This week featured significant developments in crypto regulation, blockchain infrastructure, and global finance as policymakers and organizations moved to address the sector’s evolving landscape. US Securities and Exchange Commission Commissioner Hester Peirce delivered a compelling critique of current anti-money laundering (AML) and know-your-customer (KYC) frameworks during a speech at SIFMA’s Digital Assets Conference. Peirce stated that while regulatory compliance is essential, the prevailing approach of collecting extensive personal data from customers is flawed.
SEC’s Peirce calls for modernized verificationSpeaking in her last weeks as an SEC commissioner, Peirce highlighted the security risks and privacy concerns that stem from storing large amounts of sensitive customer data. She argued that emerging technologies like zero-knowledge proofs and attribute-based credentials could confirm critical facts, such as a person’s age or investor status, without requiring institutions to collect or keep underlying records.
Peirce emphasized that her views are personal and do not signal imminent regulatory change. Nevertheless, her remarks came at a time when regulators and market participants are re-examining the balance between compliance and user privacy.
Regulators are now considering solutions that enable compliance without unnecessary data collection, as innovations like zero-knowledge proofs offer ways to verify requirements while respecting privacy.
US government and dollar-backed stablecoin pushAmid geopolitical and technological shifts, the Trump administration is considering public-private ventures to promote dollar-backed stablecoins abroad. The Treasury Department, State Department, and US International Development Finance Corporation are reportedly involved in discussions aiming to secure the dollar’s role as the global digital currency. Although the initiative’s details and timeline remain unclear, the topic has moved into the policy arena at the highest levels.
Separately, Binance announced plans to rename its Spot Accounts to “Stocks Accounts” by 2027 and transfer user assets from Funding Accounts in advance. With millions of users affected, any operational change at the world’s largest crypto exchange has wide-ranging implications.
X, formerly known as Twitter, filed lawsuits against users accused of manipulating its creator-revenue program via fake Bitcoin influencer accounts. The company is seeking to curb new techniques in crypto fraud, which have recently shifted focus from wallet drainage to engagement farming.
ECB adopts blockchain for institutional paymentsThe European Central Bank introduced Pontes, a wholesale settlement platform connecting distributed ledger systems with its core TARGET payments infrastructure. Thirteen major institutions, including Deutsche Bank, Santander, and Clearstream, joined the launch, enabling central bank money to settle tokenized asset transactions. Pontes underpins the institutional layer of digital finance, distinct from any retail-focused digital euro pilots.
The Pontes platform establishes important connectivity between traditional settlement infrastructure and private blockchain networks, marking a notable milestone for institutional tokenized finance.
Amid these technical advances, market watchers note that, particularly in low-liquidity environments, price and volume spikes often reflect speculative behavior rather than underlying fundamentals. 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.
AI regulation and global tech competitionSingapore has intensified its national push for artificial intelligence adoption, while the country’s financial regulator, the Monetary Authority of Singapore, warned that the speed of AI investment growth could pose risks. Authorities maintain that encouraging innovation while managing potential fallout is a delicate balance. Meanwhile, the UK has pressured Google to provide broader access to Android and search functionality for AI assistants and rival developers, echoing regulatory themes emerging from the European Union.
On the geopolitical front, Xi Jinping met with Donald Trump at the White House in the first US state visit in over a decade by a Chinese leader. Trade, AI, and regional tensions dominated the summit, though existing trade deals remained unchanged.
Other notable movements included sharp price action in tokens such as Neon and AntFun. Neon saw brief speculative surges on thin trading activity, while AntFun declined following a reduction in speculative hype and profit-taking by holders.
Numerous altcoins have produced far more impressive gains than BTC over the past week, including XRP, SOL, ADA, LINK, DOGE, NEAR, and more.
It was a rather interesting and unexpected week for the cryptocurrency markets, especially since the setbacks suffered just ten days ago.
Recall the market update from last Friday, in which we reported that BTC had somehow crossed the $80,000 barrier despite the failure of the CLARITY Act in the US Senate and the Fed’s subsequent interest rate hike. The cryptocurrency slipped to $75,000 after both of those developments, but rebounded swiftly and reclaimed the key $80,000 level by Friday afternoon. It hasn’t been below that level since.
Although it was initially stopped at $82,000 during the previous weekend after more bad macro news, this time on the two major war fronts, BTC started the current business week with one of its most impressive rallies this year. It defended the $80,000 support and the bulls drove it higher by $7,000 in less than 24 hours. As such, the cryptocurrency topped $87,000 for the first time since late January on the heels of massive ETF inflows.
It pulled back to $85,000 almost immediately, but the bulls initiated another leg up to $87,300. However, the rejection scenario repeated, and BTC has been unable to recapture its momentum since then. Moreover, it dipped below $83,000 on Thursday before it found support and bounced off to $85,000 earlier today.
The bears were more persistent once again, stopping its progress there and pushing it south to $83,500 as of press time. This means that the largest cryptocurrency is still 5% up weekly, but its performance has dwindled compared to most alts. The graph below will show the clear winners, led by BTW’s massive 73% weekly surge. ENA (52%), NEAR (45%), ONDO (40%), SUI (39%), BCH (32%), and AVAX (29%) follow suit.
Among the largest alts, XRP, LINK, and ADA stand out as the top performers, with gains of 17%-18%. Naturally, this has driven the BTC dominance metric south hard, losing roughly 2% in a week.
You may also like: How Will Crypto Markets Move After $16B in Bitcoin Options Expire Today? 2 Major On-Chain Signals Are Testing the Strength of Bitcoin’s Rally Crypto vs Stocks: What the 200-Day Moving Average Shows Now BTC: $83,500 (+5%) | ETH: $2,685 (+5.9%) | XRP: $1.57 (+17%)
This Week’s Crypto Headlines You Can’t Miss This Signal Has Flipped to Altcoin Season as Crypto Rally Spreads Beyond Bitcoin. We continue with the altseason narrative as Glassnode’s Altcoin Cycle Signal flipped from BTC season to one dominated by altcoins this week, which was not the case during the August rally.
Bitcoin Just Broke Its Correlation With Gold, Stocks, and the Dollar: What Changed? Meanwhile, BTC’s relationship with the largest asset classes such as US equities and the precious metal market has deteriorated as most have failed to follow the cryptocurrency’s resurgence.
Zcash Tops $1,600 After Europe’s First ZEC ETP Debuts. The popular privacy coin continued its impressive ascent in the past several days, surging past $1,600 for the first time in a decade. The latest move higher came after 21Shares launched the first ZEC ETP in Europe.
Bitget Reports $351M Hot Wallet Breach, Says User Funds Are Covered. The week didn’t go by without a major incident as Bitget reported an incident in which bad actors swiped over $350 million in various cryptocurrencies. The exchange promised that every dollar of that loss falls under its User Protection Fund, so customers’ balances will remain whole.
Ondo Finance Unveils BlackRock-Backed On-chain Portfolios for Investors. Ondo launched three new on-chain portfolio products based on BlackRock strategies, aiming to integrate traditional portfolio management with blockchain. Perhaps it’s no surprise that its native token is among the top gainers over the past week.
Strategy’s Bitcoin Stash Hits 846,000 After Fresh 950 BTC Purchase. After another pause, this time a smaller one of just three weeks, the world’s largest corporate holder of bitcoin resumed its purchases, accumulating 950 BTC for $75.7 million. Interestingly, Strive made an even more impressive buy this week, scooping 1,355 units for $107.7 million.
Fundstrat’s Tom Lee expects Bitcoin (CRYPTO: BTC) to maintain a $150,000 target while arguing Ethereum (CRYPTO: ETH) could eventually reach $60,000 as tokenization, Wall Street adoption and AI bring a much larger pool of investors into digital assets.
Why Lee Calls It Bigger Bull MarketIn a "Money Talks" interview on Sept. 24, Lee noted that past cycles were largely driven by specific crypto-native themes: initial coin offerings in 2017, NFTs and meme coins during the pandemic-era boom, and, more recently, stablecoins.
This time, Lee sees a much broader combination of catalysts.
Tokenization is accelerating, Regulatory backdrop has become more crypto-supportive, and Financial institutions are increasingly exploring blockchain infrastructure. AI and autonomous agents could create another source of demand for crypto-based payments and settlement. Long periods of price consolidation across crypto also strengthen his bullish outlook.
Some assets have spent roughly five years trading within broad ranges, which Lee believes could ultimately produce decisive breakouts.
Ethereum’s Eventual $60,000, Bitcoin’s $150,000Lee has maintained his $150,000 Bitcoin target, even as it consolidates after its latest rally. After peaking at $87,000 during a two-week rally, Bitcoin traded largely flat through Sep. 24 and is now hovering around $85,000.
Ethereum could offer even greater upside if institutional adoption of blockchain technology continues, Lee said.
He highlighted Ethereum’s roughly five-year consolidation and compared its current setup with the breakout that followed the 2018 bear market, which eventually produced an approximately 17-fold rally.
He advocates that ETH could multiply 10x to 12x above its prior highs of $5,000, placing it at around $60,000 in a couple of years.
In the shorter term, Lee sees $3,000 as a reasonable target and expects ETH to eventually move well above its previous highs and peak to an all-time high this year.
What Is the Rule Of "10 Best Days"Lee argues investors should be cautious about attempting to perfectly time crypto markets.
Digital assets tend to generate a disproportionate amount of their gains during a handful of sharp rallies, which Lee describes through his "rule of 10 best days."
His broader thesis rests on crypto becoming increasingly integrated with TradFi rather than simply attracting another wave of speculative traders.
"I think we’re early," Lee said. "I think crypto could run a lot."
As Bitcoin (BTC) recently rebounded to around $85,000, holders have started taking profits, but the volume of realized profits is significantly lower than during previous market peaks. Data shows BTC holders have accumulated roughly $2.4 billion in realized profits recently, while daily realized profits typically hit $7 billion to $10 billion during past market peaks. BTC has risen approximately 44% so far this quarter, hitting a peak near $85,000, marking its best quarterly performance since Q4 2024, after three consecutive quarters of declines. Meanwhile, U.S. spot Bitcoin ETFs have seen a combined net inflow of around $2.84 billion over the past six trading days, exceeding BTC holders' realized profits in the same period; year-to-date, the ETFs' cumulative net inflow has also turned positive at roughly $800 million. Ethereum (ETH) has also shown signs of capital outflow from exchanges: around 410,000 ETH has been moved out of trading platforms over the past month, while U.S. spot Ethereum ETFs have attracted a combined $680 million in net inflows over the past four trading days. Following the $452 million Bitget hack, BTC, ETH and other major crypto assets have not shown significant signs of weakening so far. Meanwhile, U.S. Treasury yields and the U.S. Dollar Index have temporarily slowed their rally, but crude oil markets remain highly volatile due to news related to U.S.-Iran tensions.
Japan’s 30-year bond yield climbed to a record 4.223% on Friday. That is the highest level since Tokyo first sold the maturity in 1999.
Borrowing costs are rising across the curve. The 10-year yield reached 3.055% on Thursday, its highest point since August 1996.
Why Japan’s 30-Year Bond Yield Keeps ClimbingMonetary policy is the first driver. The Bank of Japan (BOJ) raised rates to 1.25% on September 18, the highest level since 1995. The board split 7-2, yet the central bank signaled that further hikes remain on the table, according to its statement.
Fiscal strain adds to the pressure. Government ministries requested a record ¥143.1 trillion for fiscal 2027, Reuters reported. Debt servicing alone accounts for ¥36.64 trillion. Meanwhile, the Finance Ministry raised its assumed borrowing rate to 3.8% from 3%.
Selling abroad has also spilled into Tokyo. The US 10-year Treasury yield broke 5% on September 15 during a global bond sell-off. The Federal Reserve then lifted its target range to between 3.75% and 4%.
However, the yen has not benefited. The currency slid toward 158 per dollar after the BOJ decision. A similar split appeared when Japan’s 2-year yield hit a 31-year high in August.
Katsutoshi Inadome of Sumitomo Mitsui Trust Asset Management linked the two trends.
“Japanese bond yields are facing upward pressure as inflation concerns grew on a weaker yen.”
What Japan’s Record Yield Means for Bitcoin
🚨THIS IS INSANE
Japan's 30-year bond yield just hit 4.223%, its highest level ever in history.
Japan is now paying over 4% to borrow for 30 years – a historic reversal from decades of ultra low rates. pic.twitter.com/rR5om8SOil
— Bull Theory (@BullTheoryio) September 25, 2026
Higher safe returns raise the bar for risk assets. A 30-year Japanese bond now pays more than 4%, which could draw capital away from crypto.
The larger threat sits in the yen carry trade. Investors borrow cheap yen and buy higher-yielding assets abroad. A sharp yen rally would make those loans costlier and could force selling.
Historically, that risk has hit crypto hard. During the 2024 yen shock, Bitcoin and Ethereum fell roughly 20% as positions unwound.
For now, Bitcoin (BTC) trades near $84,033, down 0.5% in 24 hours, according to BeInCrypto data. The wide gap between US and Japanese rates keeps the carry trade open.
Therefore, the yen may be the signal to watch. A sudden reversal in USD/JPY would suggest carry positions are closing, and Bitcoin could feel it quickly.
Liquid Capital founder Jack Yi wrote in a post that after Bitcoin (BTC) rose to around $86,000, it is facing a normal correction. In the current bull market, investors should "be bearish but not short" and wait patiently for the next long trading opportunity. He noted that for specific trading opportunities, Ethereum (ETH) is showing stronger performance; trading infrastructure assets such as UNI and HYPE are gaining market acceptance, while ZEC is a "strong-whale asset".
Pi Network price hovered at $0.0893 on September 25, extending its seven-day gain to 7%. The token rose roughly 2.7% in 24 hours as traders tracked another network upgrade and changes to identity checks.
Bitcoin price traded near $83,600, Ethereum near $2,690, and XRP price around $1.58. The overall crypto market climbed 1.2% to about $2.99 trillion, giving smaller tokens a firmer backdrop.
Protocol 28 Testnet Upgrade Puts October Rollout in Focus Protocol 28 has entered Pi Network’s Testnet following the Mainnet rollout of Protocol 27, according to community upgrade reports. The changes aim to reduce transaction-data delays, support grouped smart-contract upgrades, and improve how applications update stored information. Node operators have been told to upgrade by October 13, ahead of a planned October 16 Mainnet activation.
Those dates remain targets, and successful Testnet checks will matter before the upgrade reaches the live network. The October event concerns a protocol upgrade; Pi’s Mainnet is already operating.
🚀 PI NETWORK PROTOCOL v28 IS NOW ON TESTNET!$Pi’s next protocol upgrade is entering testing, opening the door to further improvements in network performance, scalability and ecosystem capabilities.
🛠️ Testnet first. Mainnet comes next.
The Pi Network continues moving forward.… pic.twitter.com/2zpGKywqiw
— Pi News (@CTNewsApp) September 25, 2026
For PI, a sustained move above $0.090 could put this week’s $0.0945 area back in view. A slip below $0.085 would weaken the recent recovery and return attention to the seven-day low near $0.083. These are nearby trading levels, not assured outcomes of the software release.
KYC Upgrades Unblock More Pi Network Users Pi Network said its latest verification changes cleared a duplicate-account flag affecting more than 417,000 previously blocked users. Those eligible users can resume KYC, although they must still satisfy any remaining checks.
A separate fix is intended to help about 497,000 users unable to claim migrated balances. Pi attributed that problem to insufficient wallet funds for network fees on accounts created through Fast-Track.
It also adjusted video-processing systems and broadened liveness-check access for older phones. Selected users can try palm-print verification, while affected applicants can resubmit missing details. Wider access could support network activity, but it does not establish a direct cause for PI’s price gains.
Could Pi Network Price Reach $0.10 if Momentum Improves? The Pi Coin price stood at $0.08904 on September 25. The Pi Network price had rebounded from a mid-month low near $0.082 but was struggling to hold above $0.090
A sustained four-hour close above $0.090 could bring $0.095 back into view. That level marked an earlier resistance area. If future Pi Coin outlook clears it, the chart’s next marked target is $0.100.
The relative strength index stood at 61. That suggests improving momentum, though the reading remains below the usual overbought threshold.
The MACD line remained slightly below its signal line, with both readings near zero. That gap leaves the rebound without clear momentum confirmation.
PI/USDT 4-hour chart: TradingView If Pi Network price fails to hold $0.090, recent support near $0.087 becomes the first downside level. A break below it could expose $0.085, followed by the mid-month low near $0.082.
A team of cryptography researchers has proposed a new system called Shielded Bitcoin that would bring Zcash-style privacy to $BTC transfers without touching Bitcoin's core protocol.
The white paper was authored by Clara Shikhelman, Mikhail Komarov, and Aleksei Moskvin of New York-based research firm [alloc] init. The proposal outlines a novel privacy metaprotocol on the Bitcoin base layer designed to enable shielded transactions without requiring operators, soft forks, or other changes to Bitcoin consensus.
How It WorksThe proposal would conceal transaction amounts, senders, receivers, and links to previously spent funds using encrypted notes and zero-knowledge proofs. Instead of having miners enforce the privacy protocol, Shielded Bitcoin would use Bitcoin as a neutral publication and ordering layer.
The design explicitly draws from Zcash's architecture, using encrypted notes, public nullifiers that mark notes as spent, and zero-knowledge proofs that verify transactions are valid. Unlike Zcash, however, Shielded Bitcoin would not operate its own blockchain or consensus mechanism.
Programs called indexers scan Bitcoin for Shielded Bitcoin data, verify its cryptographic proofs, and reconstruct the private system's history. Invalid data can still land on-chain because Bitcoin does not understand the metaprotocol. Indexers simply ignore it. Anyone can rerun those checks using Bitcoin's published history, meaning no single indexer decides what is valid.
Wallets would generate separate spending and viewing keys, allowing users to transact privately while selectively disclosing transaction details.
Open Questions and LimitationsThe proposal is not without gaps. Getting bitcoin in and back out of the shielded system is being left to a companion white paper based on [alloc] init's Bitcoin PIPEs v2 research and witness encryption. Witness encryption remains young technology. Komarov noted its ciphertexts have been reduced from roughly 300 terabytes to about 8 terabytes in a year, significant progress, but still far from practical. "It's still pretty experimental," Komarov said.
Developer Vadim Zavodil pointed out that the system starts with no established anonymity pool, meaning few early participants make it easier for outside observers to trace transaction relationships, a limitation the researchers themselves acknowledged. Pierre-Luc Dallaire-Demers, founder of Pauli Group, also noted the proposal lacks quantum resistance and expressed interest in working on a post-quantum version of the system.
Shikhelman was scheduled to present the research at BitDevs NYC on September 24 as [alloc] init sought feedback ahead of its companion white paper on entry and exit. Until that piece of the puzzle is solved, Shielded Bitcoin remains research rather than a usable privacy system.
Sources:
Bitcoin.com News: Shielded Bitcoin Proposal Aims to Bring Privacy to Bitcoin L1
CoinTelegraph: Researchers Propose Zcash-Style Bitcoin Privacy Without Soft Fork
Crypto Times: Researchers Propose Shielded Bitcoin for Private L1 Transfers
In brief Researchers at [[alloc] init] have published a specification for Shielded Bitcoin, a protocol for private transfers on the Bitcoin base layer. The design borrows Zcash's encrypted notes and zero-knowledge proofs, and requires no changes to Bitcoin's consensus rules. Mechanisms for moving BTC into and out of the shielded system are not covered and are due in a separate paper. Researchers at Bitcoin cryptography developer [[alloc] init] have published a design for "ZCash-style" private transfers that would hide the sender, recipient and amount of a payment while running on the existing Bitcoin network.
The 56-page paper, dated September 24, 2026, is written by Clara Shikhelman, Mikhail Komarov and Aleksei Moskvin.
The team has "put a lot of work into thinking carefully about the security of Shielded Bitcoin and about what information the protocol reveals," Shikhelman tweeted. Komarov called it "ZCash-style privacy on the Bitcoin L1 via PIPEs v2."
Scott Odell, chief operating officer of [[alloc] init], tweeted that the firm had been "cooking on this for quite a while," and described it as a contribution to making Bitcoin "private, without changing Bitcoin."
Value in Shielded Bitcoin is held as encrypted "notes," and each transfer carries a zero-knowledge proof that the sender controls the notes being spent and that inputs and outputs balance. A public marker called a nullifier lets software reject double spends without revealing which note was used.
Zcash enforces those rules through its own blockchain. Shielded Bitcoin publishes transfers as data on Bitcoin, which records them without checking them, while separate software called indexers verifies the proofs and rebuilds the shielded state.
The paper contrasts this with Shielded CSV, a 2025 Bitcoin proposal in which coin owners must keep their own transaction data, which generally cannot be recovered from the chain.
Timing, fees and the number of inputs and outputs remain public, the authors write. "Like Zcash and Monero, Shielded Bitcoin preserves the privacy of who paid whom and how much, not that a shielded transfer happened," the paper states.
Myriad: When will Bitcoin reach a new all-time high? Click to make your prediction.Peg-in and peg-outThe paper covers only transfers inside the system. How BTC enters and leaves is left to a separate paper built on Bitcoin PIPEs v2, earlier [[alloc] init] research that encrypts a Bitcoin signing key so it can be recovered only with a valid proof, according to the firm's website.
The current version uses the Groth16 proof system, whose security depends on an honestly run trusted setup ceremony. It publishes each transfer in an OP_RETURN output, which comes to 625 vbytes for a transfer with two inputs and two outputs, according to the paper.
That relies on the larger OP_RETURN default in Bitcoin Core v30, a contested change that node operators can reverse, so relay depends on enough nodes and miners keeping it, the paper notes.
An appendix sketches an optional compliance layer in which a "Trust Authority" certifies approved deposits, letting institutions verify a note's origins without exposing the transfer graph. Notes without that evidence would remain valid.
Zcash, whose design Shielded Bitcoin borrows, now trades through regulated funds in the U.S. and Europe. Grayscale's Zcash ETF began trading on NYSE Arca on August 25, and 21Shares listed Europe's first Zcash exchange-traded product on Euronext Paris and Amsterdam on September 22.
ZEC was trading at $1,592 on September 25, up 4% over the past 24 hours, with a seven-day high of $1,658.86, per CoinGecko data.
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In brief Researchers at [[alloc] init] have published a specification for Shielded Bitcoin, a protocol for private transfers on the Bitcoin base layer. The design borrows Zcash's encrypted notes and zero-knowledge proofs, and requires no changes to Bitcoin's consensus rules. Mechanisms for moving BTC into and out of the shielded system are not covered and are due in a separate paper. Researchers at Bitcoin cryptography developer [[alloc] init] have published a design for "ZCash-style" private transfers that would hide the sender, recipient and amount of a payment while running on the existing Bitcoin network.
The 56-page paper, dated September 24, 2026, is written by Clara Shikhelman, Mikhail Komarov and Aleksei Moskvin.
The team has "put a lot of work into thinking carefully about the security of Shielded Bitcoin and about what information the protocol reveals," Shikhelman tweeted. Komarov called it "ZCash-style privacy on the Bitcoin L1 via PIPEs v2."
Scott Odell, chief operating officer of [[alloc] init], tweeted that the firm had been "cooking on this for quite a while," and described it as a contribution to making Bitcoin "private, without changing Bitcoin."
Value in Shielded Bitcoin is held as encrypted "notes," and each transfer carries a zero-knowledge proof that the sender controls the notes being spent and that inputs and outputs balance. A public marker called a nullifier lets software reject double spends without revealing which note was used.
Zcash enforces those rules through its own blockchain. Shielded Bitcoin publishes transfers as data on Bitcoin, which records them without checking them, while separate software called indexers verifies the proofs and rebuilds the shielded state.
The paper contrasts this with Shielded CSV, a 2025 Bitcoin proposal in which coin owners must keep their own transaction data, which generally cannot be recovered from the chain.
Timing, fees and the number of inputs and outputs remain public, the authors write. "Like Zcash and Monero, Shielded Bitcoin preserves the privacy of who paid whom and how much, not that a shielded transfer happened," the paper states.
Myriad: When will Bitcoin reach a new all-time high? Click to make your prediction.Peg-in and peg-outThe paper covers only transfers inside the system. How BTC enters and leaves is left to a separate paper built on Bitcoin PIPEs v2, earlier [[alloc] init] research that encrypts a Bitcoin signing key so it can be recovered only with a valid proof, according to the firm's website.
The current version uses the Groth16 proof system, whose security depends on an honestly run trusted setup ceremony. It publishes each transfer in an OP_RETURN output, which comes to 625 vbytes for a transfer with two inputs and two outputs, according to the paper.
That relies on the larger OP_RETURN default in Bitcoin Core v30, a contested change that node operators can reverse, so relay depends on enough nodes and miners keeping it, the paper notes.
An appendix sketches an optional compliance layer in which a "Trust Authority" certifies approved deposits, letting institutions verify a note's origins without exposing the transfer graph. Notes without that evidence would remain valid.
Zcash, whose design Shielded Bitcoin borrows, now trades through regulated funds in the U.S. and Europe. Grayscale's Zcash ETF began trading on NYSE Arca on August 25, and 21Shares listed Europe's first Zcash exchange-traded product on Euronext Paris and Amsterdam on September 22.
ZEC was trading at $1,592 on September 25, up 4% over the past 24 hours, with a seven-day high of $1,658.86, per CoinGecko data.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Zcash co-founder Eli Ben-Sasson has backed Shielded Bitcoin, a proposal that adds private transfers to Bitcoin’s base layer. He also says Zcash (ZEC) is on track to hit his $5,000 year-end target.
Ben-Sasson, who also co-founded StarkWare, co-wrote the Zerocash paper that preceded Zcash. His original goal, he says, was to bring that privacy to Bitcoin.
Shielded Bitcoin Brings Zcash-Style Privacy to Layer 1Research firm Alloc Init published the proposal on September 24. Its authors are Misha Komarov, Aleksei Moskvin, and Clara Shikhelma.
According to the whitepaper, the design combines encrypted notes, public nullifiers, and zero-knowledge (ZK) proofs. Nullifiers stop the same hidden coins from being spent twice. It needs no soft fork, BitVM, or consensus change. Instead, it relies on Bitcoin PIPEs, a tool built on witness encryption. As a result, all protocol data lives on Bitcoin itself, the team says.
That matters because standard Bitcoin payments stay visible on-chain and can reveal sensitive business payment details to outsiders.
Ben-Sasson admits he has not read the paper yet. Still, he welcomed the direction and hopes to see ZK privacy and scaling reach Bitcoin’s base layer.
I love this direction, our original intent with Zerocash paper (the whitepaper preceding Zcash) was to bring privacy to Bitcoin. Haven't read this one, but would love to see our vision of privacy and scalability via ZK materialize on Bitcoin L1. https://t.co/e9qrjX8NmN
— Eli Ben-Sasson | Starknet.io (@EliBenSasson) September 24, 2026
Ben-Sasson Predicts $5,000 ZEC After Earlier Call HeldOn September 9, Ben-Sasson predicted ZEC would trade above $1,200 by September 25. That call has held. ZEC now trades at $1,545.89, up 1.44% in 24 hours. It has gained nearly 291% over 90 days. The token ranks ninth by market capitalization.
Reaching $5,000 would still require a gain of roughly 223%. Meanwhile, he says more whales now ask him what drives the rally. He admits he has no answer and has asked followers for theirs.
Zcash (ZEC) 90-Day Price Performance. Source: BeInCryptoSeveral catalysts have surfaced in September, however. Zcash spot funds drew $98.2 million in one week through September 18, the largest inflow among 14 crypto products. Ledger also added private Zcash balances to its desktop app. At the same time, the rally has punished traders shorting ZEC, with one position closing at a $10.68 million loss.
Ben-Sasson frames his target as a personal bet, not investment advice. Whether ETF demand holds through December could decide if ZEC gets close.
A new protocol proposal called Shielded Bitcoin has been published, aiming to provide transaction privacy at the base layer for Bitcoin (BTC).
The study titled “Shielded Bitcoin: Private Transfers on the Bitcoin L1,” prepared by Alloc Init researchers Clara Shikhelman, Mikhail Komarov, and Aleksei Moskvin, suggests that Zcash-like private transfers may be possible in Bitcoin without requiring changes to consensus rules or soft forks.
What is Shielded Bitcoin? According to the published study, Shielded Bitcoin is designed as a metaprotocol running on top of Bitcoin, rather than using a separate blockchain or a central operator. The system stores values in encrypted “notes,” marks spent notes with publicly available identifiers called “nullifiers” that do not reveal the source of the transaction, and verifies transaction validity with zero-knowledge proofs. Thus, the aim is to prevent the transfer amount, sender, recipient, and the connections between transactions from being publicly visible.
One of the system’s notable aspects is that the Bitcoin network doesn’t directly verify Shielded Bitcoin rules. Shielded Bitcoin data can be added to Bitcoin transactions via OP_RETURN, witness fields, or similar data transfer methods. Bitcoin miners and nodes don’t check whether this data is valid for Shielded Bitcoin. Instead, a special Shielded Bitcoin indexer replays transactions by tracking the Bitcoin blockchain and excludes invalid transactions from the protocol state.
In Shielded Bitcoin, the equivalent of Bitcoin’s UTXO model is a “note” structure. When a note is spent, it is not explicitly shown which note was spent. Instead, a nullifier associated with zero-knowledge proof is issued. This proof confirms that the spent note is valid, that the user has the necessary spending authority, that the nullifier was correctly generated, and that no new Bitcoin was created during the transaction. Reusing a previously used nullifier detects a double-spending attempt.
According to the researchers, this architecture eliminates the need for users to trust a service provider, coordinator, or separate consensus network. Running a Bitcoin node and a shielded Bitcoin indexer is sufficient to verify the system. Private keys remain with the user. The privacy model of the design is significantly inspired by Zcash’s shielded pool architecture.
Regarding Shielded Bitcoin’s connection to the Bitcoin network, the Bitcoin PIPEs mechanism, previously worked on by researchers, stands out. PIPEs aims to hold funds in cryptographically controlled Bitcoin L1 vaults by linking the outcome of zero-knowledge proofs to Bitcoin’s existing signature verification mechanisms. Komarov argues that the system can therefore operate without requiring a soft or hard fork.
However, the published work does not yet represent a Bitcoin protocol update or a widely used, ready-made product. While the scope of the article primarily focuses on the transfer model within the shielded system, it is stated that Bitcoin’s entry and exit mechanisms, namely peg-in and peg-out structures, are part of the broader system design and are outside the scope of the article.
*This is not investment advice.
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In brief Bitcoin fell about 0.9% to roughly $83,600 on Friday, retracing part of a rally that pushed it to an intraday high near $87,000, Technical indicators on the charts still read bullish, though the Fed's next move could reshape the outlook. Meanwhile, XRP (+15.45% over seven days) and Solana (+9.33% over seven days) are outperforming the broader crypto market. Bitcoin slipped to around $83,600 on Friday, a pullback of roughly 1% from the prior close, as the week's rally took a breather. The dip follows an intraday high near $87,000—territory Bitcoin hadn't touched in months—after it broke out of the $75,000 to $81,000 range that had capped it for weeks.
The move isn't spooking chart-watching traders, though. Bitcoin's daily setup still reads bullish with the 50-day moving average sitting above the 200-day in a pattern known as a golden cross.
Myriad: How high will Bitcoin go? Click to make your prediction.Some of Friday's softness has a mechanical explanation. $15.6 billion in Bitcoin options expired on Deribit, and dealers often unwind hedges once that flow clears—a routine event that can jolt prices without breaking the underlying trend.
That would help explain why open interest and 24-hour trading volume both fell sharply, down 14.39% and 13.68% respectively. The liquidations came in fairly balanced too: $161.96 million in long positions against $156.1 million in shorts in the last 24 hours, a pattern that looks more like leverage getting reset than a one-sided flush.
Macro tailwinds are still doing some of the work. The Federal Reserve raised rates 25 basis points to a range of 3.75% to 4% on September 16, its first hike since 2023, but kept buying short-term Treasury bills to keep bank reserves flush—a combination that blunted the hawkish optics and kept risk assets bid.
Myriad: What will the Fed do next? Click to make your prediction.But that relief didn't last. Federal Reserve Chair Kevin Warsh's post-meeting dot plot projected a median rate of just 4.1% through the end of 2027, signaling only one more hike was likely. Fed Governor Michael Barr said on September 23 that "further policy adjustments are likely needed," a comment that landed alongside a report showing core PCE inflation at 3.4%, near a four-year high.
Odds of an October hike have since climbed to roughly 75% on the CME's FedWatch tool and 68.5% on Myriad Markets, a sharp reversal from where they sat right after the September meeting.
Meanwhile, spot Bitcoin ETFs pulled in another $299.09 million on friday, a smaller number than the single-day hauls recorded earlier in the week—a sign the initial burst of buying is cooling rather than accelerating.
Total crypto market cap sits at $2.87 trillion, down from the $3 trillion-plus level reached earlier this week. The Fear and Greed Index has eased to 72 from a peak of 79, still solidly in “greed” territory, just less euphoric.
Most of the top 10 cryptocurrencies are following Bitcoin lower over the past 24 hours. Ethereum is roughly flat, BNB is down 0.81%, and Tron and Hyperliquid are both in the red. XRP and Solana are the exceptions.
XRP is up 4.37% over the past day and 15.45% over the week, trading near $1.58, at a $99 billion market cap. XRP ETFs notched a nine-day inflow streak worth $1.6 billion in late August, and inflows have continued since as institutional interest appears to build for the token.
Solana is up 3.36% on the day and 9.33% over seven days, changing hands at around $119.84 and a $70 billion market cap.
The network's Alpenglow upgrade, which cuts transaction finality to roughly 150 milliseconds, already cleared a validator governance vote with overwhelming support, though its mainnet activation date remains tentative. Meanwhile, spot Solana ETFs from Fidelity, Grayscale, and VanEck—which launched back in November 2025—continue to see inflows as the upgrade narrative builds.
The next test for Bitcoin arrives fast. September's Personal Consumption Expenditures inflation data lands September 30, followed by the September jobs report on October 2, both capable of resetting rate expectations heading into the fourth quarter.
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In brief Bitcoin fell about 0.9% to roughly $83,600 on Friday, retracing part of a rally that pushed it to an intraday high near $87,000, Technical indicators on the charts still read bullish, though the Fed's next move could reshape the outlook. Meanwhile, XRP (+15.45% over seven days) and Solana (+9.33% over seven days) are outperforming the broader crypto market. Bitcoin slipped to around $83,600 on Friday, a pullback of roughly 1% from the prior close, as the week's rally took a breather. The dip follows an intraday high near $87,000—territory Bitcoin hadn't touched in months—after it broke out of the $75,000 to $81,000 range that had capped it for weeks.
The move isn't spooking chart-watching traders, though. Bitcoin's daily setup still reads bullish with the 50-day moving average sitting above the 200-day in a pattern known as a golden cross.
Myriad: How high will Bitcoin go? Click to make your prediction.Some of Friday's softness has a mechanical explanation. $15.6 billion in Bitcoin options expired on Deribit, and dealers often unwind hedges once that flow clears—a routine event that can jolt prices without breaking the underlying trend.
That would help explain why open interest and 24-hour trading volume both fell sharply, down 14.39% and 13.68% respectively. The liquidations came in fairly balanced too: $161.96 million in long positions against $156.1 million in shorts in the last 24 hours, a pattern that looks more like leverage getting reset than a one-sided flush.
Macro tailwinds are still doing some of the work. The Federal Reserve raised rates 25 basis points to a range of 3.75% to 4% on September 16, its first hike since 2023, but kept buying short-term Treasury bills to keep bank reserves flush—a combination that blunted the hawkish optics and kept risk assets bid.
Myriad: What will the Fed do next? Click to make your prediction.But that relief didn't last. Federal Reserve Chair Kevin Warsh's post-meeting dot plot projected a median rate of just 4.1% through the end of 2027, signaling only one more hike was likely. Fed Governor Michael Barr said on September 23 that "further policy adjustments are likely needed," a comment that landed alongside a report showing core PCE inflation at 3.4%, near a four-year high.
Odds of an October hike have since climbed to roughly 75% on the CME's FedWatch tool and 68.5% on Myriad Markets, a sharp reversal from where they sat right after the September meeting.
Meanwhile, spot Bitcoin ETFs pulled in another $299.09 million on friday, a smaller number than the single-day hauls recorded earlier in the week—a sign the initial burst of buying is cooling rather than accelerating.
Total crypto market cap sits at $2.87 trillion, down from the $3 trillion-plus level reached earlier this week. The Fear and Greed Index has eased to 72 from a peak of 79, still solidly in “greed” territory, just less euphoric.
Most of the top 10 cryptocurrencies are following Bitcoin lower over the past 24 hours. Ethereum is roughly flat, BNB is down 0.81%, and Tron and Hyperliquid are both in the red. XRP and Solana are the exceptions.
XRP is up 4.37% over the past day and 15.45% over the week, trading near $1.58, at a $99 billion market cap. XRP ETFs notched a nine-day inflow streak worth $1.6 billion in late August, and inflows have continued since as institutional interest appears to build for the token.
Solana is up 3.36% on the day and 9.33% over seven days, changing hands at around $119.84 and a $70 billion market cap.
The network's Alpenglow upgrade, which cuts transaction finality to roughly 150 milliseconds, already cleared a validator governance vote with overwhelming support, though its mainnet activation date remains tentative. Meanwhile, spot Solana ETFs from Fidelity, Grayscale, and VanEck—which launched back in November 2025—continue to see inflows as the upgrade narrative builds.
The next test for Bitcoin arrives fast. September's Personal Consumption Expenditures inflation data lands September 30, followed by the September jobs report on October 2, both capable of resetting rate expectations heading into the fourth quarter.
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Ethereum (ETH) is flashing 3 bullish on-chain signals as exchange supply shrinks, priority fees climb, and Binance stablecoin reserves rebuild.
The signals come after ETH rallied from around $1,900 to $2,800 before pulling back. The asset now trades near $2,678, up about 8% over the past week, BeInCrypto Markets data shows.
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Ethereum Keeps Draining Off Exchange Order BooksSantiment data shows just 3.49% of ETH supply now sits on tracked exchanges. Another 1.16% of total supply has moved off these platforms since June 1.
The firm added that exchange balances had already sunk to levels last seen in Ethereum’s first years this summer. The drop extends a slide in exchange reserves since January. Fewer coins on exchanges leave less ETH ready to sell.
“But it reduces the pool of ETH readily available to hit the market during the next wave of selling,” the firm added.
Ethereum Supply on Exchanges. Source: X/SantimentStaking and Decentralized Finance (DeFi) help explain where the coins are going. Santiment estimates roughly 35% of ETH is staked, while Ethereum holds about $53 billion in DeFi value.
Corporate treasuries also keep coins off exchanges. BitMine holds 5.98 million, with 85% of its holdings staked.
“If demand strengthens while available exchange supply stays this scarce, buyers have fewer immediately available coins to compete for,” the team added.
Traders Pay Up to Jump the Block Space QueueOn the demand side, an analyst citing CryptoQuant data noted that priority fees rose 26.74% in a single day to about $464,000.
Gas used, however, climbed only 0.26% to roughly 217.1 billion. Blocks mined held near 7,147, so higher block production did not drive the fee jump.
“The lack of a significant decline in gas usage suggests that demand for Ethereum block space has not weakened substantially despite the price pullback,” the post read.
The analyst interpreted this gap as users paying more for faster processing. That points to stiffer competition for the same block capacity.
Stablecoin Dry Powder Refills on BinanceLastly, XWIN Japan tracked Binance’s ERC-20 stablecoin reserves. They recovered to about $43.8 billion from an August low near $42 billion.
The analyst described exchange stablecoins as potential buying power for Bitcoin (BTC) and other crypto assets. However, reserves still trail the roughly $49 billion recorded earlier this year.
What Could Knock the Setup Off CourseEach signal carries caveats. Santiment stressed that thin exchange supply does not guarantee higher prices. XWIN Japan also warned that reserves may sit idle or back derivatives positions.
On price, the analyst tracking network activity flagged $2,600 to $2,650 as support. Holding that zone could set up a retest of $2,700 to $2,800.
Meanwhile, a sharp drop in priority fees with weaker gas usage would pressure the $2,600 level, the analyst warned. The coming sessions should show whether fee competition can outlast the cooling price momentum.
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25 September 2026 | 15:43 Bitcoin is holding above $82,700 after its latest advance, but the next move depends on whether buyers can defend that reclaimed area before confronting resistance near $87,400.
BTC traded near $84,700 at the time of writing after reaching roughly $87,400. The important development was Bitcoin’s ability to remain above the $82,700 region after moving through it.
That area is now the line between a pause within the advance and the possibility of failed breakout attempt. A daily candle can briefly dip below it without settling the issue, but a close back beneath it would show that the market has not yet accepted the higher range. Holding it, by contrast, leaves the recent high near $87,400 as the next test.
Bitcoin daily chart Fibonacci retracement levels. This is a more advanced stage of the rebound Coindoo examined when Bitcoin recovered $80,000. The earlier question was whether BTC could return above that larger round-number area. The current one is whether it can retain the next reclaimed band while buyers absorb supply overhead.
What the chart is asking: Can Bitcoin hold the level it has just reclaimed long enough to make another challenge of $87,400 meaningful?
Demand has improved; price still needs to confirm it The market has some evidence behind it. Farside Investors data shows U.S. spot Bitcoin ETFs recorded six consecutive positive sessions from September 17 through September 24. Net inflows totalled about $2.84 billion over the run, led by $999 million on September 21 and $714.7 million on September 22.
Those flows do not predict the next daily close but they do, however, add evidence that buying interest has extended beyond a single brief price move. That is relevant while Bitcoin is trying to establish itself above a newly reclaimed level rather than merely spike through it.
Glassnode’s September 23 report adds context to that test. Its analysts place a large long-term-holder cost-basis cluster around $84,000-$85,000, close to the current market. It maps where a substantial group of holders acquired coins, rather than establishing a guaranteed price floor. The report also says profit-taking has remained much lighter than at the major 2024 and 2025 peaks, meaning the rally has not yet drawn the same scale of distribution.
Glassnode Bitcoin on-chain holder valuation metrics. The limitation is participation. Glassnode says spot volume has risen 121% from its August trough, while the seven-day average remains about 30% below its level a year earlier. Trading activity has recovered materially from its recent low, yet remains short of the depth seen a year ago. The market therefore has better demand evidence, while the price breakout still needs confirmation.
Why $87,400 matters before $90,000 does The recent high near $87,400 is Bitcoin’s immediate ceiling. A daily close above it would establish a new local high and show that the market can move beyond the first area where sellers have recently appeared. Until that happens, looking far beyond the chart’s visible resistance is premature.
This also puts a September 18 Coinbase Institutional scenario in context. Before the latest advance, the firm said a hold above $83,000 would favour a retest of $90,000, with $95,000 identified as a later resistance level. Bitcoin has broadly met that first condition, but the analysis was a conditional view published before the move, not a current target. The market still needs to clear $87,400 before $90,000 becomes a practical level for readers to watch.
Below $82,700, the chart becomes less forgiving If Bitcoin cannot preserve the reclaimed area, the first stronger support is near $80,450. On the daily chart, the 23.6% Fibonacci retracement meets a rising diagonal in that region. A pullback there would not erase the broader recovery, but a daily close below it would place BTC back inside the earlier range and weaken the immediate breakout case.
The next lower reference is near $76,100, where the 38.2% Fibonacci retracement sits. Glassnode’s True Market Mean lies separately around $77,000. The two methods measure different things, but together they create a broader $76,000-$77,000 area that would matter if the nearer Fibonacci-and-diagonal support gives way.
Bitcoin has moved from recovery into a more demanding phase: it now has to prove that demand can hold a reclaimed level and overcome nearby supply. The ETF streak and on-chain data make that case more credible, while the volume comparison explains why it remains unconfirmed. The market’s answer could come first at $82,700 and then at $87,400.
This article is provided for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices are volatile, and technical levels can change quickly.
Author
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 5,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
None of the 15 large institutions interviewed by Bitwise reduced its crypto allocation during the roughly 50% market drawdown between the fourth quarter of 2025 and the second quarter of 2026, and several added to their positions, according to the asset manager's first Institutional Crypto Adoption Report.
The report, written by chief investment officer Matt Hougan and head of research Ryan Rasmussen, draws on interviews conducted in March and April with endowments, foundations, public pensions, sovereign wealth funds, multi-family offices, investment consultants and public companies managing anywhere from hundreds of millions to tens of billions of dollars.
Every institution that holds crypto holds bitcoin, and for nearly all of them it was the first, largest and longest-held position. Allocators that weight their holdings by market capitalisation keep roughly 80% of their crypto exposure in bitcoin. Most now frame the asset alongside gold as a store of value. "People are starting to use bitcoin as a fiat debasement trade along with gold," one large endowment told Bitwise, and one sovereign wealth fund said it was funding its crypto allocation by selling foreign exchange and gold reserves.
Ether and Solana are held in smaller positions with shorter time horizons and explicit exit conditions. One institution with DeFi experience said it saw no "clear mechanism by which value accrues to the underlying token," and several said they would exit within a few years if adoption fails to show up in prices. "Something has to work. At some point, if this stuff doesn't work, we'll be out," said one investor who has held crypto for a decade.
Allocations ranged from 0.5% to 13% of investable assets, with most between 1% and 2%. Family offices reported the largest positions and sovereign wealth funds the smallest, and the full report finds allocation size falls as the number of approvals required rises. Almost every institution either uses spot ETFs or plans to, and several are moving out of illiquid private placements into ETF or direct exposure. No investor named price as a reason to sell; the stated triggers were thesis failure, regulatory reversal or an industry-wide credibility crisis.
Bitwise argues the obstacles are now institutional. Custody logistics, board approval and the difficulty of classifying assets like ether within existing frameworks weigh more heavily than doubts about returns, and at public-facing funds career risk still dominates. "If your peers own crypto and you don't, you are structurally short relative to what you're being graded on," one investment consultant said. The report also flags a concentration risk, with only about 10 crypto managers meeting typical institutional thresholds for size and track record.
The findings come with caveats. Fifteen interviews is a small sample, and Bitwise, which sells crypto ETFs and index funds to the same allocators, has a commercial interest in the conclusion. The firm nonetheless expects a majority of institutional investors to hold crypto within five years, while naming a major crypto-specific crisis, or ether and Solana failing to convert usage into price, as the developments most likely to slow that trajectory.
Key Highlights Block has become a member of the x402 Foundation and integrated Bitcoin Lightning Network into the open payment standard. The x402 protocol enables AI agents to conduct automated payments for digital services, APIs, and data using HTTP 402 payment requests. Development code committed on September 23 revealed Lightning integration before the official public announcement. The x402 platform processed 75.41 million transactions totaling $24.24 million in volume during the most recent 30-day window. Multiple blockchain ecosystems including Cardano, Casper, and XRP Ledger have integrated support for the protocol. Block has become a member of the x402 Foundation and integrated Bitcoin Lightning Network functionality into the payment standard designed for AI agents and digital services.
Block has joined the x402 Foundation, an open standard for agentic payments, to help build the rails that will let people, businesses, and agents pay and get paid.
We’ve also contributed Bitcoin Lightning payments, which is purpose-built for the instant, low-cost, high-volume…
— Block (@blocks) September 24, 2026
The integration was publicly revealed on September 24. Block emphasized that Lightning Network aligns perfectly with the payment requirements of AI agents—specifically low fees, rapid settlement, and high transaction frequency.
Steve Lee, who oversees Block’s Bitcoin development arm Spiral, described the Lightning integration as progress toward establishing Bitcoin as practical currency for daily transactions conducted by both humans and their automated agents.
Understanding x402’s Function x402 operates as an open payment framework. Originally developed by Coinbase, the protocol now operates under Linux Foundation governance.
The system leverages the HTTP 402 “Payment Required” status code. When AI agents attempt to access APIs, datasets, or digital resources, servers can issue payment requests through this mechanism.
Agents automatically process these payment demands and resubmit their requests with payment verification. The entire sequence occurs autonomously, eliminating manual checkout processes.
Public code repositories reveal that Lightning implementation was underway before the formal announcement. A September 23 commit introduced what developers labeled “exact Lightning on lnbtc,” referencing the network identifier for this functionality.
Block has not disclosed specific metrics for Lightning transactions, merchant adoption, or AI agent usage related to this new capability. The x402 Foundation’s dashboard displays aggregate statistics across all payment methods: 75.41 million transactions, $24.24 million in total volume, 94,060 buyers, and 22,000 sellers during the preceding 30-day period.
Stablecoin Dominance in Payment Activity Stablecoins currently represent the majority of x402 transaction volume rather than Bitcoin. According to Circle’s data, USDC comprised 99.3 percent of x402 payment volume during their latest reporting quarter.
Lightning Network provides developers an alternative for direct Bitcoin settlement without dollar-pegged tokens. Erik Reppel, x402’s creator and Technical Steering Committee member, explained the protocol was architected for network-agnostic expansion without privileging specific payment infrastructure.
Block now joins an expanding roster of x402 Foundation supporters. Current participants include Google, Amazon Web Services, Coinbase, Mastercard, Visa, Stripe, Circle, Ripple, Shopify, and the Solana Foundation.
Microsoft appeared among initial supporters when the Foundation launched in April. However, the company was absent from the 40 organizations listed as operational members in the Foundation’s July announcement.
Block maintains several related initiatives in this domain. The company contributes to goose, an open-source AI agent, co-founded the Agentic AI Foundation, and participates in Google’s Universal Commerce Protocol initiative.
Multiple organizations have recently integrated x402 across various blockchain platforms. Cardano’s development environment received x402 support through an experimental testnet implementation.
Casper’s production network already operates x402 functionality enabling AI agent payments for digital services. XRP Ledger surpassed one million x402 transactions by July, with Ripple-supported t54.ai developing infrastructure for AI applications on that platform.
Amazon Bedrock AgentCore incorporated Coinbase’s x402 implementation for USDC settlements, enabling corporate AI agents to conduct payments within enterprise spending frameworks. The Graph similarly employs x402, offering developers pay-per-query blockchain data access instead of subscription models.
Block has not announced a timeline for incorporating Lightning-based x402 functionality into consumer-facing products including Square, Cash App, or Bitkey. The company confirmed ongoing Lightning development contributions and continued participation in x402 Foundation working groups.
Bitcoin ETF inflows slow to $191M as six-day streak reaches $2.8BUS spot Bitcoin ETFs drew $191 million Thursday as daily inflows slowed for a third day, lifting year-to-date net flows to $787 million.
US spot Bitcoin exchange-traded funds (ETFs) drew about $191 million in net inflows on Thursday, pushing their six-session total past $2.8 billion.
After hitting a 2026 high of $999 million on Monday, daily inflows fell for three consecutive sessions while Bitcoin retreated from above $87,000. Thursday’s total was down 81% from Monday, according to SoSoValue data.
The latest inflow streak lifted the funds’ year-to-date total to roughly $787 million, reversing a 2026 deficit of about $5.5 billion at the end of June. September alone has attracted $2.56 billion so far, following $3.52 billion in August.
Daily flows in US spot Bitcoin ETFs. Source: SoSoValueBlackRock’s iShares Bitcoin Trust (IBIT), the largest US spot Bitcoin ETF by assets, accounted for about $163 million of Thursday’s inflows, according to Farside Investors data. IBIT has attracted roughly $1.35 billion during the six-session streak, or nearly half of the funds’ combined inflows.
At the time of publication, Bitcoin traded at $83,807, down 0.3% over the past 24 hours but still up about 8% over the past seven days, according to CoinGecko.
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
Bitcoin ETF inflows slow to $191M as six-day streak reaches $2.8BUS spot Bitcoin ETFs drew $191 million Thursday as daily inflows slowed for a third day, lifting year-to-date net flows to $787 million.
US spot Bitcoin exchange-traded funds (ETFs) drew about $191 million in net inflows on Thursday, pushing their six-session total past $2.8 billion.
After hitting a 2026 high of $999 million on Monday, daily inflows fell for three consecutive sessions while Bitcoin retreated from above $87,000. Thursday’s total was down 81% from Monday, according to SoSoValue data.
The latest inflow streak lifted the funds’ year-to-date total to roughly $787 million, reversing a 2026 deficit of about $5.5 billion at the end of June. September alone has attracted $2.56 billion so far, following $3.52 billion in August.
Daily flows in US spot Bitcoin ETFs. Source: SoSoValueBlackRock’s iShares Bitcoin Trust (IBIT), the largest US spot Bitcoin ETF by assets, accounted for about $163 million of Thursday’s inflows, according to Farside Investors data. IBIT has attracted roughly $1.35 billion during the six-session streak, or nearly half of the funds’ combined inflows.
At the time of publication, Bitcoin traded at $83,807, down 0.3% over the past 24 hours but still up about 8% over the past seven days, according to CoinGecko.
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
TLDR Volmex Labs CEO Cole Kennelly said Bitcoin could reach $500,000 within roughly two years. Bitcoin would need to gain about 540% from the cited price near $84,269 to reach that target. Volmex specializes in crypto volatility and operates indexes that track forward-looking Bitcoin volatility expectations. Standard Chartered previously projected Bitcoin at $500,000 by 2028 before later moving the target to 2030. Earlier $500,000 forecasts from Cathie Wood, Mike Novogratz, and Robert Kiyosaki show how long-term Bitcoin price targets can shift or miss expected timelines. Bitcoin price returned to focus after Volmex Labs CEO Cole Kennelly said Bitcoin could reach $500,000 within about two years. Bitcoin traded near $84,269, meaning the target would require a rise of roughly 540% from that level.
Kennelly leads Volmex Labs, a company that builds crypto volatility products and indexes. His forecast stands apart from the firm’s indexes, which measure expected volatility rather than predicting whether Bitcoin will move higher or lower.
Volmex Tracks Market Expectations Volmex operates the Bitcoin Volmex Implied Volatility Index, which tracks forward-looking volatility expectations for Bitcoin. The company also launched BVIV-US, which uses options linked to BlackRock’s iShares Bitcoin Trust to measure expected Bitcoin volatility in the United States. Bitcoin ETF allocators held exposure during the drawdown, according to a recent Bitwise survey.
Recent market moves provide context for the forecast. Bitcoin recently climbed above $85,000 as short liquidations increased, showing how quickly price conditions can change during periods of stronger market activity.
Earlier $500,000 Calls Show Mixed Timing Several major market figures have previously named $500,000 as a possible Bitcoin target. Standard Chartered once expected that level by the end of 2028, but the bank later moved the timeline to 2030 as corporate Bitcoin buying weakened.
ARK Invest CEO Cathie Wood said in 2021 that Bitcoin could rise roughly tenfold within five years. Mike Novogratz later made a similar forecast, while Robert Kiyosaki predicted $500,000 by 2025. Bitcoin traded near $87,000 this week after recovering from lower September levels.
Institutional demand remains one factor traders continue to watch. A recent Bitwise survey found that large crypto allocators maintained or increased exposure during a major drawdown, while Bitcoin remained the most common crypto asset among respondents.
Forecast Requires a Large Bitcoin Price Gain Corporate demand also remains part of the wider market picture. Strategy’s Bitcoin holdings reached 845,050 BTC, while recent company activity has kept attention on how public firms may influence Bitcoin demand over longer periods.
The $500,000 forecast requires Bitcoin price to rise more than sixfold from the level cited during Kennelly’s interview. Earlier forecasts show that long-range targets can change as market conditions, institutional demand, liquidity, regulation, and investor behavior develop. No forecast guarantees a future price, and previous missed deadlines show why investors often reassess targets as market data arrives.
The recent rise in bitcoin prices brings a technical signal that the market is closely watching. On September 22, the price crossed its 365-day simple moving average, around 80,900 dollars. This crossing comes after 310 days below this line, according to Ryan Horst and Joni Zhuleku, the founders of Altcoin Pro. Their study shows that this crossing preceded increases over several previous periods, while reminding them that this indicator does not guarantee a sustainable rise.
In brief Bitcoin rises again above its 365-day moving average after 310 days below this line. Altcoin Pro observes five previous crossings followed by a rise twelve months later. Historical performances ranged from 59% to over 1,400%, with several exceptions. The next test is to check if the price maintains this level after its recent pullback. Bitcoin rises again above its 365-day average The crossing observed on September 22 marks a notable change in the technical reading of the BTC market. In an email addressed to CoinDesk, Altcoin Pro states that Bitcoin has found its 365-day moving average for the first time in 310 days. For Ryan Horst and Joni Zhuleku, this return above the line creates a potential bullish signal.
The five previous cases studied by Altcoin Pro share an important common point. Each time, the price was higher twelve months after regaining its 365-day average. These situations followed at least 90 days spent below this average. However, the observed performances varied greatly, from about 59% to over 1,400%.
The 2012 case explains the maximum extent observed in this series. At that time, the market still considered bitcoin a marginal asset. Horst points out, however, that this model remains imperfect and does not constitute a guarantee. Two crossings failed when the analysis includes shorter periods below the average.
Moving averages give different signals Altcoin Pro also gives an important place to the 200-day moving average. According to the founders, this reference provides a more advanced signal than the 365-day one. It had reached about 70,800 dollars, while bitcoin was about 19% above before its slight pullback of the previous 36 hours. The 365-day average remained, however, down and closer to the market price.
This difference comes from the pace at which each indicator integrates past prices. The 365-day average reacts more slowly to recent movements. The two analysts believe that the first indicator reflects the old data more than the second. The second reacts over three months, according to their explanation.
On September 8, another technical signal had already attracted the market’s attention. Bitcoin’s 50-day moving average had crossed above the 200-day one, forming a “golden cross.” However, CoinDesk had reminded us that this signal has a mixed record when used alone to anticipate a sustainable rise.
The market still has to confirm this technical change Altcoin Pro nevertheless considers this crossover more constructive in the current context. Bitcoin had spent 293 days below its 200-day moving average before rising above it again. This duration remains shorter than the approximately 436 days spent below this threshold during the 2022-2023 bear market. This breakout therefore remains central to their analysis.
Historical data show, however, that technical indicators do not directly describe future prices. Moving averages are based only on past prices and measure a trend over a given period. They can therefore react with a delay when the market changes rapidly. This limitation explains why Horst and Zhuleku ask for confirmation.
The next test concerns bitcoin’s ability to maintain this level after the pullback. Horst described the September progress as encouraging while calling for its confirmation. The crossing thus brings an additional technical signal to the current market. Its evolution will now depend on how the price reacts around this average.
The crossing of the 365-day average thus marks an improvement in bitcoin’s technical signal, after 310 days below this reference. The historical precedents studied by Altcoin Pro show subsequent rises, but also failures. The next step is to assess if the BTC price maintains this threshold and progressively confirms the observed change.
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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.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Key Takeaways Strive secured approximately $85.88 million via SATA preferred stock offerings across three consecutive trading days between September 21 and September 23. The capital raised could support the acquisition of approximately 1,002 Bitcoin, according to data from BitcoinTreasuries.net. Strategy purchased 950 BTC during the week concluding September 20, while simultaneously deploying $174 million to repurchase its STRC preferred stock. Strive’s most recent regulatory disclosure indicated a Bitcoin treasury of 26,355 BTC as of September 18. Investors can access Strive’s Bitcoin strategy through both ASST and SATA securities, which are listed on the Nasdaq exchange. Strive continues to accelerate its Bitcoin accumulation strategy at a rapid pace. The firm generated an estimated $85.88 million through SATA preferred stock transactions during a three-day window this week, based on data compiled by BitcoinTreasuries.net.
The proceeds position the company to acquire approximately 1,002 Bitcoin at prevailing market rates. While these figures represent projections rather than confirmed acquisitions, they demonstrate Strive’s continued ability to raise capital even as competitors adopt more conservative approaches.
The fundraising activity spanned September 21 through September 23, with each trading session generating varying amounts of capital.
Breakdown of Capital Raising Activity During the September 21 session, Strive completed the sale of approximately 284,000 SATA shares, generating $27.69 million in net capital. At an average Bitcoin price of $86,001, this amount could support the purchase of roughly 322 BTC.
Strive, Inc., ASST
The middle session on September 22 proved most productive, with around 370,000 shares transacted for $36.08 million in proceeds. This sum could facilitate the acquisition of an estimated 418 BTC at an average cost of $86,266 per coin.
The final session on September 23 yielded $22.11 million from approximately 226,700 shares sold. Based on an average Bitcoin price of $84,556, this capital could cover roughly 261 BTC.
BitcoinTreasuries.net derives these projections by monitoring SATA trading volume when shares trade at or above their $100 par value benchmark. The platform then calculates estimated net proceeds and divides by prevailing Bitcoin prices. While the methodology is calibrated against Strive’s official regulatory submissions, these remain estimates pending company confirmation.
Strive’s most recently verified purchase activity covered the period from September 14 through September 18. During that window, the company acquired 1,355 BTC for approximately $107.7 million, averaging $79,475 per coin. This expanded the firm’s confirmed Bitcoin holdings from 25,000 BTC to 26,355 BTC.
CEO Matt Cole provided additional context regarding the fundraising composition. In a post on X, he noted that warrant exercises contributed $21.2 million, while SATA proceeds accounted for 57.7% of total capital raised during the reporting period.
Contrasting Strategy at Competitor Strategy, which maintains the largest corporate Bitcoin treasury, pursued a distinctly different approach during its latest reporting week. The company added 950 BTC through a $75.7 million purchase, paying an average of $79,670 per coin, which brought its cumulative holdings to 846,000 BTC.
However, Strategy simultaneously allocated $174 million toward repurchasing its STRC preferred stock. This buyback activity is particularly significant given that STRC has traded below its $100 par value since June, and the company has not issued new capital through this security in several months.
Strategy financed both the Bitcoin acquisition and stock repurchase from its existing USD cash reserves, which declined from approximately $1.30 billion to $1.05 billion throughout the week. The company reported zero new STRC sales during this timeframe in its SEC disclosure.
Strive, conversely, has maintained continuous utilization of its at-the-market offering program. Additionally, Strive holds a position in Strategy’s preferred stock, owning 505,000 STRC shares with an estimated value of $49.7 million as of September 18.
SATA currently features a 13% annualized dividend rate for the September period. STRC’s corresponding rate stands at 12%, according to each company’s official statements.
Both Strive’s ASST common stock and SATA preferred shares maintain Nasdaq listings. Strategy’s average acquisition cost across its entire 846,000 BTC portfolio calculates to $75,416 per coin, representing a cumulative investment of approximately $63.8 billion.
Strive’s forthcoming SEC filing will confirm whether the projected SATA proceeds from the three-day period were deployed toward additional Bitcoin acquisitions.
CryptoQuant analyst Darkfost stated in a post that Bitcoin long-term holders (LTHs) are generally more stable than short-term holders (STHs) and less sensitive to market volatility, so monitoring their fund activities helps assess selling pressure. Data shows LTHs’ current realized profit is approximately 72%. While this level appears high, it remains far lower than previous market phase peaks—for instance, in December 2024, LTHs’ realized profit once neared 350%. Currently, LTHs are in a relatively mild profit-taking phase, a level close to that seen during the prior bear market, which may prompt most long-term holders to wait rather than sell off en masse immediately.
TL;DR Bitcoin fell below $85,000 after stronger U.S. business data pushed Treasury yields higher. S&P Global’s flash U.S. Composite PMI rose to 58.4 in September, the strongest reading since July 2021. The move shows how quickly Bitcoin’s recent rebound can be challenged when markets price in tighter monetary policy. Bitcoin’s rebound has run into a familiar obstacle: rising interest rates.
BTC fell back below $85,000 as U.S. Treasury yields climbed, with the 10-year yield moving above 5% after stronger-than-expected economic data renewed concerns that monetary policy may have to stay tight.
Stronger Growth Is Not Automatically Good News For Bitcoin S&P Global’s flash U.S. Composite PMI rose to 58.4 in September from 56.0 in August.
That was the strongest reading in more than five years.
Normally, strong business activity sounds like straightforward good news.
Markets are looking at the other side of the equation.
Faster growth, stronger employment and rising input prices can give the Federal Reserve less reason to cut interest rates — and potentially more reason to keep policy restrictive if inflation remains uncomfortable.
That pushes bond yields higher.
For Bitcoin and other risk assets, higher yields increase the return available on conventional dollar assets and raise the discount rate investors apply to more speculative investments.
Bitcoin’s $87K Push Was Quickly Tested Bitcoin had recently climbed above $87,000 as improving sentiment and strong institutional demand helped squeeze short positions.
The pullback toward the mid-$84,000 area shows that the rally is still sensitive to macro conditions.
That does not necessarily invalidate the move higher.
It does mean Bitcoin needs fresh buying once the mechanical effect of short liquidations fades.
The market has spent much of this cycle proving that crypto-specific developments and institutional adoption matter.
But macro liquidity still matters too.
When Treasury yields jump above 5%, investors suddenly have a very different set of alternatives for capital.
Bitcoin remains well above the lows seen earlier in the year, but the latest move is a reminder that reclaiming higher levels will require more than momentum.
If economic data keeps coming in hot, the argument over how long rates stay elevated could become one of the biggest variables for BTC through the final quarter of 2026.
This article was written by the News Desk and edited by Samuel Rae.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bitcoin's blockchain has recorded a flawless on-chain maneuver, putting a huge amount of liquidity at stake. A major investor completely emptied his transit wallet, "bc1qlnexsqagmk27ju9dmmvj47016...," transferring 4,500 BTC ($381.38 million) to a brand-new, clean address, "bc1qpls5rs7z53avm0k6ohh40y301....".
The donor wallet, whose history analysts had tracked for several years, now has an absolute zero balance as per Arkham Intelligence data.
On-chain transaction history of the transit hub wallet clearing out 4,500 BTC. Source: Arkham Intelligence.What makes this transaction notable is not so much the amount as the context. Exactly four years ago, the same amount of coins arrived at this address, valued at an estimated $187.38 million. The owner of the capital rode out a prolonged market downturn, completely ignored Bitcoin's 2025 all-time high, when the coins at this address were worth more than $600 million, and moved the funds only now, with Bitcoin holding at $84,070.
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The wallet's four-year "sleep" resulted in $194 million in unrealized profit.
Four years of absolute silence for double the profit. Breaking down an OG whale's maneuver.The transaction history on Arkham reveals the operation's deep roots. The emptied hub is directly linked to one of the oldest mining networks, which collectively controls around 33,000 BTC.
This entire trove is split into tranches of exactly 4,500 coins per wallet, and the chain's earliest transactions date back to 2010, when the network was being built by a handful of cypherpunks and Bitcoin was worth pennies.
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The fact that such a large amount was moved "in one click" to an empty address, with no splitting, temporarily eases pressure on the retail market. The whale did not send the coins to exchanges such as Binance or Coinbase, so the spot market barely noticed the transaction, holding on to its 3.6% weekly gain.
The crypto market may have just witnessed either a planned migration to new private keys or preparation for a large, private OTC deal that will take place entirely outside exchange order books.
Bitcoin drew renewed market attention after Volmex Labs CEO Cole Kennelly projected that its price could reach $500,000 in roughly two years. At the time of Kennelly’s comment, Bitcoin traded near $84,269, implying that the cryptocurrency would need to climb approximately 540% to reach this target.
Volmex focuses on market volatility indexesCole Kennelly leads Volmex Labs, a company specializing in crypto volatility products and indexes rather than price predictions themselves. Volmex operates indexes that monitor forward-looking Bitcoin volatility, helping market participants gauge sentiment and expectation shifts without providing specific bullish or bearish forecasts.
The firm’s key product is the Bitcoin Volmex Implied Volatility Index, which tracks anticipated volatility based on market activity. Additionally, the company recently introduced BVIV-US, which leverages options tied to BlackRock’s iShares Bitcoin Trust to measure expected volatility in the United States.
As Bitcoin swiftly recovered from earlier declines and even surpassed $85,000 in recent days, short liquidations increased, illustrating how quickly price conditions can swing during periods of heightened activity.
Cole Kennelly forecast a $500,000 Bitcoin price by 2028, citing sustained institutional interest and evolving market factors as potential drivers for such substantial gains within the next two years.
Earlier high-profile forecasts adjustedStandard Chartered previously estimated that Bitcoin could reach $500,000 by the end of 2028. However, the bank recently adjusted its timeline, moving the projection to 2030 amid softer corporate Bitcoin buying trends.
Other prominent figures in the industry have echoed similar targets. ARK Invest CEO Cathie Wood stated in 2021 that Bitcoin’s price could multiply tenfold in five years. Mike Novogratz also made comparable assertions, and Robert Kiyosaki named $500,000 by 2025 as his target. Despite these statements, market shifts sometimes delay or challenge these long-term predictions.
Amid these forecasts, recent Bitwise data suggested that institutional investors remained active during major drawdowns, maintaining significant exposure to Bitcoin as the asset rebounded above $87,000 following September lows.
Market optimism and trading tools evolveInstitutional demand continues to play a major role in the cryptocurrency market. According to the same Bitwise survey, large allocators either maintained or increased their crypto holdings during broad market corrections. Strategy’s Bitcoin reserves, for example, reached 845,050 BTC, underlining high-profile adoption by public firms that may shape demand over time.
Forecasts such as Kennelly’s imply that Bitcoin would need to rise sixfold or more from current levels, a jump that would depend on evolving market dynamics, liquidity, investor sentiment, and broader regulatory developments. Past missed targets and shifting market conditions highlight how speculative such predictions remain.
In a landscape where one policy move by the Fed or a sudden altcoin listing can instantly reshape trading environments, investors are increasingly searching for technological solutions that help simplify their experience. Smart traders are now turning to privacy-first tools like CryptoAppsy, which allow users to combine real-time charts, smart price alerts, macroeconomic data, and coin-specific news on a single screen—without even requiring an account. This can reduce the friction and time lost when switching between different platforms for analysis and trading management.
Recent market gains and increased short liquidations show how rapidly conditions can shift, while institutional demand and technological solutions continue to influence the landscape for both short-term and long-term investors.
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.
Sequans Communications sold its last 314 BTC and officially ends its Bitcoin strategy. The French group now holds no crypto on its balance sheet, after owning more than 3,200 BTC at the peak of its accumulation. This exit comes at a bad time for all treasury companies: according to DWF Ventures, only 4 of the 20 largest companies in the sector still trade above the value of their crypto assets. The premium that fueled their purchases is seriously starting to disappear.
In brief Sequans sold its last 314 BTC and completely leaves its Bitcoin strategy. Only 4 of the top 20 crypto treasuries still have an mNAV above 1. The disappearance of this premium makes new stock raises much less attractive. Sequans sells its last 314 BTC and closes the chapter The experience lasted a little over a year. Sequans launched its Bitcoin strategy in June 2025 after announcing a $384 million raise in shares and convertible debt. At its peak, the French semiconductor manufacturer held more than 3,200 BTC.
The exit had already started several months earlier. Cointribune detailed in May Sequans’s decision to liquidate most of its reserve to return to its core business. Sequans’s Bitcoin bet turns into a fiasco, the company sells off its assets and starts over.
In November 2025, Sequans sold 970 BTC to repay half of its convertible debt. Then, in May 2026, the company announced it was no longer pursuing its crypto treasury strategy and began gradually monetizing the remaining assets.
As of June 30, the balance sheet still showed 314 BTC valued at $18.4 million. They have just all been sold. Sequans now states it has no cryptocurrencies on its balance sheet and no longer carries any debt, except for commitments related to certain public research and development programs. Bitcoin is no longer in the equation.
Only four major crypto treasuries still keep a premium Sequans leaves as the crypto treasury companies’ model is going through a much less favorable period. DWF Ventures studied the 20 largest Digital Asset Treasuries, or DATs, according to their assets under management. Only four still showed an mNAV above 1: Bit Digital, Strive, Hyperliquid Strategies, and BitMine.
In other words, 16 out of 20 now trade below the value of their crypto reserves. The mNAV compares the value assigned by the market to the company with that of the digital assets it holds. When it exceeds 1, investors agree to pay a premium to buy the stock rather than the crypto directly.
This mechanism has long provided fuel to Bitcoin treasuries. A company valued well above its BTC could issue new shares, raise money, and then buy more Bitcoin. As long as this operation increased exposure per share, dilution was easier to defend.
Strive is among the few companies that still retain this premium. It also continues to accumulate. In early September, the company added 1,375 BTC for about $109 million, bringing its treasury to 24,531 BTC. For the majority of other crypto companies studied by DWF, the situation has reversed.
When the premium disappears, the model becomes much less comfortable A stock trading below the value of its crypto assets can still raise funds. Simply put, the operation becomes much less attractive. Issuing new shares when the mNAV is below 1 risks diluting existing shareholders without creating enough additional value per share. The cycle that allowed issuing, buying Bitcoin, then repeating becomes harder to sustain.
DWF also estimates that, since Strategy launched its strategy in 2020, most treasury company stocks have ultimately underperformed holding their crypto assets directly. Even among those that outperformed, the gap generally remained limited.
The problem is not new. Standard Chartered already warned in 2025 that a generalized drop in mNAV could trigger consolidation in the sector. Galaxy Digital made a similar observation: the model strongly depends on maintaining a market premium.
Sequans shows what can happen when this mechanism no longer works. This does not mean all Bitcoin treasuries are selling. Strategy remains, on the contrary, extremely active. Michael Saylor’s group has bought another 950 BTC for $75.7 million this week and now holds about 846,000 bitcoins. Strategy buys 950 Bitcoins for $75.7 million The market simply separates companies more. On one side, a few crypto players retain a premium and can still raise capital under good conditions. On the other, most large treasuries already trade below the value of their assets. Sequans chose not to wait any longer: last 314 BTC sold, zero crypto on the balance sheet, and back to semiconductors.
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Evans S.
Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
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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.
As the price of Bitcoin (BTC) continues to rise, the remarkable fund movements on Binance have become the focus of investors. According to CryptoQuant analyst Darkforth, Binance, one of the world’s largest cryptocurrency exchanges, recorded its highest single-day net Bitcoin outflow since 2023.
According to an analysis shared by Darkforth, Bitcoin has gained approximately 45% in value since its July levels. The fact that BTC has surpassed key technical levels and closed above $82,000 for several consecutive days is cited as one of the factors distinguishing the current upward movement from previous recoveries.
The analyst noted that despite the price increase, the accumulation trend in Bitcoin continues. This trend is clearly visible in BTC movements on cryptocurrency exchanges.
According to data, Binance hosts approximately 30% of the total amount of Bitcoin held on centralized exchanges accessible to investors. Over the past week, Binance has seen an average daily net outflow of around 2,000 BTC, while recently a single day saw a net outflow exceeding 13,800 BTC. This is reportedly the highest daily net BTC outflow seen since 2023.
Binance’s Bitcoin reserves also decreased from approximately 705,000 BTC to 685,000 BTC in the last four days. This means that about 20,000 BTC has been withdrawn from the exchange’s reserves.
According to Darkforth, the continuous withdrawal of Bitcoin from exchanges may indicate that some investors prefer to hold onto their assets long-term rather than sell them. The decrease in the amount of Bitcoin available for sale on exchanges is seen as a development that could limit potential selling pressure from a market perspective.
The analyst also noted that the recent sudden and large-scale outflows could indicate a different type of investor behavior. According to this, some investors who believe Bitcoin will continue to fall, as it did in past bear markets, may be re-entering the market as the price rises, driven by fear of missing out (FOMO).
*This is not investment advice.
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Crypto analyst Austin Hilton announced a significant change in his approach to investing in XRP and Bitcoin, shifting his focus away from traditional buy-and-hold methods to automated trading strategies driven by artificial intelligence.
Hilton, known for his commentary in the digital asset sector, stated that he will no longer make direct purchases of XRP and Bitcoin for the foreseeable future. Instead, he plans to allocate new capital to trading bots that can adapt to changing market conditions without requiring his constant oversight.
He explained that these AI-powered systems can automatically execute buy or sell orders and manage both long and short positions in real time. Hilton emphasized that this approach is aimed at minimizing the emotional reactions that often hinder individual investors, especially during high volatility or sudden market corrections.
According to Hilton, many traders suffer losses because they act impulsively during downturns or miss opportunities when they are not actively monitoring the market. Switching to automation, he hopes, will help him avoid such pitfalls.
Hilton highlighted that he still holds his existing XRP and Bitcoin investments, clarifying, “I’m not selling what I own. I’m just changing how I deploy new capital going forward.”
Mini dictionary: Austin Hilton is a cryptocurrency market commentator and content creator, well-known for sharing personal analyses and investment strategies with followers online.
XRP remains core to Hilton’s strategyDespite changing his purchasing strategy, Hilton confirmed he will continue to hold all of his current XRP and Bitcoin. He has no plans to sell these holdings, which he views as potential long-term assets. However, he said he will not be buying additional XRP directly or maintaining it through both bull and bear markets as he did previously.
Hilton said he and the executive team of the trading platform developed four distinct automated strategies. His primary crypto trading strategy now covers nine assets, including Bitcoin, Ethereum, Solana, BNB, Pepe, Injective, XRP, and Chainlink.
He noted that this diversified automated approach is designed to capitalize on market swings, as the trading bots can take positions both for and against the market as conditions shift.
ApproachAssets includedReported Back-Tested ReturnAutomated Multi-Asset StrategyBTC, ETH, SOL, BNB, PEPE, INJ, XRP, LINK, 2 more207%BTC Buy-and-HoldBTC30%Hilton shared results from historical back-testing for these strategies, reporting that his primary strategy achieved a return above 207% over the tested period, compared to Bitcoin’s 30% return from simply holding. He cautioned that these results are based on past data and do not guarantee future performance.
While detailing the automated strategy’s performance, Hilton reminded viewers that returns are never guaranteed and urged caution, emphasizing the historical nature of the figures.
Leverage and capital managementHilton revealed he already committed $10,000 to the automated strategies and plans to increase this figure. One reason for his transition is to have his money actively working in the market, rather than passively held in spot positions.
The trading platform used by Hilton offers up to 3X leverage, though he personally prefers lower leverage settings to reduce risk. He specifically warned against using high multiples, such as 5X, 10X, or 20X, stating that such leverage amplifies losses during sharp market movements.
Hilton clarified that this change impacts only how he manages new funds. He remains invested in his original XRP and Bitcoin holdings but now relies on AI-driven automated strategies for new investments rather than traditional buying and holding.
Bitcoin and Ethereum have remained near their recent highs as renewed talks between the United States and Iran have brought another proposal to reopen the Strait of Hormuz into focus, with lower oil prices potentially easing one of the pressures that has kept Treasury yields elevated.
Summary
Iran has proposed a seven day plan to end hostilities and reopen the Strait of Hormuz before comprehensive nuclear talks begin with the United States. Bitcoin and Ethereum could benefit if a lasting reopening pushes oil prices lower and eases some of the inflation and Treasury yield pressure weighing on risk assets. Similar attempts to reopen Hormuz have raised market hopes several times in recent months before negotiations or agreements broke down. Bitcoin faces resistance around $86,700 to $87,400, while Ethereum would need to reclaim $2,700 before another attempt at the recent $2,789 high. Iranian Foreign Minister Abbas Araghchi said Thursday that Tehran had proposed a seven day plan to Washington under which hostilities would stop before the Strait of Hormuz reopened and comprehensive negotiations over Iran’s nuclear program began.
The proposal, delivered through intermediaries, calls for an end to hostilities including in Lebanon, the release of at least $12 billion in frozen Iranian assets, sanctions waivers for Iranian oil and the lifting of the U.S. naval blockade. Iran would reopen the strait at the end of the seventh day if those conditions were met.
Araghchi said Tehran was ready to start implementing the plan as soon as Washington agreed. An American official familiar with the discussions described talks through mediators as positive and constructive, but said Washington would not rush into an agreement.
Markets have already shown some sensitivity to the possibility of progress. WTI crude fell more than 2.5% to around $89 a barrel on Sept. 22 after Iran signaled that Hormuz could reopen within a week, while Brent dropped below $98. Bitcoin was trading close to $86,000 at the time.
Bitcoin has since settled near $84,000 after reaching $87,392 earlier in the week. Ethereum has held around the $2,600 area following its recent rejection near $2,800.
Bitcoin and Ethereum face high yields despite recent gains Any agreement between Washington and Tehran would arrive while crypto traders are dealing with a difficult U.S. macro backdrop.
The Federal Reserve raised its benchmark rate by 25 basis points on Sept. 16 to a range of 3.75% to 4%, saying inflation remained elevated even as economic activity continued to expand at a solid pace.
Bond yields have continued climbing since the decision. The U.S. 10 year Treasury yield reached 5.11% on Sept. 24, up from 4.96% a day earlier, while the 30 year yield moved to 5.40%. The 10 year real yield climbed to 2.76%.
Rising oil prices have been part of that pressure. Brent moved above $100 earlier in September as fighting around Iran raised concerns over energy supplies, while the prospect of another Fed rate hike has kept borrowing costs in focus.
Crypto.news previously reported that Bitcoin held near $84,000 as the 10 year Treasury yield approached 5.2% during trading on Sept. 24. Oil prices were rising at the same time, while Fed officials kept another rate hike on the table.
Bitcoin has so far absorbed much of that pressure. U.S. spot Bitcoin ETFs recorded roughly $2.65 billion in net inflows over five sessions through Sept. 23, while wallets holding between 100 and 1,000 BTC accumulated 113,950 BTC from July 15 through Sept. 23.
The five day ETF inflow streak included $346.98 million on Sept. 23 after nearly $999 million on Sept. 21 and $714.7 million the following day.
Exchange balances have moved in the same direction. More than 13,800 BTC left Binance on a net basis in one day, the largest daily outflow from the exchange since 2023, while Bitcoin remained above $84,000.
Ethereum has followed a similar recovery, though its latest rally stalled below $2,800. ETH traded near $2,675 on Sept. 23 after reaching roughly $2,789, while U.S. spot Ethereum ETFs received $162.2 million on Sept. 22 and another $105 million the following session.
The token remained above its longer term four hour moving averages during the pullback, with Ethereum holding above its 50, 100 and 200 period averages even after losing the shorter 20 period average.
Why traders have heard Hormuz reopening plans before The latest negotiations are not the first attempt this year to reopen the Strait of Hormuz.
Washington and Tehran reached a 14 point memorandum of understanding in June that declared an end to the war and provided for commercial vessels to resume using the waterway. Iran was expected to facilitate safe passage without charges for 60 days while the two countries worked toward a final agreement.
The arrangement soon began to break down.
Tehran interpreted the agreement as recognizing its authority to manage traffic through Hormuz, while Washington and Gulf states maintained that commercial vessels should have unrestricted passage without Iranian control.
By July, Iran had fired on vessels it said were using an unauthorized route and declared the strait closed again. Washington revoked a license allowing Iranian oil sales on July 7, while Tehran accused the United States of violating the memorandum. President Donald Trump subsequently described the initial ceasefire as over.
Attempts to restore traffic continued through the summer.
Iran said in August that it was preparing another set of conditions for reopening the strait after mediators approached Tehran. Officials discussed a shipping corridor with Oman, but Iran tied a full reopening to an end to the war, removal of sanctions, compensation and the lifting of what it described as a U.S. blockade.
Ceasefire arrangements announced in April and June had both been intended to restore maritime traffic but failed to hold, according to Reuters.
The latest proposal therefore resembles parts of the June arrangement but compresses the timetable. The earlier memorandum gave Washington and Tehran as long as 60 days to negotiate a final agreement. Araghchi’s new plan would reopen Hormuz after seven days and move directly into comprehensive nuclear negotiations.
What happens to Bitcoin and Ethereum if Hormuz reopens? A lasting reopening could affect Bitcoin and Ethereum primarily through oil prices, inflation expectations and Treasury yields.
Before the war began in February, roughly one fifth of global oil and liquefied natural gas shipments passed through the Strait of Hormuz. Shipping through the waterway has remained heavily disrupted since then.
Restoring regular traffic would remove some of the supply uncertainty that has supported crude prices during the conflict. The initial market response to Iran’s Sept. 22 signal offered an early example, with WTI dropping more than 2.5% and Brent falling below $98.
Lower energy prices could, in turn, reduce one source of inflation pressure at a time when the Fed has returned to raising rates.
The relationship has already worked against crypto during periods of renewed fighting. On Sept. 2, Ethereum fell below $2,400 as fresh U.S. Iran strikes pushed Brent toward $95 and the 10 year Treasury yield above 4.8%. ETH reached an intraday low of $2,356 during the session.
Conditions became more restrictive later in the month as oil moved above $100 and Treasury yields crossed 5%. Ethereum traded near $2,475 on Sept. 15 before recovering after the Fed decision and the subsequent crypto rally.
A sustained decline in oil following a Hormuz reopening would not guarantee lower interest rates. The Fed’s Sept. 16 statement said inflation remained elevated, while domestic spending, productivity and capital investment remained firm.
It could, however, remove part of the energy pressure that has complicated the inflation outlook. A decline in inflation expectations and Treasury yields would reduce the return available on government debt, changing one of the macro conditions that has recently worked against Bitcoin and Ethereum.
Bitcoin’s first major test would remain the $86,700 to $87,400 area, where the latest rally stalled. The previous range high near $82,000 has become an important level below the market, while the $80,000 area sits beneath it as the former upper boundary of Bitcoin’s earlier trading range.
A move back through $87,400 alongside falling oil and Treasury yields would put the January yearly open near $87,722 back into focus. Continued ETF demand would provide another source of spot buying after the recent five session inflow run.
Ethereum would first need to recover $2,700 before challenging the recent $2,789 high and resistance around $2,800. Its latest pullback left support around $2,648, followed by liquidity near $2,630 and the larger $2,532 to $2,550 area.
Another failed deal could keep oil and yields in focus The opposite setup remains possible given the fate of previous agreements.
Iran’s seven day proposal requires Washington to lift its naval blockade, provide sanctions relief and release frozen Iranian assets before Hormuz is reopened. The United States has acknowledged constructive discussions through mediators but has not accepted those conditions.
A renewed breakdown in negotiations could leave shipping restrictions in place and restore some of the geopolitical premium recently removed from crude.
Bitcoin has already shown that higher yields can interrupt its rallies even when underlying spot demand remains firm. After reaching $87,392 on Sept. 21, BTC retreated toward $84,000 as Treasury yields moved higher, despite consecutive ETF inflows and continued accumulation among larger wallets.
Ethereum faces a similar macro constraint after failing to hold its move toward $2,800. The nearest downside levels remain around $2,648 and $2,630, while a deeper decline would bring the $2,532 to $2,550 area back into view.
Araghchi said Iran was prepared to begin implementing the seven day plan once Washington agreed and suggested reaching an agreement before the U.S. midterm elections would be preferable. Mediated communication between the two sides continued after his meeting with U.S. envoy Steve Witkoff and Jared Kushner in New York, while Iranian officials said further meetings could take place in the coming days.
Leading cryptocurrencies ticked higher on Thursday even as investors weighed a spike in Treasury yields and heightened odds of further rate hikes.
Crypto Market SteadyBitcoin oscillated in the $82,900-$84,800 range, while Ethereum battled strong bear resistance at $2,700.
Cryptocurrency-related stocks rose, with Coinbase Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 0.55% and 2.08%, respectively.
Over $340 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 dipped 0.77% over the last 24 hours. A drop in Open Interest accompanied by an increase in price typically indicates short covering, meaning traders who previously sold the asset short are now buying it back.
"Greed" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.97 trillion, up 0.5% from the previous day.
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Bond Yields Pressures Stock MarketThe Dow Jones Industrial Average shed 161.61 points, or 0.31%, to end at 51,349.98. The S&P 500 dipped 0.02% to close at 7,704.13. The Nasdaq Composite eked out a modest 0.01% gain, settling at 26,939.37.
The bond market remained a source of pressure as yields on the 10-year Treasury note climbed to 5.19% on Thursday, its highest level since 2007. The 30-year yield touched 5.48%, its highest since 2004.
Earlier, U.S. initial jobless claims fell by 1,000 to 197,000 in the second week of September, compared to market estimates of 201,000.
Rate hike odds remained elevated on the CME FedWatch tool, with traders now pricing in a 67% chance of another 25-basis-point rate hike in October
Whales Scoop up BTCAli Martinez, a widely followed cryptocurrency analyst and trader, noted that whale investors are buying Bitcoin’s dip, accumulating roughly 30,269 BTC worth $2.57 billion over the last four days.
“But while price corrected, whales appear to have taken advantage of the weakness,” the analyst added.
On-chain analytics firm CryptoQuant flagged a significant increase in Bitcoin miner transfers to Binance when the price hit $87,000 on Monday.
“Historically, Bitcoin miners often monetize part of their production during stronger markets to cover the substantial operating and capital costs of mining,” the firm stated.
CryptoQuant added that since 2024, most miner-to-exchange flows around 20,000 BTC “have not been followed by an immediate sharp decline in Bitcoin’s price.”
Citrea, the Bitcoin application layer backed by Founders Fund and Galaxy Ventures, announced on 24 September that it has acquired Crest, a self-custodial private Bitcoin wallet, in a move designed to bring Zcash-style privacy to the world’s largest cryptocurrency.
Bitcoin’s transparent public ledger exposes user balances, counterparties, and transaction histories to anyone, a problem the company argues will only compound as the asset’s more than $1.5 trillion market capitalization grows and surveillance tools improve. Users who want privacy today must forfeit self-custody, navigate expert-only workflows, or swap into alternative privacy assets. Citrea’s answer is to fold zero-knowledge privacy pools into a mobile wallet it now owns.
The acquisition Built on Citrea’s Bitcoin-secured execution environment, Crest will become the gateway for onboarding users and liquidity from the Bitcoin and privacy ecosystems. Crest founder Meliksah Gurtemel joins Citrea as Product Lead. “Solving Bitcoin privacy is the single largest unlock for meeting real user demand on a Bitcoin layer,” said Orkun Mahir Kılıç, co-founder and CEO of Chainway Labs, a core contributor to Citrea. “Crest is built to be the primary gateway for onboarding users and liquidity from the Bitcoin and privacy ecosystems into Citrea.”
What the wallet promises In the coming weeks, Citrea says Crest will launch a mobile wallet with automatic shielding, private BTC transfers, and cross-chain onboarding from Bitcoin and Ethereum. The wallet is expected to enable private cross-chain swaps where BTC pays Ethereum-compatible addresses in USDC or ETH. Over time, the company plans to extend private BTC utility across its broader ecosystem, which first went live with its mainnet as an early Bitcoin application layer.
A privacy push on Bitcoin The deal follows a broader effort to bring confidential transfers to Bitcoin. Zcash, the network Citrea cites as evidence that demand for effortless privacy exists, recently set a timeline for its NU7 upgrade, which will shorten block times and retire older transaction types. Citrea’s approach is different: rather than pushing users toward a separate privacy chain, it embeds privacy inside a Bitcoin wallet. The wallet’s features remain upcoming rather than live, and whether adoption follows at scale is still an open question. For now, the acquisition is a bet that everyday users will value private transactions enough to try a new wallet without abandoning Bitcoin’s security model.
Privacy has long been a draw for crypto users well beyond payments, online casinos included, where added transactional discretion carries real practical value for players. BlockchainReporter’s crypto casino index covers more than 20 of these platforms, rated on licensing, bonuses, and payout speed.
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Researchers at the cryptography research firm Alloc Init have proposed a system for bringing Zcash-style private transfers to Bitcoin without requiring a soft fork.
The proposal, called Shielded Bitcoin, would conceal transaction amounts, senders, receivers and links to previously spent funds using encrypted notes and zero-knowledge proofs. The paper was published on Thursday by Clara Shikhelman, Mikhail Komarov and Aleksei Moskvin.
The proposal offers a potential path to stronger privacy for Bitcoin users without requiring consensus changes to the base protocol.
Instead of having miners enforce the privacy protocol, Shielded Bitcoin would use Bitcoin as “a neutral publication and ordering layer,” the researchers wrote. Separate software called indexers would then verify zero-knowledge proofs, check that funds haven’t been double-spent, and reconstruct the state of the shielded system.
Shielded Bitcoin’s design explicitly draws from Zcash’s architecture. The researchers said it similarly uses encrypted notes, public nullifiers that mark notes as spent, and zero-knowledge proofs that show transactions are valid. Unlike Zcash, Shielded Bitcoin would not operate its own blockchain or consensus mechanism.
How a shielded transfer works. Source: Alloc InitShielded Bitcoin draws mixed reactions Developer Vadim Zavodil criticized the proposal on X, arguing that much of its privacy stack had already been implemented by Zcash. He questioned how much privacy a newly launched system could initially provide, arguing that a new shielded pool would start without the anonymity set Zcash has accumulated over years of use.
“Privacy is a function of the crowd. Zcash has a real shielded pool built over years,” he wrote. “A brand new metaprotocol starts at zero, so your first private transfer hides in a crowd of one.”
In a companion post explaining the proposal, the Shielded Bitcoin researchers acknowledged a similar limitation, saying that large deposits do not automatically create a large anonymity set. They said observers may still be able to narrow down relationships between transfers if a small number of actors create most notes or wallets exhibit distinctive behavior.
Pierre-Luc Dallaire-Demers, founder of post-quantum cryptography firm Pauli Group, raised a separate issue, describing the construction as interesting but “not quantum resistant at all.” Dallaire-Demers later said he was exploring what a fully post-quantum version could look like, assuming Bitcoin eventually adopts a post-quantum signature scheme.
Zerocash co-author and StarkWare CEO Eli Ben-Sasson was more supportive of the proposal’s direction. In response to Alloc Init’s announcement, Ben-Sasson said the original intent behind the Zerocash paper, which preceded Zcash, was to bring privacy to Bitcoin.
Ben-Sasson said he had not yet read the Shielded Bitcoin paper but would like to see the vision of privacy and scalability through zero-knowledge proofs materialize on Bitcoin’s base layer.
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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.
Researchers at the cryptography research firm Alloc Init have proposed a system for bringing Zcash-style private transfers to Bitcoin without requiring a soft fork.
The proposal, called Shielded Bitcoin, would conceal transaction amounts, senders, receivers and links to previously spent funds using encrypted notes and zero-knowledge proofs. The paper was published on Thursday by Clara Shikhelman, Mikhail Komarov and Aleksei Moskvin.
The proposal offers a potential path to stronger privacy for Bitcoin users without requiring consensus changes to the base protocol.
Instead of having miners enforce the privacy protocol, Shielded Bitcoin would use Bitcoin as “a neutral publication and ordering layer,” the researchers wrote. Separate software called indexers would then verify zero-knowledge proofs, check that funds haven’t been double-spent, and reconstruct the state of the shielded system.
Shielded Bitcoin’s design explicitly draws from Zcash’s architecture. The researchers said it similarly uses encrypted notes, public nullifiers that mark notes as spent, and zero-knowledge proofs that show transactions are valid. Unlike Zcash, Shielded Bitcoin would not operate its own blockchain or consensus mechanism.
How a shielded transfer works. Source: Alloc InitShielded Bitcoin draws mixed reactions Developer Vadim Zavodil criticized the proposal on X, arguing that much of its privacy stack had already been implemented by Zcash. He questioned how much privacy a newly launched system could initially provide, arguing that a new shielded pool would start without the anonymity set Zcash has accumulated over years of use.
“Privacy is a function of the crowd. Zcash has a real shielded pool built over years,” he wrote. “A brand new metaprotocol starts at zero, so your first private transfer hides in a crowd of one.”
In a companion post explaining the proposal, the Shielded Bitcoin researchers acknowledged a similar limitation, saying that large deposits do not automatically create a large anonymity set. They said observers may still be able to narrow down relationships between transfers if a small number of actors create most notes or wallets exhibit distinctive behavior.
Pierre-Luc Dallaire-Demers, founder of post-quantum cryptography firm Pauli Group, raised a separate issue, describing the construction as interesting but “not quantum resistant at all.” Dallaire-Demers later said he was exploring what a fully post-quantum version could look like, assuming Bitcoin eventually adopts a post-quantum signature scheme.
Zerocash co-author and StarkWare CEO Eli Ben-Sasson was more supportive of the proposal’s direction. In response to Alloc Init’s announcement, Ben-Sasson said the original intent behind the Zerocash paper, which preceded Zcash, was to bring privacy to Bitcoin.
Ben-Sasson said he had not yet read the Shielded Bitcoin paper but would like to see the vision of privacy and scalability through zero-knowledge proofs materialize on Bitcoin’s base layer.
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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.
Researchers from Alloc Init, a cryptography research firm, have introduced a new proposal aimed at enabling private transfers on the Bitcoin network with features similar to Zcash, all without requiring a soft fork to the existing protocol.
Shielded Bitcoin: Bringing Privacy to Bitcoin TransactionsThe proposal, named Shielded Bitcoin, intends to obscure transaction details such as amounts, sender and receiver addresses, and links to previously spent outputs. This would be achieved through the use of encrypted notes, public nullifiers marking spent notes, and zero-knowledge proofs to verify transactions without exposing sensitive information.
Zcash is a blockchain known for enabling confidential transactions using advanced cryptographic techniques. Its privacy features have set a standard in the crypto sector for concealed transfers. The Shielded Bitcoin system draws directly from these privacy methods but is tailored for Bitcoin users.
Clara Shikhelman, Mikhail Komarov, and Aleksei Moskvin authored the research paper behind the project. Unlike Zcash, Shielded Bitcoin does not plan to operate a separate blockchain or its own consensus protocol, instead focusing on providing privacy enhancement as an optional service for Bitcoin.
Mini dictionary: Alloc Init is a cryptography research company that designs privacy protocols for blockchain networks.
Limitations and Privacy ConsiderationsThe team behind Shielded Bitcoin acknowledged inherent limitations of their approach, particularly in relation to the privacy set available for users. In a detailed post, the researchers noted that creating larger deposits may not automatically expand the anonymity set. If privacy transactions are limited to a few active users or have distinctive wallet behaviors, it may still be possible for observers to deduce relationships between transfers.
They highlighted that increasing deposit size alone will not enlarge the anonymity set, cautioning that “observers may still be able to narrow down relationships if a small number of actors create most notes or wallets exhibit distinctive behavior.”
Community Response and Quantum Resistance ConcernsPierre-Luc Dallaire-Demers, founder of Pauli Group, a company specializing in post-quantum cryptography, reviewed the research and raised concerns regarding quantum resistance. He found the Shielded Bitcoin construction technologically interesting but said it currently lacks protection against quantum attacks. He added that he is exploring ways a fully post-quantum version could be developed if Bitcoin upgrades to post-quantum signature schemes in the future.
Mini dictionary: Pauli Group is a research organization focused on developing cryptographic algorithms that can withstand quantum computer attacks.
Dallaire-Demers considered the system “interesting but not quantum resistant at all” and intends to investigate possible solutions using post-quantum signatures for Bitcoin.
Only 4 of the top 20 crypto treasury stocks trade above the value of their holdings, DWF Ventures found.
The firm also found that most top treasuries have trailed the tokens they hold since inception. These digital asset treasuries (DATs) are listed companies built around buying and holding crypto.
Why Crypto Treasury Stocks Lost Their ShineMarket-value-to-net-asset-value (mNAV) compares a DAT’s market capitalization with the value of its crypto holdings. A reading below 1 means the shares trade at a discount to those holdings.
DWF’s September 24 report puts Bit Digital at the top with 1.49x, using data as of September 21. Strive, Hyperliquid Strategies and BitMine follow at 1.21x, 1.17x and 1.02x.
Strategy, the largest corporate Bitcoin (BTC) holder, sits at 0.97x on DWF’s count. SovereignAI ranks last at 0.22x. DWF noted that these mNAV figures exclude debt and preferred stock.
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Top 20 Crypto Treasury Companies Ranked by mNAV. Source: X/DWF VenturesThe report blames these discounts on a shrinking access premium. Institutions once paid extra for DAT shares because regulated funds struggled to own crypto directly.
That door has since opened, as institutions can now use exchange-traded funds (ETFs), regulated private funds and custody services.
“However, as SEC proposed to quicken the listing process by over 75% for ETFs, the access premium has reduced significantly over the years. Institutional buyers have a lot more assets to choose from for ETFs, regulated private funds and custodian infrastructure allowing for direct deployment – which was not possible before,” the report read.
A Catch-Up Trade With a 3-Month Shelf LifeSince inception, DWF found investors were mostly better off holding the token. The few DATs that beat their assets did so by margins too thin for the risk.
Shorter windows look different, with shares outrunning tokens by 15% to 40% since July. Over that span, mNAV ratios rose from lows of 0.5x to 0.8x to between 0.7x and 1.0x.
Hyperliquid Strategies (PURR), which holds Hyperliquid (HYPE), gained 31% more than HYPE. Zcash (ZEC) treasury Cypherpunk Technologies (CYPH) beat its token by 38%. Tokens per share barely moved, so DWF read the rally as sentiment. Beyond 3 months, however, the token stayed the better bet.
Going forward, DWF expects boards and capital structures to increasingly shape how DATs are valued. It pointed to Strategy, which ranks debt holders first and carries steady preferred dividend obligations.
Those payments could force Bitcoin sales that dilute shareholders, the report warned. Once confidence cracks, DWF said, Strategy’s mNAV could enter a downward spiral.
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The average 30-year fixed US mortgage rate jumped 19 basis points to 7.45% on Thursday. Mortgage News Daily recorded the move in its daily survey of brokers and lenders.
The jump tracks a broader selloff in US government bonds. For crypto markets, the Treasury yield at the center of that selloff carries the clearer signal.
Treasuries Drag the 30-Year Mortgage Rate HigherThe 30-year rate had sunk as low as 5.99% in late February, according to CNBC. It began rising once the Iran war started, then accelerated after the Federal Reserve (Fed) raised rates in September.
Mortgage News Daily Chief Operating Officer Matthew Graham traced the climb since September 10 to three drivers. He pointed to Fed commentary, higher oil prices, and stronger economic data.
However, Graham could not find a clear catalyst for Thursday afternoon’s bond selloff.
“No obvious catalyst. Explanations require concocting narratives and then defending them. There’s no objective, irrefutable way to connect the dots today. Sellers decided to sell… a lot,” he said.
That selloff matters because mortgage rates tend to track longer-dated Treasury yields. The 10-year yield closed at 5.18% on Thursday, up from 4.96% on Tuesday, according to the Treasury.
The Kobeissi Letter blamed inflation for the bond rout. It cited Brent crude above $105 a barrel and record diesel prices. It also noted consumers expect inflation near 4.6% over the next year.
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Crypto Pays the Price of Higher YieldsFor crypto, the key link runs through those yields. When government debt pays more, holding Bitcoin (BTC) carries a higher opportunity cost.
That pressure showed on Wednesday. Bitcoin fell below $84,000 after strong US business activity data pushed the 10-year yield past 5%.
Bitcoin (BTC) Price Performance. Source: BeInCrypto MarketsBy Friday, BTC traded at $84,590, posting a modest gain over the past 24 hours, BeInCrypto Markets data shows. Altcoins moved faster in the rebound. Solana (SOL) gained 2.2%, and XRP (XRP) added 3.4% over the same period.
This leaves an open question. Can crypto buyers keep absorbing pressure from a Treasury market paying more than 5%?
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According to Farside’s monitoring, on September 24, total net inflows into U.S. spot Bitcoin ETFs hit $190.7 million, broken down as follows: BlackRock’s IBIT: +$162.6 million; Fidelity’s FBTC: +$12.9 million; Morgan Stanley’s MSBT: +$10.2 million; Franklin’s EZBC: +$4.9 million; Bitwise’s BITB: +$4.1 million; WisdomTree’s BTCW: -$4 million. ARK’s ARKB, Invesco’s BTCO, Valkyrie’s BRRR, VanEck’s HODL, Grayscale’s GBTC, and other Bitcoin ETFs saw no net inflows or outflows. Total net inflows into U.S. spot Ethereum ETFs yesterday reached $66.1 million, with breakdown: BlackRock’s ETHA: +$26.8 million; Fidelity’s FETH: +$21.5 million; Grayscale’s ETH: +$17.8 million. BlackRock’s ETHB, Bitwise’s ETHW, 21Shares’ TETH, VanEck’s ETHV, Invesco’s QETH, Franklin’s EZET, Morgan Stanley’s MSSE, and Grayscale’s ETHE recorded no net inflows or outflows.
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Strive has generated an estimated $85.88 million through sales of its SATA preferred stock over three trading sessions, enough to buy about 1,002 Bitcoin at prices recorded by BitcoinTreasuries.net.
Summary
BitcoinTreasuries.net estimates that SATA sales raised $85.88 million from Sep. 21 to Sep. 23. Its estimated Bitcoin figure is based on trading data, not a confirmed Strive purchase. Strive last reported holding 26,355 BTC after buying 1,355 BTC in the prior week. Strategy bought 950 BTC in its latest reported week while using cash to repurchase STRC shares. BitcoinTreasuries.net’s SATA tracker estimates how many shares Strive issues through its at-the-market program by examining trading volume while SATA is at or above its $100 stated value.
It then estimates net proceeds after sales commissions and divides that amount by Bitcoin’s price during the session. The tracker’s figure is therefore an estimate of potential buying power; Strive’s next disclosure would establish any actual purchase and its cost.
Strive’s SATA sales are estimated at $85.88 million For Sep. 21, the tracker estimates that Strive sold about 284,000 SATA shares and received $27.69 million in net proceeds. At an average Bitcoin price of $86,001, that sum would cover approximately 321.97 BTC.
The largest of the three estimated sessions came on Sep. 22. BitcoinTreasuries.net puts net proceeds at $36.08 million from roughly 370,000 shares, equivalent to about 418.27 BTC at an average price of $86,266.
On Sep. 23, estimated sales of another 226,700 shares produced $22.11 million. The tracker calculates that the proceeds could buy 261.43 BTC at an average price of $84,556. Together, the three daily estimates come to $85.88 million and 1,001.67 BTC.
Those daily share counts are estimates of issuance through the program, rather than a count confirmed in a new company filing. BitcoinTreasuries.net says it calibrates its model against Strive’s subsequent disclosures. Its method also separates potential SATA issuance from ordinary trading between investors, which does not send money to Strive.
The distinction matters because proceeds raised on a given day need not pay for a Bitcoin trade on that same day. Strive also holds cash and can use more than one source of funding. An estimated BTC equivalent should not be added to the company’s reported holdings before Strive discloses a purchase.
Strive’s last filing put its treasury at 26,355 BTC Strive’s most recent reported acquisition covered Sep. 14 through Sep. 18, when it bought 1,355 BTC for approximately $107.7 million at an average of $79,475 per coin. The purchase lifted its disclosed balance from 25,000 BTC to 26,355 BTC. At the time, its SATA shares outstanding increased by 786,194, while cash and equivalents rose to approximately $229.6 million.
Chief Executive Matt Cole described how Strive raised capital during that reporting period. “Warrant exercises began last week, generating $21.2M in gross proceeds,” he wrote on X. “Including those proceeds, 57.7% of total capital raised came from SATA proceeds.”
The company had reached 25,000 BTC a week earlier after acquiring 469 BTC for approximately $36.6 million. Strive said proceeds from SATA funded that purchase. Its Sep. 14 filing also showed that SATA shares outstanding rose by 402,541 during the period, while its effective common share count increased by 34,206.
Earlier in September, Strive added 1,375 BTC for approximately $109 million. That purchase took its balance to 24,531 BTC, following an acquisition of 1,800 BTC in late August. The successive company filings show completed purchases; the Sep. 21–23 tracker readings concern a later period for which the supplied figures remain estimates.
Strategy bought Bitcoin while repurchasing STRC Strategy, the largest public corporate Bitcoin holder, disclosed a different use of its cash in the week ended Sep. 20. According to its SEC filing, it bought 950 BTC for $75.7 million at an average price of $79,670, taking its holdings to 846,000 BTC. Strategy reported an aggregate acquisition cost of about $63.8 billion, or $75,416 per coin.
During the same week, Strategy spent $174 million repurchasing approximately 1.77 million shares of its STRC preferred stock. As crypto.news reported on Sep. 21, Strategy made no sales through its at-the-market programs for that period. It paid for both the Bitcoin and the STRC repurchases from existing USD Cash, which fell from roughly $1.30 billion to $1.05 billion.
A week without new STRC issuance does not establish that Strategy can no longer raise money through its securities programs. Its earlier filing showed that it sold MSTR common shares at the end of August and directed $369.7 million of the proceeds toward 4,603 BTC. The Sep. 20 filing establishes only how Strategy financed its latest reported transactions.
Strive also owns Strategy’s preferred stock. Its filings showed a holding of 505,000 STRC shares through Sep. 18, valued at approximately $49.7 million on that date. Strive’s own preferred shares, SATA, carried a 13% annualized dividend rate for September, compared with 12% for STRC, according to the companies’ disclosures reviewed in earlier preferred-stock coverage.
U.S. investors can check the next SEC disclosures Both Strive’s ASST common shares and SATA preferred shares trade on Nasdaq, according to its SEC filing. The securities give U.S. investors different claims on the same company: common shareholders own equity, while SATA holders have the preferred rights set out in its terms. Strive reports changes in its Bitcoin balance, cash, and outstanding share counts in its filings.
The next Strive filing can establish whether the company bought Bitcoin after Sep. 18 and how many SATA shares were outstanding at the end of the new reporting period. Its last filing also recorded 505,000 STRC shares held and $229.6 million in cash and equivalents as of Sep. 18.
