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Trump Media & Technology Group, the parent company of Truth Social, just posted a quarterly net loss that is roughly 140 times its revenue. The company reported a $238.1 million net loss for Q2 2026, driven almost entirely by the plummeting value of its Bitcoin stash.

Revenue came in at $1.7 million for the quarter, up 89% year-over-year from $883,300. Under normal circumstances, nearly doubling your revenue would be cause for celebration. When your losses multiply by a factor of twelve in the same period, the champagne stays corked.

Bitcoin bites back The culprit behind TMTG’s eye-watering loss is straightforward: $190.4 million in non-cash unrealized losses on digital assets. Of that figure, $116.7 million was directly tied to the decline in Bitcoin’s price, which fell approximately 13% during the quarter to around $58,800.

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TMTG’s total net loss in Q2 2025 was $20 million, meaning the deficit ballooned by more than 1,000% year-over-year.

Legal costs piled on additional pressure. The company spent $25.6 million on litigation during the quarter, stemming from legacy issues related to its SPAC merger. A settlement tied to those SPAC matters was reportedly reached in late July 2026, which should reduce the legal drag going forward, but the damage to Q2’s income statement was already done.

The company’s adjusted EBITDA loss came in at $223.5 million.

A $2 billion balance sheet built on volatility TMTG closed the quarter with total assets of approximately $2.0 billion. Roughly $1.9 billion of that sat in financial assets, a category that includes cash, short-term investments, and its digital asset holdings.

Shares declined following the earnings release. Management signaled in its SEC filing that it plans to update its digital asset treasury strategy. The language suggests the company is reconsidering how it manages the size, composition, or hedging of its crypto portfolio.

The corporate Bitcoin treasury problem MicroStrategy, the most prominent corporate Bitcoin holder, pioneered this playbook and has experienced similar swings in reported earnings driven by mark-to-market adjustments. But MicroStrategy’s core software business generates hundreds of millions in annual revenue, providing at least some operational ballast. TMTG’s $1.7 million quarterly revenue offers almost none.

A 13% drop in Bitcoin’s price produced an unrealized loss that was more than 110 times the company’s quarterly sales.

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

Strategy, a leading institutional Bitcoin holder, plans to resume its Bitcoin acquisition efforts later this year after shifting aspects of its business focus and drawing attention for recent sales of its holdings. CEO Phong Le outlined the company’s current and future approach to Bitcoin investment during an interview with FOX Business.

Significant net buying despite salesPhong Le revealed that Strategy acquired approximately 175,000 Bitcoin so far in 2024, while also selling about 7,000 BTC. These figures place the company firmly in net buyer territory and reinforce its status as a dominant player in the corporate Bitcoin holdings landscape.

According to Le, this pace means the company has purchased about 25 times more Bitcoin than it has sold over the period. The executive said that this activity moved Strategy from the second to the first position among institutional Bitcoin holders worldwide.

Strategy CEO Phong Le indicated, “We’ll get back to buying more Bitcoin throughout the course of the year,” reaffirming commitment to the firm’s core digital asset strategy.

Since May, Strategy has sold Bitcoin on four occasions, including a recent sale of 1,690 BTC. The firm has used proceeds from these transactions to fund preferred stock dividends, undertake share repurchases, and boost its US dollar reserve.

Departure from ‘never sell’ policy faces scrutinyWhile the scale of Strategy’s sales remains modest in comparison with its total holdings, the company has encountered increased scrutiny in the market for shifting away from its traditional “never sell” approach. This adjustment highlights the challenges that public companies face as they attempt to balance long-term digital asset strategies with near-term financial responsibilities to both common and preferred shareholders.

Strategy is known for accumulating over 840,000 BTC, making it a central figure in institutional Bitcoin investment.

Shares of the company have often been viewed by market participants as an indirect way to gain exposure to Bitcoin, with company decisions frequently subject to market analysis.

BTC treasury model faces broader market challengesThe broader corporate Bitcoin treasury model is confronting pressures in the current market environment. According to BitcoinTreasuries.NET, public companies collectively hold more than 1.26 million BTC. However, they trail exchange-traded funds and other investment funds, which now command over 1.6 million BTC.

Novaque Research has detailed that the Bitcoin treasury model benefited in the past from a favorable financing cycle, as market premiums above net BTC holdings enabled companies to raise funds and accumulate more Bitcoin through equity or debt offerings.

Maintaining this cycle becomes difficult when companies trade below the net asset value of their Bitcoin, making new capital raises more dilutive for existing shareholders.

Mini dictionary: Novaque Research, an independent research firm specializing in digital assets and financial markets, is known for its analysis of Bitcoin treasury models and institutional investment trends.

EntityBTC Holdings (approximate)Public Companies1.26 millionETFs and Other Funds1.6 millionStrategy840,000Observers continue to examine how the corporate accumulation strategies and financial priorities of leading institutional holders like Strategy shape both their own performance and broader trends in the digital asset market.

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.

Strategy, the company formerly known as MicroStrategy that turned itself into a publicly traded Bitcoin vault, is getting ready to go shopping again. CEO Phong Le confirmed on August 10 that the firm intends to resume its Bitcoin purchases before the end of 2026, after a brief period of net selling that had some investors nervously refreshing their portfolios.

The company has bought roughly 25 times more BTC than it has sold this year.

What happened to the stack Strategy’s Bitcoin holdings currently sit at approximately 840,447 BTC, down from over 846,000 BTC earlier in 2026. Le characterized the sales as tactical moves designed to enhance the firm’s capital structure. In practical terms, that means the company needed some cash to shore up its balance sheet and normalize the value of its STRC preferred stock product, which had apparently drifted from where management wanted it.

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The playbook going forward is straightforward: rebuild USD reserves first, get STRC trading where it should be, then resume the Bitcoin buying program.

The accumulation machine Strategy has been on this path since 2020, when it first adopted Bitcoin as its primary treasury asset under executive chairman Michael Saylor’s guidance. The firm effectively rebranded around Bitcoin, dropping the MicroStrategy name in favor of something that more directly signals its identity as a crypto-native public entity.

Strategy has funded its Bitcoin purchases through a combination of convertible notes, preferred equity offerings including the STRC product, and straight equity raises.

Saylor, who remains executive chairman while Le handles the CEO duties, has been the philosophical architect of this approach. His thesis is that Bitcoin serves as a superior store of value compared to holding cash, and that a public company can use traditional capital markets to acquire it at scale.

Why the sales spooked people For a company that built its entire brand around never selling Bitcoin, even modest disposals carry outsized symbolic weight. Le’s explanation was that the sales were about capital structure optimization rather than a loss of conviction. The 25-to-1 buy-to-sell ratio in 2026 supports this characterization.

If STRC drifts too far from its intended value, it can create problems for future capital raises, which in turn would limit Strategy’s ability to buy more Bitcoin. Selling some BTC to stabilize the preferred stock is, paradoxically, a move that supports future accumulation.

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

Someone, or a collection of someones, really wanted out. Bitcoin taker sell volume surged to $161.8 million in a single minute, the kind of aggressive selling that doesn’t politely wait in the order book but instead steamrolls through resting bids.

What taker sell volume actually tells us Taker sell volume measures the notional value of market sell orders that cross the order book immediately. These aren’t passive limit orders sitting around waiting for a match. They’re aggressive trades from sellers who want out now, at whatever price the market will give them.

Platforms like CryptoQuant track these spikes as real-time indicators of short-term selling intensity. When taker sell volume surges this dramatically, it typically signals one of a few things: a large player unwinding a position, a cascade of liquidations forcing selling, or a coordinated exit by traders reacting to the same signal.

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The challenge is that no specific exchange or entity has been publicly linked to this particular $161.8 million event.

How this compares to recent history In May 2026, Bitcoin saw over $1.6 billion in hourly taker sell volume, a stretch that makes this latest spike look almost modest by comparison. Another notable episode saw a $470 million one-minute sell print hit Binance when Bitcoin dipped below $60,000.

Bitcoin’s market structure produces these episodic sell pressure events with some regularity across both perpetual futures and spot markets. They tend to cluster around key price levels where liquidation cascades or stop-loss triggers create a domino effect of forced selling.

The mechanics behind the mayhem Large taker sell events can originate from multiple sources. The most common culprit is leveraged position liquidations. When a trader’s long position gets liquidated, the exchange’s matching engine fires off market sell orders to close the position, creating exactly the kind of sudden volume surge observed here.

The perpetual futures market on exchanges like Binance is where much of this action tends to concentrate. Perpetual futures allow traders to hold leveraged positions indefinitely, and the funding rate mechanism creates periodic imbalances that can trigger cascading liquidations when price moves against the crowded side of the trade.

For traders monitoring tools like CryptoQuant’s taker buy-sell ratio, spikes of this magnitude serve as useful volatility alerts. When $161.8 million can hit the order book in a single minute, the entities capable of generating that flow wield outsized influence on short-term price discovery.

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

21h35 ▪ 7 min read ▪ by Luc Jose A.

Summarize this article with:

For years, Strategy has made the “never sell a single satoshi” a true credo. In 2026, this promise falls apart. Michael Saylor’s company has already recorded more than 102 million dollars in realized losses by repeatedly selling bitcoins below their average purchase price. Behind these sales lies a more complex reality than simple accounting arbitrage: the growing pressure of institutional financing. These sales operations raise questions about the robustness of the model defended by the most famous publicly traded bitcoin holder.

In brief The company Strategy breaks its emblematic doctrine of perpetual holdings by recording more than 102 million dollars in realized losses on its bitcoin sales in 2026. The latest recorded sale involved 1,690 bitcoins sold for 108.6 million dollars, at an average price of 64,262 dollars, significantly below its acquisition cost of 75,400 dollars. This urgent monetization aims to honor 1.2 billion dollars in annual dividend obligations on its STRC preferred shares, whose cash coverage has collapsed from seven years to fourteen months. With the firm’s stock trading below its net asset value, management prefers selling a fraction of its 840,000 bitcoins rather than a highly dilutive share issuance for its investors. While the board authorizes up to 1.25 billion dollars in potential sales, the sustainability of this cash management will depend on the spot market’s ability to rise above the company’s breakeven price. The break from the bitcoin accumulation dogma Strategy’s operational trajectory in 2026 marks a concrete shift through the execution of several successive sales on the market. During the week ending August 9 alone, the firm sold 1,690 bitcoins for a total of 108.6 million dollars, at an average sale price of about 64,262 dollars per unit. This transaction takes place directly below its overall cost basis, estimated around 75,400 dollars per bitcoin, thus realizing a net loss on the operation.

According to data compiled by CryptoQuant analysts, these repeated sales, at least four operations recorded over the past two years, now bring the firm’s total realized losses to over 102 million dollars for the 2026 monetization program. Alongside these sales, the company attempts to maintain its narrative of active accumulation by making modest readjustments. A separate purchase of 520 bitcoins for about 35 million dollars was recorded, illustrating management’s desire to balance communication while managing cash flows.

Beyond the amounts liquidated, the overall situation of the company’s treasury reveals the scale of accounting adjustments due to price volatility. Despite the recent sales, Strategy retains a massive portfolio of about 840,000 bitcoins, but faces nearly 10.6 billion dollars in unrealized losses across its positions built between 2024 and 2026.

The asset price evolution, which remained below the breakeven threshold of 75,400 dollars for much of the year, heavily weighed on the company’s financial statements. When publishing its second-quarter results, the entity swung from a net profit of 14 billion dollars to a net loss of 8.22 billion dollars, directly impacted by mark-to-market impairments. Although these accounting impairments do not immediately result in direct cash outflows as a default would, they illustrate the company’s balance sheet vulnerability to prolonged spot market fluctuations.

To synthesize the overall financial situation of the firm at this stage, the key accounting elements of this exercise revolve around the following metrics :

102 million dollars : the cumulative amount of realized losses in 2026 from sales below cost ; 1,690 bitcoins : the volume sold in the latest recorded operation for 108.6 million dollars ; 840,000 bitcoins : the total volume of assets held in the company’s treasury ; 10.6 billion dollars : the estimated unrealized losses accumulated on purchases between 2024 and 2026 ; 8.22 billion dollars : the net loss published in the second quarter due to mark-to-market valuation. The dividend spiral and the stock price trap The fundamental explanation for this sales program lies in the very structure of the company’s capital and the spectacular rise of its commitments to its preferred investors. To finance its massive bitcoin purchases in recent years, the firm issued significant quantities of variable-rate preferred shares, notably the STRC securities, generating substantial recurring financial charges.

CryptoQuant analysts now estimate the annual obligations for preferred dividends at nearly 1.2 billion dollars, an amount that has almost quadrupled with successive share issuances. This increase has dramatically reduced the company’s financial safety level. Its dividend coverage by available cash has fallen from more than seven years to only fourteen months at the current pace.

To rebuild a sufficient cash reserve for 24 months, Michael Saylor’s firm should have 2.8 billion dollars in reserves, nearly twice its current liquid cash balance. It is precisely to meet this liquidity constraint, pay these dividends, and proceed with the direct buyback of STRC preferred shares that the proceeds from the last sale of 108.6 million dollars were allocated.

This financial arbitrage choice is also driven by the company’s stock behavior on the markets. The share having dropped nearly 40% this year to trade in a range between 90 and 95 dollars, its market value settled below a net asset value (NAV) multiple of less than 1. In such a discount configuration, issuing new common shares to raise liquid funds would be highly dilutive and disadvantageous for current shareholders.

With the board having authorized an overall sales program that could reach up to 1.25 billion dollars in bitcoins, management has significant legal leeway to continue these operations if market conditions require. This strategy shows that current sales do not stem from an immediate banking emergency but from a deliberate arbitrage aiming to balance the cost of capital in equity markets and the value of the bitcoin reserve.

Market dynamics for investors Looking ahead, this situation highlights Strategy’s delicate transition to a hybrid asset management model where crypto treasury must constantly coexist with the constraints of a publicly traded balance sheet.

While market operators largely anticipate the continuation of this arbitrage program given the still available authorized envelope of 1.25 billion dollars, the company’s ability to preserve the integrity of its treasury will depend on the medium-term price evolution of the asset.

If a sustained rise of the bitcoin price above the average price of 75,400 dollars would allow erasing unrealized losses and facilitate less dilutive capital raises, prolonged stagnation will force the firm to maintain this cautious course. The institutional ecosystem thus attentively watches this textbook case, where classical financial engineering now sets the pace for managing the largest corporate bitcoin reserve in the world.

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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.

Ukraine has 15 nuclear reactors, a war-battered power grid, and a reconstruction bill that will stretch into the hundreds of billions. The Bitcoin Policy Institute thinks it has found a way to make at least a small dent in that tab: put miners next to the reactors.

A report released on August 11 by the non-partisan think tank lays out how Bitcoin mining operations, paired with Ukraine’s stranded nuclear energy capacity, could generate up to $1 billion in revenue earmarked for postwar rebuilding. The concept relies on a straightforward observation: nuclear plants produce power around the clock, but demand doesn’t always match supply. Bitcoin miners, with their ability to spin up or wind down almost instantly, can absorb that surplus and convert it into revenue.

How stranded energy becomes reconstruction cash The core idea in the report, titled “Bitcoin’s Role in Ukrainian Reconstruction,” is load flexibility. Nuclear plants are notoriously bad at throttling output. They run hot whether or not anyone needs the electricity. In a country where large swaths of industrial demand have been destroyed by conflict, that mismatch between supply and consumption is especially pronounced.

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The proposed model would station mining operations at or near nuclear facilities, capturing energy that would otherwise go to waste. Revenue from the mined Bitcoin would then flow into reconstruction funds.

The $1 billion figure is the report’s upper-bound estimate, and it comes with the obvious caveat that Bitcoin’s price, network difficulty, and the actual amount of stranded capacity all fluctuate.

Ukraine and Bitcoin already have history During the early days of the 2022 Russian invasion, crypto donations became a critical lifeline. More than $22 million in Bitcoin-denominated aid flowed into Ukraine at a time when traditional financial infrastructure was buckling under the pressure of conflict and sanctions.

The report also arrives against the backdrop of ongoing discussions, dating to December 2025, about potential Bitcoin mining at the Zaporizhzhia Nuclear Power Plant. ZNPP, Europe’s largest nuclear facility, has been under Russian control since the early stages of the invasion. Any mining operations there would obviously depend on a peace settlement and the return of the plant to Ukrainian sovereignty.

No partners, no endorsements, just a blueprint It’s worth noting what the BPI report does not include. There are no named mining companies attached to the proposal. No Ukrainian government endorsements. No memoranda of understanding with Energoatom, Ukraine’s state nuclear operator. The report is a policy paper, not a business plan.

The practical obstacles remain substantial. Regulatory frameworks for crypto mining in Ukraine are still evolving. The physical security of mining infrastructure in a country that remains at war is an obvious concern. And converting mined Bitcoin into usable reconstruction funds requires a functioning offramp, whether through direct government custody, exchange partnerships, or integration with international financial institutions.

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

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In brief The Bank of Russia published a draft directive letting non-qualified investors buy crypto through brokers, capped at 300,000 rubles a year. Only Bitcoin, Ethereum and Tether's USDT made the approved list for public exchange trading. Qualified investors face no such limits; all investors must pass a risk test first. Russia's central bank has proposed its first framework for letting ordinary investors trade crypto on public markets.

The Bank of Russia published a draft directive on Aug. 11 that would let non-qualified investors buy digital assets through brokers, crypto exchanges or managers—within a strict annual ceiling.

"We're setting a limit on the purchase of cryptocurrencies for non-qualified investors," the central bank said in a separate notice. "Through each intermediary—a broker, crypto exchanger, or manager—they will be able to acquire such assets in the amount of 300 thousand rubles per year."

Which coins, and why only threeThe draft names exactly three tokens cleared for public exchange trading: Bitcoin, Ethereum, and Tether’s USDT. The central bank tied the short list to a law signed this month. "The list of digital currencies that the trading organizer is entitled to admit for public circulation on organized trading platforms (hereinafter referred to as the ‘List’): Bitcoin (Bitcoin), Ethereum (Ethereum), Tether USDT (Tether USDT)." the notice reads.

The filter is liquidity and track record. Under the new federal law on digital currencies, a coin's market cap, average daily volume and at least five years of pricing history on foreign platforms decide if it qualifies. "To protect non-qualified investors from sharp and unpredictable fluctuations in cryptocurrency rates, only the most liquid of them will be available to them," the bank said.

The cap itself is written into the directive's operative text. "The maximum amount of the total value of digital currencies acquired through a broker during the calendar year amounts to 300 thousand rubles," Article 2 states.

XRP, the cryptocurrency created by the founders of payments company Ripple in 2012, has been left off the approved list for now. The token would seemingly qualify given the criteria, but XRP over the years has gone through regulatory troubles—stemming from a since-settled SEC lawsuit against Ripple—that caused the token to be delisted and then relisted on several exchanges, which could be playing a factor.

Retail gets a door; whales get the marketQualified investors—Russia's wealthier, accredited class—face none of these walls. "Qualified investors will be able to acquire all cryptocurrencies that will be traded on the exchange and over-the-counter markets, without restrictions," the notice says. Before any trade, though, everyone takes a test. "All investors, regardless of their status, will need to pass testing and familiarize themselves with the risks of investing in cryptoassets."

The move follows the central bank's earlier steps to open crypto to wealthy investors, and lands as Tether's role draws scrutiny—the stablecoin issuer has frozen millions in USDT tied to sanctioned Russian exchanges.

The Bank of Russia accepts comments until Aug. 24, and the directive takes effect 10 days after its official publication, signed by Governor Elvira Nabiullina.

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Russia has enacted a regulatory framework allowing the use of Bitcoin, Ethereum, and USDT, while excluding XRP from the list of approved assets. The new law, managed by the Bank of Russia, establishes licensed conditions for digital currencies, permitting their use for cross-border transactions but banning them as a domestic payment method. The absence of XRP from the approved list suggests a regulatory focus on assets with greater liquidity and established history, impacting perceptions of XRP’s accessibility in the market.

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Key Takeaways Russia’s regulatory framework appears to support the use of Bitcoin, Ethereum, and USDT under strict conditions, excluding XRP. Market activity suggests this exclusion may impact XRP’s price predictions, with expectations of decreased likelihood for significant price surges in August. XRP’s exclusion reflects a regulatory trend towards assets with established liquidity and records, potentially influencing its market positioning. What to Watch Markets will be closely monitoring any further regulatory developments in Russia that could impact XRP or other cryptocurrencies. The focus will be on any strategic moves by Ripple Labs to counteract this exclusion. Additionally, observers are watching for any shifts in U.S. regulatory attitudes that could affect XRP’s market outlook, particularly in relation to ongoing legal matters involving Ripple. These developments could provide insights into XRP’s potential performance in the coming months.

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What Price Will Xrp Hit In August 2026

Contract Odds Δ since publish Volume 24h September 1 2026 0.5% — — View market → September 1 2026 2.1% — — View market → September 1 2026 0.5% — — View market → September 1 2026 5.1% — — View market → September 1 2026 8% — — View market → Xrp All Time High

Contract Odds Δ since publish Volume 24h September 30, 2026 1% — — View market → December 31, 2026 6.8% — — View market →

Bitcoin (CRYPTO: BTC) analyst Benjamin Cowen warns “crunch time” is approaching for crypto majors as Ethereum (CRYPTO: ETH) wallet activity hit its highest level since March.

Why Cowen Says Bitcoin Is Approaching Crunch TimeCowen said in a YouTube video that Bitcoin is following the same pattern it has in every prior midterm year. 

A low forms in summer, volatility dies through August and September, then something happens in late fall that wakes the market up and starts the next bull run.

He puts social interest in perspective. Bitcoin’s social risk reading sits at 0.2 today, the same level it sat at in August 2018. 

Four years ago at the same point in the cycle, that reading was double. To most people it feels like crypto is dying, but Cowen said this is exactly how prior bottoming phases have felt from the inside.

He expects one more leg down before the bull market begins, with October as the most likely month for the cycle low. 

On-chain indicators like the MVRV Z-score have not yet reset to levels that historically mark major bottoms.

“It’s almost crunch time,” Cowen said. “I don’t think that event has happened yet, but I think it’s going to happen relatively soon,” he added.

Why Ethereum Wallet Activity ExplodedSantiment flagged on X that Ethereum saw 989,500 active addresses in 24 hours, its highest daily activity since March, while price holds steady near $1,870.

The firm pointed to three specific drivers:

ETF inflows have been improving. Robinhood (NASDAQ:HOOD) Chain’s Ethereum-settled activity is adding a genuinely new, high-volume use case for ETH gas fees and app traffic. Stablecoins, real-world assets, and tokenized assets are pulling attention back to Ethereum as the primary settlement layer for on-chain dollar liquidity. Santiment described the move as existing wallets waking up, rotating capital, and testing rails again rather than entirely new users entering the market.

Bitcoin and Ethereum Analysis: Support and Resistance LevelsBTCETHSupport$62,200 — August low$1,883 — 20-day EMA, must holdResistance$65,000 — cup and handle breakout trigger$1,939 — 0.5 Fibonacci, next resistanceTechnical AnalysisImage: Shutterstock

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Bitcoin is holding near $63,000 as spot Bitcoin ETFs snapped a five-day inflow streak, while traders remain cautious ahead of key inflation data.

CryptocurrencyTickerPriceBitcoin(CRYPTO: BTC)$63,524.55Ethereum(CRYPTO: ETH)$1,862.63Solana(CRYPTO: SOL)$75.16XRP(CRYPTO: XRP)$1.01Dogecoin(CRYPTO: DOGE)$0.07089Shiba Inu(CRYPTO: SHIB)$0.054441Notable Statistics:

Coinglass data shows 78,008 traders were liquidated in the past 24 hours for $171.82 million.         SoSoValue data shows net outflows of $144.7 million from spot Bitcoin ETFs on Monday. Spot Ethereum ETFs saw net outflows of $14.6 million. In the past 24 hours, top losers include Audiera, Virtuals Protocol and ether.fi. Notable Developments:

Bitcoin’s Biggest Rival Isn’t Ethereum. It’s the AI Trade Bitcoin Miner Riot Platforms Could Rally 80% as AI Deal Creates ‘Clear Scale Up Path:’ Bernstein Why Haven’t Bitcoin, Ethereum Moved in Weeks? Technical Analysis May Have the Answer Coinbase Exec Says Bitcoin’s Downturn Is Part of Its Adoption—But That Won’t Lift Price, Analysts Warn Robinhood Expands UK Crypto Ecosystem With Trading and AI Tools Arthur Hayes Backs Bitcoin, Says US Will Have to ‘Print Trillions’ to Save the Yen Trader Notes:

Swing trader Roman Trading suggests accumulating Bitcoin at current levels to spread risk. He argues buyers could be rewarded even if the bottom is not in and that shorting carries greater risk than going long.

Trader Cantonese Cat sees Bitcoin’s bullish divergence suggests the downtrend is losing momentum, potentially limiting further downside, though it does not guarantee a trend reversal.

Trader KillaXBT argues Bitcoin may avoid an “extreme bear” phase this cycle because the preceding bull market never reached overheated or euphoric conditions.

Image: Shutterstock

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Russia proposes exchange trading of Bitcoin, Ether and Tether’s USDTLatest NewsPublishedAug 11, 2026

Russia’s central bank proposed allowing Bitcoin, Ether and USDT to trade on regulated exchanges, following a law signed by President Vladimir Putin last week.

Russia’s central bank has compiled a proposed list of crypto assets that could be admitted to public trading on exchanges under new rules approved last week.

The list includes Bitcoin, Ether and Tether’s stablecoin USDT, the Bank of Russia said Tuesday, adding that the assets meet criteria including market capitalization, average daily trading volume and at least five years of price history on overseas markets.

The proposal follows a new law, signed by President Vladimir Putin on Aug. 4, that gives the Bank of Russia authority to determine which digital currencies can be admitted to organized trading and set related rules.

Under the rules, non-qualified investors could buy up to 300,000 Russian rubles ($3,650) worth of cryptocurrency per year through each intermediary, including a broker, crypto exchange service or asset manager. Qualified investors would face no purchase limits for crypto assets traded on exchanges or over-the-counter markets.

“Before making transactions, all investors, regardless of their status, will have to pass a test and familiarize themselves with the risks of investing in crypto assets,” the Bank of Russia said.

The central bank said the restrictions are designed to protect non-qualified investors from sharp and unpredictable fluctuations in crypto prices. The regulator is accepting comments on the proposal until Aug. 24.

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Russia’s central bank has proposed allowing Bitcoin, Ether and Tether’s USDT to trade on regulated exchanges as the country prepares to open its new crypto market framework to investors.

Summary

Russia’s central bank has proposed allowing Bitcoin, Ether and USDT to trade on regulated exchanges under the country’s new crypto rules. Non qualified investors would be limited to 300,000 rubles in annual crypto purchases through each intermediary and must pass a risk knowledge test. Qualified investors would face no purchase limits for crypto traded on exchanges or over the counter markets, although testing requirements would still apply. The proposal follows Russia’s new crypto law signed on Aug. 4, which gives the Bank of Russia authority to decide which digital currencies can enter organized trading. The central bank is accepting comments on the proposed list and related requirements until Aug. 24. The Bank of Russia said Tuesday that the three crypto assets have been included in a proposed list of digital currencies that could qualify for organized trading, based on requirements covering market capitalization, trading activity and price history in overseas markets.

Bitcoin, Ether and USDT meet the regulator’s proposed criteria because they have sufficient market size, average daily trading volume and at least five years of trading history outside Russia. The list has not yet been finalized, with the central bank accepting public comments until Aug. 24.

The selection provides an early indication of which cryptocurrencies ordinary Russian investors may be able to buy once the country’s new digital asset law takes effect on Sept. 1. Under the rules, non-qualified investors will only be allowed to purchase cryptocurrencies that satisfy standards set by the central bank.

Bank of Russia crypto list starts with BTC, ETH and USDT Access for retail investors will remain subject to a 300,000-ruble annual purchase limit through each intermediary, equivalent to about $3,650 at current exchange rates. The cap applies separately to purchases made through brokers, crypto exchange services and asset managers.

Before completing any transactions, investors will also have to pass a knowledge test covering crypto investing and its associated risks.

“Before making transactions, all investors, regardless of their status, will have to pass a test and familiarize themselves with the risks of investing in crypto assets,” the Bank of Russia said.

The regulator said restrictions on non-qualified investors are intended to limit their exposure to sharp and unpredictable crypto price movements. Qualified investors must also complete testing, although they will not face the same purchase ceiling when trading cryptocurrencies through exchanges or over-the-counter markets.

The proposed asset list follows President Vladimir Putin’s signing of Russia’s digital currency law on Aug. 4, which placed the Bank of Russia in charge of deciding which cryptocurrencies can trade through organized markets and how the venues will operate.

As previously covered by crypto.news, the legislation created regulated access to cryptocurrencies for both retail and qualified investors while keeping crypto payments for ordinary goods and services prohibited inside Russia. The law’s main provisions are scheduled to take effect on Sept. 1.

Under the same legislation, crypto exchange providers must enter a special registry, hold at least 15 million rubles in equity and join an approved financial-market self-regulatory organization. Existing exchange services have until July 1, 2027, to comply with the registration requirements.

Exchanges will operate under new central bank rules Before the law was signed, the Bank of Russia had already begun setting operating standards for the institutions that will support organized crypto trading.

In late July, the regulator released draft operating rules covering cryptocurrency exchanges, digital depositories and providers of digital currency accounts. The proposals allow exchanges to establish their own trading procedures while calculating market prices and weighted average prices for listed assets.

Digital depositories, which will maintain records of customer cryptocurrency holdings and transactions, would face minimum equity requirements ranging from 50 million rubles to 250 million rubles depending on the services they provide. The central bank also proposed requiring the capital backing such businesses to remain liquid and consist of high-quality financial assets.

The new system gives the Bank of Russia authority to maintain official registers of approved crypto market participants and establish requirements covering custody, accounting, trading and investor access.

Russian lawmakers had been working on the framework for several months before Putin signed it into law. During the legislative process, non-qualified investors were consistently assigned a 300,000-ruble annual limit for purchases of cryptocurrencies classified as sufficiently liquid.

A revision approved in July also removed wallet disclosure requirements that would have forced investors to declare their crypto wallet addresses. Instead, users were expected to report balances and transaction volumes under the revised proposal.

The same version allowed cryptocurrency to be used to buy Russian securities and locally regulated digital financial assets, while some large transfers abroad or to third parties could be delayed for up to two days. State Duma Financial Market Committee Chairman Anatoly Aksakov did not specify the transaction threshold that would trigger such a freeze.

Russian banks prepare for regulated crypto trading Major Russian financial institutions have already begun preparing products for the regulated market.

Alfa-Bank has been testing cryptocurrency trading inside its Alfa-Investments brokerage application with a small group of qualified investors, according to reported testing in July. Its test interface reportedly included Bitcoin, Ether, Tether, USD Coin, Solana, Litecoin and Zcash.

The bank also plans to build a digital depository and crypto-to-ruble exchange infrastructure during 2026. Wider customer access remains dependent on regulations issued by the Bank of Russia, with Alfa-Bank previously saying a retail rollout could come closer to the fourth quarter if the regulatory timetable permits.

Sberbank has been making similar preparations. As reported by crypto.news earlier, the bank has been working on a crypto wallet and digital asset depository, with its custody infrastructure targeted for Dec. 1. It has also considered providing access to foreign crypto exchanges depending on the final licensing requirements.

T-Bank has also discussed plans to offer buying, selling, storage and crypto balance tracking through its mobile applications, while seeking approval to operate a digital depository. VTB has considered similar services as Russian banks prepare their systems for the regulated market.

Crypto payments remain banned inside Russia The opening of regulated trading does not remove Russia’s existing prohibition on using cryptocurrency as a domestic payment method.

Under the law signed Aug. 4, cryptocurrencies cannot be used to pay for goods, services, information or intellectual property within Russia. Advertising that presents crypto as an option for ordinary domestic payments is also prohibited.

Separate provisions permit cryptocurrencies to be used for certain cross-border settlements between Russian residents and foreign counterparties. Exporters and importers can use eligible digital assets for foreign trade without the retail transaction limits applied to investment purchases, either through intermediaries or directly through crypto wallets, according to the regulatory framework.

For domestic investors, the immediate regulatory process remains focused on determining which assets can enter organized trading. Bitcoin, Ether and USDT are the first cryptocurrencies named under the central bank’s proposed eligibility criteria, while comments on the list and related requirements can be submitted to the Bank of Russia through Aug. 24.

TLDR Table of Contents

TLDRBitcoin Secures Top Position in Russia’s Approved Cryptocurrency RosterEthereum Secures Approval Under Russia’s Organized Market StructureUSDT Gains Access to Russia’s Regulated Cryptocurrency Exchange Russian central bank approves Bitcoin, Ethereum and USDT for public exchange access. Individual investors face annual purchase caps and must pass certification exams. Bitcoin qualifies through liquidity requirements, market depth and minimum five-year track record. Ethereum earns approval under Russia’s structured digital asset trading regulations. USDT stands as the sole stablecoin approved in Russia’s inaugural regulated cryptocurrency roster. Russia is establishing a regulated cryptocurrency trading environment featuring Bitcoin, Ethereum, and USDT for general market access. The central bank chose these digital assets based on criteria including liquidity metrics, market capitalization, trading activity, and historical price data. This initiative forms part of a comprehensive cryptocurrency regulatory system set to launch September 1.

Bitcoin Secures Top Position in Russia’s Approved Cryptocurrency Roster Bitcoin claims the leading spot on the authorization list by satisfying the central bank’s stringent liquidity and operational history criteria. Approved digital currencies must demonstrate substantial market capitalization, consistent daily trading volumes, and a minimum five-year foreign exchange pricing record. These benchmarks effectively limit public market participation to cryptocurrencies with established markets and extensive trading documentation.

Retail investors will encounter a 300,000-ruble yearly acquisition threshold through each authorized intermediary platform. Additionally, they must successfully complete a competency assessment before purchasing Bitcoin via licensed exchanges or broker services. Accredited investors gain Bitcoin access without purchase restrictions after fulfilling the mandatory certification requirements.

Russia signed the comprehensive digital currency legislation on August 4, granting supervisory powers to the central bank. The legislation maintains the prohibition on domestic cryptocurrency payments while enabling regulated investment channels under specific parameters. It simultaneously authorizes select cross-border cryptocurrency transactions between Russian citizens and international parties.

Ethereum Secures Approval Under Russia’s Organized Market Structure Ethereum earns qualification by meeting identical market capitalization, liquidity, and operational history benchmarks. The central bank examined market value, mean daily transaction volumes, and international pricing documentation when determining eligible cryptocurrencies. Ethereum’s proven market presence consequently justifies its addition alongside Bitcoin in the preliminary approved roster.

The Bank of Russia will collect public feedback on the proposed regulations until August 24. Following this consultation period, finalized rules will govern organized markets functioning under the emerging digital asset system. Market operators must adhere to protocols addressing trading operations, asset custody, financial reporting, and client eligibility.

The regulatory structure additionally establishes registration criteria for cryptocurrency exchange platforms serving Russian clients. Service providers must maintain minimum equity capital of 15 million rubles and affiliate with a recognized self-regulatory body. Current operators have until July 1, 2027, to achieve full registration compliance.

USDT Gains Access to Russia’s Regulated Cryptocurrency Exchange Tether’s USDT represents the exclusive stablecoin designated in Russia’s debut roster for public exchange operations. Its market capitalization, transaction volume, and documented pricing record fulfill the proposed qualification criteria. This authorization provides regulated platforms with a dollar-pegged digital asset complementing Bitcoin and Ethereum.

Russian financial institutions have already begun developing infrastructure for the emerging market, encompassing custody solutions and brokerage platforms. Alfa-Bank, Sberbank, T-Bank, and VTB have investigated cryptocurrency offerings ahead of complete regulatory activation. Their strategies encompass digital wallets, custodial depositories, trading interfaces, and crypto-to-ruble conversion systems.

Russia will continue prohibiting cryptocurrency transactions for standard consumer purchases, services, digital content, and intellectual property rights. Nevertheless, the new framework establishes official channels for regulated cryptocurrency trading and sanctioned cross-border settlement operations. Bitcoin, Ethereum, and USDT constitute the initial proposed asset category within the regulated market architecture.

Oliver Dale

Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]

Tether-backed Bitcoin-focused company Twenty One Capital has reported a $413.5 million net loss for the second quarter of 2026 after Bitcoin’s decline reduced the value of its holdings.

Summary

Twenty One Capital lost $413.5 million during the second quarter of 2026. A $401.5 million Bitcoin valuation loss accounted for most of the quarterly deficit. CEO Raphael Zagury plans to add acquisitions, capital markets services, and Bitcoin-backed loans. The NYSE-listed company gives U.S. investors stock-based exposure to a large corporate Bitcoin reserve. Bitcoin losses have dominated Twenty One Capital’s results According to Twenty One Capital’s second-quarter financial report, a $401.5 million decline in the value of its Bitcoin holdings accounted for most of the company’s quarterly loss.

Twenty One Capital’s latest loss has shown how strongly its financial statements depend on Bitcoin’s price at the end of each reporting period. Because the company holds the cryptocurrency as its main asset, changes in Bitcoin’s fair value pass through its reported earnings even when it does not sell the coins.

The $401.5 million reduction tied to Bitcoin represented about 97% of the total second-quarter loss. Remaining expenses accounted for roughly $12 million, based on the two figures in the report, although the source did not provide a complete breakdown of those costs.

A similar effect appeared in the company’s first-quarter accounts. Twenty One Capital reported an $859.7 million net loss for the three months ended March 31, according to its SEC quarterly filing. An $847.8 million decline in the fair value of its Bitcoin holdings caused most of that loss.

As of March 31, Twenty One held 43,514 BTC with a reported fair value of $2.95 billion, down from $3.80 billion at the end of 2025. Its cost basis for the holdings stood at about $3.69 billion, while the price used to value each coin fell from $87,316 on Dec. 31 to $67,832 on March 31.

Combined, the first two quarters have produced reported net losses of about $1.27 billion. Nearly $1.25 billion of that amount came from the lower accounting value of the company’s Bitcoin, based on the first-quarter filing and the second-quarter figures.

Such fair-value losses do not necessarily represent cash leaving the business. The first-quarter filing shows that Twenty One sold one Bitcoin and recorded a $3,180 gain on that disposal, while the much larger loss came from revaluing the coins it continued to own. Bitcoin’s closing price in later reporting periods can reverse part of a previous loss or create another expense under the same accounting treatment.

Twenty One Capital plans businesses beyond its treasury New CEO Raphael Zagury has said Twenty One cannot rely only on holding Bitcoin and must develop businesses capable of producing cash flow. His plan centers on buying operating companies, using debt and equity markets to raise capital, and offering loans secured by Bitcoin.

Zagury took over from Strike founder Jack Mallers on July 20, according to the company’s leadership announcement. Mallers stepped down to concentrate on Strike but remained involved in the leadership handover.

“Twenty One holds one of the largest Bitcoin balance sheets in the public markets,” Zagury said in the announcement.

“My job is to build the operating company around it, with the discipline, governance, and executional rigor of an institution.”

The company identified five strategic priorities when Zagury became CEO. In addition to acquisitions and Bitcoin financial services, management plans to develop its capital markets operation, manage its Bitcoin reserves through debt and equity transactions, and keep a holding-company structure for acquired businesses.

Zagury has experience across both traditional finance and Bitcoin infrastructure. Before taking the top job, he served as a Twenty One director and interim audit committee chair. His earlier roles included positions at Goldman Sachs, Deutsche Bank, and Merrill Lynch, while he also helped lead Bitcoin mining and infrastructure company Elektron Energy.

In May, Twenty One said it was considering a combination with Strike and Elektron that would have joined payments, mining, treasury management, and financial services. The company later removed Strike from consideration after Mallers left the CEO position, leaving the payments business as an independent company.

Tether has tightened control of the Bitcoin company Twenty One began with support from Tether, Bitfinex, SoftBank, and Cantor Equity Partners. Its 2025 launch plan valued the business at $3.6 billion and called for more than 42,000 BTC, alongside capital raised through convertible notes and a private investment in public equity.

Tether later acquired SoftBank’s full interest in the company, crypto.news reported in May. The transaction removed a large outside shareholder and increased Tether’s influence over the listed company.

The original structure had included Bitcoin contributions from Tether, Bitfinex and SoftBank. A separate financing package consisted of convertible senior secured notes and common equity, with the proceeds allocated mainly to additional Bitcoin purchases and corporate expenses.

By the time Twenty One entered the public market in December 2025, its treasury had grown to more than 43,500 BTC. Earlier coverage of its debut noted that falling Bitcoin prices were already putting pressure on the stock and other digital-asset treasury companies.

Investors were also questioning whether Twenty One could develop enough operating revenue to distinguish its shares from direct Bitcoin holdings or spot exchange-traded funds. At the time, the company employed four full-time workers and had not provided a product-launch schedule.

Under Zagury, management has placed more attention on acquiring businesses and generating income rather than measuring performance only by the size of the Bitcoin reserve. Twenty One still uses Bitcoin per share, expressed in satoshis, as one of its internal performance measures.

The company’s first-quarter filing showed 12,557 satoshis per Class A share at both Dec. 31 and March 31. Twenty One had 346.5 million Class A shares outstanding at the end of the quarter, while its Bitcoin balance fell by one coin.

U.S. investors face Bitcoin and company-specific risks Twenty One trades on the New York Stock Exchange under the ticker XXI, giving U.S. investors access to its Bitcoin holdings through a regulated public stock. That exposure also includes corporate expenses, debt, management decisions, and share issuance, which do not apply when an investor holds Bitcoin directly.

The shares were trading near $4.59 on Aug. 11, while Bitcoin changed hands around $63,802. Because XXI represents an operating company rather than a spot Bitcoin ETF, its stock price can trade above or below the value of the Bitcoin attributable to each share.

Twenty One has also used Bitcoin to support its financing. Its first-quarter SEC report listed about $484.4 million of convertible notes and said 16,116 BTC served as collateral for them. Management stated that the pledged coins could not be treated as an available source of liquidity while they remained tied to the notes.

At the end of March, the company held $114.1 million in cash and $117.9 million in net working capital. Management said those resources were sufficient to fund operations for at least one year from the filing date and did not expect to sell Bitcoin during that period to meet ordinary liquidity needs.

A governance issue emerged after SoftBank’s representatives left the board following Tether’s purchase. As crypto.news covered in June, the NYSE warned Twenty One that its audit committee no longer met the exchange’s independence rules.

The exchange gave the company until June 5 to appoint a qualified independent audit committee member before attaching a below-compliance indicator to its listing. Twenty One appointed an independent director on June 8, according to its investor-relations records.

Russia has approved Bitcoin, Ethereum, and the Tether USDT stablecoin for public trading on exchanges under new central bank trading rules. According to a new proposal by the Bank of Russia, the framework would allow both retail and qualified investors to trade crypto through regulated intermediaries, while imposing additional restrictions on non-qualified investors.

JUST IN: 🇷🇺 Russia approves Bitcoin, Ethereum and USDT for public trading on exchanges.

— Watcher.Guru (@WatcherGuru) August 11, 2026Russia has been moving quickly to establish new trading rules for cryptocurrency in the last month, looking to jump ahead in the crypto sector. The latest proposal follows legislation signed by President Vladimir Putin on August 4. That law establishes rules for cryptocurrency circulation in Russia, including purchases through licensed intermediaries, exchange trading, clearing and digital asset depositories.

The country’s Central Bank has identified Bitcoin, Ether and Tether as the assets targeted for access under the initial trading framework, based on liquidity and market characteristics. The broader law does not limit qualified investors to those three assets. Qualified investors would be able to trade other cryptocurrencies subject to the regulatory framework. Foreign stablecoins would generally be subject to the same regulatory requirements as other cryptocurrencies under the new framework.

Also Read: Goldman Sachs Hikes Amazon Stock Price Target

Furthermore, Russia has embraced the crypto industry in the last year, with private banks in the country beginning to offer crypto services. The move to legalize crypto trading would be a big change of tune for Russia, which had previously ruled Bitcoin and ETH as not real forms of currency. With the change of tune, Russia has quickly established itself as a premier crypto market in Eastern Europe, while offering a potential workaround to Western banking restrictions.

In this patch of your weekly Dispatch:ETH imitates BTCCPI to guide the FedBTC sellers diminish?Market cast

BTC: Still in range, but momentum tilts bullishBitcoin's weekly chart remains range-bound, with price repeatedly testing the 200-period SMA, which continues to hold as strong dynamic support. The RSI, a momentum oscillator, sits in neutral territory, while the Stochastic, another momentum oscillator, is approaching oversold levels. The MACD, a trend and momentum indicator, keeps its histogram in positive territory and rising — a mildly constructive sign even as the broader range stays intact.

The daily chart tells a quieter story. There's no strong trend in play: the RSI and Stochastic are both neutral without generating a clear signal, and the MACD histogram hovers near the zero line. The ADX, which measures trend strength, reads very low, confirming the absence of any decisive directional move.

Key levels to watch: On the downside, support sits around $62,000, with a deeper zone near $60,000; the weekly 200-period SMA offers additional dynamic support. To the upside, resistance comes in around $65,000, followed by $67,000.

The big idea

Bitcoin: Locating the price floorDispatch editors have watched Bitcoin try to recover more than once already this year, only to see the brief upticks undone by some counter-force — geopolitics, macro, or plain bearish sentiment retaking control. This time, a few more reasons for optimism are lining up. Bitcoin is holding above $65,000, up roughly 3–3.7% on the week and clawing back from an early-August low near $62,000, even with a fresh wave of Coldcard wallet exploits still rattling the network. While nothing is certain, here's what we're watching this week.

ETFs turn the corner: Spot Bitcoin ETFs took in about $853.5 million last week, their strongest week since April, with inflows across all five sessions and BlackRock's IBIT alone accounting for more than 80% of the Bitcoin total. Ether ETFs matched the mood, pulling in $244.9 million for a fifth straight positive week. Combined, the two categories absorbed $1.1 billion — the best week for either since April.

That marks a clear reversal from the outflows that dogged the category earlier this year, and the momentum built fast — cumulative inflows for the week had already crossed the half-billion-dollar mark by Wednesday. Price hasn't fully caught up yet, which is exactly the setup — if this week's flows follow through, price catching up to the demand is the logical next leg.

Macro middle ground: The macro backdrop shifted Friday, when July payrolls fell by 23,000 against forecasts for an 80,000 gain, with June's print revised down too. Traders read it as taking a September Fed hike off the table: odds had been as high as 100% heading into the July 29 meeting, where the Fed held rates at 3.5%–3.75% but saw three officials dissent in favor of going higher. Those odds had already slipped to about 60% on soft job-openings data before Friday's miss pushed them lower still.

That's the more accurate framing for this tailwind: a weak jobs report doesn't push the Fed toward cutting, it constrains the hawks still pushing for a hike. Under Chair Kevin Warsh, the committee's focus has stayed almost entirely on inflation, and a single soft print may not be enough to change that.

A defining moment comes again Wednesday, when July CPI lands at 8:30 a.m. ET. A reading in line with expectations or cooler keeps the hike case closed for now — the next data point in what's shaping up as a favorable macro window for Bitcoin.

Whales keep buying the dip: Underneath the flows, CryptoQuant data shows Bitcoin whale balances (excluding exchanges and miners) climbing to about 3.06 million BTC, up from a December 2025 low near 2.87 million and still below the 2025 peak of 3.23 million — room to keep building. Separately, roughly 155,000 BTC has accumulated between $62,000 and $65,000, now Bitcoin's largest cost-basis cluster, evidence that buyers are absorbing supply even as 54.6% of coins sit at breakeven — a condition CryptoQuant says has historically marked cycle bottoms rather than breakdowns. One caveat is worth keeping in the piece: this pattern is consistent with the final stage of a bear market, not proof a bottom is confirmed. Valuation, the firm says, still leaves room for one more leg lower before the floor is in.

Taken together: ETF demand is back, the labor market is buying Bitcoin time on rate hikes, and large holders are accumulating into weakness. None of it is decisive on its own, and Wednesday's CPI print is the hinge. But the ingredients for a durable low — and the start of a recovery — are visibly assembling.

Ethereum

ETH mirrors BTC’s recovery, whales includedEther is tracking Bitcoin's bounce, trading near $1,910–$1,925 and up over 3% on the week. Spot ETH ETFs pulled in $244.9 million last week, their best week since April and a fifth straight positive week, with Thursday's $92.2 million the largest single-day haul. Whale wallets holding 10,000–100,000 ETH climbed to a record 19.6 million ETH, and wallets above 100,000 ETH have added roughly 1.8 million ETH since mid-2025 — even as smaller retail wallets have been net sellers. The funds are still about $711 million underwater on a mark-to-market basis, though that gap has narrowed from roughly $2 billion in mid-June.

Macroeconomic roundup

Inflation takes over as crypto's next catalystAttention shifts to inflation this week after Friday's jobs shock flipped the Fed narrative — the same shift that's been lifting crypto. The Fed held rates at 3.5%–3.75% on July 29 citing solid activity, but this week's data could either reinforce the case for caution or force officials to rethink it entirely:

July CPI (Aug 12): Consensus expects headline up 0.2%, core up 0.3% — a cooler print keeps the dovish setup crypto's been riding intact.

July PPI & Weekly Jobless Claims (Aug 13): A pipeline-inflation read plus a fresher labor pulse, both feeding the same rate-path calculus crypto is watching.

July Retail Sales (Aug 14): Tests whether spending holds up as hiring cools. June rose 6.7% y/y; a soft print would keep risk appetite, crypto included, supported.

The week's most interesting data story

The last sellers are almost goneSellers look exhausted. Glassnode's Seller Exhaustion Constant — the share of supply in profit multiplied by realized volatility, has fallen steadily since December, from above 0.04 to about 0.013 today, its lowest reading of this cycle and closing in fast on the roughly 0.010 floor hit at the last three bear-market bottoms, in 2015, 2018, and 2022. It got there without the usual drama: no capitulation flush, no volatility spike, just months of quiet drift wearing down the sellers still willing to part with coins — arguably the healthiest version of exhaustion there is.

The numbers

The week’s most interesting numbers$1.2 billion — Bitcoin whale wallets have been buying since July 29, even as prices stayed range-bound.

3 for 3 — Bitcoin, Ether, and XRP whales are all accumulating at once, a pattern CryptoQuant ties to the bear market's final stage.

7 votes — What Republicans need from Democrats to clear the CLARITY Act's 60-vote threshold, now locked to a September 15 Senate vote.

$55 billion — Strategy's bitcoin stack, with Michael Saylor's weekend "Doing Business" post reviving bets that its buying pause is about to end.

Hot topic

What the community is discussingWould this open the door for an year-end BTC rally?

A great checklist for Bitcoin’s next rally.

It is telling if professional traders are optimistic for BTC.

Dispatch is a weekly publication by Nexo, designed to help you navigate and take action in the evolving world of digital assets. To share your Dispatch suggestions and comments, email us at [email protected].

Bitcoin continued to trade within the $60,000 to $66,000 range during the current summer lull, leading to a period of low volatility and limited directional movement. This sideways pattern has prompted analysts to explore less conventional technical indicators to better understand the market’s direction.

Bollinger Bands offer new perspectiveAn analysis using Bollinger Bands on the quarterly chart from TradingView suggests that Bitcoin may have already reached the macro bottom of its current cycle. According to the indicator, the bottom was set on the first day of the third quarter in 2026, when Bitcoin dropped to $57,735 before showing a strong recovery.

This specific move has largely escaped the attention of conventional market observers, who remain focused on short-term volatility and daily price swings. A closer look at the three-month chart reveals that Bitcoin precisely tested a major long-term support level at the start of July.

On July 1, as the new quarterly candle opened, the Bitcoin price briefly touched a local low before buyers stepped in near the middle line of the 3-month Bollinger Bands, currently positioned at $57,431. This technical region played a critical role, attracting significant buying interest and stabilizing the price.

Historical support and future scenariosBy August 11, Bitcoin had rebounded to $64,174, marking nearly a 10% recovery from its recent low. This swift rebound highlighted the strength of capital at these long-term support levels, echoing similar patterns from past cycles. Previous tests of the quarterly moving average occurred near the end of the market downturns in 2015, 2019, and 2022, underscoring the importance of this technical zone.

Historical context underlines that similar rebounds at the quarterly moving average have signaled the final stages of cleansing in past Bitcoin cycles, reinforcing the significance of the current support area.

Despite this positive development, analysts have warned that retail traders should remain alert to potential volatility. Since the ongoing quarterly candle will not close until September 30, its price action remains dynamic and unconfirmed. This leaves the market vulnerable to sudden moves driven by large participants, which could result in unexpected price swings both upwards and downwards before the end of the quarter.

Institutional trends and tokenizationAmid thin summer liquidity, institutional players might capitalize on the opportunity to drive Bitcoin lower, possibly breaking below the July low of $57,735 and triggering stop orders from nervous traders. However, in terms of long-term market structure, only the final closing level of the quarterly candle has technical importance for the next phase.

This environment is a reflection of a much bigger shift in financial markets. Traditional assets that once needed complex brokers for trading are moving to Web3 platforms. Investors can now utilize services such as 1stepSwap, allowing them to hold shares of major U.S. companies, gold, and silver directly in their crypto wallets. These platforms use real-world asset (RWA) tokenization and smart market algorithms to bypass traditional intermediaries and provide the best prices almost instantly.

If Bitcoin closes its current quarter above $57,431, analysts believe the stage will be set for renewed growth in the autumn, confirming that the cycle’s bottom has already been established.

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.

Bitcoin, ABD‘de 12 Ağustos Çarşamba günü açıklanacak temmuz ayı Tüketici Fiyat Endeksi (TÜFE) verisini bekliyor. Ekonomistler yıllık enflasyonun hazirandaki yüzde 3,5 seviyesinden yüzde 3,4’e gerilemesini beklerken, sonuçlar ABD Merkez Bankası’nın (Fed) faiz politikasına ilişkin beklentileri doğrudan etkileyebilir.

Temmuz ayındaki zayıf istihdam verisinin ardından piyasalar yeni bir Fed faiz artırımı ihtimalini aşağı çekti. Bu değişim Bitcoin başta olmak üzere riskli varlıkları destekledi. Ancak açıklanacak TÜFE verisi, güvercin para politikası beklentilerini güçlendirebileceği gibi kısa sürede tersine de çevirebilir.

Düşük TÜFE Bitcoin’i Nasıl Etkiler? Enflasyonun beklentilerin belirgin şekilde altında kalması, Bitcoin açısından en olumlu senaryolardan biri olabilir. Daha düşük fiyat artışları, Fed’in yeni bir faiz artışına ihtiyaç duyacağı yönündeki beklentileri azaltabilir.

Böyle bir tabloda tahvil getirileri ve dolar üzerinde aşağı yönlü baskı oluşması beklenebilir. Finansal koşulların gevşemesiyle likidite ve risk iştahı artarken, Bitcoin gibi riskli varlıklar bundan fayda sağlayabilir.

Düşük TÜFE aynı zamanda enflasyon baskısının kalıcı hale gelmediğine dair piyasalara güven verebilir. Bu durum Fed’e faizleri mevcut seviyede tutmak veya ilerleyen dönemde daha gevşek bir politika izlemek için alan sağlayabilir.

Beklentilere Paralel TÜFE Ne Anlama Geliyor? Verinin ekonomistlerin tahminlerine yakın gelmesi, piyasalar açısından en nötr senaryoyu oluşturuyor. Böyle bir sonuç Fed’in faiz patikasına yönelik mevcut beklentileri önemli ölçüde değiştirmeyebilir.

Bu durumda ABD tahvil getirileri ve doların büyük ölçüde mevcut seviyelerini koruması, Bitcoin’in de halihazırdaki trendini sürdürmesi beklenebilir. Ancak bu, Bitcoin fiyatının mutlaka yatay hareket edeceği anlamına gelmiyor.

Piyasalar yalnızca manşet TÜFE rakamına bakmıyor. Çekirdek TÜFE, konut maliyetleri, hizmetler, ulaşım, enerji ve aylık enflasyon değişimi de yatırımcıların değerlendirmesinde önemli rol oynuyor.

Çekirdek Enflasyon Neden Önemli? Haziran verileri, manşet ve çekirdek enflasyon arasındaki farkın önemini gösterdi. Haziranda yıllık manşet TÜFE yüzde 3,5 olurken, gıda ve enerji fiyatlarını dışarıda bırakan çekirdek TÜFE yüzde 2,6 seviyesinde gerçekleşti.

Bu nedenle temmuz verisini değerlendirirken yalnızca yüzde 3,4’lük beklentiye odaklanmak yeterli olmayabilir. Özellikle çekirdek TÜFE’nin beklentilerden sapması, Fed politikası ve kripto para piyasası üzerinde daha güçlü bir etki yaratabilir.

Ayrıca yatırımcıların veriden önce güvercin bir sonuç bekleyerek pozisyon alması da önemli bir risk oluşturuyor. Beklentilerin çok üzerinde olumlu bir veri gelmesi, yeni alımların hızlanmasına ve Bitcoin fiyatının kısa sürede sert yükselmesine yol açabilir. Ancak aşırı kaldıraç kullanımı türev piyasasında aşırı ısınma riskini de beraberinde getirebilir.

Yüksek TÜFE Bitcoin İçin Neden Riskli? Temmuz enflasyonunun beklentilerin üzerinde kalması, özellikle çekirdek TÜFE’nin yüksek gelmesi halinde Bitcoin açısından daha zorlu bir tablo ortaya çıkabilir. Böyle bir sonuç, piyasanın yeni Fed faiz artırımlarının tamamen masadan kalktığı yönündeki beklentisini yeniden sorgulamasına neden olabilir.

Daha yüksek enflasyon, faiz artışı beklentilerini güçlendirirse ABD tahvil getirileri ve dolar yükselebilir. Buna karşılık hisse senetleri gibi riskli varlıklar baskı görebilir ve Bitcoin de bu hareketten olumsuz etkilenebilir.

Bitcoin son yıllarda makroekonomik gelişmelere duyarlı bir risk varlığı gibi hareket ettiği için yalnızca Fed’in fiili kararları değil, piyasanın faiz politikasına ilişkin beklentilerindeki değişim de fiyat üzerinde etkili olabiliyor.

Bu içerik kesinlikle yatırım tavsiyesi niteliği taşımamaktadır. Piyasalar yüksek risk içermektedir ve yatırım kararlarınızı almadan önce kendi araştırmanızı yapmanız önemlidir.

Son Dakika kripto para haberleri için hemen tıkla.

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BitMEX co-founder Arthur Hayes believes a Federal Reserve-backed rescue of the Japanese yen could become an unexpected catalyst for Bitcoin, gold, and Ether to rally. 

He says that the move could inject new U.S. dollar liquidity into global markets, potentially creating new buying pressure for major crypto assets.

How a Yen Rescue Could Add More Dollars to the MarketAccording to Arthur Hayes, Japan is facing two big problems. Firstly, the yen is getting weaker, and, secondly, Japanese government bond yields are rising.

If Japan raises interest rates too much to support the yen, it could trigger a major market shock by unwinding the global yen carry trade. If it sells its large holdings of U.S. Treasury bonds to buy yen, U.S. bond yields could also jump.

To avoid these problems, Hayes says Japan could use the Fed’s Foreign and International Monetary Authorities (FIMA) Repo Facility. 

Instead of selling its U.S. government bonds, Japan can use them as collateral to borrow newly created U.S. dollars from the Fed.

Because the Fed creates new dollars to provide these loans, Hayes says the process works much like quantitative easing (QE) and adds more liquidity to global markets.

Recently, the U.S. and Japan have already discussed ways to support the yen, while U.S. Treasury Secretary Scott Bessent has said it is reasonable for the Fed to consider increasing the size of its FIMA facility.

Hayes Sees Bitcoin, Gold as Key WinnersHayes believes more U.S. dollar liquidity usually pushes investors toward assets like Bitcoin, Ether, and gold. Here’s how.

Bitcoin and Ether Are Highly Liquidity SensitiveHayes says that whenever the Federal Reserve puts more money into the financial system, assets like Bitcoin usually go up. He points to 2020–2022, when the Fed added huge amounts of money during the COVID pandemic, Bitcoin and Ether reached record highs.

Gold Remains a Safe ChoiceWhile many crypto investors buy Bitcoin and Ether, traditional investors often choose gold when central banks increase the money supply.

Avoidance of Market ShocksUsing the FIMA facility could help Japan support the yen without causing a sudden market shock, creating a better environment for risk assets like Bitcoin and Ether.

Japan Could Have $1.37 Trillion in Treasury CollateralThe scale of Japan’s potential Treasury backed borrowing is another major part of Hayes’ argument.

He estimates that the Japanese government holds around $1.143 trillion in U.S. Treasuries, while Japan’s GPIF pension fund holds another $230 billion. Together, that represents about $1.373 trillion in Treasury assets that could potentially matter to his liquidity thesis.

However, Hayes notes that the current FIMA facility has a $60 billion per counterparty limit. He says that the limit would need to be removed or expanded significantly for his proposed strategy to work at a much larger scale.

What Investors Should WatchFor now, Hayes says investors should monitor the Federal Reserve’s weekly H.4.1 report.

If the “Foreign Currency Denominated Assets” section starts increasing, it could be a sign that the Fed is providing more dollar liquidity to foreign markets, which Hayes believes would be positive for Bitcoin, Ether, and gold.

Story Ends Here

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15h30 ▪ 5 min read ▪ by Ariela R.

Summarize this article with:

In an essay published on August 10, the co-founder of BitMEX puts forward a bold thesis that is already fueling lively debates within the crypto community. Arthur Hayes indeed sees a powerful catalyst in a possible US-Japanese operation aimed at supporting the yen. Result: the price of bitcoin could rebound quite quickly.

In brief Arthur Hayes believes a US support to the yen could increase dollar liquidity. The planned mechanism would go through the Fed’s FIMA repo facility. The scenario remains speculative and depends on a $60 billion ceiling increase. Bitcoin would only benefit if this liquidity actually reached risky assets. Arthur Hayes Links US-Japan Exchange Policy to Bitcoin Price After a surprising statement in March 2026, Arthur Hayes once again stirs the crypto community with a bold thesis. On August 10, the BitMEX co-founder published an essay entitled “Yen-quake” on Substack. He asserts that the dollar-yen exchange rate is now both a political and economic problem.

In this context, the former BitMEX leader favors a specific scenario. Tokyo would deposit some of its US Treasury bonds with the Fed. In exchange, Japan would receive dollars which it would then sell to buy yen.

This operation would go through the FIMA Repo Facility. The Federal Reserve describes this tool as a temporary source of dollars intended for foreign monetary authorities. It helps them avoid abruptly liquidating their Treasuries on the market. Loans last overnight or seven days and are fully collateralized.

For Hayes, the consequence goes beyond the currency market. Each loan would indeed inflate the Fed’s balance sheet. This would increase dollar liquidity. Some of this could then flow to risky assets, including bitcoin.

In his essay, however, he clarifies an important point: this would not be a classic quantitative easing program. Funds will be lent against collateral and must be repaid.

Hayes’ Reasoning Relies on a Historical Correlation Between 2020 and early 2022, the Fed’s balance sheet rose from about $4.2 trillion to nearly $8.9 trillion. During the same time, the price of bitcoin climbed from under $10,000 to nearly $69,000 in November 2021. This sequence fuels Hayes’ bet on a new crypto rally.

However, the parallel calls for caution. In 2020, asset purchases, stimulus checks, and near-zero rates acted in concert. Using FIMA would neither have the same scale nor the same permanence. It might improve global liquidity without mechanically causing a bitcoin bull cycle.

Evolution of the Federal Reserve balance sheet and money markets (Source: Fed) The Japanese urgency, on the other hand, is tangible. According to Reuters, a coordinated intervention between Washington and Tokyo pushed the dollar down from 163.99 yen to 155.20 in early August. The effect then partially faded with a return to around 159.

Analysis: the market still doubts the effectiveness of one-off purchases without a sustained rise in Japanese interest rates. For the crypto market, this fragility fuels both hope for liquidity and the risk of shock.

Bitcoin: The FIMA Scenario Remains a Bet, Not a Decision The FIMA facility is real. However, the “dollar machine” described by Hayes remains hypothetical. According to the Fed’s official documentation, its ceiling is $60 billion per counterparty. Scott Bessent has publicly called for strengthening this safety net. However, no massive extension has been announced by the US monetary committee.

Another caveat: FIMA was designed to ease dollar funding strains, not to sustainably manage the Japanese yen. Its rate is usually higher than the private market when it functions properly. The tool becomes mainly attractive during stress periods. Limited activation would likely have less impact on bitcoin than Hayes’ scenario suggests.

That said, the opposite risk remains. If the Bank of Japan sharply raises its rates, the yen could rise quickly. Investors who borrowed this currency to buy higher-yielding assets would then unwind their carry trade. In August 2024, this mechanism amplified sales in equities and the crypto market. Bitcoin can therefore benefit from gradual liquidity creation, but suffer from a sharp adjustment.

One thing is for sure: Arthur Hayes has identified a credible channel between the yen, the Fed, and bitcoin. What happens next will depend less on speeches than on the amounts of FIMA mobilized and Tokyo’s reaction. Story to follow…

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Ariela R.

My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)

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.

Key Takeaways US and Japanese officials are collaborating to bolster the yen through the Fed’s FIMA facility, which would involve printing dollars to purchase yen Aggressive rate hikes by the Bank of Japan risk destabilizing bond markets and unwinding the global carry trade Japan’s Government Pension Investment Fund could be pressured to liquidate US assets and repatriate funds, posing risks to American markets An expanded FIMA program would increase the Fed’s balance sheet, historically a positive signal for Bitcoin valuations Hayes favors Bitcoin, Ether, and Ethena (ENA) as prime opportunities if dollar liquidity expands significantly A coordinated effort between Washington and Tokyo appears to be underway to strengthen Japan’s currency. Treasury Secretary Scott Bessent has openly advocated for broadening a Federal Reserve mechanism that would enable Japan to exchange its US Treasury positions for dollars, subsequently deploying those funds to purchase yen in foreign exchange markets.

Arthur Hayes: Fed-Backed Yen Rescue Could Fuel Bitcoin, Gold and Ether

BitMEX co-founder Arthur Hayes said the most likely path to a stronger yen is not aggressive Bank of Japan rate hikes or large-scale Treasury sales, but Japan using the Federal Reserve’s FIMA repo facility to… pic.twitter.com/tT0XDjjflH

— Wu Blockchain (@WuBlockchain) August 11, 2026

This mechanism is the FIMA Repo Facility. Currently, it restricts individual counterparties to $60 billion in active loans. Bessent’s proposal calls for eliminating this ceiling and broadening eligibility to encompass major Japanese financial entities, particularly the Government Pension Investment Fund, or GPIF.

The Yen’s Prolonged Decline The yen’s extended weakness began with Abenomics in 2012. Under former Prime Minister Shinzo Abe, the Bank of Japan embarked on unlimited yen printing to purchase government debt through a strategy known as yield curve control. The objective was currency depreciation to enhance export competitiveness.

The strategy succeeded. The yen depreciated by over 50% during the subsequent ten years. This devalued currency became the preferred financing vehicle globally. Traders borrowed cheaply in yen, invested in higher-return assets denominated in dollars and euros, and captured the spread.

Implications of FIMA Expansion Should the Fed’s Foreign Currency Subcommittee, now led by Fed Chair Kevin Warsh, eliminate the FIMA ceiling, Japan could leverage up to $1.37 trillion worth of US Treasury securities. This comprises $1.14 trillion controlled by the Japanese government plus $230 billion managed by GPIF.

The Federal Reserve would create new dollars to finance these transactions. This would expand the Fed’s balance sheet. Historical data shows a strong correlation between Fed balance sheet growth and Bitcoin price appreciation.

Hayes anticipates this scenario will materialize. He believes Warsh, consistent with previous Fed leadership, will align with political guidance from the Trump administration.

Alternative paths to yen strengthening remain problematic for Japan. Pursuing aggressive interest rate increases would devastate the market value of Japanese government bonds already on the BOJ’s books, generating substantial unrealized losses. In July 2024, an unexpected BOJ rate adjustment drove the yen from 160 to 140 within days, while both the Nasdaq and Nikkei plunged over 10%. The BOJ promptly reversed course.

The alternative approach—forcing Japanese institutions to divest US equities and bonds to repatriate capital—remains politically untenable. Japan’s security relies on American military guarantees, and a wholesale liquidation of US holdings would undermine Treasury and equity markets that underpin American global power.

Therefore, FIMA expansion represents the most viable solution.

Cryptocurrency Investment Strategy Hayes confirms Bitcoin remains a foundational holding. For anticipated upside, he identifies Ether as the preferred large-cap alternative, noting it’s the only major cryptocurrency that failed to achieve new all-time highs in 2025.

He also spotlights Ethena, trading under ticker ENA, as a speculative opportunity. ENA has declined over 90% from peak levels. Its stablecoin USDe has experienced a 75% contraction in supply as Bitcoin basis yields compressed. Hayes suggests even modest Bitcoin price recovery could elevate USDe yields and attract renewed capital, potentially driving ENA gains of 5x.

Hayes has not yet fully established these positions and is awaiting official confirmation of FIMA rule modifications.

TLDR: Bitcoin could benefit as Japan taps the Fed’s FIMA facility to defend a weakening yen. Japan and GPIF together hold roughly $1.37 trillion in Treasuries eligible as FIMA collateral. Hayes said raising the FIMA facility’s $60 billion cap requires Fed subcommittee approval only. Ether and Ethena’s ENA token stand to gain most from a renewed dollar liquidity cycle. Arthur Hayes said a Fed-backed rescue of the yen through the FIMA repo facility could become the next major catalyst for Bitcoin, gold and Ether. 

The BitMEX co-founder argued Japan is more likely to strengthen its currency by borrowing dollars against Treasury collateral than through aggressive rate hikes. 

He said the resulting liquidity surge would favor monetary assets over speculative capital spending.

Why the FIMA Route Fuels Bitcoin’s Case Hayes said the FIMA mechanism lets Japan avoid selling Treasuries outright while still generating dollars to buy yen. 

The Ministry of Finance would repo its holdings at the Fed and receive a dollar loan. Those dollars would then be sold in forex markets to purchase yen directly.

He estimated Japan’s government holds about $1.143 trillion in Treasuries eligible for this process. GPIF adds another $230 billion, bringing the combined total near $1.373 trillion. 

Arthur Hayes: Fed-Backed Yen Rescue Could Fuel Bitcoin, Gold and Ether

BitMEX co-founder Arthur Hayes said the most likely path to a stronger yen is not aggressive Bank of Japan rate hikes or large-scale Treasury sales, but Japan using the Federal Reserve’s FIMA repo facility to… pic.twitter.com/tT0XDjjflH

— Wu Blockchain (@WuBlockchain) August 11, 2026

Hayes compared this figure to the Fed’s roughly $4 trillion balance sheet expansion during the pandemic period.

Hayes pointed to a historical correlation between Fed balance sheet growth and Bitcoin’s price trajectory. 

He said the FIMA facility’s $60 billion counterparty cap currently limits how much can flow through the program. Removing that cap would require action from the Fed’s Foreign Currency Subcommittee.

That subcommittee includes Fed Chair Warsh, along with Williams and Jefferson from the Board of Governors. 

Hayes said its decisions require no public vote or published minutes. He argued this makes the policy shift easier to implement quickly once officials decide to move.

Gold and Liquidity Signals Ahead of Policy Action Hayes said gold’s recent rebound reflects investor preference for monetary assets over unproductive capital spending. 

He argued markets are pricing in eventual dollar liquidity expansion tied to the yen intervention. Gold and dollar-yen moves may shift before any formal FIMA rule change is announced.

He noted Treasury Secretary Bessent has pushed publicly for raising the facility’s counterparty limits. Hayes said Bessent’s experience with currency markets makes his comments worth close attention. 

The administration’s preference, according to Hayes, is for this liquidity to support AI infrastructure spending rather than crypto markets.

Hayes argued that outcome is unlikely given weak returns across major AI capital projects. He said Bitcoin’s price movement would instead reflect capital seeking better opportunities than unprofitable AI buildouts. This reasoning underpins his broader thesis linking the yen mechanism to digital asset prices.

Hayes said he has not reduced his firm’s dollar balances to minimal levels yet. He is waiting for confirmation that the Fed subcommittee has acted on the FIMA program. Both gold and yen positioning, he said, typically shift ahead of formal announcements.

Ether and Altcoins Positioned for Liquidity Inflows Hayes named Ether as a large-cap asset that has not yet reclaimed its 2025 record high. He described this lag as a reason Ether stands out among major cryptocurrencies heading into a liquidity expansion. Ether’s role supporting tokenized real-world assets adds to this positioning, according to Hayes.

He also highlighted Ethena’s token, ENA, as a smaller-cap pick tied to the same liquidity thesis. Hayes said ENA’s circulating supply has fallen roughly 75% from its highs. The token price has dropped more than 90% over the same period.

Hayes attributed ENA’s decline to weak Bitcoin basis yields, which reduced returns on staked USDe. 

He said a Bitcoin price increase driven by new liquidity could quickly revive that yield. Rising yields, he argued, would likely draw fresh capital back into Ethena’s synthetic dollar product.

Hayes concluded that both rate hikes and asset repatriation face political resistance from Tokyo and Washington. 

He said the FIMA repo path remains the option both governments appear willing to pursue. Bitcoin, gold and Ether, in his view, stand to benefit most directly from that path.

Will Bitcoin Price Hit $70K or Fall to $50K Before Clarity Act Decision?

The Truth Social parent’s bitcoin stack shrank, its cronos position lost more than a third of its value, and its $6.4 billion CRO treasury venture is dead.

Original Image Credits: ryanmiller / Shutterstock.com

Posted August 11, 2026 at 6:13 am EST.

Trump Media & Technology Group reported a $238.1 million net loss for the second quarter on Monday and told shareholders it is implementing a more disciplined framework for managing its digital asset treasury, days after abandoning a plan to build a publicly traded Cronos treasury company.

Most of the loss was paper. The company attributed $190.4 million of it to unrealized losses on digital assets, pledged digital assets and equity securities, alongside $11.7 million of accreted interest and $8.1 million of stock compensation. Adjusted EBITDA came in at negative $223.5 million. Revenue was $1.7 million, up 89% from $0.9 million a year earlier. Cash used in operations totaled $13.7 million, including $25.6 million of legal expenses tied mostly to legacy litigation the company says it has now substantially resolved.

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Trump Media held 9,477.16 BTC worth $557.1 million on June 30, down from 9,542.16 coins at the end of March, and its 756.1 million cronos tokens were marked at $40.6 million, against $68 million at the end of 2025. Losses on digital assets ran to $360.6 million in the first half. A large share of the bitcoin is also encumbered: 4,260.73 BTC pledged against convertible notes and another 2,077.34 BTC committed to a bitcoin options strategy.

On Friday, Trump Media, Crypto.com and Yorkville Acquisition mutually terminated their planned combination to create Trump Media Group CRO Strategy, the vehicle announced last August with a $5 billion equity line and a target treasury of at least $6.42 billion, citing market conditions and shifting priorities. A separate arrangement for Crypto.com to service planned Yorkville America ETFs was scrapped alongside it.

Interim CEO Kevin McGurn, who replaced Devin Nunes in April, is pointing the company at a different bet: an all-stock merger with fusion developer TAE Technologies that TMTG now expects to close in the fourth quarter. It also launched Truth API, a paid feed of public posts from certain Truth Social accounts, on Aug. 1, and says more than ten customers have signed. Total assets stood at $2.0 billion at quarter end, with about $1.9 billion in cash, securities and digital assets. The Donald J. Trump Revocable Trust, controlled by Donald Trump Jr., owns a majority of the company.

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AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.