BitBox released a security update yesterday for its BitBox02 wallets. Named Dixence, the patch addresses several vulnerabilities, including two considered severe. The next day, Dogecoin contributor Mishaboar relayed the alert and urged affected bitcoin holders to check their firmware without delay.
In Brief BitBox reports two severe vulnerabilities as well as an issue affecting silent payments. The bootloader flaw had already been fixed with Oeschinen 9.26.2. Firmware 9.26.5, delivered with Dixence, addresses the other reported issues. No exploitation cases have been identified to date. BitBox recommends updating only through its official application. BitBox02, several firmware versions are affected BitBox02 is a hardware wallet that stores private keys in a device separate from the phone or computer. The presentation page of the BitBox02 already tested by Cointribune helps to position the product, but the issue as of August 17th is now software-related: BitBox recommends the latest version of its firmware.
The first flaw concerns the bootloader, the program responsible for launching the firmware at startup. According to the security bulletin published by BitBox, an attacker could, under certain conditions, lead a user to install malicious firmware through a fake BitBox app. Once the device was unlocked, the funds could then be at risk.
This issue had already been fixed in Oeschinen 9.26.2. BitBox also clarifies that the BitBox02 Nova is not affected by this attack, which is linked to older bootloader versions. To date, the company states it has not detected any exploitation cases.
The second severe vulnerability affects the Multi edition. It could appear when a device not yet configured communicated with a compromised computer. A memory corruption could then allow code execution and, in the worst-case scenario, installation of malicious firmware.
The Bitcoin-only edition is not affected by this part of the issue.
We strongly recommend updating to the latest firmware version in all cases to benefit from all security improvements.
The update must be done through BitBoxApp There is no question here of downloading a firmware file sent by email, messaging, or social network. According to the official BitBox guide, the update is distributed directly through BitBoxApp.
You must first install the latest version of the app from the official site, connect the wallet, unlock it, then go to “Settings” and “Manage device.” The update must then be confirmed directly on the BitBox02.
A red dot appears in the app when a new version is available. BitBox also asks users not to disconnect the device during installation.
Today, Mishaboar relayed the alert on X, urging BitBox users to update their devices quickly. As reported by U.Today, he also advises performing the operation from a clean, even freshly installed computer when possible.
This last precaution comes from Mishaboar. BitBox, for its part, mainly emphasizes using the official app and warns about phishing risks.
No confirmed exploitation so far The alert is serious, but BitBox does not report ongoing hacks. The company states it has received no reports indicating that the bootloader or memory corruption vulnerabilities have already been exploited.
A third issue was also fixed. It concerns silent payments. Unlike the two previous vulnerabilities, it did not directly allow theft of funds. However, it could block a payment to an address different from the expected one and, according to BitBox, create a scenario favorable to a ransom request.
The matter mainly reminds us that a hardware wallet does not become invulnerable just because keys remain offline. The embedded software remains an essential component of security. The recent Cointribune report on Coldcard had already illustrated this, although the two situations are different. In BitBox’s case, no theft related to the announced vulnerabilities has been confirmed.
For affected users, the procedure remains simple: open BitBoxApp, verify the firmware version, and install the update offered from the official app, never sharing recovery words.
Our guide dedicated to crypto security finally reminds that asset protection depends not only on choosing a hardware wallet but also on how it is used and kept up to date.
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Fenelon L.
Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Bitcoin trades above $64,000 as spot Bitcoin ETFs returned to net inflows on Monday.
Notable Statistics:
Coinglass data shows 64,687 traders were liquidated in the past 24 hours for $242.91 million. SoSoValue data shows net inflows of $297.6 million from spot Bitcoin ETFs on Monday. Spot Ethereum ETFs saw net inflows of $30.85 million. In the past 24 hours, top gainers include Venice Token, Bitway and POL. Notable Developments:
Bitcoin Needs to Stay Above $63,000 for Fresh Upside: 10x ResearchBitcoin Will Bottom Against Stocks Within 4 to 12 Weeks, Analyst ForecastsMSTR CEO Calls MSCI’s Index Proposal ‘Ill-Advised,’ Says Bitcoin Is an Operating AssetCLARITY Act ‘Far From Dead,’ Analyst Argues Ahead of Trump-Attended Crypto MeetingTom Lee Says ETH’s First Breakout Since October 2025 ‘Would Be Good to See’XRP Whale Activity Surges 280% but Price Remains Around $1: What’s Going On?Trader Notes:
Crypto trader Jelle argued Bitcoin appears to be in the late stages of its bear market, with spot exchange volume at its lowest since 2019, more than half of supply underwater and exchange inflows slowing.
Seller Exhaustion and MVRV-Z metrics are also approaching historical bottom levels, suggesting a potential accumulation opportunity.
CryptosBatman explained Bitcoin has historically seen major trend shifts around U.S. midterm election years, making the 2026 vote a key window to watch.
With November approaching, the trader expects BTC’s price action to become particularly significant. The previous cycles have produced major repricing.
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Trader KillaXBT noted Bitcoin has consolidated above $61,000 for nearly two months, yet traders remain heavily focused on a potential drop toward $50,000.
The trader cautions against repeatedly lowering downside targets simply to fit a bearish bias, arguing that price action, not expectations, should dictate positioning.
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In brief BitBox shipped the Dixence update after internal AI audits found two severe vulnerabilities plus a bootloader issue. Exploiting them required a successful phishing attack plus the user unlocking a tampered device. BitBox says no user funds were stolen and the wallet seed was never at risk. BitBox, the Zurich-based maker behind the BitBox02, released the Dixence security update this week after its own engineers uncovered two severe flaws in the cryptocurrency wallet's firmware.
The company disclosed the issues itself, with no evidence they were ever exploited. But the news itself is likely enough to set off the alarms of most Bitcoin holders, given the recent exploit of hardware wallet maker Coldcard that’s resulted in over $130 million in stolen BTC.
Myriad: Bitcoin's next move? Click to make your prediction.For BitBox, the first problem lives in the bootloader, the code that decides which firmware a device will accept. A fix shipped in July's Oeschinen release (v9.26.2) closed most of it, but BitBox now says the original issue was worse than first reported. An attacker who ran a phishing scam—tricking a user into installing a fake BitBoxApp and unlocking the device—could have loaded malicious firmware onto a genuine BitBox02 and walked off with the coins.
The BitBox02 Nova, the newer model, was never exposed because of its bootloader version.
The second severe bug is a memory-corruption flaw in the Multi edition of the BitBox before it's been set up with a wallet. Paired with a hostile computer, it could allow arbitrary code execution and, again, malicious firmware. The Bitcoin-only edition doesn't carry the affected code, so it's clear.
A third issue, less dangerous, touched the wallet's silent-payment feature. It couldn't steal coins directly, but could have locked funds to a wrong address in a ransom-style move. All three are fixed in v9.26.5.
BitBox leaned on frontier AI models during its internal review, part of a wider push the company described in a separate post about auditing firmware with AI help.
It’s another reminder that hardware wallets, long considered the ideal choice for security-conscious crypto users, aren't bulletproof.
Myriad: When will OpenAI release GPT-6? Click to make your prediction.The Coldcard Bitcoin exploit showed how a five-year-old firmware bug let thieves drain roughly 1,596 BTC, the largest hardware-wallet hack of 2026. Days ago, the data breach of hardware wallet maker SafePal stoked fresh fears of so-called wrench attacks on wallet owners whose personal details, including physical addresses, were exposed.
In this case, BitMox says there’s nothing to worry about besides updating. Per BitBox's disclosure, "There are no reports of stolen user funds and there is no reason for users to panic."
The fix is live at bitbox.swiss/download, and older firmware stays exposed until users install it.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief BitBox shipped the Dixence update after internal AI audits found two severe vulnerabilities plus a bootloader issue. Exploiting them required a successful phishing attack plus the user unlocking a tampered device. BitBox says no user funds were stolen and the wallet seed was never at risk. BitBox, the Zurich-based maker behind the BitBox02, released the Dixence security update this week after its own engineers uncovered two severe flaws in the cryptocurrency wallet's firmware.
The company disclosed the issues itself, with no evidence they were ever exploited. But the news itself is likely enough to set off the alarms of most Bitcoin holders, given the recent exploit of hardware wallet maker Coldcard that’s resulted in over $130 million in stolen BTC.
Myriad: Bitcoin's next move? Click to make your prediction.For BitBox, the first problem lives in the bootloader, the code that decides which firmware a device will accept. A fix shipped in July's Oeschinen release (v9.26.2) closed most of it, but BitBox now says the original issue was worse than first reported. An attacker who ran a phishing scam—tricking a user into installing a fake BitBoxApp and unlocking the device—could have loaded malicious firmware onto a genuine BitBox02 and walked off with the coins.
The BitBox02 Nova, the newer model, was never exposed because of its bootloader version.
The second severe bug is a memory-corruption flaw in the Multi edition of the BitBox before it's been set up with a wallet. Paired with a hostile computer, it could allow arbitrary code execution and, again, malicious firmware. The Bitcoin-only edition doesn't carry the affected code, so it's clear.
A third issue, less dangerous, touched the wallet's silent-payment feature. It couldn't steal coins directly, but could have locked funds to a wrong address in a ransom-style move. All three are fixed in v9.26.5.
BitBox leaned on frontier AI models during its internal review, part of a wider push the company described in a separate post about auditing firmware with AI help.
It’s another reminder that hardware wallets, long considered the ideal choice for security-conscious crypto users, aren't bulletproof.
Myriad: When will OpenAI release GPT-6? Click to make your prediction.The Coldcard Bitcoin exploit showed how a five-year-old firmware bug let thieves drain roughly 1,596 BTC, the largest hardware-wallet hack of 2026. Days ago, the data breach of hardware wallet maker SafePal stoked fresh fears of so-called wrench attacks on wallet owners whose personal details, including physical addresses, were exposed.
In this case, BitMox says there’s nothing to worry about besides updating. Per BitBox's disclosure, "There are no reports of stolen user funds and there is no reason for users to panic."
The fix is live at bitbox.swiss/download, and older firmware stays exposed until users install it.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
MoonPay has integrated Cash App Pay as a payment method, allowing eligible US customers to use their Cash App balance to purchase digital assets directly through its platform.
MoonPay said it is the first digital currency company to offer Cash App Pay as a payment option. Once linked, users can complete purchases within MoonPay’s checkout flow without additional redirects or authentication steps.
The integration is also available through select MoonPay partners, including Trust Wallet, Bitcoin.com, MetaMask, Moonshot, Ledger, BitPay, Uniswap, Tangem, LOBSTR and Edge.
MoonPay CEO and cofounder Ivan Soto Wright said the integration gives Cash App users a way to access digital assets using an app they already use to manage their money.
Morgan Kuntze, Global Partnerships Lead at Cash App parent company Block, said the integration is designed to give users more flexibility in how they fund purchases while bitcoin remains central to Cash App’s digital asset strategy.
MoonPay said its regulatory footprint includes a BitLicense and New York Limited Purpose Trust Company Charter from the NYDFS, MiCA authorization in the European Union and registrations in the UK, Australia and Canada.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
18 August 2026 | 17:33 Cash App is opening a new route into crypto for eligible U.S. customers. They will be able to use their Cash App balance to buy assets offered by MoonPay, including ether, solana, XRP and USDT.
Key Takeaways Cash App balances can fund MoonPay crypto purchases. Eligible users gain access beyond Bitcoin and USDC. MoonPay, not Cash App, handles the purchase flow. Wallet choice and network accuracy become the user’s responsibility. MoonPay’s eligibility, pricing and asset rules apply. Cash App is expanding access without adding a new token catalogue Cash App has long been associated with Bitcoin, and its recent USDC feature gave eligible customers a way to move digital dollars across supported networks. The MoonPay arrangement broadens the range of assets a Cash App customer can buy without requiring Block to build native support for each new token, chain and wallet.
The distinction matters. A customer is not buying ether or solana through a new Cash App trading screen. They are using their Cash App balance to pay for a MoonPay transaction.
MoonPay’s official purchase page lists more than 100 supported cryptocurrencies, including Bitcoin, ether, solana, XRP, USDT and USDC. The final selection available to an individual customer can still vary by jurisdiction, payment method and wallet compatibility.
MoonPay also requires users to complete its own onboarding and identity checks. The service asks the buyer to choose an asset, provide a wallet address and review the purchase before paying. Cash App may supply the funds, but it does not replace MoonPay’s compliance process or transaction rules.
The purchase path changes after the Cash App balance is used Cash App and MoonPay are handling different parts of the same customer journey. Cash App provides a familiar source of dollars. MoonPay is the on-ramp that converts those dollars into crypto and delivers it to a wallet.
Crypto Service Comparison A modern architectural look at native rails versus integrated gateway flows.
In-house ecosystem routing for primary assets.
Assets Involved
Bitcoin and USDC services
Order Location
Inside Cash App interface
Wallet Requirements
Cash App’s supported Bitcoin/USDC rails
Pricing & Terms
Cash App ecosystem rates
Destination Routes
Cash App transfer routes
CA FUNDED
External gateway checkouts powered by app balances.
Assets Involved
MoonPay’s eligible asset catalogue
Order Location
In MoonPay’s dedicated purchase flow
Wallet Requirements
MoonPay & target network rules
Pricing & Terms
MoonPay at final checkout
Destination Routes
Compatible external wallet choice
Decentralized peer-to-peer alternative routing.
Assets Involved
Full token ecosystem access
Order Location
DEX / Protocol interface
Wallet Requirements
Self-custody web3 standards
Pricing & Terms
Destination Routes
Direct-to-address transfer
That design gives Cash App a fast way to offer more choice while keeping its own crypto product focused. It also means that a customer who starts with a Cash App balance quickly enters a different environment, with different support, pricing and custody considerations.
The cleanest way to understand the partnership is as a bridge. Cash App supplies the funding rail; MoonPay provides access to the wider crypto market.
USDC inside Cash App is still a different product Cash App’s USDC service should not be confused with a MoonPay purchase.
Under Cash App’s official USDC rollout, eligible users can send and receive USDC on Solana, Ethereum, Polygon and Arbitrum. But the app automatically converts incoming USDC into U.S. dollars, leaving the customer with a unified dollar balance rather than a standalone USDC balance to manage.
Cash App handles the sourcing, conversion and settlement behind the scenes. That makes USDC a payment feature inside the app, not a broader self-custody crypto experience.
MoonPay takes the customer in the other direction. Instead of converting crypto back into a Cash App dollar balance, it lets the buyer choose a crypto asset and send it to a compatible wallet. That can be useful for people who want to hold assets outside Cash App or use them across other crypto services. It also makes the wallet destination a far more important decision.
More assets mean more room for mistakes Buying Bitcoin or receiving USDC through a familiar app can feel straightforward. Moving into a wider set of tokens and networks is less forgiving.
A user needs to confirm the asset, blockchain network and receiving address before placing the order. An ERC-20 token sent to an incompatible address, or a transfer made on the wrong network, may not be recoverable. Cash App itself warns customers that sending USDC to an unsupported asset or incompatible network can result in a permanent loss.
The same basic rule applies here: a payment balance may be familiar, but the transaction is still an onchain crypto purchase. Once the order is completed and the asset is sent to an external wallet, Cash App cannot reverse it simply because the user selected the wrong network or address.
MoonPay’s purchase guide says it works with non-custodial wallets and can help users obtain one at checkout if they do not already have one. That gives buyers more freedom over where their crypto sits. It also means the buyer, rather than Cash App, is responsible for securing wallet access and recovery information.
The final price will be set at MoonPay checkout The funding source may be Cash App, but the crypto order is still priced by MoonPay. Users should not assume that Cash App’s fee structure for Bitcoin or USDC applies to a MoonPay purchase.
MoonPay lists general fees ranging from as low as 1% for certain bank-transfer purchases to as much as 4.5% for some Visa-card transactions. Those figures are useful context, not a promised rate for the Cash App option.
The available materials do not set out one universal Cash App balance fee. The relevant price is the quote shown by MoonPay before the customer confirms the transaction, including any spread, network cost or payment-related charge.
That is where the convenience of the partnership needs to be judged. Cash App removes one step from funding a crypto purchase. It does not make the underlying asset cheaper, safer or easier to sell later.
MoonPay is trying to sit behind more ways people move money The Cash App deal fits MoonPay’s broader strategy of becoming infrastructure rather than relying only on its own consumer app. It can sit behind a wallet, a checkout page or another financial product while handling the conversion between conventional money and crypto.
MoonPay has recently taken that idea into AI tools as well. Its PayBox product lets ChatGPT and Claude initiate crypto transactions and other payments within limits chosen by the user. The product uses passkeys, permission scopes and spending caps to keep the assistant from receiving unrestricted payment authority.
The Cash App partnership follows the same logic from another direction. MoonPay does not need to own the customer’s main financial app if it can become the layer that turns that app’s balance into an onchain purchase.
Cash App has widened the door, not rebuilt the house For users, the new option makes it easier to move from a Cash App balance into assets that were previously outside the app’s native crypto offering. For Cash App, it is a way to answer demand for more choice without becoming the direct provider of every token and wallet service.
The limits of the arrangement are just as important as the expansion. Cash App remains centred on its own Bitcoin and USDC services. MoonPay handles the wider asset list, the checkout process and the delivery of crypto to an external wallet.
That gives customers more ways in. It also makes it essential to understand where Cash App’s role ends and MoonPay’s begins before pressing “buy.”
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
In this patch of your weekly Dispatch:A quiet macro weekInstitutional BTC loveThe leverage build-upMarket cast
BTC: Same range, new signalsBitcoin's weekly chart remains range-bound, with price holding around the 200-period SMA, a key level of dynamic support. The RSI, a momentum oscillator, and the Stochastic, another momentum oscillator, are both rising, though neither has produced a clear signal yet. The MACD, a trend and momentum indicator, keeps its histogram just above the zero line — a mildly constructive tilt within an otherwise tight range.
The daily chart shows less conviction. Price bounced off the lower Bollinger Band, which marks the bottom of its recent volatility range, but the broader picture stays range-bound. The RSI and Stochastic are both in neutral territory, and the MACD histogram sits just below the zero line. The ADX, which measures trend strength, is falling and reads very low, confirming there's no decisive directional move underway.
Key levels to watch: on the downside, support sits around $62,000, with a deeper zone near $60,000. To the upside, resistance comes in around the $66,000–$67,000 zone, followed by $70,000.
The big idea
Muted price action: BTC’s time-off Twice this summer we told you a catalyst was coming. First: a cooling jobs market would take rate hikes off the table. It did, and bitcoin shrugged. Then: soft inflation would do the same. It did too – cooler PPI stacked on an unchanged CPI, as benign a print as this cycle has offered – and bitcoin drifted below $64,000 anyway. Two clean macro setups, two muted reactions. At some point the calendar starts to look like a better explanation than the data – this is peak holiday season, after all.
Someone once described August as "the afternoon of the year" – the point where the momentum of spring and early summer has burned off, but the year isn't over, and everyone's mind is somewhere else. Beach, kids, the last long weekend before September snaps everything back into focus – inboxes go quiet, sunscreen replaces suits, and nobody's in a rush to make a big call. Trading desks thin out, and when so much of the market's usual activity is running on the same summer schedule, even good news can struggle to find much of a response.
That's not just a nice line – the data backs it up. Going back to 2011, July, September, and October are consistently the calmest months for bitcoin, and August sits right alongside them: over the last eight years, August's average monthly price swing is the second-smallest of any month, behind only September. Trading volume tells the same story – June, July, and August are the three lowest-volume months of the year, running 12–25% below each year's daily average. This year is an unusually deep version of that pattern. Daily spot volume has fallen every month since February, from roughly $11 billion a day to about $3 billion now, and 30-day realized volatility just hit 22% – its lowest reading in twelve months.
Worth remembering, too, that plenty of the market's regular participants are off picking kids up from camp or squeezing in one last trip before school starts. So the "everyone's on vacation" read isn't just a vibe. It's the calmest tape bitcoin has had in a year, arriving in the exact month it tends to arrive.
It's not just the calendar: The seasonal read explains why trading has gone quiet. The on-chain read explains why demand hasn't shown up. Glassnode's take on the non-reaction: "a weak response to good news is itself a warning." Spot is pinned between two cost-basis walls – just above the Median Realized Price ($63,000) and below the Short-Term Holder Cost Basis ($68,700), the average entry for anyone who's bought since October – and has been for nearly three months, on the thinnest spot volume Glassnode has recorded since 2019. That's independent confirmation of the same volume collapse we found going back to 2010.
The imbalance underneath is the more interesting part. Sellers look tired – supply in profit is near past bear-floor levels, and Glassnode's Seller Exhaustion Constant sits at a cycle low. But buyers haven't shown up to test that exhaustion: ETF flows only just turned positive, coins keep drifting onto exchanges, and leverage – the one corner showing any conviction – is crowded net-long against a bid that's thinned by a third since July.
Not every desk agrees – some voices point to Q3 ETF inflows and calmer options positioning as reasons $70,000–$75,000 is still in play by month-end. But a market stalling on good news, on record-low volume, is hard to wave off as just pre-Labor-Day drift.
The takeaway: Both explanations point in the same direction: low conviction, not low importance. The calendar says trading desks are half-empty until after Labor Day – September 7th this year – which might as well double as bitcoin's alarm clock; don't be shocked if volume, and conviction, both show up right on cue. The on-chain data says the two sides left in the market – tired sellers, absent buyers – are each waiting for the other to blink. Watch $68,000 above and $58,500 below: a reclaim of the former on rising volume, with ETF inflows following, would be the first real sign this afternoon is turning into evening. Until then, the honest read is patience, not prediction. And if you're reading this from a beach chair or a half-empty office, that's kind of the point – the market can afford to sit still for a while, but your assets always have the option to grow.
TradFi trends
Some banks don't take August offNot everyone is on holiday. Banking giant UBS disclosed a 24x jump in call option exposure on BlackRock's IBIT last quarter (80,000 to 1.95 million shares), alongside fewer puts and a 12% rise in its outright holdings — timed with the bank opening bitcoin access to its Swiss clients. Hedging or conviction, hard to say from the filing alone, but the shape leans bullish.
Norway's sovereign wealth fund, some of the most cautious money on earth, just logged a sixth straight period of growth in its indirect bitcoin exposure — up 60% year-over-year to an all-time high of 11,549 BTC (~$725 million), mostly via its stake in Strategy. Less a choice than bitcoin working its way into a portfolio built to avoid it. Two very different bets, same direction, in a month when little else is moving.
Macroeconomic roundup
Fed minutes could break the quietThis week's calendar is quieter than last week's CPI/PPI stretch, but not empty — Wednesday and Thursday both carry real potential to move the rate-path narrative crypto's been trading on.
Eurozone CPI (Aug 19): July's Eurozone inflation data. A cooler read backs the same disinflation story markets have been trading on.
FOMC Minutes (Aug 19): July's decision held rates at 3.5%–3.75%, but three officials favored a hike. Minutes show how wide that split is running.
Jobless Claims (Aug 20): Initial and continuing claims — another labor-cooling read feeding the Fed's calculus.
Philly Fed Manufacturing Index (Aug 20): A regional factory-activity gauge, one more slowdown signal.
Retail sales already cut against a hike — July fell 0.6%, the first monthly drop in nine months, and softer inflation and labor readings have trimmed the odds further.
The week's most interesting data story
The market's napping – leverage isn'tWhile spot markets nap, the futures side of bitcoin is anything but sleepy. Traders are sitting on more open leveraged positions than the entire market trades in a single day — that gap just hit an all-time high on August 15, and it's still unusually wide now. That beats the previous record set last September. It's also not a one-off: this kind of imbalance, rare a few years ago, has now shown up on roughly one in three days over the past two years. The risk is straightforward — with so many bets stacked up and so little actual buying and selling happening around them, there's little real trading activity to cushion a sudden move. If something does spark a swing, it could travel further and faster than usual, in either direction.
The numbers
The week’s most interesting numbers$12.5 million — Combined inflows into Solana and XRP ETFs last week – Solana's strongest since May and XRP's fifth straight positive week.
46,420 BTC — Wallets holding over 10,000 BTC added this much over the past two months, their fastest accumulation pace since March, even as price stayed range-bound.
202% — Morgan Stanley's Q2 filing showed its stake in BlackRock's Ethereum ETF jumped this much, alongside a 23% increase in its bitcoin ETF holdings.
66 — The number of proposals Ethereum developers are narrowing down as they scope the 2027 Hegotá upgrade, with several aimed at bringing native privacy to the protocol.
Hot topic
What the community is discussingSo that means we are now at the bottom?
Another perspective on the current calm.
Can ETH upgrade with BTC technicals soon.
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Bitcoin’s volatility falls to a cycle low, as traders shift to AI stocks and prediction markets.
Bitcoin’s recent volatility has dropped to multi-year lows, with its 30-day realized volatility standing at around 42%, compared to the S&P 500’s roughly 18% — marking the narrowest gap in volatility between the two assets on record. The market is stuck in a stalemate between buyers and sellers: sell-offs by corporates and mining firms cap upside gains, while deleveraging and ongoing accumulation by long-term holders limit downside declines. As Bitcoin’s volatility eases, some short-term traders have shifted their risk appetite to assets like AI stocks, tokenized equities, stock perpetuals, and prediction markets. A NYDIG study notes that short-term traders tend to chase volatility, narrative momentum, and upside potential, with “traders targeting 5x or 10x returns” now having options including Bitcoin, Nvidia, gold, stock perpetuals, 0DTE options, and sports event contracts. Data shows that monthly trading volume of traditional asset perpetuals on crypto platforms has surged more than fivefold from $52 billion in January to $268 billion in June. Meanwhile, South Korean retail traders have clearly shifted from cryptocurrencies to AI-related stocks, with trading volumes on major South Korean crypto exchanges falling by up to around 80% year-over-year. CoinDesk points out that the Bitcoin market is currently more like in a “dormant” state, with falling trading participation, shrinking market depth, and regulatory uncertainty combining to suppress volatility. If U.S. crypto regulation makes substantial progress, the macro environment shifts, or a new market narrative emerges, the current low-volatility regime could be broken, and thinner liquidity may further amplify price swings.
1 minutes ago
NVIDIA: Multi-GPU UMAP can process 870GB of vector data in 8 minutes, achieving a maximum speedup of 74 times.
NVIDIA has released a technical blog announcing that its cuML and cuVS libraries now support multi-GPU UMAP functionality, enabling distributed execution of dimensionality reduction for large-scale vector data across multiple GPUs—significantly cutting runtime while preserving embedding quality. NVIDIA noted that during tests on the MIRACL dataset (containing 106 million vectors, totaling ~870GB) run on a DGX system equipped with 8 H100 GPUs, cuML’s multi-GPU UMAP completed end-to-end processing in just 8 minutes, delivering up to 74x speedups over projected CPU-based implementations. Prior CPU-based solutions failed to process the full dataset even with 2TB of memory. The approach works by partitioning data into multiple clusters, building local k-nearest neighbor (kNN) graphs in parallel across different GPUs, then merging these into a global graph, thereby overcoming the memory constraints of a single GPU. NVIDIA added that this technology can reduce hundreds-of-GB UMAP tasks that previously took hours or even days to process down to just minutes.
1 minutes ago
Market News: Anthropic Plans to Raise Over $10 Billion in Credit Lines Ahead of Its IPO
Market sources say Anthropic is asking lead banks to provide around $1.25 billion each in loans, while other major participating banks are expected to contribute roughly $1 billion apiece. Separately, reports indicate the credit line Anthropic aims to raise ahead of its IPO could exceed its $10 billion target.
1 minutes ago
Axios reporter: The White House will host a tech leaders event with Trump tomorrow, and prediction market firms have not been invited.
According to Axios reporter Alex Isenstadt, the White House plans to co-host an event with President Trump tomorrow, with several tech industry leaders in attendance. White House sources noted that prediction market firms have not been invited to the event and will not participate. BlockBeats previously reported that on August 15, insiders disclosed that U.S. President Trump is expected to attend a crypto industry innovation conference at the White House next week, where he will hold discussions with executives from multiple crypto firms, as well as heads of prediction market and AI companies. Attendees of the conference include leaders from firms such as Coinbase, Ripple, Gemini, Robinhood, Polymarket, and Kalshi. All these executives are members of the newly established Innovation Advisory Committee of the U.S. Commodity Futures Trading Commission (CFTC). Sources said the conference is scheduled to take place at the Eisenhower Executive Office Building adjacent to the White House, aiming to hold policy dialogues around innovative fields including U.S. fintech, crypto assets, prediction markets, and artificial intelligence. CFTC Chairman Mike Selig and other government advisors are also expected to attend, while Treasury Secretary Bessent and Commerce Secretary Lutnick may be present.
1 minutes ago
CASHCAT drops 30% following its listing on Robinhood, with one trader holding on despite an unrealized loss of $412,000 and has not sold yet.
According to Arkham's monitoring, trader 0x4B1 purchased CASHCAT tokens worth approximately $1.29 million when the asset launched on Robinhood, acquiring around 0.85% of its total supply at an average market cap of roughly $150 million at the time of purchase. After CASHCAT listed on Robinhood, its price dropped by about 30%, leaving the trader with an unrealized loss of roughly $412,000. However, on-chain data shows the trader has not sold any of the tokens to date.
1 minutes ago
US media: Tesla’s Cybercab will be launched this month in Austin, but doubts remain over the safety of its autonomous driving.
Tesla plans to publicly unveil its Cybercab, a driverless taxi, in Austin, Texas, U.S. as early as this month. The vehicle features a steering-wheel and pedal-free design, with Tesla employees already testing the fully driverless version on private roads within the company’s campus. Reports note that Cybercab runs on Tesla’s FSD (Full Self-Driving) software, though its autonomous driving capabilities and safety remain under scrutiny. The U.S. National Highway Traffic Safety Administration (NHTSA) is still investigating Tesla’s FSD for traffic rule compliance issues, while existing Robotaxi services in some markets still have human safety drivers on board. Cybercab is designed to operate without in-vehicle personnel intervention; Tesla plans to use remote operators to handle emergencies and has started integrating Starlink connectivity into the vehicles. Data scale is another concern. Tesla stated in July that it needs to accumulate dedicated driving data for Cybercab. To date, Tesla’s unsupervised Robotaxis have logged around 380,000 miles across six cities, while Waymo has completed over 220 million miles of fully autonomous driving on public roads since 2020. Additionally, Cybercab’s lack of traditional driving controls may face restrictions under U.S. federal vehicle safety regulations. It remains unclear whether Tesla is seeking regulatory exemptions, according to reports. The Verge points out that as Cybercab’s launch approaches, there remains significant uncertainty regarding the autonomous driving safety and regulatory approvals required for its commercial operation.
Bitcoin (BTC) may be due for a 30% swing in either direction, according to Fundstrat Global Advisors. Sean Farrell, the firm’s head of digital asset strategy, points to historically low volatility as the signal.
Farrell’s Monday note found Bitcoin’s 30-day price swings rank among the smallest on record. That pattern has often preceded much larger moves in past cycles.
Fundstrat’s Case for a 30% Bitcoin MoveAcross eight episodes of low volatility, Fundstrat found the median absolute price move over the following 60 days was 30.2%. Four of those eight instances ended in gains, and four ended in losses, Farrell noted.
That split means the signal points to the size of the next move. It does not indicate direction, according to the firm.
“The typical magnitude of historical moves is notable. Looking across prior observations, the median absolute move over the subsequent 60 days has been roughly 30%.”
Farrell said, as reported by CNBC.
Fundstrat did not name a specific price target in its note. As an illustration only, a 30% swing off the current price of $64,000 would put Bitcoin near $83,200 on the upside. The same swing to the downside would put Bitcoin near $44,800.
Bitcoin sits at around $64,000. Image Source: Trading ViewShort Covering Fuels Monday’s RallyBitcoin rallied as much as 2% on Monday after lagging other cryptocurrencies in recent sessions. The asset has lost nearly 27% so far in 2026.
Farrell attributed a meaningful part of the bounce to traders closing bearish positions rather than fresh buying. Coin-denominated open interest, the total value of outstanding futures contracts, fell roughly 8% since Friday evening as prices rose. That signals traders unwound short bets.
He compared the move to short-covering rallies in early June and early July. Those rallies initially pushed prices higher before fading, a pattern BeInCrypto has flagged before as a bear rally in disguise. His base case expects something similar this time, though he called Monday’s price action constructive.
Bond Yields Could Be the TriggerFarrell flagged rising real yields, the return on bonds after inflation, as Bitcoin’s biggest risk. If real yields keep climbing, he said, they could end bitcoin’s unusually calm trading range.
BeInCrypto has tied that same dynamic to record global bond yields in recent weeks. Fundstrat’s data suggests Bitcoin’s next move is likely to be large. Its direction, for now, remains unclear.
Bitcoin broke above $63,000 on Monday and quickly pushed past $64,000, escaping the narrow range that had trapped the price for days.
The biggest catalyst came from the US macro picture. Traders have sharply reduced their expectations for a Federal Reserve rate hike in September, while the dollar has weakened. Both developments make risk assets such as Bitcoin more attractive.
Can Bitcoin Price Breakout of $65,000 Resistance?The move also gained momentum as selling pressure eased. Bitcoin inflows to exchanges have dropped sharply, while funding rates and open interest have cooled. That means fewer coins are sitting on exchanges ready to sell, while leveraged traders are less aggressively positioned.
However, the broader picture remains less convincing.
Bitcoin Price Climbs to $64,000 on August 17. Source: CoinGeckoCryptoQuant’s volatility-adjusted momentum has fallen below zero, suggesting Bitcoin is generating weak returns relative to its recent volatility. Its risk oscillator has also returned to a level that previously appeared near major market turning points.
US spot demand also remains soft. The Coinbase Premium Index is still negative, although the indicator may exaggerate weakness because of differences between USD and USDT pricing. Bitcoin ETFs also recorded net outflows last week.
For the next few days, $65,000 is the key level. A clean break and hold above it could extend the move toward the upper part of the recent range.
But the next few weeks will depend on whether real spot demand returns. If ETF flows improve and Coinbase demand strengthens, the breakout could develop into a broader recovery.
If those signals stay weak, the move above $63,000 may remain a relief rally driven mainly by lighter selling and short covering.
TLDR BTC gained 2.3% on Monday, reaching $64,282 following a near-3% decline the previous week A White House cryptocurrency innovation committee meeting is scheduled for Wednesday with President Trump expected to participate Bitcoin ETFs experienced approximately $390 million in outflows during the past week, marking the steepest decline since early July Implied volatility for Bitcoin descended to the 2nd percentile within its historical distribution Critical price points include overhead resistance near $64,700 and downside support around $62,200 Bitcoin experienced a notable recovery on Monday, climbing 2.3% to reach $64,282 following a challenging week that witnessed the leading digital asset decline by approximately 3%.
Bitcoin (BTC) Price The upward movement occurred as market participants turned their attention to an upcoming Wednesday gathering at the White House, where President Trump is anticipated to engage with cryptocurrency industry executives as part of his administration’s newly formed innovation committee.
The Wednesday session will feature cryptocurrency company chief executives, prediction market platform leaders, alongside representatives from conventional finance sectors and artificial intelligence. A subsequent meeting is planned for Thursday at the Commodities Futures Trading Commission, the body overseeing the committee, where additional cryptocurrency regulatory matters are expected to be addressed.
The previous week’s downturn stemmed from multiple factors including Middle Eastern geopolitical concerns, regulatory obstacles, and announcements that Strategy had liquidated $333.7 million of its equity. The firm disposed of 3,458,866 shares during the August 10-16 period, allocating the funds toward dividend payments, buyback programs, and treasury reserves.
Strategy’s Bitcoin portfolio remains steady at 840,447 tokens, currently valued at roughly $53.4 billion. The corporation’s mean acquisition cost sits at $75,385 per Bitcoin.
Bitcoin exchange-traded funds registered approximately $390 million in net withdrawals during the past week, representing the most significant seven-day outflow period since the beginning of July, based on SoSoValue tracking data.
Spot Bitcoin ETFs Saw $390 Million in Net Outflows Last Week; Spot Ethereum ETFs Saw $2.26 Million
From August 10 to August 14 (ET), spot Bitcoin ETFs recorded $390 million in net outflows, led by Fidelity’s FBTC with $153 million. Spot Ethereum ETFs recorded $2.26 million in… pic.twitter.com/eYlGPbNx62
— Wu Blockchain (@WuBlockchain) August 17, 2026
Monday also delivered a modest encouraging development from the U.S. Treasury Department, which initiated a public consultation process regarding the distribution and offering of payment stablecoins pursuant to the GENIUS Act framework.
Market Volatility Contracts to Exceptional Lows Glassnode co-founder Rafael Schultze-Kraft highlighted an uncommon configuration within the derivatives market. He observed that Bitcoin’s implied volatility had descended to the 2nd percentile across its complete historical range. Glassnode’s “volatility trap” indicator registered 91 out of 100, marking its most elevated reading in more than three and a half years.
Schultze-Kraft observed that implied volatility continues to hover approximately 1.5 times higher than realized volatility, indicating options market participants continue to absorb substantial premiums despite the subdued price dynamics. Historical instances of comparable compression have frequently preceded significant price movements, although the metrics provide no directional indication.
Critical Price Zones Under Market Surveillance Market analyst Michael van de Poppe highlighted the significance of the $63,300 threshold. He observed that Bitcoin encountered this zone and experienced immediate buying pressure, suggesting that another test of this level would indicate underlying weakness. He anticipates Bitcoin advancing toward $65,000 provided the present recovery maintains momentum.
This is what is required for #Bitcoin to trend higher, as it tested that $63,300 area and quickly got bought up.
Great signs.
A revisit of that area would be weakness, and I'm personally not expecting to see lower numbers.
In this aspect, I honestly expect to see that… https://t.co/oxfLPOTG8U pic.twitter.com/wmeN7iUlAx
— Michaël van de Poppe (@CryptoMichNL) August 17, 2026
Based on CoinGlass liquidation metrics, upside liquidity concentrations exist at $64,000 and $64,700. Lower-side liquidity accumulates near $62,700 and $62,200. Bitcoin has remained confined within the $62,000 to $65,000 corridor since the final days of July.
Market commentator Ted (@TedPillows) on X identified the $72,000–$74,000 band as the crucial threshold for Bitcoin’s subsequent major directional shift. He stated that successful reclamation of that territory would substantially diminish the probability of another descent beneath $60,000. Should Bitcoin fail to recover that range, he envisions a potential decline below $58,000.
Bitcoin was last trading around $64,282 during Monday evening Eastern Time.
While the leading cryptocurrency Bitcoin remains stuck between $60,000 and $65,000, it continues to search for direction. The next move for BTC is being closely watched, and 10x Research’s latest analysis highlights the $63,000 level.
Crypto research firm 10X Research stated that it sees $63,000 as a key level for Bitcoin to either recover or fall further.
At this point, Markus Thielen, founder of 10x Research, argues that the current $63,000 price range is a crucial area that will determine whether BTC bottoms out or faces another sharp decline.
Thielen notes that Bitcoin closing above $63,000 on a monthly basis could be a critical technical signal for the market cycle. He suggests that such a close would push some cycle indicators back into positive territory, creating a stronger case for the bottoming out of the bear market.
$63,000 is Critically Important for Bitcoin! Thielen noted that $63,000 is not a simple level for BTC. According to the analyst, Bitcoin traded sideways around $60,000 for approximately six months prior to the 2024 US presidential election. Furthermore, BTC’s initial peak in 2021 was also $64,000.
After Donald Trump’s election victory, it rapidly rose from $70,000 to $90,000. At this point, the analyst noted that the trading volume in the $70,000-$90,000 range was low, which left limited support for a downward movement.
The analyst, recalling his previous warning that a break below $93,000 in November 2025 could trigger a sharp drop towards $65,000, now states that the area around $60,000 is critical.
The analyst also noted that a large amount of BTC changed hands in the $60,000-$65,000 range, and that they see $63,000 as a critical threshold to determine whether Bitcoin will confirm the bottom of its bear market.
However, risks remain if Bitcoin fails to sustain a move above this level. Specifically, ETF flows, institutional demand, US bond yields, and selling pressure from miners are among the key risk factors facing Bitcoin. Therefore, the analyst states that in addition to BTC remaining above $63,000, positive developments are also necessary in the areas he considers risk factors.
*This is not investment advice.
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CryptoQuant analyst Axel Adler Jr. released an analysis showing on-chain data that Bitcoin’s long-term holder cost base stands at $49,400, with a current price multiple of 1.3x. Bitcoin has spent 78 consecutive days in the low-risk zone between the long-term holder cost base and 1.5x that level, where the 1.5x threshold corresponds to a price of roughly $74,100. Long-term holder supply currently sits at 16.35 million BTC, just 58,000 BTC below the all-time high of 16.41 million BTC recorded on July 30. Only two days of supply decline have been seen in the past 15 days, indicating the group’s selling frequency has nearly hit its lowest level. The analyst noted these two signals together point to: valuation remaining low relative to the long-term holder cost base, and long-term holders showing almost no sustained selling signs. He emphasized this combination is a “constructive supply structure” but does not alone constitute an independent signal that a new rally has begun. Current conditions show long-term holders as a whole are still in unrealized profit (price is roughly 30% above the cost base), and the market remains in the lower end of its historical valuation range. However, for a new uptrend to unfold, further confirmation from both demand and price sides is needed. If the price falls below $49,400, long-term holders will collectively shift into unrealized loss, entering a lower-risk zone from a valuation perspective, but meaning significantly rising pressure on long-term holders from a market condition standpoint.
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Bank of America’s chief: There are almost no short sellers left in the market, as investors have poured into the stock market, pushing their holdings to the highest level in five years.
Bank of America Chief Investment Strategist Michael Hartnett said global bullish investors have lifted their stock holdings to the highest level in nearly five years, with almost no short sellers left. BofA’s latest global fund manager survey shows a net 56% of fund managers are overweight on stocks, the highest level since November 2021. Cash allocations have fallen to an "extremely low" 3.5%. As global investors raise their stock positions, market risk appetite has clearly heated up, though this also means further upside for bullish positions may be limited. Hartnett believes current investor allocations have become crowded, and bearish forces in the market are declining. Driven by factors such as expectations of a soft economic landing, the AI investment boom, and improved liquidity outlooks, institutional investors’ willingness to allocate to risk assets continues to strengthen. At the same time, the low cash holding ratio means that once adverse factors emerge in the market, pressure to adjust investment portfolios may rise.
16 minutes ago
In U.S. pre-market trading, declines in the storage sector have widened further, with all major individual stocks falling more than 5%.
According to market data from BIT (bit.com), losses in the U.S. stock pre-market session for the storage sector have widened further, with all major individual stocks declining by more than 5%. Specifically: SanDisk (SNDK) fell 5.95%; Seagate Technology (STX) dropped 5.91%; Western Digital (WDC) declined 6.3%; Micron Technology (MU) fell 5.06%; and SK Hynix ADR dropped 5.4%.
16 minutes ago
Hong Kong’s Securities and Futures Commission welcomes mainland Chinese insurance institutions to invest in Hong Kong ETFs via the Shanghai-Shenzhen-Hong Kong Stock Connect.
The Hong Kong Securities and Futures Commission (SFC) said it welcomes today’s announcement by the National Administration of Financial Regulation (NAFR) that it actively supports mainland insurance funds’ participation in the mutual market access between the mainland and Hong Kong, and backs mainland insurance institutions in investing in Hong Kong Exchange-Traded Funds (ETFs) via the Shanghai-Shenzhen-Hong Kong Stock Connect. This policy will further enrich the options for mainland insurance institutions to allocate overseas assets via Hong Kong, reflecting the NAFR’s support for continuously deepening financial mutual market access between the mainland and Hong Kong. Dr. Wesley Wong, Chairman of the Hong Kong SFC, stated: “We sincerely thank the National Administration of Financial Regulation for its long-standing firm support for the development of Hong Kong’s capital market and the deepening of financial mutual market access between the mainland and Hong Kong. This new policy broadens diversified channels for mainland insurance funds to allocate overseas assets, demonstrates the country’s resolve to deepen high-level financial opening-up, and also reflects the central government’s support for continuous deepening of financial cooperation between the two sides. We firmly believe that the relevant arrangements will further promote the coordinated development of the two regions’ capital markets.”
16 minutes ago
Xiaomi Group reported Q2 adjusted net profit of 6.219 billion yuan, down 42.6% year-on-year, with revenue reaching 108.9 billion yuan, down 6.1% year-on-year.
Xiaomi Group has released its second quarter 2026 financial report. Revenue for Q2 2026 reached 108.9 billion yuan, a 6.1% year-on-year decline from 115.96 billion yuan in the same period last year. Adjusted net profit stood at 6.219 billion yuan, down 42.6% year-on-year. For the first half of 2026, adjusted net profit totaled 12.291 billion yuan, falling 42.8% year-on-year, while revenue hit 208.063 billion yuan, an 8.4% year-on-year decrease.
16 minutes ago
The largest on-chain short seller of Changxin has paid $3.96 million in funding fees for its short position, with daily rate losses hitting as high as $460,000.
According to on-chain analyst Ai Yi (@ai_9684xtpa), the largest short address for CXMT has paid $3.96 million in funding fees for its short position, currently holding a $24.77 million short order. The estimated daily funding fee payment is $460,000, with accumulated unrealized losses approaching $10 million. If CXMT’s stock price remains sideways and funding rates stay unchanged, its over $20 million in margin will be depleted in approximately 45.5 days. Its liquidation price stands at $15.466.
16 minutes ago
Optical communications sector slumps sharply in U.S. pre-market trading, with COHR and MRVL down around 5%.
According to market data from BIT (bit.com), the US pre-market optical communication sector has slumped sharply, with: Roundhill Optical Module ETF (LYTE) down 4.3%, Pure Photonics ETF (FOTO) down 4.2%, Corning (GLW) down 4.48%, Coherent (COHR) down 5.76%, Marvell Technology (MRVL) down 4.7%, Lumentum Holdings (LITE) down 4.52%, and Ciena Corporation (CIEN) down 3.2%.
The digital asset market is going through a more uncertain phase as companies linked to bitcoin adjust their reserves. Strategy now has $4.8 billion in cash, offering several options. Michael Saylor believes this financial cushion can support purchases, share buybacks or debt reduction. At the same time, the company also wants to be able to sell its digital assets if conditions change. This flexibility becomes central as the MSTR stock falls sharply.
In Brief Strategy has $4.8 billion in cash to enhance its financial flexibility. The company could buy back its MSTR shares if they suffer a steep discount. Strategy wants to keep enough cash to buy bitcoin, repurchase shares or reduce its debt. Michael Saylor states the company must be able to sell bitcoin as much as to buy depending on market conditions. Strategy Keeps Several Options Open With Its Cash Strategy does not prioritize buying back its own shares immediately. Michael Saylor has, however, indicated that “the company could intervene if MSTR showed a steep discount compared to its net asset value.” The stock has lost about 38% since the start of the year and 73% over twelve months. This decline notably accompanies the fall of bitcoin and regular issuances of common shares.
For now, management is focusing its efforts on preferred shares, particularly STRC. In an interview with CoinDesk, CEO Phong Le also defends the new issuances of MSTR despite dilution concerns. According to him, “This method can benefit shareholders when the price exceeds the asset value associated with each share.” Strategy can then use the raised funds to acquire more bitcoin.
The logic therefore depends on the gap between the share price and the value of the assets held. When this gap remains favorable, new issuances can increase the amount of assets associated with each share. Conversely, a steep discount could make buybacks more interesting. This approach gives the company several levers to manage its capital.
$4.8 Billion to Maintain Maneuvering Room The recent drop in STRC has also changed cash management. Phong Phong Le now emphasizes the importance of having enough liquidity to cover dividends related to STRC preferred shares. The company currently holds $4.8 billion and plans to keep substantial reserves. This position should allow it to act according to bitcoin market developments.
Michael Saylor described several uses for this cash. The company could buy bitcoin or repurchase MSTR shares or preferred shares, but also reduce its debt. This reserve is therefore not solely for funding a new bitcoin acquisition. It also constitutes a financial management tool against different market phases.
This flexibility also concerns the digital assets held by the company. Saylor believes that “strategy must be able to sell bitcoin as much as to buy.” The market price then plays a role in the pace of decisions. When the price clearly exceeds its 200-week average, the company could retain more of the raised funds.
A Strategy Tied to Bitcoin Market Cycles Conversely, a bitcoin near or below its 200-week moving average could represent a more favorable buying area. This reference thus provides a framework for future decisions without imposing a fixed timetable. Strategy, therefore, maintains an approach that depends on market levels and its financial needs. The cash provides more time to adapt this policy.
STRC follows a different logic than MSTR. This preferred share mainly aims to provide income through dividends while maintaining a price close to $100. Saylor explained the company could sell more shares above this level. It could also support the price by buybacks if it falls below this zone.
Finally, the company does not plan to acquire profitable operational companies to generate additional liquidity. Michael Saylor considers that such diversification would complicate the company’s evaluation for investors. He also recommends MSTR holders to have a horizon of at least four years, preferably seven to ten years. This vision reflects a desire to go through several market periods rather than respond to movements.
The next step will therefore depend on the evolution of the BTC price, cash reserves, and financing needs. With $4.8 billion available, Strategy keeps multiple choices, from purchases to buybacks. Its ability to sell is also integrated into this strategy, depending on the conditions observed on the market.
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Ghiles A.
Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
S&P 500 haftanın ilk işlem gününü kayıpla kapatırken Bitcoin 64 bin doların üzerine çıktı. Piyasalar şimdi Fed’in 19 Ağustos’ta yayımlayacağı Temmuz toplantı tutanaklarına odaklandı.
ABD borsalarında geçen haftaki rekorların ardından satış görülürken Bitcoin ters yönde hareket etti. S&P 500 pazartesi günü %0,52 düşerek 7.745 puana geriledi. Bitcoin ise yaklaşık %2,3 yükselerek 64 bin doların üzerine çıktı.
İki piyasa arasındaki bu ayrışma, yatırımcıların Federal Reserve’in bir sonraki faiz adımına ilişkin beklentilerini yeniden değerlendirdiği dönemde yaşandı.
Fed’in Temmuz toplantısının ayrıntıları 19 Ağustos Çarşamba günü yayımlanacak. Tutanaklar, faiz kararındaki görüş ayrılıklarının arka planını ve yetkililerin enflasyon ile büyümeye ilişkin değerlendirmelerini gösterecek.
S&P 500 Neden Geriledi? S&P 500, geçen hafta yaklaştığı 7.800 seviyesindeki rekorun ardından geri çekildi.
Pazartesi günkü satışlarda petrol fiyatlarındaki yükseliş ve jeopolitik gelişmeler etkili oldu. ABD-İran geriliminin yeniden gündeme gelmesi petrol fiyatlarını yukarı taşırken, bu hareket enflasyon endişelerini de artırdı.
ABD’nin 30 yıllık Hazine tahvilinin getirisi de 2007’den bu yana görülmeyen seviyelere çıktı. Yükselen tahvil getirileri özellikle yüksek değerlemelere sahip teknoloji şirketleri üzerinde baskı oluşturabiliyor.
Temmuz ayı perakende satışlarının %0,6 gerilemesi de yatırımcıların tüketici harcamalarındaki zayıflığa ilişkin endişelerini artırdı.
Bitcoin Neden Borsadan Ayrıştı? Bitcoin pazartesi günü yaklaşık %2 yükselerek 64 bin doların üzerine çıktı. Böylece hisse senetleri gerilerken kripto piyasasında kısa vadeli bir toparlanma görüldü.
Piyasanın Fed tutanaklarından daha yumuşak bir mesaj çıkabileceği beklentisi Bitcoin’deki yükselişi desteklemiş olabilir. Ancak bu hareketi doğrudan Fed beklentilerine bağlamak için tutanakların görülmesi gerekiyor.
Bitcoin’in hisse senetleriyle ilişkisi de 2026 boyunca sabit kalmadı. Bu nedenle S&P 500 ile BTC’nin aynı seansta farklı yönlerde hareket etmesi tek başına kalıcı bir trend değişimi anlamına gelmiyor.
Fed Tutanaklarında Piyasalar Neye Bakacak? Fed, 28-29 Temmuz’daki toplantısında politika faizini %3,50-%3,75 aralığında sabit tuttu. Ancak karar oybirliğiyle alınmadı.
Oylama 9’a 3 sonuçlandı. Üç Fed yetkilisi faizin 25 baz puan artırılması yönünde oy kullandı.
Bu nedenle yatırımcılar tutanaklarda özellikle enflasyonun görünümü, iş gücü piyasası ve faiz politikasına ilişkin görüş ayrılıklarını arayacak.
Fed tutanaklarında şahin mesajların öne çıkması, eylül ayında faiz artışı beklentisini güçlendirebilir. Bu durum hisse senetleri ve Bitcoin üzerinde satış baskısını artırabilir. Daha yumuşak bir Fed mesajı ise piyasaları rahatlatabilir.
Bitcoin’de 65 Bin Dolar Seviyesi Önemli Bitcoin’in kısa vadeli görünümünde 64-65 bin dolar bölgesi takip ediliyor.
BTC’nin 64 bin dolar civarındaki 200 günlük üssel hareketli ortalamayı geri kazanması pozitif bir işaret. Ancak yükselişin güç kazanması için 65 bin doların üzerinde kalıcılık gerekiyor.
Aşağıda ise 63 bin ve 62.500 dolar seviyeleri öne çıkıyor.
19 Ağustos’ta yayımlanacak Fed tutanakları, Bitcoin’in bu seviyelerden hangi yöne hareket edeceği açısından önemli olacak. Özellikle üç Fed yetkilisinin temmuz toplantısında faiz artışı istemesi, tutanaklarda en çok merak edilen başlıklardan biri.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
Son Dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
Bitcoin has just shattered a widely anticipated scenario: that of a progressive shortage of BTC on exchanges. In just three weeks, the reserves available on centralized platforms have strongly rebounded, despite ETF demand. This turnaround reveals a reality more complex than a simple “supply shock” fueled by institutional investors. Where do these new bitcoins come from and what does this return of liquidity reveal about market balance? On-chain data and ETF flows provide several answers.
In Brief 28,000 BTC have returned to exchange platforms in less than three weeks. This return of liquidity cancels out 84% of the supply drain accumulated over a month and a half. ETFs mostly source their supplies off-book via OTC markets. The reserve reinjection dissipates the theoretical risk of an immediate Bitcoin shortage. A Rapid Reversal of On-Chain Crypto Reserves On-chain analysis data published on August 17 by the firm Santiment Intelligence reveal a remarkably rapid change of direction regarding the amount of bitcoins deposited on exchange platforms. While exchange reserves had hit a low point on July 28 at around 1.304 million BTC, concluding six weeks of continuous withdrawal that had cut platforms by 33,000 coins since the peak on June 12 set at 1.337 million, the trend completely reversed.
By August 16, balances raised their level to reach again nearly 1.332 million tokens. This return of 28,000 BTC on centralized platforms essentially erases 84% of the contraction suffered over the previous month and a half. As summarized Santiment in a publication describing the complete tracking of this metric: “balances hit a low on July 28 before rising to approximately 1.332 million BTC by August 16. This return of nearly 28,000 BTC thus erases about 84% of the observed decline”.
This acceleration of deposited liquidity fundamentally changes the reading framework of short-term scarcity. The portfolio reloading process assigned to market operators occurred at a pace twice as fast as the prior drying phase. The gap from the reserve peak recorded in mid-June has now narrowed to only 5,200 bitcoins.
This dynamic highlights how quickly investors can bring back tokens to liquid order books once market conditions change. Santiment emphasized the brevity of this cycle by synthesizing the movement with this formula: “it took six weeks for the supply pressure to build, and it dissipated in less than three”.
To better understand the exact chronology of this market movement, three key steps summarize the dynamics observed on reserves :
From June 12 to July 28 : a prolonged fall of exchange reserves from 1.337 million to 1.304 million BTC, removing 33,000 coins from the market ; From July 28 to August 16 : a spectacular rebound bringing balances back to 1.332 million BTC thanks to the rapid deposit of 28,000 tokens ; As of August 16 : the erasure of 84% of the initial drainage, leaving only 5,200 BTC difference with the June peak. The Mechanism of OTC Desks and the Volatility of Institutional Flows This rapid swelling of exchange reserves does not necessarily contradict the institutional accumulation dynamic via financial vehicles but sheds light on its real mechanism. The regulation defined by the SEC allows authorized managers to create shares in kind or via cash, enabling them to source from over-the-counter (OTC) desks or directly from large holders outside public markets.
Consequently, strong demand on ETFs does not require an immediate purchase on the spot exchange order books. This structure explains why deposits on centralized exchange platforms, which reflect addresses assigned to spot exchanges, can increase independently of the net volume absorbed by listed funds.
The recent volatility of subscriptions to US ETFs illustrates this heterogeneity of institutional behaviors. During the first full week of August, spot ETFs recorded a sequence of five consecutive days of positive flows, totaling $853.54 million of net inflows. BlackRock’s IBIT fund alone captured $693.5 million over this period, achieving its best weekly performance since April.
However, this momentum faded starting August 10. On August 12, the market recorded a net total outflow of $61.16 million, mainly pulled down by disengagements from Fidelity and BlackRock products, reflecting discontinuous institutional demand.
A Strategic Reallocation of Bitcoins With Still Uncertain Consequences This massive reload of exchange order books dissipates in the short term the theoretical risk of an imminent supply shock and reintroduces sufficient market depth to absorb future volatility spikes.
While the presence of 28,000 additional tokens on the platforms offers respite to buyers seeking immediate liquidity, it also reminds observers that Bitcoin scarcity cannot be evaluated solely through the prism of ETF flows.
Market players will now have to monitor whether this reserve return signals profit-taking by some long-term investors or if it represents a new segmentation of custody between private wallets, OTC desks, and public platforms.
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Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
While Bitcoin ETFs had a positive net flow this Q3, with more than $500 million in net inflows so far. However, the recovery is still far from offsetting the roughly $4 billion BTC withdrawn from spot Bitcoin ETFs in June. Meanwhile, over 44% of inflows recorded right at the beginning have already vanished in the last week, with more than 380 million BTC flowing out of the product.
In other words, Bitcoin’s institutional positioning remains volatile, despite BTC’s price being almost 50% below the peak of $126k. However, Jane Street’s latest disclosure adds an interesting twist. The Wall Street giant added around $630 million in Bitcoin ETFs in Q2, pushing its reported position to around 1.06 billion.
Source: X Why does it matter? Well, Jane Street became a major focus during Bitcoin’s sharp Q4 2025 sell-off. That makes the firm’s recent disclosure particularly interesting. Now, after cutting its BTC ETF exposure by around 71% in Q1, the firm has aggressively rebuilt its position. In short, Jane Street is now buying the “dip” after having sold off the majority of its BTC shares in Q1.
The market’s reaction to the news is also worth mentioning. According to SoSoValue, spot Bitcoin ETFs have attracted a net inflow of 135 million BTC on the 17th of August, snapping a three-day outflow sequence. If ETF flows are starting to turn while major Wall Street firms rebuild BTC exposure, could this be an early sign that institutional demand is coming back?
Interestingly, Bitcoin’s on-chain signals add fuel to this particular theory. In particular, the “timing” of the most recent inflows to Bitcoin ETFs seems to be gaining significance, given that institutional positioning appears to be improving. All in all, Jane Street’s large-scale selling in Q1 and subsequent buying seem to be at the heart of the intrigue.
Wall Street exposure could drive Bitcoin’s next move The timing of this news couldn’t be more perfect.
Glassnode’s latest report suggests that Bitcoin was outperforming the S&P500 this week; however, such a scenario has been becoming increasingly rare, with BTC outperforming on merely 34% of trading days in the trailing 3 months, the lowest level in almost 6 years.
Moreover, on the 17th of August, open interest decreased amidst higher prices, suggesting deleveraging with excess leverage being squeezed out of the market with BTC higher. Perhaps as a result of this forced selling, the market looks to be clearing its decks for the next phase. Putting it all together, the setup for Bitcoin’s institutional cycle can’t be ruled out.
Source: Alphractal The logic is simple: ETF flows are starting to recover, Jane Street has rebuilt its reported BTC ETF exposure, and the latest price action shows leverage being flushed from the market. If BTC can continue holding higher after this deleveraging phase while institutional flows pick up, this could be the early stage of a “fresh” institution-driven cycle.
In this context, Jane Street’s latest disclosure could become an important catalyst for Bitcoin through the rest of Q3. If other Wall Street players followed with similar Q2-style accumulation, institutional demand could become a bigger driver for BTC’s next move.
Final Summary Jane Street’s $1 billion+ BTC ETF position could signal rising institutional demand. With ETF inflows recovering, Bitcoin’s institutional cycle may be starting.
Short seller James Chanos described Strategy and Bitcoin as an “$80 billion actionable spread” on Aug. 18, reviving debate over the valuation of Michael Saylor’s Bitcoin treasury company.
Summary
Strategy held 840,447 bitcoin after recent sales, below the 847,363 coin peak disclosed in June. At $64,188 per Bitcoin, Strategy’s remaining holdings were worth approximately $53.95 billion on Tuesday morning. MSTR’s market capitalization was about $34.4 billion, but direct comparison ignores senior financing claims entirely. Chanos previously closed his short MSTR, long Bitcoin trade in November 2025 after spread compression. Strategy’s dashboard placed its mNAV near 1.04, indicating only a narrow enterprise value premium Tuesday. Chanos called the relationship one of the largest “pure arbitrage opportunities” he had seen. His earlier trade involved shorting Strategy’s MSTR shares while taking a long position in Bitcoin.
The latest claim requires context. Strategy no longer holds the 847,363 BTC cited in some reports. Recent company disclosures place its balance at 840,447 BTC following several sales during July and August.
At Bitcoin’s Tuesday price of approximately $64,188, those holdings were worth about $53.95 billion. MSTR had a market capitalization of roughly $34.4 billion, while its shares gained close to 5% to $97.68.
Strategy shares price chart, source: Google Finance The $19.5 billion difference between those two figures is not a direct arbitrage profit. It excludes debt, preferred stock, cash, software operations, taxes and the costs required to maintain a hedged position.
Chanos’s $80 billion figure is not a simple market gap Chanos did not publish a complete calculation showing how he reached the “$80 billion actionable spread.” The figure therefore remains his characterization of the opportunity rather than a directly verifiable difference between two market prices.
One of the greatest pure arbitrage situations, ever. An $80B actionable spread. $MSTR #Bitcoin
— James Chanos (@RealJimChanos) August 18, 2026 Strategy’s own dashboard placed its modified net asset value multiple, or mNAV, near 1.04 on Tuesday. That measure compares enterprise value with the value of its Bitcoin after accounting for parts of the capital structure.
An mNAV of 1.04 indicates a premium of approximately 4%, based on the company’s methodology. It does not show MSTR trading at the wide premium that supported Chanos’s original trade in 2025.
Comparing common equity market capitalization directly with Bitcoin holdings produces a discount because common shareholders rank behind creditors and preferred shareholders. Strategy has issued several preferred securities carrying dividend obligations and also has outstanding debt.
The company’s software operation, dollar reserve and other assets must also be included. As a result, buying MSTR does not provide the same economic exposure as holding an equivalent dollar amount of Bitcoin.
Strategy’s Bitcoin balance has declined from its peak A June 29 SEC filing showed that Strategy held 847,363 BTC at the end of June. The company had spent $64.1 billion acquiring the coins at an average price of $75,651.
Strategy subsequently sold Bitcoin under a board authorized monetization program. The program allows sales to fund its dollar reserve, interest expenses, preferred dividends and security repurchases.
As previously reported, the company sold 1,690 BTC and used the proceeds for preferred share repurchases during the week ending Aug. 9.
Those sales reduced the balance to 840,447 BTC. The remaining tokens carried an aggregate acquisition cost of approximately $63.36 billion and an average cost of $75,385 per coin.
At Tuesday’s Bitcoin price, the position was approximately $9.4 billion below its disclosed purchase cost. That is an unrealized accounting difference rather than a realized loss unless the coins are sold.
The same filing series showed that the company raised cash by issuing additional MSTR shares. Common stock issuance increases liquidity but also expands the number of shares participating in the Bitcoin exposure.
MSTR and Bitcoin carry different financial risks Direct Bitcoin ownership exposes an investor mainly to changes in Bitcoin’s market price and the security of their custody arrangement. MSTR adds corporate financing and management risks.
Strategy has issued STRC, STRF, STRD and STRK preferred shares. These securities sit ahead of common shareholders and carry dividend rates ranging from 8% to 12%, subject to their respective terms.
The company has also established a dollar reserve to meet preferred dividends and interest obligations. In related coverage, the reserve reached $4.65 billion after further common stock sales.
Strategy’s board authorized up to $1.25 billion of additional Bitcoin sales to help fund that reserve. It also approved separate $1 billion repurchase programs for preferred securities and MSTR common stock.
These layers prevent the trade from being risk free. A short seller must borrow MSTR shares, pay borrowing costs and manage the possibility that the stock rises faster than Bitcoin.
The long side also requires financing. If Bitcoin falls while MSTR rises because of short covering, new financing or changing investor demand, both parts of the trade can lose money temporarily.
Chanos previously exited after the premium contracted Chanos began constructing his earlier position in late 2024, when MSTR traded at a large premium to the value of Strategy’s Bitcoin. The premium exceeded three times the Bitcoin value at points during November 2024.
He publicly described the trade in 2025 as long Bitcoin and short MSTR. Chanos argued that investors were paying too much for Bitcoin exposure available directly or through lower cost exchange traded products.
As Reuters reported, Strategy’s market value stood around 1.74 times its Bitcoin holdings when Chanos renewed his criticism in June 2025.
The gap later narrowed. Chanos said his firm closed the hedged position on Nov. 7, 2025, after the trade gained more than 50%. He described the remaining opportunity as too small to justify keeping the position open.
His latest statement does not confirm that he has reopened the trade. It also does not disclose position size, entry prices, borrowing costs or the instruments that would be used.
Future SEC filings will show whether Strategy continues selling Bitcoin, issuing MSTR shares or repurchasing preferred securities. Those decisions, together with Bitcoin’s price and changes in financing costs, will determine whether the company trades at a premium or discount to its adjusted asset value.
Bitcoin (BTC) short liquidations hit their highest in almost one month as it hit $64,500 on Monday, new data reveals.
Key points:
Bitcoin passed $64,000 thanks to a short squeeze on derivatives markets, CryptoQuant says.An ongoing downward funding-rate reset from 0.006% to 0.003% over 24 hours could mean further short squeezes.The absence of spot demand raises doubts whether the upside is sustainable after a week of $267.2 million in net ETF outflows.Bitcoin short liquidations near one-month high
BTC/USD rallied after Sunday’s weekly close, gaining up to 3% on Monday to top out at one-week highs of $64,550 on Bitstamp.
Examining the impetus behind the latest BTC price gains, onchain analytics platform CryptoQuant pointed to illiquid markets and funding-rate imbalances among exchanges.
Before rebounding on Monday, BTC circled near $62,750. Around this level, funding rates between exchanges began to diverge. Shorts were dominant on major platforms such as Binance, Bybit, OKX and Deribit, while the funding rate on HTX briefly spiked to 0.05%.
Funding rates refer to periodic payments exchanged by long and short traders on Bitcoin derivatives markets in order to maintain their positions. Positive aggregate funding rates show that long traders are actively paying shorts, with the reverse true for negative funding rates.
“This crowded short positioning served as the primary catalyst, fueling a short squeeze that drove prices higher,” CryptoQuant continued.
BTC/USD one-hour chart with exchange funding-rate data (screenshot). Source: CryptoQuant
Data puts total Bitcoin short liquidations at 637 BTC for Monday, the largest single-day tally since July 21.
Describing the event as a “low-volume liquidity trap,” CryptoQuant nonetheless suggested that the market could see more short squeezes next, with funding rates already declining again as traders increase short exposure.
Bitcoin short liquidations. Source: CryptoQuant
Crucial spot demand remains absent
Previously, Cointelegraph reported that Bitcoin futures markets accounted for the majority of trading volume in the current range, with spot traders broadly uninterested.
In further analysis on Monday, CryptoQuant called the lack of spot demand the primary hurdle to sustained upside, alongside the lack of inflows to the US spot Bitcoin exchange-traded funds (ETFs).
“A break below $60K alongside rising exchange inflows would weaken the structure and increase downside risk toward $50K. Selling pressure is cooling, but demand still needs to return,” it commented.
Recent buyers who remain underwater on their BTC allocation have helped cement the current trading range. Short-term holders — wallets holding a UTXO for less than 155 days — have their cost basis at around $68,700, reinforcing that level as resistance.
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
Jane Street, a leading market maker on Wall Street, made a notable investment in Bitcoin exchange-traded funds (ETFs) in the second quarter of 2026.
According to a 13F filing submitted to the U.S. Securities and Exchange Commission (SEC), the company purchased approximately $630 million worth of Bitcoin ETF shares during that period. This brought Jane Street’s total Bitcoin ETF holdings to $1.06 billion.
The data released indicates a reversal of the strategy the company followed in the first quarter of the year. Jane Street reduced its Bitcoin ETF positions by approximately 71 percent in the first three months of 2026 and adopted a cautious stance towards the cryptocurrency market. However, strong purchases in the second quarter have increased expectations that institutional investor interest in Bitcoin may be revived.
Market experts say Jane Street’s move is significant not only in terms of investment size but also its timing. Despite the volatility in Bitcoin prices in recent months, the company’s increase in positions is seen as a signal that long-term expectations remain positive.
Spot Bitcoin ETFs traded in the US have become a significant tool for institutional investors to access the cryptocurrency market. Products offered by major financial institutions like BlackRock and Fidelity, in particular, are facilitating the flow of traditional capital into Bitcoin.
Analysts say Jane Street’s second-quarter purchases indicate that institutional demand has not completely disappeared. However, investors will closely monitor upcoming 13F announcements to see if other major funds and financial institutions make similar changes to their Bitcoin ETF positions.
The continued shift of institutional investors towards Bitcoin through ETFs is considered a key indicator of the market’s medium- to long-term outlook.
*This is not investment advice.
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TLDR Galaxy Research investigated a Bitcoin theft tied to a 2021 Coldcard firmware flaw 192 victims have confirmed losses of about 714.8 Bitcoin in the public dataset Total losses across all linked addresses have climbed past $115 million Attackers left different transaction habits, grouped into waves and footprints Most of the stolen coins were generated between 2021 and 2022 It has been 18 days since the Coldcard exploit first came to light on July 30. The impact is still being felt by Bitcoin holders.
Galaxy Research spoke with more than 200 victims on August 16 to learn more about the theft. Their goal was to understand how the attackers worked.
The stolen coins were traced back to a single date. That date is March 17, 2021, when the flawed Coldcard firmware was first released.
At that time, Bitcoin had reached a block height of 674,951. This detail matters because it links the exploit directly to a flaw in how wallet seeds were created.
How the Theft Happened The flaw allowed bad actors to predict or recreate the entropy used to generate a wallet seed. In simple terms, this let them guess or rebuild the private keys tied to affected wallets.
Galaxy’s research shows that most of the theft activity took place between 2021 and 2022. This was the period when the largest number of stolen addresses first appeared.
Galaxy published a public dataset listing 8,680 addresses connected to the theft. These addresses hold roughly 1,778.6 Bitcoin combined.
Only a small share of those addresses have been directly linked to victims who came forward. Even so, the numbers are large.
Out of the public dataset, 192 people have confirmed losses. Their cases involve about 1,790 addresses and 714.8 Bitcoin.
Earlier reporting had placed total losses at more than 1,596 Bitcoin across roughly 7,300 addresses. At the time, that was valued at over $100 million.
Using Bitcoin’s price on August 16, the total value of losses has now passed $115 million.
Tracking the Attackers Researchers identified several patterns, or fingerprints, in how the stolen funds moved. These patterns include block timing, transaction fees, lock times, and destination addresses.
One group, labeled Wave 1, stole about 1,082.65 Bitcoin from blocks 960,183 through 960,191. This group typically moved one victim’s coins per transaction into four collection addresses.
Other groups worked differently. Wave 3 handled 63 victims, while Wave 2 handled only 19.
A separate pattern called Footprint E grouped as many as 795 victims into a single transaction. The median number of victims per transaction for this group was 118.
The way stolen funds were spread out also varied. Some groups scattered the coins across hundreds of addresses, while others kept the funds concentrated in just a few wallets.
As of August 16, the confirmed losses stand at more than $115 million. Galaxy Research says the investigation into the full scope of the theft is ongoing.
BitBox has released a firmware update fixing two severe vulnerabilities that could have exposed hardware wallet users to malicious firmware or caused Bitcoin to be locked to an unintended address.
Summary
BitBox has patched two severe vulnerabilities affecting its BitBox02 and BitBox02 Nova hardware wallets. One flaw could have allowed malicious firmware installation, while another could have locked Bitcoin to an unintended address. BitBox said neither vulnerability had been exploited and no user funds were reported lost. The fixes follow a Coldcard firmware flaw linked to more than $112 million in Bitcoin thefts. BitBox said in a security disclosure on Monday that the first vulnerability involved memory corruption affecting unconfigured Multi editions of the BitBox02 and BitBox02 Nova, while a second flaw affected the wallet maker’s Silent Payments implementation.
The company said it had found no evidence that either vulnerability had been exploited and had received no reports of users losing funds because of the flaws.
BitBox vulnerability could have allowed malicious firmware For the first vulnerability, BitBox said a malicious host connected to an affected wallet could exploit memory corruption to execute arbitrary code before the device had been configured with a wallet.
Successful exploitation could potentially allow the host to install malicious firmware, creating a route through which funds could later be compromised, according to the company.
The exposure was limited to Multi editions of the BitBox02 and BitBox02 Nova that had not yet been set up. BitBox classified the vulnerability as severe because arbitrary code execution could undermine protections designed to prevent unauthorised software from running on the hardware wallet.
Firmware controls how a hardware wallet handles cryptographic operations, verifies transactions and communicates with a connected computer. BitBox said the vulnerability could therefore put funds at risk if an attacker managed to use the flaw to install malicious firmware on an affected device.
Similar hardware and firmware weaknesses have surfaced at other wallet makers in recent months. In June, crypto.news reported on a flaw in the TROPIC01 Secure Element used by Trezor Safe 7 devices after Ledger Donjon researchers carried out a laser fault injection attack during laboratory testing.
Trezor said its Safe 7 remained protected because the device uses three independent hardware security layers. According to the company, compromising TROPIC01 alone did not provide access to a user’s PIN, wallet or funds.
Tropic Square had provided the chip to Ledger Donjon for independent testing, with researchers notifying the company in January that they had extracted some chip secrets and bypassed firmware signature checks using the laboratory attack.
Another hardware attack disclosed in July allowed Ledger Donjon researchers to reset the password on a Tangem wallet card using a targeted laser pulse against its secure element.
Ledger Donjon said the attack required physical possession of the card, invasive preparation, specialist knowledge and laboratory equipment costing about $250,000. Tangem described the everyday risk to customers as “virtually non-existent,” while advising users to keep their wallet cards physically secure.
Silent Payments flaw could have locked Bitcoin BitBox’s second severe vulnerability affected Silent Payments, a Bitcoin privacy feature that allows users to receive payments without publishing a new address for each transaction.
According to BitBox, a malicious host could exploit the implementation to cause Bitcoin to be locked to an unintended address.
Direct theft was not possible through the vulnerability, the company said. An attacker could instead leave the victim unable to recover the Bitcoin without cooperation and potentially demand a ransom in exchange for helping unlock the coins.
Such an attack would not automatically transfer control of the affected Bitcoin to the malicious host, but BitBox said the vulnerability could still put funds at risk by making them inaccessible to their owner.
The company addressed the problem through its latest firmware update and said it had received no reports of the Silent Payments flaw being exploited.
BitBox has dealt with other security issues through firmware updates this year. Its Oeschinen update in July included several security fixes, including one for a buffer out-of-bounds write affecting the BitBox02 firmware and bootloader.
According to the company’s disclosure at the time, a USB request accepted a length value without properly checking it against the size of the destination buffer, creating a potential route for a malicious host to trigger an out-of-bounds write.
BitBox said no working exploit had been demonstrated for that vulnerability, although an effect on control flow could not be completely ruled out.
Earlier in January, the company also patched two BitBox02 Nova vulnerabilities reported through its bug bounty programme. BitBox classified the issues as minor and moderate because exploitation required advanced physical access and applied only under specific conditions.
Coldcard firmware flaw has put wallet security under scrutiny BitBox’s update follows the disclosure of a separate Coldcard firmware flaw linked to more than $112 million in stolen Bitcoin after the vulnerability remained undetected for more than five years.
Galaxy Research said Friday that Coldcard-related losses had exceeded $112 million, with approximately 1,778.6 BTC swept from more than 8,600 addresses.
The vulnerability was traced to a firmware change introduced in March 2021 that affected the randomness used to generate wallet seeds. Attackers could brute-force impacted seeds and derive the corresponding private keys without obtaining physical access to the hardware wallet, according to research into the incident.
A wallet seed is used to derive the private keys controlling its cryptocurrency. Weaknesses that reduce the randomness used during seed generation can therefore reduce the number of possible combinations an attacker needs to test.
For users whose wallets were created with affected Coldcard firmware, updating the device alone would not repair a seed that had already been generated with weak randomness. Moving funds to a wallet created from a newly generated secure seed would be required to remove exposure associated with the compromised seed.
The incident affected a hardware wallet line that received its first major hardware revision in several years earlier in 2026. Coinkite launched the Coldcard MK5 in March, with the device becoming the first hardware update to its flagship MK series since the MK4 arrived in 2022.
The MK5 retained the previous model’s dual secure-element architecture using chips from two different vendors and kept private keys air-gapped. Its main changes included a 1.54-inch Gorilla Glass display, redesigned physical buttons and improved NFC functions.
Coinkite said at the time that the five major MK5 upgrades focused on usability while preserving the security architecture used by the previous model.
Customer data leaks have created separate phishing risks Hardware wallet owners have also faced security incidents outside the devices themselves, with recent breaches involving Trezor and SafePal exposing customer and order information belonging to more than 53,000 people.
Trezor attributed the exposure of information belonging to 13,689 customers to shipping provider ShipMonk. SafePal separately said an authorisation flaw in an order-tracking plug-in exposed details connected to 39,798 customers.
Neither incident compromised the companies’ hardware wallets, private keys or recovery phrases, according to the respective disclosures. Both companies warned that exposed personal and order information could instead be used for targeted phishing and impersonation attempts.
Such information can give attackers details needed to make wallet-related scams appear more credible. Earlier in February, attackers sent physical letters impersonating Trezor and Ledger and instructed recipients to complete supposed authentication or transaction checks.
The physical phishing campaign used official-looking correspondence containing QR codes that directed recipients to malicious websites. Some letters created urgency by claiming users had to complete an authentication process to avoid problems accessing their wallets.
The websites asked victims to enter 12-, 20- or 24-word recovery phrases under the pretence of verifying ownership. Once submitted, the phrases were transmitted to the attackers, allowing them to recreate the wallets and gain control over the associated funds.
Trezor and Ledger said legitimate hardware wallet providers do not ask customers to enter, scan, upload or share recovery phrases through websites or other external channels. Recovery phrases should only be entered directly on a hardware wallet when restoring a wallet, according to the companies.
Bitcoin is approaching a major technical decision point, with price action compressing near $64,000 amid a combination of Bollinger Band constriction and a tightening symmetrical triangle. Traders are watching for a potential breakout that could trigger significant volatility ahead.
Technical Indicators Support Volatility ExpansionOn the daily chart, Bitcoin has reclaimed both the descending trendline and the 50-day simple moving average, with a close near $64,269 representing a session gain of approximately 2.3%. The move above these key levels is seen as an early advantage for buyers, signaling improving short-term momentum.
Current Bollinger Bands show the 20-day middle band near $63,806, the upper band at $65,244, and the lower band around $62,368. The particularly narrow distance between these bands indicates compressed volatility, often a precursor to an expanded price move once a clear breakout is established, although the direction remains uncertain until confirmation.
For the ongoing short-term bullish scenario to remain intact, Bitcoin needs to maintain price above both the reclaimed descending trendline and the $63,600 to $63,800 area. Holding this support range could reflect the potential for a larger rally, rather than just another short-lived bounce within the broader correction.
Immediate upside targets include the upper Bollinger Band, around $65,244, and, if momentum continues, the previous swing-high region near $66,000 to $66,500. However, the 200-day moving average, currently sitting near $69,139 and trending downward, presents a longer-term technical challenge for bulls if the uptrend resumes.
Sustained price action above the upper Bollinger Band would signal expanding upside momentum and expose the $66,000 to $66,500 area, but failing to hold above key moving averages would indicate that volatility remains unresolved and favor continued consolidation.
If Bitcoin drops back below the 50-day SMA or loses support at the lower Bollinger Band, near $62,368, short-term momentum would likely falter, reinforcing the risk of further ranging or renewed downside pressure.
Symmetrical Triangle Sets Stage for Breakout DecisionBitcoin is also approaching the apex of a symmetrical triangle pattern on the daily chart, having bounced from the lower boundary and now trading near $64,381. This triangle has formed as buyers and sellers squeeze price into a narrower and narrower channel, with lower highs and higher lows since July.
A decisive close above the triangle’s descending resistance is being watched as a possible catalyst for short-term bullish momentum. However, analysts point out that symmetrical triangles are not inherently bullish or bearish and require confirmation before suggesting sustained movement in either direction.
Market observers have identified $67,268.80 as the threshold for a broader daily market structure shift. This level, just above the triangle’s resistance, is now viewed as the critical confirmation zone for a larger bullish move. Clearing the $67,000 to $67,300 range would place Bitcoin firmly above its recent swing high and reinforce signs of improving market structure.
While traditional markets rely on complex brokers, a massive shift is happening: Wall Street is moving to Web3. Investors are now using platforms like 1stepSwap to hold shares of major U.S. companies, gold, and silver directly in their crypto wallets. By tokenizing Real-World Assets (RWAs) and automatically finding the best market prices in seconds, it completely removes the middlemen.
Key support remains along the triangle’s rising lower boundary, found in the low-$62,000 to mid-$62,000 region. If this area breaks down, it would invalidate the immediate breakout thesis and suggest sellers have regained short-term control, putting further downside in focus.
Overall, while volatility is building and technical patterns signal the potential for a larger move, traders are seeking sustained confirmation above both the triangle resistance and the $67,269 level before viewing the market as firmly bullish.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Leading cryptocurrencies rose on Monday as investors weighed developments related to Iran and the possibility of a White House meeting with cryptocurrency and prediction-market executives.
Crypto Market Gains MomentumBitcoin fell sharply overnight after breaking $65,500 in early trading. Trading volume for the apex cryptocurrency jumped 43% over the last 24 hours.
Ethereum remained volatile around the $1,700 mark, as buying and selling pressure from bulls and bears created significant swings
Cryptocurrency-related stocks also rose, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 4.99% and 3.68%, respectively.
President Donald Trump is reportedly expected to host top cryptocurrency, prediction market and finance executives at the White House this week.
Over $210 million was liquidated from the cryptocurrency market in the last 24 hours, with $175 million in bearish short positions alone wiped out, according to Coinglass data.
Bitcoin’s open interest spiked 3% over the last 24 hours to $49.06 billion. Meanwhile, retail and whale derivatives traders on Binance lowered their BTC long exposure, although overall sentiment remains bullish.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.18 trillion, following a marginal increase 0.58% over the last 24 hours.
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Stocks End LowerStocks began the new trading week in the red. The Dow Jones Industrial Average fell 272.63 points, or 0.51%, to close at 53,459.78. The S&P 500 dipped 0.52% to close at 7,745.06, while the tech-heavy Nasdaq Composite closed down 0.32% at 26,644.91.
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The Memorandum of Understanding signed between the U.S. and Iran on June 17 expired on Monday as negotiations between the two sides continued to stall.
President Donald Trump told reporters that Iran wants to make a deal, but won’t agree to the kind of deal he thinks is “necessary.”
Institutional Demand TaperingOn-chain analytics firm CryptoQuant highlighted that Bitcoin’s Coinbase Premium Index has been negative for over three months.
The Coinbase Premium Index measures the percentage difference between Bitcoin’s price on Coinbase and its price on global exchanges. It tracks U.S. institutional buying versus global retail demand.
“Looking at current data, CPI sits at -0.10 — deep in negative territory. Until this index crosses back above zero, a high-momentum uptrend in BTC is unlikely,” CryptoQuant said.
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, identified $65,000 as near-term resistance for potential profit-taking, while maintaining a bullish outlook that the bottom is in and price would head toward $73,000 in the longer term.
The analyst said they’d also consider buying BTC below $64,000 in the coming days.
PANews reported on August 18 that, according to SoSoValue data, crypto market sectors were mixed, with Bitcoin (BTC) up 1.57%, breaking through $64,000; Ethereum (ETH) up 0.42%, breaking through $1,900. The DeFi sector stood out, rising 1.06% in 24 hours, with Compound (COMP) up 8.92%, Morpho Token (MORPHO) up 5.30%, and Hyperliquid (HYPE) up 1.41%.
In other sectors, the Layer1 sector rose 0.47% in 24 hours, with Zcash (ZEC) up 4.15%; the Layer2 sector rose 0.46%, with Polygon(ex-MATIC) (POL) up 6.29%; the Meme sector rose 0.18%, with PIPPIN (PIPPIN) surging 16.38%; the PayFi sector rose 0.01%, with SafePal (SFP) up 2.45%.
In addition, the CeFi sector fell 0.13%, with OKB down 5.06%; the AI sector fell 3.42%, with Worldcoin (WLD) down 7.54% and Velvet (VELVET) sharply down 43.90%.
Bitcoin rose above $64,000 on Tuesday, Aug. 18, outperforming several large cryptocurrencies as the broader market recorded mixed price movements.
Summary
Bitcoin traded at $64,262 on Tuesday, gaining 1.2% over 24 hours and 0.5% weekly overall. HYPE rose 1.9% daily and 8.2% weekly, outperforming most large capitalization cryptocurrencies in trading Tuesday. Venice Token led top 100 gainers with a 12.5% rise, reaching approximately $13.70 Tuesday afternoon. Worldcoin fell 10.8%, while Filecoin and Bitway declined 6.5% and 6.1%, respectively, during Tuesday trading. Bitcoin remained inside its $60,000 to $66,000 consolidation range with daily momentum still broadly neutral. Bitcoin traded near $64,262, up 1.2% over 24 hours and 0.5% over seven days, according to crypto.news market data. Its market capitalization stood near $1.29 trillion, with approximately $21.6 billion in daily trading volume.
The recovery followed a volatile week during which sellers repeatedly defended the $64,400 to $65,400 area. BTC fell as low as approximately $62,500 on Friday and briefly revisited $62,600 on Monday before recovering.
As previously reported, Monday’s rebound carried the market back above $64,000 after buyers defended the area around $62,750.
Bitcoin price remains inside its consolidation range Bitcoin has traded mainly between $60,000 and $66,000 since the sharp June selloff. Tuesday’s recovery moved the price toward the upper half of that range but did not establish a breakout.
The first resistance area remains between $65,000 and $66,000. Buyers have made several unsuccessful attempts to establish support above $65,000 since the start of August.
Sellers repeatedly defended the area immediately above $65,000 during an earlier recovery. The price would need to clear that zone and remain above it to improve the short term structure.
Support sits around $63,000, followed by the recent lows between $62,000 and $62,600. The wider consolidation floor remains close to $60,000.
Bitcoin’s market dominance remained below 57%, indicating that altcoins still represented more than two fifths of the total cryptocurrency market. However, performance within that group varied widely.
HYPE and VVV lead Tuesday’s crypto gainers Ether traded near $1,901, up 0.2% over 24 hours and 1.5% over the week. Solana gained 0.7% to approximately $75.95, while Chainlink added 0.3% to $9.43.
Hyperliquid’s HYPE was among the strongest large capitalization assets. It rose 1.9% to $59.90 and gained 8.2% over seven days.
Zcash advanced 3% to approximately $508.94. Morpho gained 3.4% to $2.11, while Sky rose 4.5% to $0.0548.
POL climbed 5.9% to approximately $0.0795, making it one of the strongest liquid assets within the top 100 by market capitalization.
Venice Token led that group with a 12.5% daily gain to $13.70. Venice said its annualized revenue had crossed $100 million. The figure represents a company run rate claim rather than audited annual revenue.
Provenance Blockchain’s HASH gained 8.8%, although its reported 24 hour volume was only about $58,000. The low volume means relatively small transactions could produce larger price movements.
Worldcoin leads losses as altcoins diverge Worldcoin recorded the largest decline among the top 100 assets, falling 10.8% to approximately $0.324. Filecoin dropped 6.5% to $0.627, while Bitway fell 6.1% to $0.353.
OKB declined 5.5%, followed by Sui and Ether.fi, which each lost 4.1%. Cosmos fell 3.9%, Canton declined 3.8% and Polkadot lost 3.3%.
Among larger assets, Cardano fell 1.9% to approximately $0.173. XRP slipped 0.4% below $1, while BNB declined 0.3% to $603.48. Dogecoin also lost 0.4%, trading just below $0.07.
Weekly performance showed further divergence. Chainlink gained 12.3%, HYPE rose 8.2% and Monero added 6.4%. Uniswap lost 18%, while Filecoin and Pyth Network each fell about 11%.
Stablecoins were excluded from the gainer and loser comparison because their prices are designed to remain close to their reference currencies.
Bitcoin indicators show limited momentum The BTC/USDT daily chart places Bitcoin near $64,300 and within its established consolidation range. The broader structure remains weaker than the May highs near $80,000.
Aroon Up stood near 71.43%, compared with Aroon Down at 35.71%. This shows that recent highs carried more weight than recent lows, offering limited support for buyers. The indicator has shifted frequently, however, and does not confirm a durable trend.
Bitcoin (BTC) price chart, source: crypto.news The moving average convergence divergence indicator remained close to neutral. The MACD line was near minus 96.84, slightly below its signal line around minus 95.49. The histogram stood near minus 1.35.
Those readings point to weak bearish momentum rather than an accelerating decline. A decisive move outside the current price range would provide clearer evidence of the next direction.
Several market analysts are also watching Bitcoin’s 200 week simple moving average, recently estimated near $63,700. CryptoBullet argued that losing this level resembles the 2022 structure. Rekt Capital said turning it into resistance “would be the confirmation” for deeper downside.
#BTC
With "limited relief-focused upside" in July having concluded and Bitcoin being in multi-week Lower Highs ever since…
Turning the 200-week SMA into new resistance would be the confirmation to set up additional downside to perform a deeper downside deviation below the… https://t.co/5xTjDjmFIO pic.twitter.com/2Iee7oUxSu
— Rekt Capital (@rektcapital) August 17, 2026 Bitcoin traded briefly below the average during earlier cycles, but past reactions do not guarantee another bottom or a decline toward the 350 week average.
Oil prices add pressure to the wider market Brent crude rose to approximately $91.76 per barrel on Tuesday as fading hopes for an extended U.S. and Iran ceasefire increased concerns about supply through the Strait of Hormuz, Reuters reported.
Higher energy prices can complicate the outlook for inflation and interest rates. Asian equities and bonds weakened as investors considered the effect of rising oil costs and government borrowing.
Bitcoin nevertheless moved higher during the session, showing short term relative strength against traditional risk markets. One day of outperformance does not establish a lasting separation from equities, bonds or wider liquidity conditions.
The immediate levels to watch are $65,000 to $66,000 on the upside and $62,000 to $63,000 on the downside. A sustained break below the latter area would expose $60,000, while a close above $66,000 would move Bitcoin beyond its recent range.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Key Highlights Bitcoin hovers near the $64,000 level and continues serving as crypto’s primary benchmark Ethereum dropped under $1,900 while U.S. ETF products attracted $103.9 million in weekly inflows Solana upgraded its block capacity to 100 million compute units and currently trades around $75 Chainlink climbed toward the $10 mark after announcing fresh integrations and launching its agent platform Hyperliquid delivered approximately 154% returns during the initial six months of 2026 As cryptocurrency markets experience a mid-2026 correction, investors are evaluating which digital assets maintain compelling long-term prospects. Below are five projects currently capturing attention.
Bitcoin Bitcoin is currently changing hands around the $64,000 mark. Diminished market liquidity combined with widespread uncertainty has contributed to recent price declines.
Bitcoin (BTC) Price Bitcoin maintains the most extensive network infrastructure, dominant brand awareness, and strongest institutional support among all cryptocurrency assets.
While it may not deliver the dramatic gains associated with smaller-cap projects, it presents significantly lower protocol-specific risk. Bitcoin continues functioning as the standard against which the entire crypto sector is evaluated.
Ethereum Ethereum dipped beneath the $1,900 threshold during the recent market downturn. However, institutional demand remained resilient despite the price decline.
During the week concluding July 24, U.S.-listed Ethereum ETF products recorded $103.9 million in net inflows. This figure represented the strongest single-week performance among all cryptocurrency ETFs during that timeframe.
Ethereum serves as the backbone for decentralized finance protocols, stablecoin infrastructure, NFT marketplaces, and thousands of decentralized applications. Sustained developer engagement and powerful network effects maintain its position among the most-watched assets for long-term portfolios.
Solana Solana expanded its block capacity to accommodate 100 million compute units. The blockchain directly challenges Ethereum through superior transaction speeds and minimal fees.
Solana’s ecosystem continues expanding across payment solutions, asset tokenization initiatives, and cross-chain infrastructure. As of mid-August, Solana was trading in the vicinity of $75, substantially below its historical peak levels.
This disconnect between present valuations and previous all-time highs represents what certain investors view as an attractive accumulation zone.
Chainlink Chainlink bridges blockchain networks with off-chain data sources and facilitates asset transfers between disparate protocols. It functions as critical infrastructure underpinning the asset tokenization sector.
Chainlink pushed toward $10 during mid-August following additional CCIP integration announcements and the beta release of Chainlink for Agents.
Should tokenized real-world assets evolve into a substantial component of global financial markets, Chainlink stands positioned as an essential infrastructure provider enabling that transformation.
Hyperliquid Hyperliquid represents the highest-risk opportunity among these five assets. This decentralized perpetual futures trading venue witnessed its native token appreciate approximately 154% throughout the first half of 2026.
Such exceptional performance creates elevated expectations going forward. Upcoming token unlock schedules and evolving regulatory frameworks constitute meaningful risks that warrant careful consideration.
Hyperliquid has demonstrated that decentralized trading infrastructure can effectively compete against centralized platforms. Its accelerated adoption trajectory makes it a noteworthy project despite elevated risk characteristics.
Bank of America (BofA) has expanded its exposure to Bitcoin, Ethereum, XRP, and Solana through exchange-traded funds (ETFs). The Wall Street giant also trimmed its holdings in Strategy (MSTR), American Bitcoin Corp (ABTC), and other crypto stocks.
Bank of America Holds Almost $94 Million in Bitcoin, Ethereum and XRP ETFs The Wall Street giant, with a $1.55 trillion investment portfolio, has increased its investments in multiple crypto ETFs in Q2 2026, according to a 13F filing with the U.S. Securities and Exchange Commission (SEC). Bank of America holds $94 million in net exposure in Bitcoin, Ethereum, and XRP ETFs.
Bank of America raised its holdings in BlackRock Bitcoin ETF (IBIT) by 77% in the quarter. It now holds over 1.72 million IBIT shares, up from 972,590 shares earlier.
It also has investments of more than $10 million in Bitwise’s BITB, $2.24 million in Grayscale Bitcoin Mini ETF, and $1.32 million in FBTC. The bank also holds exposure to GBTC, VanEck’s HODL, and Direxion Daily Bitcoin Bull 2X ETF (BTCU).
Moreover, Bank of America (BofA) has also expanded its BlackRock Ethereum ETF (ETHA) exposure by 2,838%. It now holds 1.98 million shares in ETHA, up from 67,492 shares.
In addition, Bank of America increased its XRP ETF holdings slightly in Q2, after keeping exposure the same as in the last quarter. The Wall Street giant holds 13,260 shares of the Volatility Shares XRP ETF (XRPI).
In contrast, the bank has sold the remaining 10,296 shares of Volatility Shares Solana ETF from its investment portfolio. It has fully exited Solana ETFs after selling 700 Volatility Shares 2x Solana ETF shares last quarter.
These holdings align with broader trends as many institutions build positions in spot crypto products. Notably, JPMorgan and Morgan Stanley revealed XRP holdings via ETFs amid tradFi’s push into tokenization, treasury management, and real-time payments.
Bank Trims Strategy (MSTR) Stock Exposure Bank of America (BofA) also revealed 1.17 million MSTR stock holdings worth almost $102 million, down 70% from 3.96 million stocks. BofA trimmed MSTR exposure as the largest corporate Bitcoin treasury started selling BTC holdings to pay dividends and build cash reserves.
The Wall Street giant also sold 3,800 Strike (STRK) perpetual preferred shares. The bank even adjusted positions in Strategy convertible senior notes.
The bank sold all 85,508 shares in Trump family’s American Bitcoin Corp (ABTC), while increasing Bitmine Immersion (BMNR) stock holdings by 78% to almost $22 million. It also increased stock holdings in Hyperliquid Strategies Inc (PURR) by 167% to 635,407 shares.
Bank of America has also invested in Circle, Coinbase, and Bitcoin mining crypto companies including MARA Holdings, Riot Platforms, and CleanSpark shares.
For retail investors looking to follow Wall Street’s lead safely, utilizing fully compliant US crypto exchanges like Coinbase ensures adherence to rigorous security and domestic regulatory frameworks.
Major cryptocurrencies have come under renewed focus as the market correction deepens in mid-2026. While price volatility remains high, investors continue to evaluate the long-term potential of leading projects, with Bitcoin, Ethereum, Solana, Chainlink, and Hyperliquid drawing significant interest.
Bitcoin maintains benchmark statusBitcoin is trading near $64,000, reaffirming its role as the premier benchmark for the broader crypto sector. Reduced market liquidity and ongoing economic uncertainty have contributed to its recent decline, though the asset retains the largest network, highest brand recognition, and most robust institutional backing in the industry.
While returns may not match those of smaller-cap digital assets, Bitcoin offers comparatively lower protocol-related risks. For many participants, it remains the standard by which all other cryptocurrencies are measured.
Bitcoin continues to set the pace for the entire crypto sector, offering unmatched network security and institutional support, though investors should be aware that current volatility may persist.
Institutional activity sustains EthereumEthereum dropped below $1,900 during the latest downturn, but institutional appetite held steady. US-listed Ethereum ETFs registered $103.9 million in net inflows for the week ending July 24, marking the strongest performance among crypto ETFs at that time.
Ethereum is widely recognized as the backbone for decentralized finance, stablecoin platforms, NFT trading venues, and a significant number of decentralized applications. Continued developer activity and significant network effects keep Ethereum among the top contenders for long-term investment strategies.
AssetPrice (approx.)Recent ETF flow (week ending July 24)Bitcoin (BTC)$64,000Not specifiedEthereum (ETH)$1,900$103.9 million (inflow)Solana technology upgrade and outlookSolana recently expanded its block capacity to 100 million compute units, further enhancing its capability to process transactions quickly and with low fees. The network directly competes with Ethereum in speed and cost efficiency, and its expanding ecosystem includes payment, asset tokenization, and cross-chain solutions.
Trading around $75 in mid-August, Solana remains significantly below its all-time highs, leading some investors to view current valuations as an opportunity to build positions.
Mini dictionary: Compute units, a measure of computational power Solana allocates to each block, determine the blockchain’s capacity to process smart contracts and transactions efficiently.
Chainlink’s expanding integrationsChainlink moved toward the $10 level following updates about new CCIP integrations and the beta launch of its agent platform. As a key provider of blockchain oracle solutions, Chainlink connects decentralized networks with real-world data, supporting secure asset tokenization between blockchains.
Analysts note that if tokenized real-world assets grow within global finance, Chainlink could become critical infrastructure for these flows.
Mini dictionary: CCIP, or Cross-Chain Interoperability Protocol, is a Chainlink-powered system that enables secure movement of assets and data across multiple blockchain networks.
Hyperliquid delivers strong returns, but risk remains elevatedHyperliquid experienced gains of approximately 154% in the first six months of 2026. As a decentralized perpetual futures trading platform, Hyperliquid has attracted attention for significantly outperforming major crypto assets.
Despite rapid expansion, the project faces heightened risk from upcoming token unlocks and potential changes in regulatory policy. Analysts recommend caution and thorough risk assessment for those considering exposure.
Mini dictionary: Hyperliquid, launched in 2023, is a decentralized platform enabling perpetual futures trading, offering on-chain derivatives without an intermediary.
Hyperliquid’s accelerated growth highlights the potential of decentralized trading venues to compete against established centralized exchanges, though elevated volatility and regulatory headwinds remain prominent challenges for participants.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
A Bitcoin address that had remained untouched for more than 15 years has suddenly become active.
According to Galaxy Research, the address contains 8.54 BTC (roughly $538,000 at current prices). It moved its holdings in block 962770.
The Bitcoin had remained dormant since it was first received on June 13, 2011. The wallet had remained inactive for over 15 years.
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The transaction generated an extraordinary realized gain of about $538,000. This is an estimated increase of 461,981% from the address's acquisition cost. Galaxy Research put the original basis at approximately $14 per BTC.
Even though it is highly unlikely that the coins are related to Satoshi Nakamoto, the pseudonymous creator of the original cryptocurrency, it is rather notable that the address was created just months after whoever was behind the creation of BTC left their last post on social media.
Other recent whale transfers There have been other notable whale transfers over the past month. Whale Alert reported on Aug. 12 that a dormant pre-mine Ethereum address containing 2,680 ETH was activated after 11 years. The coins were worth approximately $5.05 million at the time.
Three days earlier, another Ethereum pre-mine address containing 2,000 ETH was activated after roughly 11 years. Those holdings were valued at about $3.84 million.
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On Aug. 3, Whale Alert flagged a Bitcoin address holding 500 BTC that had been dormant for around 12.7 years. The coins were worth approximately $31.3 million at the time of activation.
Another dormant Ethereum pre-mine address containing 2,000 ETH was activated on July 26 after approximately 11 years, with the holdings being valued at about $3.83 million.
Such transactions do not necessarily indicate an impending sale. Dormant coins can be moved for a variety of reasons, including wallet reorganizations and security upgrades.
The recent sideways and volatile trend in the cryptocurrency markets has created uncertainty among investors, prompting a noteworthy analysis from Sean Farrell, Head of Digital Asset Strategy at Fundstrat.
Evaluating the current state of the market, Farrell noted that while traditional technology stocks were hitting records, the fact that crypto assets were lagging behind created a sense of apathy in the market, but this could be the first sign of a bottoming out.
According to Farrell’s baseline scenario, Bitcoin and the overall crypto market may experience one final sharp downward move before entering a sustained uptrend. Whether this decline will create a new, deep bottom or test recent lows is not yet clear; however, the analyst adds that global liquidity conditions and rising US 10-year Treasury yields continue to put pressure on liquidity-sensitive assets like crypto in the short term.
Farrell, evaluating macroeconomic dynamics, stated that the rise in the technology sector is based on strong corporate profit growth, while the crypto market has not yet received the necessary monetary and fiscal liquidity. Although high US Treasury bond issuances and rising long-term bond yields are putting pressure on the market, it is predicted that this situation could reverse in the next 3 to 6 months. Following the easing of risk appetite due to high interest rates, liquidity-boosting measures from regulators or central banks could trigger a new bull run.
Furthermore, according to the analyst, if the new governance proposal aimed at reducing the inflation rate on the Solana network is accepted, it would lessen supply pressure in the market and could be a significant catalyst for the token price.
*This is not investment advice.
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Macquarie Group, the Australian financial giant with a market cap north of $50B, slashed its position in BlackRock’s iShares Bitcoin Trust ETF (IBIT) by roughly 62% during the second quarter of 2026. The firm now holds approximately 1.6 million shares worth between $53M and $55M, down from about 4.139 million shares valued at around $159M at the end of Q1.
The move, disclosed in a 13F filing submitted around August 14, marks the second consecutive quarter Macquarie has pulled back from the world’s largest spot Bitcoin ETF. And the pace of retreat is accelerating.
A pattern, not a one-off In Q1 2026, Macquarie trimmed its IBIT stake by roughly 19%. Cutting 62% in a single quarter is a different conversation entirely.
Macquarie hasn’t publicly explained the rationale behind either reduction. No earnings call commentary, no press release, no executive interviews touching on the decision.
One important caveat with 13F filings: they don’t distinguish between proprietary holdings and positions held on behalf of clients. So it’s possible Macquarie’s own conviction hasn’t changed at all, and the reduction reflects client redemptions or mandate changes. It’s also possible the firm is actively de-risking. The filing doesn’t tell us which, and Macquarie isn’t volunteering the answer.
What the broader 13F landscape looks like SEC Form 13F requires any institutional investment manager with more than $100M in qualifying assets to disclose their US equity holdings on a quarterly basis. These filings have become essential reading for anyone tracking institutional adoption of Bitcoin, especially since spot Bitcoin ETFs launched in the US in early 2024.
IBIT, BlackRock’s offering, quickly became the dominant product in the category and has remained among the largest spot Bitcoin ETFs by assets under management.
Reading the tea leaves without over-reading them The temptation with 13F data is to treat every filing as a verdict on Bitcoin’s future. That’s usually a mistake. These snapshots capture a single moment in time, with a roughly six-week delay between the end of a quarter and the filing deadline.
Macquarie is not a crypto-native firm or a hedge fund that swings for the fences. It’s a sprawling, diversified financial institution with deep roots in infrastructure, energy, and traditional asset management.
The next 13F cycle, covering Q3 positions, will reveal whether Macquarie continued selling, stabilized at its current level, or reversed the trend. Until then, the firm’s $55M position represents a fraction of what it held just six months ago, and the direction of travel has been unambiguous.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
A Bitcoin address that had not seen any activity for over 15 years transferred its entire balance of 8.54 BTC, worth approximately $538,000 at current market value.
Historic wallet reawakensGalaxy Research, the blockchain analytics firm known for tracking major cryptocurrency transactions, identified that the transaction took place in block 962770. The address originally received its Bitcoin on June 13, 2011, a period shortly after the pseudonymous Bitcoin creator Satoshi Nakamoto stopped posting publicly. The wallet had remained untouched since then, prompting attention due to the rare length of inactivity.
Galaxy Research estimated that the initial acquisition cost was roughly $14 per Bitcoin. With Bitcoin trading near $63,000, the realized gain for the address stands at about $538,000, marking an increase of 461,981% compared to the original purchase price.
While the address attracted some speculation, Galaxy Research clarified that it is highly unlikely to be linked to Satoshi Nakamoto, given the timing and pattern of its activity.
Whales stir dormant coinsThis significant movement follows a recent pattern of dormant cryptocurrency wallets becoming active across the broader blockchain ecosystem. On August 12, Whale Alert, a service that monitors large crypto transfers, reported that an 11-year-old Ethereum pre-mine address containing 2,680 ETH—valued at around $5.05 million—was reactivated.
Similarly, just days earlier, another dormant Ethereum pre-mine address holding 2,000 ETH also became active for the first time since its creation 11 years ago. That transaction involved approximately $3.84 million worth of ETH at the time.
Earlier the same month, on August 3, Whale Alert spotted a dormant Bitcoin address containing 500 BTC—valued at about $31.3 million after being inactive for nearly 12.7 years—executing a transaction.
Noteworthy trend in address reactivationsFurther reinforcing the trend, another Ethereum pre-mine address with 2,000 ETH was reactivated on July 26 following roughly 11 years of dormancy, moving approximately $3.83 million in assets.
These large and sudden wallet reactivations, commonly known as “whale movements,” frequently capture community attention due to the amounts involved and the extended periods of inactivity. Analysts observe that such events are becoming more prevalent as long-term holders move their assets, sometimes after a decade or more.
CryptocurrencyAmountYears DormantValue at ReactivationDate ReactivatedBitcoin8.54 BTC15+$538,000RecentBitcoin500 BTC12.7$31.3 millionAug. 3Ethereum2,680 ETH11$5.05 millionAug. 12Ethereum2,000 ETH11$3.84 millionAug. 9Ethereum2,000 ETH11$3.83 millionJuly 26Dormant transfers spark speculationExperts caution that the activation of dormant wallets does not necessarily signal an imminent sale on the market. Reasons for moving such assets often include security upgrades, changes in storage methods, or internal reorganizations of cryptocurrency holdings.
The transfer of long-inactive coins can occur for various reasons beyond immediate selling, including improvements to wallet security or asset management practices.
Mini dictionary: Galaxy Research is a digital asset research and analytics division within Galaxy Digital, offering blockchain transaction analysis and market insights.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
While AI is at the forefront of economic development, veteran macro investor Jordi Visser argues that Bitcoin (CRYPTO: BTC) could become “the "S&P 500 of 10 years from now.”
Bitcoin Benefits From An AI-Speed EconomyVisser made the case in Anthony Pompliano‘s podcast on Sunday.
The convergence of AI agents, crypto, stablecoins and tokenization will dramatically increase transaction velocity.
That means financial processes that currently take days or weeks could eventually happen almost instantly as AI agents transact through blockchain-based infrastructure.
Early examples of this shift are Figure Technologies. They allow automation and blockchain infrastructure to remove financial intermediaries, lower costs and accelerate transactions.
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Visser sees concerns about Bitcoin’s stagnant price or regulatory uncertainty as short-term "noise" within a much larger secular transformation.
"Mark my words, you will all be paying attention to crypto a year from now," Visser said.
Why BTC ‘Doesn’t Suffer From Time‘Visser’s core thesis is that AI is compressing economic time. Businesses may soon accomplish in months what previously required years, making traditional year-over-year growth measures increasingly inadequate.
Bitcoin stands apart because its fundamental scarcity does not accelerate alongside economic activity.
"The reason Bitcoin to me is the ultimate choice, it is the S&P 500 of 10 years from now," Visser said, arguing that Bitcoin "doesn’t suffer from time because it’s not based on time."
As AI makes everything else move faster, Bitcoin’s fixed monetary structure could become increasingly valuable, according to Visser.
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New data from Galaxy Research shows that $115 million in bitcoin has been lost in the Coldcard theft.
Writing on X Sunday, Galaxy Research said that it had spoken with over 200 victims to support them and gather intelligence on the attackers.
The figures are based on the price of bitcoin at the time of the attack.
Coldcard losses have exceeded $115M (based on the price when coins were stolen)
Galaxy Research has spoken with 200+ victims to support them and gather intelligence on the attackers
This thread contains additional charts and info 👇 pic.twitter.com/H2K141mugF
— Galaxy Research (@glxyresearch) August 16, 2026 Hackers started taking bitcoin stored using Coinkite’s popular Coldcard hardware wallet on July 31.
Canadian company Coinkite said that a firmware bug in Coldcard Mk3 devices — starting with version 4.0.1 in March 2021 — caused seed generation to fall back to a weak software Pseudorandom Number Generator instead of the hardware true random number generator, allowing hackers to essentially guess investor seedphrases.
The number has slowly risen as the criminals have targeted more recent devices while Coinkite and other Bitcoiners have urged Coldcard users to immediately move their funds.
Galaxy Research last week said that it estimates at least 15 separate attackers were exploiting the bug independently.
Previous research from Galaxy found that the typical stolen coin had sat untouched for 3.5 years, and a striking 88% of pilfered funds were at least a year old.
The firm is still confirming how much is stolen, and has said that total losses could exceed $130 million.
Since the attack, cautious investors have been moving their coins to other storage solutions — including exchanges.
Coinkite said in a statement this week that the bug in its software “silently went unnoticed” and “its potential impact grew with every release” of its products.
Days after the first hack, the company urged investors to update their software or move their funds off the popular hardware wallet.
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.
Losses from a major security breach affecting Coldcard hardware wallets have now exceeded $115 million, according to data compiled by Galaxy Research. The firm, which offers digital asset market insights and research, reported reaching out to over 200 victims to gather further details and support impacted users.
Attack details and vulnerabilityThe attack, first identified at the end of July, targeted the Coldcard hardware wallet manufactured by Canadian company Coinkite. The breach was traced to a critical firmware bug present in Coldcard Mk3 devices running software versions beginning with 4.0.1, which was released in March 2021.
Coinkite revealed that the vulnerability caused the device’s seed generation process to default to a weak software Pseudorandom Number Generator rather than the intended hardware-based true random number generator. This flaw enabled hackers to predict user seedphrases and gain unauthorized access to their bitcoin holdings.
The issue affected recent devices, leading Coinkite and several industry figures to urge Coldcard users to immediately relocate their assets to alternative storage solutions or update their wallet firmware to mitigate risks.
Mini dictionary: Pseudorandom Number Generator (PRNG) — A software-based algorithm that generates numbers simulating randomness, but which can be predictable if the internal state or algorithm is compromised. True random number generators (TRNGs) use physical processes to ensure unpredictability, a key requirement for cryptographic applications.
Scale of the lossesGalaxy Research calculated the total loss at $115 million, based on market prices at the moment coins were stolen. The number continues to rise as more users report missing funds. Investigators stated that as many as 15 independent groups exploited the vulnerability simultaneously.
The firm also discovered that the majority of stolen funds had been dormant for significant periods: Galaxy’s analysis showed the average compromised bitcoin account had not moved for 3.5 years, and 88% of the stolen assets were idle for over a year before being taken.
MetricStatisticTotal reported losses$115 millionSuspected attackers15 independent groupsAverage coin dormant period3.5 yearsPortion held over 1 year88% of pilfered fundsRecent analysis by Galaxy Research estimates the total value of stolen bitcoin at $115 million, based on valuations at the time of each incident. The firm noted that attackers have targeted both older and more recently activated Coldcard Mk3 devices, with many affected wallets left untouched for years before being drained.
Company response and ongoing effortsCoinkite, the Canadian manufacturer of Coldcard wallets, acknowledged the severity of the bug and its expanding impact over several firmware releases. The company advised customers to upgrade their device firmware or transfer their bitcoin to more secure wallets following the discovery.
Coinkite described the issue as a critical flaw that “silently went unnoticed,” emphasizing the urgent need for cold wallet holders to review the security of their devices.
Galaxy Research indicated that the total amount stolen could eventually surpass $130 million, as their investigation into further affected accounts continues. Since the breach, a noticeable migration of assets has taken place, with some investors shifting their bitcoin to exchanges or alternative hardware wallets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Vice President JD Vance took the stage at Bitcoin 2025 in Las Vegas on May 28 and made the administration’s position about as clear as it gets: the US government should be leaning into Bitcoin, not away from it.
His reasoning centered on a familiar adversary. “If the communist Republic of China is leaning away from Bitcoin, then maybe the United States ought to be leaning into Bitcoin,” Vance told the conference crowd, framing the world’s largest cryptocurrency as both a strategic asset and a geopolitical chess piece.
From seizures to strategy Vance’s remarks build on a policy foundation the Trump administration laid earlier this year when the president signed an executive order on March 6, 2025, establishing a Strategic Bitcoin Reserve alongside a US Digital Asset Stockpile.
The core idea behind the reserve is straightforward: stop selling seized Bitcoin and start treating it like a long-term national asset. The US government is the largest state holder of Bitcoin in the world, having accumulated hundreds of thousands of BTC through law enforcement seizures over the years. Previous administrations routinely auctioned off those holdings. The current approach flips that playbook entirely.
Vance’s speech highlighted what he sees as Bitcoin’s key attributes: scarcity and security.
Skin in the game The vice president isn’t just talking his book. He’s also holding one. Financial disclosures reveal that Vance personally owns Bitcoin valued between $250,001 and $500,000. That puts him among the most crypto-exposed officials in the administration’s history, and it makes his advocacy less abstract than it might otherwise seem.
Whether you view that as a conflict of interest or proof of conviction probably depends on your priors. Either way, it’s worth noting that the person making the case for government Bitcoin accumulation stands to benefit personally from the policies he’s promoting.
The broader crypto landscape Approximately 50 million Americans now own Bitcoin, representing roughly 15% of the US population. Vance’s appearance at Bitcoin 2025 was as much a political signal as a policy statement. Last year, then-candidate Trump made headlines with his own Bitcoin 2024 appearance.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitcoin miners are increasingly treating power capacity and data-center expertise as assets that can serve more than one computing market. HIVE Digital Technologies provided one of the clearest examples on August 17, announcing a five-year GPU cloud services agreement worth approximately $350 million through its BUZZ HPC subsidiary.
According to HIVE’s company release, the contract is with an unnamed investment-grade enterprise customer and is expected to add about $70 million in annualized revenue. The announcement shifts attention from crypto mining output to the value of the infrastructure surrounding it.
A 2,016-GPU Cluster in British Columbia BUZZ HPC will deploy 2,016 Nvidia Blackwell Ultra GPUs in GB300 NVL72 rack-scale systems. The cluster will use Nvidia Quantum-X800 InfiniBand networking and VAST Data storage at the Bell AI Fabric facility in Merritt, British Columbia.
HIVE expects the infrastructure to be delivered and deployed in the fourth quarter of 2026. The company said the facility uses renewable hydroelectric power and closed-loop liquid cooling, giving the project a sustainability angle alongside its AI-compute economics.
The contract requires approximately $185 million in capital expenditure. HIVE expects an upfront customer deposit of about $35 million, equal to roughly 10% of the total contract value, while financing initiatives and equipment financing are intended to support the remaining deployment cost.
Contracted Revenue Comes With Execution Risk HIVE said the agreement lifts BUZZ HPC’s total annualized revenue to approximately $180 million. That figure consists of about $35 million in active revenue and roughly $145 million in contracted revenue expected to come online through the end of 2026.
The distinction is important. Contracted revenue depends on equipment delivery, commissioning, customer performance, and operating costs. HIVE itself lists delays, counterparty risk, capital availability, and power-cost changes among the factors that could cause actual results to differ from its projections.
HIVE will retain ownership of the GPU infrastructure after the deployment. That can preserve residual value beyond the initial contract, but it also leaves the company exposed to the economics and obsolescence cycle of high-end AI hardware.
Mining Infrastructure Becomes a Dual-Use Asset The broader significance is the convergence between Bitcoin mining and AI data centers. Both businesses depend on access to power, cooling, networking, and large-scale computing facilities. HIVE is betting that those shared requirements can create a second revenue engine rather than forcing a complete exit from Bitcoin.
Institutional exposure to digital assets is already broadening through products such as Bitcoin and Ethereum exchange-traded funds. HIVE’s strategy shows another route: using the operational base built for mining to sell enterprise compute. Whether the model works will depend on the company bringing the cluster online on time and converting contracted figures into realized cash flow.
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Wall Street’s biggest bears have gone quiet on 5% Treasury yields. Bank of America Private Bank Chief Investment Officer Chris Hyzy says the level no longer scares stocks the way it once did.
The bigger question is whether Bitcoin can also fight off the bear case high treasury yields can bring for risk-on assets. While equities shrug off higher rates, Bitcoin (BTC) has spent 2026 losing the fight for the same money.
Why 5% Doesn’t Scare Stocks AnymoreSpeaking on CNBC’s Closing Bell, Hyzy said $9 trillion sits in money funds and deposit accounts. Investors earning two to three points above inflation feel less pressure to chase risk.
“Five is not the negative that it once was,” Hyzy said, pointing to how much cash sits in the system.
Sonali Basak, chief investment strategist at iCapital, agreed the flight to quality favors well-capitalized companies.
Highly leveraged firms extending debt on thin margins face a tougher road. Ritholtz Wealth Management’s Josh Brown said earnings momentum is driving stocks higher, not fear of missing out.
Bitcoin Hasn’t Gotten the MemoThe math looks different for an asset that pays no yield at all. The 30-year Treasury yield has topped 5.3% this year, including a 5.27% reading on Aug. 14, its highest level since 2007. Artificial intelligence (AI) hyperscalers are now competing with Washington for the same lenders.
Over that stretch, Bitcoin has fallen 46% while gold gained roughly 33%. BeInCrypto has also found that bond yields aren’t lifting Bitcoin the way they once boosted gold.
Bitcoin has been range bound under $65,000 for an extended period. Image Source: BeInCryptoThe bull case still exists. Rising yields partly reflect a widening fiscal deficit. That debt-fueled backdrop first drew investors to Bitcoin’s fixed supply as an inflation hedge.
Alphabet and Meta priced corporate bonds paying 6.4% to more than 7.5% this year. That is a bar Bitcoin’s price has not cleared since global yields last sat this high.
For now, that scarcity argument is losing to the yield trade. Bitcoin is holding above $64,000 after its recent rally. It has yet to pull in much of the $9 trillion parked in cash.
Gold has recently started trending upwards again. Image Source: Trading EconomicsWednesday’s Federal Open Market Committee (FOMC) minutes could shift the calculus again. A dovish surprise would test whether stocks keep climbing on earnings alone. It would also show whether Bitcoin can finally act like the hedge its backers describe.
According to monitoring by Onchain Lens, a Bitcoin wallet dormant for 15 years has transferred 8.54 BTC (valued at approximately $539,000) to crypto exchange Kraken. The wallet initially received the Bitcoin across multiple addresses back when BTC traded at roughly $14. Calculated at current prices, the 8.54 BTC holding has surged around 4,600 times in value from its original purchase cost.
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Bitcoin [BTC] short-term holders were moving very few of their coins, either in profit or at a loss. The market is lethargic and waiting for its next move.
Source: Axel Adler Jr Insights The price drop toward $62k last week triggered a small capitulation episode. It was not as significant as the one that came in early June, but was still worth noting. Since then, the short-term holders’ activity has slowed down, observed crypto analyst Darkfost.
Short-term Bitcoin holders can be defined as holders whose coins have moved on the network sometime within the previous 155 days.
These holders are more sensitive to price fluctuations than long-term investors. They typically try to capitalize on swing price moves, but also tend to sell in large numbers if volatility becomes high.
Short-term holders are facing unrealized losses, but no mass panic yet Currently, the average cost basis of Bitcoin for STHs is at $67,105. The $65k-$67k area has been a stern supply zone. Therefore, a potential price bounce could be met with these holders looking to exit at breakeven.
Source: Axel Adler Jr Using the STH MVRV pricing bands, analyst Axel Adler Jr. demonstrated that holders were underwater, but the bands’ structure was intact. The STH MVRV was around 0.94 and has been below 1 for 98 consecutive days, showing they remained holding unrealized losses.
The Bitcoin price is still above the –1σ band at $59.3k. The -2σ deep-stress zone was at $49.2k.
Source: Axel Adler Jr The SOPR measures if holders are selling at a profit or loss. The current reading of 0.996 shows STHs are selling at a minor loss, but there is no deep flush here yet.
There is pressure on the market, but no capitulation yet. An MVRV and SOPR turnaround back above 1 would signal profitability, and if sustained, would show that demand is absorbing the supply.
Aggressive buyer volume reaches historically low levels Source: CryptoQuant The 30-day average of the taker buy volume on Binance reached $3.3 billion, the lowest since the July 2023 consolidation around $30k. The metric has revisited a zone that marked the 2022 cycle bottom.
This record contraction in aggressive buying volume reflected fading speculative interest, a broader loss in market conviction, and a lack of urgency among buyers to hoard more Bitcoin, wrote analyst Moreno on CryptoQuant.
It is not a reversal signal, but only points to a reset in market participation.
Final Summary The short-term holder cohort of under 155 days faced moderate losses, but has not witnessed severe capitulation and a bearish flush yet. The taker buy volume was at historically low levels, a condition that has accompanied previous cycle bottoms.
