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Strive, the fifth-largest Bitcoin treasury, has put forth a strong and critical case against MSCI’s proposal to axe crypto treasuries from the global index. 

In its feedback on the proposal, Strive acknowledged the 2026 framework as a “material improvement” over the 2025 one (which directly targeted crypto treasuries for exclusion). 

The current proposal asks a better question: when does a public corporation cease to be an operating company and become, in economic substance, an investment vehicle? We think MSCI is now asking the right question but has yet to supply a rule capable of answering it.

However, Strive asked MSCI to define the meaning of “operating asset.” The firm insisted that they (BTC treasuries) fit the profile of an “operating company,” citing Strategy’s digital credit products tied to BTC reserves.

Companies that issue digital credit belong on the operating side of that line. They use balance sheet assets as inputs, apply continuing financial and risk-management processes to them, and produce differentiated financial claims with payment and risk characteristics the underlying assets.

Will MSCI Index keep Bitcoin treasuries? Strategy’s list of preferred stocks, including STRC, STRF, STRK, and STRD, earn bi-monthly and quarterly dividends. In fact, there is a proposal to have the last four offer daily interest. The digital credit is backed by Strategy’s massive BTC and cash reserves to ensure uninterrupted yield payouts. 

In fact, in case of foreseen shortfalls, Strategy has opted to sell part of its BTC to replenish its cash reserves. Similarly, Strive said it runs the same playbook with over $2B worth of BTC as reserve. 

Source: Bitcoin Treasuries  For Strive, this fits an “operating company” just like any insurer, bank, or other financial firms. Interestingly, even TD Securities made a similar argument against the MSCI proposal and posed, 

The primary product is not Bitcoin itself, but rather differentiated forms of Bitcoin-backed exposure tailored to varying investor preferences for risk, duration, leverage, yield and liquidity. That strikes us as a corporate activity, not a passive one.

For MSCI, companies that buy and hoard assets (including crypto assets) such as Strategy are “non-operating” companies that should be axed from its index. The index provider proposed this last month and opened a feedback window set to close by the end of September. 

MSCI plans to give final results on the same by mid-October and rebalance the index by November, if the changes are adopted. 

However, Strive insists that it should define “operating assets” and at least offer a “future qualification path” for the firms to make needed adjustments. 

Source: Strive  It’s unclear whether MSCI will fold and withdraw the proposal next month. However, the decision would massively affect the crypto treasuries segment. 

Final Summary Strive wants MSCI to define “operating assets,” defending that Strategy and the digital credit model constitute an “operating” company.  MSCI will finalize its decision on axing crypto treasuries in mid-October after reviewing feedback from players.

After making a comeback by adding more Bitcoin [BTC] to its treasury, Michael Saylor’s Strategy is proposing to change how dividends are accrued and paid on its preferred securities—STRF, STRC, STRK, and STRD.

With this change, Strategy wants to move from monthly, semi-monthly, or quarterly dividend schedules to a system where the dividend accrues every calendar day, including Saturdays, Sundays, and U.S. market holidays.

The accumulated amount would then be paid on the next business day, which Strategy refers to as the next evolution of its “digital credit” products.

What is this proposal all about? Additionally, the proposal aims to make Strategy’s preferred securities more like liquid cash/yield instruments by using daily dividend accruals to reduce price volatility, improve liquidity, and potentially boost demand.

For STRC, Strategy aims to keep the price near its $100 par value through share sales above $100 and buybacks below $100.

This came after the company shifted from monthly to semi-monthly dividends, which reduced ex-dividend price drops from 49 to 36 basis points. And further expects daily accruals could further reduce volatility, though this is not guaranteed.

However, if at all this happens, STRC would move from 24 record dates a year to 365, or 366 in leap years, while STRF, STRK, and STRD would shift from four quarterly record dates to daily accruals.

This means dividends would accrue about 15 times more frequently for STRC and 90 times more frequently for the other three preferreds. Remarking on the same, Saylor said,

The stronger STRC is, then the better a platform (4:03) it is for all of these other innovative products. 

What’s next? However, as of now, the proposal still requires shareholder approval. But if approved, STRC would begin daily accruals on the 1st of November 2026, with the first payment on the 2nd of November.

Meanwhile, STRF, STRK, and STRD would switch on the 1st of January, 2027, after completing their existing Q4 2026 dividend cycle.

Hence, Saylor concluded it best when he said, 

We think these amendments should help us issue the strongest digital credit in the world, and improve stretch, and that should also help us create the best equity in the world, MSTR, which will further help us increase our Bitcoin and our Bitcoin per share.

This came as STRC stock was trading at $98.54 after a hike of 0.23% in the past trading session. Meanwhile, MSTR was trading at $158.61 after a drop of 1.86% during the same period.

At the same time, Strategy’s Bitcoin holdings have reached around 846,000 BTC, with roughly $10 billion in unrealized losses to about $8 billion in gains.

Final Summary The proposal aims to make Strategy’s preferred securities more like liquid cash/yield instruments. Once approved, STRC would begin daily accruals on 1st November, with the first payment on 2nd November.

Bitcoin [BTC] has been oscillating around $83k-$85k since the price dipped into this area on Wednesday, the 23rd of September. The 4-day consolidation came after a strong push from $76k to $87k last week.

Such compression in volatility generally indicates another strong move was building up. Where will the next impulse move go? Here are some clues on whether swing traders and investors expect a deeper retracement or a bullish continuation.

Uptober aligns with Bitcoin’s regime shift In a post on X, popular crypto analyst Ali Martinez pointed out that October has been a historically bullish month. Out of the previous 13 years, 10 of them have seen gains for Bitcoin.

Moreover, September, a historically bearish month, was about to end bullishly too. This could power a stronger October, or the “Uptober” seasonal effect as BTC transitions to a bullish regime.

Bitcoin flowing out of exchanges and nearly $3 billion in spot ETF inflows within ten days also signaled strong demand and bullish sentiment.

Source: Axel Adler Jr. on X The Adjusted MVRV 30DMA/365DMA ratio crossed above its own 365-day moving average on the 20th of August. This crossover marked an early bull market transition, noted crypto analyst Axel Adler Jr.

The ratio climbed above the 1.0 baseline on the 20th of September, marking a regime shift from early bull market to bull market. This was the sixth early bull-to-bull regime transition since 2012.

Four of the five latest such crossovers saw the bull phase end with Bitcoin prices higher than the entry price of the regime shift.

The one exception was August 2015, when the bull market ended 16 days after its start and the BTC market fell back into early bull territory.

The warning sign for Bitcoin Source: Julio Moreno on X The recent rally saw unrealized profit margins reach 33%, the highest since December 2024. Profit-taking selling spiked to 25.7k BTC, the highest in 2026.

Analyst Julio Moreno noted that these factors were typical of a rally losing steam and at risk of a deeper correction.

Final Summary The Bitcoin-adjusted MVRV scores showed an early bull market phase for a month, which transitioned to a bull regime a week ago. The spike in profit-taking and unrealized profit margins at their highest since December 2024 were warning signs of a possible BTC correction, deeper than the past week.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

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In brief U.S. spot Bitcoin ETFs took in $134.5 million Friday, extending a seven-day inflow streak worth about $2.98 billion, per Decrypt's tracker. The run followed $746.3 million in outflows on Sept. 15 and 16 after the Clarity Act failed in the Senate. Year-to-date flows turned positive at $886.8 million through Thursday, per Farside, up from a $5.69 billion hole in July. Less than two weeks ago, Bitcoin ETF investors were heading for the exits. Now they're piling back in.

U.S. spot Bitcoin ETFs took in $134.5 million on Friday, extending their inflow streak to seven straight trading days, according to Decrypt's Bitcoin ETF tracker. The run, which began Sept. 17, has pulled in about $2.98 billion.

Myriad: How high will Bitcoin go? Click to make your prediction.That's a sharp reversal from mid-September. The funds shed $450.4 million on Sept. 15, their worst day since June, after the Senate's failed cloture vote on the Clarity Act. They lost another $295.9 million the next day.

Then the tide turned. Inflows since have outpaced those back-to-back losses roughly fourfold.

Bitcoin ETFs are exchange-traded funds that hold actual Bitcoin, letting investors gain exposure through a regular brokerage account, circumventing crypto exchanges, wallets, and seed phrases altogether. Their daily flows have become a closely watched barometer of institutional appetite.

Bitcoin ETF Net Flows. Image: DecryptThe biggest boost came Sept. 21, when the funds took in nearly $1 billion, their best day since October 2025. As Decrypt reported Tuesday, that surge helped lift Bitcoin above the average ETF holder's cost basis of $81,722, a figure estimated by Bloomberg analyst James Seyffart. That put the typical fund investor back in profit for the first time since January.

The streak has also rewritten the year's scorecard. Through Thursday, the funds had taken in a net $886.8 million in 2026, according to Farside Investors data. That's a roughly $6.6 billion swing from July 13, when they sat $5.69 billion in the red. Friday's inflow would push the total past $1 billion, though tallies vary by tracker. Bloomberg put year-to-date flows at about $320 million earlier this week.

Cumulative net inflows since the funds launched now stand at $58.0 billion, according to Decrypt's tracker. Total net assets sit at $108.42 billion, with Bitcoin trading at around $84,020.

There's still ground to cover. Last year, the funds drew $21.35 billion, per Farside. Matching that would take roughly $300 million a day through December, a pace this streak has comfortably topped on average.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Dear Reader,

It has been many months since I last wrote you. Part of the reason for that is because I spent most of June and part of July in transit from FPC Morgantown to FCI McKean – a four hour drive away. For most of that time I had no access to pen, paper, stamps, or the rudimentary email system that I use to send these letters out. 

The other part of the reason why I haven’t written in so long is that once I did finally arrive I was so shell shocked from the entire ordeal that I needed time to decompress and process that month long trauma that is BOP transit. 

Six days after arriving at FCI McKean I finally put pen to paper to document the journey but the result was less of a letter and more of a trauma dump to help me process the absolute worst 30 days of my life. I decided to take a step back and give it some time before I sent out this letter. I have been slowly adapting to life here at McKean, and in good time I will tell you all about this place, but for this letter I want to go back to early June. 

I want to tackle the entire transit process and explain how what should have been a quick four hour drive turned into 30 days, two trans-continental flights, three multi-hour bus rides, a cell mate doing time for murder, and a cell mate who couldn’t stop shitting (I preferred the murderer). This letter will likely be published in two parts due to the length. Thank you for your continued reading and support. 

If you have time to read this article, you have time to sign the petition to free Samourai Wallet developers Keonne Rodriguez and William Hill. Every signature counts. “I finally put pen to paper to document […] the absolute worst 30 days of my life.” On June 5th I was told I would be transferred from FPC Morgantown for a drug and alcohol treatment program. Successfully completing the program (which takes about 9-10 months) rewards you with a year off your sentence, so it is seemingly well worth the hassle of moving to take it. 

For security reasons they do not tell you when you will be leaving or where you will be going. While being transferred in BOP custody you almost always are put on an airplane being piloted and operated by the US Marshalls to be taken to BOP transit hub in Oklahoma City. After a few days in Oklahoma you are put back on a plane and taken to your destination. From speaking with others I was told to expect 1-2 weeks of transit. 

I also heard that it costs around $10,000 per prisoner to be transited through Oklahoma. I figured that since I am classified as minimum security, spent close to two years on pre-trial release, self surrendered, and had no incident reports since being incarcerated I would be a good candidate for what is called a transfer furlough – where I would be responsible for transporting myself to my new institution at my own expense. 

I put in my official request for a transfer furlough on June 5th. On June 8th my request was denied without explanation, I would be going through transit, no way around it. 

On June 10th I was called to Receiving and Discharge (R&D) at 6:00 AM. Though I did not know it at the time I was about to embark on a month long fever dream through two different holding facilities, share cells with murderers, be locked down behind iron barred cells for 23 hours a day, and much more. 

Leaving through R&D is much the same as when I arrived. I was stripped, searched, issued a pair for ill fitting clothes (khaki elastic band trousers, a brown cotton shirt, threadbare boxers, socks that didn’t match, and a pair of slip on blue canvas shoes). 

I was put into a holding cell while the other inmates being transferred went through the same process. There were six of us transiting from Morgantown on that day. We were each lined up and called forward so that the officer could fasten shackles to our ankles and cuffs to our wrists. 

Once cuffed and shackled the officer wrapped a chain around our waist and attacked the handcuffs to them. The end result being that you could not lift your arms or hands much higher than your waist, and you could walk only in painful short shuffling steps. We were handed a brown paper bag with ‘breakfast’ in it (bread, peanut butter, bologna) and escorted to the waiting bus. 

“We were each lined up and called forward so that the officer could fasten shackles to our ankles and cuffs to our wrists.” The bus was a cross between yellow school bus and a coach (think Greyhound or National Express) and already filled with inmates from other prisons in the area. There were guys from all security levels on the bus. Some guys serving 20 years coming from the “pen” (The US Penitentiary), some guys like me serving short sentences and going to a camp. 

The atmosphere was generally friendly on the bus, most of the USP guys were interested in what the camp was like and how much contraband like vapes and phones cost. At the front of the bus behind a metal grate were the driver and three heavily armed officers. They all wore stab vests and carried handguns and long guns. 

As we departed Morgantown I was excited to watch the scenery go by. This was the first taste of the outside world I had in 6 months. I took in all the sights. The trailer park, the run down gas station, the XXX store, it all was captivating. After about an hour of driving the bus suddenly exited the highway and stopped on the side of a small road. After 20 minutes idling I noticed one of the officers walking back to the bus with a bag of biscuits from Tudor’s Biscuit World – a West Virginia institution. 

We remained on the side of the road as each officer one by one went and bought breakfast, an endeavor that took over an hour. I decided Breakfast sounded good but my bread fell out of bag onto the floor. Breakfast would have to wait. As quickly as we got back on the road we suddenly pulled off again. This time each officer went one by one into a gas station to buy cigarettes and energy drinks. 

The metal of the shackles were starting to dig into my ankles, my wrists were cramping, my eardrums were shot beyond comprehension. Many others have said it before, but the one thing you really remember about the prison bus is how unbelievably loud it is. Every bump in the road is followed by a symphony of crashing metal. Inmates at the front of the bus maintain full conversations at full volume with their friends all the way in the back. The volume is at maximum for the entire journey. 

After about 5 hours we arrived at the Greenbriar Valley Regional Airport. There were several other prison busses parked off to the side of the runway. For the next hour or so a parade of officers from other busses would climb up and yell out a series of names. We were playing a grand game of musical chairs and for a brief moment I prayed that I would be called to another bus and spirited off to my camp bypassing the free plane ride to Oklahoma. 

Eventually musical chairs was over and we were instructed to get off the bus and directed to line of waiting US Marshalls standing in front of a plain white airplane adorned only with a small American flag on the tail fin. 

The Marshall patted me down, checked my mouth and feet and directed me to line up and wait by the front of the plane under the cockpit. They packed us in tight on the runway 10 rows of inmates at least 10 men deep. We watched inmates disembark the plane and enter the busses we just left. 

The whole thing must be a logistical nightmare for the folks at BOP and I was surprised how smoothly it all was moving. It was by no means quick, but it could have been far worse. Finally I was ordered to wobble up the stairs to board the plane. I felt like Joe Biden before falling up the stairs. 

How embarrassing it would be to eat it in front of all the convicts. I made it up without embarrassing myself. On board Air Operations Marshalls replaced flight attendants, though one really couldn’t tell any difference in demeanor between a Delta air steward herding a bunch of fat slobs in sweat suits and a US Marshall herding a bunch of prisoners. We filled each row from back to front at the direction of the Marshalls. 

I was sat in the window seat. The guy next to me sported a nifty full face tattoo and informed me he had been down 15 years and was kicked out of the USP for fighting. I informed him I was on my way to a camp and had been down for 6 months. He had nothing else to say to me after that. 

“This was the first taste of the outside world I had in 6 months.“ The plane itself had certainly seen better days, it looked to have been dated from The Cold War. The stickers commonly found plastered across the surfaces of airplanes telling you not to smoke or where to find the life vest in case of emergency – how exactly to apply said life vest while shackled and bound was not explained – were all in German and Russian. Where the hell did they get this thing from. 

The plane was filled 2/3 of the way with inmates. The final third at the front of the plane were all US Marshalls, at least 30 of them. With that, the plane took off and we were on our way to Oklahoma City. After about an hour an Air Marshall doing their best surly Delta stewardess impression threw a bag of lunch at us. It was the second – but not last – sack lunch containing 4 slices of bread, a pouch of peanut butter, two slices of turkey, and a small pack of cookies (“Cream 4 Fun” a BOP staple that even in my dire circumstances solicited a juvenile chuckle out of me). 

Sick to death at this point of the oily BOP peanut butter I happily pawned it off on the face tattoo next to me. I got started trying to fix myself a turkey sandwich – a task made difficult due to the cuffs and limited mobility. The bread was ice cold and the turkey was frozen solid. After brushing off the top layer of ice from the sliced meat and placing it between the now soggy and still freezing bread I took a bite and decided I wasn’t a great fan of turkey popsicle sandwich. The Cream 4 Fun would have to suffice for lunch. 

I was thankful for the small bottle of water that was handed out, but was not thrilled when I spilled most of it down my front contorting myself to try and twist the cap off. Shortly after lunch the Marshall went row by row to ask if we needed to use the toilet. Most people did, so the rest of the flight consisted of much jostling and shuffling to the bathroom and back. I refused, preferring to hold it, but the gentleman across the aisle let the entire plane know that he needed to take a shit, a declaration that caused much consternation and debate. 

As we approached Oklahoma City the pilot got on the intercom to let us all know it was a beautiful sunny day in Oklahoma City, a balmy 88 degrees. He failed to mention that none of us would see that sun for our entire stay in FTC Oklahoma City. 

We landed at OKC airport, went past the main terminal building towards a squat brown concrete building about 6 stories high. After what felt like an eternity we were disembarked row by row through the jet bridge directly into the airport prison. 

We shuffled single file through an assembly line of Marshalls who thankfully removed the cuffs and shackles, searched our mouths and feet again, and directed us into a dark concrete holding cell where we were packed in tight like a tin of sardines. In the corner of the room was a single stainless steel combination toilet, sink, water fountain. 

Almost immediately several inmates somehow fashioned a lighter and proceeded to get extremely high on K2 – known also as Deuce. In prisons Deuce is commonly just roach spray or rat poison drenched on a small piece of paper. 

When you light the paper and inhale the fumes you often freeze where you are standing lean over and are lost to the world around you for several minutes. I was most curious as to where the hell they were hiding these things to make it past no fewer than 3 probing searches. 

All I could think of was getting out of this claustrophobic concrete box into a housing unit with other minimum security “campers”. Everyone had warned me that security classifications would be mixed until you were assigned a housing unit. I just had to tough out the intake process. 

“You quietly wonder if Dante got it all wrong and all the circles of hell happen to be within the BOP’s Oklahoma City airport transfer facility.“ For being the official transit hub of the BOP, handling thousands of inmates every week, the staff at FTC Oklahoma City were breathtaking in their incompetence. Every last officer was less than useless, all of them wearing an expression of bewilderment as to how they happened to stumble into this predicament of dealing with a plane load of convicts, as if normally they were payroll accountants or copy clerks. 

It was as if it was everyone’s first day on the job. After jam packing us ass to elbow in the small concrete room for 4 hours – presumably they were having some sort of crisis meeting trying to determine what exactly they were supposed to do with us – a morbidly overweight officer whose stab-vest appeared to be groaning in protest at the enormity of the task of protecting such an enormous man unlocked the door and shouted that he needed five of us at a time. 

Instantly well over 100 men all desperate to be out of this hellish room push and shove their way towards the door. The only ones in no hurry are the deuce heads who have no idea where they are – and if they are indeed aware their limbs are in no mood to take any direction regarding movement – and myself who has no interest in playing grab ass with murderers and rapists. 

I wait patiently towards the back of the room and entertain myself by taking covert glances at the inmates around me to try and guess which ones are the ‘chomos’ (child molesters). You may at this point wish to chide me and extoll the virtues of not judging a book by its cover, but these books had covers that all but said “Hey Look! I’m a chomo!”. They have a look about them. 

After 45 minutes of 5 men trickling out at a time the room emptied and the deuce heads stumbled back into reality – what a horrible reality to return to from what must be a thrilling escape – and we shuffle out into the convict assembly line. 

We are commanded to undress, lift, squeeze, cough under the careful supervision of an officer no doubt cursing the recruiter at the Buttplug County job fair who never said anything about staring at genitals all day. 

Once the second strip search of the day concludes you are thrown a bundle of damp clothing with odd stains on them and hurry you further along the conveyor belt towards a long queue to go through a body scanner machine, the kind of thing you would find at an airport designed to find bombs and weapons. 

The officer manning the machine sits behind a lead curtain to shield themselves from radiation that leaks out of this whirring machine. The warning sticker helpfully informs you to keep back behind the blue line for your safety, but it turns out this warning is not for you, you are instructed to jam yourself as close as possible to the machine so they make sure to dose you with the radiation of the 6 guys ahead of you. 

Once you have been sufficiently irradiated you get pushed along where the medical officer menacingly asks if you have anything medically wrong with you, almost daring you to say anything but “no”. 

There is a whirlwind of papers being stamped, collated, duplicated, and filed and before you know it the assembly line ends. You breath a sigh of relief, surely some friendly officer is going to check your papers and notice you are a minimum security ‘camper’ and whisk you away. Instead yet another morbidly obese officer points at a room and makes some sort of grunting noise. You do not speak primate but gather he wants you to wait in the room. 

You quickly realize this room is a carbon copy of the first holding room and you quietly wonder if Dante got it all wrong and all the circles of hell happen to be within the BOP’s Oklahoma City airport transfer facility. 

“All I could think of was getting out of this claustrophobic concrete box.” Another couple of hours pass – or years, who can tell at this point – in the second holding room and the Deuce heads are the only ones having a great time. The Deuce dealers have defeated yet another strip search and now a body scanner. Eventually an officer of indeterminate gender unlocks the door and yells out 5 to 10 names and you are escorted to your “range” (prison speak for the floor you live on). 

The officer leads us towards the elevator, 10 of us cram in and I get a good look at the men with me. Seven of them have full face tattoos that extend across their shaved heads. Rams horns, Celtic knots, Thor’s hammer, that sort of thing. 

At this point I am fully aware that a “camper” only range is a fantasy. I am going into the general population with murderers, rapists, kidnappers, gang members, and career criminals – many of whom have spent more time behind bars than they have in society. I take a deep breath, this is no time to be anxious or afraid. If the sharks smell fear they will strike. 

The guard walks us to the heavy metal door that seperates our range from the hallway. He turns the key but the door won’t open. He tries another key with the same result. One of the face tattoos mocks him “what is it your first day or something?” he heckles. The officer now very aware that this is taking way too long fumbles the keys and drops them on the floor. The scene is objectively funny and now several more of the inmates are heckling the clumsy officer. 

Finally the door opens from the inside. The range officer must have taken pity and opened it for him. The guys watching on the security cameras must have been pissing themselves. He will probably never hear the end of it in the breakroom. 

I am on Range 4D. The room is vaguely triangular in shape as if the architect started drawing a triangle but gave up halfway through. The room is large and painted in a palette of institutional grey and the same sort of pink they paint high schools. 

Cells with big metal doors line three of the walls. Two large staircases flank both sides of the room and take you up to an internal balcony where cells line the walls as well. If I remember correctly there are 30 two-man cells on each floor, so each range holds a total of 120 men. As soon as you cross the threshold between hallway and range you are immediately struck by the sheer number of strung out junkies hunched over seemingly frozen in place. 

Before you even have a chance to breathe several face tattoos are in your face asking if you want to buy drugs from them. These enterprising fellows apparently are running a fully stocked pharmacy. They offer me deuce, ice, meth, snizzlefizz, and junglerush. 

Okay, I made the last two up, but they offered me stuff I have never heard of before. I decline the offer and they move on quickly to a more lucrative mark. The range officer leaves his office and steps over a frozen drug addict and informs us that he is new here and to just give him a minute to get us situated. 

I politely wait while the officer – looking more and more flustered by the minute – assigns the guys ahead of me their cells, hands them a roll of toilet paper, and a thin mattress before sending them on their way into the jungle. When it is my turn the officer lets me know that he has run out of toilet paper and but if I give him a minute he will find me some. He gives me my cell number and scurries away back into his office. I follow him and remind him I need a mattress to which he explains he has run out of those as well, but if I just give him a minute he will try and locate one. 

From that point forward he was “Officer Just-A-Minute”. I climb over three junkies strung out on the staircase and make my way to the cell I have been assigned. 

“This isn’t fucking Guantanamo!”  The cell is small, only a bunk bed, a toilet, a sink, a desk, and a fluorescent light. Inside is a large American Indian. If you asked someone to draw the most racist caricature of an American Indian he would have drawn this guy. 

He looks at me and says in a deep voice with a flat affect “I am Shadow”. The strange face tattoos gave him the air of some sort of tribal witch doctor. I said “You sure are” and quickly introduced myself lest he take offense to my glib remark and place a hex on me. 

I liked Shadow immediately. I learned that he was on his way to a USP doing 20 years for murder. Before I had a chance to explain that I was on my way to a camp for the fake crime of not having a license I didn’t even need in the first place Officer Just-A-Minute was in the doorway of the cell holding half of a foam mattress. 

Decidedly at the end of my tether I looked to him, to the mattress in his hands, back to him and asked incredulously “what the fuck am I supposed to do with that?”. “It is all we have” he responded slightly annoyed. “It is half gone. How the hell am I supposed to sleep on that? My ass and legs will be on bare metal!” I protested. “Welcome to prison” he responded curtly. 

I was seriously fed up at this point, plus I had Shadow the murdering witchdoctor to back me up so I pressed further “I understand this is prison. I am well aware of that fact! You still have an obligation to provide us basic amenities like bedding. This isn’t fucking Guantanamo!” 

I pushed. He simply shrugged and dropped the mat onto the floor and walked off. “Fuck that guy” said Shadow. I agreed. 

A few minutes later Officer Just-A-Minute walked by and locked the cell door. We were locked in for the night. It would be the first time I had been truly locked in a cell. I was mildly surprised there wasn’t some sort of central locking mechanism. The officer needed to walk by 60 cells and manually lock them all. A while after locking us in another officer showed up to perform the 10:00 PM count. 

Count concluded I climbed onto my half mattress and waited for the bright fluorescent light to be turned off. By 11:00 PM I asked Shadow what time they usually turned the lights off. “They don’t” he responded. 

I sighed and covered my head with the sheet they gave me – it smelled vaguely like motor oil and sawdust – and silently sobbed. Everyone told me that transit was bad, that Oklahoma was terrible. They were not overstating it. 

I laid there, ass on bare metal, harsh light shining through the threadbare sheet and asked myself if all this was worth the year off. I regretted ever leaving Morgantown, and I desperately wanted to call my wife Lauren.

The transit story will continue in Part 2. Thank you for reading.

THE BLOCK: Bitcoin ETFs turn positive for 2026 with $2.4 billion weekly inflow, their largest since October

21h05 ▪ 8 min read ▪ by Ghiles A.

Summarize this article with:

The cryptocurrency market enters a phase where every level counts. On Saturday, September 26, 2026, bitcoin trades below its all-time high after a pullback from 87,374 dollars. The rise since mid-September remains visible despite less sustained activity. The hourly, four-hour, and daily charts show consolidation around 84,000 dollars. From then on, supports near 83,000 dollars and resistances from 85,500 to 86,000 dollars focus traders’ attention.

In Brief The price trades around 84,162 dollars after its rejection at 87,374 dollars. The market consolidates between 83,000 and 85,000 dollars with declining volumes. Supports from 83,000 to 83,500 dollars remain decisive for the trend. Moving averages show a majority of positive signals on the daily chart. A break from 85,500 to 86,000 dollars could restart the rise toward 87,374 dollars. Bitcoin Slows Down After Its September Rebound At 8:30 a.m. Eastern Time, the bitcoin price reaches 84,162 dollars, a 0.51% decrease over 24 hours. Trades remain contained within a range between 83,230 and 84,662 dollars. This evolution comes after the rejection at 87,374 dollars, reached after a strong rise since mid-September. Over seven days, the increase still totals 3.64%, while it is 8.85% over two weeks.

The cryptocurrency market capitalization reaches around 1.69 trillion dollars, with a daily average volume of 27.86 billion. Meanwhile, sellers seek to prevent a sustainable return to resistance levels.

On the BTC/USD 1-hour chart via Bitstamp, the rise observed since September 19 now appears slower. The price was then near 77,353 dollars before reaching 87,374 dollars on September 22. Since this peak, candles have narrowed, and volumes have also decreased. This setup mainly reflects a waiting phase between the two camps, without a new established directional move.

BTC/USD 1-hour chart via Bitstamp, September 26, 2026. Source: TradingView
Supports Near 83,000 Dollars Remain Monitored On the hourly chart, bitcoin’s price moves within a narrower zone, approximately between 83,500 and 85,000 dollars. Maintaining above this zone, accompanied by increased volumes, could support a new attempt to rise. Conversely, an hourly close below 83,000 dollars would signal a possible continuation of the correction that began after 87,374 dollars.

The four-hour chart presents a similar situation, with consolidation after breaking through an old zone between 75,000 and 83,000 dollars. Since then, prices have returned to a tighter zone, while candle bodies have become smaller. Volume has also contracted after its peak recorded during September’s rise.

BTC/USD 4-hour chart via Bitstamp, September 26, 2026. Source: TradingView.
The zone between 83,000 and 83,500 dollars thus constitutes a major support. If this zone breaks down sustainably, levels between 80,000 and 81,000 dollars could become important again. Conversely, a confirmed break of 85,500 to 86,000 dollars, with increased trades, would put 87,374 dollars back at the center of attention. The market is thus once again positioned between an identified support zone and resistance.

The Daily Chart Retains a Recovery Structure On the daily timeframe, bitcoin retains a recovery structure after its rebound from 57,735 dollars in June. The rise then led the price to 87,374 dollars in September, before the current pullback. Despite this correction, the price remains well above several important moving averages.

BTC/USD 24-hour chart via Bitstamp, September 26, 2026. Source: TradingView. The zone between 80,000 and 81,000 dollars is a set of supports that traders are following. Several technical indicators reinforce this zone, while 85,945 dollars appears as a first important resistance pivot. Below, a sustained loss of the support could change the current reading of the daily chart.

The daily volume of bitcoin also provides an important element in this analysis. It has moderated compared to movements observed during June sales and the September rally. This phase accompanies more of a consolidation period, during which buyers and sellers await a clearer signal. This reading aligns with the consolidation visible on hourly and daily charts.

Oscillators Give Still Mixed Signals Daily oscillators show a mostly neutral reading, with nine neutral values, one positive, and one negative. According to data relayed by Bitcoin News, the RSI reaches 64, while the stochastic stands at 75 and the CCI at 89. These three indicators remain classified as neutral according to the provided data. The ADX reaches 44, and the Awesome Oscillator shows 5,114, also in a neutral reading.

Momentum reaches 8,026, but its signal remains negative. Conversely, the MACD stands at 2,452 and is the only positive value among the presented oscillators. The Bull Bear Power reaches 3,475 and the Ultimate Oscillator stands at 62.

These data mostly show a still-mixed bitcoin dynamic after September’s rise. No group of indicators currently provides a uniform signal to characterize a new acceleration. Thus, oscillators remain to be considered alongside price levels and observed volumes. This reading aligns with the consolidation visible on hourly and daily charts.

Moving Averages Remain Generally Oriented Towards Bitcoin’s Rise Still using data from Bitcoin News, bitcoin moving averages over 24 hours show a clearly more favorable reading, with 13 positive values, one neutral, and one negative. The price is above the EMA and SMA at 10 periods, both at $82,943. It also stays above the EMA at 20 periods at 81,049 dollars and the SMA at 20 periods at 80,148 dollars. These levels provide several reference points below the current price.

Moving averages at 30 periods are at 79,429 dollars for EMA and 79,704 dollars for SMA. At 50 periods, the EMA reaches 76,729 dollars and the SMA reaches 75,708 dollars. The EMA at 200 periods reaches 74,031 dollars, while the SMA at 200 periods is at 71,002 dollars.

The Ichimoku baseline remains neutral at 81,144 dollars, while the VWMA at 20 periods shows a positive signal at 80,170 dollars. The only mentioned exception concerns the HMA at 9 periods, at 84,784 dollars, which displays a negative signal. The whole thus retains a generally positive orientation, but this reading does not eliminate more cautious oscillator signals. The next evolution will mainly depend on the price reaction around identified supports and resistances.

In the short term, the market remains divided between a still visible recovery and a narrowed consolidation. Staying above 83,000 dollars would preserve the support zone, while a drop below this threshold would expose levels from 80,000 to 81,000 dollars. Conversely, a rise above 85,500 to 86,000 dollars, accompanied by higher volumes, would place 87,374 dollars back among the levels to watch. The BTC thus maintains a recovery structure, but upcoming moves will need to confirm this trend.

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Ghiles A.

Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.

Bitcoin has rallied 45% to $87K from July’s low of $57.8K. Despite briefly slipping back to $84K this week, Fidelity believes there was a higher chance of hitting $100K. 

Notably, the asset manager accurately called the $60K bottom and the end of Bitcoin winter. Now, Fidelity’s Head of Global Macro Jurrien Timmer is back with an even bolder projection: BTC can hit as high as $300K this cycle. But first, this overhead obstacle must be cleared. 

Bitcoin’s path to $100K-$300K According to Timmer, BTC was close to forming a double bottom pattern (the W-formation) on the weekly charts. Timmer said that if the pattern is completed (by BTC closing above $82K), the path to $100K would be clear. 

Bitcoin is looking particularly interesting here as it challenges key resistance at $80k. If it breaks it will confirm a double bottom targeting $100k.

Source: Fidelity The double bottom patterns are bullish reversal formations, and their breakout rallies tend to coincide with the depth of the W-trough. In this case, it would translate to 24% upside potential above $82K, translating to the $102K price target. 

So, Fidelity’s mid-term $100K outlook was spot on, purely based on price technical analysis. 

Interestingly, the $82K was a crucial on-chain level. It doubled as the average cost basis of U.S. Spot BTC ETFs. 

For their part, Bitfinex analysts expected the level to be defended, noting that, 

The same line capped the May rally before price fell to $58.5k. Now those buyers are in profit, and a cohort in profit defends its cost, turning the ceiling into support.

Source: Glassnode/Bitfinex  A weekly candlestick close above $82k could confirm the double bottom pattern and if the average BTC ETF cost basis will be the next support zone for the next leg of the rally. 

Otherwise, losing the support would open up a possible downside scenario to $70K. 

Separately, Timmer projected the bullish target for Bitcoin in this bull run would be $300K, citing the Bitcoin Power Law model. This was a slightly conservative scenario compared to the aggressive bullish target of +$400K projected by the CryptoQuant CEO. 

Source: Fidelity Still, the asset has to navigate short-term macro pressure, including a potential 0.25% Fed rate hike in October. 

Amid this likely macro-driven pressure on risk appetite, there was a possibility of a low sell-off from BTC miners, according to Bitfinex analysts. 

Mining difficulty is still below late-June levels, so competition to mine it stays low. Miners now earn around 25% more per unit of computing power, which means less need to sell BTC to pay bills, easing sell pressure.

Source: Bitfinex  Overall, Bitcoin bulls will need to defend the $82K despite macro headwinds to make the $100K target a reality. 

Final Summary Fidelity said clearing the $82K obstacle would make $100K the next BTC bullish target  Bitfinex expected a low miner dump, citing current 25% extra profits per compute unit 

Strategy Executive Chairman Michael Saylor has called for a “bill of digital rights” covering individuals and companies using digital assets. He shared the proposal at a Freedom Tech DC event organized by the Bitcoin Policy Institute.

Michael Saylor Sets Out 5 Rights for Digital Asset Users Strategy CEO Michael Saylor’s framework centers on five rights covering the creation, issuance, custody, transfer, and use of digital assets. Saylor wishes those rights to be made available to individuals and companies in a common ownership model.

Owners should have the option to choose either self-custody or third-party custodians without giving up control and ownership of their assets, he argued. He also supported smoother transfers between wallets and providers, as well as transparency and anti-fraud measures.

The proposal extends to capital formation, where digital tokens could reduce the cost and complexity of raising money. Saylor established a goal for 10 million new companies to seek capital with more streamlined procedures.

Bitcoin Banking and Tokenization are Part of the Plan The Strategy chairman also calls for banks to hold Bitcoin as an asset and also lend based on it, under reasonable commercial terms. He urged the different treatment of custody, collateralized lending, and direct balance-sheet exposures.

He pointed to Basel’s 1,250% risk weight for Group 2b crypto exposures as treatment that policymakers should reconsider. By increasing access to banking, he said, Bitcoin owners could secure loans without selling their Bitcoin.

That stance follows his broader condemnation of restrictive crypto laws. As we reported, Saylor has recently argued the stalled CLARITY Act could push more capital toward Bitcoin as regulators move independently.

His plan also includes tokenized securities, allowing investors to directly own assets and transfer them between different providers. The mobility may enable owners to check out different financial services, such as custody, credit, and others, without being stuck with a single intermediary.

Digital Dollars, Tokenization, and AI Shape $100T Outlook Michael Saylor supported increased competition between banks, fintech, and technology firms that provide digital dollars. He also wants issuers to compete on yield and to be transparent about the risks of the product.

The tokenization initiative follows US regulators’ ongoing efforts to revise blockchain-based securities infrastructure regulations. Moreover, as we reported, the SEC proposed transfer-agent changes covering blockchain records and tokenized securities.

Additionally, his policy plan contains larger thresholds for routine transactions and a genuine tax break for smaller digital asset payments. He backs the reuse of identity checks to minimize compliance duplication between financial institutions.

Saylor connected these proposals with the growing use of artificial intelligence in commerce. He believes that AI agents will also require digital wallets, programmable payments, and banking systems that work 24/7.

As these systems evolve and develop, he thinks digital assets can eventually become a $100 trillion industry. His vision connects that growth with greater capital formation, banking access, tokenized markets, and digital payments.

Crypto Recovery Trust has returned more than 20 bitcoin to a verified owner following a security breach connected to a Coldcard hardware wallet vulnerability. Legal adviser Steptoe confirmed the asset recovery and return in a statement dated 24 September 2026.

Asset return follows security breachSteptoe reported that Crypto Recovery Trust completed the return of bitcoin on 23 September, with the assets valued at nearly $1.7 million at the time. The process, according to the adviser, confirmed the owner’s identity and did not involve any fee for the recovery service. The Coldcard-related incident originated from a firmware issue linked to unpredictable seed randomness, which allowed assets to be moved by white-hat researchers after the vulnerability was discovered.

The statement emphasized that this recovery should not be interpreted as a blanket promise for all cryptocurrency owners who have experienced losses. Each case requires separate assessment and verification of ownership, and the trust has not offered universal guarantees for asset recovery.

Steptoe outlined that, in this instance, assets were returned to a verified owner without charge, following an incident attributed to compromised firmware seed randomness. The trust’s recovery does not serve as a general assurance for owners with similar losses.

The importance of seed protection and secure device useTechnical details surrounding the incident reveal that vulnerabilities in device firmware can make the wallet’s seed phrase, which controls access to funds, more predictable. Simply updating device software may not resolve the underlying exposure if credentials have already been compromised. Cryptography experts warn that once a secret is exposed, restoring security involves more than just applying a software fix.

Owners are urged to determine whether their particular device and configuration are impacted, rather than assuming risk based solely on the hardware wallet’s brand. It is often necessary to replace compromised credentials entirely in addition to applying any official software update.

Fast-moving trends and vulnerabilities in crypto security can attract opportunistic actors beyond device manufacturers and recovery services. The need to closely monitor wallets, exploits, and market developments is echoed in meme token trading activity, where the timing and selection of tokens has proven crucial. In the meme token market, an internet trend can transform into millions of dollars of interest within days. According to data shared by Fomo App, a trade involving “Niu Lai”—which turned an initial $99 investment into approximately $370,000, stands out as a striking example of this activity. In this market, tracking not only prices but also the timing and token choices of investors is crucial. Fomo App brings token discovery and trading together on a single platform, featuring social feeds, investor rankings, and trade notifications. Discover Fomo App to follow the world of meme tokens alongside investor activity.

Recovery impersonation and user protectionPublic reports of successful asset recovery can attract impersonators attempting to take advantage of affected users. Cryptocurrency owners are strongly cautioned not to rely on unsolicited messages promising similar returns, as these may not originate from the trusted organization. Independent verification through official channels is essential before responding to any communications regarding recovery.

Requests for sensitive information such as seed phrases or private keys pose a direct security threat. Anyone asked to provide these details should recognize this as an attempt to gain control over their wallet, not legitimate recovery protocol. The sole successfully returned funds in this case do not imply that other potential claims will be eligible or processed in the same way.

Publicizing a large return can create an opportunity for scammers, as those hoping to recover their funds might mistakenly trust messages from malicious actors posing as the recovery trust.

Steptoe’s statement clarified that each incident must be evaluated individually, and no outside communication should be trusted without official verification.

Verification and independent reviewThe Crypto Recovery Trust and its advisers did not guarantee universal restitution for losses linked to the Coldcard incident. The asset return only followed verification of rightful ownership and was facilitated by technical cooperation with involved security researchers.

External parties have not independently assessed the affected hardware or the specifics of the returned assets. Therefore, other users who believe they may have suffered losses from similar vulnerabilities should proceed with heightened caution and seek guidance from credible sources before taking any steps.

18h05 ▪ 5 min read ▪ by Eddy S.

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Three researchers from the crypto company [alloc] init published a 56-page paper titled “Shielded Bitcoin” on Thursday. Their promise is to hide the amount, sender, and recipient of a Bitcoin transaction without touching a single line of the protocol. The mechanism is directly inspired by Zcash, but one detail is still missing: no one yet explains how to bring real BTC into or out of the system.

In brief Shielded Bitcoin, published on September 24 by Clara Shikhelman, Mikhail Komarov and Aleksei Moskvin ([alloc] init), copies the encrypted architecture of Zcash without modifying the Bitcoin consensus. A private transaction would cost about 4 times more than a standard transaction. Zcash, the copied reference, currently hides 29% of its circulating supply, compared to 7.6% five years ago. Bitcoin Transactions as Private as Zcash The principle, let’s say, is simple. In the system imagined by [alloc] init, the value in bitcoin would be kept in encrypted “notes”. Spending one of these notes publishes a marker proving it was used, accompanied by a mathematical proof that its owner indeed held the funds. And at that time, the amount, sender, and recipient remain invisible.

Proposal by [alloc] to make Bitcoin private. According to the plan, bitcoin would keep its role as a safe and clock but would give up verifying anything. That task would thus fall to separate software that anyone could run via a technique called PIPEs v2. In other words, a Bitcoin confirmation would no longer guarantee only that the private payment it contains is valid. Privacy has a cost because according to Mikhail Komarov, a private transfer would weigh about 700 vBytes compared to 100 to 200 for an ordinary transaction. Bitcoin would thus become discreet but not free.

Why Copy Zcash’s Privacy?  If [alloc] init copies Zcash, it’s no accident because its protected pools now hold 4.9 million ZEC, about 29% of the issued supply. This is compared to 7.6% five years ago and 23.3% one year ago. At the current rate, that represents nearly $7.8 billion hidden. Last week, Zcash recorded about 63,000 shielded transactions, its best week since 2022, with a volume transferred exceeding $23 billion, the highest since 2021.

A little historical nod for those who don’t know: Zcash’s roots go back to Zerocoin, a privacy extension proposed for Bitcoin in 2013. The project eventually became independent and became Zcash in 2016. And twelve years later, Bitcoin tries to recover what it let slip away. However, the little catch in the 56-page document is that it doesn’t explain how real BTC would enter or exit the system at withdrawal. These mechanisms are deferred to a future paper using PIPEs to lock a Bitcoin signature key.

BTC Enters a Unique Accumulation Phase  This Bitcoin privacy plan comes as the market is stirring for other reasons. On X, analyst Ash Crypto shared a chart comparing the current BTC to the 2022 cycle. According to him, after a trend break, BTC entered an accumulation phase similar to that which preceded the post-2022 rebound, before a possible new bullish leg.

So the Bitcoin “privacy” narrative comes at a time when attention is already turning to a possible new cycle. And if Zcash has seen its price multiply by more than 23 in a year on this theme, it is hard to believe BTC is launching such research by pure calendar chance.

What to Take Away from the Bitcoin Privacy Proposal Inspired by Zcash?  Shielded Bitcoin, a proposal copying Zcash’s architecture to make Bitcoin transactions private without touching the consensus. The mechanism for depositing and withdrawing bitcoins remains to be defined, and transactions would cost more. Zcash already hides 29% of its supply ($7.8 billion) and has seen its price climb over 2,300% in one year. Market technical analysis reminds us that the privacy narrative arrives at a pivotal moment for BTC, which is in an accumulation phase. Bitcoin promises discretion according to the Shielded Bitcoin proposal. So it remains to be seen if the protocol will keep its word before the next cycle is already closed. In your opinion, is this privacy good or bad for BTC?

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Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Trump: AI is not a false concept; the term 'superintelligence' is more accurate.

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Analysts: New agreement with Binance will boost USDC growth, but USDT’s liquidity advantage remains unshakable in the short term.

Binance has invested $100 million in Circle’s stock and signed a five-year commercial agreement to further promote and integrate USDC on its platform. Analysts note that the partnership allows Binance to directly share in Circle’s growth gains, while providing USDC with key distribution channels spanning global transactions and emerging markets. Data shows that when Binance and Circle first collaborated in December 2024, the platform hosted 140 USDC-denominated spot trading pairs, a figure that has since risen to 329. Monthly USDC trading volume on Binance has climbed from the $20 billion–$40 billion range prior to the partnership to consistently exceeding $80 billion. Since 2026, Binance has processed $5 billion to $10 billion in daily USDC spot trading volume—roughly 10 to 20 times that of most other exchanges. USDC currently holds a market capitalization of around $74 billion, still trailing USDT’s approximately $140 billion. Martins Benkitis, co-founder of Gravity Team, said both parties have clear incentives to leverage Binance’s user base and infrastructure to expand USDC’s footprint, which will add more pressure to USDT’s standing in global transactions and emerging markets. However, distribution alone cannot quickly reshape the market landscape; USDT already boasts deep trading pairs, local liquidity, and long-established user habits.

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Analysis: As global debt continues to rise, Bitcoin benefits from the declining purchasing power of fiat currencies.

According to Forbes, Bitcoin briefly neared $90,000 earlier this month. Meanwhile, global debt continues to climb, and "currency devaluation trades" focused on the declining purchasing power of fiat currencies have emerged as one of the factors driving up assets like Bitcoin and gold. Data from the Institute of International Finance (IIF) shows global debt rose by $10 trillion in the first half of this year, pushing the total above $365 trillion. U.S. debt has exceeded $40 trillion, with annual interest payments hitting $1.27 trillion—surpassing spending on defense and Medicaid, and trailing only Social Security expenditures. The IIF warns interest costs will rise further as benchmark rates increase. Nic Puckrin, founder and cross-asset analyst at The Coin Bureau, said the current environment favors "devaluation assets" such as Bitcoin and gold, which is part of the reason for Bitcoin’s recent rally. The larger major economies’ debt loads, the more likely they are to suppress real borrowing costs and let inflation erode debt’s real value, boosting the appeal of such trades. Analysts at The Kobeissi Letter point out the U.S. dollar’s purchasing power has fallen 23% since 2020; if assets have only risen 30% over the same period, investors are essentially breaking even when adjusted for real purchasing power. U.S. inflation has stayed above the Federal Reserve’s 2% target for 60 consecutive months.

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Benson Sun: Bitcoin may experience a slow bull run in this cycle and will gradually reach new highs.

Crypto KOL and former FTX community partner Benson Sun posted that he expects Bitcoin’s current market cycle to follow a slow bull run marked by successive new all-time highs, rather than the sharp short-term rallies that peaked abruptly in 2013 and 2017. Before the actual cycle peak arrives, the market may see multiple local topping signals in succession. He noted that since 2021, BTC’s main buying demand has gradually shifted from retail investors to institutional players including public companies, spot ETFs, and corporate treasuries. Since institutions primarily purchase spot assets, and some funds also use delta neutral strategies for arbitrage, traditional metrics such as funding rates and MVRV Z-Score may not reach extreme levels again at the cycle peak. The upcoming cycle peak is more likely to be defined by a lack of follow-through from institutional capital, rather than widespread retail euphoria. The Institutional Liquidity Index (ILI), which tracks overall U.S. dollar liquidity, Strategy’s mNAV, and Bitcoin ETF net flows, is designed to determine if institutional capital is aligning with BTC when the asset hits new highs. A yellow divergence occurs when BTC posts a 30-day rolling high while the ILI fails to rise in tandem; a red divergence forms when BTC breaks its all-time high and the ILI is in divergence and below 50. Benson Sun stated that he will use the number of yellow divergences as a reference for gauging the cycle’s progress: each occurrence will prompt him to appropriately reduce his altcoin positions and leverage; as the market enters its later stages, he will gradually increase his BTC allocation and eventually hold only spot assets. If a red divergence appears, he will stop further participation.

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DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

Patrick Green

Patrick Green is an Assistant Producer and Channel Manager on the multimedia team at Bitcoin Magazine, focusing on production, content distribution, and channel strategy across the network.

President Donald Trump has turned down Iran’s offer of a seven-day ceasefire. He has told aides he expects to resume bombing Iran after the November midterm elections, US officials told the Wall Street Journal.

The news broke on a weekend, with stock markets shut. Oil markets are also closed until Sunday evening, US time. That leaves Bitcoin, which trades around the clock, to react first.

What Iran Offered and Why Trump Said NoIranian Foreign Minister Abbas Araghchi unveiled the plan at the UN General Assembly on Thursday. Qatar carried it to Washington.

Under the plan, fighting would stop on every front, including Lebanon. The US would lift its naval blockade of Iranian ports and ease oil sanctions. Iran would get some frozen assets back.

In return, Iran would reopen the Strait of Hormuz. This narrow sea lane is the main exit for Gulf oil and gas. Nuclear talks would then restart.

“The moment they accept this plan, from the next day, this timetable can start, and after seven days, the strait will be open,” Aljazeera reported, citing Araghchi.

Washington said no. Trump doubts Iran will meet his demands, officials told the Journal. The US has also told Iran the blockade stays. The Journal reported that the blockade is doing deep damage to Iran’s economy.

The plan closely mirrors a June 17 deal. That truce briefly stopped the fighting, then collapsed.

Trump Told the UN the Election Would Not Shape His Iran PolicyFour days before the report, Trump stood before world leaders at the UN and dismissed the midterms.

“I am not running. I gave absolutely no credence and will not give credence to the election when it comes to Iran. It doesn’t even enter my mind,” Trump said.

In the same speech, he accused Iran of stalling talks to see how he fares at the polls. He also said he must choose between a deal and a quick move to “annihilate” the Islamic Republic.

Privately, officials say Trump sees a new bombing campaign after the vote as likely. In public, he says Tehran is begging for a deal after the midterms that dismantles its nuclear program.

His view could still shift as the war drags on and once the results are in. The vote is on November 3, just 38 days away.

Will Oil and Bitcoin Hold After Trump’s Iran Decision?The last time US strikes resumed, on July 8, Brent crude jumped more than 3% to $76.48 a barrel. Brent is the global oil benchmark.

Oil is far more expensive now. Brent closed Friday at $104.32, per Trading Economics. That is about 36% above its level on the day strikes resumed in July. It trades for $101.86 at press time.

Brent contracts slipped 1.15% during Friday’s session to $95.95. Likewise, Bitcoin briefly slipped below $84,000 in the immediate aftermath of the news.

Bitcoin and Oil Price Performance. Source: TradingViewThe big drop came earlier in the week. Bitcoin fell from above $87,000 on Wednesday to about $83,250 on Thursday. It has hovered just above that low since.

In past rounds, Bitcoin rallied on peace signals. It climbed past $81,000 when Trump weighed ending the war.

On Friday, Iran said it was still waiting for a formal US answer. Talks through regional mediators have not ended. The midterms, after which Trump reportedly expects the bombing to resume, are five weeks away.

Massive Gains From These Altcoins as Bitcoin (BTC) Stalls at $84K: Weekend Watch

Bitcoin: ETF Inflows Plunge 80% but Stay in the Green

3 hours ago

Fidelity Investments Global Macro Director Jurrien Timmer stated in a post that Bitcoin’s power law model indicates a new cyclical bull market is unfolding after the cryptocurrency held above $60,000. Per the model’s projections, Bitcoin’s target price will reach $300,000 by 2029. The Bitcoin power law model is a long-term valuation framework that posits Bitcoin’s price has a power-function relationship with either time or network adoption scale. The model estimates future price trajectories and valuation ranges by fitting historical data such as prices and address growth, though it is a statistical extrapolation based on historical patterns rather than a definitive price forecast.

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Bitcoin has completed its local bearish trend and is ready for long-term growth to $300,000 by 2029. That is the conclusion reached by Jurrien Timmer, director of global macro at Fidelity Investments, in his latest technical report. Timmer backs up this ambitious target with pure mathematics: holding critical support at $60,000 fully confirms the strength of the Power Law model and opens the way to new all-time highs.

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Institutional investors are focused on the asset's major reversal pattern on the weekly chart. After reaching an all-time high of $126,251 in 2025, Bitcoin lost more than half its value during the correction. However, local lows in the $57,742–$60,033 range formed a classic double bottom.

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Fidelity urges investors not to focus on short-term crashes. It has a logarithmic ruler that predicts growth by multiplesTimmer calls the $60,000 mark a critical "line in the sand." The fact that the market defended this level signals that selling pressure is fading. Weekly stochastic indicators (Fast %D and Slow %D) have already moved out of oversold territory, confirming a resumption of large-scale buying supported by long-term mathematical trends.

The market's short-term trigger is a test of resistance in the $82,000–$86,000 range. The asset is now trading close to the pattern's neckline at $82,266.

Bitcoin price action plotted against the log-scale Power Law support and trendlines through 2029, Source: Jurrien Timmer / Fidelity InvestmentsAnalysts estimate that a decisive move above $82,500 would trigger a technical push toward the psychological $100,000 mark. For Wall Street, this breakout would signal the end of the capital accumulation phase.

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Timmer's forecast is based on the Power Law model, which evaluates Bitcoin using logarithmic linear progression and a 52-week Z-score of its ratio to gold. The model shows that current price fluctuations are not random noise but regular cycles. Even previous deep drawdowns of 56% and 63% fit entirely within the framework of this trajectory.

Fidelity nevertheless traditionally reminds investors of the risks: the asset remains highly volatile, and past performance does not guarantee future returns. Bitcoin's aggressive nature calls for strict diversification, but Timmer's macro model makes one thing clear: Bitcoin's trend follows strict mathematical principles, not the panic of retail investors.

Key Takeaways Strategy has put forward a shareholder proposal to implement daily dividend payments on four preferred stock classes: STRF, STRC, STRK, and STRD. The proposal modifies only the payment schedule—annual dividend rates and total payout amounts remain unchanged. A virtual shareholder meeting scheduled for Oct. 28 will determine whether the plan moves forward. STRC shares have consistently traded beneath their $100 par value since May, hitting a low of $71 in June. CEO Phong Le attributed the decline to unanticipated leveraged trading activity in STRC. Strategy is proposing a significant shift in how it compensates shareholders: daily dividends across all four of its U.S.-traded preferred stock offerings. The bitcoin treasury firm’s common stock, MSTR, finished Friday’s session at $158.61, trading near $158 with a daily decline of 2.15%.

Strategy Inc, MSTR

The initiative encompasses STRF, STRC, STRK, and STRD preferred shares. If implemented, each calendar day would serve as a record date for dividends, with distributions arriving on the following business day.

The proposal doesn’t alter dividend percentages or aggregate payment values—it exclusively addresses distribution frequency. Investors will cast their ballots on the measure during an online special meeting scheduled for Oct. 28.

Strategy is proposing daily dividends on $STRF, $STRC, $STRK, and $STRD, accruing every calendar day, including weekends and holidays, and paid the next business day, with economics unchanged. The proposed changes aim to support price stability, liquidity, and demand. pic.twitter.com/N0wkXzi1gl

— Michael Saylor (@saylor) September 25, 2026

Implementation would begin with STRC. Upon approval, the initial daily dividend distribution for STRC would occur Nov. 2. The remaining three preferred stocks—STRF, STRK, and STRD—would transition in January, with inaugural daily payments anticipated on Jan. 4.

The STRC Trading Challenge STRC has faced significant headwinds throughout the year. Despite offering a 12% annual dividend yield, the security has failed to return to its $100 stated value since spring.

During June’s bitcoin market downturn, STRC hit a low of $71.25. While it has climbed back to approximately $98.65, closing the final distance to $100 has proven challenging.

Strategy CEO Phong Le discussed the price decline during an appearance on Natalie Brunell’s Coin Stories podcast recently. He revealed that leveraged positions in STRC exceeded the company’s projections.

Market participants had been borrowing funds against bitcoin holdings at favorable rates to purchase STRC, capturing the yield differential. When bitcoin prices tumbled, these investors faced margin calls, forcing liquidation of STRC positions or additional collateral requirements.

“We did not expect the amount of leverage that came into the system,” Le said. “And so that’s a lesson learned, next time around.”

Replicating Strive’s Strategy Strategy isn’t pioneering this approach. Strive implemented daily dividends in May for its SATA preferred shares, establishing itself as the initial publicly-traded company to distribute dividends on a daily basis.

Strive’s SATA distributes payments each business day at a 13% annualized rate and has maintained trading levels closer to $100 compared to STRC. Strategy’s proposal introduces a slight variation: it designates every calendar day—including weekends and holidays—as a record date, not solely business days.

Strive maintains a bitcoin treasury of 26,355 BTC. Strategy’s holdings dwarf that figure: 846,000 BTC, purchased for $63.80 billion at an average cost basis of $75,416 per bitcoin.

Strategy has simultaneously executed a share repurchase program targeting its preferred stocks to provide price support. The company has deployed approximately $1 billion of a $2 billion authorized buyback, including $174 million in STRC repurchases during the week concluding Sept. 20.

Le indicated the company aims to strengthen its cash reserves while maintaining its commitment to buying back STRC whenever it trades under $100. He emphasized the importance of attracting more institutional, long-term investors to the shareholder base.

Bitcoin was trading around $83,600 on Friday. The modifications to Strategy’s preferred stock terms would become operative following official filing with Delaware state authorities.

Bitcoin

26 September 2026 | 15:45 Bitcoin’s public ledger would remain public under a new proposal called Shielded Bitcoin. The idea is to add a separate private-payment system above it—without a soft fork.

The short answer: the proposal could hide the contents of a payment inside an overlay, but it leaves Bitcoin’s ledger public and moves important verification, entry and exit questions outside Bitcoin itself.

Bitcoin is pseudonymous rather than private. Its ledger preserves amounts, timing and the path coins take between addresses. Those records can be combined with exchange records, merchant data and address-clustering techniques to connect activity that initially appears separate. The Bitcoin white paper itself describes a public transaction history.

A September 24 paper from cryptography firm [[alloc] init] asks whether users could gain stronger payment confidentiality without changing Bitcoin’s consensus rules. Its proposed answer, Shielded Bitcoin, uses Bitcoin as a publication and ordering layer while separate software reconstructs and verifies private transfers.

Bitcoin could confirm the carrier without confirming the payment That is the central distinction. A Bitcoin transaction could be mined and permanently recorded even though Bitcoin itself does not examine the zero-knowledge proof or maintain the shielded balance system.

1 Bitcoin records an envelopeThe chain establishes that data was published, when it was published, what fee it paid and where it appears in block order.

2 The overlay replays and checks itIndependent indexers reconstruct the protocol state, verify the proof and reject envelopes that fail the shielded system’s rules.

3 Only a valid transfer changes the private balanceAn invalid envelope may stay in Bitcoin’s history while producing no accepted transfer inside Shielded Bitcoin.

The proposal uses a model familiar from Zcash. Value is represented by encrypted notes; a sender proves in zero knowledge that they may spend those notes and that no value is created; public markers called nullifiers stop a note from being spent twice. Anyone replaying the same Bitcoin history should arrive at the same note tree and nullifier set.

The idea avoids a Bitcoin rule change, but it does not make Bitcoin the verifier of a private payment. That separation shapes both the privacy benefit and the risks that follow.

What Shielded Bitcoin would conceal, and what it would still reveal Within the shielded system, the intended privacy target is broad: sender, recipient, amount and the link between spent and newly created notes would be encrypted. An outside observer could verify that a valid private transfer occurred without learning who paid whom or how much.

Inside the intended privacy boundaryThe note amount, sender, recipient and internal route from spent notes to newly created notes.

Still visible on BitcoinPublication time, carrier transaction, miner fee, transfer shape, proof data and the fact that Shielded Bitcoin was used.

Beyond the paper’s stated protectionDeposit and withdrawal links, fee wallets, mempool behaviour, network metadata and any relayer interaction.

These public traces can matter more than readers may expect. A distinctive deposit amount followed by immediate shielded activity, or a similarly sized withdrawal later, may still provide useful clues about a user’s identity. Shielded Bitcoin is designed to make the payment’s internal graph confidential; it is not a promise that a user becomes invisible to the Bitcoin network.

Silent Payments illustrate the difference in scope. They aim to prevent outside observers from linking a payment to a reusable receiving address, but do not conceal the amount or encrypt Bitcoin’s UTXO graph. Shielded Bitcoin attempts a broader form of confidentiality and therefore requires much more from wallets and supporting software.

The cost of keeping Bitcoin unchanged Bitcoin users would not need to agree on new consensus rules. The base chain would provide data availability and transaction ordering, while the overlay interprets selected data to maintain its own private state. Shielded Bitcoin would not have separate block producers like a sidechain; its state would be rebuilt from Bitcoin’s published record.

For a user, that means a wallet needs the correct reconstructed root and note position before it can create a valid spend. It can achieve that through full local replay, by verifying an indexer’s answer against Bitcoin data or by trusting an indexer directly. The paper says an indexer could not spend a user’s notes, yet an unreliable one could censor, delay or serve stale information to a wallet unable to check the response.

The practical trade-off: Bitcoin finality would remain intact, but a user’s ability to complete a private payment would rely on the overlay having the correct, verifiable view of Bitcoin’s history.

Reorganizations add a further complication. Because shielded state is rebuilt from the active Bitcoin chain, a reorg can change a recent root and force a pending shielded transfer to be rebuilt. That is not necessarily a fatal flaw, but it is a more demanding wallet experience than an ordinary Bitcoin payment.

The proposal still needs an answer for real BTC Shielded Bitcoin describes what happens after BTC has entered the private note system. It does not yet specify how ordinary BTC would be locked on entry or released on exit. The authors leave the peg-in and peg-out components to separate PIPEs v2 research.

This is where a privacy design meets actual ownership. A bridge, vault or unlock mechanism would determine who can withdraw, what happens if an operator disappears, which exits can be censored and what information becomes public. The paper makes no claim that deposits and withdrawals will be trustless, private or censorship-resistant.

Galaxy’s analysis also identifies the unfinished peg as the main deployment challenge. It separately notes that the proposal depends on a relay-policy environment that permits larger OP_RETURN data carriers.

There is also a visible fee and relay question The paper’s proposed 2-input, 2-output profile includes a 610-byte protocol envelope and a 625-vbyte OP_RETURN output. At 10 sat/vB, that output alone would cost about 6,250 sats before the rest of the Bitcoin transaction. At 50 sat/vB, the equivalent would be about 31,250 sats.

The design assumes the more permissive data-carrier defaults introduced in Bitcoin Core 30.0. Those are configurable relay-policy settings. They do not give every transaction a consensus-level right to be forwarded by the network.

Cryptography does not remove implementation risk Shielded Bitcoin currently uses Groth16, a proof system whose security model includes an honestly run trusted-setup ceremony. The paper also leaves light-client proofs for future work. Full local replay can be expensive, leaving a wallet to verify indexer information or accept a stronger dependency on the service that supplies it.

That is why public code, independent review and a recovery plan matter alongside the mathematics. In June, an independent researcher found a critical soundness bug in Zcash’s Orchard circuit, and the Zcash Foundation temporarily disabled Orchard shielded transactions before any known exploitation. The incident was unrelated to Shielded Bitcoin, but it shows how a sound-looking privacy system can still depend on implementation quality.

Privacy tools would still meet regulated gateways The paper includes viewing keys and sketches an optional model in which an authority certifies approved deposits. This could let a holder share selected payment information with an auditor without surrendering the key that spends the funds.

That would not remove the decision for exchanges and custodians. They would still need to establish the origin, ownership and acceptable disclosure of any shielded balance they receive. The Financial Action Task Force said in July that 83% of surveyed jurisdictions had passed Travel Rule legislation and another 11% were implementing it. A private transfer layer would have to work alongside those data and due-diligence obligations.

Before this becomes a usable private-payment system Five pieces are still needed:

A complete peg: clear deposit, withdrawal, recovery and censorship rules. Public implementation: code, test vectors and reproducible wallet behaviour. Independent review: cryptographic, software and bridge-security audits. Light-client verification: a way to check shielded state without fully trusting an indexer. Real-world testing: evidence that fees, relay behaviour and selective disclosure work in practice. Shielded Bitcoin shows that private payments can be designed around Bitcoin without changing Bitcoin’s rules. The unanswered questions are not cosmetic: they decide how users enter the system, whether they can leave it safely and how much trust they must place in software beyond the Bitcoin chain.

This article is provided for informational purposes only and does not constitute financial, investment or legal advice. Shielded Bitcoin is a research proposal; its technical design, implementation status and related policy assumptions may change.

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 maintained a steady position above $84,000 in the latest market snapshot, trading around $84,196 with a marginal increase of 0.13%. While short-term momentum indicators provided mixed signals, overall technical fundamentals remained solid, with major moving averages still pointing upwards.

Technical structure and key moving averagesA TradingView assessment of BTCUSD on Bitstamp registered a broad “Buy” signal, supported primarily by moving averages. The platform recorded 13 buy signals, one neutral assessment, and one sell indication in its moving-average section.

Both the 10-period exponential moving average (EMA) and simple moving average (SMA) stood close to $82,949 and $82,946, respectively. The 20-period EMA was near $81,052, with its corresponding SMA at $80,150. Farther beneath, the 50-period EMA was around $76,731, while the 200-period EMA rested near $74,032.

This profile reinforced Bitcoin’s position above several widely watched trend lines. The Ichimoku Base Line was neutral at about $81,144, while the 20-period volume weighted moving average (VWMA) indicated bullish sentiment.

Oscillator readings were less definitive. The Relative Strength Index (RSI) was at 65, reflecting positive momentum but below the typical overbought threshold of 70. Stochastic %K reached 75, and the Ultimate Oscillator measured around 62.

The Moving Average Convergence Divergence (MACD) gave a buy signal; however, the Momentum indicator countered with a sell signal. The Hull Moving Average at approximately $84,793 was the upper warning level among averages, sitting slightly above the current price.

Overall, these indicators suggest an upward bias but do not present a uniform signal for short-term direction. Even within a strong trend, Bitcoin’s price may consolidate intraday.

$84,200-$84,337 FVG defines current price actionIntraday analysis identified a five-minute fair value gap (FVG) between $84,200 and $84,337 as the principal level drawing market attention. After initially sweeping the Asia session liquidity with moves above and below range extremes, Bitcoin then retraced into this zone during the New York open but encountered notable selling pressure.

The FVG, a concept from Smart Money Concepts (SMC) and Inner Circle Trader (ICT) methodology, refers to a price imbalance created by swift directional movement, often serving as a reference where supply and demand may shift.

A sustained break above the FVG could change the immediate structure and open the path for further gains, whereas repeated rejection could keep pressure on the price and invite additional intraday pullbacks.

Mini dictionary: Fair Value Gap (FVG), in technical analysis, is a price range where there is an apparent lack of trading activity, often left after a sharp move. It is used to identify imbalances that the market may later revisit for potential support or resistance.

On-chain data: Profit-taking moderate, realized price holds firmGlassnode, an on-chain analytics firm, reported that Bitcoin holders realized $5.1 billion in net profits over the most recent seven-day period. Despite the considerable amount, this profit-taking is moderate when compared to previous cycle peaks.

Glassnode’s analysts pointed out that current realized profits are closer to late-2023 levels rather than the pronounced spikes observed at earlier market tops.

The company tracks realized profit and loss using rolling seven-day sums, measuring coins spent at a profit or a loss. The tempered profit realization indicates that the recent rally has not triggered the broad distribution often seen at historical highs. However, this does not eliminate the risk of future corrections.

In addition, the firm observed that Bitcoin did not close a single day below its Realized Price during the present bear-market phase. The Realized Price, representing the average on-chain acquisition cost for circulating Bitcoin, gauges whether the majority of holders are in profit or loss.

According to Glassnode, the absence of daily closes beneath the Realized Price marks a departure from the 2018-2019 and 2022-2023 cycles, when Bitcoin spent extended periods under this level, placing most holders at a loss.

Glassnode further noted that Bitcoin now trades just above a notable long-term holder supply block at $84,000-$85,000. The mean MVRV price, another on-chain metric, was highlighted as the next significant resistance near $96,700.

The overlapping of this long-term supply zone with the technical $84K FVG sharpens the area’s importance for both short-term and broader on-chain positioning.

Support and resistance levels for BTCTechnical reference points are currently clustered in the mid-$80,000 region. Classic pivot calculations place resistance at $85,945, $93,320, and $112,559. Fibonacci pivots mark the first resistance level near $81,430, then $85,970, and $93,320 beyond that. Support clusters are anchored by the 20-period EMA at $81,052 and the 20-period SMA close to $80,150. Camarilla pivots provide additional but lower support points.

IndicatorLevel ($)Current price84,19620-period EMA81,05220-period SMA80,150Key resistance85,945 / 85,970 / 93,320Major supportMid-$70,000s and belowA move above the $84,200-$84,337 FVG could keep market attention on resistance around $85,900-$86,000. If Bitcoin cannot hold this region, focus is likely to shift toward the support cluster near $80,000-$81,000.

Short-term outlook: FVG and trend dynamicsBitcoin’s structure currently merges a strong prevailing trend, most moving averages pointing higher, and a clearly defined intraday FVG. Oscillators remain largely neutral, highlighting neither strong bullish nor bearish conditions.

Glassnode’s analysis reveals that profit-taking has stayed moderate compared to major tops, while BTC remains above a substantial long-term holder supply zone at $84,000-$85,000. This convergence of technical and on-chain factors makes the $84K zone one of the most closely watched levels for near-term price action.

A decisive break above the immediate resistance area would shift the short-term outlook, whereas a persistent inability to reclaim the FVG could increase downward risk. For now, attention remains centered on how Bitcoin navigates the $84K band in intraday trading.