The Coldcard hack is testing crypto investigators’ ability to measure losses from self-custody wallets, where victim reports are critical to establishing the scale of the theft.
Blockchain analytics platform CryptoQuant currently puts confirmed losses at 1,432 Bitcoin, while other analysts have traced substantially more funds to the attack.
Galaxy Research and blockchain intelligence company TRM Labs both say their analysis points to a higher toll, while distinguishing between losses directly confirmed by victims and funds attributed to the attack through on-chain patterns.
That makes self-custody attacks difficult to quantify: Unlike an exchange hack, there is no complete list of affected accounts, leaving investigators to build estimates rather than pin down a definitive toll.
Galaxy traces losses beyond victim reportsGalaxy’s Alex Thorn told Cointelegraph the platform’s earlier estimate of as much as 1,816 BTC was a potential figure rather than a confirmed loss total.
As of Tuesday, Galaxy put its high-confidence minimum at 1,730 Bitcoin, with Thorn saying the figure could still increase as more victim reports corroborate attack patterns.
Source: Galaxy Research
“We have directly confirmed 450+ BTC directly from victim reports, but their reports have helped identify other, as-yet-unknown victims in more than 730 total BTC,” Thorn said. Galaxy uses those reports to corroborate broader attack patterns, while withholding funds it suspects but cannot yet sufficiently verify. “We are still withholding many more BTC we suspect but for which we lack sufficient corroboration,” Thorn said.
TRM Labs said its independent tracing lands in the same range as Galaxy, while its recent analysis estimated that attackers drained about 1,816 BTC from more than 5,200 addresses across four waves. “Investigators should expect the estimate to keep moving upward before it stabilizes,” TRM’s global head of policy Ari Redbord told Cointelegraph.
CryptoQuant takes a stricter approachCryptoQuant’s head of research, Julio Moreno, told Cointelegraph that the company starts with public reports from victims, including wallet addresses or transaction IDs, and then checks those reports against known on-chain patterns from the attack.
That approach puts CryptoQuant’s confirmed tally at 1,432 BTC, which Moreno described as a floor that could rise if more victims publicly disclose their hacked addresses.
Source: CryptoQuant
Moreno said CryptoQuant is cautious about identifying victims solely from on-chain patterns because doing so could produce false positives and inflate the estimate.
“Because the stolen Bitcoin belonged to individuals and not to a centralized entity, like an exchange, we can only confirm what each victim publicly discloses,” he said.
Hard number to pin downMoreno emphasized the total will remain an estimate because investigators can only confirm what victims disclose. He said:
“Knowing the total BTC stolen is difficult, and it will always be an estimation.”Chainalysis told Cointelegraph it has not conducted an independent tally of the losses, while blockchain investigator ZachXBT publicly said he has no plans to monitor or trace the incident.
Magazine: Do the Coldcard attacks mean all hardware wallets are now insecure?
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.
The Coldcard hack is testing crypto investigators’ ability to measure losses from self-custody wallets, where victim reports are critical to establishing the scale of the theft.
Blockchain analytics platform CryptoQuant currently puts confirmed losses at 1,432 Bitcoin, while other analysts have traced substantially more funds to the attack.
Galaxy Research and blockchain intelligence company TRM Labs both say their analysis points to a higher toll, while distinguishing between losses directly confirmed by victims and funds attributed to the attack through on-chain patterns.
That makes self-custody attacks difficult to quantify: Unlike an exchange hack, there is no complete list of affected accounts, leaving investigators to build estimates rather than pin down a definitive toll.
Galaxy traces losses beyond victim reportsGalaxy’s Alex Thorn told Cointelegraph the platform’s earlier estimate of as much as 1,816 BTC was a potential figure rather than a confirmed loss total.
As of Tuesday, Galaxy put its high-confidence minimum at 1,730 Bitcoin, with Thorn saying the figure could still increase as more victim reports corroborate attack patterns.
Source: Galaxy Research
“We have directly confirmed 450+ BTC directly from victim reports, but their reports have helped identify other, as-yet-unknown victims in more than 730 total BTC,” Thorn said. Galaxy uses those reports to corroborate broader attack patterns, while withholding funds it suspects but cannot yet sufficiently verify. “We are still withholding many more BTC we suspect but for which we lack sufficient corroboration,” Thorn said.
TRM Labs said its independent tracing lands in the same range as Galaxy, while its recent analysis estimated that attackers drained about 1,816 BTC from more than 5,200 addresses across four waves. “Investigators should expect the estimate to keep moving upward before it stabilizes,” TRM’s global head of policy Ari Redbord told Cointelegraph.
CryptoQuant takes a stricter approachCryptoQuant’s head of research, Julio Moreno, told Cointelegraph that the company starts with public reports from victims, including wallet addresses or transaction IDs, and then checks those reports against known on-chain patterns from the attack.
That approach puts CryptoQuant’s confirmed tally at 1,432 BTC, which Moreno described as a floor that could rise if more victims publicly disclose their hacked addresses.
Source: CryptoQuant
Moreno said CryptoQuant is cautious about identifying victims solely from on-chain patterns because doing so could produce false positives and inflate the estimate.
“Because the stolen Bitcoin belonged to individuals and not to a centralized entity, like an exchange, we can only confirm what each victim publicly discloses,” he said.
Hard number to pin downMoreno emphasized the total will remain an estimate because investigators can only confirm what victims disclose. He said:
“Knowing the total BTC stolen is difficult, and it will always be an estimation.”Chainalysis told Cointelegraph it has not conducted an independent tally of the losses, while blockchain investigator ZachXBT publicly said he has no plans to monitor or trace the incident.
Magazine: Do the Coldcard attacks mean all hardware wallets are now insecure?
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.
TLDR Strategy’s USD reserve reached an all-time high of $4.65 billion, growing more than fivefold in 2.5 months. CEO Phong Le confirmed the milestone in an Aug. 10 post, citing the company’s Digital Credit Capital Framework. The reserve jumped from $871 million in late May to $4.65 billion, adding nearly $3.8 billion. Strategy sold 1,690 bitcoin for $108.6 million and used the money to buy back 1,152,020 STRC shares. The reserve now covers about 2.7 years of preferred dividends and debt interest payments. Strategy’s cash reserve has reached a new record. The company’s USD reserve climbed to $4.65 billion, marking its highest level ever.
CEO Phong Le shared the news in an Aug. 10 post on X. He said the reserve and its duration both grew more than fivefold in just 2.5 months.
The reserve now provides about 2.7 years of coverage for preferred dividends and debt interest. Le called it proof that the company’s Digital Credit Capital Framework is working as planned.
How the Reserve Grew The growth has been fast. In late May, the reserve stood at only $871 million.
By July 27, it had grown to $3.75 billion after the company added $525 million. That gave the company about 2.1 years of dividend and interest coverage at the time.
The company also repurchased $25 million worth of STRC shares during that period. The reserve kept climbing after that, reaching $4 billion before hitting the current $4.65 billion mark.
An Aug. 10 filing with regulators showed the company added another $650 million to the reserve. That single addition pushed the total from $4 billion to $4.65 billion.
Bitcoin Sale and Share Buyback Separate from the reserve growth, Strategy also sold bitcoin last week. Between Aug. 3 and Aug. 9, the company sold 1,690 bitcoin for $108.6 million.
The company used that money to buy back 1,152,020 shares of STRC. This was treated as a separate action from the cash reserve buildup.
The Digital Credit Capital Framework allows the company to sell bitcoin under certain conditions. The framework lets bitcoin sales support share repurchases and other funding needs.
The board set a rule for the minimum reserve size. It must equal at least 12 months of expected preferred dividends and interest costs, unless a lower amount is approved.
This cash buffer has taken on a bigger role as the company’s obligations have grown. Before the latest jump, the reserve had already reached $3.2 billion.
The company has used a mix of tools to build its cash position. These include selling new shares, issuing preferred securities, and selling small amounts of bitcoin when needed.
The bitcoin sale did not go toward the cash reserve itself. Instead, the funds went directly into the STRC share buyback program.
As of Aug. 10, the USD reserve sits at $4.65 billion with about 2.7 years of duration. This is the highest level the reserve has reached since the framework began.
11 August 2026 | 13:23 Bitcoin is still holding the support cluster that has kept its late-June recovery alive, but buyers have yet to clear the $65,000 resistance overhead convincingly.
Key Takeaways The short-term recovery remains intact but unfinished. Corporate Bitcoin strategies are becoming less uniform. Strategy’s sales are fueling bearish criticism. Trump Media is favoring direct BTC exposure. BTC was trading around $64,200 on August 11, still above the support zone that has kept its late-June recovery intact. The immediate problem for buyers is $65,000, where recent attempts to extend the move have stalled.
Away from price, the corporate Bitcoin picture is becoming less uniform. Strategy has started selling small portions of its treasury, giving Peter Schiff fresh material for his argument that confidence in Bitcoin is weakening. Trump Media, meanwhile, has moved part of its bitcoin-linked exposure directly into BTC.
Bitcoin’s Support Cluster Is Still Holding The support zone brings together the 50-day SMA near $63,330 on the daily chart, the 0.236 Fibonacci retracement around $63,650 and the lower boundary of Bitcoin’s short-term ascending channel.
Bitcoin is holding support near $65,000, but buyers have yet to clear the overhead resistance convincingly. Repeated tests have so far failed to produce a sustained breakdown, keeping the series of higher lows from the late-June bottom intact. There is still technical damage higher up, however. The 50-day SMA continues to slope downward, while the falling 100-day and 200-day averages remain overhead.
A decisive break through $65,000 would take Bitcoin out of the recent compression and bring the 0.382 Fib near $67,300 into focus.
If the support cluster gives way first, the ascending channel and the recent higher-low sequence would both come under threat.
Strategy’s Bitcoin Sales Give Schiff More Ammunition Peter Schiff is reading Bitcoin’s recent weakness through its relationship with gold.
In an August 10 post, he argued that Bitcoin fell when gold initially broke out, recovered during gold’s correction and resumed declining once gold started rallying again. He called Bitcoin “anti-gold” and predicted that further strength in the metal would weigh on BTC.
When gold initially broke out, Bitcoin broke down. When gold corrected, that’s when Bitcoin bounced. Now that the gold correction is over, and gold is back in rally mode, Bitcoin has resumed its decline. Bitcoin is anti-gold. The more gold goes up, the more Bitcoin will go down.
— Peter Schiff (@PeterSchiff) August 10, 2026
The recent divergence gives Schiff material for that argument, but it does not establish a lasting inverse relationship between the two assets.
His second claim focused on Strategy.
In a separate post, Schiff pointed to Strategy’s recent Bitcoin sales and argued that the company was moving back toward dollars because lenders preferred fiat collateral.
Strategy’s transactions have certainly changed the conversation. After years dominated by accumulation, the company has now shown that Bitcoin can also be sold when management sees another use for the capital.
But one company’s treasury decisions are not enough to establish a broader corporate retreat.
Trump Media Just Moved Closer to Direct Bitcoin Trump Media & Technology Group made almost the opposite move in July.
According to its latest SEC filing, the company sold bitcoin-related equity securities worth about $159.6 million and used the proceeds to buy Bitcoin.
By July 31, Trump Media held approximately 14,139 BTC, including pledged coins, with a fair value of about $890.5 million based on a Bitcoin price of $62,982.
The important part is the change in exposure. Trump Media did not simply add another bitcoin-linked security. It sold indirect exposure and moved the proceeds into the underlying asset itself.
That does not mean the full $159.6 million represents completely new Bitcoin risk. It does show a preference for holding more of that exposure directly.
The political association makes the move unusually notable. Trump Media operates Truth Social and remains closely associated with current U.S. President Donald Trump.
Its treasury decisions are separate from White House policy. Still, it is a striking feature of the current market that a public company so closely tied to the sitting president holds more than 14,000 BTC while one of Bitcoin’s most prominent critics is arguing that corporate conviction is fading.
Corporate Bitcoin No Longer Moves in One Direction Strategy and Trump Media illustrate how much the corporate Bitcoin trade has changed.
Strategy is managing a massive treasury actively enough to sell small portions of it for other balance-sheet purposes. Trump Media has gone the other way with part of its exposure, replacing bitcoin-related securities with Bitcoin itself.
Neither move works well as proof that institutions are collectively buying or abandoning BTC.
What they show instead is a market in which corporate holders are starting to use Bitcoin differently depending on their own financing and treasury needs.
That makes Schiff’s broader conclusion difficult to draw from Strategy alone. Corporate Bitcoin exposure is no longer a simple accumulation story, but it is not disappearing either.
Bitcoin’s chart now sits in much the same place as that debate: support is still intact, but buyers have not yet done enough to settle the argument.
Disclaimer: The article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile, and readers should conduct their own research before making any investment decisions. Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
Bitcoin remains steady near $65,200, drawing attention from traders focused on the activity of short-term holders and the strength of the current recovery. Recent data point to growing uncertainty in the market as technical indicators and derivatives activity begin to diverge.
Short-term holders approach breakevenThe 30-day Short-Term Holder Spent Output Profit Ratio (STH SOPR) has reached 0.997, closing in on the neutral level of 1.0. This figure is closely watched, as it indicates whether newer market participants are selling assets for a profit or a loss. With the current SOPR under 1.0, short-term holders are selling Bitcoin at a slight loss.
In comparison, the SOPR in March hovered near 0.98, suggesting that more holders then were willing to exit positions at a loss than now. The current reluctance to sell could be a sign of growing optimism or caution, with many evaluating market-moving factors before making decisions.
Previous instances in January and May showed similar patterns, where short-term holders approached breakeven before the ratio retreated. This repetition has left questions about whether the latest attempt will result in a sustained shift.
The 30-day Short-Term Holder SOPR climbed to 0.997, just under the neutral level of 1.0. This number shows whether short-term holders are selling at a profit or a loss. Right now, they are selling at a small loss.
Futures market sees record long positionsAlongside developments in the spot market, the Bitcoin futures market has experienced a surge in long exposure. The amount of open long positions climbed to a record 361,000 BTC, representing a total value of roughly $23.4 billion at prevailing prices.
Short positions remain lower, with figures below 264,000 BTC. Longs now make up nearly 58% of open positions in the market, highlighting a strong bullish stance among traders.
While higher long exposure in bull markets is not unusual, the scale of the current buildup has drawn attention. If prices move sharply lower, a rapid unwinding of these positions could trigger additional volatility and forced liquidations.
Market participants are closely observing these dynamics, as the leverage provided by the futures market can often magnify price swings during turning points.
Spot demand trails futures activityRecent trading sessions have shown notable differences between futures and spot market demand. Although the Futures Cumulative Volume Delta surpassed 20,000 BTC when Bitcoin neared $65,200, and open interest rose to 108,000 contracts, spot demand has softened.
The Spot Cumulative Volume Delta dropped from 3,800 BTC to 2,500 BTC since August 5, underlining a reduction in direct buying activity. Falling long-short ratios further signal that some traders are withdrawing from aggressive bullish positioning.
If this weakening of spot demand continues, a sustainable move toward $67,000 could prove challenging and would likely depend on continued futures market support. The ongoing gap between spot and futures demand keeps $62,000 exposed as a key price level to monitor.
Investors seeking to respond quickly to market volatility can find tools such as CryptoAppsy especially valuable. The platform allows users to manage portfolios with real-time price tracking, advanced charting, and multi-currency support. Features such as instant price alerts, customizable news filters, early discovery of newly listed altcoins, and integration with macroeconomic data like Fed interest rates help users stay ahead of the market.
Without stronger spot buying, a push toward $67,000 may rely mostly on futures activity. That leaves the rally without full support from real buyers. The $62,000 level stays exposed if this gap between spot and futures demand continues. That gap remains the main factor to watch.
As of the latest update, Bitcoin continues to trade near $65,200. Market participants remain focused on whether the narrowing SOPR and record futures positions will be enough to support further gains, or if spot weakness will lead to a reversal.
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.
Trump Media & Technology Group just leapfrogged Tesla in the corporate Bitcoin rankings. As of August 11, 2026, TMTG holds 12,062 BTC, edging past Tesla’s 11,509 BTC to claim the 12th spot on the corporate Bitcoin treasury leaderboard, according to BitcoinTreasuries.net.
How TMTG built its Bitcoin stack The strategy traces back to May 2025, when TMTG announced plans to raise $2.5 billion through a combination of equity and convertible debt. The stated purpose was direct: build a Bitcoin treasury.
By July 2025, the company had deployed roughly $2 billion of that capital into Bitcoin purchases. The average acquisition price during that buying period hovered around $118,500 per Bitcoin, according to the research findings.
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The Tesla comparison matters more than it might seem Tesla’s Bitcoin purchase in 2021 was a cultural moment. It signaled that mainstream American corporations could treat Bitcoin as a balance sheet asset without triggering a shareholder revolt. Tesla bought roughly $1.5 billion worth at the time, sold a portion later that year, and has largely held the remainder since.
Complications in the strategy In 2026, TMTG transferred 2,650 BTC worth approximately $205 million to Crypto.com, among other on-chain activity that drew attention from market observers tracking large wallet movements.
Shortly after, TMTG announced plans to unwind its partnership with Crypto.com entirely. The company framed the move as a refocus on core media operations and a potential merger.
Any company that bought Bitcoin at an average near $118,500 would have faced paper losses during periods when the price traded below that level, and the mark-to-market pressure is real and visible to shareholders in quarterly filings.
What this means for the corporate Bitcoin landscape Tesla has taken a more passive approach to its remaining Bitcoin holdings, neither adding substantially nor selling the core position down. TMTG’s more active posture, with large on-chain transfers and partnership decisions playing out in public view, represents a different model of corporate Bitcoin stewardship.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Luke Dashjr, one of the key proponents of BIP-110 soft-fork attempt, has been removed from his position as an editor of such proposals for the development of the Bitcoin network.Dashjr was accused of abusing his editorial authority in doing so, such as attempting to assign the proposal a BIP number before it had been discussed and then quickly merging an update into the repository without following due process.He went on to announce that he is taking a sabbatical from his role as chair and chief technology officer of mining pool Ocean.Luke Dashjr, one of the key proponents of BIP-110 soft-fork attempt, has been removed from his position as an editor of such proposals for the development of the Bitcoin network.
The motion’s forwarding and subsequent carrying followed shortly after the controversial BIP-110, an attempt to temporarily restrict use of the Bitcoin network for non-financial purposes, stalled almost immediately after entering a signaling period for miners and node operators to demonstrate their support.
Dashjr, who was one of the most prominent Bitcoin developers driving the BIP-110 initiative, was accused of abusing his editorial authority in doing so, such as attempting to assign the proposal a BIP number before it had been discussed and then quickly merging an update into the repository without following due process.
“The latter is particularly notable given that Luke has otherwise made hardly any contributions to the day-to-day work of the BIP Editors since the additional editors began serving in April 2024: he left fewer than 1% of the BIP Editor comments in the repository since then, and the merge action of this PR was his first since May 2024,” Bitcoin developer Mark Erhardt wrote in a motion calling for Dashjr’s removal on Aug. 9.
Dashjr called his removal “an abuse of power,” in a post on X. He had previously described the accusations as false when the motion was first put forward.
He went on to say that he is taking a sabbatical from his role as chair and chief technology officer of mining pool Ocean to turn his “immediate focus to working Bitcoin and open-source projects to support Bitcoin.”
BIP-110 was an attempt to set up a breakaway Bitcoin chain with restrictions on storing non-financial data such as images and text, a use of the main Bitcoin network that became popular following the advent of the Ordinals protocol in 2023.
The proposal, however, never gained momentum, acquiring support from only around 2.6% of miners, a long way shy of the 55% required threshold to succeed. As a result, the forked chain ground to a halt after mining only two blocks, while the principal Bitcoin network continued on as normal.
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Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Jun 30, 2026
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Bitcoin 65 bin doların üzerinde kalıcı olamazken, büyük cüzdanların sayısı dikkat çekici biçimde artıyor. En az 10 bin BTC tutan Bitcoin cüzdanlarının sayısı altı ayın en yüksek seviyesine çıkarken, küçük yatırımcıların elindeki Bitcoin miktarı ağustos ayında gerilemeye devam ediyor. Santiment verilerine göre en az 10 bin BTC tutan cüzdanların sayısı 90’a çıktı.
Bu gelişme, Bitcoin arzının daha büyük cüzdanlarda yoğunlaştığı bir döneme işaret ediyor. Ancak spot Bitcoin ETF’lerindeki çıkışlar ve Strategy’nin yeni BTC satışı, piyasanın tamamında aynı yönde bir hareket olmadığını gösteriyor.
Bitcoin Balinalarının Sayısı Neden Artıyor? Santiment verilerine göre en az 10 bin BTC tutan cüzdanların sayısı son sekiz haftada net 6 artarak 90’a çıktı. Böylece bu kategori, son altı ayın en yüksek seviyesine ulaştı.
Söz konusu cüzdan sayısındaki artış %7,1 olarak hesaplandı. Buna karşılık mikro cüzdanların Bitcoin varlıkları ağustos ayında gerilemeye devam etti.
Küçük yatırımcıların elindeki Bitcoin miktarı azalırken, en büyük cüzdanların ağırlığı yeniden artıyor. Santiment’e göre arzın daha güçlü ellere doğru kayması, bir sonraki büyük piyasa hareketinin yukarı yönlü olma ihtimalini artıran bir sinyal olabilir.
Santiment, mikro cüzdanlardaki düşüşü bireysel yatırımcıların artan korkusuyla ilişkilendiriyor. Şirket, özellikle Coldcard saldırılarının yarattığı endişe ve CLARITY Act sürecindeki gecikmelerin bireysel yatırımcı davranışını etkilediğini belirtiyor.
Bitcoin Arzı Büyük Yatırımcılara mı Kayıyor? Asıl dikkat çeken nokta yalnızca büyük cüzdanların sayısındaki artış değil.
Santiment, Bitcoin arzının daha güçlü ellerde yoğunlaşmasının büyük bir piyasa hareketi öncesinde görülebilen bir yapı olduğunu belirtiyor. Analiz şirketine göre bu tür bir dağılım, sonraki büyük hareketin yukarı yönlü olma ihtimalini artırabilir.
Ancak bu veri tek başına BTC fiyatının yükseleceğini doğrulamıyor.
Büyük cüzdanların sayısındaki artış, piyasadaki arz dağılımının değiştiğini gösterirken fiyatın yönü için ETF akışları ve teknik seviyeler de önemini koruyor.
Bitcoin İçin Kritik Seviye 65.400 Dolar Bitcoin’in önündeki en önemli kısa vadeli eşiklerden biri 65.400 dolar seviyesi olarak öne çıkıyor.
BTC salı günü bu seviyenin üzerine çıkmayı denese de hareket kalıcı olmadı. Fiyat daha sonra 64 bin doların altına geriledi.
Analist Doctor Profit, Bitcoin’in güçlü bir yükseliş trendine geçtiğini söylemek için yalnızca 65.400 doların aşılmasının yeterli olmadığını belirtiyor. Analiste göre bu seviyenin üzerinde birden fazla haftalık kapanış görülmesi gerekiyor.
Bu senaryoda sonraki önemli direnç bölgeleri 77-78 bin dolar ve 83 bin dolar olarak öne çıkıyor.
Buna karşılık 65.400 doların yeniden aşılamaması hâlinde aşağı yönde 61.500 dolar ve ardından 54 bin dolar seviyeleri gündeme gelebilir.
Bitcoin ETF’lerinden 144 Milyon Dolarlık Çıkış Büyük BTC cüzdanlarındaki artışa rağmen kurumsal yatırımcı tarafında aynı güç görülmüyor.
ABD spot Bitcoin ETF’leri pazartesi günü 144,67 milyon dolarlık net çıkış kaydetti. Böylece ağustos ayındaki ilk negatif işlem günü yaşandı ve beş günlük giriş serisi sona erdi.
En büyük çıkış BlackRock’ın IBIT fonunda gerçekleşti. IBIT’ten 53,5 milyon dolar çıkarken, Grayscale’in GBTC fonunda 52 milyon doların üzerinde, Fidelity’nin ETF’sinde ise 40 milyon doların üzerinde net çıkış görüldü.
Bu tablo, büyük cüzdanlardaki hareketliliğe rağmen spot ETF kanalındaki kurumsal talebin kısa vadede zayıfladığını gösteriyor.
Strategy Bitcoin Satışına Devam Ediyor Kurumsal taraftaki satış baskısının bir diğer göstergesi ise Strategy‘nin yeni Bitcoin satışı oldu.
Şirket 1.690 BTC’yi 108,6 milyon dolar karşılığında sattı. Elde edilen kaynakla 1,15 milyon adet STRC imtiyazlı hisse geri alındı.
Strategy ayrıca 6,59 milyon MSTR hissesi satarak 653 milyon doların üzerinde kaynak sağladı. Şirketin nakit rezervi böylece 4,6 milyar doların üzerine çıktı.
Satışın ardından Strategy’nin Bitcoin varlığı 840.447 BTC’ye geriledi. Şirket bu varlıkları toplam 63,36 milyar dolar maliyetle ve ortalama 75.385 dolar fiyattan satın almış durumda.
Bitcoin’de Sıradaki Büyük Hareket Hangisi Olacak? Bitcoin’de büyük cüzdanların artışı dikkat çekici bir sinyal verirken, ETF çıkışları ve Strategy’nin satışı kurumsal tarafta aynı gücün görülmediğini ortaya koyuyor.
Fiyat açısından ilk kritik eşik ise 65.400 dolar olmaya devam ediyor. Bu seviyenin üzerinde birden fazla haftalık kapanış gelmesi hâlinde 77-78 bin dolar ve 83 bin dolar bölgeleri gündeme gelebilir. Aşağıda ise 61.500 ve 54 bin dolar seviyeleri izlenecek.
Dolayısıyla piyasanın önündeki kritik soru yalnızca büyük cüzdanların Bitcoin toplamaya devam edip etmeyeceği değil, bu hareketin fiyat üzerinde gerçek bir talebe dönüşüp dönüşmeyeceği.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
Son Dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
Software stocks break away as IGV hits a one-year high against bitcoin at 0.0016 mark.IGV has surged 40% from its april low and is nearing record highs, while bitcoin remains down 29% in 2026Every previous negative-correlation episode ended with bitcoin catching up, but this time software may be breaking away for goodSoftware stocks are breaking away from bitcoin BTC$64,193.70. The iShares Expanded Tech-Software Sector ETF (IGV), has climbed to a one-year high relative to the largest cryptocurrency, with the ratio reaching 0.0016.
Bitcoin and IGV traded largely in lockstep for years, but that relationship began to breakdown in May. IGV is now down only 1% in 2026, while bitcoin has fallen 29%. Their 20-day rolling correlation has also turned negative for the first time since May 2024.
IGV has rallied 40% from its April low, when fears of an AI-driven “SaaS apocalypse” swept the sector. The ETF is now just 13% below its all-time high, while bitcoin is around 50% below its all-time high.
Bitcoin, meanwhile, was dragged into the software selloff after IGV dropped 40% from its fourth-quarter 2025 peak, reflecting the market’s tendency to treat bitcoin as a software-like risk asset.
History offers bitcoin bulls some encouragement. Similar negative-correlation episodes appeared during bitcoin’s 2018 bear market, the Covid shock in 2020 and China’s bitcoin mining ban in summer 2021. Each time, bitcoin eventually caught up and the correlation turned positive again.
The question is whether history repeats, or whether software’s breakout signals a lasting split between digital assets and technology equities.
Keel Infrastructure has fully decommissioned its United States Bitcoin mining operations, marking a decisive transition toward high-performance computing (HPC) projects. This move comes as part of a strategy to adapt to changing market dynamics and pursue new revenue streams outside traditional cryptocurrency mining.
Revenue and Operations ShiftIn its second-quarter report published Monday, Keel Infrastructure reported revenue of $30 million, a decline of 50% from the same period last year. The company attributed the sharp drop to declining average Bitcoin (BTC) prices and the shutdown of its Moses Lake mining site in April 2026.
The digital infrastructure provider reported an operating loss of $141 million for the quarter, in stark contrast to operating income of $11 million during the same period a year before. Of the most recent loss, $84 million stemmed from non-cash depreciation expenses.
As part of the shift away from crypto mining, Keel has begun preparing its sites for upcoming HPC construction. Several other miners, including Bit Digital and Crusoe, have also pivoted toward artificial intelligence and HPC infrastructure. However, Keel stands out as one of the few operators to fully exit US Bitcoin mining rather than running operations in parallel.
Keel cited the lower average Bitcoin price and the winding down of its Moses Lake site as primary reasons for the revenue drop and significant operating loss over the past quarter.
Asset Sales and Financial ReservesBy the end of last week, Keel held 1,861 BTC after selling 1,085 BTC for $75 million since April 1 in an ongoing process to reduce exposure to Bitcoin. The company disclosed liquidity of approximately $819 million, which includes $698 million in unrestricted cash holdings.
On Monday, Keel’s stock fell 12%, according to data from Yahoo Finance. The decline reflects market reaction to the company’s substantial quarterly loss and changing business focus.
Many industry participants closely monitor shifts like this, as asset sales and project pivots often serve as leading signals for broader trends in the digital infrastructure sector.
Sector Diversification and New PlatformsA growing number of infrastructure firms are embracing diversification and integration of real-world assets into blockchain-based services. This approach not only mitigates reliance on volatile crypto mining revenues but also addresses changing investor demand for exposure to both traditional and digital assets.
Advancements in services that connect decentralized finance to established financial markets continue to gather pace. For example, 1stepSwap offers a platform that bridges traditional assets and the blockchain, enabling direct access to shares of major US companies and commodities such as gold and silver through users’ own wallets. The platform stands out by instantly sourcing the best available market prices for these assets, allowing users to diversify and optimize their portfolios with ease and efficiency.
Keel joins a select group of companies pivoting away from US Bitcoin mining and investing in high-performance computing infrastructure as part of a wider industry realignment.
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.
For most of the past five years, Bitcoin and software stocks moved like they shared a nervous system. When institutional money flowed into risk assets, both went up. When it fled, both went down. That relationship is now breaking, and the split is worth paying attention to.
Since May 14, 2026, the iShares Expanded Tech-Software Sector ETF, known as IGV, has climbed roughly 12%. Bitcoin, over the same stretch, has fallen about 10%. That is a 22-percentage-point gap in a matter of weeks, one of the sharpest divergences between the two assets after a prolonged period of close alignment.
From lockstep to split screen The 20-day rolling correlation between Bitcoin and IGV has now dropped to 0.58, down from the tight alignment that characterized most of early 2026. A correlation of 1.0 means perfect lockstep; 0.58 means the relationship is still positive but has meaningfully loosened.
IGV itself has had a strong run. The ETF has rallied 36% since April 10, 2026, reclaiming its 200-day moving average in the process. The software sector’s recovery came partly as investors reassessed the AI disruption narrative that had weighed on names like Oracle, Microsoft, and Palantir earlier in the cycle, when fears that AI tooling would hollow out traditional SaaS business models kept the sector under pressure.
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Bitcoin did not follow that recovery. That is the anomaly.
What history says about moments like this Two prior instances of similarly low Bitcoin-IGV correlation offer a useful reference point. In October 2023, the correlation dropped to comparable levels. Bitcoin subsequently rallied to $70K. In the summer of 2024, a similar gap opened up, and Bitcoin pushed toward $100K.
When Bitcoin and software stocks decouple, it typically signals one of two things: either institutional capital is rotating out of Bitcoin specifically, or Bitcoin is beginning to attract a different kind of buyer, one less correlated to the tech equity complex. If the latter is true, the asset is functionally repricing as something other than a high-beta tech proxy.
Why the divergence matters for how investors position For investors who built Bitcoin exposure specifically as a tech-correlated trade, the current environment is a reason to reconsider the thesis. The bet was essentially: if you like software, you should like Bitcoin more, because it moves the same way but with more upside. That framing is less clean right now.
For investors who hold Bitcoin as a macro hedge or a store-of-value play, the decoupling is arguably good news. An asset that no longer moves in sync with software stocks is an asset that provides genuine portfolio diversification, which is something institutional allocators have been asking for from Bitcoin for years.
IGV’s 36% rally since April suggests that software-sector optimism is running hot. If that optimism is priced in and the sector cools, a Bitcoin that is no longer correlated to software would be insulated from that pullback rather than dragged down by it.
The risk to that thesis is that Bitcoin’s recent decline reflects something specific to the crypto market, regulatory overhang, exchange-level stress, or a shift in on-chain demand, rather than a clean macro decoupling. In that case, the low correlation is a symptom of Bitcoin-specific weakness rather than a sign of independence.
What investors are watching now is whether Bitcoin stabilizes while IGV continues to hold its gains, or whether Bitcoin’s decline accelerates in a way that suggests the divergence is driven by something more structural on the crypto side. The next few weeks will either validate the historical pattern or add a third data point that complicates it.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Riot's after-hours rally pushed its market value sharply higher, despite a quarterly net loss of $237 million.
Anthropic has agreed to pay Riot Platforms $9.1 billion over 20 years for computing capacity at the miner’s Rockdale, Texas campus, according to people familiar with the matter who spoke to Bloomberg on Monday.
Riot’s stock jumped 24% in after-hours trading following the report, a sharp reversal after shares had already closed the regular session down more than 5%.
The Deal and the Market Reaction Riot disclosed the agreement itself earlier Monday, describing a 20-year contract to supply 191 megawatts of capacity, enough to power roughly 143,000 homes at any given moment, to an unnamed “leading frontier AI” company.
Bloomberg’s sources, who asked not to be identified because the information is private, said that the company is Anthropic. Neither Riot nor Anthropic has confirmed the identity publicly.
The stock swing was dramatic even by Riot’s volatile standards. Shares closed regular trading at $19.40, down $1.12, before climbing to $24.13 in the after-hours session, a gain of $4.73 from the close. That put the after-hours price well above Monday’s intraday range of $19.13 to $20.46 and closer to the stock’s 52-week high of $30.32.
Volume topped 17.5 million shares against a daily average near 16.8 million, and Riot’s market cap stood at roughly $7.3 billion heading into the move.
The company’s latest earnings report also landed Monday, adding another variable for traders parsing the after-hours action. Total revenue went up 14% year-over-year to $174 million, while there was a GAAP net loss of $237 million, translating to $0.68 per diluted share.
You may also like: North Korea’s Kimsuky Turns to AI as Crypto Firms Face New Threats Bitcoin Miner MARA Posts $611M Loss as Revenue Falls 27% Bitcoin Miners Are Selling Again: Here’s How Much BTC Was Reportedly Offloaded Per the report, Riot mined 1,587 BTC in the quarter, each costing $49,912 to produce, bringing its holdings to 11,380 BTC valued at about $728 million at current rates.
Miners Have Been Funding AI Expansion With Bitcoin Sales Riot’s move into AI hosting builds on a pattern that has been building for over a year. The company sold 3,778 BTC in the first quarter of 2026 alone, worth about $289.5 million, while continuing to mine and expand its high-performance computing footprint.
That selling has continued since. In early August, on-chain trackers flagged a 381 BTC deposit from Riot to an exchange, a move typically read as a precursor to a sale.
Riot isn’t alone. Analyst Shanaka Anslem Perera wrote in July that public miners, including MARA, CleanSpark, Cango, Core Scientific, and Bitdeer, sold more than 32,000 BTC combined in the first quarter and redirected that capital toward AI infrastructure contracts worth an estimated $70 billion across the industry.
Mining Bitcoin cost roughly $80,000 per unit for much of the year, well above the asset’s price, while AI hosting contracts offered several times that return. “They did what any business would,” Perera wrote.
The exodus briefly rattled Bitcoin’s network, pushing hash rate down about 4% and breaking a five-year streak of growth, before difficulty adjustments restored profitability for the miners who stayed, and the network kept producing blocks on schedule.
National Bank of Canada just revealed that it holds millions of dollars in crypto ETFs, such as an XRP ETF, and several Bitcoin ETFs, in its latest SEC Form 13F filing. The disclosure follows the Grayscale’s XRP Trust ETF reports considerable XRP sales in the initial half of 2026.
National Bank of Canada Reports XRP ETF, Bitcoin ETF Holdings The filing reveals that National Bank had 3,848 shares in the Bitwise XRP ETF, worth about $330,000 at the date of the filing. It was announced in conjunction with the bank’s investments in several Bitcoin exchange-traded products.
The largest exposure to cryptocurrencies that National Bank reported was in the ProShares Bitcoin ETF, which consisted of 42,321 shares valued at about $5.31 million.
The bank also owned 55,644 shares of the Fidelity Wise Origin Bitcoin Fund worth approximately $1.09 million. It had 6,831 shares of the Grayscale Bitcoin Trust ETF, representing around $150,000 in Grayscale Bitcoin exposure.
The submission also revealed 2,596 shares of the Grayscale Bitcoin Mini Trust ETF with a reported value of approximately $100,000.
The combined value of the disclosed holdings in both XRP and Bitcoin is approximately $6.98 million, as per the filing’s values.
Grayscale XRP ETF Sells $180M In XRP The institutional disclosure follows Grayscale’s XRP Trust ETF disclosure of massive XRP sales.
According to recent filings, Grayscale has sold $180.78 million worth of XRP in the first half of 2026. These transactions were comprised of approximately 103.41 million XRP to satisfy investor redemptions.
The sales also impacted the trust’s NAV since the price of XRP has been falling during the same time. Grayscale reported over $34 million of realized losses on the sale of XRP.
Ripple veteran and XRP Ledger architect David Schwartz has weighed in on the controversy surrounding the failed Bitcoin fork triggered by the activation attempt of BIP-110.
Schwartz ruthlessly lambasted a post from Bitcoin Knots that is deemed to be extremely misleading.
"Is the point of this to embarrass yourselves or to mislead people who don't understand the context?” Schwartz wrote on X. "Regardless of how you feel about BIP-110, you should condemn this nonsense."
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Is Bitcoin under attack? The Bitcoin Knots account recently warned that the Bitcoin network was "under attack" and claimed that block production had slowed significantly.
The account urged users not to downgrade their software or switch to what it described as insecure node implementations.
However, community-provided context attached to the post offered a sharply different interpretation of the events.
According to that explanation, the incident was not an attack on Bitcoin. Instead, BIP-110 failed to activate as a soft fork, causing Bitcoin Knots nodes enforcing the proposal to split from the main Bitcoin chain.
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The majority-supported chain continued operating normally.
The chain split occurred at block 961,632, according to monitoring data cited by Bitcoin commentators. The minority BIP-110 chain subsequently fell dramatically behind the main Bitcoin network because it received little support from miners.
At one point, the standard Bitcoin chain had reached block 961,681, while a BIP-110-enforcing node remained at block 961,633. The BIP-110 branch was reportedly producing blocks at intervals of several hours. For context, Bitcoin's normal block production time is roughly 10 minutes.
Despite the minority chain's struggles, Bitcoin Knots has remained defiant. The project advised users who had downgraded their software to upgrade to its latest version and said it was working on a mitigation strategy to repair affected chain states.
Bitcoin Knots also announced plans to select a new proof-of-work algorithm through a deterministic random process.
XRP Ledger architect and former Ripple chief technology officer David Schwartz criticized Bitcoin Knots on Aug. 11 after the project said the Bitcoin network was “under attack” and that block production had slowed.
Summary
David Schwartz criticized Bitcoin Knots after it described the Bitcoin network as being under attack. BIP-110 is officially marked Closed after its enforcing branch stalled at block 961,633 following activation. OCEAN data shows the BIP-110 branch remains stuck at block 961,633 roughly 59 hours later. Bitcoin Knots says a new proof-of-work algorithm will be selected Tuesday through deterministic random selection. Luke Dashjr lost BIP editor privileges Monday after developers raised concerns about his BIP-110 involvement. Schwartz responded in a post, asking whether the message was intended to mislead people who did not understand the context and saying the claim should be condemned.
The dispute centers on BIP-110, whose enforcing nodes split from Bitcoin’s dominant chain when mandatory signaling began at block 961,632. The branch produced blocks 961,632 and 961,633 before stalling. The official BIP repository now marks the proposal Closed, citing the chain split and stalled mining.
Bitcoin BIP-110 branch remains frozen OCEAN’s BIP-110 mining dashboard still showed block 961,633 as the latest block on Tuesday, roughly 59 hours after it was mined. The endpoint displayed several exahashes per second of mining power, but no third block had appeared.
The split occurred after only 51 of the previous 2,016 Bitcoin blocks signaled BIP-110, equal to 2.53%, far below its 55% voluntary threshold. As covered in earlier fork monitoring, the dominant chain continued advancing while the enforcing branch inherited Bitcoin’s existing difficulty with much less hash power.
Schwartz rejects Bitcoin Knots’ attack framing Bitcoin Knots argued in its warning that Bitcoin was being attacked and urged users not to downgrade or switch software. Another post warned that doing so could expose users to false confirmations from blocks that Knots considers invalid under its rules.
Schwartz challenged that description rather than the broader debate over whether BIP-110’s data restrictions were desirable. His criticism comes as the official BIP record has already moved the proposal to Closed status. The BIP process itself states that publication does not establish community consensus and that no formal body decides which proposals Bitcoin users ultimately adopt.
Is the point of this to embarrass yourselves or to mislead people who don't understand the context? Regardless of how you feel about BIP-110, you should condemn this nonsense. https://t.co/3D0D0ZoYoB
— David 'JoelKatz' Schwartz (@JoelKatz) August 11, 2026 Bitcoin Knots now plans a proof-of-work decision The disagreement is not finished. Bitcoin Knots said in another post that a new proof-of-work algorithm would be selected at 14:00 UTC on Aug. 11 through a deterministic random process in its Discord strategy channel. At the time of publication, that scheduled selection had not yet occurred.
Such a change would represent a different path from continuing the stalled branch under Bitcoin’s existing SHA-256 mining system. No new algorithm had been publicly selected, and the existing BIP-110 specification remained marked Closed. In related governance coverage, the possibility of changing proof of work was identified as the next major test for whether the minority chain becomes a lasting separate network.
Dashjr loses BIP editor access amid fallout The BIP-110 dispute has also produced a governance change outside the chain split. GitHub records show Jon Atack merged a request on Aug. 10 removing Luke Dashjr from the list of BIP editors after Mark Erhardt raised concerns over Dashjr’s involvement in BIP-110 and his use of editorial privileges.
Atack said Dashjr no longer held editor or administrator privileges in the repository before the list was updated. As crypto.news reported in editor removal coverage, Dashjr disputed the action and called it an abuse of power.
The immediate development to watch is Bitcoin Knots’ scheduled proof-of-work selection. Until a new algorithm is chosen and implemented, OCEAN data continues to show the BIP-110 branch at block 961,633, while the proposal itself remains officially Closed.
Bitcoin slipped below $64,000 on Aug. 11 as traders cut risk ahead of fresh U.S. inflation data and rising oil prices revived concerns about the Federal Reserve’s rate path.
Summary
Bitcoin traded near $63,855, down 1.6%, after failing to establish support above $65,000 this week. Ether fell 2.2% and XRP lost 2.1%, while Hyperliquid and Chainlink advanced against broader weakness. U.S. spot Bitcoin ETFs recorded $144.6 million in net outflows Monday after five inflow sessions. Brent crude held near $88 as stalled U.S. Iran talks renewed inflation concerns before CPI. July CPI is scheduled Wednesday at 8:30 a.m. ET, leaving crypto exposed to macro volatility. BTC traded near $63,855 at the time of writing, down about 1.6% over 24 hours after making several unsuccessful attempts to establish support above $65,000.
The pullback follows a short recovery that took Bitcoin above $65,300 on Monday. As covered in Monday’s CPI preview, weaker U.S. employment data had previously helped BTC recover as traders reduced expectations for tighter monetary policy. The focus has now shifted to inflation and energy prices.
Bitcoin has tested the $65,000 area for four consecutive days without sustaining a move above it. Downside levels remain relevant. Recent short term holder analysis placed the average acquisition price for newer holders at $67,523, meaning BTC remains below a level where some investors could seek to exit near breakeven. Support has recently formed around $63,000 to $64,000.
Ether and XRP lead losses as altcoins split Large cap altcoins were mostly weaker alongside Bitcoin. Ether traded at about $1,871 at press time, down 2.8% over 24 hours. XRP traded near $1.00 after falling 3.1% and was down more than 6% over seven days. Solana declined about 1% to $75.78, while BNB slipped 1% to roughly $599.
Crypto market overview, source: QuantifyCrypto Performance was not uniformly negative. Hyperliquid rose about 2.4% to $55.25, Chainlink gained 2% to $8.43, TRX advanced 0.5% to $0.33 and Dogecoin added roughly 0.5% around $0.07. Among the top 100 assets shown, Internet Computer gained 8.3%, Lighter rose 7% and Mantle added 5.8%. Bitway fell 8.1%, Canton declined 6.5% and Cardano lost 4.8%.
The split suggests traders are still willing to take selective altcoin exposure despite weakness in Bitcoin, Ether and XRP. However, the broad market has yet to show the synchronized strength typically associated with a sustained risk rally.
U.S. CPI and oil become the next macro test Oil has returned as a major U.S. macro risk. Brent crude held around $87.81 on Tuesday after gaining more than 5% in the previous session as hopes for an agreement between Washington and Tehran weakened. Negotiations over the Strait of Hormuz remain unsettled, keeping energy supply risks elevated. Reuters provided the latest report.
Higher energy prices can feed into inflation expectations and affect the outlook for U.S. interest rates. The Bureau of Labor Statistics schedule confirms that July CPI will be released Wednesday, Aug. 12, at 8:30 a.m. ET. The release gives traders a fresh reading on inflation after softer June data had eased some pressure on risk assets.
U.S. Treasury markets are already reflecting some of that caution. The benchmark 10 year yield rose toward 4.7% alongside oil on Monday. Higher yields generally raise the return available on lower risk assets, creating another hurdle for Bitcoin and other cryptocurrencies ahead of the CPI release.
What happens next for Bitcoin and ETF flows Institutional flows offer a mixed signal. U.S. spot Bitcoin ETFs recorded five consecutive positive sessions from Aug. 3 through Aug. 7, attracting $865.3 million according to Farside Investors. That streak ended Monday with $144.6 million in net withdrawals, including $53.6 million from BlackRock’s IBIT and $52 million from Grayscale’s GBTC. Farside’s latest data replaces earlier provisional estimates of Monday’s outflow.
The strong preceding week was examined in recent ETF inflow coverage, although that report used SoSoValue figures and therefore produced a slightly different weekly total. Both datasets showed the same broad pattern: five positive sessions followed by renewed withdrawals on Monday.
Washington also remains part of the market backdrop. The Senate pushed its CLARITY Act vote into September after lawmakers failed to resolve disagreements before the August recess, as detailed in earlier CLARITY Act coverage. That removed an anticipated August policy event while leaving market structure legislation unresolved.
Wednesday’s CPI release is now the nearest fixed catalyst. Bitcoin first needs to reclaim $65,000 before the $67,500 to $70,000 region becomes relevant again.
Bitcoin (BTC) price chart, source: crypto.news A move below the recent $63,000 area would instead put the market’s latest recovery under greater pressure. Neither direction has been confirmed, leaving inflation, Treasury yields and ETF flows as the clearest near term signals to watch.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Arthur Hayes, Japonya’nın zayıflayan yenini desteklemek için kullanılabilecek bir Fed planının yeni dolar likiditesi yaratabileceğini ve bunun Bitcoin‘i yükseltebileceğini savunuyor. Ancak plan henüz kesinleşmiş değil.
BitMEX’in kurucu ortaklarından ve Maelstrom yöneticisi Hayes’in senaryosunun merkezinde, Japonya’nın elindeki ABD Hazine tahvilleri ile Fed’in FIMA Repo Facility mekanizması bulunuyor.
Peki Japonya’nın yen savunması nasıl olup da Bitcoin’i etkileyebilir?
Japonya Yen İçin Hangi Seçeneği Kullanabilir? Hayes’e göre Japonya’nın yenin değerini desteklemek için üç seçeneği bulunuyor.
İlk seçenek, Japonya Merkez Bankası’nın faizleri agresif şekilde artırması. İkinci seçenek ise Japon kamu kurumlarının yabancı varlıklar yerine yerel varlıklara yönelmesi.
Hayes’in tercih ettiği üçüncü seçenek ise ABD Hazine tahvillerinin Fed’e repo edilmesi. Japonya bu tahvilleri teminat göstererek dolar likiditesi sağlayabilir ve ardından dolarları piyasada satarak yen satın alabilir.
Böylece Tokyo, büyük miktarda ABD tahvilini doğrudan piyasaya sürmeden yen üzerindeki baskıyı azaltabilir.
FIMA Mekanizması Bitcoin’i Nasıl Etkileyebilir? FIMA Repo Facility, yabancı merkez bankalarının ve uluslararası para otoritelerinin ABD Hazine tahvillerini teminat göstererek Fed’den geçici dolar likiditesi almasını sağlıyor.
Hayes’in senaryosunda Japonya tahvilleri Fed’e repo edilir ve karşılığında dolar alınır. Fed’in bilançosu da bu işlem nedeniyle geçici olarak büyür.
Hayes’in Bitcoin tezinin temel noktası burada ortaya çıkıyor. Yeni dolar likiditesinin finansal piyasalara yayılması halinde BTC gibi riskli varlıkların bundan faydalanabileceğini düşünüyor.
Hayes, bu görüşünü geçmişteki Fed bilançosu ve Bitcoin hareketleriyle de destekliyor.
Fed Bilançosu Büyürken Bitcoin de Yükseldi Pandemi döneminde Fed’in bilançosu yaklaşık 4,2 trilyon dolardan 8,9 trilyon dolara yükseldi.
Aynı dönemde Bitcoin, 10.000 doların altındaki seviyelerden 2021 sonunda yaklaşık 69.000 dolara kadar çıktı.
Hayes bu dönemi, genişleyen likiditenin Bitcoin üzerindeki etkisine örnek olarak gösteriyor.
Ancak bu geçmiş korelasyon, yeni bir FIMA kullanımının Bitcoin’i otomatik olarak yükselteceği anlamına gelmiyor. Hayes’in varsayımı, sağlanan yeni likiditenin riskli varlıklara yönelmesi üzerine kurulu.
Yen Carry Trade Neden Önemli? Yen, küresel piyasalarda uzun süredir düşük maliyetli bir fonlama para birimi olarak kullanılıyor.
Yatırımcılar düşük faizle yen borçlanıp daha yüksek getirili varlıklara yatırım yapabiliyor. Buna yen carry trade deniyor.
Yenin hızlı şekilde değer kazanması ise bu işlemlerin tersine dönmesine yol açabiliyor. Yatırımcılar borçlandıkları yeni geri almak için riskli varlıklarını satabiliyor.
Bu durum Ağustos 2024’te hisse senetleri ve kripto paralarda sert satışlara katkıda bulunmuştu.
Hayes’e göre agresif bir BOJ faiz artışı benzer bir şok yaratabilir. FIMA üzerinden daha kontrollü bir müdahale ise bu riski azaltabilir.
Bessent’in Açıklaması Planı Güçlendirdi mi? Hayes’in senaryosu, ABD Hazine Bakanı Scott Bessent’in açıklamalarının ardından daha fazla dikkat çekti.
Bessent, 4 Ağustos’ta FIMA Repo Facility’nin mevcut 60 milyar dolarlık limitinin artırılmasının değerlendirilmesini destekledi. Japonya’nın yaklaşık 1,143 trilyon dolarlık ABD Hazine tahvili tuttuğunu da belirtti.
Hayes ayrıca ABD ve Japonya’nın yaklaşık iki hafta önce yen’i desteklemek için ortak müdahalede bulunduğunu ve iki ülkenin kur politikasında birlikte hareket ettiğini savunuyor.
Ancak Bessent’in yaklaşımı ile Hayes’in yorumu aynı şey değil.
Bessent limit artışının değerlendirilmesini destekliyor. Hayes ise bunun Bitcoin için güçlü bir likidite dalgasına dönüşebileceğini düşünüyor.
Fed Henüz FIMA Limitini Artırmadı FIMA limitinin artırılması için Federal Açık Piyasa Komitesi’nin (FOMC) onayı gerekiyor.
Fed Başkanı Kevin Warsh ise henüz bir takvim açıklamadı.
Üstelik herkes FIMA’nın bu amaçla kullanılmasını uygun görmüyor. Eski Hazine yetkilisi Brad Setser, mekanizmanın finansal stres dönemlerinde likidite desteği sağlamak için oluşturulduğunu ve doğrudan kur müdahalesini finanse etmek için tasarlanmadığını savunuyor.
Dolayısıyla Hayes’in senaryosunun en önemli ayağı henüz gerçekleşmiş değil.
Hayes’in Bitcoin Tahmininde Bir Çıkar Çatışması Var mı? Hayes’in görüşünü değerlendirirken kendi yatırım pozisyonları da dikkate alınmalı.
Maelstrom’un Bitcoin, Ethereum ve Ethena (ENA) pozisyonlarında long olduğu belirtiliyor.
Bu durum Hayes’in tezini geçersiz kılmıyor. Ancak yükseliş beklentilerinin kendi yatırım pozisyonlarıyla örtüştüğü unutulmamalı.
Hayes’in senaryosu gerçekleşirse mekanizma kabaca şöyle işleyecek:
Japonya ABD Hazine tahvillerini Fed’e repo eder → dolar likiditesi alır → dolarları yen almak için kullanır → Fed bilançosu geçici olarak büyür → riskli varlıklara likidite akışı güçlenebilir.
Fakat zincirin henüz tamamı gerçekleşmiş değil. FIMA limitinin artırılması, Japonya’nın mekanizmayı kullanması ve oluşan likiditenin Bitcoin’e yönelmesi gerekiyor.
Bu nedenle şu aşamada Bitcoin için kesinleşmiş yeni bir likidite dalgasından söz etmek mümkün değil. Hayes’in öngörüsü, gerçekleşmesi halinde Bitcoin için güçlü bir katalizör oluşturabilecek politika senaryosu olarak öne çıkıyor.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
Son Dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
Bitcoin slipped below the $64,000 mark and Ethereum fell below $1,900 on Tuesday as crypto markets came under renewed pressure amid macroeconomic uncertainty and leveraged positioning, triggering another bout of volatility. Bitcoin was trading at $63,906, while Ethereum stood at $1,871.
In the past 24 hours, Bitcoin was down 1.64% and Ethereum was down 2.33%. Among the major altcoins, BNB, XRP, Solana, and Cardano fell upto 3.30% and Tron, Hyperliquid, and Dogecoin rallied upto 2.15%.
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6,094,703 (-1.9%)
178,433 (-2.6%)
Riya Sehgal, Research Analyst, Delta Exchange said Bitcoin was rejected from the $65,000–$65,500 region and slipped back toward $64,000, while Ether underperformed below $1,900 and long liquidations have amplified the move, although institutional demand through spot ETFs remains comparatively supportive.
Technically, Bitcoin needs to hold the $63,600–$63,800 area, while Ether has immediate support near $1,860, Sehgal further said.
The global crypto market capitalisation edged down 1.24% to $2.19 trillion, according to CoinMarketCap.
Vikram Subburaj, CEO, Giottus said that the trading volume reached $22.3 billion. The retreat followed another unsuccessful attempt to hold above $65,000, with the price turning lower after touching $65,300 on August 10.
Bitcoin’s failure to clear $65,400 suggests that the ETF demand is being met by sufficient selling elsewhere in the market and staggered allocations are preferable to concentrated entries, particularly before the inflation release. Leverage should be kept low while Bitcoin remains below $66,800, said Subburaj.
In the past week, Bitcoin and Ethereum were up 0.23% and 0.46% respectively. Among the major altcoins, BNB, Solana, Tron, Hyperliquid rallied upto 2.80% whereas XRP, Dogecoin, and Cardano corrected upto 3.74%.
Nischal Shetty, Founder, WazirX said BTC’s price recovered from early weakness near $63,860 and is consolidating around $64,000. ETH is trading near $1,876, around 0.23% up in 24 hours. Price rebounded from roughly $1,870 and has remained above the previous close of $1,871.81.
Also Read |Nifty Smallcap 250 hits 52-week high. Should smallcap mutual fund investors continue SIPs or book profits?
Here is what other analyst say
Prateek Gupta, Head of Business, Mudrex: Bitcoin has slipped from an August high near $65,400 to about $64,000 after oil surged 5% to $81.80 a barrel as the odds of the Strait of Hormuz oil route reopening appeared to fade. With inflation data due later this week, Bitcoin is likely to remain range-bound between $63,000 and $65,000 in the near term.
CoinSwitch Markets Desk: BTC is holding just above the $65,000 mark, changing hands around $64,950–$65,000 in early trade after opening at $64,849 (down a marginal 0.1% from Sunday) and edging up roughly +0.1% on the day. Bitcoin has now closed above $65,000 for four consecutive sessions, but each attempt to extend higher has been met with selling near the level, keeping price pinned in a tight range rather than breaking out.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Crypto prices moved lower on Tuesday as investors reduced risk before United States inflation data. The global market value fell 1.57% within 24 hours, reaching $2.18 trillion.
Bitcoin price dropped below $64,000 after failing to maintain Monday’s advance above $65,000. The BTC price was trading at around 63,993 and it fell by approximately 1.8 per cent in the session.
Ether price also fell below $1,900, whereas XRP price hovered close to $1 and was battered down. Losses across major altcoins reflected Bitcoin’s reversal and cautious market sentiment.
Coin360 Crypto Prices Fall Ahead of US Inflation Data Other crypto prices like SOL, DOGE, BNB, and Cardano have seen a slight correction over the past 24-hours after a week of recovery.
Key US crypto market events this week include Wednesday’s CPI report and Thursday’s PPI, jobless claims, and two Fed speeches. Retail sales and consumer sentiment data are released on Friday, and core CPI is the largest market-moving release.
Key Events This Week:
1. July Existing Home Sales data – Tuesday
2. OPEC Monthly Report – Wednesday
3. July CPI Inflation data – Wednesday
4. July PPI Inflation data – Thursday
5. July Retail Sales data – Friday
6. August MI Consumer Sentiment data – Friday
It’s a big week…
— The Kobeissi Letter (@KobeissiLetter) August 9, 2026
A decline in inflation might favor stocks, gold and crypto, and better data may boost Treasury yields and strain risk assets.
Rising oil prices created inflation concerns before Wednesday’s United States consumer price report. Higher energy costs could keep inflation elevated and complicate the Federal Reserve’s interest-rate outlook.
Recent weak employment figures had supported expectations for less restrictive Federal Reserve policy. However, investors now await inflation figures before increasing exposure to Bitcoin and crypto prices.
Strategy’s Bitcoin Sale and Regulatory Delays Pressure Sentiment Strategy’s latest Bitcoin sale also unsettled the market and added pressure to prices. The company sold 1,690 Bitcoin for $108.6 million during the previous week.
The sale was the fourth week of Bitcoin sales by Strategy. Its fluctuating treasury action alarmed merchants since the company had been an epitome of stable institutional demand.
In the meantime, the larger cryptocurrency bill is still pending Senate approval until lawmakers resume their recess. That lag has restrained the zeal to have better regulations on exchanges, issuers, and decentralized finance platforms.
Bitcoin price now faces support around $63,500, followed by the important $63,000 level. A decisive break may open up the market to increased selling and greater losses in the August Bitcoin outlook.
According to CoinGape prediction data, Bitcoin has a 36% chance of dipping to $60,000 in August 2026, while 64% expect it to remain above that level during the month overall.
Coingape prediction data The resistance is around $65,000, and Bitcoin has failed to maintain gains at that point. Inflation data, oil prices, and institutional flows will be followed as the next direction of the market by traders.
US Bitcoin ETFs Record $145 Million Outflow as Ether Funds Lose $14.6 Million The U.S. spot Bitcoin ETF market recorded $145 million in net outflows on August 10. Meanwhile, spot Ethereum ETFs posted $14.59 million in net withdrawals.
U.S. Bitcoin ETFs See $145 Million Outflow; Ether Funds Lose $14.6 Million
U.S. spot Bitcoin ETFs recorded $145 million in net outflows on Aug. 10, while spot Ethereum ETFs posted $14.59 million in net outflows, according to SoSoValue. Grayscale’s Bitcoin Mini Trust (BTC) bucked… pic.twitter.com/J9KlJ1vQgF
— Wu Blockchain (@WuBlockchain) August 11, 2026
According to SoSoValue figures, there was mixed activity among funds in the trading session. The Bitcoin Mini Trust by Grayscale was the top daily Bitcoin inflows of $37.06 million. Its Ethereum Mini Trust topped Ether products after attracting $8.59 million.
Coinbase on Tuesday said it is expanding derivatives access to professional investors in the UK. This represents another milestone for the crypto exchange amid its Everything Exchange strategy, following the rollout of 24/5 US stock trading to all users in the UK. COIN stock rebounds in premarket hours in Tuesday.
Coinbase Rolls Out Crypto Derivatives Trading in the UK Crypto exchange Coinbase is launching futures, perpetuals and options in the UK, rolling out access to professional investors over the coming months.
Eligible investors can trade over 170 contracts across crypto, stocks, commodities and forex. Among these, perpetual contracts support 24/7 trading with up to 50x leverage, while dated futures offer up to 20x leverage.
Also, crypto options support calls, puts, and multi-leg strategies. These services are exclusively available to qualified investors classified as professional clients.
The derivatives launch in the UK comes after Coinbase secured MiFID license from the Financial Conduct Authority (FCA) last month. The license enabled the crypto exchange to offer derivative contract trading to UK investors.
“This launch is part of our global commitment to build a unified, borderless, and fully transparent derivatives ecosystem. It gives professional traders the tools to navigate any market,” said Coinbase UK arm CEO Keith Grose.
As CoinGape reported recently, Coinbase launched 24/5 stock trading to all users in the UK. It enabled eligible UK investors to buy, sell, and hold US stocks alongside crypto and fiat in the same app.
COIN Stock Price Sees Slight Rebound Coinbase stock (COIN) is up 0.40% during the premarket trading hours on Tuesday. COIN stock closed 3.20% lower at $148.68 on Monday, as the broader US stock market fell on Iran’s refusal to reopen the Strait of Hormuz.
Coinbase stock outlook revealed the price remains below the 20-day EMA and the 50-day EMA at $162. Also, the short-term momentum is favoring bears, with potential drop continuing unless buying pressure rises.
The derivatives trading expansion in the UK continues Coinbase’s push to diversify beyond pure crypto trading volume into a multi-asset platform.
Meanwhile, Bitcoin has also recorded a slight rebound after dropping more than 2% over the past 24 hours. The price is currently trading at $64,134, with a massive 45% bounce in trading volume.
Prediction markets show 26% odds for Bitcoin to dip below $60,000 in August, with Wednesday’s CPI inflation data as the major event to watch this week.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
CryptoQuant says large holders are accumulating BTC, ETH, and XRP despite market weakness, while EiCrypto highlights cloud mining for diversified crypto income.
Summary
CryptoQuant says whale accumulation of BTC, ETH and XRP may signal that the market is approaching a potential bottom. EiCrypto promotes cloud mining as a way for crypto holders to access computing power without buying or maintaining mining hardware. Large investors continue adding major cryptocurrencies as EiCrypto offers automated cloud mining services across multiple digital assets. Analytics firm CryptoQuant notes that despite recent market weakness, large holders of Bitcoin, Ethereum, and XRP have continued to increase their positions, reflecting a significant rise in confidence among long-term investors regarding major digital assets.
In its latest weekly report, titled “Buying Opportunities in a Bear Market: Signals of a Market Bottoming Out,” the company analyzes the recent trend of large investors continuously increasing their holdings. The report suggests that this trend may indicate some large investors are positioning themselves early, potentially signaling that the market is gradually entering the late stage of the bear market.
As digital assets continue to gain global momentum, cryptocurrency cloud mining — centered on network-based computing infrastructure — is increasingly attracting the attention of a wide range of holders. For retail investors, relying solely on market price appreciation is no longer sufficient; the pressing challenge now lies in establishing diversified asset management strategies, enhancing asset utilization, and generating stable daily passive income.
To meet this demand, cloud mining platforms — exemplified by EiCrypto — have garnered significant market attention. Users can access cloud mining services for major cryptocurrencies like Bitcoin, XRP, and ETH via smartphones or computers, eliminating the need to purchase expensive mining hardware or bear operational costs such as maintenance, electricity, facility rental, and cooling. This offers a simpler, more efficient way to generate passive income through cloud mining.
How to join EiCrypto and start earning passive income
Register an Account: Sign up here to receive a $15 new-user bonus.
Deposit Methods: EiCrypto supports a wide range of mainstream digital assets; users can deposit major cryptocurrencies such as BTC, USDT, ETH, LTC, USDC, XRP, SOL, and BNB.
Select a Contract: Choose a cloud mining contract that suits a particular budget and timeframe; the system will then operate automatically.
Popular Contract Recommendations:
Entry-level Contract: $100 — 2 days — Total Profit: Approx. $108 Basic Contract: $500 — 5 days — Total Profit: Approx. $532 Basic Contract: $1500 — 10 days — Total Profit: Approx. $1705 Stable Contract: $5500 — 20 days — Total Profit: Approx. $7050 Stable Contract: $10000 — 30 days — Total Profit: Approx. $14475 Advanced Contract: $50000 — 35 days — Total Profit: Approx. $79750 Click here to view more contract details.
Once the contract is activated, earnings will be automatically settled to an account after 24 hours. Users can choose to withdraw their earnings or reinvest them, thereby achieving long-term, compound growth of their digital assets.
Key Features of the EiCrypto Platform
Automated Daily Settlement: The platform utilizes an automated settlement system, allowing users to view account data and earnings at any time. Low Barrier to Entry: No need to purchase mining hardware or bear additional costs such as electricity, maintenance, and equipment management. Green Energy Powered: The platform employs advanced ASIC hardware supported by renewable energy sources — including hydroelectric, wind, and solar power — to drive its computing network. Support for Major Digital Assets: Supports a wide range of digital currencies — including BTC, XRP, ETH, DOGE, USDT, USDC, SOL, LTC, and BCH — to meet diverse user needs. Comprehensive Security Measures: Features SSL encryption, DDoS protection systems, and real-time data monitoring, enabling users to stay informed about the platform’s operational status. Global Remote Access: Users can access the platform anytime via the EiCrypto app or web interface — without the need for hardware configuration — and benefit from 24/7 technical support. About EiCrypto Headquartered in the UK, EiCrypto operates in compliance with relevant UK and European regulatory frameworks. By aligning with standards such as MiCA (Markets in Crypto-Assets) and MiFID II (Markets in Financial Instruments Directive), the company continuously enhances its transparency, operational standards, and user protection mechanisms. Currently, the platform serves over 7.5 million users across more than 100 countries and regions, supported by a global network of over 160 professional mining facilities.
In conclusion Signs of continued accumulation by large holders of BTC, ETH, and XRP indicate that market holdings are increasingly concentrating in the hands of major investors. This suggests that some long-term capital may be positioning itself early, potentially signaling that the market is nearing the latter stages of the bear cycle.
For investors, generating stable daily passive income is the key to a sustainable strategy. EiCrypto Cloud Mining is an expert in this field; with the right approach, users can maximize wealth accumulation in the shortest possible time. The platform offers ease of use — requiring no prior experience — and allows them to unlock the full potential of their assets through cloud mining.
FOr those who don’t want their assets sitting idle either, join EiCrypto to easily earn $10,000, or learn more details.
For more information, visit the official website, and download the mobile app.
Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.
Leading cryptocurrencies traded in the red alongside stocks on Monday as uncertainty on Iran negotiations kept risk appetite in check.
Cryptocurrency24-Hour Gains +/-Price (Recorded at 9:17 p.m. EDT)Bitcoin (CRYPTO: BTC)-1.56%$63,976.86
Ethereum (CRYPTO: ETH)
-2.13%$1,874.37XRP (CRYPTO: XRP) -1.89%$1.01Solana (CRYPTO: SOL) -1.01%$75.86Dogecoin (CRYPTO: DOGE) +0.33%$0.06992Crypto Market Sells OffBitcoin faced intense selling pressure as 24-hour trading volume surged 56%, pushing its price down toward $63,000. Ethereum’s trading volume jumped 70%, while the second-largest cryptocurrency slipped below $1,900.
Cryptocurrency-related stocks also fell, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 2.68% and 3.83%, respectively.
Over $200 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, according to Coinglass data.
Bitcoin’s open interest fell 0.40% over the last 24 hours, aligning with the drop in spot price. Meanwhile, retail and whale derivatives traders on Binance increased their BTC long exposure after the price drop.
Top Gainers (24 Hours)
Cryptocurrency (Market Cap>$100 M)Gains +/-Price (Recorded at 9:17 p.m. EDT)Cysic (CYS) +32.25% $1.32Nexus (NEX) +19.75% $0.000001717Ribbita by Virtuals (TIBBIR) +14.86% $0.1362The global cryptocurrency market capitalization stood at $2.18 trillion, following a dip of 1.35% over the last 24 hours.
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Stocks Lag Amid Iran DeadlockStocks kicked off the week with losses. The Dow Jones Industrial Average fell 60.95 points, or 0.11%, to close at 53,975.98. The S&P 500 slid 0.06% to close at 7,753.11, while the tech-focused Nasdaq Composite dropped 0.32% to settle at 26,605.36.
Iranian President Masoud Pezeshkian reportedly called for a deal with the U.S. over the Strait of Hormuz, adding that the war “has to be brought to an end at some point.”
Meanwhile, claims circulated on social media that Iran had "flatly" ruled out negotiations with President Donald Trump and planned to wait out his term until 2029. However, there was no official confirmation from Tehran.
A Bullish Fluctuation Incoming?Blockchain research firm Santiment highlighted Bitcoin’s elite wallets, i.e, those holding at least 10,000 BTC, jumped to a 6-month high, with a 7% increase over the last two months.
“Smaller holders are losing share, while the largest wallets are gaining presence again,” Santiment added. “Supply is rotating toward stronger hands before the next major market fluctuation, and this usually increases the likelihood of that fluctuation being a bullish one.”
On-chain analytics firm CryptoQuant stated that Bitcoin may be approaching an acute “top formation phase,” with downside risk increasing as prices climb. The firm also saw limited chances of a sustainable breakout into a “stable uptrend.”
“Given the elevated risk and weak data, larger buys should be held back for now. Stronger cyclical entries become attractive near $51,000,” CryptoQuant added.
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Photo Courtesy: Marc Bruxelle on Shutterstock.com
Market News and Data brought to you by Benzinga APIs
The total crypto market has barely moved this week — up 0.31% to $2.21 trillion, with Bitcoin pinned between $64,730 and $65,193, according to CoinGecko data. Underneath that flatness, three separate signals are pulling in the same direction: capital is starting to rotate out of Bitcoin's shadow, options markets are pricing in far less risk than bond markets are, and speculative leverage in small-cap tokens is at levels that typically precede a broader repricing.
Source: CoinGeckoThe clearest of the three is technical. The ZEC/BTC pair broke a nine-year downtrend this week, consolidating at 0.007904 BTC — comfortably above its 200-period simple moving average of 0.002567 BTC. Placeholder co-founder Chris Burniske called it evidence that the old pattern, in which short-term Zcash rallies preceded broader altcoin capitulation, no longer applies. Digital Currency Group founder Barry Silbert has floated a further reading: that the pace of inflows into Zcash could push its market cap toward 10% of Bitcoin's, a roughly $130 billion benchmark, if the current move sustains. Burniske has cautioned that Bitcoin still sets the market's overall liquidity conditions, meaning any Zcash-led rotation remains vulnerable to a Bitcoin-driven correction.
That caution matters more given what's happening in Bitcoin's own options market. Bitwise's head of alpha strategies, Jeff Park, wrote on X on Aug. 8 that Bitcoin's implied volatility has hit a year-to-date low at the same time Treasury yields have climbed to a year-to-date high — a divergence he said "can only end one way." The logic is straightforward: bond markets are pricing in more macro stress, but Bitcoin options traders are pricing in less price movement than at any other point in 2026. Compressed volatility of this kind has historically preceded sharp breakouts rather than sustained calm, though the direction of that break is not something implied volatility alone can predict.
— Jeff Park (@dgt10011) August 8, 2026 The range itself remains tightly bounded. Analyst Lennaert Snyder noted on Aug. 8 that Bitcoin had failed twice to clear $65,400, with support holding near $62,300 — a setup he read as reason to avoid new short positions until a confirmed breakout in either direction. Separately, a cluster of analysts including Michaël van de Poppe and Rekt Capital have pointed to the 50-month exponential moving average, currently near $65,827, as the level bulls need to reclaim to invalidate a longer bear-market structure. Bitcoin has been rejected from the area above $65,000 several times since late June, and CryptoQuant data shows large wallets (10,000+ BTC) accumulating at a multi-month high even as retail-sized wallets have been net sellers over the same stretch — a split that suggests larger holders see more upside than the price action currently reflects.
Source: InvestTechWhere leverage is showing up most visibly is in the BSC ecosystem's smaller tokens. Tutorial (TUT) surged more than 1,100% over two days after Aster listed 5x leverage perpetual contracts on Aug. 7, hitting an all-time high of $0.2903 on Aug. 9 before dropping roughly 42%. In the process, TUT logged more in single-day liquidations — over $42 million, according to CoinGlass data cited by DailyCoin — than Bitcoin or Ethereum individually, despite a market capitalization of just $140 million. MUBARAK saw a comparable pattern after Aster launched its own 5x perpetual contract, and Bubblemaps (BMT) posted a 149% single-day gain on $366 million in volume against a $26.6 million market cap — a turnover ratio north of 13x that reporting attributed to speculative demand rather than any identifiable catalyst. None of these moves reflect underlying adoption; they reflect thin float, high leverage, and the mechanics of forced short covering followed by forced long liquidation once momentum reverses.
Taken individually, none of these three threads is decisive. Together, they describe a market where the pricing of risk has become inconsistent. Bond markets are signaling more macro stress. Bitcoin's options market is signaling less. A structural rotation into an asset that spent nine years losing ground to Bitcoin is being treated by at least one prominent allocator as a benchmark-setting event. And leveraged trading in illiquid BSC tokens is generating liquidation volumes that rival Bitcoin's on a $140 million market cap. Low implied volatility does not resolve on its own — it resolves through a move, and the size of that move tends to scale with how long the compression has persisted. Whether the resolution comes from the Federal Reserve's next signal on rates, a Zcash-led rotation that forces Bitcoin to defend its dominance, or a memecoin unwind spilling into broader risk appetite, the setup argues against reading this week's flat headline number as calm.
TLDR Trump Media posted a $238.1 million net loss for the second quarter Bitcoin holdings rose to about 14,139 coins by the end of July The company sold $159.6 million in Bitcoin related securities to buy Bitcoin directly Trump Media ended its planned Cronos treasury venture with Crypto.com Revenue grew 89% to $1.67 million during the quarter Trump Media reported a $238.1 million net loss for the second quarter on Aug. 10. Falling values of digital assets and securities weighed on the results.
The loss came mostly from unrealized losses on investments. Combined unrealized losses across digital assets, pledged assets, and equity securities totaled $190.4 million.
Trump Media also recorded $116.7 million in realized and unrealized losses tied directly to digital assets. Investment losses on securities added to that total.
Despite the loss, revenue increased during the quarter. Revenue rose 89% to $1.67 million, up from $883,300 a year earlier.
The gain came from advertising deals, subscriptions to the Truth+ Patriot Package, and management fees from Truth.Fi funds. Lower advertising revenue at Truth Social partly offset the increase.
Bitcoin Holdings Jump After Quarter End Trump Media held 9,477.16 BTC at the end of June. That holding carried a fair value of about $557.1 million against a cost basis near $1.01 billion.
Trump Media Plans Major Crypto Treasury Reset After $238M Loss
Trump Media plans to revamp its digital asset treasury strategy after a $238 million Q2 net loss.
The company reported $190.4 million in unrealized losses across digital assets and securities.
Trump Media said the… pic.twitter.com/95UzWXMavZ
— BSCN (@BSCNews) August 11, 2026
The company also held about 756.1 million CRO tokens valued at $40.6 million. That token is tied to the Cronos network and Crypto.com.
The Bitcoin balance changed fast after the quarter ended. Trump Media sold $159.6 million worth of equity securities linked to Bitcoin products in July.
The company used that money to buy Bitcoin directly. By July 31, Trump Media held about 14,139 BTC, worth around $890.5 million.
Some of that Bitcoin is not fully free to trade. The company has pledged 4,260.73 BTC to back convertible notes, with restrictions lasting until May 29, 2028.
Another 2,077.34 BTC is pledged to support an options strategy. Trump Media also said it has placed some Bitcoin with third parties through lending and other yield deals.
The company warned that these arrangements carry risks. Those risks include counterparty credit issues, insolvency, and custody problems, and the assets do not carry government insurance protection.
Cronos Deal Ends, Merger Moves Forward Trump Media ended its planned Cronos treasury deal on Aug. 7. The plan had involved a large treasury vehicle built with Crypto.com and Yorkville.
The company’s existing CRO holdings remain separate from that canceled deal. Trump Media becomes eligible on Aug. 26 to sell up to 68,442,704 CRO tokens over the following six months.
Trump Media is also working on a merger with fusion company TAE Technologies. The company is targeting the fourth quarter of 2026 for the deal to close.
The timeline depends on regulatory approval and other closing conditions. Trump Media plans to file a Form S-4 covering the transaction.
The company is trying to grow revenue outside its investment holdings too. Its Truth API service launched on Aug. 1 and has already signed more than 10 customer agreements.
Trump Media said the service is already generating revenue. That income arrived after the quarter ended, so it was not part of the Q2 results reported this week.
Kripto piyasası, küresel risk iştahındaki zayıflamanın etkisiyle güne sert satışlarla başladı. Toplam kripto para piyasası değeri yüzde 1,40 gerileyerek 2,18 trilyon dolara düşerken Bitcoin de yüzde 1,66 değer kaybederek 63.959 dolara indi.
Ethereum yüzde 2,42 düşüşle 1.874 dolara gerilerken altcoin tarafında da benzer bir tablo ortaya çıktı. XRP yüzde 2,03 kayıpla 1,01 dolara, Solana ise yüzde 0,98 düşüşle 75,81 dolara çekildi.
Bitcoin Neden 64 Bin Doların Altına Geriledi? Piyasadaki satışların arkasında kripto para piyasasına özgü tek bir gelişme bulunmuyor. Küresel risk iştahındaki bozulma, dijital varlıklar üzerindeki baskının temel nedenlerinden biri olarak öne çıkıyor.
ABD ile İran arasında Hürmüz Boğazı’nın yeniden tam kapasiteyle açılmasına yönelik beklentilerin zayıflaması da piyasalardaki belirsizliği artırdı. Bu gelişme petrol fiyatlarını sert biçimde yukarı taşırken, artan enerji maliyetlerinin enflasyon üzerindeki olası etkileri yatırımcıların risk algısını olumsuz etkiledi.
Bu nedenle Bitcoin’deki geri çekilmeyi değerlendirirken yalnızca kripto piyasasına değil, küresel makroekonomik tabloya da bakmak gerekiyor.
ABD Enflasyonu Kripto Piyasasını Nasıl Etkileyecek? Yatırımcıların odağında şimdi ABD’nin temmuz ayı enflasyon verileri bulunuyor. Tüketici Fiyat Endeksi (TÜFE) 12 Ağustos Çarşamba günü, Üretici Fiyat Endeksi (ÜFE) ise 13 Ağustos Perşembe günü açıklanacak.
Söz konusu veriler, Federal Rezerv’in faiz politikasına ilişkin beklentilerin şekillenmesinde önemli rol oynayacak. Geçtiğimiz hafta açıklanan zayıf temmuz istihdam verisi sonrasında piyasalar, Fed’in eylül ayında faiz artıracağı beklentisini aşağı çekmişti.
Ancak petrol fiyatlarındaki yükseliş, enflasyon görünümüne ilişkin yeni soru işaretleri yaratıyor. Fed, temmuz toplantısında faiz oranlarını sabit tutarken üç yetkili faiz artışından yana görüş bildirmişti.
Yüksek Enflasyon Bitcoin İçin Risk Mi? Temmuz TÜFE ve ÜFE verilerinin beklentilerin üzerinde gerçekleşmesi, daha sıkı para politikası ihtimalini güçlendirebilir. Böyle bir senaryoda faiz artışı beklentilerinin yeniden yükselmesi, riskli varlıklar üzerinde ek satış baskısı oluşturabilir.
Buna karşılık enflasyonun beklentilerin altında kalması, Fed’in faiz artırma ihtimalini daha da azaltabilir. Daha gevşek para politikası beklentisi, yatırımcıların risk iştahını destekleyerek kripto para piyasası açısından daha olumlu bir ortam yaratabilir.
Dolayısıyla açıklanacak verilerin yalnızca enflasyon oranını değil, Fed’in sonraki adımlarına ilişkin beklentileri nasıl değiştireceğini de takip etmek gerekiyor.
Bitcoin ETF Çıkışları Ne Anlatıyor? Kurumsal yatırımcı tarafındaki görünüm de piyasadaki zayıflığı destekledi. 10 Ağustos’ta spot Bitcoin ETF’lerinden 144,67 milyon dolarlık net çıkış gerçekleşirken spot Ethereum ETF’lerinde 14,59 milyon dolarlık net çıkış kaydedildi.
Altcoin ETF’lerinde ise daha sınırlı ve farklı yönlü hareketler görüldü. Solana ETF’lerine 8,83 milyon dolar, HYPE ETF’lerine 2,74 milyon dolar, LINK ETF’lerine 150,31 bin dolar ve HBAR ETF’lerine 462,06 bin dolar net giriş oldu.
Buna karşılık XRP, DOGE, BNB, LTC, AVAX ve DOT ETF’lerinde herhangi bir net fon akışı gerçekleşmedi. Bu tablo, kurumsal tarafta risk iştahının özellikle Bitcoin ve Ethereum’da zayıfladığını gösteriyor.
Kripto Piyasası İçin Hangi Veriler İzlenmeli? Bitcoin’in 63.959 dolara gerilemesiyle birlikte kripto piyasasında kısa vadeli yön arayışı güçlendi. Önümüzdeki süreçte yatırımcıların özellikle ABD TÜFE ve ÜFE verilerini, petrol fiyatlarını, Fed faiz beklentilerini ve ETF akışlarını birlikte değerlendirmesi gerekiyor.
Küresel gelişmelerin risk iştahını zayıflatmaya devam etmesi halinde satış baskısı sürebilir. Buna karşılık daha düşük enflasyon ve azalan faiz artışı beklentileri, dijital varlıklar için yeniden destekleyici bir zemin oluşturabilir.
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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A $1,000 investment in Solana (SOL), Bitcoin (BTC), Ethereum (ETH), and XRP in August 2020 would have produced sharply different outcomes, according to figures shared by cryptocurrency investor and technologist Paul Barron. In an analysis posted on X, Barron highlighted Solana’s exceptional rise compared to its peers over the past four years.
The Numbers Behind the Crypto ComparisonBarron tracked the returns on Bitcoin, Ethereum, XRP, and Solana from August 2020 to June 2024. Solana traded near $1.52 in August 2020, and its price has since surged to approximately $77.26—an increase of 4,970%, equivalent to multiplying an investment by 50.7 times. This means a $1,000 investment in Solana would now be valued at $50,700.
Ethereum was priced around $347 at the same starting point, growing to roughly $1,923 as of June 2024. This represents a gain of 455% (5.5 times the original investment), turning $1,000 into $5,550. Bitcoin, starting from approximately $11,811, climbed to around $65,181, matching Ethereum’s 5.5x return and resulting in $5,520 from the initial investment. XRP rose from $0.26 to $1.04, with 301% growth (a 4.0x increase), making the original $1,000 worth $4,010.
AssetAug 2020 PriceJune 2024 PricePercentage GainInvestment Now ($1,000 start)Solana (SOL)$1.52$77.26+4,970%$50,700Ethereum (ETH)$347$1,923+455%$5,550Bitcoin (BTC)$11,811$65,181+452%$5,520XRP$0.26$1.04+301%$4,010For comparison, Barron also examined the S&P 500 index, which moved from about 3,295 to approximately 7,700 during the same period. This resulted in a 133.7% gain (2.34x), meaning a $1,000 investment would now total $2,337—far less than returns from any of the four cryptocurrencies considered.
Investor PerspectivesThe stark difference in returns has sparked a range of investor reactions. Lynn, an X user, expressed regret for underestimating Solana back in 2020, stating that the missed opportunity was painful to see. This sentiment reflects the broader feelings among some long-term holders who chose different digital assets at the time.
Others focused more on the importance of long-term strategy rather than selecting single winners. Richie O commented on the post that continuous commitment and self-research are key, encouraging holders to remain patient and vigilant for upcoming cryptocurrency regulations.
“HODL .. I never trade .. keep working hard long days and hours, DYOR .. wait for regulations. Hold On for Dear Life.”
Examining Solana’s OutperformanceSolana’s significant price gain compared to Bitcoin, Ethereum, and XRP highlights the impact of rapid adoption, fast transaction speeds, and developer interest over recent years. Known for its low transaction fees and efficient processing times, the Solana network attracted substantial ecosystem growth, which contributed to its strong performance.
Mini dictionary: Solana is a blockchain platform designed for decentralized applications and crypto projects, known for high throughput and low transaction costs achieved through its unique proof-of-history consensus mechanism.
In contrast, both Ethereum and Bitcoin, which are more established networks, experienced steadier and nearly identical growth during the period. XRP, affected by prolonged regulatory challenges—including litigation involving the U.S. Securities and Exchange Commission—lagged behind in performance.
Both Ethereum and Bitcoin posted similar returns, but Solana multiplied its value more than nine times compared to either of those established networks.
Barron’s comparative analysis underscores how outcomes among leading cryptocurrencies can diverge widely over a multi-year window, even when starting from similar market positions.
The data further illustrates the case for early investment in emerging blockchain platforms, as Solana showcased how rapid innovation and expanding ecosystem activity can deliver dramatically higher returns than both legacy cryptocurrencies and traditional index funds.
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.
PANews, August 11 news: According to SoSoValue data, crypto market sectors pulled back broadly, with the NFT sector dropping 25.62% in 24 hours — among which Audiera (BEAT) plunged 55.02%. Bitcoin (BTC) declined 1.85%, breaking below $65,000; Ethereum (ETH) fell 2.44%, breaking below $1,900.
Only DeFi and Layer2 sectors remained relatively resilient, gaining 1.11% and 2.01% respectively. Within the DeFi sector, Hyperliquid (HYPE) rose 1.76%, and Ethena (ENA) climbed 3.56%; within the Layer2 sector, Arbitrum (ARB) advanced 3.44%, and Mantle (MNT) jumped 5.48%.
As for other sectors, the Layer1 sector dipped 0.54%, with Cardano (ADA) down 3.19%; the CeFi sector slipped 0.63%, though Bitget Token (BGB) gained 1.65%; the PayFi sector fell 1.53%, with Telcoin (TEL) dropping 6.77%; the Meme sector lost 1.98%, while Pump.fun (PUMP) bucked the trend to surge 4.74%.
Bitcoin developer Luke Dashjr has been removed as a Bitcoin Improvement Proposal editor after developers escalated concerns over his handling of BIP 110 and the proposal’s stalled minority chain.
Summary
Luke Dashjr was removed from the Bitcoin BIP editors after a GitHub pull request merged. BIP 110 is now marked Closed after its minority chain stalled following only two blocks. Five BIP editors remain listed in BIP 3 after Dashjr’s name was removed Monday evening. Dashjr rejected the allegations and called his removal an unauthorized abuse of power by Core. OCEAN’s BIP 110 endpoint still showed block 961,633 unchanged about 55 hours after its advance. GitHub records show Jon Atack merged the removal request into the bitcoin/bips repository on Aug. 10.
The decision turns the removal motion covered in earlier editor dispute coverage into a completed repository change. At the time of that earlier report, the pull request remained open and Dashjr was still listed among six editors. The current BIP 3 document now lists five: Bryan Bishop, Jon Atack, Mark Erhardt, Olaoluwa Osuntokun and Ruben Somsen.
Bitcoin BIP repository removes Dashjr after editor dispute Mark “Murch” Erhardt opened the removal motion on Aug. 9 through the Bitcoin Development Mailing List. In the thread, he alleged that Dashjr had inconsistently applied the editorial process while helping develop and promote BIP 110. Erhardt pointed to the proposal’s number assignment and a rapidly merged update as examples of what he considered preferential treatment.
Those claims remain allegations from contributors rather than findings by a formal Bitcoin governing body. Dashjr rejected them, writing that they were “false accusations” and maintaining that he had followed the BIP process consistently. Other developers, including Matt Corallo and fellow editor Olaoluwa Osuntokun, supported removal. Bryan Bishop later told the mailing list that Dashjr was no longer a permissioned user of the BIP repository.
BIP 3 describes editors as holding administrative and editorial responsibilities. Their work includes checking proposals for prior discussion, formatting and technical completeness before assigning numbers and merging them. The document explicitly says editors do not decide whether a proposal is likely to be adopted.
BIP 110 is now marked Closed after the chain stalled The dispute developed alongside a separate change to BIP 110 itself. The current official document now lists its status as Closed. Its changelog says version 1.0.1, dated Aug. 9, marked the proposal closed “following a chain split with stalled mining.”
BIP 110 entered mandatory signaling at block 961,632 on Aug. 8 after only 51 of the preceding 2,016 blocks, or 2.53%, signaled support. Nodes enforcing its rules rejected non-signaling blocks, producing a minority branch. Roughnecks mined blocks 961,632 and 961,633, but no third block followed in the initial monitoring period, as detailed in earlier chain split coverage.
The branch remained stalled well after the BIP was marked closed. OCEAN’s BIP 110 mining endpoint still showed block 961,633 as the latest block roughly 55 hours after it was mined. Closing the BIP in the repository is therefore a documentation and process status change; it does not itself shut down nodes or miners that continue enforcing the alternative rules.
Dashjr disputes who had authority to remove him Dashjr continued disputing the decision after losing repository access. In an X post, he said, “This is just an abuse of power by Core. They have no authority to do so.”
Luke Dashjr disputes his removal as a Bitcoin BIP editor, source: X That description is Dashjr’s characterization of the removal. The public GitHub record shows Atack merged the pull request into the bitcoin/bips repository, while Bishop confirmed the permission change on the developer mailing list. The record reviewed for this story does not show a separate Bitcoin Core software release or protocol change removing Dashjr.
The debate also exposed a process gap. Jameson Lopp noted that there was no formal governance structure covering the management or removal of BIP editors. Antoine Riard similarly argued that BIP 1, BIP 2 and BIP 3 lacked an explicit removal procedure, even while supporting Dashjr stepping aside.
What happens next for Bitcoin’s BIP process The immediate repository change is complete: Dashjr is no longer listed as an editor, and BIP 110 is marked Closed. The remaining question is whether contributors formalize a clearer mechanism for appointing or removing editors after the dispute exposed uncertainty over who can make such decisions.
For BIP 110, mining activity remains the practical measure to watch. The minority branch had already remained frozen at block 961,633 while the dominant Bitcoin chain continued advancing, as reported in later fork monitoring coverage. Unless miners direct materially more hash power toward the alternative branch, its existing difficulty makes continued block production slow.
BitMEX co-founder and Maelstrom CIO Arthur Hayes (@CryptoHayes) is making the case that Washington's effort to shore up the Japanese yen could unleash a wave of dollar liquidity that ultimately finds its way into $BTC.
The FIMA Mechanism Hayes Is Watching The argument centres on the Federal Reserve's Foreign and International Monetary Authorities (FIMA) repo facility. Following one of the most dramatic currency-market interventions in decades, a joint US-Japan effort in late July to bolster the weakening yen, Treasury Secretary Scott Bessent urged the Fed to expand the FIMA facility, which would allow Japan to use Treasuries as collateral to borrow dollars that could then be used to buy yen.
Hayes says Japan could tap this route using part of its massive Treasury stockpile. Upsizing the cap might allow Japan to fund yen purchases without having to sell any of its $1.14 trillion of Treasury holdings, the largest of any foreign power. That matters because Bessent wants the FIMA facility expanded so Japan can raise dollars without selling Treasuries outright, since selling them could push yields higher and add pressure to US borrowing costs.
The FIMA facility currently allows foreign authorities to borrow up to $60 billion in short-term funds using US Treasuries as collateral. Bessent argued in a CNBC interview that when FIMA was first launched six years ago, the bond market was much smaller, making it reasonable for the Fed to consider upsizing the facility.
Why Hayes Thinks $BTC Benefits For Hayes, the key insight is what happens to the dollars created through this process. Increasing FIMA repo activity means more dollar liquidity in global markets, and he argues this form of money printing benefits Bitcoin and other cryptocurrencies. He says joint foreign-exchange market intervention by the US and Japan, along with discussion of an expanded FIMA repo limit, points to a policy shift that could become a powerful bullish driver for the digital-asset market.
Hayes has drawn on historical precedent to support the view. During the pandemic, the Fed's balance sheet expanded sharply and $BTC surged from under $10,000 to nearly $69,000. His thesis is straightforward: fiat liquidity, specifically the printing of more units of fiat money, is the primary driver of Bitcoin's value proposition. A Japan-focused liquidity move, he believes, could follow a similar pattern.
Whether the Fed agrees to expand the facility is far from settled. Any change to the FIMA cap would require approval from a majority of the Federal Open Market Committee. Critics also note that lifting the FIMA caps could complicate efforts to shrink the Fed's balance sheet, since heavy FIMA usage would add to Fed holdings at least on a temporary basis. For now, the Fed has declined to comment on Bessent's request.
Sources:
CNBC: How Bessent is pushing the Fed to expand the FIMA backstop for Japan's yen defense
Bloomberg: Why Bessent Wants the Fed to Expand the FIMA Backstop
Crypto Briefing: Scott Bessent champions Federal Reserve facility to support yen
While leveraged positions of Bitcoin (BTC) investors in the cryptocurrency market are closely monitored, Alphractal CEO Joao Wedson drew attention to the increasing liquidation risk, particularly in long positions. According to Wedson, data from the past six months shows that long positions are accumulating faster than short positions in the Bitcoin market, and downward liquidity concentration is becoming increasingly pronounced.
The analyst stated that, in the current outlook, the most critical level is around $57,000.
The Largest Long Liquidation Zone in Bitcoin is Between $56,400 and $58,300 According to six months of Bitcoin liquidation data shared by Wedson, the largest long position liquidation zone is concentrated between $56,400 and $58,300.
In this region, some individual liquidation clusters are approaching $2 billion in size. The strongest liquidation level is around $57,300.
According to the analyst, a drop in the Bitcoin price to $57,300 could lead to the liquidation of approximately $1.93 billion in potential long positions.
Billion-Dollar Liquidation Clusters Also Exist in the $51,000 Region The downside risk for Bitcoin is not limited to the $57,000 region alone.
Wedson noted that there is also a significant long liquidation area between $51,000 and $51,900. It is stated that several different liquidation clusters in this region have exceeded $1 billion in size.
This is considered a significant factor that could increase the likelihood of a chain reaction liquidation of leveraged long positions in the event of a sharp pullback in Bitcoin price.
Critical Zone for Short Positions: $70,000-$71,200 In upward movements, the most important liquidation zone for short positions is between $70,000 and $71,200.
According to Wedson, there are potential clusters of short liquidations within this price range, reaching approximately $1 billion at multiple levels.
However, the analyst emphasized that the key difference between the long and short sides was the concentration of liquidation, rather than the total amount.
Joao Wedson: $57,000 Is the Level I Worry About Wedson stated that long liquidity, which exists below Bitcoin’s current price, is becoming increasingly concentrated, particularly around $57,000.
The analyst noted that this data doesn’t necessarily mean the Bitcoin price will fall to that region, but it’s important because it shows where highly leveraged positions are accumulating.
Wedson stated that the excessive concentration of leveraged trading on one side of the market could increase liquidation chain risk, and that the $57,000 level remained his biggest concern.
If the Bitcoin price approaches the $57,000 level in the coming period, the liquidation of large long positions could accelerate selling pressure and lead to a wider wave of liquidations.
*This is not investment advice.
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Bitcoin’s supply distribution is tilting further toward larger players as the number of wallets holding at least 10,000 BTC reached 90 for the first time in six months. The shift marks a net addition of six such elite addresses over the past eight weeks, a 7.1% rise that has drawn the attention of on-chain analysts. According to the Santiment update, the move coincides with a noticeable contraction among smaller holders, whose micro wallet balances have been declining through August.
This supply rotation is not happening in a vacuum. Retail sentiment has soured in recent weeks, driven by a pair of unsettling developments. The Coldcard hardware wallet hacks injected a direct security scare into the community, while repeated delays on the CLARITY Act—legislation designed to clarify U.S. crypto market rules—have eroded confidence among traders who had hoped for regulatory certainty. Heightened drama in Washington, including last-minute lobbying efforts against the crypto bill, has only amplified the unease. Faced with that backdrop, smaller holders have been steadily reducing positions, a pattern that now shows up clearly in on-chain balances. Historically, such retail capitulation creates pockets of supply that deeply capitalized buyers can absorb, accelerating the rotation already underway.
The Structure of the Shift The 90 wallets that now hold 10,000 BTC or more collectively control a significant portion of the circulating supply, and their growth contrasts sharply with the shrinking footprint of micro wallets. While whale accumulation on its own doesn’t guarantee an immediate price rally, historical data from previous cycles suggests that when supply migrates from short-term holders to entities with longer time horizons, the market tends to experience reduced downside volatility and, eventually, upward price pressure. The 7.1% increase in high-value wallet count over just eight weeks suggests conviction rather than coincidence.
Other networks are flashing comparable accumulation patterns. Earlier this year, institutional demand surfaced in SUI, reinforcing the view that larger players are positioning across assets, not just in Bitcoin. For BTC specifically, the timing matters: the current buildup arrives when broader sentiment is fragile and altcoin liquidity remains thin. In that environment, supply concentrating among the largest wallets could act as a structural floor, even if macro conditions stay choppy.
What the Data Doesn’t Say Counting wallets is an imperfect science. A single entity can split holdings across multiple addresses, and an increase in 10K-BTC wallets could reflect custody reshuffling rather than new buying. The metric doesn’t distinguish between exchange-controlled addresses, institutional custodians, or true long-term holders. That ambiguity means the signal is best read as one piece of a larger puzzle—a bullish tilt in the supply distribution that aligns with falling retail participation, but not a crystal ball.
Traders parsing on-chain data may also want to watch exchange net flows, whale-to-exchange deposits, and realized profit/loss ratios over the next several weeks. If the rotation into strong hands continues while selling pressure from smaller holders eases, the market could find itself structurally set up for a move that has historically favored the upside. For now, the data gives a clear picture: Bitcoin’s largest wallets are growing, and they’re doing so at a pace not seen since early 2026.
AUTHOR
Brenda is a writer with three years of experience specializing in cryptocurrency, artificial intelligence and emerging technologies. She graduated from the University of Mombasa with a degree in Psychology. She has worked at Cryptopolitan and Blockchain Reporter.
In the ongoing debate over BIP-110, Michael Saylor recently claimed that although BIP-110 was permitted to challenge Bitcoin [BTC], it was widely rejected by the larger Bitcoin community.
For context, proponents of BIP-110 ran modified Bitcoin software with different rules to create a fork, and they were able to do so without obtaining permission thanks to Bitcoin’s design.
However, a fork only gains significance if it is adopted by a sufficient number of miners, users, wallets, exchanges, custodians, investors, and companies. In this case, the expected support was not fulfilled as Saylor claimed,
About 99.85% of Bitcoin’s hashpower stayed with Bitcoin.
During this time, the BIP-110 branch only generated two blocks and, after reaching 961,632, fell more than 80 blocks behind.
Saylor despises BIP-110 According to Saylor, supporters would need to mine about 2,015 more blocks at the current rate before they experience their first difficulty adjustment, which could take about 25 years. The matter is one of economic consensus rather than just the number of blocks mined by BIP-110.
Put simply, anyone can fork or copy the code of Bitcoin, but they cannot make the Bitcoin ecosystem accept their version as the real thing. Therefore, Saylor argues that BIP-110 shows that Bitcoin’s decentralized governance functions as intended.
Nobody controls Bitcoin. Consensus emerges from the network, and the network has spoken.
Well, this isn’t the first time Saylor has criticized BIP-110. Back in mid-July, he pointed out 110 reasons why he believes BIP-110 is a bad idea.
Saylor is not alone General Partner Dan Held of Asymmetric Financial expressed somewhat similar opinions. He contends that BIP-110 required a substantial amount of developer time and effort without garnering enough support from the larger Bitcoin community.
Held added,
Promoted by puritan maxis who thought emotional urgency and moral panic could override consensus.
In addition, Held claims that some supporters tried to sway miners and companies through public pressure, harassment, personal attacks, and other means rather than through the standard procedure of technical discussion and voluntary adoption.
He claims that “BIP-110 was retarded” as it was “technically defective and game theoretically flawed.”
Bitcoin’s valuation in relation to network activity This comes as the NVM Ratio stayed high at press time, hovering around 4.378, indicating strong network activity in relation to valuation. This occurred while Bitcoin was trading at $65,163.47 at press time.
Source: CryptoQuant Now, even though the NVM Ratio has declined from its peak values in early 2026 and parts of 2025, the graph indicates that it is still much higher than the lower values observed during earlier market corrections.
In other words, rather than clearly indicating either extreme undervaluation or a significant speculative peak, the reading indicates a healthy but elevated valuation in relation to network activity.
Final Summary Saylor claimed that the recent fork couldn’t gain enough significance as about 99.85% of Bitcoin’s hashpower has stayed with Bitcoin. Dan Held also criticized BIP-110 for wasting the time and effort of developers.
The price of SUI is displaying renewed bullish momentum, buoyed by increasing buying pressure and declining selling interest. As network participation grows, Sui’s recent technical advances, particularly the expanding Hashi testnet, are attracting further attention within the crypto community.
Strengthening market momentumSUI currently trades at $0.6919, registering a 1.65% decrease over the last 24 hours. Its market capitalization stands at $2.82 billion, with a 24-hour trading volume of $177.89 million. Despite this short-term dip, analysts remain optimistic about the potential for a trend reversal.
Crypto analyst Alpha Crypto Signal stated that SUI’s recent trading activity shows rising bullish momentum as buying volumes increase. Technical indicators also appear to signal improved sentiment among traders.
The token’s positive price structure and growing volume suggest waning selling pressure, indicating a stronger basis for potential short-term gains as buyers regain confidence.
Analysts have identified $0.75 as the next resistance level to watch. They believe a sustained boost in demand could enable SUI to break through this barrier and attract renewed investor interest. However, achieving this target depends on continuous momentum and increased trading activity, which could further support a bullish trajectory.
Hashi testnet and Bitcoin Signet integrationA key driver behind SUI’s network activity is its Hashi testnet expansion. Just three weeks after launch, Hashi has facilitated over 1.1 million deposit transactions and approximately 165,000 withdrawals, signaling robust developer engagement and infrastructure testing.
Within the Bitcoin Signet testing environment, the impact is considerable. Sui has reported that Hashi testing now accounts for more than half of all Bitcoin Signet transactions over the past two weeks. This heightened level of testnet stress activity suggests developers are actively evaluating deposit and withdrawal mechanisms on Sui’s Bitcoin-focused framework.
Sui’s data highlight that ongoing Hashi testnet operations contribute to growing confidence in its Bitcoin network infrastructure, reinforcing the platform’s progress in scaling transaction capacity and fostering a broader ecosystem.
While recent price action remains neutral, broader market conditions have also weighed on SUI’s short-term prospects. A downward movement in Bitcoin’s price has affected overall sentiment in the altcoin sector, leaving SUI largely tracking wider market trends in the near term.
Outlook and technical considerationsDespite market fluctuations, SUI’s path forward hinges on a sustained increase in buying pressure and volume. If these conditions are met, SUI could reattempt a breakout past the $0.75 mark, potentially attracting more participants to the market.
Market observers continue to emphasize the importance of network milestones and volume dynamics when assessing short-term price trajectories. Tools that help traders monitor such indicators in real time, like CryptoAppsy, have become increasingly valuable for investors. CryptoAppsy allows users to consolidate their crypto investments, access live prices, detailed charts, and multi-currency portfolio management on a single dashboard. Instant price alerts, targeted news, and discovery features for new altcoins help market participants react swiftly to important technical signals and macroeconomic updates such as Fed interest rates.
For now, SUI’s immediate fate will rely on its ability to hold current price levels and generate renewed upside, with attention focused on both technical patterns and developments across its growing ecosystem.
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.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Ming-Chi Kuo: Rumors that TSMC has a backlog of $1 billion worth of Apple chips due to memory shortages are untrue, and relevant orders are planned in advance.
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Ming-Chi Kuo: Rumors that TSMC has a backlog of $1 billion worth of Apple chips due to memory shortages are untrue, and relevant orders are planned in advance.
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Bitwise: Circle Is Greatly Undervalued, May Become Both a Stablecoin and Payments Giant in the Future
Bitwise Head of Research Ryan Rasmussen said that as the stablecoin market expands to a multi-trillion-dollar scale, investors are underestimating Circle’s growth opportunities. He projects the stablecoin market will grow from its current roughly $300 billion size to $3 trillion to $5 trillion, adding that with the gradual formation of the U.S. stablecoin regulatory framework, Circle holds a first-mover advantage thanks to its existing market share. Rasmussen noted that Circle’s opportunities extend beyond earning more reserve revenue as stablecoins scale; the firm is building payment infrastructure for the stablecoin financial system, a segment the market is “severely undervaluing.” He stated: “Looking back in five years, Circle won’t just be a stablecoin giant—it’ll also be a payments giant,” comparing its potential development path to global payment firms like Visa and Mastercard. On competition from traditional institutions such as banks and consumer companies launching their own stablecoins, Rasmussen does not view this as a major threat to Circle. He argued that the overall market growth pace is likely sufficient for Circle to continue expanding even as competitors rise, with the key being the company’s ability to consistently execute as the regulated stablecoin market develops. Additionally, Rasmussen said Circle’s Arc blockchain will test whether the firm can expand beyond stablecoin issuance into payment infrastructure. Over the next year, what merits attention is whether Arc gains adoption and integrates with traditional financial systems, and how Circle’s business model will evolve as stablecoins become more mainstream and new infrastructure grows.
7 minutes ago
Bithumb will list DOS/KRW trading pair
According to an official announcement, Bithumb will list the DAPPOS (DOS) KRW trading pair.
Ming-Chi Kuo: Rumors that TSMC has a backlog of $1 billion worth of Apple chips due to memory shortages are untrue, and relevant orders are planned in advance.
TF International Securities analyst Ming-Chi Kuo stated in a recent research note that recent market rumors claim TSMC, due to tight DRAM supplies, has stockpiled around $10 billion worth of unfinished Apple 2nm processors, delaying their packaging process, citing TSMC’s Q2 earnings call comment that “the increase in inventory days is mainly due to the ramp-up of 2nm mass production” as evidence. However, his industry research shows that Apple’s hardware shipments this year have indeed been cut due to storage supply shortages, but Apple places processor orders with TSMC at least three months in advance, planning production based on available storage supply rather than asking TSMC to mass-produce unfinished processors ahead of time. Kuo noted that this does not mean TSMC does not produce and hold unfinished processors in advance, but if the supply bottleneck is not on TSMC’s end, such actions offer no clear practical benefit, and Apple has little reason to pay extra to request TSMC to do so. Therefore, he believes the scenario of “TSMC stockpiling $10 billion worth of unfinished processors and waiting for storage supplies to arrive for packaging” has not materialized. He further emphasized that TSMC’s Q2 inventory days rise cannot be directly linked to Apple’s unfinished processors. First, TSMC’s inventory days typically increase during the ramp-up of new advanced process mass production in the past; second, TSMC’s inventory includes not only unfinished products but also finished goods, raw materials, components, and spare parts; third, this year’s 2nm clients are not only Apple, but also IC design firms including AMD and MediaTek.
7 minutes ago
BitMine buys the dip again, purchasing 13,000 ETH worth approximately $24.36 million.
According to on-chain analyst Yu Jin’s monitoring, Ethereum treasury firm BitMine bought ETH after a price dip, and received 13,000 ETH (valued at $24.36 million) from BitGo five minutes ago.
7 minutes ago
Apple is reportedly still planning to launch a fully upgraded iPhone with glass as its core material next year.
A source familiar with the matter told Jinshi that Apple (AAPL) still plans to launch a fully upgraded, glass-centric iPhone next year to mark the 20th anniversary of the iPhone's debut. Earlier, an analyst report had claimed that this plan had been scrapped.
7 minutes ago
Trader 0x0000's $BRENTOIL short liquidated as oil prices rise, losing $1.33M
As #oil prices rose, trader 0x0000's $BRENTOIL short was fully liquidated, losing $1.33M.
7 minutes ago
Bitwise: Circle Is Greatly Undervalued, May Become Both a Stablecoin and Payments Giant in the Future
Bitwise Head of Research Ryan Rasmussen said that as the stablecoin market expands to a multi-trillion-dollar scale, investors are underestimating Circle’s growth opportunities. He projects the stablecoin market will grow from its current roughly $300 billion size to $3 trillion to $5 trillion, adding that with the gradual formation of the U.S. stablecoin regulatory framework, Circle holds a first-mover advantage thanks to its existing market share. Rasmussen noted that Circle’s opportunities extend beyond earning more reserve revenue as stablecoins scale; the firm is building payment infrastructure for the stablecoin financial system, a segment the market is “severely undervaluing.” He stated: “Looking back in five years, Circle won’t just be a stablecoin giant—it’ll also be a payments giant,” comparing its potential development path to global payment firms like Visa and Mastercard. On competition from traditional institutions such as banks and consumer companies launching their own stablecoins, Rasmussen does not view this as a major threat to Circle. He argued that the overall market growth pace is likely sufficient for Circle to continue expanding even as competitors rise, with the key being the company’s ability to consistently execute as the regulated stablecoin market develops. Additionally, Rasmussen said Circle’s Arc blockchain will test whether the firm can expand beyond stablecoin issuance into payment infrastructure. Over the next year, what merits attention is whether Arc gains adoption and integrates with traditional financial systems, and how Circle’s business model will evolve as stablecoins become more mainstream and new infrastructure grows.
7 minutes ago
Bithumb will list DOS/KRW trading pair
According to an official announcement, Bithumb will list the DAPPOS (DOS) KRW trading pair.
Ming-Chi Kuo: Rumors that TSMC has a backlog of $1 billion worth of Apple chips due to memory shortages are untrue, and relevant orders are planned in advance.
TF International Securities analyst Ming-Chi Kuo stated in a recent research note that recent market rumors claim TSMC, due to tight DRAM supplies, has stockpiled around $10 billion worth of unfinished Apple 2nm processors, delaying their packaging process, citing TSMC’s Q2 earnings call comment that “the increase in inventory days is mainly due to the ramp-up of 2nm mass production” as evidence. However, his industry research shows that Apple’s hardware shipments this year have indeed been cut due to storage supply shortages, but Apple places processor orders with TSMC at least three months in advance, planning production based on available storage supply rather than asking TSMC to mass-produce unfinished processors ahead of time. Kuo noted that this does not mean TSMC does not produce and hold unfinished processors in advance, but if the supply bottleneck is not on TSMC’s end, such actions offer no clear practical benefit, and Apple has little reason to pay extra to request TSMC to do so. Therefore, he believes the scenario of “TSMC stockpiling $10 billion worth of unfinished processors and waiting for storage supplies to arrive for packaging” has not materialized. He further emphasized that TSMC’s Q2 inventory days rise cannot be directly linked to Apple’s unfinished processors. First, TSMC’s inventory days typically increase during the ramp-up of new advanced process mass production in the past; second, TSMC’s inventory includes not only unfinished products but also finished goods, raw materials, components, and spare parts; third, this year’s 2nm clients are not only Apple, but also IC design firms including AMD and MediaTek.
7 minutes ago
BitMine buys the dip again, purchasing 13,000 ETH worth approximately $24.36 million.
According to on-chain analyst Yu Jin’s monitoring, Ethereum treasury firm BitMine bought ETH after a price dip, and received 13,000 ETH (valued at $24.36 million) from BitGo five minutes ago.
7 minutes ago
Apple is reportedly still planning to launch a fully upgraded iPhone with glass as its core material next year.
A source familiar with the matter told Jinshi that Apple (AAPL) still plans to launch a fully upgraded, glass-centric iPhone next year to mark the 20th anniversary of the iPhone's debut. Earlier, an analyst report had claimed that this plan had been scrapped.
7 minutes ago
Trader 0x0000's $BRENTOIL short liquidated as oil prices rise, losing $1.33M
As #oil prices rose, trader 0x0000's $BRENTOIL short was fully liquidated, losing $1.33M.
7 minutes ago
Bitwise: Circle Is Greatly Undervalued, May Become Both a Stablecoin and Payments Giant in the Future
Bitwise Head of Research Ryan Rasmussen said that as the stablecoin market expands to a multi-trillion-dollar scale, investors are underestimating Circle’s growth opportunities. He projects the stablecoin market will grow from its current roughly $300 billion size to $3 trillion to $5 trillion, adding that with the gradual formation of the U.S. stablecoin regulatory framework, Circle holds a first-mover advantage thanks to its existing market share. Rasmussen noted that Circle’s opportunities extend beyond earning more reserve revenue as stablecoins scale; the firm is building payment infrastructure for the stablecoin financial system, a segment the market is “severely undervaluing.” He stated: “Looking back in five years, Circle won’t just be a stablecoin giant—it’ll also be a payments giant,” comparing its potential development path to global payment firms like Visa and Mastercard. On competition from traditional institutions such as banks and consumer companies launching their own stablecoins, Rasmussen does not view this as a major threat to Circle. He argued that the overall market growth pace is likely sufficient for Circle to continue expanding even as competitors rise, with the key being the company’s ability to consistently execute as the regulated stablecoin market develops. Additionally, Rasmussen said Circle’s Arc blockchain will test whether the firm can expand beyond stablecoin issuance into payment infrastructure. Over the next year, what merits attention is whether Arc gains adoption and integrates with traditional financial systems, and how Circle’s business model will evolve as stablecoins become more mainstream and new infrastructure grows.
7 minutes ago
Bithumb will list DOS/KRW trading pair
According to an official announcement, Bithumb will list the DAPPOS (DOS) KRW trading pair.
Ming-Chi Kuo: Rumors that TSMC has a backlog of $1 billion worth of Apple chips due to memory shortages are untrue, and relevant orders are planned in advance.
TF International Securities analyst Ming-Chi Kuo stated in a recent research note that recent market rumors claim TSMC, due to tight DRAM supplies, has stockpiled around $10 billion worth of unfinished Apple 2nm processors, delaying their packaging process, citing TSMC’s Q2 earnings call comment that “the increase in inventory days is mainly due to the ramp-up of 2nm mass production” as evidence. However, his industry research shows that Apple’s hardware shipments this year have indeed been cut due to storage supply shortages, but Apple places processor orders with TSMC at least three months in advance, planning production based on available storage supply rather than asking TSMC to mass-produce unfinished processors ahead of time. Kuo noted that this does not mean TSMC does not produce and hold unfinished processors in advance, but if the supply bottleneck is not on TSMC’s end, such actions offer no clear practical benefit, and Apple has little reason to pay extra to request TSMC to do so. Therefore, he believes the scenario of “TSMC stockpiling $10 billion worth of unfinished processors and waiting for storage supplies to arrive for packaging” has not materialized. He further emphasized that TSMC’s Q2 inventory days rise cannot be directly linked to Apple’s unfinished processors. First, TSMC’s inventory days typically increase during the ramp-up of new advanced process mass production in the past; second, TSMC’s inventory includes not only unfinished products but also finished goods, raw materials, components, and spare parts; third, this year’s 2nm clients are not only Apple, but also IC design firms including AMD and MediaTek.
7 minutes ago
BitMine buys the dip again, purchasing 13,000 ETH worth approximately $24.36 million.
According to on-chain analyst Yu Jin’s monitoring, Ethereum treasury firm BitMine bought ETH after a price dip, and received 13,000 ETH (valued at $24.36 million) from BitGo five minutes ago.
7 minutes ago
Apple is reportedly still planning to launch a fully upgraded iPhone with glass as its core material next year.
A source familiar with the matter told Jinshi that Apple (AAPL) still plans to launch a fully upgraded, glass-centric iPhone next year to mark the 20th anniversary of the iPhone's debut. Earlier, an analyst report had claimed that this plan had been scrapped.
7 minutes ago
Trader 0x0000's $BRENTOIL short liquidated as oil prices rise, losing $1.33M
As #oil prices rose, trader 0x0000's $BRENTOIL short was fully liquidated, losing $1.33M.
7 minutes ago
Bitwise: Circle Is Greatly Undervalued, May Become Both a Stablecoin and Payments Giant in the Future
Bitwise Head of Research Ryan Rasmussen said that as the stablecoin market expands to a multi-trillion-dollar scale, investors are underestimating Circle’s growth opportunities. He projects the stablecoin market will grow from its current roughly $300 billion size to $3 trillion to $5 trillion, adding that with the gradual formation of the U.S. stablecoin regulatory framework, Circle holds a first-mover advantage thanks to its existing market share. Rasmussen noted that Circle’s opportunities extend beyond earning more reserve revenue as stablecoins scale; the firm is building payment infrastructure for the stablecoin financial system, a segment the market is “severely undervaluing.” He stated: “Looking back in five years, Circle won’t just be a stablecoin giant—it’ll also be a payments giant,” comparing its potential development path to global payment firms like Visa and Mastercard. On competition from traditional institutions such as banks and consumer companies launching their own stablecoins, Rasmussen does not view this as a major threat to Circle. He argued that the overall market growth pace is likely sufficient for Circle to continue expanding even as competitors rise, with the key being the company’s ability to consistently execute as the regulated stablecoin market develops. Additionally, Rasmussen said Circle’s Arc blockchain will test whether the firm can expand beyond stablecoin issuance into payment infrastructure. Over the next year, what merits attention is whether Arc gains adoption and integrates with traditional financial systems, and how Circle’s business model will evolve as stablecoins become more mainstream and new infrastructure grows.
7 minutes ago
Bithumb will list DOS/KRW trading pair
According to an official announcement, Bithumb will list the DAPPOS (DOS) KRW trading pair.
Arthur Hayes, the co-founder of BitMEX and chief investment officer at Maelstrom, has outlined a scenario in which Bitcoin could experience further short-term weakness before ultimately surging to extraordinary heights. In a recent essay, the crypto commentator suggested that the leading digital asset might trade sideways or decline temporarily amid shifting capital flows, yet he maintains a highly optimistic long-term outlook driven by macroeconomic forces.
Hayes frames the current multi-trillion-dollar push into artificial intelligence infrastructure as more akin to a leveraged real estate credit expansion than a classic technology growth story.
He draws parallels to the 2008 global financial crisis rather than the earnings-focused dot-com bust of 2000.
In his view, hyperscalers—the major cloud providers constructing vast data centers—are essentially financing property developments filled with rapidly obsolescing hardware.
Newer generations of chips will deliver far greater computational power with less energy, potentially leaving lenders exposed to facilities packed with outdated equipment.
According to Hayes, capital has been heavily diverted toward AI-related credit and equities.
This absorption of available liquidity contributed to Bitcoin peaking in October 2025 before roughly halving in value.
He argues that the flood of funds into data centers, power infrastructure, and related projects has limited the dollars available to propel further gains in cryptocurrency markets.
As a result, Bitcoin may remain range-bound for a period, oscillating between approximately $60,000 and $70,000, with a possible further decline toward the $50,000 level.
Additional near-term pressure could stem from market concerns about potential Bitcoin sales by large corporate holders such as Strategy Inc.
Despite this cautious near-term assessment, Hayes remains firmly bullish over a longer horizon.
He anticipates that the pace of announced AI capital expenditure will begin to decelerate around mid-to-late 2027, becoming more evident by 2028.
Credit issuance, however, is likely to continue expanding during this slowdown phase—mirroring the period in the mid-2000s when mortgage lending grew even after US home price appreciation had already cooled.
When growth in actual construction eventually contracts, over-leveraged participants holding weaker AI-related debt could face solvency challenges.
At that point, Hayes expects authorities to intervene aggressively.
Once policymakers recognize that the AI-driven contribution to GDP growth resembles a conventional property bubble, they will likely respond with substantial monetary expansion—potentially exceeding the scale of the 2008 response.
This injection of liquidity, he contends, would ultimately propel Bitcoin higher.
“This will ultimately drive bitcoin to one million and beyond,” Hayes wrote, noting that unlike previous crises, Bitcoin already exists as a mature asset capable of capturing the upside from such interventions.
He emphasizes that governments, particularly in the United States and China, have strong incentives to support the AI sector on national security and economic grounds.
This backing could take forms that create significant new liquidity, which historically benefits scarce, decentralized assets like Bitcoin.
Hayes views Bitcoin as a sensitive indicator of fiat liquidity conditions, positioning it to thrive once the misallocated capital in the AI buildout forces a broader policy response.
While the timeline for any such credit stresses remains years away, and current market conditions reflect a corrective phase within a still-unfolding AI cycle, Hayes’s analysis underscores the interplay between traditional finance, technology investment, and cryptocurrency valuations.
Investors following his framework are watching liquidity dynamics and capital expenditure trends closely as potential signals for Bitcoin’s next major moves.
BlackRock’s Head of Digital Assets Robert Mitchnick said the company has reduced the minimum for Bitcoin (BTC) exchange-traded fund (ETF) in-kind conversions from $25 million to $1 million.
BlackRock drops minimum in-kind conversion rate to $1 millionThe lower threshold allows investors with $1 million worth of Bitcoin to facilitate in-kind conversions through authorized participants and receive shares of BlackRock’s iShares Bitcoin Trust (IBIT).
In an interview with Bloomberg analysts Eric Balchunas and Isabelle Lee on Monday, Mitchnick noted that the process remains intermediated, meaning BlackRock does not directly facilitate the transactions with individual investors.
Mitchnick said in-kind creations and redemptions remain a minority of activity within the Bitcoin ETF market, with most inflows coming from new dollars.
However, he said the amount of in-kind activity has grown since regulators permitted the feature, prompting BlackRock to work on lowering the minimum threshold.
Coldcard hack reflects security mismanagement issuesMitchnick also addressed the recent hack involving Coldcard wallets, describing it as a security failure rather than a breach of Bitcoin’s underlying network.
“Unfortunately, with that incident, it was a fairly simple, sort of amateurish error that led to the vulnerability,” Mitchnick said.
He added that crypto hacks involving individual wallets or service providers reflect “individual security mismanagement issues.”
Mitchnick said the incident underscores why many investors have turned to regulated Bitcoin ETFs, which provide exposure without needing to manage private keys and other custody risks themselves.
“What we’ve seen, frankly, since the start of the Bitcoin ETFs being available in January of two years ago was an overwhelming demand to be able to hold in a very simple turnkey trusted vehicle,” he stated.
Bitcoin ETF holders remain long-term focusedDespite Bitcoin's decline from its all-time high in October, Mitchnick said BlackRock has not seen evidence of widespread panic among its ETF investors.
“The ETF investor base tends to be more of a fundamental long-term buy and hold type segment,” he said, adding that this behavior has continued during the downturn.
Mitchnick noted that Bitcoin has experienced five major boom-and-bust cycles and remains a volatile asset. However, each cycle has ended at a higher level than the previous one, he added.
He also pointed to Bitcoin’s recent decoupling from equities as a potentially healthy development for the asset’s long-term diversification thesis.
Mitchnick also discussed BlackRock’s new Bitcoin premium-income ETF, BITA. The product targets investors willing to sacrifice some potential Bitcoin upside in exchange for a mid-to-high-teens target yield and reduced volatility.
He added that BITA is off to a solid start, although he expects its growth to be slower than flagship products such as the iShares Bitcoin Trust (IBIT).
Bitcoin is trading at $63,940, down 1.7% over the past 24 hours at the time of writing.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
