market cycle and then use indicators for timing entries and exits within that context. This layered approach avoids the main weakness of each method used alone: indicators without context generate false signals in ranges, and Wyckoff without precision can leave a trader waiting indefinitely for “confirmation.”

There is also a philosophical difference worth noting. Indicator-based analysis assumes that past statistical patterns will repeat in the future. Wyckoff analysis assumes that human behavior around greed, fear, and information asymmetry will repeat. Both assumptions have merit, but the Wyckoff assumption holds up more consistently across different asset classes and time periods because it is rooted in market structure, not in curve-fitting.

Common Wyckoff mistakes Pattern-matching without volume. The most frequent error is identifying Wyckoff schematics based on price structure alone. A sideways range after an uptrend looks like distribution, but without confirming volume evidence, it might be a pause before continuation. The schematics are meaningless without the volume story.

Forcing the framework onto every chart. Not every top is a Wyckoff distribution. Not every bottom is accumulation. Some markets trend without forming recognizable ranges, and some ranges resolve in directions that contradict the expected schematic. Wyckoff himself acknowledged that the method works best in liquid markets with clear volume data. Applying it to illiquid altcoins with questionable volume reporting produces unreliable results.

Labeling events too early. Distribution takes time, often weeks or months. Traders who label a buying climax after one volatile day and then call for markdown the next week are misusing the method. Each event requires confirmation from subsequent price and volume behavior.

Ignoring the broader context. A distribution range that forms within a larger accumulation structure has a different meaning than one that forms after a multi-year bull run. Wyckoff analysis is fractal. The same patterns appear on daily, weekly, and monthly timeframes, and the higher timeframe context overrides the lower timeframe reading.

Treating Wyckoff as a crystal ball. The method identifies conditions under which a certain outcome becomes more probable. It does not guarantee that outcome. Even a textbook distribution schematic can fail if a macro event injects unexpected demand into the market.

What Wyckoff does not tell you Wyckoff analysis does not provide price targets. It identifies phases and events, not destinations. A sign of weakness confirms that distribution is likely complete, but it does not tell you whether markdown will carry price down 20% or 60%.

It does not provide timing. Distribution can last weeks or months, and there is no formula for predicting when the LPSY will appear or when markdown will begin.

It does not work on all assets. Markets with low liquidity, manipulated volume data, or no continuous trading history produce unreliable Wyckoff readings. This is relevant in crypto, where many tokens trade on exchanges known for inflated volume.

It does not replace risk management. Even if a trader correctly identifies a distribution phase, they still need position sizing, stop placement, and a plan for what to do if the analysis is wrong. Wyckoff was explicit about this in his original course: reading the market correctly is only half the job. The other half is acting on that reading with discipline, which means accepting losses when the market does something the analysis did not anticipate.

It also does not account for external catalysts. A regulatory announcement, an exchange hack, or a macroeconomic shock can override any distribution or accumulation pattern. The method reads internal market structure. It does not read the news.

Practical checks for identifying distribution Timeframe selection. Wyckoff analysis works best on daily and weekly charts for major assets like Bitcoin and Ethereum. Lower timeframes (1-hour, 4-hour) produce more noise and more false patterns. Higher timeframes (monthly) provide context but move too slowly for actionable trading.

Volume source. Use volume data from spot exchanges or aggregated across multiple venues. Futures volume can distort the picture because leveraged liquidations create artificial spikes that do not represent genuine supply and demand shifts.

Checklist approach. Rather than trying to identify the full schematic at once, check for individual events sequentially. Has there been a climactic price spike on extreme volume? Did the subsequent selloff define a clear range? Are rallies within the range producing less volume than the initial spike? Each confirmed event adds weight to the distribution thesis.

On-chain confirmation. For Bitcoin specifically, on-chain metrics like long-term holder supply changes, exchange inflows, and realized profit-taking can confirm or deny what the Wyckoff chart suggests. This is a modern advantage that Wyckoff analysts in traditional markets do not have.

Wait for the sign of weakness. The single most important discipline in Wyckoff trading is patience. Distribution is confirmed only when price breaks below the range on convincing volume. Acting before that event means trading a hypothesis, not a confirmed phase.

What to watch Volume divergence on rallies near range highs. If price tests the top of a range on declining volume two or more times, demand is weakening, and distribution becomes more probable.

A sharp break below the range low on expanding volume. This sign of weakness event is the strongest single confirmation that distribution is complete and markdown has begun.

On-chain data showing long-term holders reducing positions. When holders who have not moved coins for over 155 days begin transferring to exchanges, it confirms that informed participants are distributing.

A UTAD that reverses quickly on high volume. A failed breakout above the range that traps buyers and reverses within one to three sessions is often the last event before markdown, and a high-confidence short signal for aggressive traders.

Decreasing spread on successive rallies within the range. When each rally produces smaller candle bodies (spread) on similar or declining volume, the market is telling you that buyers are losing conviction with each attempt to push higher.

What is Wyckoff distribution in simple terms? Wyckoff distribution is a phase of the market cycle where large, informed participants gradually sell their holdings to smaller buyers near the top of a trend. Price moves sideways in a trading range while ownership transfers from strong hands to weak hands. Once the selling is complete, price declines.

How long does a Wyckoff distribution phase last? There is no fixed duration. In Bitcoin, distribution phases at major cycle tops have lasted anywhere from several weeks to several months. The duration depends on how much inventory large operators need to sell and how much buying demand exists to absorb it.

Can Wyckoff analysis predict exact Bitcoin price targets? No. The method identifies phases and events that signal shifting supply and demand dynamics. It does not produce numerical price targets. Traders who use Wyckoff typically combine it with other tools, such as support and resistance levels, Fibonacci extensions, or on-chain data, for target estimation.

Is Wyckoff analysis still relevant in the age of algorithmic trading? Yes. Algorithmic trading has changed the speed at which events unfold, but the underlying dynamics of supply and demand have not changed. Large participants still need to build and exit positions without moving the market against themselves, which creates the same behavioral footprints Wyckoff identified a century ago.

What is the difference between Wyckoff distribution and re-accumulation? Both appear as sideways trading ranges after an uptrend. Distribution leads to markdown (price decline), while re-accumulation leads to further markup (price advance). The difference shows in volume behavior: distribution ranges show increasing volume on declines and decreasing volume on rallies, while re-accumulation ranges show the opposite.

How do you confirm a Wyckoff distribution pattern on Bitcoin? Confirmation requires a sign of weakness: a break below the lower boundary of the trading range on significantly increased volume. Until that event occurs, the range could resolve in either direction. On-chain data showing large holders moving coins to exchanges adds a secondary layer of confirmation.

Does Wyckoff work on altcoins? The method works best on liquid assets with reliable volume data. Major altcoins like Ethereum can produce readable Wyckoff structures. Smaller tokens with low liquidity and potentially inflated exchange volume produce unreliable patterns. Volume data quality is the limiting factor.

What timeframe is best for Wyckoff analysis on crypto? Daily charts offer the best balance between signal quality and actionability for major cryptocurrencies. Weekly charts provide important structural context. Timeframes below 4 hours tend to produce excessive noise and false patterns unless the trader has significant experience with the method. This is educational analysis, not investment advice.

Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency markets carry substantial risk. Always conduct your own research and consult a qualified financial advisor before making investment decisions. Published Aug. 21, 2026.

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.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Top Loser in Binance's 30-Day Live Futures Trading Closes Out Short Positions, Incurring a Net Loss of $3.46 Million

According to on-chain analyst Ai Yi (handle @ai_9684xtpa)’s monitoring, Binance futures live trading account "Jiujiu Jin" ranks first on the platform’s 24-hour, 7-day, and 30-day loss leaderboards. The account once held a short position of 250 BTC with an average entry price of $63,592, and closed the position at an average price of $77,758.91 at 8:15 AM today, incurring a total loss of $3.46 million.

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Jiang Zhuoer: Beware of "serial liquidations" in extreme market conditions, advises using isolated margin mode for high-leverage trading

Jiang Zhuoer, founder of BTC mining pool B.TOP, posted that around 1:10 PM Beijing time today, the entire crypto market experienced a mini flash crash, with BTC, ETH and numerous altcoins seeing notable pin price movements. Even non-crypto assets such as crude oil also synchronized short-term sharp fluctuations. He advised against holding large high-leverage altcoin long positions in a unified account, as under cross-margin mode, a sudden 50% crash in a single coin could lead to insufficient account margin, triggering forced liquidation of other assets in the account. For high-leverage altcoin trading, he recommended using isolated margin mode to separate positions, preventing extreme moves in one coin from affecting the entire account. While isolated margin operations are relatively cumbersome, at minimum, in extreme market conditions, "only one position will be liquidated", reducing the risk of the entire account being wiped out instantly.

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A mysterious crypto whale took advantage of market momentum to offload 7,700 BTC over the past three days.

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Bitmine’s unrealized losses on its Ethereum positions narrowed to $5.408 billion.

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Iraq confirms some oil tankers have obtained passage permits for the Strait of Hormuz.

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In this week’s edition of the weekly recap, Bitcoin climbed above $72,000 as more than $3 billion in leveraged positions were liquidated, President Donald Trump urged Congress to pass a “fair” CLARITY Act, and the SEC proposed new crypto offering exemptions covering raises of up to $75 million.

Summary

Bitcoin crossed $72,000 as more than $3 billion in leveraged positions were liquidated. Trump urged Congress to pass a “fair” CLARITY Act during a White House event. The SEC proposed crypto offering exemptions covering up to $75 million in annual fundraising. Citi plans to launch institutional Bitcoin custody through its Custody+ platform by year-end. Ethereum climbed above $2,400 as U.S. spot Ether ETFs recorded $189 million in inflows. Bitcoin clears $72,000 during $3 billion short squeeze Bitcoin surged from about $64,100 to more than $72,000 as liquidations across major crypto derivatives exchanges exceeded $3 billion on Aug. 19 and 20. Short positions accounted for approximately $2.77 billion, or 92%, of the forced closures. The move followed the U.S. Treasury’s decision to increase the maximum size of long-dated bond buybacks from $2 billion to at least $4 billion per operation. Binance recorded about $518 million in liquidations, while Hyperliquid processed roughly $513 million. Trump urges Congress to approve a fair CLARITY Act Trump called for a “fair version” of the CLARITY Act during an Aug. 19 White House event attended by executives from Coinbase, Gemini, Ripple, Chainlink Labs and other technology companies. The bill would divide oversight of the U.S. digital asset market between the SEC and CFTC. Senate negotiations remain divided over ethics provisions, decentralized finance and stablecoin rewards ahead of a Sept. 15 procedural vote requiring 60 votes. SEC proposes crypto exemption for raises up to $75 million The SEC proposed two registration exemptions under Regulation Crypto Assets. One pathway would allow eligible issuers to raise up to $5 million over four years, while another would cover up to $75 million during a 12-month period. The proposal also includes a conditional safe harbor that could allow a crypto asset to exit investment-contract treatment after meeting specified conditions. Stakeholders have 60 days to comment, meaning the framework has not taken effect. Citi prepares institutional Bitcoin custody service Citi unveiled its Custody+ platform and said it expects to begin offering institutional digital asset custody later in 2026, starting with Bitcoin. The bank has not disclosed a precise launch date or named participating clients. Custody+ will place cryptocurrency and traditional securities within a shared framework that also supports real-time settlement, liquidity services and market information. Citi said more than 80% of its asset-servicing events are already processed in real time. CFTC prepares crypto rules despite congressional uncertainty CFTC Chair Michael Selig said crypto market structure work would continue even if Congress fails to pass the CLARITY Act. The agency has prepared proposals, although Selig did not identify their content or publication dates. Existing law allows the CFTC to regulate derivatives and pursue fraud in spot commodity markets. Congress would still need to expand the agency’s authority before it could routinely supervise crypto spot exchanges under the broader framework envisioned by the bill. Ethereum reaches $2,448 as ETF inflows return Ethereum rose above $2,400 after gaining more than 20% during the week. ETH reached an Aug. 21 intraday high near $2,448 as short liquidations, broader risk appetite and spot ETF demand supported the breakout. U.S. spot Ether ETFs attracted $189 million on Aug. 19, their highest daily inflow since October. The daily relative strength index reached 86; however, placing ETH in overbought territory as it approached resistance around $2,450. XRP gains 17% as Ripple backs XRPL amendment XRP gained 17% and reached an intraday high of $1.43 as Ripple voted in favor of the PermissionDelegationV1_1 amendment. U.S. spot XRP ETFs recorded $13.24 million in daily net inflows. Seven of the 35 validators on the XRP Ledger’s default Unique Node List supported the amendment at the latest count. The proposal must maintain support above 80% for two continuous weeks before it can become active. Ethena rises 65% following $1 billion FalconX deal Ethena’s ENA token gained about 65% during the week and reached an intraday high near $0.145 after Ethena and FalconX opened a $1 billion overcollateralized lending facility using assets backing USDe. Bullish comments from BitMEX co-founder Arthur Hayes also supported demand, according to crypto.news. ENA’s four-hour relative strength index reached 93.97, indicating that the rapid rally had moved into heavily overbought territory. Securitize launches tokenized high-yield fund Securitize launched the HINC tokenized fund with Neuberger serving as subadvisor. The fund will invest mainly in high-yield bonds while also permitting exposure to collateralized loan obligations and leveraged loans. Tokenized fund interests will be issued across Avalanche, Ethereum, Solana and Sui. Access will remain limited to accredited investors and qualified purchasers who complete Securitize’s identity and compliance checks. FASB proposes stablecoin cash-equivalent treatment The Financial Accounting Standards Board proposed three conditions that could allow U.S. companies to present qualifying stablecoins as cash equivalents without changing the existing definition under generally accepted accounting principles. Eligible stablecoins would require direct on-demand redemption rights and one-to-one reserves held in segregated accounts containing short-term, highly liquid assets. The proposal remains open for public comments until Nov. 19. Swift connects two bank tokenized deposit systems Swift, HSBC and Standard Chartered completed the first live interbank transaction on Swift’s blockchain-based ledger, connecting the banks’ separately operated tokenized deposit platforms. The ledger matched and netted payment obligations before final settlement occurred through existing banking systems. Seventeen banks across six continents have joined Swift’s broader pilot, but the organization has not announced a commercial launch date. X considers USDC for creator payments Elon Musk’s X is considering USDC and other stablecoins as possible payment methods for creators while preparing to replace its existing revenue-sharing program. X has not selected a token or confirmed that stablecoin payments will launch. The platform’s Original Content Rewards program is scheduled to replace Revenue Sharing on Sept. 8. Solana Company opposes inflation and fee proposals Nasdaq-listed Solana Company supported Solana’s proposed constitution but opposed separate plans to accelerate disinflation and change network fees. Voting on the first three Solana Governance Proposals was scheduled to begin Aug. 22. The disinflation proposal could reduce projected issuance by 18.9 million SOL over six years. Solana Company said changing staking and fee rules could discourage institutions, although successful governance votes would guide policy rather than activate the proposals automatically.

Ray Dalio, founder of Bridgewater Associates and a billionaire investor, stated that the rapid increase in global debt poses a growing risk for investors, and that more weight should be given to assets such as gold and Bitcoin.

According to Dalio, recent movements in the US Treasury bond market indicate that the long-term “Big Debt Cycle” has entered its advanced stages. As government borrowing increases, more bonds are being supplied to the market, but investor demand is not increasing at the same rate, putting pressure on interest rates and currencies.

The renowned investor argued that if debt burdens continue to rise, governments may face two difficult choices. The first is to keep interest rates high to increase demand for bonds, thereby suppressing economic growth. The other option is for central banks to create more money, resulting in a weakening of the purchasing power of currencies.

Dalio stated that the US federal debt has reached approximately $32 trillion, with annual interest payments amounting to around $1 trillion. He predicted that if current trends continue without significant policy changes, the US debt could rise to $55-60 trillion within the next 10 years.

In this risky environment, Dalio advises investors to diversify their portfolios across different asset classes and countries, particularly emphasizing the need to invest in economies with strong income structures and robust balance sheets. He suggests reducing the weight of debt instruments like bonds in portfolios, while conversely increasing positions in gold and a limited amount of Bitcoin.

Dalio argued that allocating approximately 10-15% of a portfolio to Bitcoin could reduce overall risk and positively impact returns. Regarding Bitcoin, he adopted a more cautious approach, recommending that only a small portion of the portfolio be allocated to it.

*This is not investment advice.

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Top Loser in Binance's 30-Day Live Futures Trading Closes Out Short Positions, Incurring a Net Loss of $3.46 Million

According to on-chain analyst Ai Yi (handle @ai_9684xtpa)’s monitoring, Binance futures live trading account "Jiujiu Jin" ranks first on the platform’s 24-hour, 7-day, and 30-day loss leaderboards. The account once held a short position of 250 BTC with an average entry price of $63,592, and closed the position at an average price of $77,758.91 at 8:15 AM today, incurring a total loss of $3.46 million.

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Jiang Zhuoer: Beware of "serial liquidations" in extreme market conditions, advises using isolated margin mode for high-leverage trading

Jiang Zhuoer, founder of BTC mining pool B.TOP, posted that around 1:10 PM Beijing time today, the entire crypto market experienced a mini flash crash, with BTC, ETH and numerous altcoins seeing notable pin price movements. Even non-crypto assets such as crude oil also synchronized short-term sharp fluctuations. He advised against holding large high-leverage altcoin long positions in a unified account, as under cross-margin mode, a sudden 50% crash in a single coin could lead to insufficient account margin, triggering forced liquidation of other assets in the account. For high-leverage altcoin trading, he recommended using isolated margin mode to separate positions, preventing extreme moves in one coin from affecting the entire account. While isolated margin operations are relatively cumbersome, at minimum, in extreme market conditions, "only one position will be liquidated", reducing the risk of the entire account being wiped out instantly.

9 minutes ago

A mysterious crypto whale took advantage of market momentum to offload 7,700 BTC over the past three days.

According to Lookonchain’s monitoring, a mysterious whale has sold 2,700 BTC again, valued at roughly $211.8 million. The whale has sold a total of 7,700 BTC over the past three days, totaling around $576.6 million.

9 minutes ago

Bitmine’s unrealized losses on its Ethereum positions narrowed to $5.408 billion.

According to the latest holding data from Bitmine, the treasury firm holds a total of 5,815,164 Ether (ETH), with an average cost basis of $3,366 per ETH. At the current ETH price of $2,436, the total unrealized loss on its holdings has narrowed to $5.408 billion, after previously exceeding $10 billion at one point.

9 minutes ago

Iraq confirms some oil tankers have obtained passage permits for the Strait of Hormuz.

According to Al Arabiya TV, the Iraqi President stated: "We discussed with Iranian Parliament Speaker Mohammad Bagher Ghalibaf the issue of re-examining relations between Baghdad and Tehran. Currently, some ships carrying Iraqi oil have indeed been allowed to pass through the Strait of Hormuz. Given the current situation, I believe the United States wants to reach an agreement to end its conflict with Iran. It must be noted that we are among the countries most deeply affected by the war, and the government is doing its utmost to avoid getting involved in it." (Jinshi)

9 minutes ago

Bitcoin Just Flipped a Months-Long S&P 500 Trend: Here’s What Changed

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Table of contents

The Treasury market has spent recent weeks forcing investors to reconsider an old assumption: government bonds can always anchor a portfolio when growth slows. Ray Dalio is framing that repricing as a late-cycle debt problem rather than a normal rate move.

In the original report, the Bridgewater founder tied the latest U.S. Treasury moves to the late stage of a “Big Debt Cycle.” The setup he described is simple enough. Debt supply is rising, demand for government bonds is weakening, and currencies are starting to feel the pressure.

The numbers Dalio cited are stark on their own. Federal debt has reached about $32 trillion, with annual interest payments near $1 trillion. Without major adjustments, he projected the debt load could climb to $55 trillion or $60 trillion over the next decade. That path leaves policymakers with two unpleasant options: higher interest rates that slow the economy or central bank money creation that devalues the currency.

Dalio’s allocation answer is to reduce bond exposure and add assets that can hold up better against debt and currency devaluation. Gold remains the main defensive trade. Bitcoin gets a small role, which is the most important detail for crypto markets. This is not a call to dump Treasuries into bitcoin. The sizing matters, but the fact that the asset is being treated as a legitimate debt hedge by a macro investor of Dalio’s weight is a different signal from the usual retail flow story.

The Treasury Signal Has Changed For years, a Treasury selloff could be explained as a growth trade. If the economy was strong, yields rose and risk assets could tolerate the move. Dalio’s framing is less comfortable. The current pressure reflects supply and demand for the debt itself, and that changes the role bonds play in a portfolio.

When a government faces rising debt burdens, the policy choice eventually narrows. Higher rates can crush growth and tax receipts. Printing money can ease the short-term fiscal strain but pushes the currency lower. Neither outcome is friendly to long-duration bonds, and that is exactly why Dalio is telling investors to reduce exposure.

The shift matters beyond Bridgewater’s own positioning. It lands as institutions are already working to settle government debt on blockchain rails. Tokenized real-world assets crossed $20 billion in a week that included live Treasury settlement tests, making the debt question less abstract for crypto market structure. The concern about government paper and the push toward tokenized alternatives are not the same trade, but they draw from the same underlying anxiety.

What a Small Bitcoin Allocation Leaves Open The main uncertainty is not whether bitcoin belongs in a defensive basket. The deeper question is how it behaves if the debt stress Dalio describes actually accelerates. Bitcoin has not traded through a full sovereign debt crisis in the United States, and liquidity conditions can still make it move like a risk asset during sharp selloffs.

That is why the small allocation matters. Dalio’s recommendation is closer to an insurance position than a wholesale shift. It also fits the pattern of macro investors adding bitcoin as a portfolio diversifier rather than replacing gold. Gold carries the larger defensive weight because it has a longer history in that role.

Washington has not settled the regulatory frame for crypto either. Banking interests are trying to reshape a major crypto bill days before a Senate vote, and that fight could determine how easily institutions can hold bitcoin and other assets. A macro recommendation is one thing; the plumbing and policy around access are still being negotiated.

Beyond the Allocation Headline Bitcoin’s role as a debt hedge is only part of the story. The underlying networks still have to attract developers and users for the long-term case to hold. Developer activity remains concentrated in Ethereum, BNB Chain, and Polygon, which points to a different kind of competition for capital than the one Dalio is describing.

The Treasury market has already absorbed the warning. What comes next depends on whether the debt projections start to force a real fiscal adjustment, and whether macro allocators treat bitcoin as a small hedge or a crowded one. For now, the signal is hard to miss: government bonds are losing their default status in the traditional allocation playbook.

AUTHOR

Entrepreneur and freelance writer based in Nakuru, Kenya. I cover cryptocurrency, the Blockchain technology, and financial topics. It’s my joy to transform the simplest phrases in a way they reach a reader’s heart to help them discover how crypto is disrupting the world as we have known it. I believe in transforming the world, one word at a time.

Vice President JD Vance appeared on Newsmax’s Carl Higbie Frontline on August 20, 2026, hours after the U.S. national debt crossed $40 trillion.

Host Carl Higbie pressed Vance on whether a crypto reserve, one that could include Bitcoin, XRP, and other digital assets, might help chip away at the ballooning debt.

Vance did not endorse using any specific coin to offset the figure. However, his appearance has reignited investor attention on Washington’s digital asset posture at a critical moment for policy.

Vance Outlines Bessent’s Growth Plan, Not a Crypto Debt Swap Speaking directly to Higbie’s question, Vance pointed to Treasury Secretary Scott Bessent’s economic roadmap.

“He has had a very discreet plan, of course, supported by the president, to get the United States to a point where our economy is growing faster than our debt,” Vance told Newsmax.

The VP also cited nearly $19 trillion in projected foreign investment over the next decade as part of the administration’s fiscal strategy.

He acknowledged the debt level is “too high.” Yet he framed the path forward through GDP growth and tariff revenue, not through a crypto reserve mechanism.

Bessent echoed the view separately on CNBC, saying “there’s nothing magic about the $40 trillion number, and we can grow our way out of that.”

The XRP mention in Higbie’s question traces to Trump’s own 2025 statements naming XRP, Bitcoin, and other assets as potential components of a digital asset stockpile.

Vance himself flagged Bitcoin as a strategic asset for the U.S. at the Bitcoin 2025 conference in Las Vegas, where he also championed stablecoin legislation as a “force multiplier” of American economic might.

Meanwhile, concerns over the debt are far from limited to crypto circles.

Investor Ray Dalio has pointed to gold and Bitcoin as hedges worth watching, with the U.S. debt crisis increasingly shaping macro sentiment across traditional and digital markets.

XRP Rides a Wave of Policy Momentum Into the Debt Conversation The Newsmax segment arrives just days after one of the most consequential weeks for XRP in recent memory.

On August 19, Ripple CEO Brad Garlinghouse joined President Trump, SEC Chair Paul Atkins, and CFTC Chair Michael Selig at a White House crypto summit.

The meeting centered on advancing the CLARITY Act, the landmark digital asset market-structure bill facing a pivotal September 15 Senate vote.

That summit came shortly after Ripple and Coinbase CEOs spotlighted the CLARITY Act’s progress in Washington briefings, a sign of growing institutional alignment between Ripple’s regulatory agenda and the administration’s broader crypto framework.

Market participants are also tracking fresh institutional signals. Goldman Sachs recently reclaimed its position as the largest XRP ETF holder, underscoring the depth of institutional demand.

XRP surged over 16% in 24 hours and 51% across the past week at the time of writing, reflecting market sensitivity to any policy signal that involves the asset.

Coingecko XRP Price For investors, the Vance interview is less a policy commitment and more a signal of direction.

The administration’s pro-crypto posture, built through summits, legislation, and reserve discussions, continues to normalize XRP as a politically visible asset.

Whether Washington formalizes any reserve mechanism or not, XRP is now a recurring name in the rooms where U.S. fiscal policy is being shaped.

From on-chain data to charting, explore these free crypto tools every investor should know.

5 hours ago

According to Farside's monitoring, U.S. spot Bitcoin ETFs posted a net inflow of $307.5 million yesterday, marking five consecutive trading days of robust net inflows. In the same period, U.S. spot Ethereum ETFs saw a net inflow of $184 million, extending their streak to seven straight trading days of net inflows.

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Tether’s planned Bitcoin mining expansion in Uruguay has collapsed after an electricity supply dispute with state utility UTE left two facilities without enough power, ending a project estimated to have cost around $120 million.

Summary

Tether invested an estimated $120 million across two Bitcoin mining sites in Uruguay’s Florida department. A dispute with state utility UTE over electricity allocations left the facilities without enough power to operate consistently. UTE disconnected the mining sites in July 2025 after contract negotiations failed and electricity bills went unpaid. Tether has continued investing in Bitcoin mining elsewhere, including renewable energy projects in Brazil and mining infrastructure. Reuters has reported that Tether abandoned two mining sites in Uruguay’s Florida department after disagreements over electricity allocations disrupted operations and eventually led its local entity, Microfin, to terminate contracts with UTE.

The project had been presented in 2023 as Tether’s first major Bitcoin mining venture in South America, with Uruguay serving as a testing ground before potential expansion into Brazil, Paraguay and Argentina. A former contractor told Reuters that Tether spent roughly $60 million on each of the two sites.

Tether did not disclose an investment figure when it announced the Uruguay operation in May 2023, describing the country as the “perfect platform” because of its renewable energy supply and reliable electricity grid.

By late 2025, however, crypto.news reported that the company had informed Uruguay’s labor authorities that it would cease local operations and had laid off 30 of its 38 employees. More than $100 million had already been spent at the time, while another $50 million had been earmarked for infrastructure that was expected to pass to UTE and Uruguay’s National Interconnected System.

Tether Bitcoin mining plans ran into an electricity supply dispute At the core of the failed project was a disagreement over how much power Microfin could draw from UTE, according to two former Tether contractors and a source at the state utility cited by Reuters.

Tether understood a provision in its electricity contract as setting a minimum power allocation that could later be increased, one former contractor said. UTE interpreted the same amount as the maximum level available under the agreement.

As demand at the mining facilities increased, the difference became critical. One former contractor told Reuters that the sites sometimes lacked enough electricity to operate for days at a time.

UTE sources also said the dispute concerned the electricity allocation available to Microfin, which operated locally on Tether’s behalf.

An internal UTE briefing reviewed by Reuters showed that the disagreement was already underway by November 2024. Tether and Microfin did not respond to the news agency’s requests for comment about the contract.

Political changes later complicated negotiations, according to people familiar with the discussions. Uruguay’s new left-leaning government took office in March 2025 and appointed new directors at UTE, after which the utility adopted a firmer position on renegotiating the electricity agreement, one former contractor told Reuters.

Two months later, Microfin stopped paying electricity bills. The company informed UTE in June 2025 that it intended to terminate its contracts, according to the utility’s internal briefing.

The two sides still attempted to preserve the project. UTE’s board approved a memorandum of understanding and revised contract documents, but Tether representatives did not attend the scheduled signing, minutes included in the briefing showed.

With the agreement unsigned and bills outstanding, UTE disconnected electricity to the facilities on July 25. Earlier reporting put the unpaid balance connected to the two sites at roughly $5 million.

Microfin eventually settled the outstanding debt in December, UTE told Reuters.

Uruguay was intended as the first step into South America Tether had initially viewed Uruguay as an entry point for a much larger regional mining operation, according to a former contractor who worked with the company.

The country offered political stability, established infrastructure and an electricity system powered heavily by renewable sources, while the Florida facilities allowed the company to test its mining model before committing more capital elsewhere.

Tether CEO Paolo Ardoino and chairman Giancarlo Devasini have also been frequent visitors to the coastal resort of Punta del Este, industry sources told Reuters. The city has attracted wealthy foreign residents and technology investors, including billionaire Peter Thiel, who is building a reported $10 million residential compound nearby.

Early operations at Tether’s facilities generated revenue and were initially well managed, according to two former contractors. A February 2024 company video showed rows of mining buildings surrounded by farmland and wind turbines, with internal roads carrying crypto-themed names including “Memepool Avenue” and “Halving Street.”

The Uruguay exit has not ended Tether’s mining activity elsewhere in the region. In July 2025, the company signed a mining agreement with Latin American agricultural producer Adecoagro to use renewable electricity for Bitcoin mining in Brazil.

Adecoagro had more than 230 megawatts of renewable generation capacity at the time and planned to use mining to monetize surplus electricity. Its CEO Mariano Bosch said the arrangement could help secure pricing for energy normally sold on the spot market while giving the company exposure to Bitcoin.

Ardoino said at the time that the Brazil project formed part of Tether’s commitment to renewable-powered mining.

Tether keeps investing in Bitcoin mining infrastructure Mining remains part of Tether’s investment strategy despite the Uruguay withdrawal.

Ardoino said at an industry conference last year that the company had invested more than $2 billion in energy production and Bitcoin mining, according to Reuters.

Tether has also put capital into mining-related companies. In June, it sold 627,000 shares in Bitdeer for about $12.7 million but retained a 19.7% stake in the Bitcoin mining and AI infrastructure firm. The shares were sold at roughly $20 each.

Its involvement now extends to the software used to run mining operations. Tether released MiningOS as open-source software in February 2026, giving operators a system designed to manage installations ranging from small home setups to large industrial sites.

The company followed that release with an open-source Mining Development Kit in April, providing developers with tools for controlling and automating mining hardware through a common software framework.

Those investments are funded partly through profits generated by Tether’s stablecoin business. The company controls about $183 billion worth of stablecoins, Reuters reported, while assets backing its tokens have made it one of the world’s largest holders of U.S. government debt.

Tether reported $1.04 billion in net profit for the first quarter of 2026, with total assets of $191.77 billion and liabilities of $183.54 billion, according to its quarterly attestation. Its exposure to U.S. Treasuries stood at about $141 billion.

Profits from the stablecoin operation have also been deployed into data centers, video platform Rumble, brain-computer interface businesses and Italy’s Juventus football club, Reuters reported.

Bitcoin mining economics have pushed operators toward AI The Uruguay shutdown has occurred during a difficult period for Bitcoin miners, whose revenue was hit by the April 2024 halving and later pressure on Bitcoin prices.

The halving cut the block subsidy paid to miners in half, forcing operators to rely on more efficient machines, cheaper electricity, or alternative uses for their power and data center infrastructure.

By mid-2026, hashprice, a measure of miner revenue generated per unit of computing power, had fallen into the high-$20 range per petahash per day, while older machines faced estimated breakeven levels of about $35, according to research on miner finances published in July. Public mining companies sold more than 32,000 BTC during the first quarter of 2026 as financial pressure increased.

Some operators have increasingly allocated power and facilities to artificial intelligence and high-performance computing. A June analysis found that public Bitcoin miners had secured more than $70 billion in AI and HPC contracts, while a tracked basket of mining shares had risen more than 50% in 2026 despite Bitcoin falling about 17% over the measured period.

Tanay Ved, senior research analyst at Talos, told Reuters that miners have responded to tighter economics by buying more efficient hardware, finding cheaper sources of electricity or redirecting computing infrastructure toward AI and high-performance workloads.

Mining specialist Nicolas Ribeiro said Uruguay’s reliable grid and internet connectivity could make the country better suited to AI data centers, while relatively expensive electricity weakens the economics of Bitcoin mining.

“Uruguay isn’t viable for mining — that’s the reality,” Ribeiro said.

Table of contents

Tether, the company behind the world’s largest stablecoin, spent roughly $120 million on two bitcoin mining sites in Uruguay that were ultimately abandoned after a dispute with the state utility over electricity supply, a Reuters review of documents and interviews has found.

A “perfect platform” that soured In May 2023, Tether announced it would launch bitcoin mining operations in Uruguay, calling the country the “perfect platform” for its abundant renewable energy, without disclosing an investment value. It set up two sites in the rural department of Florida, spending roughly $60 million on each, according to a former Tether contractor.

The project was intended as a “first step” for Tether’s mining push across South America, serving as a testing ground before the company moved into bigger markets such as Brazil, Paraguay and Argentina. Tether has since announced mining investments in Brazil.

The dispute over power The project began to unravel over a fundamental disagreement about electricity with state utility UTE. Tether believed a clause in its contract represented a minimum level of supply that could later be increased, while UTE treated the contracted amount as a maximum that could not be exceeded, a former contractor said.

The dispute had begun by November 2024. After a left-leaning government took office in March 2025 and appointed new UTE directors, the utility took a harder line on renegotiating. In May 2025 Tether’s local entity, Microfin, stopped paying its electricity bills and told UTE in June it would terminate its contracts. UTE cut power to the sites on July 25, and Tether told Uruguay’s labor authorities on November 25 that it would cease operations and lay off most staff. Microfin settled its outstanding debts in December.

Mining economics get harder Tether did not respond to requests for comment. The collapse shows how the basic economics of bitcoin mining — turning cheap energy into crypto profits — have weakened after a pre-programmed “halving” of bitcoin rewards in April 2024 and a sharp drop in the cryptocurrency’s price from its 2025 peak.

Tether controls around $183 billion of stablecoin and has said it invests in a portfolio worth roughly $20 billion, including energy and mining. Pete Howson, an assistant professor at Northumbria University, described bitcoin mining’s “hypermobile” nature: “This plug-and-play infrastructure is very easy to do — literally pulling the plug and then move it to somewhere else.”

AUTHOR

Mysterious crypto writer with expertise in blockchain, offering deep insights that captivate and intrigue readers. With a unique ability to uncover hidden insights and trends, Samuel delivers in-depth analysis and thought-provoking content that keeps readers on the edge of their seats. His writing style is engaging and informative, blending technical knowledge with a sense of intrigue, making complex crypto topics accessible to both newcomers and seasoned industry professionals. Samuel’s work continues to capture the attention of the crypto community, solidifying his reputation as a trusted voice in the space.

It has been suggested that the surge in Bitcoin this week was driven more by intense short liquidations in Binance futures trading than by strong buying in the spot market.

According to CryptoQuant analyst BorisD, Binance’s “Short Squeeze” indicator has risen to 6.94, reaching its highest value since November 2024. This data suggests that the upward movement in Bitcoin is largely driven by the forced closing of short positions.

The liquidation or closure of short positions by investors can create forced buying pressure in the market, causing the price to rise rapidly in a short period. However, the sustainability of such movements depends on whether spot investor demand kicks in after the short squeeze effect subsides.

BorisD stated that Bitcoin could face a pullback if the current rally is not supported by spot buying. According to the analyst, the lack of sustained buyers in the market when the momentum from the closing of short positions weakens could lead to a reversal of some of the recent gains.

*This is not investment advice.

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Jim Cramer says he sold all Bitcoin holdings amid quantum computing concerns

Pakistan has announced a new regulatory framework for crypto after banning the asset class for close to a decade, 

Announcing the news in an X post Friday, Bilal Bin Saqib, the special assistant to the prime minister on blockchain and cryptocurrency, invited foreign businesses to come to the country and set up shop.  

Pakistan’s Virtual Assets Act introduces the country’s first comprehensive legal framework for overseeing virtual assets and the businesses that operate in this space. 

8 years of prohibition end today.

Chairman PVARA @BilalBinSaqib announces the notification of the Licensing Regulations and the opening of the licensing portal, and sets out what licensing requires of providers and what it guarantees consumers.

Get licensed. Get compliant. Come… pic.twitter.com/STVPsoX1so

— Pakistan Virtual Assets Regulatory Authority (@PakistanVARA) August 21, 2026 “For approximately a decade, Pakistan’s answer to virtual assets was complete permission and complete ban — but history tells us that technology never waits for permission,” Bin Saqib said. 

He added: “To the companies watching Pakistan from outside, the front door is open for you. Come, get licensed. Come, get banked. Come, build here under rules that are clear, public and enforceable.” 

In a separate post, Bin Saqib said that the country now has “the rules, the regulator and the licensing framework to bring virtual assets into the formal economy, protect consumers and build the foundation for the next generation of financial infrastructure.”

Pakistan’s virtual Assets Act was approved by the senate earlier this year and then signed into law by President Asif Ali Zardari. Friday’s announcement indicates that licensing regulations are now in place. 

Pakistan has made a crypto-friendly pivot in recent years. In 2025, plans to launch a national strategic Bitcoin reserve were announced at the Bitcoin 2025.

Before that, the country announced that it was allocating 2,000 MW of surplus electricity to Bitcoin mining and AI data centers in an initiative aimed at generating revenue, creating jobs, and attracting foreign investment, according to the Pakistani government.

The country has played an important part as a mediator between the U.S. and Iran. A relationship started forming between the two after it became an affiliate of Trump-backed crypto project, World Liberty Financial. 

Weeks after President Donald Trump’s return to power last year, WLF leaders went to Islamabad to meet with Pakistan’s prime minister. 

Mathew Di Salvo

Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.

10 hours ago

The Hyperliquid Policy Center released a new research report stating that perpetual contracts act as an effective complement to traditional delivery futures. By analyzing weekend trading data of 205 Bitcoin and 19 on-chain crude oil contracts, the report found that perpetual contracts eliminate forced rollover costs, lower the crude oil trading threshold to 1/100 of that of traditional WTI, and deliver accurate price discovery functions during non-trading hours of traditional markets. The policy center also cited data to prove that the growth of the perpetual market has not caused statistically significant harm to existing benchmark markets.

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In brief Coinkite released new Coldcard firmware after a seed-generation flaw exposed users to more than $100 million in Bitcoin thefts. Coldcard now requires users to add randomness through key presses, dice rolls, or coin flips when generating new seeds. A three-week review also uncovered issues involving transaction signing, USB connections, backups, and other wallet functions. Coldcard maker Coinkite has released a security overhaul for its Bitcoin hardware wallets after a seed-generation flaw allowed attackers to steal more than $100 million in Bitcoin.

In a blog post on Thursday, Coinkite urged Coldcard Mk4, Mk5, and Q users to upgrade to firmware 5.6.1 or 1.5.1Q. The release follows a three-week review of Coldcard's systems that included outside security researchers and AI models including Kimi.

Myriad: Bitcoin price next move? Click to make your prediction.“We are grateful to the security researchers who went above and beyond over the past weeks, reporting issues, reproducing edge cases, and reviewing our fixes,” the company wrote. “Their work put this firmware under intense, sustained scrutiny and made this release stronger.”

In July, attackers began draining Bitcoin from air-gapped Coldcard wallets after exploiting a firmware flaw dating to 2021 that generated some wallet seeds with too little randomness, making their private keys easier to guess. The first attack drained 594 BTC, worth about $38 million, from roughly 500 wallets in 25 minutes.

Coinkite suggested that the attackers may have used AI to examine older versions of its open-source firmware and uncover the flaw.

By early August, Galaxy Research had tracked roughly $88.6 million stolen across 4,585 addresses and said the attacks appeared deliberate, programmatic, and potentially orchestrated using a large language model.

The research company continued tracking losses and by August 14 said attackers had stolen more than 1,778 BTC, worth roughly $112 million at the time, across three major attack waves and dozens of smaller incidents.

All told, the Coldcard exploit has now resulted in roughly $130 million in stolen Bitcoin and raised questions about entropy—the randomness used to generate wallet keys. On some affected devices, the flaw reduced security from 128 bits of entropy to roughly 40 bits, making wallet seeds easier for attackers to guess without physical access to the device.

Coinkite said it fixed issues involving transaction signing, USB data handling, firmware validation, Delta Mode, and wallet backups. Coldcard now also requires users to add randomness when generating a wallet seed using at least 65 key presses, 50 dice rolls, or 128 coin flips, which the device combines with its own randomness.

The hardware wallet maker also replaced its Yasmarang backup pseudo-random number generator with SHA-256 Hash_DRBG and added checks intended to catch failures in the hardware random number generator. Users who may have generated seeds on affected versions between 2021 and July 2026 must create a new seed using updated firmware and move their Bitcoin, the company said.

More than seed generation

Coldcard now checks a partially signed Bitcoin transaction, or PSBT, immediately before signing it. Previously, a compromised computer connected over USB could theoretically change a transaction after the user reviewed it but before the Coldcard signed it.

The updated firmware stops the signing process and displays a warning if the transaction has changed. Coinkite described the issue as theoretical and did not say it had been exploited.

Coinkite also tightened USB data access, hardened Delta Mode, and changed how Coldcard handles wallet backups.

While AI has played a role in patching vulnerabilities, it also plays a role on both sides of cybersecurity and cryptography.

Myriad: Will Strategy hold over 1M BTC? Click to make your prediction."We're treating this as a serious reminder of how the whole security model of a hardware wallet lives or dies on randomness," Ledger CTO Charles Guillemet told Decrypt. "Cryptography is hard and implementing it securely is harder. This week's Coldcard incident made that visible in the most expensive way possible."

Earlier this month, swap service Boltz suspended operations after saying AI-assisted attackers were finding bugs faster than its developers could fix them. A volunteer Bitcoin Red Team also used AI agents to identify thousands of potential vulnerabilities across hundreds of Bitcoin projects.

Coinkite said the investigation into the thefts remains ongoing as affected customers continue moving funds to new wallets.

“Law enforcement authorities continue investigating the thefts and are working to identify those responsible,” Coinkite said. “We remain available to assist, and authorities are keeping us informed of material developments,” adding that the company “remain committed to supporting every customer working through their migration until it’s done.”

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Bitget CEO Gracy Chen has put the chance of the U.S. government buying Bitcoin for its strategic reserve before President Donald Trump leaves office at close to zero.

Summary

The U.S. reserve holds an estimated 198,000 BTC obtained mainly through forfeiture proceedings. Trump’s order permits additional acquisitions only through strategies that impose no extra taxpayer costs. Chen said active purchases would require a much larger policy decision and political debate. The no-sale rule removes potential government supply but does not create direct market demand. Speaking in a recent interview, Bitget CEO Gracy Chen said the U.S. government is unlikely to begin buying Bitcoin for its strategic reserve within the next two years.

“From a policy perspective, it’s probably unlikely,” Chen said. “I just don’t see it coming right now.”

Chen said buying Bitcoin would require a more substantial policy decision than retaining assets already controlled by the government. Lawmakers and political parties would need to debate how any purchase program would work, particularly if public money or changes to federal accounting were involved.

Her assessment places the focus on the reserve’s funding rules rather than the administration’s public support for crypto. Trump created the reserve in March 2025, but the order did not provide money for regular purchases on exchanges.

Bitcoin reserve rules limit direct government purchases President Trump signed the March 2025 executive order establishing the Strategic Bitcoin Reserve and the U.S. Digital Asset Stockpile on March 6, 2025.

Under the order, the Treasury Department must maintain custodial accounts for Bitcoin that has been finally forfeited through criminal or civil proceedings or received through civil penalties. Federal agencies were also instructed to review their holdings and report eligible assets to the Treasury.

Bitcoin transferred into the reserve “shall not be sold,” according to the order, although existing laws allow exceptions for court orders, victim restitution, law enforcement operations and certain asset-forfeiture requirements.

The White House did not completely prohibit the government from obtaining more BTC. Instead, the order directed the Treasury and Commerce departments to develop acquisition strategies that are budget-neutral and impose no additional costs on taxpayers.

No funding mechanism or purchase schedule accompanied the directive. Any plan involving new federal spending would require congressional authorization, while alternatives such as revaluing U.S. gold certificates would face separate legal and political hurdles.

An August reserve policy explainer from crypto.news said gold revaluation has been discussed as one possible funding route. Federal Reserve gold certificates are recorded at a statutory price of $42.22 per ounce, far below the metal’s market value, but using the difference to finance Bitcoin purchases would require legislation.

The reserve removes supply without adding demand Public estimates have commonly placed U.S. government holdings near 198,000 BTC, equal to about 1% of Bitcoin’s circulating supply. The estimate includes coins connected to major forfeiture cases, though the government has not released a complete public audit confirming how much BTC has been finally forfeited and is eligible for the reserve.

The distinction between seized and forfeited assets matters because the government does not necessarily own every coin held in a federal wallet. Seized assets may remain subject to court proceedings, restitution claims, or eventual return to victims, while finally forfeited assets can become federal property.

At Bitcoin’s recent price near $78,000, a 198,000 BTC position would be worth about $15.4 billion. Its main market effect comes from the order’s prohibition on sales rather than an expected stream of government purchases.

Before Trump established the reserve, the U.S. Marshals Service regularly auctioned Bitcoin obtained in criminal cases. The government sold about 195,000 BTC before the reserve order, according to White House estimates, and administration officials argued that earlier sales cost taxpayers billions of dollars in unrealized gains.

Removing a large federal position from potential sale reduces one known source of market supply. It does not provide the recurring demand that would come from Treasury purchases made at set intervals or price levels.

Bitcoin investors initially expected the reserve announcement to support active accumulation, but the order stopped short of creating such a program. The market’s response therefore depends more on whether the administration identifies a lawful, budget-neutral funding method or Congress passes separate legislation.

Treasury has previously ruled out active Bitcoin buying Treasury Secretary Scott Bessent gave a similar account of the government’s plans in August 2025, when he said the reserve would grow through confiscated assets rather than direct purchases.

“We’re not going to be buying that [Bitcoin], but are going to use confiscated assets and continue to build that up,” Bessent told Fox Business, adding that the government would “stop selling” its holdings.

A June review of the reserve reported that Bessent valued the federal position at between $15 billion and $20 billion at the time. The report also noted that the executive order asked officials to examine budget-neutral acquisition methods without authorizing an open-market buying program.

Congress could replace the current arrangement with a statutory reserve. Senator Cynthia Lummis’s BITCOIN Act proposed purchasing 1 million BTC over five years, while the American Reserve Modernization Act, introduced in May 2026, proposed a 20-year holding period without retaining the same 1 million BTC target.

Neither proposal has created an active federal purchase program. Congressional approval would also provide firmer legal protection than an executive order, which a future president can amend or revoke.

U.S. investors still face an uncertain reserve balance For American investors, the reserve does not offer direct exposure comparable to shares in a spot Bitcoin exchange-traded fund. Its immediate relevance lies in federal supply management because the order limits when reserve coins can return to the market.

Public wallet trackers cannot determine the exact size of the reserve. Some services count Bitcoin held in government-linked addresses even when ownership, forfeiture status, or restitution obligations remain unresolved.

Federal custody activity can add to the uncertainty. In July, U.S.-linked wallets transferred nearly $297 million in seized Bitcoin and Ether to Coinbase Prime, including about 3,940 BTC valued at roughly $244 million at the time and 30,000 ETH worth about $53 million.

Coinbase Prime provides custody and trading services, so the transfers did not confirm a sale. Galaxy Research head Alex Thorn linked the Bitcoin to seizures involving Ryan Farace and the closed BTC-e exchange, while the Ether came from wallets tied to a separate federal case involving crypto storage and money laundering.

Bitcoin gained 22.6% over seven days, its largest advance over any seven-day window since November 2024, after the president told crypto executives at the White House that Congress needs to pass market structure legislation.

Bitcoin rose to its highest level in three months on Friday, capping a three-day rally that lifted every major token and broke a seven-week range, after President Donald Trump pressed the Senate to pass the CLARITY Act at a White House meeting with crypto executives on Wednesday.

The Senate has a date. Cloture on the motion to proceed to H.R. 3633 is scheduled to ripen Tuesday, Sept. 15 at 2:15 p.m., according to the Senate Democratic leadership's floor schedule. The bill needs 60 votes to advance, and traders had pushed the odds of passage into 2027 earlier this month after Majority Leader John Thune skipped an earlier cloture filing. The Securities and Exchange Commission's token offering proposal on Tuesday and the president's remarks a day later put a legislative calendar back into the market.

Bitcoin last changed hands at $76,977, up 6.4% over 24 hours and 22.6% over seven days, after trading between $72,500 and $79,320, CoinGecko data shows. Ether was at $2,420, up 4.2% on the day and 28.8% on the week. XRP added 11.3% to $1.37 and 36.7% over seven days; Solana rose 4.4% to $91.02 and 21.5% on the week; BNB gained 4% to $672. Total crypto market value stood at $2.6 trillion, up 2.2% over 24 hours, on $157.9 billion of volume, with bitcoin dominance at 59.2%.

Biggest Week In Twenty-One MonthsBitcoin's seven-day gain is its largest since the week to Nov. 12, 2024, when it rose 26.9% in the days after the U.S. presidential election, based on daily Coinbase closing prices. No rolling seven-day window between that week and Thursday produced a gain above 15.1%.

The advance takes bitcoin to its highest close since May 25, when it settled at $77,249. Friday's intraday high of $79,320 was the highest since May 15. Bitcoin had traded between roughly $59,000 and $67,000 for seven weeks before Wednesday's break.

Ether's 28.8% week is its strongest since August 2025 and puts it at its highest level since April 17. XRP's 36.7% gain is its largest weekly move since January 2025. Solana's 21.5% is its biggest since October 2025.

The rally leaves both majors far below their records. Bitcoin is 38.9% under the $126,080 it reached in October 2025. Ether is 51.1% below the $4,946 it hit in August 2025.

The Crypto Fear & Greed Index read 72, or greed, on Friday, against 29 — fear — on Aug. 14, according to Alternative.me. The index crossed out of fear on Thursday.

Trump Wants A Fair VersionTrump hosted SEC Chairman Paul Atkins, Commodity Futures Trading Commission Chairman Michael Selig and executives including Coinbase's Brian Armstrong, Kraken's Arjun Sethi, Robinhood's Vlad Tenev, Chainlink Labs' Sergey Nazarov and Gemini's Cameron and Tyler Winklevoss at the White House on Wednesday. The White House published video of the remarks without a written transcript or readout.

"So, now we need Congress to take the next step by passing the CLARITY Act — a fair version of the CLARITY Act, and this landmark structure legislation," Trump said, according to the event transcript. He called it "a very, very powerful, structured legislation which will keep us ahead of China."

Armstrong put a number on the target at the same event: "if we all come together, I think we can get this bill over the finish line and hopefully get more than 60 votes come September 15th."

The text awaiting a floor vote is Chairman Tim Scott's substitute, not the version the House passed in 2025. Senate Banking reported H.R. 3633 with a strike-and-insert amendment on June 1 after approving it 15-9 in May, and Democratic objections have not been resolved. The Defiant covered the seven-Democrat math when the bill reached the floor calendar in June.

Atkins told Trump at the meeting that Tuesday's rulemaking "is consonant with our belief that the most important priority is for Congress to send the CLARITY Act to your desk for your signature, and the SEC is doing everything we can to support that work." In his written statement on the proposal, he argued that legislation "remains indispensable to enacting 'future-proofed' rules of the road that are durable enough to protect the work we are undertaking today from being unwound by a future rogue regulator."

The SEC proposed Regulation Crypto Assets on Tuesday, creating exemptions for token offerings of up to $5 million over four years and up to $75 million per 12-month period, plus a conditional safe harbor that removes the "investment contract" label once an issuer completes its promised managerial efforts. The Defiant covered the proposal here.

Selig's CFTC held the first meeting of its Innovation Advisory Committee on Thursday. In prepared remarks, he said staff have been directed to explore rules allowing spot and leveraged crypto trading on CFTC-registered venues, and asserted exclusive federal jurisdiction over prediction markets against state restrictions. Trump said at Wednesday's meeting that Selig is working to bring Hyperliquid onshore "in a fully compliant and legal fashion," which The Defiant reported.

Longs Are Not Paying UpPerpetual funding rates stayed close to zero through the entire move. OKX's BTC-USDT swap paid 0.0100% on Friday with a premium of -0.00039, meaning the perpetual traded below index; the ETH swap showed the same rate and a premium of -0.00025. On Deribit, eight-hour funding was 0.0030% for bitcoin and 0.0046% for ether, with current funding at zero for both.

Bitcoin gained 22.6% in a week without traders bidding up the cost of long exposure. Shorts closing out and spot fund buying carried the move.

U.S. spot bitcoin ETFs took in $517.2 million on Wednesday and $606.3 million on Thursday, the largest daily intake since May 1, according to Farside Investors. BlackRock's IBIT accounted for $503 million of Thursday's total. The two days follow $297.5 million on Monday and $189.3 million on Tuesday. Spot ether ETFs took in $186.8 million on Wednesday; Thursday's figure is incomplete, with BlackRock and Bitwise yet to report.

Coinglass recorded roughly $3 billion of leveraged positions closing over 24 hours around Wednesday's break, more than 90% of them shorts, and a further $1.24 billion in the 24 hours to Friday morning with shorts at $1.06 billion. The firm publishes one liquidation order per second and Binance restricted its liquidation reporting in 2021, so the totals understate actual volumes. Open interest on OKX stood at $2.30 billion for the bitcoin swap and $1.43 billion for ether; Deribit's bitcoin perpetual held $921 million and its ether perpetual $284 million.

Bonds Bid, Fed HawkishThe rally started in the bond market. Treasury said Wednesday it will at least double the size of its buybacks in the 10-to-20-year and 20-to-30-year nominal sectors, to at least $4 billion per operation from $2 billion, effective Sept. 9 through Nov. 4. The 30-year yield had closed at 5.31% on Monday, its highest since June 2007, and fell to 5.19% on Wednesday before backing up to 5.23% Thursday, Treasury data shows. The two-year held at 4.19% throughout, confining the move to the long end. The Defiant covered the buyback expansion on Wednesday.

Crypto rallied against a hawkish Federal Reserve. Minutes of the July 28-29 meeting, released Wednesday afternoon, show Beth Hammack, Neel Kashkari and Lorie Logan dissented in favor of a quarter-point increase, and that "many participants assessed that policy tightening would likely be necessary if inflation did not decline." July CPI, published Aug. 12, put headline inflation at 3.4% over 12 months against core at 2.5%.

Chair Kevin Warsh speaks at the Kansas City Fed's Jackson Hole symposium on Aug. 27-29, his first as chair. Equities lagged crypto: the S&P 500 rose 0.5% to 7,681 on Friday afternoon.

Ethena Warehouses A BillionTokenPrice24h7dBitcoin Cash (BCH)$281.23+28.3%+39.9%Ethena (ENA)$0.1390+26.5%+64.0%Curve DAO (CRV)$0.3262+24.3%+38.3%Stacks (STX)$0.1775+22.8%+43.3%Pepe (PEPE)$0.00000381+22.4%+43.3%Zcash (ZEC)$693.42+21.2%+39.7%Bitway (BTW)$0.4858+20.1%+57.2%WhiteBIT Coin (WBT)$71.17+17.7%+30.7%Ethena's ENA was the largest weekly gainer among the 150 biggest tokens. FalconX and Ethena announced a $1 billion warehouse financing facility on Wednesday morning, routing assets backing the USDe stablecoin into overcollateralized institutional loans through a special purpose vehicle. Collateral sits with qualified custodians, and FalconX acts as originator, servicer and collateral manager.

"Secured institutional lending is one of the largest and most durable sources of return in finance, and on-chain capital has barely touched it," said Guy Young, founder of Ethena Labs. Ethena's governance forum had carried a legal review of the FalconX credit agreement since Aug. 4.

The ENA fee switch remains dormant. The Risk Committee's 2024 conditions required USDe supply above $6 billion; supply now stands at $4.08 billion, according to DefiLlama. Committee applicants writing on the governance forum this month said the conditions are unmet. Ethena's annualized fees run at $322 million on $4.38 billion of total value locked.

Curve's CRV rose on a scheduled supply cut. Annual CRV emissions fell below 100 million for the first time on Aug. 13 as Epoch 6 began, dropping to about 97.2 million from 115.5 million, a 15.9% cut that requires no vote, Curve said. The protocol holds $1.32 billion of TVL and generates $58.4 million of annualized fees, with roughly 90% of fee revenue going to veCRV holders.

Zcash extended a run built on institutional buying. Grayscale amended its filing to convert the Grayscale Zcash Trust into a spot ETF on NYSE Arca under the ticker ZCSH, disclosing that DCG International Investments is in non-binding talks to acquire about 200,000 ZEC, worth roughly $139 million at Friday's price. Fortitude, the DCG-owned Zcash miner, reported Thursday it mined 33,646 ZEC in the second quarter on $20.9 million of revenue. The Defiant covered Grayscale's original conversion filing in November.

Stacks gained on a September calendar. Its Bitcoin Staking Genesis Bond begins at Bitcoin block 966,350, expected next month, and a 90-day DeFi incentive program with Zest and Bitflow was announced Aug. 13, according to Stacks. STX trades 95% below its April 2024 record.

Lighter's LIT rose 17% after the CFTC committee meeting. Founder Vladimir Novakovski holds one of the 43 seats on the Innovation Advisory Committee. Neither Lighter nor the CFTC has announced a U.S. perpetuals offering. Lighter processed $9.95 billion of perpetual volume over seven days against $577.8 million of TVL.

Bitcoin Cash, Pepe and WhiteBIT Coin rallied without token-specific news. WBT set a record $72.23 on Friday.

MemeCore Finds A BuyerTokenPrice24h7dMemeCore (M)$1.12-5.8%+3.1%OKB$104.06-2.4%-3.8%Mantle (MNT)$0.5026-2.4%+7.3%Monero (XMR)$409.61+0.0%+2.9%Velvet (VELVET)$0.7711+12.8%-20.6%MemeCore was the worst performer among the 150 largest tokens for a second day, and the supply increase that appeared on Aug. 19 now has an explanation. Nasdaq-listed ZeroStack said Wednesday it received 925,925,926 M tokens valued at $1.08 each, or $1 billion, from Puple AI and Blockcat Pte. in exchange for 3.5 million common shares and pre-funded warrants for 36.2 million more at $25.19 per share. The token count matches the roughly 926 million increase in M's circulating supply recorded that day.

Rudy Rong, a MemeCore principal, was appointed ZeroStack president. "We believe ZeroStack represents the ideal public company through which to accelerate collaboration," he said in the release. Neither the release nor MemeCore's announcements page explains where the tokens originated. CoinGecko counts 2.26 billion M in circulation against 5.41 billion total and a 10 billion maximum, for a $2.54 billion market value on $4.35 million of daily volume — a turnover ratio of 0.17%. Onchain researcher ZachXBT publicly asked MemeCore in April to "provide a single data point to support your $6B mkt cap at a top 20 token and why insiders hold >90% of supply." The team has not responded.

Monero's 2.9% week against Zcash's 39.7% comes down to access. Zcash has a spot ETF conversion pending at the SEC, a DCG-owned miner filing quarterly results and public-company treasury buyers. Monero has no U.S. spot ETF path. XMR is up 14.9% over 30 days after reaching a record earlier this year, and no protocol or security issue surfaced this week.

OKB was the largest token by market value to fall over seven days, one of only six decliners among the 150 biggest. It rose 6.5% on Aug. 15 while the broader market was falling, and gave back the gain as everything else caught up.

Velvet was the week's largest decliner despite gaining 12.8% on Friday. The token is 63% below the $2.08 record it set on June 29 after a 571% three-month run, and monthly unlocks of about 1% of supply began July 10, with the next due Sept. 10. No exploit, delisting or governance action occurred. Velvet holds $663,198 of TVL against a $330 million market value.

DeFi total value locked rose 4.9% over 24 hours to $86.06 billion, DefiLlama data shows. Stablecoin supply did not follow. The total stablecoin market capitalization stood at $302.1 billion, up 0.47% over seven days and down 0.23% over 30 days. The TVL increase reflects collateral repricing rather than new capital entering.