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Maya Protocol has undergone a halt after an attacker exploited 6 chained bugs to drain roughly $1.7 million from the decentralized liquidity protocol.

The pseudonymous co-founder, Aaluxx, disclosed the losses. Native token CACAO collapsed by 88% as the attacker converted the stolen supply into Bitcoin (BTC), Ethereum (ETH), and other assets across all Maya liquidity pools.

Maya Protocol Loses $1.7 Million in Latest HackThe attack involved a single transaction that bundled 23 separate instructions. This structure tricked the network into thinking a theft had occurred.

The protocol then tried to compensate for the pool it believed had been robbed. However, the payout had no upper limit, so the system credited about 49 million CACAO to a pool that held almost nothing.

The credit was never funded. Maya’s reserve held only 168,000 CACAO, so the transfer failed, leaving the inflated balance on the books.

The attacker deposited 100 CACAO into that pool, claimed 99.93% ownership, and withdrew 48.87 million CACAO. That is nearly half the token’s 100 million supply. 

CACAO fell from $0.115 to $0.013 before recovering to around $0.032. The attacker sent 20.83 BTC, worth roughly $1.34 million, to a single Bitcoin address across about 10 blocks.

Founder Aaluxx Myth announced a global halt in the project on Discord and asked the attacker to return the funds.

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DeFi Hacks Keep Stacking Up in 2026DefiLlama has logged 219 hacks worth $1.26 billion so far in 2026. All of 2025 produced 146 incidents, even though the dollar total reached $2.71 billion.

August alone has produced 16 separate incidents. THORChain, the protocol Maya forked from, lost $10.7 million in May.

Recovery now depends on whether the attacker accepts the bounty offer. Aaluxx Myth also said the team will contact the arbitrage traders who absorbed the pool value.

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Table of contents

The valuation gap inside Bitcoin mining is no longer about hashrate alone. Operators that locked in AI and high-performance computing revenue are trading like a different asset class, while pure-play miners absorb the full weight of lower bitcoin prices and compressed hashprice margins.

That divergence is laid out in the original report, which notes that miners with AI and HPC contracts have commanded higher valuations as declining bitcoin prices squeeze operators focused only on block rewards.

Contracted compute changes the underwriting model AI and high-performance computing contracts shift the revenue base away from daily bitcoin exposure. Instead of depending on spot prices and network difficulty, miners with data center deals receive payments for power, rack space, and uptime. That makes earnings easier to model and less sensitive to the next drawdown.

Power access has become the scarce resource in this trade. Many mining sites already have grid interconnections, substations, and large energy loads that AI tenants need. The market has started to reward miners that can repurpose those assets rather than rely only on ASIC fleets competing for the same block subsidy.

From a market structure standpoint, the richer valuations are not just about revenue mix. Lenders and equity investors now screen mining companies for contracted data center income before extending capital, which reinforces the split. A miner with a visible AI backlog can negotiate different terms than a pure operator exposed only to hashprice.

The interest in AI-linked compute is not limited to industrial mining facilities. Decentralized computing partnerships are also emerging as teams seek scalable infrastructure for AI-driven Web3 applications, as seen in UXLINK and Origins Network’s decentralized computing integration.

Pure-play miners face the sharper edge Pure-play miners have fewer cushions. When bitcoin falls or difficulty climbs, revenue per terahash declines while power contracts and debt service stay fixed. That dynamic is not new, but the current market is punishing exposure that lacks a non-mining revenue line.

Some operators still run efficient fleets with cheap power. The market is not saying pure miners are finished. It is saying they are being priced for a narrower set of outcomes until bitcoin stages a sustained recovery.

At the same time, not every AI pivot works. Some miners may hold power assets but lack the technical teams or capital budgets to build reliable high-density computing environments. The premium is uneven, and operators that simply rebrand without signing contracts do not get the same valuation lift.

AI demand is also spilling into adjacent infrastructure. Decentralized storage networks are positioning around AI workloads that require accessible data layers, a theme highlighted in Filecoin’s AI storage demand outlook

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In the past month, Bitcoin (BTC) has been continuously grinding sideways between $62,000 and $66,000, with a press-time price of $ $64,595.

Source: TradingView

While dull, this consolidation is a testament to market resilience amid substantial selling pressure. It also reflects the positive market sentiment surrounding Goldman Sachs’ prediction of an “unlikely” September Fed Interest rate hike. Here are some of the cohorts showing adoption and endorsement of the cryptocurrency despite price stagnation.

Bitcoin adoption continues globallyAmong institutions, Tudor Investment Corporation reversed its year-long selling trend by increasing its holdings in BlackRock’s spot Bitcoin ETF by 18.9% in Q2. Quantitative trading firm Jane Street also boosted its spot BTC ETF shares by $630 million in the same quarter, bringing its position to between $990 million and $1.06 billion. 

As for Bitcoin treasuries, Metaplanet (nicknamed “Asia’s Strategy”) plans on bringing its corporate BTC treasury playbook to Nasdaq via Super League Enterprise. Metaplanet will invest 2,100 Bitcoin and $2.5 million in cash into the gaming company, effectively rebranding it to Superplanet.

Another is Chinese company Zhibao Technology, which recently became the 33rd publicly traded Bitcoin treasury after selling shares for 2,380 BTC.

In terms of regulation, Kazakhstan announced a three-year 0% tax policy on individual crypto gains. Meanwhile, Russia’s crypto regulatory framework has encouraged Moscow Exchange to announce its debut of Bitcoin and Ethereum futures trading in September.

As for endorsements, BlackRock says a 1-2% weighting on BTC achieves optimal risk-adjusted returns, with reduced correlation to the stock market proving advantageous. 

Meanwhile, Ohio Governor Candidate Vivek Ramaswamy announced Bitcoin education in public schools as part of his manifesto. This would mimic El Salvador’s Bitcoin literacy program launched this year.

Short and long-term targetsIn the near-term, if BTC holds above the median realized price of $63,200, it could rise to the $65,000 resistance mark. However, a break below this would pave the way for $62,000. Nonetheless, conviction buyers have increased as charts depict similarities to the 2022 bottom. End-of-year projections range between $50,000 (Standard Chartered) and $75,000 (Fidelity Investments).

Source: TradingView

Strong hands are buying bitcoin:native.

Bottoms are formed when profit taking slows and conviction buyers step in. This setup looks similar to what we saw during 2022.

The largest increase in BTC held by conviction buyers occurred when BTC dropped to $60k in January. pic.twitter.com/sGO5AYHFIW

— glassnode (@glassnode) August 18, 2026 Story Ends Here

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Kalshi Brings Crypto’s Perpetual Futures Model to Stocks With CFTC Filing

Bitcoin (BTC) hovers above $64,000 on Wednesday, facing persistent headwinds amid hopes of a potential bullish reversal. Crypto market sentiment shows early signs of shifting away from risk-averse conditions, while Venice Token (VVV) and Sky (SKY) are leading gains over the past 24 hours.

CoinMarketCap’s Fear and Greed Index at 41 on Wednesday rises into the neutral territory, indicating a mild shift from risk-off sentiment among investors. 

Fear and Greed Index. Source: CoinMarketCapTechnical outlook: Will Bitcoin extend its recovery?Bitcoin trades around $64,384 at press time on Wednesday, edging lower toward the 50-day Exponential Moving Average (EMA) at roughly $64,368, suggesting a mildly bearish near-term bias. Still, the King Crypto also respects the rising support trendline drawn from $61,307 and the 23.6% Fibonacci retracement of the $82,850 to $57,800 downswing at $63,712, underpinning the broader constructive structure.

Momentum is supportive rather than aggressive, with the Relative Strength Index (RSI) at 52 hovering slightly above the neutral 50 mark, and the Moving Average Convergence Divergence (MACD) and signal line moving flat near the halfway line, hinting that downside attempts are being absorbed for now.

On the topside, initial resistance aligns with the 50% Fibonacci retracement near $69,200, while the 200-day EMA, higher up around $72,801, acts as a more strategic barrier that would need to give way to unlock a stronger bullish phase.

BTC/USDT daily price chart.On the downside, immediate support is seen at the 50-day EMA near $64,369, followed by the 23.6% retracement at $63,712. A decisive break below this band would expose the next Fibonacci support region anchored toward $57,800 and weaken the prevailing upward bias.

Altcoins technical outlook: Will VVV and SKY sustain their rally?Venice Token holds above $13.00, following a 20% surge earlier this week. VVV maintains a bullish near-term bias as price holds above both the 50-day EMA at $12.40 and the 200-day EMA at $10.41.

The AI token is facing immediate resistance at the 50% retracement of the downswing from $21.42 to $9.81, at $14.25, ahead of a higher barrier at the 78.6% retracement near $18.12.

The RSI around 63 indicates firm but not overextended upside pressure, reinforced by a positive MACD slope above its signal line, suggesting strengthening bullish momentum.

VVV/USDT daily price chart.Looking down, immediate support is aligned with the 50-day EMA at $12.40, while a deeper pullback would expose the 23.6% Fibonacci retracement level at $11.80, followed by the 200-day EMA at $10.41.

Sky hovers above $0.0500 at press time on Wednesday, holding the 10% gains over the last three days. Still, SKY remains under pressure, holding below both the 50-day EMA at $0.0567 and the 200-day EMA at $0.0616, which keeps the broader bias bearish.

Momentum shows a modest near-term improvement, with the RSI near 54, crossing above its midline, and the MACD crossing above its signal line, suggesting that selling pressure is easing.

On the topside, initial resistance is seen at the 50-day EMA around $0.0567, with the resistance trendline near $0.0583 adding to overhead supply. A stronger recovery would face a more meaningful cap at the 200-day EMA at $0.0616.

SKY/USDT daily price chart.Looking down, a bearish reversal from the 50-day EMA could result in a retest of the August 14 low at $0.05059, followed by the June 27 low at $0.04859.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

VanEck said on Aug. 18 that Bitcoin may be approaching an accumulation phase after eight of its 12 capitulation indicators remained active as of Aug. 12.

Summary

Eight of VanEck’s 12 Bitcoin capitulation signals were active on August 12, indicating late cycle stress. All 12 indicators entered capitulation territory during the three months preceding VanEck’s August research update. Long term holder supply dropped 356,534 BTC, leaving 11.84 million BTC untouched for over one year. U.S. spot Bitcoin ETPs absorbed $663 million while realized volatility declined to 27.2% over 30 days. Historical capitulation clusters lagged Bitcoin’s baseline for six months, outperforming only across one year holding periods. The asset manager’s latest report placed the current correction in its tenth month, measured from Bitcoin’s October 2025 peak. VanEck estimated that the next turning point could arrive between September and November if the current cycle follows earlier patterns.

However, the firm did not present the historical timetable as a reliable price forecast. VanEck disclosed that it has exposure to Bitcoin and warned that its forward return study uses a small number of heavily overlapping observations.

Bitcoin capitulation signals point to late cycle stress VanEck considers a signal active when its latest reading reaches an extreme historical percentile. Most indicators must fall within the bottom 15% of their recorded history, or the top 10% when a high reading represents stress.

Price drawdown uses a separate threshold. VanEck activates this signal when Bitcoin falls at least 35% from its peak. Bitcoin was down approximately 49% from its October record in the firm’s analysis, although that decline ranked only in the 35th percentile of its own history.

Applying the same percentile rule to the drawdown would reduce the total from eight active signals to seven. VanEck defended the separate threshold by arguing that institutional ownership and spot ETP demand could produce a shallower bear market than previous cycles.

The firm said it “expects a shallower trough this cycle,” but acknowledged that this remains an assumption rather than a confirmed market outcome. Earlier Bitcoin bear markets produced drawdowns ranging from 78% to 94%.

Historical returns offer no clear six month advantage VanEck’s backtest provides a cautious reading for investors expecting an immediate rebound. When between eight and 12 indicators were in capitulation territory, Bitcoin returned an average 12.8% over the following 90 days. Its baseline return for all comparable periods was 15.2%.

The same group generated an average 32% return over 180 days, below the 36.3% baseline. Outperformance appeared only across the one year horizon.

Source: VanEck VanEck warned that the one year result came from 115 observation days that overlapped heavily. Those observations represent only a small number of separate market episodes. The firm said it does not place substantial weight on that result.

The findings suggest capitulation readings may identify late cycle conditions without identifying an exact bottom. They also leave room for prolonged sideways trading before a durable recovery begins.

U.S. fund inflows absorb long term holder selling U.S. spot Bitcoin ETPs recorded approximately $663 million in net inflows during the 30 days covered by VanEck. The total represented about 10,400 BTC at prevailing prices and reversed roughly $2.4 billion of outflows during the preceding month.

Fund flows remained uneven after VanEck’s measurement period. U.S. spot funds lost about $385.2 million across the week ending Aug. 14, as crypto.news reported in its analysis of why liquidity has yet to return.

Demand then recovered. Farside data showed $297.5 million of net inflows on Aug. 17 and another $189.3 million on Aug. 18. The combined $486.8 million partly reversed the previous week’s withdrawals.

Those inflows followed earlier signs of ETF demand supporting the $64,000 area. Bitcoin traded near $64,250 on Aug. 19, above VanEck’s Aug. 11 closing reference of $63,549 but still below its 200 day moving average.

Long term holders complicate the accumulation case Coins held for longer than one year declined by 356,534 BTC over 30 days, according to VanEck’s Glassnode based figures. Holdings fell 2.9% to 11.84 million BTC, equal to 59.1% of circulating supply.

All six long term age groups contracted. Coins aged between one and two years recorded the largest reduction at approximately 156,000 BTC. Holdings older than ten years fell by only about 4,000 BTC, suggesting the oldest wallets remained comparatively inactive.

VanEck said some movements may have involved wallet security rather than sales. The firm cited concern following the Coldcard security failure, which crypto.news examined in its coverage of the $89 million wallet drain.

It nevertheless called the security explanation difficult to verify. Confirmed losses were far smaller than the total movement by aged coins. Exchange inflows separated by coin age could help determine whether holders transferred funds to trading venues or moved them between private wallets.

The period from September through November now provides the next test of VanEck’s cycle framework. A sustained increase in spot demand, stronger trading volume and stabilization in long term holdings would support the accumulation case. Continued distribution or renewed fund outflows would weaken it.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

BlackRock’s iShares Bitcoin Trust (IBIT) pulled in roughly $143.57 million in net inflows in a single day, adding another data point to what has become a remarkably consistent pattern of institutional Bitcoin buying through the fund.

The purchase, facilitated through authorized participants who create new ETF shares backed by actual Bitcoin held in custody, reinforces IBIT’s position as the dominant vehicle in the US spot Bitcoin ETF landscape.

IBIT’s grip on the spot ETF market IBIT has maintained its status as the largest US spot Bitcoin ETF by assets under management since launching in early 2024.

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The fund captured $693 million out of $853 million in total spot Bitcoin ETF inflows in August 2026. That’s roughly 81% of all money flowing into the entire product category landing in a single fund. The rest of the field, which includes offerings from Fidelity, Ark Invest, and others, is essentially competing for scraps.

Multiple inflows around the $144 million mark have been recorded throughout 2026, suggesting this isn’t a one-off event but rather a recurring rhythm of institutional allocation.

The mechanics behind these flows involve custodians like Coinbase Prime, which holds the actual Bitcoin backing the ETF shares. Every time authorized participants create new IBIT shares to meet demand, real Bitcoin gets purchased and deposited into custody.

Why BlackRock keeps winning the ETF race BlackRock’s dominance in this space isn’t accidental. The firm manages roughly $10 trillion in total assets across all its products, and that scale creates a self-reinforcing advantage. Institutional investors already have existing relationships with BlackRock. Adding a Bitcoin allocation through a familiar counterparty is a much easier internal conversation than onboarding with a crypto-native firm.

The company has also made strategic moves to lower investment thresholds, aiming to bring in smaller institutions and family offices that might have previously found the entry point too steep.

When the SEC approved these funds in January 2024, pension funds, endowments, registered investment advisors, and wealth management platforms all gained a compliant, exchange-listed way to get Bitcoin exposure without dealing with wallets, private keys, or the operational headaches of direct custody.

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

PANews reported on August 19 that, according to SoSoValue data, yesterday (U.S. Eastern Time, August 18), Bitcoin spot ETFs had total net inflows of $189 million.

The Bitcoin spot ETF with the largest single-day net inflow yesterday was BlackRock’s ETF IBIT, with a single-day net inflow of $144 million. IBIT’s historical total net inflows have now reached $61.4 billion.

It was followed by Fidelity’s ETF FBTC, with a single-day net inflow of $23.92 million. FBTC’s historical total net inflows have now reached $10.02 billion.

The Bitcoin spot ETF with the largest single-day net outflow yesterday was VanEck ETF HODL, with a single-day net outflow of $16.92 million. HODL’s historical total net inflows have now reached $1.07 billion.

In addition, Hashdex’s Bitcoin spot ETF DEFI has initiated closure and liquidation procedures due to factors such as asset size, trading liquidity, and operating costs. It ended trading on NYSE Arca on August 17 and will subsequently delist. The fund began liquidating its remaining Bitcoin holdings on August 18 and is expected to pay cash liquidation proceeds to holders around August 24. Bloomberg data show that as of July 30, DEFI’s assets under management were approximately $7.28 million.

As of press time, the total net asset value of Bitcoin spot ETFs was $79.3 billion, the ETF net asset ratio (market value as a percentage of Bitcoin’s total market value) reached 6.12%, and cumulative historical net inflows have reached $52.28 billion.

Avalanche Leadership Reshuffle: Ava Labs Welcomes New President

Former Ava Labs President John Wu announced a leadership adjustment on X, appointing Charley Cooper as the new president and Lydia as CFO, while Wu transitions to a senior advisor role to focus on long-term strategy and institutional relations. Cooper, who has backgrounds in the U.S. Department of Defense, CFTC and traditional financial institutions, plus over a decade of blockchain experience, is seen as the right person to drive Avalanche’s next phase of growth. As of press time, AVAX’s market capitalization stands at $2.77 billion per HTX market data, with its all-time peak hitting nearly $30 billion in 2021.

19 minutes ago

Stablecoin yield application Osero, backed by a Sky-led investment, has officially launched.

Stablecoin yield project Osero has announced the official launch of its application, now open to all users. Official website data shows Osero currently offers an annual percentage yield (APY) of 3.52%, supporting stablecoins including USDC.e, USDe, AUSD, GHO, PYUSD, RLUSD, USDD, USDG, USDtb, and frxUSD. Its returns are generated from sUSDS and the Sky Ecosystem’s savings rate mechanism. Earlier reports indicated that Osero was incubated by Stablewatch and closed a $13.5 million funding round in May this year, led by the Sky Ecosystem and Plasma.

19 minutes ago

A source familiar with the situation has revealed that Iran is considering striking military targets in Europe if the U.S. escalates the conflict.

Sources familiar with the matter said Iran is considering expanding its strike range to include military targets in Europe if Trump escalates the conflict. The sources added that Iran’s military has assessed striking U.S. military assets in Southeast European countries such as Bulgaria, and also evaluated plans to cut undersea cables in the Strait of Hormuz amid escalating tensions. (Financial Times)

19 minutes ago

Embodied intelligence firm MouShen Intelligence completes nearly 500 million yuan in Pre-A+ round financing.

Embodied intelligence firm Moushen Intelligence recently closed a nearly 500 million yuan Pre-A+ financing round. The round was jointly invested by leading state-owned fund Shenbao Yiben Fund, Orient Securities, Shaanxi High-Tech Industry Investment Co., Ltd., industrial investors Anyu Fund, Tianmeng Investment, and Jianyuan Tianhua; existing shareholders Chuanghehui Capital, Xuhui Capital, and Gengxin Capital also made oversubscribed follow-on investments. As a result, Moushen Intelligence’s valuation has surged over 10 times in the first half of the year, making it one of the fastest-growing embodied brain enterprises in the industry. (Science and Technology Board Daily)

19 minutes ago

Crypto Analyst: Kaito’s New Product Pulse Plugin Engages in Multiple Deep Data Collection Practices.

Ultra points out that Kaito Pulse uses hashing to fingerprint users’ GPU rendering, hardware models, and hardware test sounds, binding this unique combination to their X account. The tool can also capture users’ full browsing history, feed hover times, clicks, and follow status, sending heartbeat packets with activity detection every 30 seconds. Additionally, it can read Claude and ChatGPT subscription plans and their usage ratios, automatically click to access ChatGPT’s Usage page, and automatically navigate to Binance’s Positions tab, re-sending login requests to retrieve wallet balances, futures positions, profit and loss, and deposit/withdrawal history. Kaito AI announced yesterday its new browser extension product Kaito Pulse, which aims to bring off-platform activities directly into the native X timeline.

19 minutes ago

Although Bitcoin is still consolidating around $64,200, the daily chart still indicates that the market is torn between a much weaker long-term structure and short-term stabilization. After rising from its late-June low of about $58,000, Bitcoin has been moving sideways for the majority of July and August.

Looking into short-term directionThe immediate technical structure has made a minor improvement. The short-term moving averages, which are centered around $63,750 and $63,900, are exceeded by Bitcoin. Additionally, the RSI has moved to about 52, giving buyers a slight momentum advantage without indicating an overbought situation. BTC hasn't been able to convert this stabilization into a bigger breakout, though. 

BTC/USDT Chart by TradingViewThe $66,000–$67,000 area is the most significant near-term resistance because the next major moving average is located close to $66,300 and has a downward slope. The first significant sign that the current range is becoming a recovery structure would be a daily breakout above this region. 

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The long-term moving average stays at roughly $71,500 beyond that. Regaining it would necessitate a much more forceful move and would signify a more significant shift in Bitcoin's overall trend. The immediate support on the downside is still $63,000. Losing it would expose $60,000–$61,000, with the June–July lows at about $58,000 coming next. 

As a result, Bitcoin is still in compression. Although buyers have halted the decline, they still don't have enough power to turn it around. The next significant directional signal should come from a break outside of the range of $63,000 to $66,300. 

Ethereum has to escapeAfter weeks of increasingly constrained price action, Ethereum is nearing a technically significant turning point as it compresses around $1,900. In contrast to Bitcoin, Ethereum has developed a clear converging structure, with support rising beneath the current price and resistance falling toward it. 

ETH/USDT Chart by TradingViewETH is currently trading at about $1,896. Another significant average is close to $1,849, and the short-term moving average is at about $1,880. Both remain below the market, providing Ethereum with a short-term structure that is somewhat beneficial. This view is supported by the RSI at 53, which indicates a modest bullish momentum advantage without strong buying pressure. 

The primary barrier is centered between $1,915 and $1,950. This area is currently crossed by the declining trendline from the July highs, and the intermediate moving average is located close to $1,917. ETH has had difficulty rising above this resistance cluster on several occasions. 

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Therefore, a strong breakout above $1,950 would be more important than the comparatively small percentage move needed to get there. Such a move would invalidate the current compression pattern to the upside, possibly opening the path toward $2,000 and the long-term moving average at $2,120. 

Downside risk would remain active if there were no breakout. The first defensive area is located between $1,850 and $1,880 according to the rising support line and moving averages. The recent rebound would be weakened if that cluster were lost, and ETH might move back toward $1,750–$1,800. 

At the moment, Ethereum is more likely to experience a technical breakout than a confirmed trend reversal. The $1,850 support and $1,950 resistance levels are especially significant because the narrowing range indicates that the current low-volatility structure is unlikely to last forever. 

Dogecoin remains under pressure Dogecoin is still under intense technical pressure as it continues the downtrend that has dominated the asset for the majority of 2025, trading close to $0.0699. The chart does not yet demonstrate a convincing reversal, despite the fact that the rate of decline has significantly slowed in August. 

Right now, DOGE is trading between $0.0707 and $0.0718, directly below its short-term moving averages. This immediately forms a resistance cluster that is only a few percentage points higher than the current price. The first prerequisite for a temporary recovery would be to reclaim it. 

DOGE/USDT Chart by TradingViewLarger barriers are significantly higher. The long-term average is still around $0.0958, and the intermediate moving average is close to $0.0802. Both exhibit a distinctly bearish hierarchy and are still declining. The rising support structure that emerged between February and June was also breached by DOGE. 

The asset moved from above $0.10 to $0.07 as a result of the subsequent decline, and buyers have not yet been able to create a significant higher high. Momentum is weak, though not deeply oversold. 

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With an RSI of about 46, DOGE is below neutral momentum without being significantly oversold. In the event that the current support fails, this allows for further downside. Thus, the $0.068–$0.070 area is crucial. $0.065 and ultimately the psychological $0.060 level could be revealed by a clear breakdown.

XRP loses psychological levelAfter months of relentless selling, XRP has fallen below the psychological $1 threshold, placing the asset at a crucial juncture. Almost all of the major moving averages are still above the market, and XRP is currently trading at about $0.998. The short-term structure is the immediate issue. 

XRP/USDT Chart by TradingViewAt roughly $1.039, XRP is below the closest moving average, and at roughly $1.074, it is below another important average. Throughout August, both have kept declining, indicating that sellers are still in charge of the short- and intermediate-term trend. The bigger picture is even more challenging. 

The long-term moving average is still around $1.345, and the next significant resistance is close to $1.155. Therefore, before the larger bearish structure could be deemed invalid, XRP would need to make a significant recovery. There is little indication of an imminent reversal in momentum. 

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XRP is comparatively near oversold territory, but it is still above the traditional 30 threshold, with an RSI of about 36.5. The RSI reading alone does not offer a reliable bottom signal because persistent downtrends can keep it low for extended periods of time. Now, the $1 level serves as the direct battlefield. 

The most recent breakdown could become a failed bearish move if price is quickly recovered above it and then moves through $1.04. Recovering $1.07 would offer much more convincing proof that buyers are returning. But if $1 isn't recovered, XRP could drop even further. The next areas to watch are roughly $0.95 and $0.90, where there isn't much established support.

How do you capture a new territory and expand your country in 2026? In ancient times, it happened through war, invasion, physically overthrowing a government, and claiming the land. But in modern times, one apparently just needs to post on social media. That is what the POTUS did today. 

Donald Trump and the White House posted an image today showing the Strait of Hormuz as a brand-new US Territory. Perhaps the 51st state. Hormuz is open for all ships – the POTUS claimed, but maritime data would disagree.

To be clear, there has been no transfer of sovereignty. Hormuz remains an international strait between Iran and Oman. Trump’s claim may be political theatre. Or something more strategic, like an attempt to turn US military control into negotiating leverage.

Hormuz is Nowhere Near OpenKpler data cited by Reuters showed just six commodity vessels crossed on Monday. Before the war, almost 140 ships would pass through every day. 

So, yes, Hormuz might be technically open, but it’s not operational. Among the six ships that crossed, no VLCC crude supertankers or LNG carriers were recorded crossing. 

Oil prices clearly reflect that. Brent crude oil has jumped nearly 15% in August. And global pressure is reaching a boiling point. 

Crude Oil Price in August So Far. Source: Oiprice.comMarketRiskWhyBangladeshCriticalGas shortages and power-saving measures; reduced LNG availabilityPakistanHighHeavy dependence on oil and LNG moving through HormuzIndiaHighDozens of Qatari LNG cargoes disruptedEU/GermanyHighElevated gas prices and unusually weak storage ahead of winterCountries at High Risk of Oil and Gas SupplyThen there is Bitcoin.

Bitcoin Price Could Care Less About Hormuz, More About Fed ActionBTC trades near $64,700, almost exactly where it stood a month ago around $63,900. During that period, oil surged, Hormuz talks broke down, and US Treasury yields climbed.

Bitcoin, for the most part, didn’t care. The slight uptake on BTC price this week came from positive ETF flow returning to the US spot and confirmation that the Fed won’t likely increase interest rates. 

But there is also little room for easing interest rates. Continuous Hormuz disruption (despite Trump’s claim of liberation) keeps oil elevated, which feeds inflation and higher bond yields, reducing the Federal Reserve’s room to ease.

Wall Street giant Citi will launch $BTC custody later this year.

Integrated into its new Custody+ platform, clients can manage both traditional assets and crypto under one roof.

The rollout also adds 24/7 tokenized deposits, real-time asset servicing, and instant settlements. pic.twitter.com/AyIpe42oAU

— BeInCrypto (@beincrypto) August 18, 2026
So, the US President can call Hormuz American territory. Oil traders clearly care about who actually controls the ships.

Bitcoin, for now, seems more interested in the Fed.

VanEck’s Bitcoin Predictions: They Predicted the Month When the Rally Could Begin

In 1956, at an exhibition hall in Tokyo, a Japanese artist named Saburō Murakami ran through a row of paper screens, leaving a torn, human-shaped hole in each one. The audience heard the rip in the moment but likely didn’t understand it.

Murakami belonged to Gutai, the radical postwar avant-garde collective whose members painted with their feet and fought with mud, and his gesture made an argument the art world is still digesting, but ultimately the tearing and the wreckage after were the actual artwork. 

Seventy years later, the ripping hasn’t stopped. Trading card livestreams, Discord server groups, collector markets of all sorts, gambling/flipping, and nostalgia freebasing. Layered detritus. The artist named Evil Biscuit seems aware of this. 

If you haven’t heard of Evil Biscuit, you may not have been watching one of the strangest and most vital corners of internet art. Over the past few years, a scene of mostly pseudonymous artists, formed across crypto subcultures, Twitter timelines, and private group chats, has been quietly staging one of the more genuine artistic rebellions of the decade.

Where the establishment crypto-art world courted galleries with polished generative work, these artists went the other direction. Images so dense with meme references, anime, veiled art history, and internet debris that critics had to invent new words for them. They called the style schizocollage or traitmaxxing, a practice of taking the trait system that generates ordinary avatar collections and pushing it past its breaking point, hundreds of layers deep, until the image verges on chaos.

Critics started paying attention. In Spike Art Magazine, Dean Kissick placed the work in the lineage of deliberately “bad painting”, a tradition with serious credentials: Marcia Tucker staged ‘Bad’ Painting at the New Museum in 1978, arguing that wrongness, handled deliberately, is a form of freedom. Right Click Save filed dispatches from what it called the Avant NFT underground. And the movement’s participants, with characteristic self-mockery, settled on their own name for it: Avant/Gay.

Near the center of the scene sits Biscuit. His Drifella collections are widely cited as its defining works, and artist Parker Ito, the post-internet veteran who crossed over into the movement, credits Drifella 2 with establishing the aesthetic the whole scene became known for, and went on to collaborate with Biscuit on last Halloween’s Heavy Liquid Graphic. The endorsement cuts both ways: the art world is starting to take this seriously, and the scene got there without asking anyone’s permission.

Lately, Biscuit’s work has been escaping the screen, and the destruction has gotten literal. His current project, Card NFT 2, debuted with preliminary ‘Framed Cards’ through SOLOS Gallery at Felix Art Fair this February. And earlier this summer he made roughly eleven thousand cards, sold in packs, each digital card redeemable for a physical one if the collector is willing to burn the NFT to get it. For the rarest tier, as he told Peter Bauman at Le Random, he takes vintage holographic Pokémon cards, dissolves the ink off them with acetone until only the bare silver foil remains, then UV-prints entirely new artwork onto the wreckage. Saburō Murakami would understand. One theme runs through everything Biscuit makes: “destruction, death and rebirth.” 

Now Biscuit’s art is headed to Hong Kong. He is contributing to the Bitcoin Asia 2026 conference card pack produced by the artist Rax, where his cards will sit alongside work by Ariamis (formerly Terrorism) — his New Bad Image co-exhibitor, a younger artist pouring Renaissance devotional imagery into the card format, and several other key artists in this movement. The pack is something like a satellite of the show, sealed in foil. And it sits exactly on the fault line this scene has been working: the old hierarchy between artwork and collectible has collapsed, and the most interesting artists now make objects that are both at once.

Internet art has always come from rooms the trad art world ignored: forums, blogs, group chats, and now crypto. BMAG has been working in one of those rooms for years: it’s the Bitcoin conference art gallery. When the painter Nardo showed at Bitcoin MENA in 2024, our conversation circled around memes as units of cultural transmission. A year later his Citadel, a seven-foot oil painting built from a 4chan meme, debuted at the Bitcoin Conference in Las Vegas, a monument raised to an internet shitpost. 

Ahead of the BMAG Card Expo at Bitcoin Asia and the pack’s release, I sat down with Biscuit to talk about coming up in the internet’s wildest art scene, why the trading card keeps pulling digital artists toward cardboard, and what collectors keep getting wrong, and right, about both.

BMAG: Your father runs a comic shop, and you’ve talked about digging through his boxes to find the source material. What is a core memory from your time in your dad’s comic shop? What did those boxes teach you about why people collect? 

EB: Yeah, some of the deep ties I have with trading cards come from my experience playing in Yugioh tournaments and collecting when I was a young kid at my father’s shop. 

I was quite a shy young kid so it was definitely an experience going to play for the first time with a nonsense 100+ card deck against older teenagers. I remember this one autistic kid used to sit outside on a pillar and he would meditate before his matches channeling anime characters and talking to himself. 

Pokémon was around ever since I was born so playing my older brother’s games and going to church where they would trade cards and show off their binders were core memories before I was even 6 years old. The shop closed down when I was really young and before I became serious about making art some years ago my dad and I opened it back up selling comics, vintage video games and trading cards. 

card nft – 2024

BMAG: Jefferson Burdick, the father of American card collecting, spent his final years putting thousands of cards into albums at the Metropolitan Museum of Art. Art Spiegelman was at Topps inventing series like Garbage Pail Kids before mainstream success. Brian Droitcour recently made the observation about the trading card medium: a Magic card is an image that does something, rarity and function entwined, while NFTs inherited that logic and captured only the rarity. What can cards do that a painting can’t? 

EB: A lot of my work I see as paintings. Trading cards became the substrate and source material that I drew from with card nft 1 & 2. 

The sheer scale that you can work with creating paintings/trading cards/NFTs and proliferating them throughout collectors is something that you just can’t compete with on any level. To me, being a serious young artist means being curious enough to experiment with the tools and formats shaping our generation—whether that’s AI, NFTs, or trading cards. Putting these all in the same context as painting is really interesting to me. 

card nft – 2024

BMAG: Photography has a beautiful old term, the latent image: the picture that already exists on exposed film but stays invisible until developed. A sealed pack is a stack of latent images, and opening it is the development, the moment the possible becomes the particular. You’ve said a third of your redemption collectors never open the pack at all. They’ve chosen to keep the artwork latent forever. When you’re generating a collection, do you think of yourself as making eleven thousand images, or eleven thousand moments of development?

EB: When I first started wrapping my mind around the idea of NFTs, I always imagined the minting experience like a pack opening. The earliest projects and NFTs that got me into collecting were PFPs with rarity systems and similar to the chance of hitting a big holo there were rare traits that could instantly make your mint be worth 10x what you minted it for.

A regular mint from the 2021 era or even from our scene is a prepared image that is randomized to you. A layer we’ve added on mons dot shop with these packs is that the mints are wrapped in a sealed package that can be kept unopened forever. I can’t put my finger on why this is but in collecting there always seems to be these systems and hierarchies that form with keeping collectibles in pristine condition and even making sure the objects inside never see the light of day again. 

I remember one time getting a pack of Yugioh cards when I was younger at a Wal-Mart and imagining the cards randomizing and shuffling like a slot machine inside the pack. I knew I would open it but I just was daydreaming on whether the one pack I picked would have something good in it. I ended up pulling an Ultimate Rare Blackwing Vayu. I had a Blackwing deck so it was a sick addition to my collection. My dad then helped me sell it on eBay for $80. I wish I didn’t sell it, lol.

BMAG: For Card NFT 2, you strip the ink off real vintage holographic Pokémon cards, objects whose whole market value rests on condition, and print new art on the bare foil. You’ve even mentioned a desire to print recreations of ultra-expensive Gold Star cards convincing enough to fool people at card conventions.

In the Philip K. Dick book The Man in the High Castle, a manufacturer of fakes holds up two identical Zippo lighters, except one was in Franklin Roosevelt’s pocket when he was assassinated (in Dick’s alternate history). One has what he calls ‘historicity’ or aura. The entire collecting world, graders, slabs, provenance, is an industry built to solve that problem. Convincing fakes prove the eye can be fooled. So what does destroying a potentially valuable card create? And what is a forgery in the hands of an artist?

EB: In Hunter x Hunter there is a scene before they are going to the auction in Yorknew City where they are at a flea market of sorts looking at vases and antiques. They discover that objects have an energy aura that can be seen around them. This signifies to them that something has lived some history and possibly has value for them to buy it at a low price and resell it. 

I think it’s true that objects have this energy and aura to them. And even in art pieces/paintings the artist is focusing their attention directly on a single point so an item can become powerful in that way. 

I think it’s interesting to break these false barriers of intellectual property and almost sort of organically represent or recreate an object as powerful as a Gold Star Charizard. You could even relate it to apprentices making master copies of their favorite artist’s work. These aren’t solely done with skill. It has a lot to do with your love of the artist and your intention to make yours just as beautiful as the original. 

To me certain cards I own are sacred because of the memories made with them or the meaning they have to me. It’s like with an NFT I would never burn one just to destroy it. Lately I’ve been buying a lot of damaged mid-era and WOTC cards and printing collage over to breathe new life back into them. I collect old paper to print and draw on in the same way and I appreciate that they have lived a life longer than my own without being marked or drawn on at all. 

I was born in 1996 the same year as Pokémon and I’ve been enamored by the artwork, games and cards my whole life. It’s not a coincidence that it’s inspired my whole career and identities in multiple ways. A very well coordinated psychic operation has taken hold of my generation’s minds! Lol 

card nft 2 – 2026

BMAG: Hito Steyerl defended the poor image, the compressed copy that circulates everywhere, detached from its origin. Trading cards run the inversion. Thousands of images circulate, only one gets attention, and the bulk commons exist mostly to manufacture the aura around the single chase card. You’ve said you always try to break rarity standards. Why does it matter to you that the cheap card can be the best one?

EB: It really is just about making the best images. While I can agree with you on modern stuff being generally filler and uninteresting, going through mid-era or vintage bulk is very enjoyable to me. There are tons of unique artworks and cards that hit just as hard to me or even better than modern chase cards. 

I would say most of the collectors in the Solana & adjacent scene agree with the sentiment that rarity doesn’t matter to them. 

These Dratinis from Team Rocket Returns are two of my favorite cards even non holo. 

BMAG: The philosopher Jean Baudrillard never saw a card show, but he described one perfectly. In a mature enough market, he argued, the sign detaches from the thing. The chase card isn’t valuable because of its imagery, it’s valuable because of the system that produces its value, and the market ends up referring only to itself. Grade, price, then maybe the picture. Can the artwork still pull the eye back through all of that?

EB: Card 2 really put this to the test with multiple layers of rarity and subversion. There are 7,000 unique 1/1s printed on original cards, almost 4,000 ones that are printed with holographic texture, and a rare subset of 111 cards that are just pixelated mosaic blocks of color and these became sought after. There are also these gold gradient cards that I am printing front and back on metal. All of this and at the same time collectors really want Dratini/Drifella-themed cards, specifically the honor thy father CruciDrifella statue is one that a lot of people are/were looking for.  

I even included some precious cards that I hand painted and added embellishments onto with a trait called ‘altered’.

I feel like a lot of my collections work on this level where people gravitate towards certain imagery and genuinely just buy what they love without fussing over rarity ranks or condition of cards. In fact for myself the more damaged a card the cooler it ends up looking when printed on. 

BMAG: The crucifixion sits at the center of your work: CruciDrifella, the death and resurrection cycles, imagery you’ve said you genuinely wrestle with. And the vessel you put it in is somewhat of a gambling object: packs, pulls, odds, speculation. The Bible has an opinion about mixing money with the sacred, and it resulted in a table-flipping meme. Do you feel that tension when you make these? Or is the pack where salvation and luck have always been confused for each other?

EB: I’m not really interested in debating the sins of modern society. This is some of the culture I grew up with and the ideas I want to play with at the moment. It’s funny because Pokémon themselves have this history of being demonized by Christians in the 90s for summoning monsters and having ritualistic occult battles. 

I usually follow my intuition and subconscious interests when creating and it’s generally not something I think about while I work. It comes from a deep interest in theology and these symbols and archetypes are important to humanity and I don’t make light of them, but I am really not a dogmatic person. I am interested in play, working with new technology and conducting these elements together while making good images and stories. 

I think it’s fun and real to have anime characters interact with serious subject matter and it’s cool for me to reproduce these Naruto or Pokémon trading cards that I enjoyed collecting when I was younger linking them with disparate assets like a Francis Bacon character or even blending & morphing them into my world with Drifellas. It’s similar to how the internet is thrown at us and how my mind and interests have intersected/mutated as I grew up looking at different art with new perspectives.

Right now reflecting on my work has been interesting and knowing that with all of these new tools you can generate an absurd amount of artwork to derive meaning from and peer into. I am looking at things as they come to me and asking myself why am I compelled to make certain images and if it’s genuinely important to me. 

It leads me to contradictions like why I am drawn to adapt this imagery & tell this story of a demon dragon character. What does it speak of Dratini & the serpent in the Garden of Eden and how it ties to certain Gnostic Christian ideas? Drifella is this beast who’s been bastardized, bred and trapped in the lower dimensions as a jester entity but he is still an innocent teenager attempting to invert what he was turned into, transforming himself into an emissary of light and dark for Jesus. 

I don’t identify with any particular religious tradition but I revere Christ and consider his teachings the highest standard for humanity — a lot of which is needed now; rejecting materialism, teaching self love and knowledge, and being a light shining in darkness. I look forward to exploring these ideas in the future as I make more art. 

Evil Biscuit’s cards appear in PoorTraits: serfs_up, the first official Bitcoin Conference card pack, in an edition of 5,000. Every pack contains one holo chase card, with 100 free GA passes and a Whale Pass hidden across the run. Packs are available for purchase online, or in-person in Hong Kong.

The BMAG Card Expo runs August 27 and 28 at the Hong Kong Convention and Exhibition Centre as part of Bitcoin Asia 2026: 40+ trading card vendor marketplace, live Pokémon TCG tournament presented by Moonroad HK with HK$19,000 prize pool, graded artist cards on view, auctions, and main stage panels with collecting luminaries David Chau and AJ Scaramucci.

Use code MEGAGA for a discount on Bitcoin Asia tickets.

Follow Evil Biscuit on X/Twitter here.

BlackRock and VanEck released back-to-back reports this week explaining why Wall Street’s arrival failed to prevent the 50% Bitcoin (BTC) crash. Both firms argue the same infrastructure that accelerated institutional adoption also amplified the sell-off.

BlackRock’s whitepaper blames extreme leverage and capital rotation into AI funds. VanEck’s latest ChainCheck counts 8 of 12 capitulation signals firing and suggests the correction may be entering its final months.

Bitcoin Price Performance Since October Peak. Source: BeInCryptoLeverage and Fund Flows Drove the Bitcoin CrashBlackRock’s “Re-Underwriting Bitcoin” whitepaper describes a market that entered October 2025 dangerously stretched. Futures open interest topped $90 billion, and 80% of it sat in offshore perpetual contracts offering up to 125x leverage.

When Washington announced fresh China tariffs on October 10, forced liquidations wiped $20 billion of open interest in a single day. Equities recovered within weeks, but bitcoin kept sliding and broke below $60,000 by June.

Fund flows deepened the damage. Spot Bitcoin ETFs drew $60 billion between January 2024 and October 2025. They then bled more than $5 billion while AI-themed funds absorbed $46 billion.

BlackRock, however, frames the rotation as cyclical rather than a structural loss of demand.

Follow us on X to get the latest news as it happens

VanEck Sees the Sell-Off Entering Its Final PhaseVanEck’s mid-August ChainCheck reaches a similar verdict through on-chain data. Eight of 12 capitulation signals are active. The drawdown has also entered its 10th month, against a historical average of 11 to 13. That timeline mirrors analyst Benjamin Cowen’s call for an October cycle bottom.

The firm also expects a shallower trough than the 78% to 94% wipeouts of past cycles because no major lender has collapsed this time.

“We expect a shallower trough this cycle, and we would rather state that assumption plainly than hide it inside a threshold,” The VanEck research team, led by Head of Digital Assets Research Matthew Sigel, wrote in the report.

Meanwhile, with on-chain researchers arguing the market has entered an accumulation zone, neither firm, BlackRock nor VanEck, promises a quick rebound.

BlackRock still models a 1% to 2% allocation improving a 60/40 portfolio. VanEck, meanwhile, concedes capitulation buys have historically paid off only at the one-year mark.

The next few months will test whether Wall Street’s Bitcoin era can soften the bottom it could not prevent.

Selling pressure from miners, ETF holders, and Strategy is building as BTC fights for $64K.

After several days of trading mostly sideways, or even charting new losses, bitcoin’s price finally headed in the opposite direction at the start of the new business week, topping $64,500 for the first time in 7-8 days.

However, this rather minor rally has been jeopardized long before it had the opportunity to grow into something more spectacular, as the selling pressure has mounted on several fronts. There’s also a dark horse outside the on-chain data, showing another threat.

Bull Trap in the Making? Starting with miners, popular analyst Ali Martinez outlined the growing concern within the community about the increasing selling pressure. The backbone of the Bitcoin network has been taking profits lately as BTC rose to $64,600 earlier. Data from CryptoQuant shows that they have disposed of 1,648 BTC over the past ten days or so, which, according to the analyst, adds “roughly $106 million in potential selling pressure.”

Second, he listed the spot Bitcoin ETFs. As recently reported, investors gaining exposure to BTC through these financial vehicles withdrew almost $400 million worth of the cryptocurrency last week, in stark contrast to the over $850 million in net inflows the previous week.

Third, Martinez referred to Strategy’s recent behavior. The company has not only paused its BTC purchases indefinitely, but it has also made multiple sales over the past few months. Its total holdings have declined by more than 3,300 in just weeks.

The analyst noted that a worrisome portion of BTC’s supply has hit exchanges recently, as their balances have increased by 24,700 units over the past ten days. This means that $1.6 billion worth of BTC has increased the potential sell-side liquidity.

Lastly, he outlined the Coinbase Premium metric, which continues to be in the negative for well over three months now. Such a reading means that “BTC is trading cheaper on Coinbase than Binance, signaling weaker US demand or active selling from US-based participants.”

You may also like: Tech Futures Drop on Rising Treasury Yields While Bitcoin Holds Near $64K Strategy’s Future Hinges on Bitcoin Becoming a Real Currency: Jeff Booth How Will BTC React as US and Iran Reportedly Extend Ceasefire? Consequently, Martinez believes BTC’s rally toward $64,600 won’t last long and brought up the next potential support zones that could halt a potential nosedive. The first is located between $63,110 and $61,850, where more than two million BTC were previously transacted, and makes it a notable support. If it breaks, though, Martinez warned that the next one could be all the way down at $54,300.

The Dark Horse There’s no need to sugarcoat this – it’s the war in the Middle East and the volatile developments. Whenever something big happens, it tends to impact the crypto market. However, there have been conflicting announcements and reports from both sides (as usual) lately.

For instance, reports claimed yesterday that the US and Iran had extended their ceasefire on the day it was supposed to expire. Meanwhile, Trump reportedly threatened to bomb Oman, which is a US ally.

More recent information on the matter came from the POTUS himself, who just claimed that there are no ongoing or scheduled peace talks between the two. Moreover, he added that the Naval Blockade remains in full force, while the Strait of Hormuz, which he also said is now a US territory, is “open and operating.”

For now, BTC remains calm around $64,000, but these developments could quickly increase the volatility.

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Bitcoin has held above its $63,200 median realized price as Bitfinex analysts identified $67,176 as the breakout level that could raise the chances of an upside volatility expansion.

Summary

Bitcoin’s $63,200 median realized price has provided support during the past two weeks. A move above $67,176 would return recent buyers to profit and test overhead resistance. US spot Bitcoin ETFs recorded $385.2 million in weekly net outflows. Stablecoin supply has fallen 4.5% from its May peak to $300.7 billion. Bitfinex analysts said thin participation could amplify relatively small buying or selling flows. Bitfinex analysts told crypto.news that Bitcoin’s prolonged defense of its median realized price has increased the probability that its next large move could favor buyers, although weak ETF demand and falling stablecoin supply have left the potential rally without fresh liquidity.

Bitcoin’s $63,200 support has held through repeated tests Bitcoin (BTC) was trading near $64,500 at the time of writing after spending almost three months in a contracting range, according to Bitfinex analysts. The analysts identified $63,200 as the median realized price, an on-chain cost-basis level that has served as support during repeated tests over the past two weeks.

The level has acted as support during repeated tests over the past two weeks. Bitcoin finished the week ending Aug. 16 down 3.1% at $62,921, but it later recovered and returned to the $63,000–$64,000 range.

“Price has sustained over the Median Realised Price despite repeated tests and signals hinting at late bear market conditions,” the analysts said. “This combination suggests higher odds that volatility expansion breaks to the upside.”

At $67,176, the short-term holder realized price remains the main level Bitcoin must recover, according to the analysts. A move above it would return recent buyers to an average unrealized profit while placing BTC against the next area of overhead supply.

Failure to hold $63,200 would weaken that setup. Bitfinex identified $57,803, near Bitcoin’s June and bear-market lows, as the next major downside area if sellers break the median realized price. Farther below, the aggregate realized price at $52,699 represents the analysts’ long-term market floor, where the average holder base would approach an underwater position.

Bitcoin had already tested comparable support at the start of August. As crypto.news previously reported, BTC traded near $63,000 on Aug. 1 after US spot ETF outflows reached $265 million in one day. The daily chart placed the price close to its $63,150 Fibonacci support, while four-hour money flow remained negative.

Low Bitcoin activity could magnify the next move Compressed volatility has coincided with exceptionally weak trading and network activity, according to the Bitfinex Alpha report. Coin-adjusted spot exchange volume has fallen to levels last recorded in early 2019 when measured across major platforms.

Binance-only volume, which removes some distortions caused by the exchange’s introduction of zero-fee trading in 2022, has approached depths associated with the 2023 bear market. Bitcoin transfer velocity has also reached a seven-year low, indicating that coins are changing hands less frequently.

“Minimal flows exert disproportionate influence on price action,” Bitfinex analysts said. “Modest bidding can spark a rally just as readily as minor selling triggers a breakdown.”

Depressed participation cannot establish the direction of the next move by itself. Instead, the analysts said the thin market allows limited capital to have an unusually large effect in either direction. A small return of spot demand could push BTC through resistance, while another round of selling could force the price below support.

Historical periods of low volume and extended volatility compression have often preceded sharp price moves, according to Bitfinex. In the current setup, the analysts give an upside break higher odds because Bitcoin has continued to recover from tests of its median realized price rather than accepting sustained trading below it.

Institutional demand has yet to support that outcome. US spot Bitcoin ETFs posted net outflows on four of the five sessions between Aug. 10 and Aug. 14, losing about $385.2 million for the week, according to Farside Investors data cited by Bitfinex.

Corporate treasury demand also turned negative after Strategy recorded a third consecutive week of divestment, including the sale of 1,690 BTC. Bitfinex’s “Two-Complex Spot Bid,” which tracks ETF and corporate treasury activity, produced its first fully negative reading as both groups became net sellers during the same week.

The weakness extends to a difficult period for US-listed Bitcoin funds. An Aug. 13 report on the institutional ETF rotation found that spot Bitcoin ETFs lost $5.4 billion during the first half of 2026. July brought $205 million in net inflows, ending the run of monthly losses but remaining well below the pace recorded during early 2025.

Crypto liquidity has not followed easier US conditions July inflation data improved two conditions that Bitfinex considers supportive for crypto: lower expected interest rates and loose financial conditions. Fresh capital entering digital assets, the third condition in the analysts’ framework, has not followed.

US consumer prices increased 0.1% in July after falling 0.4% in June, leaving annual inflation at 3.4%, according to Bureau of Labor Statistics figures cited in the report. Core inflation, which excludes food and energy, rose 0.2% for the month and 2.5% from a year earlier.

Cooling inflation reduced the implied probability of a September Federal Reserve rate increase from about 52.2% before the consumer price report to 30.1% after the producer price release, Bitfinex said. Two-year Treasury yields fell from 4.25% on Aug. 10 to 4.15% on Aug. 13, while the 10-year yield declined from 4.70% to 4.64%.

US equities responded faster than Bitcoin. The S&P 500 closed at record highs on Aug. 12 and Aug. 13, while BTC ended the week lower. An earlier report on Bitcoin’s CPI reaction examined the same split after the 3.4% inflation reading failed to produce a sustained crypto rally.

Bitfinex attributed the difference to how each market processes monetary policy expectations. Lower expected rates can lift equity valuations because stocks price future cash flows, while crypto depends more heavily on capital that has actually entered spot funds, stablecoins or on-chain markets.

Financial conditions were already loose before the inflation releases. The Chicago Fed National Financial Conditions Index stood at minus 0.549 for the week ending Aug. 7, its fifth consecutive weekly decline and the loosest reading in the current run, according to the report.

Long-dated Treasury debt presented a less supportive signal. Although shorter maturities rallied, the 30-year yield closed at 5.21% on Aug. 13 after reaching 5.25% three days earlier. Bitfinex interpreted the steepening yield curve as evidence that investors remained concerned about fiscal and duration risk even as expectations for another Fed increase declined.

ETF inflows and stablecoin growth would confirm renewed demand Stablecoin supply offers another measure of capital available within digital-asset markets. Bitfinex said total supply peaked at $315 billion in mid-May before falling about 4.5% to $300.7 billion.

The decline means easier US financial conditions have not yet produced an increase in capital held on-chain. July coverage of the stablecoin supply contraction found that the market had lost about $10 billion from its May record, including a $7.7 billion decline during June.

“The central question is therefore shifting from whether monetary conditions are improving to whether that improvement begins producing actual crypto inflows,” Bitfinex analysts said.

In their view, sustained spot Bitcoin ETF inflows combined with an expanding stablecoin supply would show that the link between easier financial conditions and crypto demand had resumed. Until both measures improve, the analysts consider the monetary setting increasingly supportive, but the potential Bitcoin rally “unfunded.”

Inflation relief has also remained uneven for US households. Bitfinex noted that July’s energy index fell 1.5%, led by a 2.9% drop in gasoline, while services inflation stayed firm. Producer prices for electronic components and accessories were 28% higher than a year earlier, and electronic computer prices rose 3% during July after eight months of little movement.

Consumer sentiment weakened at the same time. The University of Michigan’s preliminary August index fell 7.6% from July to 51, while one-year inflation expectations increased from 4.2% to 4.3%. Real average hourly earnings declined 0.2% between July 2025 and July 2026, according to labor data cited by Bitfinex.

The Federal Open Market Committee is scheduled to meet on Sept. 15–16 after receiving another round of employment and inflation figures. Bitfinex said its rate outlook would face a challenge if the implied probability of an increase returned above 60%, while two consecutive initial jobless claims readings above 230,000 would weaken its labor-market assessment.

Table of contents

Open any market dashboard and sort by 24-hour volume. Bitcoin is not at the top. Tether is, and usually by a wide margin: a recent reading showed roughly $31.4 billion of USDT changing hands against $20.3 billion of Bitcoin, with USDC third at $7.87 billion, ahead of Ethereum. Three of the four most-traded assets in crypto are dollar tokens that are designed never to move in price. Once you understand why, you will read every volume number in this industry differently, and you will stop being impressed by most of them.

The short answer Stablecoins are not an asset most people buy. They are the currency people buy things with.

In traditional markets, nobody reports the volume of dollars. When you buy a share of Apple, the trade is measured in shares, and the dollars are just the medium. Crypto has no such convention. Every USDT that passes through a trade gets counted as USDT volume, so the medium of exchange shows up in the rankings alongside the things it is used to purchase.

Since most crypto trading pairs are quoted against USDT rather than against dollars, USDT is on one side of an enormous share of all trades in the market. Its volume is not a measure of demand for Tether. It is a measure of activity in everything else.

The longer answer, which is where it gets useful That explains part of it. The rest comes down to four mechanics that inflate volume figures in ways most readers never account for.

The same dollar gets counted many times. Consider one trader with $1,000. They deposit USDT to an exchange, buy Bitcoin, sell it an hour later back into USDT, buy Solana, sell that, and withdraw. That single $1,000 of actual capital has produced several thousand dollars of recorded stablecoin volume in an afternoon, and none of it represents new money entering the market. Volume counts trips, not travelers.

Bots do most of the walking. Arbitrage systems move stablecoins between exchanges constantly to exploit tiny price differences, executing hundreds of transfers a day. This is a legitimate and useful market function; it is what keeps the same asset priced consistently across venues. But it is infrastructure movement, not economic activity, and it lands in the volume column exactly like a human decision would.

Exchanges have every reason to look busy. Reported volume is a marketing number for a trading venue, and stablecoins make inflation easy. Wash trading, where the same entity is effectively on both sides of a trade, contributes an unknown but non-trivial amount to headline figures. Any analysis that treats exchange-reported volume as fact is standing on sand.

Stablecoins are also the parking lot. When traders want to be out of the market without leaving it, they sit in stablecoins. Every entry and exit from every position, in either direction, adds to the stablecoin total. Volatility that terrifies holders generates volume for the thing they run to.

The number professionals actually use Because raw volume is so distorted, serious analysts use a different figure: adjusted volume, which strips out bot traffic, internal exchange transfers and other movement that does not reflect real economic activity. Visa maintains a public onchain analytics dashboard doing exactly this, and the gap it reveals is instructive.

The adjusted numbers also tell a story the raw ones hide. Through the first half of 2026, adjusted stablecoin transaction volume totaled roughly $8.82 trillion, with a single record month near $1.79 trillion in June, up dramatically year over year. And the leadership flipped: USDC accounted for roughly 70% of adjusted transaction volume in that period against USDT’s 25%, a complete reversal of 2020, when USDT was nearly 90% and USDC under 10%.

So the headline board shows USDT dominating, while the cleaned-up data shows USDC handling most of the real settlement. Both are true. They measure different things, and knowing which one you are looking at is the entire skill.

There is a structural reason behind the split. USDC’s turnover relative to its supply runs many times higher than USDT’s, because USDC lives inside DeFi plumbing, liquidity pool rebalancing, lending markets and arbitrage on chains like Base and Ethereum. USDT’s volume concentrates more in exchange flows, especially on Tron, where it functions as the world’s informal dollar for people who mostly want to hold and send rather than trade. Supply by chain for every major stablecoin is published on DefiLlama.

Why any of this matters to you Three practical takeaways, and they apply well beyond stablecoins.

Volume is not interest. When a token’s volume spikes 300%, that could mean genuine new participants, or it could mean two bots discovering each other. Compare volume to market capitalization instead: this site uses a turnover ratio, volume divided by market cap, precisely because the raw figure alone says so little. Under 3% daily turnover usually means nobody is paying attention. Above 15% usually means a crowd, and crowds leave.

High volume in a stablecoin is not a red flag. It is the point of the product. A stablecoin with low volume is a failed stablecoin. Judge them on reserve backing, redemption reliability and regulatory standing, and read the issuers’ own attestation reports at Tether and Circle rather than a volume ranking.

Compare like with like. A frequent misuse of these figures is stacking stablecoin transaction volume against Visa’s payment volume to declare that crypto has overtaken the card networks. Visa counts a purchase once. Stablecoin volume counts deposits, trades, arbitrage and withdrawals separately, so the same underlying dollar can appear a dozen times. The comparison is not close to apples-to-apples, and anyone making it confidently is either selling something or has not checked.

Bottom Line Tether trades more than Bitcoin because Tether is the money and Bitcoin is the merchandise, and crypto is the only market that publishes a leaderboard mixing the two. The number is real, the inflation in it is real, and the useful version of it lives in adjusted data rather than exchange dashboards. Read volume as a measure of activity, never as a measure of value, and check what share of a token’s market cap is actually trading before deciding a chart means anything.

This article is for information only and is not investment advice. Crypto assets are extremely volatile and you can lose your entire stake. Always do your own research.

Frequently Asked Questions Why does Tether have more trading volume than Bitcoin? Because USDT is the quote currency for most crypto trading pairs, it appears on one side of a huge share of all trades. Its volume measures activity across the whole market rather than demand for Tether itself.

Does high stablecoin volume mean people are buying stablecoins? No. Most stablecoin volume comes from trading, moving funds between exchanges, arbitrage bots and traders parking capital between positions, not from investment demand for the stablecoin.

Is crypto trading volume inflated? Reported volume is inflated by design and by incentive: the same capital is counted on every trip, bots generate constant transfers, and exchanges benefit from looking active. Wash trading adds an unknown further amount. Adjusted volume metrics attempt to correct for this.

What is adjusted transaction volume? It is stablecoin or on-chain volume with bot traffic, internal exchange transfers and other non-economic movement removed, designed to approximate real activity. Visa publishes a public onchain dashboard using this methodology.

Which stablecoin has the most real transaction volume, USDT or USDC? By adjusted volume, USDC led with roughly 70% of activity in the first half of 2026 against USDT's 25%, a reversal from 2020 when USDT held nearly 90%. By raw exchange volume, USDT still dominates.

Should I worry that a coin has low trading volume? Low volume relative to market capitalization means thin liquidity, which makes both entering and exiting a position more expensive and more volatile. It is a genuine risk factor for any token that is not a stablecoin.

Bitcoin is deep into its bear market, though it’s doing something it doesn’t typically do: sit still. 

That’s according to a new report by VanEck, which noted that thirty-day realized volatility has fallen to 27.2% annualized, down from 30.4% the prior month and less than half bitcoin’s long-run average of roughly 80%. 

For an asset known for double-digit daily swings, that’s an unusually still market.

The calm comes as bitcoin claws back from a June low near $58,500, holding inside a tight $62,265-to-$66,509 band through most of July. 

Bitcoin remains about 9% below its 200-day moving average — a narrower gap than the 14% discount seen a month ago — and still sits roughly 49% below its all-time high.

Trading activity tells a similar story of a market on pause. Spot volume over the trailing 30 days is down 27% from the prior month, landing in just the 10th percentile of its own history, VanEck noted. 

Analysts at investment firm note the summer slowdown is deeper than in either 2024 or 2025, pushing spot volumes down toward levels last seen in the 2023 bear market.

At the same time, longtime holders have started letting go of coins, VanEck said. Bitcoin held for more than a year fell by about 356,000 BTC (-2.9%) over the month, pushing the long-term holder share of total supply below 60% for the first time in months. 

The selling was concentrated in coins held one to three years, while the oldest holders — those sitting on coins for more than a decade — barely moved, down just 0.1%.

Coming into a period historically associated with bitcoin’s four-year boom-and-bust cycle, VanEck’s research points to 8 of 12 tracked capitulation signals currently flashing, consistent with the later stages of a drawdown. 

Based on the length of prior cycles, the firm sees a bottom potentially forming anywhere between September and November of this year — though it cautions that the historical record of returns following similar signal clusters is mixed, and only shows a clear edge over a full one-year horizon.

For now, bitcoin’s story is less about direction and more about the unusual stillness of a market that, by its own history, rarely stays this quiet for long.

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.

THE STREET: How much gold and Bitcoin could Elon Musk buy with his entire fortune?

Metaplanet just wrote one of the more creative checks in recent corporate history: 2,100 Bitcoin and $2.5 million in cash to acquire a controlling stake in Super League Enterprise, a Nasdaq-listed gaming and media company. The total deal is valued at approximately $134.6 million, with the Bitcoin portion alone worth roughly $132.1 million at current prices.

Super League’s stock responded the way you’d expect when a company suddenly becomes a vessel for one of the most aggressive Bitcoin treasury strategies on the planet. Shares surged from a previous close near $3.00 into the $6 to $7+ range during intraday trading, representing gains between 50% and over 100%.

The deal structure Metaplanet, which trades on the Tokyo Stock Exchange under ticker 3350, is executing the acquisition through its US subsidiary. When the transaction closes, targeted for Q4 2026, Metaplanet will own approximately 95.7% of Super League’s common stock. If you account for pre-funded warrants being exercised, that figure dips slightly to around 93.6%.

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As part of the deal, Super League will rebrand as Superplanet, Inc. and begin trading under the ticker SUPA on Nasdaq. The company will continue its existing operations in gaming and media.

The agreement includes several structural safeguards worth noting. Metaplanet’s equity holdings carry a five-year lockup period. There are also protective board control rights through preferred stock, giving Metaplanet governance authority that extends beyond simple share ownership.

Metaplanet secured a 24-month right to invest an additional $210 million in junior preferred stock. That’s not a commitment to invest, it’s an option to.

Why this matters beyond the stock pop Metaplanet has been building a reputation as Japan’s answer to MicroStrategy, the Michael Saylor-led company that pioneered the corporate Bitcoin treasury playbook. By taking control of a Nasdaq-listed entity, Metaplanet effectively creates a dual-listed Bitcoin treasury operation spanning both Tokyo and New York, giving the company direct access to US capital markets, US institutional investors, and the deeper liquidity pools that come with a major American exchange listing.

The fact that the acquisition is being funded primarily in Bitcoin rather than cash or traditional equity is itself a statement. Metaplanet isn’t selling Bitcoin to buy a company. It’s using Bitcoin as the acquisition currency, treating it the way a traditional corporation might use its own stock in a share-swap deal. The 2,100 BTC being transferred represents a significant portion of corporate treasury assets being deployed as strategic capital rather than held passively on a balance sheet.

The MicroStrategy comparison, and where it breaks down The parallels to MicroStrategy are obvious and intentional. Both companies have made Bitcoin accumulation a core part of their corporate identity. But Metaplanet’s approach diverges in one key respect. MicroStrategy has primarily used debt instruments, convertible notes, and at-the-market stock offerings to fund its Bitcoin purchases. Metaplanet is doing something different: using its Bitcoin holdings to acquire operating companies and establish new exchange listings.

The five-year lockup period on Metaplanet’s equity holdings in Superplanet locks the company into this position through at least 2031. For Super League’s existing shareholders, post-closing, existing public shareholders will hold somewhere between 4.3% and 6.4% of the company, depending on warrant exercises. The $210 million in additional preferred stock subscription rights suggests Metaplanet sees this as just the beginning of its US market presence.

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

After years of enforcement actions, lawsuits, and the regulatory equivalent of “I’ll know it when I see it,” the SEC and CFTC have finally put pen to paper on what counts as a security in crypto and what doesn’t. The answer, released March 17, 2026, is surprisingly clean: Bitcoin, Ether, Solana, XRP, and Cardano are digital commodities. Payment stablecoins issued under the GENIUS Act of 2025 are not securities. And the whole framework goes into effect on March 23, 2026.

The joint interpretive release establishes a five-category taxonomy for crypto assets under federal securities laws. It’s the most comprehensive attempt by US regulators to draw clear lines around which digital assets fall under the SEC’s jurisdiction and which belong to the CFTC, or to neither.

What the taxonomy actually says The five categories sort the entire crypto landscape into distinct regulatory buckets. At one end, assets like BTC, ETH, SOL, XRP, and ADA are designated as “digital commodities,” meaning they are explicitly not securities. At the other end, tokenized versions of traditional financial instruments, think on-chain stocks or bonds, are definitively classified as securities, subject to full SEC oversight.

Payment stablecoins get their own carve-out. Tokens issued by entities that comply with the GENIUS Act of 2025, the stablecoin legislation signed into law last year, are excluded from the definition of a security by statute. That’s not an interpretive stretch or a no-action letter. It’s a statutory exclusion.

One of the more nuanced aspects of the framework involves how investment contracts interact with otherwise non-security assets. The guidance acknowledges that a digital commodity can be offered as part of an investment contract during, say, a fundraising round or token sale. But that status isn’t permanent. Once the issuer’s obligations are fulfilled, the asset can shed its investment contract classification entirely.

Why this matters now SEC Chairman Paul S. Atkins framed the release as the agency finally providing “clear regulations” for the industry. CFTC Chairman Michael S. Selig emphasized that harmonizing the two agencies’ approaches was essential for the sector’s growth.

For context, the previous SEC regime under Gary Gensler operated on the premise that nearly every crypto token, aside from Bitcoin, was likely a security. That philosophy fueled enforcement actions against exchanges, token issuers, and DeFi protocols alike. Ripple’s XRP spent years in legal limbo. Solana’s status was debated endlessly. Ether occupied a bizarre gray zone where even SEC officials contradicted each other on its classification.

The new taxonomy resolves all of those questions simultaneously. XRP is a commodity. SOL is a commodity. ETH is a commodity.

For stablecoins, the GENIUS Act already created a licensing framework for stablecoin issuers. Compliant stablecoins are now definitively outside the SEC’s reach by statute.

Market and industry implications For DeFi protocols and token projects, the investment contract provision is particularly relevant. The idea that a token can start life as part of a securities offering but “graduate” to commodity status once issuer obligations are met gives projects a roadmap. It acknowledges the reality that many tokens are sold to fund development but eventually function as utility or governance tools within decentralized networks.

The framework also draws a firm line around tokenized securities. Any project that puts traditional financial assets on-chain, whether it’s tokenized Treasury bills, equity, or corporate bonds, falls squarely under SEC jurisdiction.

Whether this framework survives a future change in administration or congressional priorities remains an open question. Interpretive releases carry less legal weight than formal rulemaking, and a differently composed SEC could theoretically revisit these classifications. But with the CFTC co-signing the guidance and the GENIUS Act providing statutory backing for the stablecoin provisions, unwinding this framework would require considerably more effort than issuing a new staff bulletin.

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

Direct crypto buying from your Cash App balance@MoonPay has added @CashApp Pay as a payment method, giving U.S. customers a direct route to buy crypto assets using their existing Cash App balance. The integration went live on August 18, 2026, and covers $BTC, $ETH, and a selection of regulated stablecoins.

The move removes a common friction point in crypto onboarding. Rather than linking a bank account or entering card details, eligible users can simply select Cash App Pay at checkout within MoonPay's flow and complete the purchase in a few taps. The goal is to make the process feel as routine as splitting a bill or paying a friend.

Part of a wider push to widen accessThe Cash App Pay tie-up fits a pattern MoonPay has been building for some time. The company has steadily added familiar consumer payment methods to reduce the gap between mainstream finance and crypto. An earlier integration brought Venmo support to Exodus wallet users through MoonPay's infrastructure, with that partnership framing the approach plainly: meet people where they already manage their money.

MoonPay's Venmo integration via Exodus showed that plugging into high-adoption payment apps can open crypto access to tens of millions of users who would not otherwise seek out a dedicated exchange. Cash App, operated by Block, brings a similarly large and financially active user base, particularly among younger Americans.

MoonPay describes itself as serving more than 30 million customers across 180 countries and working with over 1,200 enterprise clients. Adding Cash App Pay to its U.S. checkout options extends that reach further into the domestic retail market at a time when regulated stablecoins are drawing renewed attention from both consumers and policymakers.

For Cash App users, the practical benefit is straightforward: no new account, no card entry, and no redirect to a separate service. The purchase settles through MoonPay's existing compliance and payments infrastructure, with the familiar Cash App Pay experience sitting on top.

Sources:
Exodus Expands Crypto Access to Venmo Users Through MoonPay Integration, GlobeNewswire via Seeking Alpha
MoonPay Newsroom

Bitcoin, Ethereum and XRP are showing signs of a short-term recovery, but the market remains at an important point. Recent price action shows that the three cryptocurrencies have avoided deeper declines for now, while several resistance levels are still limiting a stronger recovery.

Bitcoin Holds $62,000 SupportBitcoin remains inside a wide trading range, with $60,000 acting as major support and $66,000-$67,000 as resistance.

The most important downside area is around $62,000-$62,200. Bitcoin has so far stayed above this level, keeping its recent price structure intact.

A confirmed move below $62,000 could create a new lower low and increase the chance of a deeper decline in the following weeks. On the upside, a move above $65,500 could weaken the current bearish setup and allow Bitcoin to move higher.

Ethereum Struggles Below $2,000Ethereum is also moving within a range and continues to face resistance around $1,940-$1,970. ETH has support around $1,800-$1,830, while the wider support zone sits between approximately $1,500 and $1,600.

A sustained move above $1,970-$1,980 could improve Ethereum’s outlook and bring $2,130-$2,150 into focus. Above that range, the next resistance area is near $2,400.

The bearish divergence on the daily chart remains active, which could keep ETH moving sideways in the near term rather than starting a strong rally.

XRP Holds Around $1XRP remains weaker than Bitcoin and Ethereum. The weekly trend is still bearish, with the next major support around $0.93.

On the daily chart, XRP is holding close to the $1 level and is showing a possible bullish divergence between its price and RSI. The signal, however, has not been confirmed yet.

A stronger rebound accompanied by several positive daily closes could confirm the setup and lead to some relief over the next one to two weeks.

XRP could still lag Bitcoin during such a move because it has underperformed for an extended period.

What Traders Are Watching NowFor Bitcoin, $62,000 and $65,500 remain important levels. For Ethereum, attention is on $1,970, while XRP needs to defend $1 and show stronger buying activity.

A decisive move through these levels could provide a clearer picture of whether the current recovery can continue or whether Bitcoin, Ethereum and XRP remain trapped within their existing ranges.

Story Ends Here

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