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Bitget has signed a cooperation agreement with the Gelephu Mindfulness City Authority (GMCA), marking a step toward establishing a local presence in Gelephu Mindfulness City (GMC), Bhutan. The agreement sets out a framework for Bitget to establish a legal presence in GMC, prepare an application for a Financial Services Licence under the regime administered by the Gelephu Financial Services Office, and work with the authority on operational, regulatory and ecosystem-building workstreams.

No licence has yet been granted, with the agreement committing Bitget to preparing an application under a regulatory regime that took effect last year. Bitget CEO Gracy Chen said the exchange looks forward to contributing infrastructure knowledge and talent development to the city's growing digital finance ecosystem, describing Bhutan as approaching digital assets with "a rare mix of long-term thinking, clean-energy advantage and regulatory clarity."

A City Built on BitcoinGMC is a Special Administrative Region in southern Bhutan, being developed to become an international financial and innovation hub. Its financial services and virtual asset regime is governed by the Financial Services Act 2025, with firms carrying on regulated virtual asset activities in or from GMC required to obtain a Financial Services Licence from the GFSO.

The city's digital finance ambitions are underpinned by Bhutan's national $BTC strategy. Bhutan committed up to 10,000 Bitcoin toward the long-term development of GMC, a pledge that builds on the kingdom's years-long use of Bitcoin mining powered by surplus hydropower. Bhutan was among the earliest sovereign Bitcoin miners, converting that clean energy surplus into digital assets for several years.

Jigdrel Singay, Board Director of Gelephu Mindfulness City, said the city's objective is to build a world-class digital asset ecosystem founded on robust regulation, institutional standards and long-term economic value, adding that partners such as Bitget play an important role in bringing global expertise while contributing to local capability development.

What the Deal Means for BitgetFor Bitget, the agreement opens a potential foothold inside one of the most closely watched digital asset jurisdictions being developed today. The framework commits Bitget to working with GMCA on operational, regulatory and ecosystem-building workstreams, all subject to the required regulatory approvals.

Bhutan signalled its longer-term intentions in December 2025 through the Bitcoin Development Pledge, framing digital assets as part of its national economic development strategy. Bitget's move into GMC places the exchange at the centre of that strategy as Bhutan works to attract regulated global operators to the zone.

Sources:
Investing.com: Bitget signs cooperation deal with Bhutan's Gelephu Mindfulness City
CoinDesk: Bhutan Commits Up to 10,000 Bitcoin to Back New Mindfulness-Based Economic Hub
GlobeNewswire via Manila Times: Bitget Signs Cooperation Agreement with Gelephu Mindfulness City Authority

MARA Holdings cut its Bitcoin stack by nearly 18,250 BTC in six months, ending the second quarter with 35,577 BTC as the company scaled back lending and collateral exposure, according to a new SEC filing.

The infrastructure company reported total Bitcoin holdings of 35,577 BTC as of June 30, down approximately 34% from 53,822 BTC at the end of 2025. The reduction included a decline in both owned Bitcoin and Bitcoin receivables, which represent Bitcoin loaned to counterparties or pledged as collateral.

MARA’s total digital asset holdings were valued at over $2 billion at quarter-end, compared with around $4.7 billion six months earlier, reflecting both lower holdings and changes in Bitcoin prices.

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MARA’s Bitcoin strategy took a major turn in 2026 after the company sold 20,880 BTC for roughly $1.5 billion during Q1. The proceeds were mainly directed toward repurchasing approximately $1 billion of convertible debt, strengthening its balance sheet and lowering leverage.

The move ended MARA’s full-HODL approach, which had previously prioritized retaining all mined and acquired Bitcoin. Under its updated policy, the company can now monetize Bitcoin holdings strategically to support liquidity needs, reduce debt, fund growth initiatives, and pursue other corporate objectives.

Alongside its treasury shift, MARA has been diversifying into AI and high-performance computing infrastructure. The company acquired Exaion and announced plans to acquire the Long Ridge Energy & Power platform.

Even after its Bitcoin sales, MARA is still one of the biggest corporate BTC holders among publicly traded companies, behind Strategy, Twenty One Capital, and Metaplanet.

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

https://www.lonelyplanet.com/usa/washington-dc/white-house-area-foggy-bottom/attractions/white-house/a/poi-sig/385365/1329648

The White House has announced plans to eliminate what it deems unnecessary regulations for Bitcoin and other cryptocurrencies, according to a social media report. This move follows a May 2026 executive order that instructed federal agencies to review and potentially revise rules deemed as obstacles to digital asset activities. The administration’s approach reflects a broader policy shift towards integrating cryptocurrencies into the federal financial framework, as evidenced by the establishment of a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. This regulatory shift comes amid ongoing legislative efforts by Congress to clarify crypto market structures and stablecoin regulations.

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Key Takeaways The White House’s initiative appears to align with efforts to foster a more supportive environment for digital assets in the U.S. Market pricing suggests that the regulatory announcement could potentially boost optimism regarding Bitcoin’s price trajectory. The current market odds for Bitcoin reaching $200,000 by the end of 2026 remain low, but the policy shift could influence future probabilities. What to Watch Observers should monitor how quickly federal agencies respond to the White House’s directive to identify and remove regulations. Developments in Congress concerning crypto market structure and stablecoin rules could also impact market sentiment. Market participants will be attentive to any major institutional adoption announcements or regulatory adjustments that could affect Bitcoin’s price projections.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 2.2% — — View market → December 31 2.1% — — View market → December 31 2.5% — — View market → December 31 3.5% — — View market → December 31 4.5% — — View market → January 1 2027 7.5% — — View market → January 1 2027 22.5% — — View market → January 1 2027 4.1% — — View market → January 1 2027 2.2% — — View market → January 1 2027 2.1% — — View market → January 1 2027 3.4% — — View market → January 1 2027 4.2% — — View market → January 1 2027 5.5% — — View market → January 1 2027 54.5% — — View market → January 1 2027 9.5% — — View market → January 1 2027 1.7% — — View market → January 1 2027 3.2% — — View market → January 1 2027 34.5% — — View market → January 1 2027 15.5% — — View market → January 1 2027 7.5% — — View market → January 1 2027 3.6% — — View market → January 1 2027 2.5% — — View market → January 1 2027 1.8% — — View market → January 1 2027 1.2% — — View market → January 1 2027 0.9% — — View market → January 1 2027 11.5% — — View market → January 1 2027 22.5% — — View market → January 1 2027 33.5% — — View market → January 1 2027 51.5% — — View market → January 1 2027 71.5% — — View market →

Spot gold rose 0.94% intraday. Spot silver’s intraday gain expanded to 2%.

Bitget market data shows spot gold has climbed above $4,280 per ounce, gaining 0.94% intraday. Spot silver’s daily rise has expanded to 2%, currently trading at $62.76 per ounce.

1 seconds ago

Binance Wallet updates the bStocks Alpha trading volume reward mechanism: Certain assets are eligible for 4x rewards on designated trading days.

According to an official announcement, bStocks’ 4x Alpha trading volume reward mechanism will be adjusted starting at 00:00 UTC on August 8, 2026. Post-adjustment, trades of designated bStocks will earn 4x Alpha trading volume rewards from 00:00 UTC Monday to 23:59 UTC Friday, while trades of other bStocks will receive 1x rewards. From 00:00 UTC Saturday to 23:59 UTC Sunday, all bStocks trades will be eligible for a uniform 1x Alpha trading volume reward. The 1x/4x reward labels displayed for each bStock will be updated per the above UTC schedule. Users are advised to refer to these displayed labels before trading, as final Alpha trading volume is subject to system records.

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Moscow Exchange plans to launch a digital asset custody system, which is expected to go live by the end of 2026 or early 2027.

Moscow Exchange (MOEX) is preparing to launch a digital custody system (digital depository platform) for crypto assets, a plan confirmed by multiple brokerage industry sources and individuals close to the exchange. The system will not be built on MOEX’s existing architecture, nor will it be integrated with Russia’s National Settlement Depository (NSD), but will operate as an independent infrastructure. The specific model is still under discussion, and Russia’s legal crypto market may eventually form multiple digital asset liquidity hubs, including Moscow Exchange and platforms operated by large financial institutions. Sources said the digital custody system is expected to launch by the end of 2026 or early 2027. Earlier, several major Russian banks—including Sber, VTB, T-Bank, and Alfa-Bank—also announced plans to build digital asset custody infrastructure. Under the plan, each brokerage client will hold an anonymous account in the digital custody system, essentially equivalent to an on-chain wallet address used to track investors’ crypto assets. Some market participants plan to conduct crypto trading exclusively through their own custody systems, while others are considering a hybrid model: trading on exchanges, with digital custody handled by banks or brokerages.

1 seconds ago

Morgan Stanley’s spot Bitcoin ETF MSBT has total holdings worth over $400 million.

According to the latest monitoring data from Arkham, Morgan Stanley’s spot Bitcoin ETF MSBT spent $7.21 million to add roughly 100.3 BTC to its holdings. As of now, its total Bitcoin position has crossed 6,300 for the first time, reaching 6,331 BTC valued at more than $406 million.

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Coldcard hacker moves 30.185 $BTC ($1.94M) to new wallet after stealing 2,055 $BTC

The #Coldcard hacker, who stole 2,055 $BTC($130M), is active again. An hour ago, the hacker transferred 30.185 $BTC($1.94M) to a new wallet.

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Spot gold breaks through $4,270, rising 0.71% intraday.

According to Bitget's market data, spot gold has broken through $4,270 per ounce, rising 0.71% on the day.

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Bitcoin (BTC) and Ethereum (ETH) remain under pressure on Friday after mild gains, while Ripple (XRP) slides over 5% so far this week. BTC faces rejection near a key resistance barrier, and ETH has been trading sideways for the last 22 days. Meanwhile, XRP is gravitating its correction toward the key $1 support zone.

Bitcoin faces rejection near 50-day EMABitcoin price trades at $64,318 on Friday, maintaining a mildly bearish near-term bias as price holds beneath the 50-day Exponential Moving Average (EMA) at $64,637, as well as the 100-day EMA at $67,021 and the 200-day EMA at $73,149. 

The Relative Strength Index (RSI) at 51 sits near neutral, while the Moving Average Convergence Divergence (MACD) hovers just below the zero line with a slightly negative reading, hinting at subdued bullish momentum and a market that remains capped by overhead trend filters.

On the topside, initial resistance is defined by the 50-day EMA at $64,637, with further hurdles at the 100-day EMA near $67,021 and the longer-term 200-day EMA at $73,149, before a higher horizontal barrier emerges at $84,410.

On the downside, immediate support is seen at the horizontal level around $64,004, where a daily close below this floor would likely open the way to a deeper corrective phase, while holding above it keeps BTC in a consolidative posture beneath the clustered moving-average resistance.

BTC/USDT daily chartEthereum remains directionlessEthereum price trades at $1,901 on Friday and has been trading sideways for the last 22 days between the 50-day EMA at $1,857 and the 100-day EMA at $1,925, keeping the near-term tone neutral.

Meanwhile, the 200-day EMA at $2,132 sits well overhead and reinforces the broader corrective backdrop, while the RSI around 55 hints at moderate, rather than impulsive, bullish momentum. The MACD indicator stays below zero, suggesting upside attempts could continue to face supply against the cluster of medium- and long-term averages.

On the topside, immediate resistance is located at the 100-day EMA near $1,925, with a stronger barrier at the psychological and chart level of $2,000 before the 200-day EMA at $2,132 comes into focus.

On the downside, initial support is provided by the 50-day EMA at $1,857, with a deeper technical floor seen at the horizontal level around $1,385 if selling pressure accelerates. As long as ETH trades between the $1,857–$1,925 band, price action is likely to remain directionless, awaiting a clear break to define the next trending phase.

ETH/USDT daily chartXRP remains under pressureXRP price trades at $1.03 on Friday, extending a bearish near-term bias as price remains decisively below the 50-day, 100-day and 200-day EMAs at $1.11, $1.19 and $1.38 respectively. The RSI at 36 hovers just above oversold territory, while the MACD indicator holds below zero with a negative line, suggesting waning momentum but not yet signaling a clear reversal.

On the topside, initial resistance is aligned with the 50-day EMA at $1.11, followed by the 100-day EMA at $1.19 and the horizontal barrier at $1.30, while the 200-day EMA at $1.38 and a higher horizontal level at $1.90 mark stronger caps for any recovery attempts. 

On the downside, immediate support is seen at the psychological and structural floor around $1.00, and a decisive break beneath this level would likely open the door to further bearish extension in the coming sessions.

XRP/USDT daily chart(The technical analysis of this story was written with the help of an AI tool. Know more.)

Cryptocurrency prices FAQs Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.

A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.

Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.

Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.

With price action and momentum indicators indicating a near total lack of buying interest, Dogecoin has entered one of its weakest technical phases of 2026. Bulls have little indication that a significant recovery is in progress because the token's market momentum has essentially plateaued, even though it is clearly far from a literal price of zero. 

Dogecoin is barely recoveringDOGE is only slightly above its recent local lows, trading at $0.069 on the daily chart. More significantly, the asset keeps printing a string of lower highs and lower lows, demonstrating that sellers are still in complete control. Since June, every attempt at a recovery has been sold into, making it impossible for Dogecoin to build a long-lasting bullish structure. Technically, the situation is still very pessimistic. 

Every significant moving average, including the 20-day, 50-day, 100-day, and 200-day averages, is traded below by DOGE. The longer-term averages are still sloping downward, suggesting that the main trend has not altered, but the 20-day moving average is starting to flatten as the price consolidates.

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DOGE/USDT Chart by TradingViewBuyers still have a lot of work ahead of them, as evidenced by the difference between the current price and the 100-day moving average near $0.083. The declining 200-day moving average is located above that at $0.099, which is almost 40% higher than current levels. 

Any upward movement will probably be seen as a relief rally rather than the start of a new trend until those resistance zones begin to close. 

A little above oversold territory but still well below the neutral 50 mark, the RSI is currently trading around 40. This indicates that although the market's bearish momentum has somewhat subsided, buyers are still reluctant to invest enough to tip the scales. 

The declining participation indicates that many market participants are merely waiting for a stronger catalyst before re-entering the market, with neither bulls nor bears actively constructing new positions. 

The recent lows around $0.068 continue to be the immediate support. If that level were lost, new annual lows would be revealed and the current downward trend would be strengthened. The first minor win for buyers would be regaining the 20-day moving average, but the more significant obstacle is still the 50-day average at $0.074.

XRP's momentum isn't recoveringOn the daily chart, XRP is still under pressure, but recent price movement indicates that the bearish momentum is starting to lessen. As the asset continues to trade in an ever-narrower range above the psychologically significant $1 level, sellers seem to be losing confidence, even though buyers have not yet regained control. 

The overall trend is clearly bearish because every rally has stopped below the major moving averages. The recent consolidation, however, differs from the forceful selloffs that were observed earlier in the year. Rather than experiencing sharp drops, XRP has entered a phase of low volatility in which neither side can make a decisive move. 

Technically speaking, XRP is still below every significant moving average. The 50-day moving average is still declining around $1.09, while the 20-day moving average has leveled off slightly above the current price. 

XRP/USDT Chart by TradingViewBulls still have a long way to go before the long-term trend shifts, as evidenced by the 100-day moving average near $1.20 and the 200-day moving average around $1.39 being well out of reach. 

The sellers' lack of follow-through is one positive sign despite that bearish structure. The price has tested the $1.03–$1.05 range several times without triggering another wave of vigorous liquidation. Rather, candles have gotten smaller over time, indicating that selling pressure is gradually being absorbed. This is supported by momentum indicators. 

The RSI is not getting close to oversold territory, but it is still below the neutral level at about 40. Even though it has not yet turned into a bullish trend, this shows that bearish momentum has significantly diminished. 

Another sign that market participants are waiting for a catalyst rather than actively pursuing short positions is the decline in trading volume over the past few weeks. Even though the direction remains unclear until XRP leaves its current range, this kind of compression frequently precedes a larger move. 

Regaining the 20-day and 50-day moving averages would be the first sign that momentum is shifting for bulls. Until then, buyers continue to be drawn to the immediate support, which is still close to the psychologically significant $1 level.

Bitcoin's momentum is growingAfter spending several weeks consolidating above its June lows, Bitcoin is beginning to show signs of regaining bullish momentum. The most recent price action indicates that buyers are gradually regaining control as the market continues to defend the $64,000 support area, even though the overall trend has not yet completely reversed.

In contrast to the steep drops observed earlier this summer, the daily chart indicates a significant change in market structure. Throughout July and the first part of August, Bitcoin has set a series of higher lows rather than new lows, suggesting that demand is starting to withstand selling pressure. 

BTC/USDT Chart by TradingViewThe asset has been able to stay above the 20-day and 50-day moving averages thanks to this consistent accumulation phase — a technical improvement that was not present during the previous downtrend. 

While the 50-day moving average has leveled off following months of decline, the 20-day moving average has begun to rise. Although Bitcoin still needs to reclaim higher resistance levels in order to confirm a broader trend reversal, those developments typically indicate that bearish momentum is waning.

The bullish case would be significantly strengthened by a clear breakout above that level, which might pave the way for the declining 200-day moving average close to $72,500. The primary barrier separating Bitcoin from a confirmed trend reversal is still that longer-term indicator. 

Without going into overbought territory, buying pressure appears to have surpassed selling pressure as the RSI has risen back above the neutral 50 level to roughly 53. This allows for more upside in the event that volume starts to rise. Institutional conviction has not yet fully returned, as volume has remained comparatively moderate during the recent recovery. 

However, Bitcoin has been able to maintain its gains and keep constructing a stable consolidation range above support, in contrast to earlier rallies that were swiftly rejected. For bulls, the $64,000 area remains crucial. Holding above that support maintains the current pattern of higher lows and the recovery structure. 

A break below it would probably send Bitcoin back into a more extended phase of consolidation. Bitcoin seems to be returning to a positive technical configuration for the time being.

Demand for US spot Bitcoin exchange-traded funds (ETFs) has accelerated over the past week, with a string of daily inflows coinciding with the Coldcard wallet hack — timing that has prompted speculation about whether some investors are reconsidering self-custody.

According to Bloomberg senior ETF analyst Eric Balchunas, BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), Bitwise Bitcoin ETF (BITB), ARK 21Shares Bitcoin ETF (ARKB) as well as Defiance Daily Target 2X Long MSTR ETF (MSBT) have recorded inflows every trading day since the weekend exploit, totaling roughly $620 million. The cumulative figure is consistent with Cointelegraph’s recent reporting on the ETF inflow streak.

The Coldcard exploit drained more than $116 million worth of Bitcoin from over 5,200 wallet addresses, according to blockchain intelligence firm TRM Labs.

“I’m not saying it’s connected, we just don’t know,” Balchunas said in a post on X. “[Although]  long-term I can’t imagine there aren’t some who migrate over.”

Source: Eric Balchunas

Coldcard exploit renews debate over self-custody risksThe Coldcard hack renewed concerns that even hardware wallet users can be exposed to firmware flaws and software vulnerabilities, highlighting the operational risks that come with self-custody.

The incident also reignited debate over the trade-offs between holding Bitcoin directly and gaining exposure through regulated investment products such as spot Bitcoin ETFs, where asset custody and security are handled by institutional providers.

Binance co-founder Changpeng “CZ” Zhao also weighed in on the debate, arguing that storing crypto on centralized exchanges may now be “statistically safer” than self-custody, citing data from analyst Willy Woo that cumulative Bitcoin losses from self-custody incidents have surpassed those from exchange hacks.

Source: Changpeng Zhao

“Hack data is easier to collect on the CEX side, usually major news. It is harder on the self-custody side, where hacks, lost coins, etc are often not reported,” CZ said.

The debate comes as AI-assisted cyberattacks are becoming increasingly sophisticated. On Monday, Bitcoin swap service Boltz suspended its non-custodial bridge, citing a steady rise in AI-assisted exploits that were allowing attackers to identify and exploit vulnerabilities faster than its team could patch them.

Magazine: Do the Coldcard attacks mean all hardware wallets are now insecure?

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

As discussions continue in the US on the CLARITY Act, which aims to regulate the cryptocurrency market, it has been reported that close supporters of President Donald Trump are working hard to reach an agreement on ethical guidelines.

According to crypto journalist Eleanor Terrett, citing her sources, while the White House has begun contacting Republican Senator Thom Tillis and Democratic Senator Ruben Gallego regarding a bipartisan ethics regulation proposal, circles interested in crypto policy remain uncertain.

A source in the industry described the current situation as “a strange wait,” while Terrett reported that some of Trump’s closest supporters had been working intensely behind the scenes throughout the week to reach a compromise on ethical considerations.

The proposed ethics regulation is expected to include limitations on the financial interests of public officials and political figures in the cryptocurrency sector. However, there is no agreement yet on the final scope of the proposal and how it will be incorporated into the CLARITY Act text.

Meanwhile, the parties are continuing negotiations on other unresolved issues in the bill. The White House is reportedly leading the discussions, particularly regarding the Blockchain Regulatory Certainty Act (BRCA).

The White House is reportedly trying to persuade some federal law enforcement agencies and regulators who have reservations about BRCA. The regulation aims to clarify under what conditions individuals developing software or providing infrastructure services on decentralized blockchain networks will not be considered financial intermediaries.

*This is not investment advice.

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ZEUS (@ZeusLN), a self-custodial Bitcoin Lightning Network wallet, took its infrastructure offline Wednesday after a cybersecurity incident, with founder @evankaloudis saying the attack has been contained and services will remain down while the team audits all systems.

The company posted details on X and in a blog post, saying it mitigated the attack within hours and found no evidence the incident affected external Lightning node software. Founder Evan Kaloudis wrote that the investigation so far suggests the incident was limited to ZEUS infrastructure, though no technical details or restoration timeline were disclosed.

ZEUS said its core custody protections remained intact during the incident. Some LSP (Lightning Service Provider) channels were closed as a precautionary measure and will be replaced once service resumes. No customer funds were lost or placed at risk.

Part of a Broader Lightning Outage WaveThe ZEUS incident makes it the third prominent Lightning provider to suspend services within roughly 72 hours, following earlier interruptions at Boltz and AQUA. The cluster of outages has raised concerns about the safety of Lightning infrastructure providers, though analysts stress the issues do not reflect a vulnerability in the Bitcoin Lightning Network itself.

Earlier in the week, ZEUS had already disabled its swap feature after Boltz, a non-custodial Bitcoin swap service, halted operations. The swap suspension and the cybersecurity incident are separate events, but both reduced functionality for some users.

Looking ahead, ZEUS said it plans to work on trusted execution environments, also known as enclaves, and the Validating Lightning Signer (VLS) project to strengthen signing infrastructure and reduce single points of failure.

A Difficult Week for Bitcoin Self-CustodyThe ZEUS attack lands in an already bruising week for $BTC holders. Beginning July 30, 2026, attackers exploited a five-year-old firmware flaw in Coinkite's Coldcard hardware wallet to systematically drain bitcoin from affected devices. The flaw traces to a March 2021 firmware release and a build configuration error that caused seed generation to fall back on a weak software random number generator rather than the device's hardware-based source of entropy. At least four waves of theft have followed, with Galaxy Research's running tally of losses standing near 1,816 $BTC, worth close to $116 million, drained from more than 5,200 addresses.

Coinkite has since released patched firmware, and affected users are advised to migrate funds to newly generated, unaffected seeds.

Sources:
Cryptopolitan: ZEUS pulls infrastructure offline after hack, third Lightning outage in a week
TRM Labs: Inside the $116 Million Coldcard Hack
CoinDesk: Coldcard urges users to move bitcoin as active wallet exploit continues

Over the last few days, people who were trying to do everything right lost their Bitcoin. They bought a respected hardware signer, generated a seed offline using that device, and trusted the device to do the one thing a signer exists to do: produce a number no one else can guess. The Coldcard did not. A preprocessor guard that checked the wrong thing had quietly routed seed generation to a weak software PRNG (pseudorandom number generator), MicroPython’s Yasmarang, instead of the hardware entropy source. On some models the effective entropy collapsed to around 40 bits. The flaw shipped in March 2021 and sat in publicly readable firmware for more than five years. Attackers swept 500 addresses before anyone understood why; within days Galaxy Research’s tally reached 4,585 addresses and nearly $90 million; the attack is ongoing as of the date of this article.

Coinkite’s working assumption, with wide agreement on X, is that someone used AI to comb the publicly available firmware to find the bug. Whether or not that’s how this attacker found it, the next one will. While an AI-assisted audit was run weeks before the theft, it found nothing (potentially due to the capabilities of the model, potentially due to the specific construction of the search). Since the attack started, researchers have shown several frontier models locating the same flaw in minutes from a single prompt. The code sat open to human review for five years and no human caught it.

Coinkite had moved its firmware from a free-software license to source-available terms, MIT with a Commons Clause, after Foundation Devices used the code in a competing product. You could read the source but not build a business on it. It changed nothing. The bug lived in code a machine could read regardless of what the license permitted; it entered the tree, in fact, in the very rewrite that stripped out the last of the GPL code. The license change didn’t increase protection; it merely changed the economics of finding the bug.

In the age of highly skilled AI, everything that is distributed is readable, or soon will be. Strip a binary of its symbols, run it through a decompiler, and out comes the pseudo-C that greets anyone who has opened Ghidra: nameless variables, flattened control flow, functions labeled FUN_00401a20. Unreadable to most people. That high barrier to human understanding was the entire security premium of “closed source.”

A compiled program has no choice but to tell the truth. Code that stays encrypted cannot run. At the moment of execution the processor must receive the actual instructions, so whatever the program does, it hands the machine a complete and exact account of how to do it. The information is all there in the machine code. Obfuscation does not, and cannot, remove it.

If reading a binary sounds too hard for a machine to master soon, weigh it against what machines are already doing to problems far harder. Reading a binary is analysis: every fact you need is in front of you, and the work is extraction. Mathematical invention is another order of difficulty, because it demands an object no one has ever seen. At 02:19 UTC on July 20th, Levent Alpöge, a mathematician working with Anthropic’s Claude Fable 5, posted a counterexample to Keller’s Jacobian conjecture, a problem open since 1939 and hard enough to sit on Stephen Smale’s list of challenges for the twenty-first century. Generations had tried it. The disproof is three polynomials in three variables. Lean verified it within hours, and it is short enough for anyone to confirm in a computer-algebra system in about a minute.

The Jacobian fell in an afternoon, while the questioner was apparently watching the final match of the FIFA World Cup. In May an OpenAI model toppled the Erdős unit-distance conjecture, a question open since 1946; in late July a 30-year-old graph-theory conjecture fell to four prompts; between them came the Jacobian disproof and a run of other results that had stood for decades.

Set that pace beside the modest task of reading machine code already sitting out there on the Internet. Today’s models handle source and decompiler output better than raw bytes, so a fully closed binary keeps a thin margin. That margin is a cost speedbump, and it is eroding at the speed you are watching everywhere else. Betting security on how long it lasts means betting against a clock that is only speeding up.

The same capability that finds your entropy bug reads your proprietary method. This is the quieter casualty, and it impacts companies that never thought of themselves as exposed to open-source anything. Trade secrecy in shipped software was always just obscurity in a suit. The law has said so for as long as trade-secret law has existed: reverse engineering a product you lawfully possess is fair play, and therefore a secret survives only while that reverse engineering stays expensive. When the cost of extraction falls to a subscription and a prompt, the secret embodied in the code you hand your customers stops being one. Your clever algorithm, your undocumented format, your edge in the binary: legible to anyone who cares to look, on a timeline increasingly measured in minutes.

None of this necessarily makes open source safe. Heartbleed hid in the most widely deployed TLS library on earth for two years, because visibility without funded attention finds nothing. The xz backdoor showed that the open contribution model is itself an attack surface, one a patient adversary can walk through with a friendly face and two years of good commits. While openness once was a shield, it is no longer. What it does buy is reviewers who are permitted to look, builds which can be independently reproduced and verified, an exit when a vendor dies or turns, and acknowledgment that this all will happen whether you like it or not.

Now we must assume every line shipped will be read by someone who wishes harm, because it will be. The defender holds one structural advantage the attacker never will: time. You can turn the same frontier models on your own code before release, in the space between commit and ship, while the attacker waits for a binary that does not yet exist. Make your builds reproducible, so it ties back to the source and the source can be checked. Design to fail closed, and keep the trusted core small enough that one bug cannot take everything. For the specific business of holding Bitcoin, learn the lesson Coldcard is teaching in real time: own the entropy you cannot afford to have guessed, keep the secure element minimal and behind a published interface, and spread your keys across independent implementations, so that no single device, and no single vendor’s mistake, is the whole of your exposure.

For Bitcoin the stakes are unforgiving in a way they are not elsewhere, since mere knowledge of the private keys grants possession. The entropy bug has left permanent scars. Patching the generator does nothing for the seeds it already produced; a weak keyspace stays sweepable forever, and disclosure hands the attacker the recipe. We have watched this before. The Milk Sad vulnerability in the libbitcoin explorer tool, bx, seeded private keys from a 32-bit value, and attackers were draining the wallets it produced before the flaw was ever made public. Attackers keep their own schedule, invited or not. For money that cannot be clawed back, “findable eventually” is a synonym for “gone eventually.”

Bitcoin never trusted obscurity. The protocol is open, its rules checkable by anyone, its security resting not on secrets but on mathematics and incentives that hold in full view. The hardware and software we build around it deserve the same standard, because the alternative is no longer on the table. The choice was never open or closed. It was disciplined or exposed.

The broader lesson of this Coldcard situation is that having closed source software is like having a seed generated by a broken Coldcard; it looks good but it’s fundamentally built on sand. Everyone can read the code — the only question left is whether you acknowledge that fact, or you and your users learn it the way Coldcard’s users did, one drained address at a time.

Colin Crossman

Working toward a citadel archipelago, powered by bitcoin mining, regenerative farming, and hacking the fiat system. Find his Twitter here.

Figma, the collaborative design platform that went public in July 2025, disclosed approximately $91 million in Bitcoin exposure through exchange-traded funds during its Q2 2025 earnings call. The figure is part of a broader $1.6 billion liquidity position that includes cash, marketable securities, and the Bitcoin ETF allocation.

A claim circulating on social media suggested Figma held 938 BTC valued at $12 billion in Q2. Those numbers don’t hold up. The company’s actual Bitcoin exposure comes through spot Bitcoin ETFs, not direct holdings, and the valuation is roughly $91 million, not $12 billion.

How Figma got here The company’s Bitcoin journey started with an approximately $55 million investment in the Bitwise Bitcoin ETF. By the end of 2024, that position had grown to $78.8 million.

When Figma filed for its IPO in July 2025, the company reported $69.5 million in spot Bitcoin ETF exposure as of March 31, 2025. That represented a decline from the year-end 2024 figure.

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By the time CEO Dylan Field took the earnings call stage on September 4, 2025, the position had rebounded to around $91 million. The Bitcoin ETF exposure is categorized as a Level 1 asset in Figma’s filings, meaning it’s valued using quoted prices in active markets.

The company also has board approval to allocate an additional $30 million toward Bitcoin investments.

A deliberately boring Bitcoin strategy Field made clear during the earnings call that the company has no interest in becoming the next MicroStrategy. MicroStrategy, now rebranded as Strategy, has made Bitcoin its entire corporate identity, accumulating tens of billions of dollars worth of the asset.

Field articulated a commitment to keeping crypto as an ancillary part of treasury management rather than letting it define the company’s financial strategy.

Current estimates suggest Figma’s position translates to roughly 767 to 843 BTC equivalent, valued somewhere between $49 million and $54 million based on more recent mid-2026 pricing data.

The bigger picture for corporate Bitcoin adoption Figma’s strategy highlights an increasingly popular middle path for public companies. Rather than going all-in on direct Bitcoin purchases or ignoring crypto entirely, a growing cohort of firms is using spot Bitcoin ETFs to gain exposure while maintaining the kind of liquidity and regulatory clarity that CFOs and auditors prefer.

$91 million in Bitcoin ETFs against a $1.6 billion liquidity position means crypto represents roughly 5.7% of Figma’s total liquid assets.

The board’s pre-approval of an additional $30 million in potential Bitcoin investment suggests Figma could increase its position, but Field’s public comments indicate any expansion would be measured and deliberate.

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

A Bitcoin strategic reserve is a government-held stockpile of Bitcoin treated as a national asset alongside gold, oil, and foreign currency reserves. The United States signed an executive order creating one in March 2025, and at least a dozen other countries are now exploring the same idea.

Summary

A Bitcoin strategic reserve is a nationally held stockpile of Bitcoin managed by a government entity and treated as a sovereign asset, similar in concept to the Strategic Petroleum Reserve or the gold held at Fort Knox. President Trump signed Executive Order 14178 on March 6, 2025, directing the creation of a US Strategic Bitcoin Reserve seeded with approximately 200,000 BTC already held by federal agencies from criminal forfeitures and civil seizures, valued at roughly $17 billion at the time of signing. The executive order prohibits selling Bitcoin from the reserve and directs the Treasury and Commerce departments to develop budget-neutral strategies for acquiring additional Bitcoin, meaning the government must find ways to buy more without drawing on taxpayer funds. At least 12 countries and several US states have introduced legislation or executive proposals to create their own Bitcoin reserves, including Brazil, the Czech Republic, Poland, Japan, and the US states of Texas, Arizona, New Hampshire, and Oklahoma. Critics argue that Bitcoin is too volatile to serve as a reserve asset, that government holdings concentrate systemic risk, and that taxpayer exposure to a speculative asset violates fiduciary principles. Proponents counter that Bitcoin is the only reserve asset with a fixed supply, that it is uncorrelated with traditional reserve assets over long horizons, and that early adoption creates a strategic advantage that late movers cannot replicate. Every country holds reserves. The composition of those reserves has changed slowly over centuries, from silver to gold, from gold to dollars, from dollars to a basket of currencies and sovereign debt. The question that the Bitcoin strategic reserve forces into the open is whether digital scarcity belongs in that basket, and whether a government that ignores it risks falling behind those that do not.

This guide explains what a Bitcoin strategic reserve is, how the US version was created, what other governments are doing, what the reserve actually holds, and what the strongest arguments for and against it look like. It does not advocate for or against the policy. The facts are contentious enough without opinion.

How the US strategic Bitcoin reserve was created The US Strategic Bitcoin Reserve exists because of Executive Order 14178, signed by President Trump on March 6, 2025. The order directed the Secretary of the Treasury to create a reserve capitalized with Bitcoin already in government possession. It also created a separate entity called the US Digital Asset Stockpile for non-Bitcoin digital assets held by the government.

The initial reserve was seeded with approximately 200,000 BTC, most of which came from criminal forfeitures and civil asset seizures conducted by the Department of Justice, the Internal Revenue Service, and the Department of Homeland Security. The largest single source was the Silk Road seizure, which yielded roughly 69,000 BTC in November 2020 and an additional 50,676 BTC in January 2022. Smaller quantities came from dozens of other federal cases involving fraud, money laundering, and sanctions evasion.

The executive order included two provisions that distinguish it from a simple accounting reclassification. First, the order prohibits selling any Bitcoin held in the reserve. This is a break from prior practice, where seized crypto was routinely auctioned by the US Marshals Service. The government had already sold an estimated 195,000 BTC before the order was signed, at prices far below current market value. The no-sale provision is designed to prevent that from happening again.

Second, the order directs the Treasury and Commerce departments to develop “budget-neutral strategies” for acquiring additional Bitcoin. Budget-neutral means the acquisition cannot come from new appropriations or increased taxes. The mechanisms under discussion include revaluing the gold certificates held by the Federal Reserve, which are currently booked at the statutory rate of $42.22 per ounce, and using the difference between that rate and the market price to fund Bitcoin purchases.

What the reserve actually holds As of mid-2026, the US government holds approximately 198,000 BTC in the Strategic Bitcoin Reserve. The exact figure fluctuates slightly as new forfeiture proceedings conclude and transfer seized assets into the reserve. At current prices, the reserve is valued at roughly $13 billion, making it the largest known government Bitcoin holding in the world.

The Bitcoin is held in cold storage wallets managed by the Treasury Department in coordination with custody providers. The specific custody arrangement has not been fully disclosed for security reasons, though the Treasury has confirmed that the holdings are verifiable through proof of reserves audits conducted quarterly.

The separate Digital Asset Stockpile holds non-Bitcoin digital assets seized in federal cases, including Ethereum, stablecoins, and various altcoins. The executive order treats this stockpile differently from the Bitcoin reserve. While Bitcoin cannot be sold, the non-Bitcoin assets may be liquidated at the government’s discretion, and the proceeds can be used to acquire additional Bitcoin for the reserve.

El Salvador remains the only other country with a confirmed, operational Bitcoin reserve at the national level. President Nayib Bukele began purchasing Bitcoin in September 2021 when the country adopted it as legal tender. El Salvador holds approximately 6,100 BTC, though the country’s purchases have slowed since the International Monetary Fund conditioned a $1.4 billion loan agreement on limiting new Bitcoin acquisitions.

Why governments are interested The argument for a Bitcoin strategic reserve rests on three pillars: supply scarcity, sovereignty, and diversification.

Supply scarcity is the simplest argument. Bitcoin has a fixed supply cap of 21 million coins, enforced by code that no single entity controls. Approximately 19.7 million of those coins have already been mined, and the issuance rate halves every four years through a mechanism called the halving. Gold has a finite but unknown total supply that increases by roughly 1.5% per year through mining. The US dollar has no supply cap and has expanded its monetary base by more than 40% since 2020. For governments concerned about long-term purchasing power preservation, an asset with a mathematically fixed supply offers a guarantee that no fiat currency or commodity can match. The scarcity argument gains additional force when measured against sovereign debt levels. Global government debt exceeded $100 trillion in 2024. Every dollar, euro, or yen of that debt represents a future claim on currency that does not yet exist. Bitcoin cannot be inflated to service debt, which is precisely why some governments view it as a hedge against the monetary expansion that their own fiscal policies require.

Sovereignty is the geopolitical argument. US dollar reserves held in foreign central banks are ultimately claims on the US financial system. Those claims can be frozen, as the US demonstrated by immobilizing approximately $300 billion in Russian central bank reserves after the 2022 invasion of Ukraine. Bitcoin held in self-custody cannot be frozen by any foreign government. For countries seeking to reduce dependence on dollar-denominated reserves, Bitcoin offers a form of sovereign insurance that no other asset provides.

Diversification is the portfolio argument. Central bank reserves are typically concentrated in US Treasuries, gold, and a small number of foreign currencies. Adding an uncorrelated asset to a reserve portfolio reduces overall portfolio risk, even if that asset is individually volatile. Research from ARK Invest and Fidelity Digital Assets has argued that a 1% to 5% Bitcoin allocation in a sovereign reserve portfolio would have improved risk-adjusted returns over every five-year period since 2014. The diversification case does not require Bitcoin to outperform every year. It requires Bitcoin to behave differently from existing reserve assets during the periods that matter most. During the banking stress of March 2023, Bitcoin rallied while regional bank stocks collapsed. During periods of dollar weakness, Bitcoin has historically appreciated in dollar terms. These correlation properties are what portfolio theory says a reserve manager should want, even if the asset itself is more volatile than any single holding in the existing portfolio.

The legislation wave: who else is moving The US executive order triggered a wave of similar proposals around the world. The dynamics vary by country, but the pattern is consistent: one branch of government introduces a Bitcoin reserve proposal, public debate follows, and the proposal either advances or stalls depending on the political environment.

Brazil introduced a bill in November 2024 to create a Sovereign Strategic Bitcoin Reserve holding up to 5% of the country’s international reserves. The Czech National Bank governor stated publicly that the institution was considering a Bitcoin allocation. Poland’s presidential candidate included a strategic reserve proposal in his campaign platform.

In Asia, Japan’s parliament debated a Bitcoin reserve proposal in late 2024, though the government initially declined to pursue it. Hong Kong legislators have proposed adding Bitcoin to the Exchange Fund, the territory’s sovereign wealth vehicle.

In the United States, the action at the state level has moved faster than at the federal level in some cases. Texas introduced legislation to create a state-level Bitcoin reserve funded through voluntary Bitcoin donations and seized assets. New Hampshire signed a Bitcoin reserve bill into law, becoming the first US state to do so, authorizing the state treasurer to allocate up to 5% of certain public funds to Bitcoin and other digital assets with a market capitalization above $500 billion. Arizona and Oklahoma have advanced similar proposals. The state-level reserves are typically smaller in scope and funded through existing investment authorities, but they represent a parallel adoption track that does not require Congressional approval.

The competitive dynamic between countries is worth understanding. Game theory suggests that if one major economy builds a Bitcoin reserve, others face a choice between accumulating at current prices or potentially accumulating at higher prices later, after the first mover has already captured the advantage. This is the logic behind what Bitcoin proponents call “the Nash equilibrium argument”: once one sovereign begins accumulating, rational self-interest pushes others to follow. Whether this dynamic plays out in practice depends on whether government decision-makers treat Bitcoin as a legitimate reserve asset or as a speculative experiment that carries more political risk than strategic benefit.

The connection between Bitcoin treasury companies and government reserves is worth noting. Companies such as MicroStrategy (now Strategy) demonstrated the corporate treasury model starting in 2020, accumulating more than 200,000 BTC on their balance sheet. The corporate adoption provided a proof of concept that governments are now adapting to a sovereign context.

What the reserve does not do The strategic reserve does not make Bitcoin legal tender in the United States. Legal tender status would require separate legislation and would mean that merchants would be required to accept Bitcoin as payment, which the executive order does not contemplate.

The reserve does not directly affect the Bitcoin ETF market. The government’s holdings are in cold storage, not in ETF wrappers, and the no-sale provision means the reserve Bitcoin will not enter the open market through government liquidation. However, the reserve’s existence has been cited by institutional analysts as a signal of legitimacy that supports long-term ETF demand.

The reserve does not generate yield. Unlike Treasury bonds or even gold leasing arrangements, Bitcoin held in cold storage produces no income. The opportunity cost of holding a non-yielding asset is a recurring criticism, particularly from economists who argue that the same capital deployed in Treasury securities would generate billions in annual interest income. At current interest rates, $13 billion in Treasury securities would generate roughly $500 million to $600 million per year. The Bitcoin reserve generates zero. Proponents respond that gold also generates no yield in vault storage, yet no serious economist argues that the US should liquidate its gold reserves to buy Treasuries. The yield argument, they contend, misunderstands the purpose of a reserve asset, which is to preserve value across decades, not to produce income in any given year.

The reserve does not protect against Bitcoin price declines. If Bitcoin drops 50%, the reserve loses 50% of its value. There is no insurance, no backstop, and no rebalancing mechanism described in the executive order. The implicit assumption is that Bitcoin’s long-term trajectory will be upward, but the order does not address what happens to the reserve in a prolonged bear market.

The opposing case at full strength The strongest arguments against a Bitcoin strategic reserve deserve their full weight.

Volatility is the most immediate objection. Bitcoin has experienced drawdowns exceeding 50% four times in its history. A reserve asset that can lose half its value in months introduces a form of balance sheet risk that gold and Treasuries do not carry. The counterargument that Bitcoin recovers from every drawdown is true historically but is not a guarantee, and it does not address the political consequences of a reserve losing billions in value during a single quarter.

Concentration risk is the systemic concern. If the US government holds 200,000 BTC and the no-sale provision is ever reversed, the mere possibility of government selling could depress the market. The government becomes both a holder and a potential source of supply overhang, which creates a reflexive dynamic where the reserve’s existence affects the value of what it holds. The same dynamic exists with gold, where central bank sales have historically moved the gold price, but Bitcoin’s market is far smaller and more sensitive to large holders. The US reserve represents roughly 1% of all Bitcoin that will ever exist. Any change in the no-sale policy would be a market moving event before a single coin was transferred.

Fiduciary duty is the governance objection. Government reserves are ultimately public assets. Allocating public assets to a volatile, speculative instrument raises questions about whether officials are meeting their fiduciary obligations to taxpayers. The budget-neutral acquisition strategy partly addresses this, since it avoids direct taxpayer funding, but the opportunity cost argument remains.

Environmental concerns, while less prominent in 2026 than in prior years due to Bitcoin mining’s increasing renewable energy share, are still raised by critics who argue that government endorsement of Bitcoin implicitly endorses the energy consumption of proof of work mining. The Cambridge Bitcoin Electricity Consumption Index estimates that the Bitcoin network consumes roughly 150 terawatt hours per year, comparable to the energy consumption of some mid-sized countries. Proponents counter that an increasing share of that energy comes from renewable or stranded sources, and that the network’s energy consumption is the cost of maintaining a decentralized monetary system that no government can shut down.

What this does not cover This guide does not cover the mechanics of Bitcoin mining or the proof of work consensus mechanism that secures the network. It does not cover the tax treatment of government-held Bitcoin or the accounting standards that apply to sovereign digital asset holdings. It does not cover the separate question of central bank digital currencies, which are government-issued digital currencies that are conceptually distinct from holding Bitcoin as a reserve asset.

Practical checks for tracking the reserve Check on-chain holdings. The US government’s known Bitcoin addresses are tracked by blockchain analytics firms including Arkham Intelligence and Glassnode. Movements from these addresses are published in real time and can signal policy changes before official announcements.

Check legislative status. The executive order created the reserve, but Congressional legislation could modify, expand, or eliminate it. Track bills related to the Strategic Bitcoin Reserve through Congress.gov or crypto policy trackers such as the Blockchain Association’s legislative dashboard.

Check other countries. Government Bitcoin adoption is a competitive dynamic. If major economies begin accumulating, the game-theory pressure on non-holders increases. Monitor central bank announcements, parliamentary debates, and presidential campaigns in major economies for reserve-related proposals.

Check the gold certificate revaluation debate. The budget-neutral acquisition strategy most discussed involves revaluing the Fed’s gold certificates from $42.22 per ounce to market price. This would release hundreds of billions in paper value that could theoretically be used to purchase Bitcoin. The revaluation requires legislative action and faces significant opposition, but it remains the most plausible path to expanding the reserve beyond seized assets.

How much Bitcoin does the US government hold? Approximately 198,000 BTC as of mid-2026, valued at roughly $13 billion at current prices. The holdings come primarily from criminal forfeitures and civil seizures, including the Silk Road cases, the Bitfinex hack recovery, and numerous smaller enforcement actions.

Can the government sell the Bitcoin in the reserve? The executive order prohibits selling Bitcoin from the Strategic Bitcoin Reserve. However, executive orders can be revoked or modified by any sitting president. Permanent protection would require Congressional legislation, which has been proposed but not yet enacted.

How does the Bitcoin reserve compare to the gold reserve? The US holds approximately 8,133 metric tons of gold, valued at roughly $700 billion at current market prices. The Bitcoin reserve at $13 billion represents less than 2% of the gold reserve’s value. Gold has served as a reserve asset for centuries with lower volatility, but its supply increases through mining while Bitcoin’s supply is fixed.

Does the reserve affect Bitcoin’s price? The creation of the reserve was initially bullish for Bitcoin’s price because it signaled government legitimacy and removed approximately 200,000 BTC from potential market supply. The no-sale provision is the key mechanism: those coins will not be sold, which permanently reduces the available supply. Long-term price effects depend on whether other governments follow with their own reserves.

Which US states have Bitcoin reserves? New Hampshire was the first state to sign a Bitcoin reserve bill into law. Texas, Arizona, and Oklahoma have advanced similar legislation at various stages. State reserves are typically smaller and operate under existing state investment authority, and they do not require federal approval.

What is the Digital Asset Stockpile? The Digital Asset Stockpile is a separate entity created by the same executive order. It holds non-Bitcoin digital assets seized by federal agencies. Unlike the Bitcoin reserve, assets in the stockpile may be sold, and proceeds can be used to acquire additional Bitcoin for the Strategic Bitcoin Reserve.

Could a future president eliminate the reserve? Yes. An executive order can be revoked by a subsequent executive order. A future president could direct the Treasury to liquidate the reserve and convert the proceeds to dollars or other assets. This is one reason proponents have pushed for Congressional legislation to codify the reserve into law, which would require an act of Congress to undo.

What happens if Bitcoin goes to zero? The reserve would be worthless, and the US government would have foregone the interest income it could have earned by holding equivalent value in Treasury securities. Proponents argue that Bitcoin going to zero is extraordinarily unlikely given its network effects, adoption trajectory, and 15-year track record. Critics argue that unlikely is not impossible, and that reserve assets should not carry existential risk.

Disclaimer This article is for informational purposes only and does not constitute financial, investment, or policy advice. Government reserve policies are subject to change through executive action, legislation, or judicial review. Bitcoin is a volatile asset and past performance does not guarantee future results. Always conduct your own research before making investment decisions. Information accurate as of August 6, 2026.

Bitcoin software provider Breez has introduced Glow, a new application designed for both everyday users and developers seeking to integrate Bitcoin features with ease.

Dual-purpose app for users and developersGlow aims to streamline Lightning Network transactions for users, while also acting as an open-source foundation for developers building Bitcoin applications. Breez, known for its non-custodial Bitcoin solutions, states that Glow can be utilized as a functional wallet for daily transactions as well as a toolkit for developers examining best practices in Bitcoin integration.

The app comes packaged with essential features important for Bitcoin-based projects, such as passkey login, Lightning addresses, and support for stablecoin transfers. By offering full transparency through open-source code, Breez enables developers to examine exactly how each feature is implemented, lowering barriers for teams unfamiliar with Bitcoin’s technical complexities.

Developers seeking to add Bitcoin payments or wallet functionality to their own products can use Glow as a template, examine its API calls, and incorporate similar features without the need for building components from scratch. Breez allows developers to fork, rebrand, and release the Glow platform under their own brands.

Mini dictionary: Breez is a technology company specializing in non-custodial, open-source Bitcoin wallet solutions on the Lightning Network, making it easier for users and developers to transact with Bitcoin.

Minimizing regulatory burdenAccording to Breez, developers utilizing the Glow SDK do not maintain custody of user funds. This approach means regulatory requirements can typically be kept to a minimum, allowing teams to focus primarily on product development instead of compliance mandates.

Breez emphasized that developers are able to build on the Glow platform without managing or accessing customers’ cryptocurrency holdings, since wallet private keys and authority over funds remain exclusively with the end user.

Developers can examine how Lightning addresses and other features are integrated within Glow, then replicate those processes in their own apps while maintaining a non-custodial structure.

Recent developments and partnershipsThe release of Glow comes shortly after Breez’s recent partnership with Turnkey. Last month, Breez announced a collaboration enabling developers to integrate non-custodial Bitcoin into their own server-hosted wallet applications.

In this architecture, cryptographic keys are managed outside of the application servers, including those of Breez and Turnkey. The backend infrastructure only manages roles and permissions, while the ultimate control to move funds remains with the user.

Breez and Turnkey state that this solution addresses a longstanding challenge for large consumer apps hesitant to support Bitcoin due to unresolved custody and compliance concerns. The partnership offers these platforms a method to add non-custodial Bitcoin features without needing to overhaul existing backend systems or assume legal responsibility for user funds.

With Glow, Breez is seeking to make Bitcoin application development more accessible, offering both a working digital wallet and a modular blueprint for builders in one package.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Building an AI data center already costs billions. Now operators are discovering that running one might cost even more than they planned, because the facilities are literally destroying themselves.

Power fluctuations at AI data centers are exceeding design capacity by up to 50%, according to a Bloomberg report. That kind of volatility is burning through batteries, generators, and cooling systems far faster than expected, turning what were supposed to be long-lived capital assets into expensive consumables.

The grid can’t keep up, and neither can the hardware A single AI data center can demand power equivalent to what 100,000 households consume. When those workloads spike, the electrical infrastructure inside these facilities takes a beating that no one fully modeled for.

The result is premature equipment failure across the board. Backup batteries degrade faster. Generators cycle more frequently than their maintenance schedules anticipated. Cooling systems, already pushed to their limits by the thermal density of GPU clusters, face additional strain from the unpredictable power draw patterns.

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These aren’t minor annoyances. They represent unforeseen operational expenditures layered on top of facilities that already require multibillion-dollar capital outlays to construct. For hyperscalers like Microsoft, Google, and Amazon, all of which have announced massive AI infrastructure buildouts, the calculus on return timelines just got more complicated.

US data center power demand is forecast to nearly double, climbing from 80 gigawatts in 2025 to 150 GW by 2028. For context, 150 GW is roughly equivalent to the entire electricity consumption of Spain.

Bitcoin miners smell opportunity in the wreckage Bitcoin miners are pivoting aggressively into AI data center hosting, leveraging existing large-scale power contracts. Bitcoin mining already requires massive electrical capacity, and miners who locked in favorable power agreements now find that those same contracts are worth far more when repurposed for AI workloads.

Core Scientific illustrates this pivot better than anyone. The company has signed a $3.5 billion agreement to provide AI hosting services. Projections suggest that by late 2026, AI revenues could account for 70% of total revenue for some publicly listed miners, up from roughly 30%.

What this means for crypto investors The power volatility problem creates a two-sided dynamic for anyone with exposure to crypto markets.

On the risk side, the escalating costs of operating AI data centers could squeeze margins for companies that rushed into the space without fully understanding the operational demands. If equipment replacement cycles are significantly shorter than projected, the economics of AI hosting contracts may not look as rosy as the headline numbers suggest.

On the opportunity side, the migration of Bitcoin miners into AI hosting could reshape valuations across the sector. Mining stocks have historically traded at steep discounts to their net asset value during bear markets. If these companies successfully transition into AI infrastructure providers, they may command valuations more in line with traditional data center REITs, which tend to trade at significant premiums.

For those watching the competitive landscape, the key metric to monitor is the ratio of AI revenue to mining revenue among publicly listed miners. As that number climbs toward 70% and beyond, the correlation between these stocks and Bitcoin’s price should weaken, potentially making them more attractive to traditional investors who want AI exposure without direct crypto volatility.

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

Michael Saylor said ChatGPT helped him design the preferred stock financing model that enabled Strategy to raise about $15 billion for its Bitcoin-focused balance sheet.

Summary

Saylor credited ChatGPT with helping develop Strategy’s preferred stock financing structure. Strategy raised about $15 billion through the securities and related capital-market activity. The company reported holding 842,138 BTC as of Aug. 2 after selling 1,638 BTC. Saylor said workers should use AI to extend their abilities rather than compete with automation. ChatGPT helped shape Strategy’s financing plan Strategy Executive Chairman Michael Saylor said he used ChatGPT to explore and develop a preferred stock financing model tied to the company’s Bitcoin strategy, according to an Aug. 6 Fortune report.

Saylor discussed the process during an interview with The Diary of a CEO. He said the AI chatbot helped him examine financing structures that Strategy later used to raise billions of dollars from investors.

“AI helped me create $15 billion,” Saylor said.

The figure reflects capital raised through Strategy’s preferred stock products and related financing rather than revenue generated directly by ChatGPT. The AI tool helped Saylor work through the structure, while investors, underwriters and company executives carried out the offerings.

Strategy has built a group of Bitcoin-backed preferred securities, including STRC, STRK, STRF and STRD. The products give investors different combinations of dividends, volatility and exposure to the company’s Bitcoin-heavy balance sheet.

Saylor urges workers to ‘harness the robots’ Saylor said AI is changing how individuals and companies create value. In his view, workers should focus on asking better questions and using machines to pursue ideas that would otherwise require more time or expertise.

“Don’t try to outwork the robots,” he said.

His comments frame AI as a tool that can expand human decision-making rather than merely replace repetitive work. Saylor argued that future entrepreneurs would gain an advantage by combining human judgment and creativity with the speed of AI systems.

The claim also provides a practical example of generative AI being used in U.S. corporate finance. However, ChatGPT-generated proposals still require legal, accounting, and regulatory review before a publicly traded company can use them to sell securities.

Strategy’s preferred shares carry different dividend obligations and risk profiles. Their performance remains closely connected to the company’s ability to manage its capital structure and its large Bitcoin position.

Strategy adjusts its Bitcoin treasury policy Saylor’s comments come as Strategy has shown greater flexibility in managing its Bitcoin holdings.

An Aug. 3 Securities and Exchange Commission filing showed that the company sold 1,638 BTC for approximately $104.73 million between July 27 and Aug. 2. Strategy used $52.4 million to fund preferred stock dividends and $52.3 million to repurchase STRC shares.

The sale reduced Strategy’s holdings to 842,138 BTC as of Aug. 2. The company reported an aggregate purchase cost of $63.51 billion and an average acquisition price of $75,419 per Bitcoin.

On Aug. 5, Lookonchain identified another transfer of 1,030 BTC, worth roughly $66.14 million, from wallets it associated with Strategy. Strategy had not confirmed that the transfer represented another sale, and no later SEC filing had reduced its reported holdings when this article was prepared.

Strategy expands beyond Bitcoin financing Strategy is also adding employee benefits as it develops its broader corporate operations. On Aug. 5, the company joined the Invest America Business Pledge and committed to contributing $250 annually to Trump Accounts for eligible children of its U.S. employees.

Eligible children born on or after Jan. 1, 2025, will also receive a one-time $1,000 company contribution matching the U.S. government’s initial deposit.

The next test for Strategy will be whether its preferred stock model can continue attracting investors while supporting dividend payments and protecting its Bitcoin holdings. Saylor’s account of using ChatGPT shows how AI influenced the model’s design, but its long-term performance will depend on capital-market demand, Bitcoin prices and Strategy’s execution.

In brief CryptoQuant says the largest XRP cohorts are adding supply as price holds the $1.00–$1.20 range, with neutral order flow pointing to quiet absorption. XRP's realized price sits near $0.75 versus a market price around $1.10, a gap the firm calls a late-bear-market zone. The daily chart tells the same story: a death cross, price below both moving averages, and weak trend strength. Across some of the crypto market’s biggest assets, including Bitcoin, Ethereum, and XRP, whales are adding to their bags, according to research from CryptoQuant.

Julio Moreno, the company’s head of research, said in a report that these coin’s largest cohorts are adding supply as prices sit near or below their average purchase cost. "This positioning lowers downside pressure and is consistent with the final phase of the cycle's decline," he wrote in the firm's weekly report.

In other words, we might be nearing the tailend of the crypto bear market.

For XRP specifically, CryptoQuant said spot order sizes stay in "big whale" territory even as the token holds the $1.00–$1.20 band, hovering around a $66 billion market capitalization. But the 90-day taker cumulative volume delta—a read on aggressive buying and selling—has drifted to neutral. The firm said that big, low-key buy orders, paired with roughly equal levels of buying and selling pressure, point to a calm accumulation phase—investors are holding steady rather than fleeing, but they haven't started pushing prices higher in earnest either.

The setup fits a sustained pattern. Bitcoin's bear market has been unusually shallow, and analysts have debated whether the bottom is in using arguments similar to what CryptoQuant applies to XRP.

XRP price: What the charts sayXRP was changing hands at $1.05 on Binance at press time, down 1.4% on the day, in line with Decrypt's earlier read of the token near $1.10. The daily chart backs up the on-chain picture: This is a market basing (flattening), not breaking down.

XRP price data. Image: TradingviewThe 50-day exponential moving average sits below the 200-day, forming a pattern that traders refer to as a death cross. That’s not good, and is a classic bearish indicator. The current price of XRP is trading under both averages, parked up in the $1.30–$1.60 zone. A death cross is a lagging signal, but it confirms the trend is still down.

The relative strength index, or RSI, is 39.5, below the 50 line that splits bullish from bearish momentum and closing in on oversold (30) without tipping there. The average directional index, or ADX, is 10.4, which means there's no strong trend powering the move right now, just chop. Squeeze momentum is off, with negative momentum, so volatility is compressed rather than expanding.

The trajectory reads as a late-stage bear basing coil, basically prices going flat for a prolonged time. XRP has fallen from around $2.20 in early 2026 into a long, flat range near $1. The chart and the on-chain data agree—whales are absorbing, not capitulating, and the structure looks like a bottoming range rather than a fresh leg down.

The catch is direction: With XRP’s price below a death cross and momentum still negative, there's no confirmation of a turn. A daily close back above the 200-day EMA, around $1.12, would be the first real signal the accumulation is paying off.

Immediate support is the $1.04 area (the current print and the lower bound of the basing range); a clean break opens $0.9167, then $0.8358. Resistance starts at the $1.1145 Fibonacci mark, with the bigger ceiling at $1.60.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Bitcoin recorded modest gains on Thursday, moving in line with the broader cryptocurrency market while US equities hovered close to record highs. Investors kept a close watch on macroeconomic trends ahead of the Federal Reserve’s September meeting, as sentiment remained cautious across both risk assets and digital currencies.

Bitcoin’s price action and correlation with equitiesThe world’s largest cryptocurrency advanced 0.22% in the past 24 hours, trading around $64,684. The CoinMarketCap 20 Index, tracking the performance of top cryptocurrencies, increased by 0.33%.

Meanwhile, the S&P 500 index held steady after notching fresh record highs earlier in the week. At the same time, markets continued to monitor developments on geopolitics, including the possibility of an agreement to reopen the Strait of Hormuz.

Despite the minor uptick in Bitcoin’s daily price, its medium-term performance has lagged far behind US equities.

Thahbib Rahman, a research analyst at Block Scholes, noted that Bitcoin has not matched the surge in equities over recent months.

Bitcoin (BTC) has not enjoyed the same bullish record headlines, being stuck at around $63,500. It remains well below its own all-time highs, and the gap with equities has become more stark. Since the start of 2025 the S&P 500 has returned over 25%, while BTC is down nearly 35%, with the divergence widening through the latest equity rally.

Rahman emphasized, however, that the divergence does not indicate a fundamental change in Bitcoin’s relationship with traditional risk assets. The 90-day rolling correlation between Bitcoin and the S&P 500 has stayed elevated at about 45%. In his view, Bitcoin simply captured less upside during recent rallies but fell more decisively during downturns.

AssetYTD Return (2025)Correlation (90-day)Bitcoin-35%45%S&P 500+25%45%Futures outlook and derivatives activityDerivatives data indicated a shift in sentiment, suggesting a more constructive outlook for Bitcoin among traders. For the first time in at least a week, the long-short taker volume ratio turned positive, with long positions representing nearly 61% of market orders.

Bitcoin futures open interest edged up to approximately 759,000 BTC. Still, analysts observed that increases of this kind, seen since June, have generally been short-lived, with open interest frequently falling back toward 740,000 BTC.

In the options market, traders purchased substantial bullish call options at higher strike prices. The $80,000 and $96,000 Bitcoin call options ranked among the most actively traded contracts on Deribit, hinting at optimism for a potential rally.

Mini dictionary: Block Scholes is a research and analytics firm focused on digital asset markets, providing data-driven insights for institutional investors and traders.

Mixed performance across altcoinsAltcoins showed varied results through the last day. XRP slipped 1.8% to about $1.04, marking its lowest price since early July. Open interest in XRP futures climbed 1.7% to 2.35 billion tokens, signaling robust activity even as the token weakened.

Ethereum gained 1.5%, accompanied by a 0.53% increase in open interest to $26.77 billion.

Solana saw another drop in leveraged positions, with futures open interest declining again to 61.31 million tokens, compared to highs above 76.5 million recorded in late June.

Impact of monetary policy and outlookAnalysts at Block Scholes identified expectations around US monetary policy as a key factor limiting activity in digital asset markets.

Rahman explained that the Federal Reserve’s decision not to raise rates during the latest FOMC meeting failed to spark significant momentum in cryptocurrencies, a reaction he described as “muted relief.”

Seasonality in crypto volatility suggests that we should expect muted activity to continue ahead of the next FOMC meeting in September, given ongoing uncertainty around monetary policy and the upcoming Jackson Hole symposium, where Federal Reserve Chair Kevin Warsh has shown little readiness to provide forward guidance.

Despite the hold in interest rates, financial markets are now pricing in about a 65% chance of a 25-basis-point rate hike in September. Analysts suggested that typical summer trading patterns may lead to continued subdued volatility leading up to the next central bank decision.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Bitcoin and XRP Price movements remained cautious Thursday as traders awaited a crucial Senate vote on the CLARITY Act. Bitcoin price was trading above $64,400, and XRP price was around $1.05 and the selling pressure persisted. 

Ethereum price remained over $1,900 with the overall market consolidating. Risk appetite was also held back in markets due to geopolitical uncertainty surrounding Hormuz shipping negotiations.

What’s Next for Bitcoin and XRP Price Ahead of Senate Clarity Vote Today? The Clarity Act Senate vote has the potential to influence the short-term sentiment of big cryptocurrencies. This requires 60 votes, whereas the actual number is 44 in favor and 56 against. That disconnection has raised worries over rejection of bills before legislators go on recess.

Senator Cynthia Lummis mentioned that she is still negotiating with Democrats, particularly on unresolved ethics provisions. She also stated that the safety measures offered are more than the last presidential ethics pledges.

JUST IN: 🚨So No CLARITY Act vote scheduled for today.

A vote before the August now looks very unlikely, with no closure filed just yet.

We will likely have to now wait for a few months

— Crypto Tony (@CryptoTony__) August 6, 2026

Time is a constraint since no cloture resolution has been provided. John Thune, who leads the majority in the Senate, has to move fast to leave any hope of a floor vote.

Bitcoin And XRP Price Prediction: Key Levels To Watch XRP and Bitcoin prices are poised to gain further as long as the current support levels hold. XRP price is trading around $1.04 and has an immediate resistance at $1.08. An established breakout may drive the price to reach $1.12, and then to $1.18. However, failure to stay above $1.00 may expose XRP to $0.96 and $0.92 support levels. 

Source: TradingView Bitcoin price is trading above $64,400 and it is gaining new strength in the wider market. The upside target is close to $66,000, and the upward target is $68,500 in case the momentum is positive. 

Another higher breakout of more than $68,500 may create the way to $70,000. On the downside, Bitcoin must protect the $63,500 support zone. A failure to maintain that level can lead to a pullback to $61,800.

Bitcoin ETFs Attract $244 Million While XRP Funds Record Outflows Bitcoin ETF market registered 244.42 million in net inflows on a daily basis. BlackRock’s IBIT led demand with $196.83 million, while ARKB added $37.63 million. Total Bitcoin ETF assets reached $79.21 billion, representing 6.09% of Bitcoin’s market value. 

Source: Sosovalue data XRP ETFs saw varied performances with a net outflow of $3.58 million per day. The full decline was attributed to the XRP fund of Bitwise. XRP ETF assets stood at $993.38 million, equal to 1.49% of XRP’s market capitalization.

The "Big Short" Michael Burry shorted Oracle at $144.63.

Michael Burry, the real-life inspiration behind *The Big Short*, disclosed his latest holdings: he shorted Oracle at $144.63 and Nebius at $211.77.

3 hours ago

Trade.xyz has once again used its perpetual contract fee revenue to acquire HYPE, transferring $3.25 million to start purchasing around 59,000 HYPE tokens.

According to MLM monitoring, Trade.xyz’s fee-receiving wallet has transferred $3.25 million from its perpetual contract fee wallet to its spot account, and has begun purchasing approximately 59,000 HYPE tokens worth around $3 million via a TWAP strategy. Earlier, on August 5, Trade.xyz transferred 250,000 USDC from its perpetual contract fee wallet to its spot account, using roughly $110,000 of that sum to buy 2,000 HYPE tokens, which were subsequently used to acquire a HIP-3 Ticker. This marks the first time Trade.xyz has used perpetual contract fee revenue to purchase HYPE; prior to this, all HYPE used for buying new HIP-3 Tickers was funded by spot fee revenue.

3 hours ago

OpenAI: Free users will receive unlimited text chat capabilities, and the company will update its GPT-5.6 Sol model.

OpenAI announced that ChatGPT will update GPT-5.6 Sol for Plus and Pro users, making responses more focused, factually reliable, and cutting unnecessary formatting and details. The model will support both instant answers and deep reasoning, with users able to adjust the level of thinking allocated to each response via a new slider. In internal evaluations of financial, medical, and legal queries, OpenAI found that compared to GPT-5.5 Instant, GPT-5.6 Luna reduced responses with at least one factual error by roughly 62%, while GPT-5.6 Sol saw a 68% drop. GPT-5.6 Luna will become the default model for Free and Go users this week. Starting next week, free users will get unlimited text chats and can handle queries requiring deeper reasoning via a new "Think" button, though they will remain subject to anti-abuse rules; file uploads, image tools, and other features will stay restricted. This update only applies to ChatGPT’s daily conversation experience—GPT-5.6 Sol used in Work and Codex will not be adjusted in this rollout.

3 hours ago

Proposed Iran-Oman Strait Agreement Faces Dual Hurdles: US Sanctions and Insurance Barriers

According to a Reuters report, four industry sources stated that a proposed agreement between Iran and Oman would grant Tehran control over vessels entering the Gulf via the Strait of Hormuz, but the deal faces implementation hurdles due to U.S. sanctions and restrictive insurance provisions governing any payments. Any toll measures would trigger significant compliance risks, as the U.S. has sanctioned Iran’s Persian Gulf Strait Administration, the entity operating the waterway. The U.S. Treasury also bans U.S. individuals and entities from accepting services related to "safe passage" offered by the Iranian government. Industry sources added that any such payment could result in asset freezes. Another complicating factor is a clause introduced by the Lloyd’s Market Association at the end of July for war risk underwriters: under this clause, insurance coverage would be terminated if a vessel pays transit fees, passage charges, or other fees to traverse the Strait of Hormuz. An insurance industry source noted that shipping companies are caught in a dilemma: the Lloyd’s Market Association clause prohibits insurers from providing coverage to shipowners making such payments, while Iran seeks to collect passage fees. (Jinshi)

3 hours ago

Amid Shiba Inu's price rebound, high win-rate buyers have stepped in, with a whale boasting a perfect 5-0 trading record opening a long position worth $4.78 million.

According to TradingBeats (formerly Hyperinsight) monitoring, the whale address 0x9bb — which profited from all 5 prior storage trades and twice transferred approximately $7.537 million back to its spot account — deposited 2.393 million USDC into Hyperliquid last night. Less than a minute after the funds arrived, the address began going long on SNDK, purchasing a total of 3,800.84 contracts within 4 minutes for a transaction value of around $4.783 million, with an average entry price of $1,258.5. As of press time, the whale holds a $4.853 million long position in SNDK with 2x isolated margin, the only position in its account. SNDK is currently trading at $1,276.8, with the position showing an unrealized profit of roughly $69,600, a return of ~2.9%, a liquidation price of $662.1, and no open orders set. Last night, SNDK hit a low of $1,168.3 before rebounding to $1,276.8, a ~9.3% rise from the low, but still down ~10.5% from the previous day’s benchmark price. The whale did not enter at the lowest point, but re-opened its position after the rebound had already started. Since starting trading in late July, this address has only traded storage assets, with all 5 completed directional trades turning profitable: - SNDK long: ~$1.374 million profit; - SKHX long: ~$785,000 profit; - SNDK short: ~$662,000 profit; - MU short: ~$309,000 profit; - SKHY short: ~$184,000 profit. SNDK’s 24-hour trading volume is approximately $936 million, open interest stands at ~$161 million, and its hourly funding rate is about +0.000625%.

3 hours ago

MetaMask officially launches Agent Wallet, supporting AI agents to autonomously execute on-chain transactions.

MetaMask has officially launched Agent Wallet, a self-custody AI agent wallet for traders and developers. Users can connect to agent frameworks including Claude Code, Codex, and OpenClaw, allowing agents to execute on-chain operations within preset rules. Agent Wallet supports Hyperliquid, as well as EVM-compatible chains such as Robinhood Chain and Monad. Agents can also perform ERC-7821 batch swaps and one-off transactions, eliminating the need to hold native on-chain tokens for gas fees, with MetaMask settling network costs from transferred assets. Before executing supported EVM transactions, MetaMask provides transaction simulation, threat scanning, and MEV protection. Eligible transactions that incur losses despite passing security checks are covered by up to $10,000 in monthly transaction protection. MetaMask stated that Agent Wallet’s core is to enable AI agents to execute transactions within permission boundaries set by users, rather than granting them unrestricted wallet access.

3 hours ago

BitMEX to delist XRP, ADA, ETH, and BTC futures ahead of shutdown on Sept. 23

Bitcoin traded above $64,000 on Thursday as investors await a decision on the CLARITY Act before Congress breaks for its August recess.

CryptocurrencyTickerPriceBitcoin(CRYPTO: BTC)$64,444.40Ethereum(CRYPTO: ETH)$1,908.48Solana(CRYPTO: SOL)$72.94XRP(CRYPTO: XRP)$1.03Dogecoin(CRYPTO: DOGE)$0.06887Shiba Inu(CRYPTO: SHIB)$0.054666Notable Statistics:

Coinglass data shows 95,106 traders were liquidated in the past 24 hours for $226.24 million.        SoSoValue data shows net inflows of $244.4 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net inflows of $60.86 million. In the past 24 hours, top gainers include Lighter, Cardano and LayerZero. Notable Developments:

MSTR’s Phong Le Defends New Approach: ‘Strategy Needs Bitcoin, Bitcoin Doesn’t Need Strategy’ Bitcoin ETF Inflows Pick Up to $626M in Three Days as Crypto Exec Says ‘Zero Bank Liquidity’ Era Is Ending Crypto Legislation Delay ‘Disappointing,’ but ‘Doesn’t Change the Direction of Travel’ for Digital Assets, Says Analyst TeraWulf’s AI Pivot Gains Momentum, Bernstein Maintains 100% Upside Call ‘Nobody Is Stopping Crypto’: CEO Brings Crypto.com Pay to Private Jet Charter Bookings Circle Price Targets Cut by Two Analysts—Here’s Why They Still Stay Bullish Bitcoin Has a Higher Chance of Hitting $50,000 Than $100,000 in 2026, Prediction Markets Say Trader Notes:

Ted Pillows predicts Bitcoin’s weekly close will likely determine its next major move

A weekly close above $65,000 could trigger a rally toward $74,000. A weekly close below $60,000 could open the door for a decline to $50,000. Trader KillaXBT sees only two possible outcomes for Bitcoin either the current move is a failed breakout that leads to further downside or the failed breakout has already played out, meaning the market bottom is already in.

Despite the uncertainty, the analyst says he remains fully invested, holding a 2x swing long position and a full spot allocation. He chooses not to exit in pursuit of a potential 10% lower entry.

Crypto chart analyst Ali Martinez highlighted Bitcoin’s hourly chart is flashing a bullish signal, with a Morning Doji Star candlestick pattern forming.

The pattern is typically viewed as a potential bullish reversal, leading the analyst to expect a breakout if the signal is confirmed.

Image: Shutterstock

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After a green July, the crypto market entered August against geopolitical and macroeconomic tension. Yet recent on-chain signals show smart money quietly positioning across the majors.

Large holders are adding Bitcoin (BTC), Ethereum (ETH), and XRP (XRP) as prices sit near or below their realized prices, according to CryptoQuant. The firm reads the buying as a sign that the downturn is in its final stage.

Whale Accumulation Continues Across Major CryptocurrenciesGlobal markets have pulled ahead while Bitcoin stalled. Equities set fresh records into early August, but Bitcoin held near $64,700, up just 1.5% from a week earlier.

Bitcoin (BTC) Price Performance. Source: BeInCrypto MarketsBeneath that flat price, the largest wallets kept buying. Bitcoin whale balances, excluding exchanges and mining pools, climbed to about 3.06 million BTC.

However, it still sits below the 2025 bull-market peak of roughly 3.23 million, leaving room for more accumulation. 

Ethereum tells a sharper version of the same story. Wallets holding more than 100,000 ETH added about 1.8 million ETH since mid-2025, a rise of nearly 70%. Meanwhile, the 1,000-to-10,000 ETH cohort cut its holdings to 12.9 million from 15.6 million in January.

In XRP, order sizes remained in “big whale” territory while the token held its range near $1, suggesting absorption rather than aggressive buying. BeInCrypto also highlighted that XRP inflows to Binance have fallen to a record low.

Taken together, the on-chain data suggests whales are treating the current period as an accumulation opportunity. Beyond large-holder buying, adoption indicators are also improving. 

Holder counts across major cryptocurrencies have climbed, reinforcing the view that network participation is expanding even as market sentiment remains cautious.

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📰 Adoption Keeps Building Beneath Flat Markets
🔗 Chart Link: https://t.co/WWRJCRWUao

🪜 Holder counts keep climbing. Over the past two weeks, Ethereum has crossed 200M non-empty wallets for the first time ever, XRP Ledger and USDC (on Ethereum) crossed 8M, and Chainlink… pic.twitter.com/12EAOpGCXx

— Santiment Intelligence (@SantimentData) July 28, 2026 CryptoQuant also noted that valuations are approaching historically undervalued levels. Bitcoin and XRP remain close to their realized prices of $52,900 and roughly $0.75, respectively. 

Ethereum appears even more discounted, trading well below its realized price of about $2,450. According to the firm, such conditions suggest “late-bear-market zones.” Other signals also indicate the bear market may be approaching its final phase.

📊 The supply in profit is still hovering around 50%, standing at exactly 52% today.

This means that nearly half of all BTC are currently being held at a loss.

👉 This is a key pivot level that, during every bear market, eventually shifts to the side where more coins are held… pic.twitter.com/rugwJwQJyf

— Darkfost (@Darkfost_Coc) August 5, 2026 Why the Crypto Market Bottom Is Not Yet ConfirmedWhile accumulation lowers downside pressure, it does not confirm a floor. CryptoQuant stressed that prices could still fall further before the market turns.

“Risk-reward has improved markedly, but is not fully de-risked. Downside pressure is lower as large holders accumulate, signaling the last stage of the bear market — yet from a pure valuation standpoint, some further downside remains possible before a confirmed floor,” the report read.

Analysts elsewhere echo the mixed picture. Glassnode has described the bottom conditions as “assembling but incomplete.”

“Bottom signals assembling through boredom, not capitulation; still short of every prior bear’s floor,” the firm wrote.

For now, whales are buying weakness the market has yet to reward.

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Table of contents

For all the sophistication of algorithmic trading and professional risk management, the 2026 crypto sell-off is humbling even the most seasoned market participants. According to a portfolio disclosure by market maker GSR, its Core3 model portfolio — which allocates to Bitcoin, Ether, and Solana — has cratered 57.78% over the past year. That loss handily trails the 49.84% decline of a simple equal-weight basket holding the same three assets. The year-to-date numbers are stark: Bitcoin down 24.82%, Ether down 35.49%, and Solana down 40.21% as of August 5.

The portfolio’s deeply negative performance comes despite GSR’s hands-on allocation approach. As of early August, the model was heavily tilted toward Ether (44.1%) and Solana (36.5%), with Bitcoin anchoring just 19.3%. That concentration in higher-volatility names amplified losses during the extended drawdown, leaving the model nearly 8 percentage points behind a passive benchmark. In a market where liquidity has been thinning and trading volumes cooling, even well-constructed models struggle when volatility correlations break.

Solana’s 40% Drop and Developer Resilience Solana’s 40% year-to-date plunge is the most acute among the three assets, reflecting its higher beta and sensitivity to risk appetite. The chain has been a hub for speculative memecoin activity, and as that frenzy unwound, SOL bore the brunt. Yet on-chain metrics paint a more nuanced picture. Developer engagement on Solana remains among the highest across blockchains, as tracked in weekly developer activity rankings. This divergence between price and fundamental activity is a recurring theme in deep drawdowns: infrastructure keeps building even as asset prices correct.

The Core3 portfolio’s Solana weight of 36.5% was likely intended to capture upside during rallies, but that same exposure turned into a drag once momentum reversed. With memecoin volumes evaporating and on-chain activity cooling, SOL’s correlation with broader risk assets kept it pinned. Market makers like GSR rely on volatility to generate returns, but when price discovery becomes disjointed, even active rebalancing can’t fully escape the downdraft.

Trimming Ether, Adding Bitcoin As trading activity and volatility eased, GSR responded by increasing its Bitcoin allocation and reducing its Ether exposure. That tactical shift mirrors a broader institutional pattern: when market conditions turn hostile, capital flows toward Bitcoin as a relative safe haven within the crypto space. Yet the reallocation alone can’t undo the structural vulnerability of a portfolio still dominated by altcoins. With Ether’s year-to-date loss already exceeding 35%, any reduction in ETH exposure may have come too late to meaningfully curb the annual losses.

Regulatory noise adds another layer of complexity. In the United States, major banking interests are actively working to derail sweeping crypto legislation just days before a crucial Senate vote, as covered in recent reporting. The uncertainty surrounding the regulatory framework particularly punishes altcoins that might be classified as securities, while Bitcoin’s clearer status insulates it somewhat. That dynamic may partly explain why GSR’s model — with its heavy altcoin weighting — underperformed an equal-weight basket where Bitcoin provided more cushion.

What the Model Discloses About Market Structure GSR’s disclosure is more than a performance snapshot; it offers a rare look at how professional trading desks are positioned during a persistent downturn. The fact that an actively managed basket underperformed a naive allocation suggests that timing errors and concentration calls exacted a heavy toll. It also underscores how illiquid conditions can punish even the largest players. While Bitcoin-backed RWAs crossed $20 billion on-chain — as highlighted in a recent tokenization roundup — the liquid crypto market has been unable to catch that tailwind. The bifurcation between tokenized assets and native crypto assets is widening, forcing participants like GSR to reassess risk models built for a different market regime.

Whether GSR’s shift toward Bitcoin in August marks a durable trend or a short-term hedge remains uncertain. The model portfolio’s 57% annual collapse doesn’t necessarily mean the house is wrong; it reflects the violent repricing that occurs when leverage unwinds and narratives shift. For market observers, the key variable is not whether GSR will continue to adjust, but how quickly. In this environment, the difference between a 50% loss and a 40% loss is often decided by the speed of reallocation, not just its direction.

AUTHOR

Brenda is a writer with three years of experience specializing in cryptocurrency, artificial intelligence and emerging technologies. She graduated from the University of Mombasa with a degree in Psychology. She has worked at Cryptopolitan and Blockchain Reporter.

Binance Updates Its Reserves: How Much Bitcoin, Ethereum, XRP, and Altcoin Does the Exchange Hold?

Arkham Intelligence rolled out a new feature on August 6 that displays OP_RETURN messages directly on Bitcoin transaction pages. The transactions were always carrying hidden text, but now anyone browsing Arkham’s explorer can actually read them.

The messages surfacing through this update paint a vivid, sometimes unsettling picture of on-chain life. Victims pleading for stolen funds to be returned. Scammers advertising their services. Random individuals trying to contact hackers directly through the blockchain itself.

What OP_RETURN actually does For the uninitiated, OP_RETURN is a Bitcoin opcode that lets users embed up to 80 bytes of arbitrary data into a transaction. In English: you can attach a short text message to any Bitcoin transfer, and it gets permanently recorded on the blockchain.

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The opcode was introduced in Bitcoin Core v0.9.0 as a standardized way to include non-financial data in transactions. Before OP_RETURN existed, people were using uglier methods to stuff data into the blockchain, methods that actually bloated the network’s unspent transaction output set. OP_RETURN was the cleaner alternative, a designated space for data that nodes can safely ignore when validating transactions.

Most of the time, these messages go unnoticed by casual users. Block explorers typically display them as raw hexadecimal strings. Arkham’s update decodes these messages and presents them as human-readable text alongside standard transaction details.

The Coldcard connection The timing of this rollout is notable. Arkham’s update coincided with heightened scrutiny around a Bitcoin address implicated in a recent Coldcard hardware wallet theft. That address has accumulated a significant number of OP_RETURN entries, effectively turning the blockchain into a public forum where victims and observers are leaving messages related to the ongoing investigation.

This isn’t the first time Arkham has leveraged OP_RETURN data for investigative purposes. The platform previously used embedded transaction messages in its analysis of the LuBian mining pool incident, demonstrating that these 80-byte snippets can serve as legitimate forensic evidence in crypto investigations.

What this means for the analytics landscape No immediate price impact was observed following the feature launch. Displaying text that was already on-chain isn’t a protocol upgrade or a new financial product. It’s a quality-of-life improvement for researchers, investigators, and the kind of people who enjoy reading blockchain graffiti.

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