Market research platform Bull Theory noted the cryptocurrency market’s outperformance compared to other sectors despite geopolitical tensions, macroeconomic weakness and the CLARITY Act’s failure.
The Great Crypto ReboundBull Theory highlighted that Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) have surged 40% and 66%, respectively, in the last three months, while the total cryptocurrency market capitalization increased by more than 30%.
Commodities such as gold and silver have lagged, while stock indexes like the S&P 500 have captured only a fraction of Bitcoin’s returns.
Year-to-date, though, Bitcoin’s losses have outstripped gold’s, while the S&P 500 has posted a 12% return.
“Now crypto is rising despite the U.S.-Iran war, CLARITY ACT stalling and interest rate hikes,” Bull Theory said.
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What Worked for Bitcoin?Bitcoin hit an intraday high of $87,363 on Monday, its highest since late January, as the SEC’s push to build a regulatory framework for cryptocurrency, including tokenized U.S. stocks, outweighed the CLARITY Act’s failure.
Its August rally, though, rested on a completely different narrative. The Treasury doubled its debt buybacks to support the bond market, sending yields and the dollar lower, prompting renewed interest in Bitcoin as a hedge against debasement.
However, the narrative has flipped. The yield on the 10-year Treasury note surged to its highest level since 2007 after the latest Purchasing Managers’ Index readings came in higher than expected.
The move halted Bitcoin’s advance, triggering a 2.8% decline in the asset’s price, according to Benzinga Pro.
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Bitcoin miners face substantial costs, including electricity and equipment repairs, which can prompt big sales when the cryptocurrency's price goes up.
Bitcoin miner flows to Binance hit 19,866 BTC recently, the closest any reading has come to 20,000 BTC since a spike above 25,000 in late August.
Add to that, Glassnode data shows that holders of the OG cryptocurrency are taking profit, with more than $5 billion realized so far.
Miners Send Nearly 20,000 BTC to Binance According to the data provided by CryptoQuant’s Amr Taha, the Bitcoin miner flow to Binance was recorded at 19,866 BTC on September 21, coming close to hitting the 20,000 BTC level, which last occurred on August 25, when the figure surpassed 25,000 BTC.
Some miners tend to sell a portion of their holdings in order to pay electricity costs, maintenance costs for mining hardware, labor costs, taxes, debt service, and other operational expenses. Increased prices might also mean that it becomes easier to profit and make investments in mining equipment.
However, Taha framed the latest reading as a test of price resilience rather than a standalone bearish signal, considering that since 2024, most miner-to-exchange flow events near or above 20,000 BTC have not been followed by an immediate, steep Bitcoin decline.
“Elevated miner inflows alone have not been sufficient to overwhelm the market,” wrote the analyst.
But something else is happening at the same time, with Glassnode reporting that BTC holders were realizing profits, even though the amounts are relatively low right now. According to the analytics firm, net realized profit over the last seven days hit $5.1 billion, a level it compared with late 2023 rather than major market tops.
Together, they could put BTC’s strength to the test as it tries to shake off a retracement that has seen it dip below $84,000 after recently moving above $87,000 for the first time since January.
You may also like: Crypto vs Stocks: What the 200-Day Moving Average Shows Now Bitcoin Whales Bought the Dip – Now They’re Doubling Down on the Rally Bitcoin Could Still Explode 5x, but the 10x Days Are Over: CryptoQuant CEO Bitcoin Price Dips as ETF Demand Grows BTC was trading near $83,500 at the time of writing, according to CoinGecko, down 3% from yesterday’s price but up 10% on the week and 5% on the month. Still, the asset has lost 25% of the value it had one year ago and is 33% below its all-time high in October 2025.
Meanwhile, spot Bitcoin ETFs continued their green run, recording $999 million in net inflows on the day of the miner spike, followed by nearly $715 million on September 22 and almost $347 million the day after that. This performance has taken the capital coming into the funds so far this month to $2.37 billion, according to SoSoValue.
Bitcoin (BTC) wallets holding 100 to 1,000 BTC have added 113,950 BTC since July 15, Santiment data shows.
The purchases lifted the group’s combined balance by 2.22% to roughly 5.24 million BTC. Santiment shared the figures as the price slipped below $84,000 on Wednesday.
A 5-Year Track Record Behind the Bitcoin Smart Money SignalBut why does this accumulation matter? Santiment counts this cohort among the “most useful smart money groups to watch.” Its five-year study found that the wallets closely tracked the crypto market’s direction.
Historically, this cohort has tended to build positions ahead of, or during, Bitcoin’s stronger price stretches.
Bitcoin 100-1,000 BTC Wallet Holdings Versus Price Since July 15. Source: X/SantimentFollow us on X to get the latest news as it happens
The current run fits that record. The cohort kept adding coins as Bitcoin climbed from mid-August. According to Santiment, this suggests the rally drew support from well-capitalized holders as well as retail traders.
“Sustained buying from the 100-1,000 BTC group has historically been valuable alpha, especially when paired with retail fear, sentiment, and exchange-flow data,” the post read.
Treasury Yields Drag Bitcoin Under a Key LevelThe accumulation arrives during a volatile week for Bitcoin, which has swung between sharp gains and losses since Monday. On September 21, Bitcoin crossed $84,000 for the first time since January 31.
That breakout liquidated $262.30 million in short positions within an hour, according to CoinGlass. The move also came after Bitcoin’s first weekly close above its 50-week moving average in 45 weeks.
However, macro conditions turned against the rally on Wednesday. A hot US PMI report pushed the 10-year Treasury yield above 5%, reviving fears of another Federal Reserve hike.
Bitcoin fell below $84,000. The same area also shows up in Glassnode’s on-chain data.
Glassnode Draws the Line at $84,000Glassnode places the largest cluster of long-term holder supply between $84,000 and $85,000. Bitcoin briefly dipped to about $83,500 on Wednesday but closed the day near $84,400 on Binance.
Bitcoin (BTC) Price Performance. Source: BeInCrypto MarketsOn Thursday, the price slipped to roughly $83,800, just under the lower edge of that band. The daily session remains open, so the level has yet to produce a confirmed break.
Glassnode sees $95,000 to $97,000 as the next major test for Bitcoin. The mean Market Value-to-Realized Value (MVRV) price is $96,700, within that range.
“The next test is $95K-$97K, where options positioning and the mean MVRV price meet,” the firm said.
The firm added that holding above $84,000 keeps that path open. However, a drop below it would bring the $77,000 True Market Mean back into view.
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Crypto analyst Benjamin Cowen stated that Bitcoin’s recent strong performance despite macroeconomic pressures did not align with his expectations, adding that the market seemed to have “reversed” its course.
In his latest analysis, Cowen stated that he expected the rise in energy prices, bond yields, and the dollar index to normally put pressure on Bitcoin and other risky assets, but Bitcoin has proven much more resilient to these macroeconomic conditions than anticipated. The analyst explicitly acknowledged that Bitcoin surpassing its May peak has invalidated his previous predictions.
According to Cowen, the current macroeconomic picture generally continues to support his thesis. He noted that rising energy prices have driven up long-term bond yields, with the US 10-year Treasury yield reaching 5.1 percent. Cowen also argued that the Fed’s policy interest rate remains below market expectations.
The analyst noted that the 2-year US Treasury yield has risen to approximately 4.9%, while the Fed’s policy rate remains at 4%, suggesting that monetary policy may not be tight enough to control inflation. According to Cowen, rising energy prices, bond yields, and the dollar are already putting pressure on stocks and precious metals.
Cowen, however, noted that Bitcoin presents a different picture, therefore describing the current environment as an “inverted” market. The analyst stated that the S&P 500 has struggled to produce new highs in recent weeks, and gold and silver have also come under pressure due to rising interest rates and a strong dollar, but Bitcoin continues to show resilience against these same macroeconomic factors.
One of the technical indicators that Cowen drew attention to was Bitcoin trading above its 50-week moving average. The analyst noted that the “golden cross” pattern in Bitcoin, followed by a pullback and then a rise, resembled some recovery cycles in the past, and that the current technical structure suggests the market may have regained strength.
Cowen considers Bitcoin’s rise above its May peak particularly significant. According to the analyst, the fact that Bitcoin has formed a higher peak here necessitates a reassessment of expectations, even if a potential pullback occurs in the final quarter of the year. Such a correction could potentially form a higher low instead of falling below previous lows.
The analyst also admitted that Bitcoin’s current rise has proven his previous predictions wrong. Cowen recalled that a few weeks ago he had assessed the probability of Bitcoin hitting a bottom at only 35 percent, while giving a 65 percent chance of a new bottom. However, he said that with Bitcoin rising above its May peak, these probabilities have shifted in favor of the market’s bullish outlook.
“Bitcoin Should Not Close Below $83,000” However, Cowen doesn’t think the uptrend is fully confirmed yet. According to the analyst, continued weekly closes above current levels could increasingly strengthen the thesis that Bitcoin has passed its bottom. Conversely, a renewed weekly close below $83,000 could bring about a new correction scenario in the fourth quarter.
Cowen emphasized that even in such a scenario, Bitcoin doesn’t necessarily need to form a new low. The analyst noted that a potential pullback could develop as a “higher low” on the long-term chart.
Cowen also found it noteworthy that Bitcoin rose despite the strengthening dollar, saying that under normal circumstances he would expect a rise in the dollar index to put pressure on Bitcoin, but this did not happen. According to Cowen, the market may continue to behave differently than macroeconomic indicators imply.
*This is not investment advice.
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A new ETF just carved out a niche that didn’t exist a year ago. The T-Strive Digital Credit Preferred Income ETF, trading under the ticker DCAP, began trading on the Cboe BZX Exchange with a straightforward pitch: collect fat dividend checks from Bitcoin treasury companies without ever touching Bitcoin itself.
The fund splits its initial portfolio roughly 50/50 between two preferred securities: STRC, issued by Strategy Inc., and SATA, issued by Strive Inc. Both instruments are tied to companies that hold significant Bitcoin on their balance sheets, but the ETF’s investors get exposure through fixed-income-style instruments rather than the wild price swings of the underlying asset.
How the fund actually works DCAP is actively managed by Tuttle Capital Management, with Strive Asset Management serving as sub-adviser in a limited capacity. The fund’s mandate requires that at least 80% of its net assets be parked in what it calls “Digital Credit Preferred Securities.” That term has a specific definition here: preferred securities from companies that hold or derive income from at least 5% in Bitcoin or Bitcoin-linked instruments.
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The two underlying securities were structured to trade near a $100 par value, with variable dividends calibrated to keep prices hovering around that level.
At launch, SATA is delivering an annualized yield of roughly 13% with daily dividend payments, a feature it has maintained since June 16, 2026. STRC offers returns in the 12% to 13.16% range, paid out on a semi-monthly basis.
Two securities, two philosophies SATA has leaned into a conservative cash reserve strategy, which has enabled its streak of consistent daily payouts. STRC, on the other hand, comes with a larger operational base and the institutional heft of Strategy Inc., which has become one of the most recognized names in the corporate Bitcoin treasury movement. Its slightly wider yield range, fluctuating between 12% and 13.16%, reflects the different risk and return profile that comes with a bigger, more complex operation.
Why preferred securities from Bitcoin treasuries Preferred securities sit in a particular sweet spot. They rank above common equity in the capital structure, meaning holders get paid before shareholders if things go sideways. But they also carry higher yields than senior debt, compensating investors for the additional risk relative to bonds.
DCAP is the first US ETF to package this idea into a single, exchange-traded product.
What this means for the market The risk side of the ledger deserves attention too. These preferred securities are ultimately backed by companies whose balance sheets are heavily exposed to Bitcoin’s price. A sustained Bitcoin downturn wouldn’t just hit the common equity of these firms. It could pressure their ability to maintain the dividend payments that make their preferred securities attractive in the first place. The conservative cash reserve strategy that SATA has emphasized is one buffer against that scenario, but no reserve policy eliminates the risk entirely.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Major mining pools recorded the largest inflow of Bitcoin to Binance since August, but strong buyer liquidity fully offset the selling pressure.
According to on-chain analytics platform CryptoQuant, inflows from miners' accounts to Binance surged to 19,866 BTC on September 21. This was the largest spike since August 25, when more than 25,000 BTC was transferred to exchanges. Despite the scale of the inflow, Bitcoin showed strong resilience, holding around $85,400.
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The market used to fall, but now it doesn't. What changed?CryptoQuant analysts say the current activity is driven by classic business logic: "Historically, Bitcoin miners often monetize part of their production during strong markets to cover significant operating and capital expenses." With the market strong and prices high, producers are taking profits. As the experts note, "this behavior is broadly comparable to that of gold producers, who often sell part of their production when prices are stronger."
The resulting fiat proceeds go toward electricity bills, data center infrastructure maintenance, taxes, and large-scale upgrades to fleets of ASIC miners.
Bitcoin miner flows to Binance near 20,000 BTC amid price resilience at $85,400, Source: Amr Taha / CryptoQuantHistorical data shows that Binance remains a key liquidity hub for mining pools. While liquidity flows on alternative platforms such as Coinbase Prime, OKX, Kraken, and Gemini remained within average ranges, Binance saw a series of sharp spikes.
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The main takeaway from this latest episode is a change in market structure. CryptoQuant emphasizes: "Since 2024, most instances of miners transferring around or more than 20,000 BTC to exchanges have not been accompanied by an immediate sharp decline in Bitcoin's price."
The September spike tested the market's resilience rather than signaling a bearish sell-off. Analysts conclude that the incident "is more notable as a test of price resilience than as an independent bearish signal." Buyers' ability to absorb nearly 20,000 BTC of supply without a price drop confirms that $85,400 has formed a strong new support level.
Bitcoin logo (public domain, Grayliptrot) via Wikimedia Commons
The Financial Times Markets reports that the 10-year US Treasury yield cannot sustainably increase much higher, suggesting a ceiling has been reached at the 5% level. This development comes as the yield recently touched 5.11%, its highest since 2007, indicating sustained pressure on long-duration borrowing costs. Market participants are now considering the possibility of yields moving towards 6% if current conditions persist. These dynamics have significant implications for various financial sectors, including mortgages and corporate debt, as well as broader asset classes like equities. In the context of this environment, the pricing of Bitcoin shows a significant response, with markets suggesting a potential positive impact from lower Treasury yields.
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Key Takeaways The 10-year US Treasury yield appears to be encountering resistance at the 5% level, consistent with the reported ceiling. Market participants are considering scenarios where the yield could move towards 6%, reflecting ongoing upward pressure. Bitcoin pricing reflects conditions supportive of a YES outcome, with expectations of a softer dollar and lower Treasury yields positively impacting its price. What to Watch Investors are closely monitoring any shifts in Federal Reserve policy that could influence Treasury yields and subsequently affect Bitcoin prices. Jerome Powell and the Federal Open Market Committee (FOMC) play crucial roles in guiding these expectations. Additionally, developments in the U.S. spot Bitcoin ETF inflows and regulatory actions by the SEC, led by Paul Atkins, could provide further indications of market direction. Market observers should remain attentive to changes in US Treasury yields and their implications for the broader financial landscape.
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Term Structure
Contract Odds Δ since publish Volume 24h September 24 2026 99.9% — — View market → September 24 2026 99.9% — — View market → September 24 2026 99.8% — — View market → September 24 2026 99.8% — — View market → September 24 2026 99.2% — — View market → September 24 2026 94.7% — — View market → September 24 2026 39.4% — — View market → September 24 2026 1.9% — — View market → September 24 2026 99.9% — — View market → September 24 2026 99.9% — — View market →
While Strategy’s preferred stock is in a race to raise fresh capital, Strive is gaining ground in its efforts to amass the most Bitcoin. Vivek Ramaswamy’s Bitcoin treasury company was able to raise around $86 million.
Strive Is Continuing To Raise Funds For Bitcoin For context, Strive raised $85.88 million by completing three SATA sessions between September 21 and 23. According to BitcoinTreasuries.net data, an estimated 1,001.67 BTC was purchased with the proceeds.
On September 21, Strive earned $27.69 million in net ATM proceeds. The tracker’s estimate of 321.97 BTC acquired at an average price of $86,001. It sold approximately 284,000 shares.
The next session raised $36.08 million for Strive to buy more Bitcoin. Approximately 370,000 shares were sold. 418.27 BTC were estimated to be acquired. This averaged $86,266.
On September 23, Strive raised another $22.11 million. It sold approximately 226,700 shares. The tracker puts the value of 261.43 BTC at $84,556.00 on average.
The revenue amounted to $85.88 million. The estimated accumulation peaked at over 1,000 BTC.
Strive vs. Strategy’s BTC Accumulation Race Strive’s Bitcoin funding pace is much faster than Strategy’s financing activity. Since June, Strategy’s STRC has been trading lower than the $100 par value. During that time, it dropped to as low as $73.62. However, the preferred stock has failed to raise new funds since June. The STRC buybacks have been made by Strategy instead.
Despite that, Strategy managed to add 950 BTC in the September 14-20 week. It was acquired for $75.7 million at the average price was $79,670 per BTC.
Meanwhile, in the previous week also, Strive raised massive capital via SATA. Between September 14 and 18, Strive purchased 1,355 BTC for $107.7 million. At that time, it had a stake in 26,355 BTC.
At the time, Strive CEO Matt Cole wrote on X, “Warrant exercises began last week, generating $21.2M in gross proceeds. Including those proceeds, 57.7% of total capital raised came from SATA proceeds.”
The figures indicate a funding deficit for Strategy. Strive is still tapping the ATM Bitcoin buying market. However, Michael Saylor’s Strategy using other funding resources and liquidity options when STRC is less than satisfactory.
For further context, Strategy has 846,000 BTC in its holdings bought for approximately $63.8 billion at the average cost of $75,416 per BTC.
WTI and Brent crude oil continue to rally, with both rising more than 3% intraday.
According to Bitget's market data, both WTI and Brent crude oil have continued to rise, with each gaining over 3% intraday, trading at $94.88 per barrel and $101.78 per barrel respectively.
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Trader Maji cuts long positions in Bitcoin and Ethereum, incurring $1.42 million in account losses over the past 24 hours.
According to TradingBeats' monitoring, crypto figure "Big Brother Ma Ji" (Huang Lichang) has reduced his long positions in Bitcoin and Ethereum, with his account incurring a $1.42 million loss in the past 24 hours. His current positions are as follows: Ethereum (ETH) long positions worth approximately $96.47 million, with an unrealized loss of around $50,000, entry price of $2,658.94, and liquidation price of $2,549.76; HYPE long positions worth about $19.72 million, with an unrealized loss of roughly $330,000, entry price of $93.25, and liquidation price of $72.96; Bitcoin (BTC) long positions worth approximately $16.72 million, with an unrealized loss of around $20,000, entry price of $83,693.60, and liquidation price of $64,174.98.
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Tom Lee: Robinhood chose Ethereum as its infrastructure, citing its security and liquidity.
Tom Lee, chairman of BitMine, an Ethereum treasury firm, said that Robinhood’s choice of Ethereum as the infrastructure for its related businesses is primarily driven by the network’s security and liquidity, rather than low transaction fees. Ethereum’s value proposition is gradually moving beyond simply earning transaction fees; the network no longer needs to maximize gas fees or extract more value from projects built on it to drive growth. Meanwhile, ETH is gradually evolving into a store-of-value asset, with users holding it for its practical utility and appreciation potential.
9 minutes ago
WTI crude oil’s intraday gain has widened to 2.00%, now trading at $93.96 per barrel.
According to Bitget market data, WTI crude oil's intraday gain has expanded to 2.00%, currently trading at $93.96 per barrel.
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Federal Reserve's Paulson: Further interest rate hikes may be needed to lower inflation; at most, it can only be said that inflation has not worsened further.
2026 Federal Open Market Committee (FOMC) voting member and Philadelphia Federal Reserve President Paulson said the September inflation report prompted interest rate hikes, AI development has fueled persistent inflation, and he backs the policy path of lowering inflation to the 2% target. The Federal Reserve may need to implement another interest rate hike to bring inflation down. As for inflation, the best that can be noted is that it has not worsened further.
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ONDO breaks through $0.51, with its 24-hour price rally expanding to over 22%
Per HTX market data, the positive momentum from Ondo’s partnership with BlackRock to launch a tokenized “smart portfolio” continues to build, driving ONDO past $0.51, with its 24-hour gain expanding to over 22%. The development: Ondo and BlackRock have partnered to roll out a tokenized “smart portfolio” that grants exposure to professional investment portfolios via a single on-chain token.
BITCOIN'S 'WINTER' MAY BE ENDING, NED DAVIS TURNS BULLISH
Ned Davis Research on Thursday turned "bullish" on bitcoin, saying the cryptocurrency has "enough momentum" to retest its 2025 high of $123,000 by mid-2027, representing about 44% upside from levels near $85,000.
The research firm said its preferred short-, intermediate- and long-term trend indicators have all turned bullish, strengthening its conviction on the cryptocurrency.
BTC= has lost nearly 5% year-to-date as a surge in government bond yields and uncertainty around the Iran conflict triggered a broader risk-off move, but it recovered some ground recently as oil prices retreated to two-week lows.
"Bitcoin's average returns in October (26%) and November (35.5%) are the highest of any month; October’s median return of 17% is the highest median return of all months," highlighted Ned Davis.
The research firm pointed to favorable seasonality, with October and November historically being bitcoin's strongest months based on average returns.
The cryptocurrency is also approaching the end of what the firm calls "Bitcoin Winter," a weaker period that typically occurs in the third year of bitcoin's four-year halving cycle.
"Bitcoin tends to rally sharply after Bitcoin Winter ends," the brokerage said, noting that prices have more than doubled on average in the six months following the end of the past three such cycles.
Ned Davis Research also sees the dollar debasement trade as a key tailwind, arguing that concerns over US government debt and a weaker dollar could steer investors toward scarce assets such as bitcoin, whose supply is capped at 21 million coins.
But that tailwind could reverse if the dollar strengthens, a risk that has come into sharper focus as persistent US inflation and a resilient economy fuel expectations for another Federal Reserve rate hike ahead of crucial national elections in November.
Morgan Stanley has engaged in discussions regarding the adoption of USDT on the Bitcoin network with its team in Washington, according to a social media post by Paolo Ardoino. USDT, Tether’s widely-used stablecoin, is currently the largest in circulation and significantly influences crypto settlement. The discussions suggest a potential shift towards utilizing Bitcoin’s infrastructure for USDT, which could align with Morgan Stanley’s expanding interest in digital assets. This development indicates a potential institutional focus on integrating stablecoins with Bitcoin, a move that could impact Bitcoin’s market dynamics.
Key Takeaways Morgan Stanley’s dialogue on USDT adoption on Bitcoin suggests potential institutional interest in Bitcoin’s infrastructure. The integration of USDT on Bitcoin could influence the stablecoin’s role in crypto settlements. Market activity reflects this development as a potential positive factor for Bitcoin’s future price scenarios. What to Watch Market participants will be observing any further official statements from Morgan Stanley regarding their plans for USDT on Bitcoin’s network. Additionally, any regulatory developments or endorsements from financial authorities could impact the market’s perception. A significant institutional announcement or a regulatory breakthrough regarding stablecoins on Bitcoin may be consistent with scenarios supportive of Bitcoin’s price increase towards key future milestones, such as reaching $100,000 by the end of 2026.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 1.2% — — View market → December 31 1.6% — — View market → December 31 2.9% — — View market → December 31 4.8% — — View market → December 31 11.5% — — View market → January 1 2027 35.5% — — View market → January 1 2027 5.8% — — View market → January 1 2027 1.8% — — View market → January 1 2027 1.6% — — View market → January 1 2027 1.9% — — View market → January 1 2027 3.2% — — View market → January 1 2027 7.4% — — View market → January 1 2027 18.5% — — View market → January 1 2027 10.5% — — View market → January 1 2027 2.8% — — View market → January 1 2027 0.7% — — View market → January 1 2027 1.8% — — View market → January 1 2027 7.5% — — View market → January 1 2027 3.3% — — View market → January 1 2027 2.5% — — View market → January 1 2027 1.7% — — View market → January 1 2027 0.7% — — View market → January 1 2027 0.7% — — View market → January 1 2027 0.5% — — View market → January 1 2027 0.4% — — View market → January 1 2027 51.5% — — View market → January 1 2027 35.5% — — View market → January 1 2027 22% — — View market →
Individual Bitcoin holders flipped from aggressive sellers to aggressive buyers in Q3 2026, scooping up more than 107,000 BTC in what River Financial calls the fastest pace of retail accumulation in years.
The reversal is dramatic. Across Q1 and Q2 2026 combined, individuals were net sellers of roughly 140,000 BTC. Now they’ve clawed back most of that in a single quarter, with Bitcoin trading in the mid-$80,000s as of River’s September 18 report.
From capitulation to conviction River Financial, which has published quarterly ownership-change analyses going back to 2019, tracks how Bitcoin shifts between different holder categories: individuals, businesses, funds, and unidentified wallets.
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In Q2 2026, the pattern was clear. Businesses added roughly 115,000 BTC while individuals offloaded about 78,000 BTC. Retail holders were essentially handing their coins to corporate treasuries and institutional funds, a dynamic that had persisted through much of the year.
The timing matters. Earlier in 2026, the net selling from individuals to businesses accelerated alongside market volatility triggered by ETF-related dynamics. River has noted that this pattern of retail-to-institutional transfer has been consistent during previous ETF launches, as newer holders take profits while funds absorb supply. Q3 appears to mark the exhaustion of that selling wave.
Dolphins are leading the charge Perhaps the most telling signal in River’s data involves what the firm calls “dolphin” wallets, addresses holding between 100 and 1,000 BTC. These mid-tier holders accumulated over 113,000 BTC since mid-July 2026.
To put that in dollar terms at current prices, dolphin wallets alone absorbed somewhere north of $9 billion worth of Bitcoin in roughly two months.
What changed in Q3 River’s data also raises questions about the sustainability of the trend. The 107,000 BTC figure for Q3 nearly matches the 140,000 BTC sold across the entire first half, meaning that at current pace, individuals could reach net positive for the year before Q4 wraps up.
River’s multi-year dataset, spanning back to 2019, provides rare longitudinal visibility into these shifts, and the current quarter represents one of the sharpest reversals the firm has documented.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Michael Saylor, executive chairman of Strategy (NASDAQ: MSTR), issued a concise public reply after venture capitalist Jason Calacanis posted a lengthy critique that treated Bitcoin as a technology whose cultural moment had passed.
The comments appeared as the cryptocurrency recovered toward the $80,000 level.
Calacanis described Bitcoin, 17 years after its creation, as no longer exciting or particularly useful.
He said it performs poorly for payments and smart contracts, still presents a forbidding experience for most people, and has stopped capturing public imagination.
Mention of the asset at social events, he wrote, now draws a wistful “remember that?”
He portrayed it as a settled, even boring, store of value rather than a path to quick riches.
Institutional adoption, in his view, had turned an earlier punk-rock energy into something closer to background music.
Early advocates, once pirates, had become professionals in orange ties sharing awkward memes.
If Bitcoin were going to achieve mass adoption and a standout use case, he argued, it would already have done so.
The dead cat continues to bounce.
What is Bitcoin, 17 years later?
It’s not great for transactions or smart contracts; the user experience is still intimidating for most, and it’s no longer capturing the public’s imagination.
If it comes up at the dinner party, it's… pic.twitter.com/fS5cAodSFm
— @jason (@Jason) September 18, 2026
He likened it to compact discs after streaming arrived or DVDs after on-demand video—an intermediate format that some collectors still prefer even as newer options dominate.
At best, he suggested, it resembles vinyl: a nostalgic object rather than the future.
Saylor answered the next day by noting that Calacanis has followed Bitcoin since 2011.
Jason, you’ve watched Bitcoin grow since 2011. It’s now a $1.6 trillion success and the world’s most valuable digital asset. Digital Capital is the killer app. Preserving wealth across generations is a bigger ambition than entertaining a dinner party. The orange tie stays.
— Michael Saylor (@saylor) September 18, 2026
In that time, he wrote, it has become a $1.6 trillion success and the world’s most valuable digital asset.
He identified “digital capital” as the killer application and argued that safeguarding wealth across generations is a larger ambition than providing conversation at a dinner party.
He ended with the line that quickly spread: “The orange tie stays.
”The orange necktie is Saylor’s well-known personal signature at public events.
Calacanis had used it as a symbol of Bitcoin’s supposed slide from rebellion into corporate blandness.
Saylor’s response treats that shift as evidence of maturity rather than decline.
For him, Bitcoin’s conservative architecture—limited supply, resistance to frequent alteration, and established recognition—makes it suited to the long-term task of preserving purchasing power.
The exchange captures a persistent split.
Skeptics see Bitcoin’s age and relative simplicity as signs it has been overtaken.
Long-term holders such as Saylor see those same qualities as the source of its reliability.
Strategy’s large bitcoin treasury has made the company a prominent proxy for that second view. Whether the network ultimately proves to be a bridge technology or a lasting monetary primitive is still unsettled. Saylor’s message, however, was unambiguous: neither Bitcoin nor the orange tie is being put away.
Anchorage Digital has announced plans to build support for Bitcoin staking on the Stacks platform, enabling institutional investors to fund Bitcoin bonds and receive weekly BTC rewards. This development is part of a broader initiative to enhance institutional access to Bitcoin-yield products without altering the underlying Bitcoin protocol. The program involves locking BTC on Bitcoin’s Layer 1 and STX on Stacks for a fixed period, allowing participants to maintain custody of their assets while earning BTC-denominated yields. Anchorage’s move is seen as a step towards increasing institutional engagement with Bitcoin through Stacks.
Key Takeaways Anchorage’s support for Bitcoin staking on Stacks suggests growing institutional interest in BTC yield products. The development appears consistent with increased demand for Bitcoin, which could influence market sentiment positively. While supportive of Bitcoin’s price, the move is not viewed as a transformative change to Bitcoin itself. What to Watch Markets will be monitoring how the introduction of Bitcoin staking on Stacks by Anchorage impacts BTC demand and institutional participation. Key indicators include any shifts in Bitcoin’s price ahead of the September 26 price threshold. Potential regulatory developments or changes in macroeconomic conditions could also play a significant role in influencing Bitcoin’s market dynamics.
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Term Structure
Contract Odds Δ since publish Volume 24h September 26 2026 98% — — View market → September 26 2026 1.7% — — View market → September 26 2026 0.8% — — View market → September 26 2026 96% — — View market → September 26 2026 55% — — View market →
Goldman Sachs says markets are pricing in more Fed rate hikes than anticipated and denies claims that a pause is off the table. Increasing expectations that the Federal Reserve will raise interest rates are sending Treasury yields and the US dollar higher. This is putting more pressure on Bitcoin and other risk assets.
Goldman Sachs Says Fed Won’t Enter Sustained Rate Hike Cycle In a Goldman Sachs Exchanges discussion, Vice Chairman and former Dallas Fed President Rob Kaplan said markets are pricing in more tightening than the economy warrants. AI infrastructure, defense spending, and related capex remain strong, which are supporting resilient economic growth.
At the same time, interest-rate-sensitive sectors such as housing, autos, and sales to lower- and moderate-income consumers are already sluggish under current rates.
Kaplan admits one more Fed rate hike is possible, taking the funds rate to roughly 4-4.25%. However, this could follow a potential pause amid the nominal neutral rate. He prefers to skip in October for fresh data and market conditions.
“I would probably be inclined, unless there’s a reason to act in October, I’d be inclined to skip October. We’ll see if they do. And then look again about moving again in December. Then I want to take a fresh look and see whether or not we need to do more,” he said.
Goldman Sachs reveals markets have built in a risk premium due to uncertainty over oil prices and Fed Chair Kevin Warsh’s policy outlook. The labor market is in a “low fire, low hire” state rather than overheating, giving the Fed less reason for aggressive rate hikes.
Notably, August’s stronger-than-expected retail sales data locked in the September Fed rate hike. The data showed retail sales jumped most in five months, indicating the US economy remains resilient and can take higher borrowing costs.
Goldman Sachs Sees Core PCE Falling to 2.2% The Wall Street giant revealed core PCE inflation drivers such as tariffs, oil prices, software and accessories, and portfolio-management fees will peak and then fade. Goldman Sachs forecasts core PCE declining toward 2.2% year-over-year by Q4 2027.
Experts say the Wall Street firm’s latest 2.2% core CPI forecast makes a string of additional hikes beyond current pricing hard to justify. Fed officials will assess further economic data to confirm a pause or rate hike.
The research notes that investors have become overdependent on these inflation effects, such as oil prices, to make trades. Once they diminish, the remaining inflation gap to the 2% target narrows without the need for a Fed rate hike.
Temporary inflation Drivers Are Starting to Diminish. Source: Goldman Sachs Bitcoin and Crypto Markets Under Pressure Bitcoin price hit $87,000 despite the Fed’s dot plot signaling one more rate hike by year-end. The BTC price plunged as the 10-year US Treasury yield hit a 19-year high of 5.14% and the US dollar index (DXY) jumped to 101.25 on Thursday.
Moreover, Friday’s monthly Bitcoin options expiry puts pressure on Bitcoin, with the price currently trading at $83,703. The broader crypto market also slipped tracking the top crypto asset. Trading volume has increased by 7% over the past 24 hours.
$1.8 trillion Franklin Templeton says Bitcoin is entering a new bull market. “Institutional investors are now coming in,” it added. Upside momentum favors $100K next as institutional interest rises and long-term whales step in.
Derivatives markets show buying sentiment remains intact, according to Coinglass data. BTC futures open interest is climbing after dropping 5% over the past 24 hours. Notably, CME futures open interest continued to witness rising open interest over the past 24 hours, up 0.77%, while investors elsewhere brace for options expiry.
Also Visit: Will the Fed Raise Interest Rates After the October 2026 Meeting? Odds Split 50–50
Key Highlights BTC slipped beneath $84,000, hovering around $83,200 throughout Thursday’s Asian trading session. The 10-year US Treasury yield reached 5.13% during intraday trading, marking its peak since 2007. Market indicators from CME’s FedWatch tool indicate a 75.3% probability of a rate increase in October. Despite the recent decline, Bitcoin maintains a 7.35% gain for September. Technical analysis suggests $81K-$82K represents the next critical support level following resistance at $87K. The world’s leading cryptocurrency retreated below the $84,000 threshold on Thursday, declining to approximately $83,200 as Asian markets opened. This downturn coincided with US Treasury yields climbing to their most elevated point in nearly two decades.
Bitcoin (BTC) Price Wednesday saw the 10-year yield finish at 5.11%, marking an increase from the previous day’s 4.96%. Intraday trading pushed this figure to 5.13%. The upward movement stemmed from robust American business indicators and climbing crude oil valuations.
By 09:16 ET, BTC had surrendered 2.4% of its value, trading at $83,687.7. The broader cryptocurrency market mirrored this downward trend. Major altcoins including Ethereum, Cardano, XRP, and Dogecoin all experienced declines during the session.
BREAKING: The US 30Y Note Yield rises to 5.44%, its highest level since June 2004.
We are nearing a +500 basis point gain from the 2020 low.
Where is the US Treasury? pic.twitter.com/nnoApVuyHS
— The Kobeissi Letter (@KobeissiLetter) September 24, 2026
Elevated Treasury yields offer investors enhanced returns on sovereign debt instruments. This dynamic tends to redirect capital away from higher-risk assets such as cryptocurrencies.
Federal Reserve Tightening Expectations Surge Bas Kooijman, who leads DHF Capital as CEO, attributed the shift to improved US economic activity metrics and elevated energy costs, which have amplified anticipation of additional Federal Reserve monetary tightening. Markets currently reflect a 70% probability of an October rate adjustment, a notable increase from 55% just one day earlier, according to his analysis.
Data from CME Group’s FedWatch tool presents an even more pronounced forecast, placing the likelihood at 75.3% for an increase to the 4.00-4.25% range. The Federal Reserve’s next policy meeting is scheduled for October 28.
According to Kooijman, employment figures will play a crucial role in coming weeks. Robust jobs data could drive yields and dollar strength higher. Conversely, disappointing numbers might prompt traders to recalibrate their rate hike expectations.
The US Treasury Department contributed to market dynamics Wednesday by announcing a $6 billion repurchase program for bonds with 20 to 30 years remaining to maturity. This initiative forms part of a broader strategy to enhance liquidity in the long-duration debt market.
Oil prices advanced overnight following remarks by Iranian President Masoud Pezeshkian at the United Nations, where he delivered criticism directed at the US and President Trump. These comments intensified concerns that diplomatic discussions regarding oil supply between Washington and Tehran may face obstacles.
Japanese 10-year government bond yields climbed to a three-decade high Thursday. Bond markets throughout developed economies experienced yield increases amid growing expectations of future rate hikes.
Technical Analysis: Critical Price Levels James Stanley, who serves as senior market analyst for global macro at FOREX.com, observed that Bitcoin has demonstrated resilience despite climbing interest rates and dollar strength. He identified $82,833 as a significant threshold to monitor should downward pressure persist.
Market analyst BATMAN, recognized on X as @CryptosBatman, provided a detailed technical breakdown of BTC’s recent price action. He noted that the rejection occurring near $87,000 aligned with the 1.618 Fibonacci extension target, a technical indicator frequently employed by traders to identify potential exhaustion points in price rallies. According to his assessment, profit-taking activity is concentrated around this zone. He designated the $81,000-$82,000 range as the nearest support level should the correction deepen.
Market participants commonly refer to September as “Red September” and October as “Uptober” based on their historical performance patterns. Bitcoin experienced consecutive September declines from 2017 through 2021. However, since 2022, the cryptocurrency has concluded September with positive returns each year.
Currently, Bitcoin shows a 7.35% gain for the month. Historical data indicates October delivers an average return of 19.92%, ranking as the second-strongest month annually. Nevertheless, last year deviated from this trend, with October posting a 3.69% decline.
Bitcoin, hafta başında 87.000 doları gördükten sonra 84.000 dolar civarında dengelendi. Ancak fiyatın geri çekilmesine rağmen büyük yatırımcılar satışa geçmedi. Santiment verileri, 100-1.000 BTC tutan cüzdanların temmuz ortasından bu yana 113.950 BTC daha aldığını gösteriyor.
Bu cüzdan grubunun toplam bakiyesi %2,22 artarak yaklaşık 5,24 milyon BTC’ye ulaştı. Santiment, beş yıldır takip ettiği bu yatırımcı grubundaki güçlü alımların geçmişte Bitcoin’deki daha sert fiyat hareketlerinden önce veya bu hareketlerle aynı dönemde görüldüğünü belirtiyor.
Bitcoin Balinaları Ne Kadar BTC Aldı? 100 ile 1.000 BTC arasında tutan cüzdanlar, 15 Temmuz’dan bu yana 113.950 BTC biriktirdi. Toplam bakiyenin 5,24 milyon BTC’ye çıkması, büyük yatırımcıların yalnızca düşüş sırasında değil, Bitcoin yükselirken de alım yaptığını gösteriyor.
Bu hareket önemli çünkü son yükselişin yalnızca küçük yatırımcıların ilgisiyle gerçekleşmediğine işaret ediyor. Bitcoin ağustos ortasından itibaren sert biçimde toparlanırken bu cüzdan grubunun birikimi de devam etti.
Santiment’in verileri, büyük yatırımcıların mevcut rallide pozisyonlarını azaltmak yerine artırdığını ortaya koyuyor.
Bitcoin 80.500 Dolar Seviyesini Nasıl Aştı? Bitcoin’in fiyat yapısında da dikkat çeken bir değişim yaşandı. BTC, yaklaşık 80.500 dolar seviyesinde bulunan 365 günlük hareketli ortalamasının üzerine çıktı.
Bitcoin bu ortalamanın üzerine en son Mart 2023’te çıkmıştı. O dönemde fiyat daha sonra yükselişini sürdürdü. Mevcut hareketin de uzun vadeli trendde benzer bir değişime işaret edip etmediği takip ediliyor.
Bitcoin ayrıca 76.000-81.000 dolar arasındaki yoğun arz bölgesini aştı. Şimdi fiyatın karşısındaki önemli bölge 88.000-90.000 dolar aralığında bulunuyor. Bu bölgede yüksek miktarda BTC tutulması, yükselişin bir sonraki testini daha önemli hale getiriyor.
Bitcoin Rallisi Kurumsal Parayla mı Güçleniyor? Büyük yatırımcıların alımlarına Wall Street kaynaklı para girişleri de eşlik ediyor. ABD spot Bitcoin ETF’lerine pazartesi günü yaklaşık 1 milyar dolar girdi. Sonraki iki işlem gününde de daha küçük çaplı girişler kaydedildi.
Trace Finance kurucu ortağı Bernardo Brites ise rallinin tamamını genişleyen risk iştahıyla açıklamıyor. Brites, Bitcoin’in toparlanmasında short pozisyonların kapanmasının da etkili olduğunu ve asıl sorunun piyasaya yeni paranın nereden geldiğini söylüyor.
Brites’e göre ETF girişleri, yeni sermayenin önemli bölümünün doğrudan kripto borsalarından değil, geleneksel finans kanallarından geldiğini gösteriyor.
Bitcoin’in faiz artışına, 100 dolar seviyesindeki petrole ve yüksek tahvil getirilerine rağmen yükselmesi de farklı bir tablo ortaya çıkarıyor. Brites, bazı yatırımcıların BTC’yi kolay para beklentisinden ziyade enflasyon, mali risk ve jeopolitik risklere karşı bir korunma aracı olarak değerlendirdiğini düşünüyor.
Bitcoin Rallisi Devam Edecek mi? Bitcoin’deki yükselişin devamı için ETF girişlerinin sürmesi önemli. Brites ayrıca stablecoin arzının yeniden büyümeye başlamasını da piyasaya yeni likidite girişi açısından takip ediyor.
ETF’lerin tek başına ralliyi taşıması ise risk yaratabilir. Brites, kurumsal fon akışı dışında yeni bir talep kaynağı oluşmazsa pozisyonların normalleşmesiyle Bitcoin’in kazançlarının bir bölümünü geri verebileceği uyarısında bulunuyor.
Uzun vadede Bitcoin’in önceki döngülerdeki gibi çok büyük oranlarda yükselmesi de artık daha zor görünüyor. CryptoQuant kurucusu Ki Young Ju, mevcut döngüde 3-5 katlık bir yükseliş beklediğini, daha önce görülen 10 katlık hareketlerin ise tekrarlanmasının zorlaştığını söylüyor.
Bunun temelinde piyasanın büyümesi ve kurumsal katılımın artması bulunuyor. Daha derin spot ve türev piyasaları, Bitcoin’in önceki yıllardaki kadar sert hareket etmesini zorlaştırıyor.
Bitcoin’de şu anda iki farklı güç aynı anda çalışıyor: büyük yatırımcıların birikimi ve ETF üzerinden gelen kurumsal talep. Ancak 88.000-90.000 dolar bölgesindeki arz ile ETF girişlerinin devam edip etmeyeceği, mevcut yükselişin bir sonraki aşamasını belirleyecek.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
Son Dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
Shielded Bitcoin is a proposal put forward by [[alloc] init] researchers Clara Shikhelman, Misha Komarov, and Aleksei Moskvin for a novel privacy metaprotocol on the Bitcoin base-layer to enable shielded Bitcoin transactions without requiring operators, soft forks or other changes to Bitcoin consensus. You can find the whitepaper here and blog announcement here.
The protocol defines a transactional structure and indexing protocol for strong privacy-preserving transactions, while relying on Bitcoin PIPEs for pegging funds into and out of the system. More on the PIPEs mechanism at the end of the article.
Its design is very much a mirror of Bitcoin’s; there is an equivalent to a UTXO (a note), transactions consume notes as inputs like a regular Bitcoin transaction, a witness proves that the inputs consumed are properly authorized, nodes (indexers in the case of a metaprotocol) parse the transaction history and build a current state of what coins are spent and unspent, etc.
All of the details however are quite different.
A Shielded Bitcoin transaction is just a blob of data with a prefix (something like “shbtc:”) included in a Bitcoin transaction using OP_RETURN, the witness field, or some other data carrying method. It has no meaning to Bitcoin, the Bitcoin network does nothing to verify it, or enforce any rules against it whatsoever. It is perfectly possible for invalid Shielded Bitcoin transactions to wind up on-chain, and it is the job of a Shielded Bitcoin Indexer, that passively watches the blockchain, (read: node) to ignore those transactions when they fail validation, and refuse to apply them to updating the state of network balances.
An indexer doesn’t delete notes from an unspent note set like Bitcoin does with UTXOs. It uses a nullifier set. This is a way for a user to publicly post an encrypted proof and nullifier that a note has been spent without revealing which note has been spent. The idea is that rather than seeing if a note is in the “unspent note set”, you check and see if a nullifier has already been used. Indexers build a merkle tree that grows forever, and can only be added to, of every note output created, and then the nullifier set.
To use this protocol, all you need is a Bitcoin node and a Shielded Bitcoin indexer. There is no need for a service provider, coordinator, or any off-chain state to recover funds. It works just like on-chain Bitcoin, all you need is your node/indexer and your keys.
Each user wallet derives a master secret key, from which every other set of keys involved is created.
Think of this in a very similar manner to an HD wallet in Bitcoin. You can generate many address sets with this relationship. Sk_spend is your private key, the sk_nf is used to nullify note outputs, the vk_in is used to decrypt and view incoming notes, the vk_out to view your outgoing transactions, and the sk_view is used to generate a receiving address.
When a user wants to give an address to someone to send them funds, they generate a diversifier value d similar to a derivation value, and then multiply the value against their sk_view key. That resulting public key, pk_d and d are the user’s address.
The sender then generates a random value, the r_seed, which is necessary for the note output encryption as well as nullifying (we’ll get there in a second). Transaction outputs contain only three encrypted things, the value of the output, the d value the receiver gave the sender, and the sender’s r_seed value. The sender uses a secret ephemeral key-pair and the receiver’s public key to create a shared secret. Both parties can generate the same secret by multiplying their private key by the other’s public key. The note output is encrypted using this shared secret, and the ephemeral sk_eph is included unencrypted so the receiver can generate the shared secret.
On the input side of the picture, two things are needed to have a valid transaction: a public nullifier for the note outputs consumed, and a zero-knowledge proof proving that 1) the note output is included in the merkle tree of notes, 2) the transaction is authorized by the appropriate sk_spend key, 3) the nullifier is correctly derived, and 4) no inflation has occurred.
If you notice in the image above the nullifier uses the sk_nf key, the ρ value derived from r_seed, and the position of the note in the merkle tree of note outputs. The zero-knowledge proof ensures all of this is why you can simply count nullifiers for repeats instead of deleting spent notes. Even though you never know what note output a nullifier corresponds to, the zero knowledge proofs in every transaction guarantee that each nullifier added to the set came from a valid note output. As long as you have no repeats it provides the same double-spend guarantee.
So there it is, the protocol enables you to essentially embed encrypted metaprotocol transactions on the Bitcoin blockchain, but still provide a guarantee that nothing is being doublespent and that coins are not being inflated out of thin air.
This is actually a very well designed system in terms of privacy properties, and is on par with something like Zcash shielded pools. There are privacy considerations to take into account at the time of entering and exiting the metaprotocol, and these are to be detailed in an upcoming paper release. There isn’t any concern of measuring privacy or periodic remixing like with coinjoins.
So, the peg. The intent is to build a peg using PIPEs v2, a witness encryption scheme. PIPEs allow you to encrypt a private key with a program/mechanism that will not divulge the key unless you can provide a ZK-proof that a certain condition has been met (i.e. the state of some UTXO, that a transaction has been confirmed, etc.). This would allow a peg to function without an operator, federation, or any third party custodying funds.
This requires no softforks or protocol changes to Bitcoin, and occurs entirely off-chain.
The plan with Shielded Bitcoin, and the next part of their work, is a pegging mechanism allowing users to deposit funds into Shielded Bitcoin using PIPEs cryptographically-controlled keys, which would then be “unlocked” by generating a ZK-proof of legitimate peg out transactions confirmed on-chain.
Work is currently ongoing on the paper defining this aspect of the system, and should be released in the near future.
Shinobi
Shinobi is an pseudonymous self taught educator in the Bitcoin space. He was the co-host of Block Digest, a news/tech oriented Bitcoin podcast, as well as What Bitcoin Did Tech Show with Peter McCormack which centered around explaining technical concepts to non-technical users. That is all he will tell us about himself.
Paving the way for a future where the easiest way to use Bitcoin is privately
, /PRNewswire/ -- Citrea, the Bitcoin application layer backed by Founders Fund and Galaxy Ventures, today announced the acquisition of Crest, a self-custodial private Bitcoin wallet. Citrea and Crest aim to make private Bitcoin effortless, intuitive, and practical for everyone.
Announcing Crest's Acquisition With a market capitalization exceeding $1.5 trillion, Bitcoin's transparent public ledger has turned user balances, counterparties, and transaction histories into surveillance targets. The consequences of this transparency will only compound as the asset class grows and surveillance technology improves.
Today, Bitcoin users seeking privacy must either forfeit self-custody, navigate expert-only technical workflows or swap into alternative privacy assets. Networks like Zcash already demonstrated the immense demand for simple and intuitive privacy. With this acquisition, Citrea commits its resources to bring that same effortless privacy standard to Bitcoin.
Built on Citrea's Bitcoin-secured execution environment, Crest will set a new benchmark for mobile, self-custodial Bitcoin privacy. To drive this vision forward, Crest founder Meliksah Gurtemel joins Citrea as Product Lead, reflecting a shared belief that privacy should be the easiest and most natural way to interact with Bitcoin.
"Solving Bitcoin privacy is the single largest unlock for meeting real user demand on a Bitcoin layer," said Orkun Mahir Kılıç, Co-founder and CEO of Chainway Labs, a core contributor to Citrea. "Crest is built to be the primary gateway for onboarding users and liquidity from the Bitcoin and privacy ecosystems into Citrea. Acquiring Crest aligns our entire team behind a vision that will generate the most value and adoption for our broader network."
In the coming weeks, Crest will launch its Bitcoin mobile wallet with auto-shielding, private BTC transfers, and seamless cross-chain onboarding from Bitcoin and Ethereum. Crucially, the wallet will enable private cross-chain swaps where BTC can pay EVM addresses in USDC or ETH privately. Over time, the acquisition aims to extend private BTC utility across Citrea's broader ecosystem.
Users can join the waitlist at https://crestapp.xyz/
About Citrea
Citrea is the Bitcoin application layer, enabling institutions and users to access Bitcoin capital markets. The platform aims to expand Bitcoin's financial utility while remaining anchored to the network's security model. Citrea is backed by investors including Founders Fund, Galaxy, Maven 11, Delphi Digital, Erik Voorhees, Balaji Srinivasan and more.
For more information, please visit: Citrea website | Citrea X Account
About Crest
Crest is the world's simplest private Bitcoin mobile wallet, bringing zero-knowledge privacy pools to Bitcoin via Citrea. Built to eliminate the technical frictions of legacy privacy tools, Crest makes self-custodial Bitcoin privacy intuitive and practical. Featuring automatic shielding, private BTC transfers, private cross-chain payments and an intuitive mobile interface, Crest is establishing the new standard for effortless, self-custodial Bitcoin privacy.
For more information, please visit: Crest website | Crest X Account
Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.
A pullback in oil prices and easing supply concerns drove U.S. stocks higher and boosted the cryptocurrency market.
Summary
The report says Bitcoin reached $86,332 on Bitstamp, up 5.7% on the day. It links the broader market rally to falling oil prices and easing supply concerns. SHR Miner advertises remote Bitcoin mining contracts lasting 7 to 55 days. The listed daily rewards and contract returns are company estimates, not guaranteed income. Bitcoin surpassed $86,000 for the first time since late January. According to TradingView data, Bitcoin hit $86,332 on the Bitstamp exchange, marking a 33-week high, with a daily gain of 5.7% at the time of writing.
This surge has further fueled market optimism regarding Bitcoin’s long-term prospects. Market analysts have even dubbed the current cryptocurrency market a “new bull market.”
As market attention heats up, some cryptocurrency users are starting to look for ways to generate income beyond simply holding their coins and are turning their attention to SHR Miner in search of passive BTC income opportunities.
As a leading global SHR Miner cloud mining platform, it enables users to enter the lucrative world of cryptocurrency mining by remotely renting ASIC mining hash power; simply purchasing a contract package allows you to start mining, regardless of your technical knowledge or experience level.
How to get started with BTC mining: Starting your cloud mining journey with SHR Miner is very simple.
Create an account to receive $15 worth of free mining power (generating $0.60 in daily earnings). Selecting a Contract: In the contract hashrate section, eligible users can select contract packages ranging from 7 to 55 days and earn daily variable BTC mining returns based on the purchased hashrate and applicable product rules. Compared to probability-based individual mining, this pool-based mining model offers a more continuous and observable mining experience, while eliminating the cost of owning or operating mining equipment.
Examples of returns on popular mining contract packages:
Cloud mining contractContract priceDurationEstimated daily rewardEstimated contract rewardBitcoin Miner S21 XP Imm$5,00025 days$70.50$1,762.50MICROBT WhatsMiner M73$8,00030 days$116.80$3,504Bitcoin Miner S21e XP Hyd$10,00035 days$151$5,285ANTSPACE HK3$30,00040 days$513$20,520 Click here to view more premium contract plans.
SHR Miner cloud mining employs a model based on leasing computing power from remote data centers. This reduces initial capital requirements and provides greater cash flow flexibility, while also lowering total mining costs.
David, COO of SHR Miner, stated: “Mining should be accessible to everyone who wishes to participate, rather than being limited to those with the means to purchase and operate professional equipment. By launching our cloud mining service, we are providing a more convenient pathway for a wider range of users to engage in professional Proof-of-Work mining, while simultaneously expanding SHR Miner’s multi-asset ecosystem. Our goal is to connect everyday users with professional-grade infrastructure through a transparent, integrated experience.”
Overview As a leading cloud cryptocurrency mining platform, SHR Miner has attracted the attention of numerous investors thanks to its convenient investment approach and array of advantages. It offers a simple, secure, and stable investment method while allowing investors to choose from flexible investment options and earnings mechanisms tailored to their specific needs. If you are interested in mining investments, don’t miss out on the lucrative returns driven by the Bitcoin bull market!
Join SHR Miner today to start your mining journey with ease and confidence, and explore the limitless possibilities of cloud mining!
For more information, please visit its official website: https://shrminer.com/
Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.
WTI and Brent crude oil continue to rally, with both rising more than 3% intraday.
According to Bitget's market data, both WTI and Brent crude oil have continued to rise, with each gaining over 3% intraday, trading at $94.88 per barrel and $101.78 per barrel respectively.
7 minutes ago
Trader Maji cuts long positions in Bitcoin and Ethereum, incurring $1.42 million in account losses over the past 24 hours.
According to TradingBeats' monitoring, crypto figure "Big Brother Ma Ji" (Huang Lichang) has reduced his long positions in Bitcoin and Ethereum, with his account incurring a $1.42 million loss in the past 24 hours. His current positions are as follows: Ethereum (ETH) long positions worth approximately $96.47 million, with an unrealized loss of around $50,000, entry price of $2,658.94, and liquidation price of $2,549.76; HYPE long positions worth about $19.72 million, with an unrealized loss of roughly $330,000, entry price of $93.25, and liquidation price of $72.96; Bitcoin (BTC) long positions worth approximately $16.72 million, with an unrealized loss of around $20,000, entry price of $83,693.60, and liquidation price of $64,174.98.
7 minutes ago
Tom Lee: Robinhood chose Ethereum as its infrastructure, citing its security and liquidity.
Tom Lee, chairman of BitMine, an Ethereum treasury firm, said that Robinhood’s choice of Ethereum as the infrastructure for its related businesses is primarily driven by the network’s security and liquidity, rather than low transaction fees. Ethereum’s value proposition is gradually moving beyond simply earning transaction fees; the network no longer needs to maximize gas fees or extract more value from projects built on it to drive growth. Meanwhile, ETH is gradually evolving into a store-of-value asset, with users holding it for its practical utility and appreciation potential.
7 minutes ago
WTI crude oil’s intraday gain has widened to 2.00%, now trading at $93.96 per barrel.
According to Bitget market data, WTI crude oil's intraday gain has expanded to 2.00%, currently trading at $93.96 per barrel.
7 minutes ago
Federal Reserve's Paulson: Further interest rate hikes may be needed to lower inflation; at most, it can only be said that inflation has not worsened further.
2026 Federal Open Market Committee (FOMC) voting member and Philadelphia Federal Reserve President Paulson said the September inflation report prompted interest rate hikes, AI development has fueled persistent inflation, and he backs the policy path of lowering inflation to the 2% target. The Federal Reserve may need to implement another interest rate hike to bring inflation down. As for inflation, the best that can be noted is that it has not worsened further.
7 minutes ago
ONDO breaks through $0.51, with its 24-hour price rally expanding to over 22%
Per HTX market data, the positive momentum from Ondo’s partnership with BlackRock to launch a tokenized “smart portfolio” continues to build, driving ONDO past $0.51, with its 24-hour gain expanding to over 22%. The development: Ondo and BlackRock have partnered to roll out a tokenized “smart portfolio” that grants exposure to professional investment portfolios via a single on-chain token.
According to TradingBeats' monitoring, crypto figure "Big Brother Ma Ji" (Huang Lichang) has reduced his long positions in Bitcoin and Ethereum, with his account incurring a $1.42 million loss in the past 24 hours. His current positions are as follows: Ethereum (ETH) long positions worth approximately $96.47 million, with an unrealized loss of around $50,000, entry price of $2,658.94, and liquidation price of $2,549.76; HYPE long positions worth about $19.72 million, with an unrealized loss of roughly $330,000, entry price of $93.25, and liquidation price of $72.96; Bitcoin (BTC) long positions worth approximately $16.72 million, with an unrealized loss of around $20,000, entry price of $83,693.60, and liquidation price of $64,174.98.
Key Highlights Bitcoin declined more than 2%, hovering around $83,900 to $84,150 amid rising Treasury yields. Dogecoin suffered the steepest losses among top cryptocurrencies, plummeting approximately 8%. The 10-year Treasury yield reached 5.11% at close, marking its peak since 2007. Weak demand at a $70 billion five-year Treasury auction intensified market pressures. Crude oil prices surged more than 4%, fueling inflation and interest rate anxieties. Bitcoin experienced significant downward pressure on Thursday. The leading cryptocurrency retreated more than 2%, settling near $83,900 after reaching nearly $87,300 earlier this week.
Bitcoin (BTC) Price The selloff coincided with U.S. Treasury yields climbing to levels unseen since 2007. The benchmark 10-year yield finished at 5.11%, marking a 15 basis point jump in one trading session.
Dogecoin experienced the most severe downturn among prominent digital assets. The meme-based cryptocurrency plunged roughly 8%, settling just above the 9-cent threshold.
Drivers Behind the Yield Increase Multiple catalysts converged to drive borrowing costs upward throughout the week. Energy prices emerged as a significant contributing factor.
Brent crude rallied over 4%, approaching $104 per barrel. This reversed a six-day decline that had temporarily alleviated inflation concerns among market participants.
Economic data further intensified the pressure. S&P Global’s preliminary report indicated U.S. economic output expanding at its most rapid rate in more than half a decade.
The composite index climbed to 58.4, representing its strongest reading since July 2021. Bitcoin’s most pronounced decline occurred immediately following this economic release.
During afternoon trading, the Treasury Department auctioned $70 billion worth of five-year notes. The auction encountered tepid demand, settling at 5.033%, marking the highest auction yield since 2006.
The US 10Y Note Yield is now moving in a literal straight-line higher, up to 5.13%.
This is no longer an issue that we have months or years to address.
This is unsustainable. pic.twitter.com/mXAa6SqAeA
— The Kobeissi Letter (@KobeissiLetter) September 23, 2026
Investors demanded additional compensation to absorb the debt. This development indicated diminishing willingness to hold government securities at prevailing interest rates.
Impact Across the Cryptocurrency Sector Elevated yields diminish the attractiveness of non-yielding assets. Bitcoin and numerous other digital currencies fall within this classification.
ZEC, XRP and HYPE each surrendered between 5% and 6%. Ether, Solana and BNB declined in the 2% to 3% range.
XRP experienced additional losses during later trading hours, falling 7.5% to $1.5052. Cardano retreated 7.1%, while the $TRUMP memecoin tumbled 11.4%.
Bitcoin currently trades beneath the $85,000 threshold. Ledn co-founder Mauricio Di Bartolomeo highlighted substantial call option positioning at that strike price in advance of Friday’s approximately $14 billion options expiration on Deribit.
Increasing Treasury yields extended beyond American borders. Japanese 10-year yields also reached a three-decade peak on Thursday.
Expectations for additional rate increases intensified following the Federal Reserve’s 25 basis point hike last week. The central bank reaffirmed its 2% inflation objective, which market participants interpreted as signaling potential future tightening.
The crude oil rebound stemmed from remarks by Iranian President Masoud Pezeshkian. He spoke at the United Nations General Assembly in New York on Wednesday, delivering critical statements regarding the United States and President Donald Trump.
Notwithstanding Thursday’s decline, bitcoin maintains positive momentum for September. Market participants had responded favorably to enhanced regulatory support from U.S. authorities earlier this month.
The SEC’s decision to authorize a five-year exemption for blockchain-based equity offerings had triggered rallies throughout the altcoin market. This occurred despite the Clarity Act’s failure to advance through Congress.
Crypto could be entering a new bullish cycle, with capital increasingly flowing into wider financial markets.RWA perps traded $2.2 trillion in Q3, and their narrower structure helps explain why.Tokenized stocks grew 390% this year, yet they cover a fraction of global equities.The biggest shift could come from token value accrual and that may decide which assets actually benefit.In September 2026, the total crypto market cap increased nearly 7%. Several major assets hit multi-month highs. So are we in a definitive bull market? And which assets will win big?
The current cycle is important because a lot has happened against the market’s favor. US Fed increased interest rates, and the Senate failed to advance the CLARITY Act. And yet, Bitcoin price climbed to its highest level since January.
Analysts at BloFin Research argue the next bull market could look very different. In their view, a single category of tokens or applications won’t define the cycle.
Instead, it will be shaped by five distinct layers.
🚀 90% of altcoins outperformed Bitcoin last week. But the more interesting signal is that this is no longer just a one-week move.
> Altseason Index has surged to 90%, near the top of its historical range
> 65% are still outperforming over 1 month
> Ex-ETH altcoin ETPs saw… pic.twitter.com/szeCSYyV5p
— BloFin Research (@BloFin_Academy) September 24, 2026 Next Bull Market Won’t Keep the Money Inside Crypto Every crypto bull market so far has had a headline narrative. Those stories ranged from Bitcoin as digital money to smart-contract platforms, DeFi, and NFTs.
BloFin Research notes that most of the activity in those cycles stayed inside crypto. Fresh capital came in, moved from token to token, and created new ways to speculate. That held true even when the technology behind a trend aimed at something wider.
However, a different pattern could be taking shape now. Several of crypto’s quickest-growing sectors lean the same way. Together, they point toward crypto acting as a parallel market for the broader financial world.
Stablecoins Tokenization RWA perps Prediction markets Token value accrual These sectors are often discussed as separate narratives, but BloFin Research views them as layers of one stack.
1. Stablecoins Stablecoins form the cash leg of the stack. BloFin Research says they are expanding from crypto trading into real-world payments.
This is visible in adoption. Visa’s stablecoin settlement volume passed a $20 billion annualized run rate. That is more than 15 times the level a year earlier.
The next step could likely be AI agents paying for data and computing power in stablecoins. BlackRock made a similar case in a recent paper, naming stablecoins a key candidate for “machine-native money.”
Why AI Agents Pay in Stablecoins. Source: BloFin Research 2. Tokenization Tokenization supplies the asset leg by bringing real-world ownership on-chain. BloFin Research says commodities and stocks now rank among the quickest-growing tokenized assets.
Tokenized commodities reached $5.55 billion by the end of Q1, led mostly by gold. That marks a 289% rise since the start of 2025.
RWA Growth in 2026. Source: BloFin Research Tokenized equities grew even faster, up 390% this year to $4.43 billion by mid-September. Even so, only about 0.0029% of the $151.9 trillion global listed-equity market is tokenized. That leaves ample room for growth as access widens and on-chain use deepens.
3. RWA Perps RWA perps make up the leverage leg. These contracts allow traders to take leveraged positions in stocks, commodities, or indices without owning the underlying assets.
An RWA perp mainly needs a reliable price feed, liquidity, collateral, and a liquidation system. Tokenizing an asset, by contrast, requires legal structuring, custody, and investor-eligibility rules.
Analysts at BloFin Research think the difference helps explain why synthetic exposure can scale faster than tokenized ownership.
RWA Perps Volume Growth. Source: BloFin Research DefiLlama data shows that RWA-perps volume rose from $122 billion in Q1 to $2.2 trillion in Q3. Open interest now tops $15.3 billion.
4. Prediction Markets Prediction markets act as the information leg. They turn news and expectations into probabilities backed by traders’ money. That has made prediction markets one of crypto’s standout sectors this year.
On-chain prediction market volume reached about $5.24 billion so far in September, according to a Dune dashboard. That is more than triple the roughly $1.56 billion recorded in September 2025.
Ahead of the 2026 FOMC meetings, odds on Kalshi and Polymarket moved in response to incoming economic data. They then drifted toward CME FedWatch as each decision approached.
BloFin Research adds that these probability feeds are becoming machine-readable, so AI agents can use them as live signals.
The Intersection of AI Agents and Prediction Markets. Source: BloFin Research 5. Token Value Accrual Value accrual is the final test of the bull market. In simple terms, value accrual means how a crypto protocol’s success translates into value for its token holders.
Analysts argue that usage requires a credible mechanism to convert it into value for token holders. That can take the form of buybacks, burns, distributions, or treasury growth.
For example, if a DEX does $10 billion in trading volume and earns $20 million in real fees, but none of that $20 million has any connection to its token, the token has weak value accrual.
The current token-emissions model has lost credibility. Traditional investors, focused on revenue and cash flow, also want a measurable link to token value, it adds.
BloFin Research points to three major DeFi protocols as examples, each using a different mechanism. Hyperliquid burns HYPE bought with trading fees, while Uniswap links protocol fees to UNI burns. Aave sends revenue to its DAO, which can fund AAVE buybacks.
Buyback spending has also hit a record this year. Crypto projects repurchased $638 million of their own tokens by late August, according to data from Allium Labs. Hyperliquid and Pump.fun accounted for nearly 90% of that total.
How the Layers Feed Each Other These five layers reinforce each other. Stablecoins serve as collateral for perps and as the settlement asset for tokenized securities. Tokenized stocks and RWA perps both take their prices from traditional markets, but they serve different needs. Tokenization carries ownership, while perps carry leveraged price exposure.
Data from perps and prediction markets then becomes a signal for traders, models, and AI agents. Fees from all of this activity feed the value leg.
But there are two potential challenges. Infrastructure for AI agent payments is arriving before the volume does. The value of equity perps as a pricing signal also depends on liquidity, since thin markets can produce noisy or manipulated readings.
Disclaimer
BeInCrypto independently reports and controls this Feature. Quoted views belong to their speakers. This content is general and non-personalized; it does not consider your circumstances and is not investment research, financial, investment, legal or tax advice, or an offer, endorsement or recommendation to transact in any crypto-asset, product or service. Verify material information before acting. Crypto-assets are volatile and may result in total loss. BeInCrypto gives no warranty as to completeness, accuracy or timeliness, except where required by law.
The crypto market today, September 24 is retreating as rising US bond yields weigh on risk appetite. By midday UTC, crypto market capitalization stood near $2.83 trillion, down about 3.15% over 24 hours.
Bitcoin slipped below $84,000, while Ether, XRP and Solana gave back gains from this week’s rally.
The reversal follows rising borrowing costs and renewed inflation concerns. Traders also unwound leveraged positions, adding pressure across major tokens.
Bitcoin, Ether, XRP and Solana Retreat Bitcoin price traded around $83,400, down 2.5% in a day. BTC had climbed close to $87,300 earlier this week before losing momentum. The move erased part of a rally that had taken Bitcoin to its highest level since January. A drop beneath $85,000 then exposed the market to faster selling.
Coin360 data Ether changed hands near $2,640, about 3% lower over 24 hours. Its daily high was about $2,729, putting the token nearly $90 below that mark. XRP fell roughly 6% to $1.47 after reaching $1.58 during the previous day. Solana traded near $113, down about 3% after a daily high around $117.
XRP’s steeper retreat suggests traders were taking profits after its recent advance. The synchronized declines across the four assets point to a shift in sentiment.
Rising Yields Put Pressure on the Crypto Market US Treasury yields rose sharply Wednesday after strong business activity data raised fresh questions about interest rates. S&P Global’s preliminary composite purchasing managers’ index reached 58.4 in September, up from 56.0 in August. The survey also found business costs rising at their fastest pace in nearly four years.
🚨 THIS IS INSANE.
US 30-year bond yield just hit 5.402%, its highest level in 22 years.
It has been trading above 5% for 79 straight days now, the longest stretch since 2007. https://t.co/2MF0BfXStO pic.twitter.com/qnTlGQXAhW
— Bull Theory (@BullTheoryio) September 24, 2026
The benchmark 10-year Treasury yield closed Wednesday at 5.11%, up from 4.96% Tuesday. The 30-year yield reached 5.40%, according to Treasury data. Higher bond returns can reduce the appeal of assets that do not pay interest, including Bitcoin.
Oil climbed above $105 a barrel as tensions involving Iran kept inflation concerns alive. A firmer dollar and weaker appetite for risk added to the pressure on crypto prices. A poorly received Treasury auction also added to the bond market selloff.
Liquidations Deepen the Selloff Leveraged trading magnified the decline once Bitcoin began falling away from its high. CoinGlass data cited in market reports showed roughly $454 million in long positions liquidated over 24 hours. Such liquidations force exchanges to close losing bets, potentially accelerating a move already underway.
Coinglass data The retreat came shortly after spot Bitcoin ETF inflows helped support this week’s advance. That contrast shows how quickly macroeconomic pressure can overwhelm bullish trading momentum. The crypto market remains sensitive to changes in yields, inflation expectations and the dollar’s direction.
Bitcoin’s next test is whether it can stabilize above $83,000 after slipping through $85,000. Ether remains below $2,700, while XRP has given up $1.50 and Solana holds near $113. Continued pressure in bond markets could leave any recovery uneven, even after forced selling subsides.
Trillions in advisor wealth may still be sitting on the sidelines of Bitcoin. James Seyffart explains how wirehouse rules at firms like Morgan Stanley and JPMorgan still restrict how financial advisors can buy Bitcoin ETFs for clients. He walks through target allocations, why many advisors chose to wait out the bear market, and how a small shift in allocation could bring big new demand.
Chapters:
0:00 Bitcoin ETFs See Nearly $1 Billion in Daily Inflows
1:08 Why the $82K Bitcoin ETF Cost Basis Matters
4:11 Can ETF Flows Actually Move the Bitcoin Price?
5:42 New Buyers, Target Allocations and Advisor Demand
7:51 Wirehouse Rules Holding Back Bitcoin ETF Buying
9:05 Who’s Really Selling Bitcoin: Spot Holders vs. ETF Investors
10:17 Hedge Funds and the Bitcoin Basis Trade Unwind
11:24 Will Bitcoin ETFs Surpass Gold ETFs?
13:08 The Overlooked Data Point: $30–40 Trillion in Advisor Wealth
14:19 A Dampened Four-Year Cycle and Bitcoin as a Risk Asset
DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.
Patrick Green
Patrick Green is an Assistant Producer and Channel Manager on the multimedia team at Bitcoin Magazine, focusing on production, content distribution, and channel strategy across the network.
Hyperliquid Strategies increased its holdings of HYPE tokens by 1.444 million units over the past week, valued at $135 million.
According to EmberCN’s monitoring, over the past week, Nasdaq-listed HYPE treasury firm Hyperliquid Strategies (PURR) increased its holdings by 1.444 million HYPE tokens at an average price of $93.7, totaling $135 million. The firm now holds approximately 35.1 million HYPE tokens, valued at $3.206 billion. Rough calculations put its average cost price at around $46.7, with an unrealized profit of $1.567 billion. Separately, per market data from BIT (bit.com), Hyperliquid Strategies (PURR) currently has a market cap of $2.758 billion, lower than the intrinsic value of its HYPE holdings. Its mNAV (ratio of enterprise market cap to the value of its held treasury tokens) stands at approximately 0.86.
2 minutes ago
Bonk Guy: Most on-chain popular assets have fallen by half, making this the ideal time for contrarian operations.
Renowned trader Bonk Guy noted that on-chain volatility over the past two weeks stands in stark contrast to the parabolic rally of the prior 1-2 months. With the exception of a handful of tokens like USELESS and STONK, most popular assets have declined, with some even halving in value. Many users are now selling their high-conviction positions because the market "appears weak", but this is precisely when one should go contrarian. The challenge isn’t buying during a rally, but holding on and buying the dip when the market feels boring and painful. Q4 remains the market’s core focus; the past few months were merely a prelude. Don’t miss the multi-month awaited rally due to temporary weakness.
2 minutes ago
Hyperliquid Strategies increased its holdings of 1.444 million HYPE tokens, valued at $135 million, over the past week.
According to EmberCN’s monitoring, over the past week, Nasdaq-listed HYPE treasury firm Hyperliquid Strategies (PURR) added 1.444 million HYPE tokens at an average price of $93.7, totaling $135 million. It now holds approximately 35.1 million HYPE tokens, valued at $3.206 billion. Rough calculations put its average cost basis at around $46.7, translating to an unrealized profit of $1.567 billion. Separately, per market data from BIT (bit.com), Hyperliquid Strategies (PURR) currently has a market capitalization of $2.758 billion, lower than the intrinsic value of its HYPE holdings.
2 minutes ago
Stanford and NVIDIA have open-sourced CLM-8B, a model comparable to Jev, delivering up to 9x faster performance.
Insight Beating AI News Flash: Researchers from Stanford University and NVIDIA Research have open-sourced CLM-8B, a System One model in the same category as Jev, designed specifically to help AI agents make quick judgments and selections. CLM and Jev serve the same core function: both enable agents to skip long text generation and directly choose from a set of candidate actions. CLM’s key distinction lies in its underlying architecture: it separates the calculation of "current state" and "candidate actions", allowing fixed actions to be precomputed and reused, resulting in faster performance in scenarios requiring sequential decision-making. In official tests, CLM-8B performs on par with Jev overall, with latency reduced by up to approximately 9 times. The team also tested CLM’s ability to select answers for coding agents: Opus 5 and Fable 5 first generate multiple candidate solutions, then the fine-tuned CLM picks the optimal one. On DeepSWE, CLM boosted Opus 5’s single-pass success rate from 73.7% to 81.6%; on Terminal-Bench 2.1, it increased from 84.0% to 87.6%. CLM does not generate code itself; the test evaluates its ability to select superior solutions from existing candidates. CLM-8B is built on a frozen Qwen3-8B, with only state and action projection heads trained additionally. Its training data includes approximately 60 million question-answer pairs, 30 million hard negative samples, and around 1 million agent trajectories. The code and model weights are both open-source, released under the Apache 2.0 license.
2 minutes ago
Federal Reserve's No. 3 official Williams: Another interest rate hike this year is 'reasonable'
New York Fed President Williams said today that U.S. inflation remains significantly above the Federal Reserve’s 2% target, and the central bank still has “a lot of work to do” to curb inflation amid high energy prices and strong demand driven by AI investment. He called another interest rate hike this year a “reasonable” expectation, but stressed that future policy decisions will depend on economic data. Williams noted that the U.S. economy has shown resilience after major shocks, but persistent energy price pressures and strong demand from AI investment have raised inflation risks. He pointed out that U.S. inflation has exceeded the Fed’s target for five consecutive years. The Federal Reserve unanimously raised interest rates by 25 basis points last week, lifting the federal funds rate target range to 3.75%-4%. The latest dot plot shows 16 of 18 officials expect at least one more rate hike before the end of 2026. Williams said each future policy meeting will be decided based on the latest economic and inflation data. Markets have also increased bets on an October rate hike: CME FedWatch data shows that as of September 24, the market’s probability of a Fed rate hike in October is around 70%, up from about 54% the previous day. In addition, Williams noted that AI investment has become a new variable on the demand side. While AI investment could drive productivity growth in the coming years, its actual contribution to overall productivity remains limited for now.
2 minutes ago
European Banking Authority Calls for Inclusion of Crypto Lending in MiCA Regulatory Framework, Proposes Leverage Limits and Suitability Tests
The European Banking Authority (EBA), in its response to the European Commission’s targeted consultation on the Markets in Crypto-Assets (MiCA) framework, is calling for crypto lending to be incorporated into the EU’s MiCA regulatory regime. This includes cases where crypto asset service providers facilitate client access to decentralized finance (DeFi) lending protocols. The EBA recommends the European Commission conduct a cost-benefit analysis of legislative changes, add intermediated crypto lending to MiCA’s list of regulated services, and potentially impose specific compliance requirements and oversight measures. It also proposes relevant rules for crypto firms that offer clients access to DeFi lending protocols. Potential measures outlined by the EBA include suitability tests for users, leverage limits, enhanced disclosure requirements, possible restrictions on lending access involving MiCA-authorized asset reference tokens or e-money tokens, and a certification system for DeFi lending protocols. The EBA notes that crypto lending continues to grow across the EU; prior research shows lending activities exist in at least 16 member states. Easier access to DeFi via crypto firms and AI tools is increasingly blurring the line between centralized and decentralized finance.
Markets are pricing in four more interest rate hikes from the Federal Reserve through June next year, with Bitcoin briefly dipping below $83,000.
CME FedWatch data shows markets are currently pricing in a cumulative four interest rate hikes by the Federal Reserve by June 2027, pushing the federal funds rate target range to 4.75%–5%, a 100 basis point increase from the current 3.75%–4% range. U.S. Treasury yields rose across the board, with the 20-year yield approaching 5.5% and the 10-year yield breaking above 5.1%—hitting its highest level since 2007. The long-term U.S. Treasury ETF TLT fell below $80. Meanwhile, the U.S. Dollar Index broke above 101, up roughly 3% year-to-date. Factors driving the rise in U.S. Treasury yields include strong economic data, Middle East tensions boosting inflation and energy prices, and increased bond supply from AI infrastructure financing. Pressed by high interest rates and a strong U.S. dollar, BTC has dipped from its recent high of $87,500 to below $83,000, while gold has held above $4,200.
1 seconds ago
A new crypto address has withdrawn UNI, BNB, and LTC worth over $9.9 million from a CEX.
According to lookonchain’s monitoring, a newly created wallet address 0xC374 withdrew approximately 814,020 UNI from Binance one hour ago, valued at $7.24 million. The wallet also pulled out 2,382 BNB (worth $1.85 million) and 12,397 LTC (valued at $841,000), bringing the total value of assets withdrawn in this single operation to roughly $9.93 million.
1 seconds ago
IBM integrates with Swift’s blockchain ledger to support tokenized deposit transactions.
IBM announced that it has connected its digital asset management platform Digital Asset Haven to Swift’s blockchain-based shared ledger via a new ISO 20022 message adapter, enabling financial institutions to use standard payment messaging instructions for tokenized deposit transactions. IBM noted that financial institutions participating in the Swift project have already tested tokenized deposits on Digital Asset Haven. Swift’s shared ledger supports bank-issued tokenized deposits and allows participating institutions to achieve 24/7 digital asset transfers and final settlement. In addition, IBM has launched a beta version of Digital Asset Haven’s on-premises deployment, which runs on IBM Z and LinuxONE, letting customers manage digital assets such as stablecoins and tokenized deposits without relying on public cloud infrastructure. The key management layer of this version operates entirely in the customer’s own environment, with keys protected by IBM Crypto Express hardware security modules. Swift first unveiled its blockchain shared ledger at the 2025 Sibos conference; over 40 financial institutions are currently involved in its design, while 17 institutions are participating in the tokenized deposit pilot.
1 seconds ago
New wallet withdraws $7.24M $UNI, $1.85M $BNB, $841K $LTC from Binance
A newly created wallet (0xC374) withdrew 814,020 $UNI ($7.24M),2,382 $BNB ($1.85M) and 12,397 $LTC ($841K) from #Binance an hour ago.
1 seconds ago
During Bitcoin's price correction, a whale dumped BTC worth $41.6 million. If the current BTC price rallies back to $84,100, the whale will be liquidated.
According to TradingBeats' monitoring, during Bitcoin (BTC)'s minor pullback, an address starting with 0xc3ed on Hyperliquid added a short position of approximately 500.88 BTC 10 minutes ago, bringing its total open positions to around $41.641 million at an average entry price of $83,135.2. As of press time, the address still holds the full short position, valued at roughly $41.657 million, with an unrealized loss of about $16,000. It is using 40x isolated margin leverage, with a liquidation price of $84,174.1. BTC is currently quoted at $83,168; a roughly 1.2% rebound would likely trigger its liquidation line.
1 seconds ago
Over the past 24 hours, total crypto liquidations hit $617 million, dominated by long positions.
According to data from Coinglass, global crypto liquidations reached $617 million over the past 24 hours, with long-position liquidations totaling $546 million and short-position liquidations hitting $70.84 million. Bitcoin futures liquidations amounted to $191 million, while Ethereum futures liquidations stood at $140 million.
Bitcoin breaks higher as large holders accumulate, but Wall Street money has also emerged as a major force behind the rally.
Earlier this week, Bitcoin briefly tapped $87,000 for the first time since January before retracing and stabilizing near $84,000.
But the “smart money” tier has continued to build its positions.
Heavy Accumulation According to Santiment, Bitcoin’s whale wallets are stepping up accumulation. Wallets holding between 100 and 1,000 BTC have added 113,950 units since July 15. Their total holdings have increased 2.22% to around 5.24 million. Santiment has tracked this wallet group for five years and found that its activity has often aligned closely with the broader crypto market. In the past, periods of heavy accumulation have appeared before or during stronger Bitcoin price moves.
This trend has continued as the crypto asset climbed sharply from mid-August. The data not only indicates that large holders have continued buying during the rally but also shows that the recent surge is not being driven only by retail traders.
The recovery and the subsequent rise in optimism come as Bitcoin cleared an important level after moving back above its 365-day moving average, which was around $80,500. The last time it made a similar move was back in March 2023, when the price later pushed much higher. The latest break could be a sign that the longer-term trend is turning positive.
Bitcoin also climbed through a heavy supply zone between $76,000 and $81,000. The next area to watch is $88,000 to $90,000. A large amount of BTC is concentrated there, which makes it the next major test for the rally.
Still, the current cycle may not produce the kind of extreme fluctuations Bitcoin became known for previously. Ki Young Ju expects the current cycle to bring a 3-to-5x rally, rather than another huge 10x surge. CryptoQuant founder recently said that he sees a softer bear market ahead while adding that the growing market and rising institutional interest are reducing extreme price swings.
You may also like: Bitcoin Could Still Explode 5x, but the 10x Days Are Over: CryptoQuant CEO Bitcoin Just Cleared a Crucial Level – Has the New Bull Market Begun? Arthur Hayes Says AI Glut Could Lower Compute Costs and Boost Crypto Behind BTC’s Rally But not everyone sees the latest move as a broad return of risk appetite. While speaking to CryptoPotato, Trace Finance co-founder Bernardo Brites said that the speed of the recovery was partly driven by a short squeeze. The bigger question, he said, is where the new money is coming from.
It is important to note that US spot Bitcoin ETF inflows attracted almost $1 billion on Monday. Smaller inflows were also recorded in the two trading sessions that followed. This suggests that much of the fresh capital is entering through traditional financial markets rather than directly through crypto.
“I wouldn’t read this as a broad return of risk appetite. Bitcoin rallying through a rate hike, $100 oil, and elevated yields suggests some investors are treating it as a hedge against inflation, fiscal and geopolitical risk rather than as a bet on easy money.”
For Brites, the next test is whether ETF inflows continue. If demand stays strong and stablecoin supply starts growing again, the exec anticipates a stronger base for the rally.
“If ETFs remain the only engine, the move is vulnerable, and Bitcoin could give back a good part of these gains as positioning normalizes.”
Mid-Sized Bitcoin Wallets Add 113,950 Bitcoin as Price Rally Nears Test
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Ahmed Barakat is a journalist and copywriter based in Georgia with a growing focus on blockchain technology, DeFi, AI, privacy, digital assets, and fintech innovation.
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Wallets holding between 100 and 1,000 BTC have added 113,950 Bitcoin since July 15, lifting their combined holdings 2.22% to 5.24 million BTC, according to Santiment. The accumulation run coincides with Bitcoin price briefly tapping $87,000 earlier this week before retracing and stabilizing near $84,000.
Is this durable demand building a base for a breakout, or is it a squeeze-driven bounce that stalls the moment leverage unwinds?
Not everyone is convinced this move reflects a genuine shift in risk appetite. Trace Finance co-founder Bernardo Brites says that the speed of the recovery was partly a function of a short squeeze, and that the bigger question is where the new money is actually coming from.
“I wouldn’t read this as a broad return of risk appetite. Bitcoin rallying through a rate hike, $100 oil, and elevated yields suggests some investors are treating it as a hedge against inflation, fiscal and geopolitical risk rather than as a bet on easy money,” Brites said.
That framing matters for anyone reading the current resistance structure as a clean technical setup rather than a macro hedge trade layered on top of one.
Santiment has tracked this 100-to-1,000-BTC wallet cohort for five years, and its activity has historically aligned closely with market direction. Periods of heavy accumulation have often preceded or coincided with stronger price moves. The current data shows the cohort continued buying through the recovery, which at minimum indicates the rally isn’t being carried by retail flow alone.
Discover: Best Crypto IPO this September
What Bitcoin Needs to Breach the $88,000-$90,000 Resistance?The technical picture underneath the whale and ETF data is straightforward. Bitcoin reclaimed its 365-day moving average near $80,500, a level it last broke back above in March 2023 – a move that preceded a much larger rally at the time. It also cleared the $76,000-$81,000 supply band that had capped price action for weeks.
LevelPrice ZoneSignificance365-day moving average~$80,500Reclaimed; last similar break preceded a 2023 rally legCleared supply zone$76,000-$81,000Heavy overhead supply absorbed on the move upNext resistance test$88,000-$90,000Large BTC concentration is the next major hurdle for the rallyThat $88,000-$90,000 Bitcoin price band matters specifically because of where the coin supply sits, not because of round-number psychology. A large concentration of Bitcoin clustered in that range means sellers are likely to show up in size the closer the price gets to it, which is exactly why the $90,000 target is treated as the next real test.
Trade Bictoin on Bybit and Get a Chance to Win Our $1,000 USDT Airdrop
ETF Demand at the Bitcoin Price Resistance TestThe two-sided framing gives traders a concrete way to read what happens next rather than guessing. A continuation of ETF inflows alongside renewed stablecoin supply growth would, in our view, build a stronger base under the rally as it approaches resistance. A stall in either, particularly a fade in ETF demand while price sits below $88,000, leaves the move vulnerable to giving back gains as leveraged positioning unwinds.
CryptoQuant founder Ki Young Ju has separately argued this cycle is more likely to produce a 3-to-5x rally than a repeat of past 10x blow-offs, citing a maturing market and growing institutional participation as dampeners on extreme volatility.
That view doesn’t confirm where Bitcoin goes after $90,000; it simply lowers the bar for what counts as a strong outcome this cycle, a distinction worth keeping in mind while watching the longer-term structural recovery play out against this specific resistance test.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
BlackRock’s spot Bitcoin exchange-traded fund saw over $1 billion in four consecutive trading sessions as investors continued to get exposure to Bitcoin through the ETF.
The inflows continued even as Bitcoin later fell from above the $87,000 price level, which suggests that demand through regulated funds remains strong despite the short-term profit-taking that was seen.
IBIT captures almost half of Bitcoin ETF inflows Farside Investors shared that between September 17 and 22, the BlackRock spot Bitcoin Trust, IBIT, witnessed approximately $1.02 billion in net inflows.
On September 17, the fund gained $183.7 million, and on the day following, another $108.4 million. In addition to this, investors added $381.4 million and $350.3 million to the fund on September 21& 22, respectively.
In total, US spot Bitcoin ETFs attracted $2.31 billion in the four sessions of inflows, with IBIT 44% of the flow
What this means is that investors put money into the fund to have exposure to Bitcoin without holding BTC directly, not that BlackRock spent $1 billion.
The inflows also show that IBIT is preferred by those who want to participate in the market. remains a preferred route into the market.
Bitcoin retreats despite continued demand The ETF buying came when Bitcoin was seeing a strong rally, but the chart, as of this writing, showed that the rally has cooled down.
The world’s largest crypto reached an intraday high near the $87,283 price level before falling to just over $84,175. This left it trading with a loss of 2.35% on the day.
This does not erase its overall rebound, and it is still staying above the main averages while the nearest serious support is down at about $80,000.
Source: TradingView That level was previously a barrier before Bitcoin moved higher. If it holds above it, the recent breakout will be left intact, and this could allow buyers another opportunity to challenge the $87,300 price area. If it is able to move through that level successfully, it would bring the $90,000 price level into view.
That being said, if Bitcoin dips down to this level, below 80k, the structure is weakening a bit. Bitcoin could head back to the region where demand picked up last time, between 75k-$76k.
Final Summary IBIT saw combined inflows of about $1.02 billion over the last four trading days. Bitcoin is sitting above $80,000, having started to fade since touching intraday highs near $87,300.
Prominent trader Killa posted that during the previous crypto bull cycle, Bitcoin’s largest pullback before hitting its all-time high (ATH) was 20-22%, meaning the leading cryptocurrency never corrected more than 22% while rallying toward its ATH. Applying the same proportional logic to the current cycle, a relatively mild bear market (which saw Bitcoin fall 54% this cycle, a far shallower decline than prior downturns) should result in a similarly moderate bull market pullback, putting this cycle’s expected major correction in the roughly 10-15% range. Killa argues mathematically that this means buying dips with 4x leverage should be relatively safe as Bitcoin advances toward its $126,000 peak, provided traders do not go long at the top of each market phase. A BTC-focused quantitative trader, Killa correctly predicted the peak of this bull market in May 2025 and has over 200,000 followers on X. In mid-April, he shorted Bitcoin at $74,688, then flipped to a long position during the broad market selloff on June 5.
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Analyst: Bitcoin market momentum has shifted, marking the 5th time in history a bull market confirmation signal has emerged.
CryptoQuant analyst Darkfost noted in a post that Bitcoin’s Short-Term Holder (STH) cost base has confirmed crossing above that of Active Long-Term Holders (LTH), signaling a shift in market momentum, leading him to conclude that Bitcoin’s bull market has been confirmed. This marks the 5th occurrence of this signal in history, though he stressed the relevant indicator still carries a risk of misjudgment. "Active LTH" is defined as long-term held Bitcoin that has moved at least once in the past seven years, to exclude long-term dormant or non-circulating BTC. Currently, over 3.5 million BTC held for more than 10 years remain dormant, with this supply growing by an average of 8,000 to 30,000 BTC monthly. Since 2019, this indicator has only recorded one instance of negative growth, triggered by an early miner reactivating and transferring roughly 100,000 BTC—a relatively isolated event. Darkfost argues the current signal reflects positive shifts in the Bitcoin market, with ETF liquidity inflows serving as one of the driving factors.
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Genius adjusts Season 2 point rules, with the unlock time of 70 million GENIUS tokens delayed to February 2028.
According to market sources, the Season 2 points campaign of on-chain trading terminal Genius, in which YZi Labs has invested, has undergone adjustments. The platform originally promised to unlock 70 million GENIUS tokens on October 25 to incentivize user trading and points accumulation, but subsequent changes were made. Previously, official documents stated that Season 2 would run from April 10 to August 10, with 1.5 million points distributed daily; recently, the platform’s page has been updated to remove the season’s stated end date, and daily points have been cut to 50,000. CoinMarketCap data shows that the unlock time for the 70 million tokens has been delayed to February 2028. Some participants are demanding that tokens be unlocked as originally scheduled, or that relevant fees from Season 2 be refunded.
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Multicoin has deposited an additional $12.15 million worth of HYPE into Coinbase Prime, bringing its total deposits since July 28 to $285 million.
According to Lookonchain’s monitoring, after a one-week pause, Multicoin Capital has once again deposited 130,331 HYPE tokens into Coinbase Prime, valued at approximately $12.15 million. Since July 28, the firm has cumulatively deposited 4.23 million HYPE tokens into Coinbase Prime, with a total value of around $285 million.
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Multicoin Capital deposits 130,331 $HYPE ($12.15M) to Coinbase Prime after week break
After a one-week break, #MulticoinCapital deposited another 130,331 $HYPE ($12.15M) into #CoinbasePrime. Since July 28, #MulticoinCapital has deposited a total of 4.23M $HYPE ($285M) into #CoinbasePrime.
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Grayscale: SEC Innovation Exemption Will Pave the Way for Tokenized Stocks to Enter the US Regulated Financial System
Grayscale Research Head Zach Pandl wrote that the U.S. Securities and Exchange Commission (SEC)’s recent "Innovation Exemption" order is designed to bring on-chain trading of tokenized equities into the regulated U.S. financial system, shifting the market away from its current model dominated by offshore derivative-style "wrapped assets" toward tokenized securities that grant holders full voting rights and dividend entitlements. The order temporarily relaxes two key registration requirements: Eligible trading venues do not need to register as securities exchanges, and qualified liquidity providers are exempt from registering as broker-dealers. This means approved wallet addresses can trade tokenized equities using stablecoins via permissioned Uniswap liquidity pools. However, the exemption comes with multiple conditions: Relevant transactions must occur on public blockchains, participants must be pre-approved, and trading venues must publicly disclose information before commencing operations. Rules on fraud, market manipulation, anti-money laundering, counter-terrorist financing, and OFAC sanctions screening remain in effect. Additionally, the order is valid for five years and sets caps on the number of securities that can be listed and transaction volumes. U.S. SEC Chair Paul Atkins called the order a "temporary measure," noting that long-term regulatory rules still need to be developed. Grayscale argues the exemption will support the continued growth of the tokenized equities market and validate that blockchain transaction infrastructure can balance compliance requirements with investor protection. If the pilot is successful, regulatory scope may be further expanded, pushing the U.S. Congress to enact relevant bipartisan legislation.
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The global bond market sell-off is spreading, pushing Japan's 10-year government bond yield to a new high since 1996.
Japan’s bond market reopened after a three-day holiday, immediately following a sell-off in US Treasuries. Japan’s 10-year government bond yield rose 10 basis points on Thursday to 3.075%, hitting its highest level since August 1996; the 5-year yield climbed around 9.5 basis points to 2.37%, while the 30-year yield rose to 4.134%. United Overseas Bank (UOB) noted that the current global bond sell-off is mainly driven by a rebound in oil prices, stronger-than-expected US PMI data, and weak demand for the $70 billion 5-year US Treasury auction. As a result, the 5-year US Treasury yield broke through 5%, and the 10-year US Treasury yield also rose to a nearly 19-year high, driving a repricing of global long-term borrowing costs. Domestic factors in Japan further amplified bond market pressure. The Bank of Japan (BOJ) raised its benchmark interest rate last Friday and hinted at possible further monetary policy tightening, though it did not specify the pace of future actions. Additionally, the Japanese government is considering raising its medium-term defense budget target to 3.5% of GDP, intensifying market concerns over fiscal expansion and rising debt financing costs. Analysts point out that Japan has long been a key anchor of the global low-interest-rate environment. As Japanese government bond yields continue to rise, carry trades relying on low-cost yen financing may face adjustments, and volatility in global asset prices could further intensify.
Speaking on his show, analyst Ran Neuer argued the coming rally will be driven primarily by altcoins rather than Bitcoin, calling it “crypto’s first real bull market.” His reasoning is that Bitcoin’s own bull market returns have shrunk with every cycle.
The first cycle delivered roughly a 100x return, the next dropped to around 15-18x, and the most recent completed cycle came in closer to 6-7x. Following that shrinking pattern, Neuer expects Bitcoin’s next move to be far more modest, roughly a 2x to 3x gain from current levels, potentially reaching $200,000 to $250,000.
Why He Thinks Altcoins Could Outperform Bitcoin By 7x
Neuer’s bigger thesis rests on a chart comparing “Others,” meaning altcoins excluding the top 10 by market cap, against Bitcoin’s price. He said this ratio has moved in a slight long-term uptrend, despite two painful boom-and-bust cycles along the way. The 2017 ICO run and the DeFi Summer run, both of which eventually collapsed back toward zero. Right now, according to Neuer, this ratio sits near the bottom of its historical channel. If it repeats a pattern he’s seen before, he estimates altcoins broadly could outperform Bitcoin by roughly 7x this cycle.
Combining The Numbers: A Possible 14x For Altcoins
Multiply Neuer’s conservative 2x Bitcoin estimate by his projected 7x altcoin outperformance, and the math points to altcoins delivering roughly 14x returns on average this cycle. Neuer acknowledged this sounds aggressive, but noted similar altcoin-to-Bitcoin outperformance ratios of 5x and 7x have happened in prior cycles.
He also pointed out that “average” hides enormous variation, some individual altcoins in past cycles moved 1,000x to 2,000x, far beyond the broader market average.
The Catalyst: AI Agents Trading On-Chain
Neuer’s conviction isn’t just chart pattern recognition. He referenced a call he made publicly back on July 28, during a stretch when Bitcoin had been chopping sideways for 57 days and most traders expected another leg down. At the time, Neuer argued that financial markets are moving toward 24/7, globally settled trading, and that the actual participants doing that trading won’t be humans at all, but an estimated 100 billion AI agents operating at a frequency no human trader could match.
Those agents, he argued, will need to settle transactions on blockchain rails, and the fees generated from that activity will flow to crypto-related protocols, disproportionately benefiting altcoins over Bitcoin itself.
What Comes Next
Neuer said he recently sat down with fellow analyst Raoul Pal to discuss this AI-driven thesis in more depth, with that conversation expected to be released within the next couple of days. His overall framing remains consistent: this cycle isn’t primarily a Bitcoin story, it’s a story about whether altcoins have finally found genuine product-market fit through AI-driven, on-chain economic activity, and if his thesis holds, he believes it could produce the largest altcoin rally crypto has seen to date.
Story Ends Here
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Circle now has a federally chartered national trust bank, and it wants to make your Bitcoin do more than sit in a wallet appreciating. Circle National Trust, operating as First National Digital Currency Bank, N.A., received final approval from the Office of the Comptroller of the Currency on July 10, 2026, and opened its doors for business on July 24.
The bank’s primary mission: serve as the regulated custodial backbone for cirBTC, Circle’s wrapped Bitcoin product that lets BTC holders access Ethereum-based DeFi protocols without actually parting with their Bitcoin.
What Circle National Trust actually does Think of Circle National Trust as a vault with a federal badge. It’s not a traditional commercial bank. It won’t accept deposits or issue loans. Instead, it functions as a qualified custodian, holding native Bitcoin in segregated, bankruptcy-remote accounts on behalf of cirBTC token holders.
cirBTC itself is an ERC-20 token backed 1:1 by native Bitcoin. For every cirBTC in circulation, there’s a corresponding BTC locked up under the bank’s custody. Holders can redeem their tokens for the underlying Bitcoin on a 1:1 basis.
The transparency layer comes courtesy of Chainlink’s Proof of Reserve system, which provides verifiable on-chain attestation that the reserves actually exist. This is a pointed response to the trust problems that have plagued other wrapped Bitcoin products over the years, where users often had to take a custodian’s word that the backing assets were really there.
All of this operates under OCC supervision. That’s the same federal regulator that oversees JPMorgan and Bank of America, now watching over a bank whose entire purpose is holding crypto for DeFi users.
The regulatory journey Circle didn’t stumble into federal regulation overnight. The company filed its application on June 30, 2025, received conditional approval in December 2025, and secured final OCC sign-off in July 2026. That timeline, roughly a year from application to operational status, is relatively brisk by federal banking standards.
The company’s regulatory credentials extend beyond the OCC charter. Circle previously secured a New York BitLicense, one of the more demanding state-level crypto licenses in the US. The company is also compliant under the EU’s MiCA regulations, giving it a foothold in European markets as well.
The cirBTC whitepaper dropped in August 2026, laying out the compliance framework and operational mechanics. Further integrations were announced throughout September, suggesting Circle is moving quickly to build out the token’s utility across DeFi platforms.
For context, Circle is already the issuer of USDC, the second-largest stablecoin by market capitalization.
Why this matters for Bitcoin holders Wrapped Bitcoin products have existed for years to bridge this gap. The most prominent, WBTC (Wrapped Bitcoin), has been a mainstay of DeFi but has also been a source of controversy. Custody arrangements for wrapped tokens have historically relied on centralized entities without federal regulatory oversight, creating counterparty risk that made institutional investors uneasy.
Circle’s approach attempts to solve this by inserting a federally regulated bank into the custody chain. The segregated, bankruptcy-remote account structure means that if Circle the company were to face financial trouble, the Bitcoin held in custody should theoretically be protected from creditors.
The Chainlink Proof of Reserve integration addresses the transparency concern from the other direction. Rather than trusting quarterly attestations from an accounting firm, users can verify reserve backing on-chain in something close to real time.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
According to Lookonchain monitoring, as Bitcoin (BTC) price dips, whale address bc1qdp bought another 536.93 BTC six hours ago, worth around $45.28 million. Over the past 20 days, the address has accumulated a total of 2,460 BTC, with a combined value of roughly $194.3 million, at an average purchase price of approximately $78,966.
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Analyst: Bitcoin market momentum has shifted, marking the 5th time in history a bull market confirmation signal has emerged.
CryptoQuant analyst Darkfost noted in a post that Bitcoin’s Short-Term Holder (STH) cost base has confirmed crossing above that of Active Long-Term Holders (LTH), signaling a shift in market momentum, leading him to conclude that Bitcoin’s bull market has been confirmed. This marks the 5th occurrence of this signal in history, though he stressed the relevant indicator still carries a risk of misjudgment. "Active LTH" is defined as long-term held Bitcoin that has moved at least once in the past seven years, to exclude long-term dormant or non-circulating BTC. Currently, over 3.5 million BTC held for more than 10 years remain dormant, with this supply growing by an average of 8,000 to 30,000 BTC monthly. Since 2019, this indicator has only recorded one instance of negative growth, triggered by an early miner reactivating and transferring roughly 100,000 BTC—a relatively isolated event. Darkfost argues the current signal reflects positive shifts in the Bitcoin market, with ETF liquidity inflows serving as one of the driving factors.
4 minutes ago
Genius adjusts Season 2 point rules, with the unlock time of 70 million GENIUS tokens delayed to February 2028.
According to market sources, the Season 2 points campaign of on-chain trading terminal Genius, in which YZi Labs has invested, has undergone adjustments. The platform originally promised to unlock 70 million GENIUS tokens on October 25 to incentivize user trading and points accumulation, but subsequent changes were made. Previously, official documents stated that Season 2 would run from April 10 to August 10, with 1.5 million points distributed daily; recently, the platform’s page has been updated to remove the season’s stated end date, and daily points have been cut to 50,000. CoinMarketCap data shows that the unlock time for the 70 million tokens has been delayed to February 2028. Some participants are demanding that tokens be unlocked as originally scheduled, or that relevant fees from Season 2 be refunded.
4 minutes ago
Multicoin has deposited an additional $12.15 million worth of HYPE into Coinbase Prime, bringing its total deposits since July 28 to $285 million.
According to Lookonchain’s monitoring, after a one-week pause, Multicoin Capital has once again deposited 130,331 HYPE tokens into Coinbase Prime, valued at approximately $12.15 million. Since July 28, the firm has cumulatively deposited 4.23 million HYPE tokens into Coinbase Prime, with a total value of around $285 million.
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Multicoin Capital deposits 130,331 $HYPE ($12.15M) to Coinbase Prime after week break
After a one-week break, #MulticoinCapital deposited another 130,331 $HYPE ($12.15M) into #CoinbasePrime. Since July 28, #MulticoinCapital has deposited a total of 4.23M $HYPE ($285M) into #CoinbasePrime.
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Grayscale: SEC Innovation Exemption Will Pave the Way for Tokenized Stocks to Enter the US Regulated Financial System
Grayscale Research Head Zach Pandl wrote that the U.S. Securities and Exchange Commission (SEC)’s recent "Innovation Exemption" order is designed to bring on-chain trading of tokenized equities into the regulated U.S. financial system, shifting the market away from its current model dominated by offshore derivative-style "wrapped assets" toward tokenized securities that grant holders full voting rights and dividend entitlements. The order temporarily relaxes two key registration requirements: Eligible trading venues do not need to register as securities exchanges, and qualified liquidity providers are exempt from registering as broker-dealers. This means approved wallet addresses can trade tokenized equities using stablecoins via permissioned Uniswap liquidity pools. However, the exemption comes with multiple conditions: Relevant transactions must occur on public blockchains, participants must be pre-approved, and trading venues must publicly disclose information before commencing operations. Rules on fraud, market manipulation, anti-money laundering, counter-terrorist financing, and OFAC sanctions screening remain in effect. Additionally, the order is valid for five years and sets caps on the number of securities that can be listed and transaction volumes. U.S. SEC Chair Paul Atkins called the order a "temporary measure," noting that long-term regulatory rules still need to be developed. Grayscale argues the exemption will support the continued growth of the tokenized equities market and validate that blockchain transaction infrastructure can balance compliance requirements with investor protection. If the pilot is successful, regulatory scope may be further expanded, pushing the U.S. Congress to enact relevant bipartisan legislation.
4 minutes ago
The global bond market sell-off is spreading, pushing Japan's 10-year government bond yield to a new high since 1996.
Japan’s bond market reopened after a three-day holiday, immediately following a sell-off in US Treasuries. Japan’s 10-year government bond yield rose 10 basis points on Thursday to 3.075%, hitting its highest level since August 1996; the 5-year yield climbed around 9.5 basis points to 2.37%, while the 30-year yield rose to 4.134%. United Overseas Bank (UOB) noted that the current global bond sell-off is mainly driven by a rebound in oil prices, stronger-than-expected US PMI data, and weak demand for the $70 billion 5-year US Treasury auction. As a result, the 5-year US Treasury yield broke through 5%, and the 10-year US Treasury yield also rose to a nearly 19-year high, driving a repricing of global long-term borrowing costs. Domestic factors in Japan further amplified bond market pressure. The Bank of Japan (BOJ) raised its benchmark interest rate last Friday and hinted at possible further monetary policy tightening, though it did not specify the pace of future actions. Additionally, the Japanese government is considering raising its medium-term defense budget target to 3.5% of GDP, intensifying market concerns over fiscal expansion and rising debt financing costs. Analysts point out that Japan has long been a key anchor of the global low-interest-rate environment. As Japanese government bond yields continue to rise, carry trades relying on low-cost yen financing may face adjustments, and volatility in global asset prices could further intensify.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
The Audit: How Much Bitcoin Is Linked to Satoshi?Every time an old Bitcoin wallet stirs, the same question resurfaces: has Satoshi Nakamoto finally returned? The latest round of on-chain research suggests the answer is still no.
Blockchain analytics firm Bitquery recently completed a forensic reconstruction of the so-called Patoshi pattern, the distinctive mining fingerprint first identified by researcher Sergio Lerner that is widely associated with $BTC's pseudonymous creator. Bitquery rebuilt the fingerprint from raw blocks, grading all 54,316 blocks from Bitcoin's earliest mining era and tracking every coin through September 1, 2026. Its highest-grade reconstruction agrees with the public Patoshi list on 99.2% of blocks, and the firm found zero exceptions in a timestamp-ordering test across 5,836 adjacent block pairs.
The total linked to Satoshi varies depending on how strictly the pattern is applied. A strict application came to less than 900,000 Bitcoin, while the broadest estimate reached approximately 1.17 million Bitcoin. Bitquery's broadest figure is the largest single estimate produced to date, surpassing earlier readings from BitMEX Research, Whale Alert, and Jameson Lopp.
The Key Finding: Almost Nothing Has MovedWhatever the precise total, the headline conclusion from Bitquery's audit is clear: the vast majority of coins remain untouched. The audit found 1,023,352 BTC provably unmoved within its stricter reconstruction of the Patoshi set. The last known transaction from Patoshi-era block rewards occurred in December 2017, and even earlier movements in 2009 and 2010 totalled only about 1,550 BTC.
The debate was partly reignited after a separate movement of dormant coins. In early September, 600 Bitcoin mined in March 2010 moved after 16 years of dormancy, with the private-key holder spending them sequentially within 30 minutes. Some headlines implied a Satoshi connection. Bitquery pushed back. The firm viewed 10 of the 12 blocks involved as not matching the Patoshi pattern. Bitquery also noted that of the other early coins that became active since 2020, none cleared the bar the researchers set in advance for identifying a coin as Satoshi's.
Bitquery also stressed that linking the Patoshi miner to Nakamoto remains a strong but circumstantial inference. As one analyst put it, the blockchain records that someone held the keys, but it cannot confirm who that person is or was. The latest evidence, in short, does not show Satoshi returning to the market.
Sources:
Crypto Briefing: Bitquery reconstructs Patoshi pattern, tracing up to 1.17 million BTC to Bitcoin's earliest miner
Yahoo Finance: Satoshi Hasn't Moved a Single Bitcoin in 17 Years
Digital Today: Satoshi 1.1 million bitcoin holdings claim revisited, still only circumstantial evidence
Institutional investors have been quietly making up their minds about Bitcoin, and the answer, at least for the past week, has been yes. US spot Bitcoin and Ether ETFs together pulled in approximately $452 million in net inflows on September 23, extending a streak that has become one of the more consequential stretches of ETF flow data in recent memory.
BlackRock’s iShares Bitcoin Trust, known by its ticker IBIT, sat at the front of that parade. The fund has been the consistent leader throughout this inflow window, drawing $381.4 million on September 21 and $350.3 million on September 22, cementing its position as the gravitational center of institutional Bitcoin exposure in the US market.
From outflows to a $2B-plus reversal Context makes these numbers more interesting. Just days before the streak began, Bitcoin ETFs were bleeding: roughly $746 million in net outflows hit across September 15 and 16.
What followed was a swift about-face. The four-day inflow streak running through September 22 accumulated somewhere between $2.1 billion and $2.3 billion in net new money.
Bitcoin’s price held relatively steady through this stretch, trading in the $84,000 to $87,000 range.
Total assets across all US spot Bitcoin ETFs reached approximately $111 billion during this period. IBIT alone accounts for roughly $67.9 billion of that figure, meaning BlackRock holds about 61 cents of every dollar sitting in this product category.
Ether ETFs find their footing too Bitcoin wasn’t the only beneficiary. Ether ETFs recorded inflows estimated between $162 million and $270 million on recent trading days, a range that reflects some disagreement among data sources but points in the same direction regardless of which figure you use.
Ether ETFs have had a considerably shorter runway in the US market, having launched after their Bitcoin counterparts, and building meaningful AUM has been a slower process.
What the flow data actually tells us IBIT’s dominance in this cycle also carries competitive implications for every other spot Bitcoin ETF operator in the US. The $67.9 billion AUM figure creates a liquidity profile and operational credibility that tends to attract more inflows, compounding the advantage over time.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Liquid Capital founder Jack Yi posted that 20 days ago, he predicted Bitcoin (BTC) would face significant resistance near $86,000 and likely undergo a phased pullback, making closing long positions around that level a sound choice. Yi added that while he expects a pullback, shorting is not recommended in a bull market—traders should instead keep pursuing long opportunities. He noted bull markets do not rise in a straight line, with each pullback potentially offering a re-entry chance, and warned against chasing "the last penny" of gains, stressing the importance of timely stop-losses and proper risk management.
Relevant content
Analyst: Bitcoin market momentum has shifted, marking the 5th time in history a bull market confirmation signal has emerged.
CryptoQuant analyst Darkfost noted in a post that Bitcoin’s Short-Term Holder (STH) cost base has confirmed crossing above that of Active Long-Term Holders (LTH), signaling a shift in market momentum, leading him to conclude that Bitcoin’s bull market has been confirmed. This marks the 5th occurrence of this signal in history, though he stressed the relevant indicator still carries a risk of misjudgment. "Active LTH" is defined as long-term held Bitcoin that has moved at least once in the past seven years, to exclude long-term dormant or non-circulating BTC. Currently, over 3.5 million BTC held for more than 10 years remain dormant, with this supply growing by an average of 8,000 to 30,000 BTC monthly. Since 2019, this indicator has only recorded one instance of negative growth, triggered by an early miner reactivating and transferring roughly 100,000 BTC—a relatively isolated event. Darkfost argues the current signal reflects positive shifts in the Bitcoin market, with ETF liquidity inflows serving as one of the driving factors.
4 minutes ago
Genius adjusts Season 2 point rules, with the unlock time of 70 million GENIUS tokens delayed to February 2028.
According to market sources, the Season 2 points campaign of on-chain trading terminal Genius, in which YZi Labs has invested, has undergone adjustments. The platform originally promised to unlock 70 million GENIUS tokens on October 25 to incentivize user trading and points accumulation, but subsequent changes were made. Previously, official documents stated that Season 2 would run from April 10 to August 10, with 1.5 million points distributed daily; recently, the platform’s page has been updated to remove the season’s stated end date, and daily points have been cut to 50,000. CoinMarketCap data shows that the unlock time for the 70 million tokens has been delayed to February 2028. Some participants are demanding that tokens be unlocked as originally scheduled, or that relevant fees from Season 2 be refunded.
4 minutes ago
Multicoin has deposited an additional $12.15 million worth of HYPE into Coinbase Prime, bringing its total deposits since July 28 to $285 million.
According to Lookonchain’s monitoring, after a one-week pause, Multicoin Capital has once again deposited 130,331 HYPE tokens into Coinbase Prime, valued at approximately $12.15 million. Since July 28, the firm has cumulatively deposited 4.23 million HYPE tokens into Coinbase Prime, with a total value of around $285 million.
4 minutes ago
Multicoin Capital deposits 130,331 $HYPE ($12.15M) to Coinbase Prime after week break
After a one-week break, #MulticoinCapital deposited another 130,331 $HYPE ($12.15M) into #CoinbasePrime. Since July 28, #MulticoinCapital has deposited a total of 4.23M $HYPE ($285M) into #CoinbasePrime.
4 minutes ago
Grayscale: SEC Innovation Exemption Will Pave the Way for Tokenized Stocks to Enter the US Regulated Financial System
Grayscale Research Head Zach Pandl wrote that the U.S. Securities and Exchange Commission (SEC)’s recent "Innovation Exemption" order is designed to bring on-chain trading of tokenized equities into the regulated U.S. financial system, shifting the market away from its current model dominated by offshore derivative-style "wrapped assets" toward tokenized securities that grant holders full voting rights and dividend entitlements. The order temporarily relaxes two key registration requirements: Eligible trading venues do not need to register as securities exchanges, and qualified liquidity providers are exempt from registering as broker-dealers. This means approved wallet addresses can trade tokenized equities using stablecoins via permissioned Uniswap liquidity pools. However, the exemption comes with multiple conditions: Relevant transactions must occur on public blockchains, participants must be pre-approved, and trading venues must publicly disclose information before commencing operations. Rules on fraud, market manipulation, anti-money laundering, counter-terrorist financing, and OFAC sanctions screening remain in effect. Additionally, the order is valid for five years and sets caps on the number of securities that can be listed and transaction volumes. U.S. SEC Chair Paul Atkins called the order a "temporary measure," noting that long-term regulatory rules still need to be developed. Grayscale argues the exemption will support the continued growth of the tokenized equities market and validate that blockchain transaction infrastructure can balance compliance requirements with investor protection. If the pilot is successful, regulatory scope may be further expanded, pushing the U.S. Congress to enact relevant bipartisan legislation.
4 minutes ago
The global bond market sell-off is spreading, pushing Japan's 10-year government bond yield to a new high since 1996.
Japan’s bond market reopened after a three-day holiday, immediately following a sell-off in US Treasuries. Japan’s 10-year government bond yield rose 10 basis points on Thursday to 3.075%, hitting its highest level since August 1996; the 5-year yield climbed around 9.5 basis points to 2.37%, while the 30-year yield rose to 4.134%. United Overseas Bank (UOB) noted that the current global bond sell-off is mainly driven by a rebound in oil prices, stronger-than-expected US PMI data, and weak demand for the $70 billion 5-year US Treasury auction. As a result, the 5-year US Treasury yield broke through 5%, and the 10-year US Treasury yield also rose to a nearly 19-year high, driving a repricing of global long-term borrowing costs. Domestic factors in Japan further amplified bond market pressure. The Bank of Japan (BOJ) raised its benchmark interest rate last Friday and hinted at possible further monetary policy tightening, though it did not specify the pace of future actions. Additionally, the Japanese government is considering raising its medium-term defense budget target to 3.5% of GDP, intensifying market concerns over fiscal expansion and rising debt financing costs. Analysts point out that Japan has long been a key anchor of the global low-interest-rate environment. As Japanese government bond yields continue to rise, carry trades relying on low-cost yen financing may face adjustments, and volatility in global asset prices could further intensify.
The estimated computational cost to prepare a quantum-resistant Bitcoin transaction has fallen below $67 after a week of optimization, down from the roughly $320 spent on the first such mainnet transaction in August, according to StarkWare.
The results came after participants in the Quantum-Safe Bitcoin Optimization Challenge found ways to push down the GPU computation needed to build a quantum-safe Bitcoin transaction.
The reduction could make the experimental defense (which doesn’t require changes to the network’s consensus rules) against future quantum attacks more practical for Bitcoin holders. However, the latest optimizations have only been demonstrated in benchmark tests.
“A construction that costs a few hundred dollars per transaction is a demo. One that costs $67 is closer to something a holder with a large unexposed balance might reach for in an emergency,” StarkWare wrote in its Sept. 23 update. The dashboard now shows the estimated cost has dropped to $66.
Quantum-Safe Bitcoin an “emergency” solutionStarkWare researcher Avihu Levy published the Quantum-Safe Bitcoin (QSB) design in April, outlining a way to add hash-based protection against quantum attacks without changing Bitcoin’s consensus rules. At the time, he described it as a “last resort measure” due to costs, complexity and limited applicability, while continuing to advocate for protocol-level changes.
The estimated cost fell by another dollar since publication. Source: Yukon
According to StarkWare, the first QSB transaction was mined and confirmed on Aug. 26, with engineering work from Tomer Giladi and direct submission through MARA’s Slipstream service. Preparing it required approximately 3,100 GPU-hours across roughly 100 GPUs, at a compute cost of about $320, excluding Bitcoin network fees.
To find ways to bring that cost down, StarkWare, Yukon Research and Eigen Labs launched the QSB challenge on Sept. 16, inviting developers, researchers and AI agents to make the transaction-building software faster and more efficient.
In its latest update, StarkWare said the challenge produced 62 accepted improvements across two computational tasks needed to prepare a QSB transaction. According to StarkWare, this ended up cutting the estimated computing cost by about 79%, based on benchmark tests.
The development comes amid increasing concern that a sufficiently powerful quantum computer could break the elliptic-curve digital signatures used by Bitcoin, potentially allowing attackers to steal coins whose public keys are exposed.
Researchers are developing quantum-resistant protections, including QSB. However, StarkWare said it still favors a soft fork — a change to Bitcoin’s consensus rules — as a better “long-term answer” for broad quantum protection on Bitcoin.
Magazine: A quantum roadmap would push Bitcoin much higher: Charles Edwards
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
The estimated computational cost to prepare a quantum-resistant Bitcoin transaction has fallen below $67 after a week of optimization, down from the roughly $320 spent on the first such mainnet transaction in August, according to StarkWare.
The results came after participants in the Quantum-Safe Bitcoin Optimization Challenge found ways to push down the GPU computation needed to build a quantum-safe Bitcoin transaction.
The reduction could make the experimental defense (which doesn’t require changes to the network’s consensus rules) against future quantum attacks more practical for Bitcoin holders. However, the latest optimizations have only been demonstrated in benchmark tests.
“A construction that costs a few hundred dollars per transaction is a demo. One that costs $67 is closer to something a holder with a large unexposed balance might reach for in an emergency,” StarkWare wrote in its Sept. 23 update. The dashboard now shows the estimated cost has dropped to $66.
Quantum-Safe Bitcoin an “emergency” solutionStarkWare researcher Avihu Levy published the Quantum-Safe Bitcoin (QSB) design in April, outlining a way to add hash-based protection against quantum attacks without changing Bitcoin’s consensus rules. At the time, he described it as a “last resort measure” due to costs, complexity and limited applicability, while continuing to advocate for protocol-level changes.
The estimated cost fell by another dollar since publication. Source: Yukon
According to StarkWare, the first QSB transaction was mined and confirmed on Aug. 26, with engineering work from Tomer Giladi and direct submission through MARA’s Slipstream service. Preparing it required approximately 3,100 GPU-hours across roughly 100 GPUs, at a compute cost of about $320, excluding Bitcoin network fees.
To find ways to bring that cost down, StarkWare, Yukon Research and Eigen Labs launched the QSB challenge on Sept. 16, inviting developers, researchers and AI agents to make the transaction-building software faster and more efficient.
In its latest update, StarkWare said the challenge produced 62 accepted improvements across two computational tasks needed to prepare a QSB transaction. According to StarkWare, this ended up cutting the estimated computing cost by about 79%, based on benchmark tests.
The development comes amid increasing concern that a sufficiently powerful quantum computer could break the elliptic-curve digital signatures used by Bitcoin, potentially allowing attackers to steal coins whose public keys are exposed.
Researchers are developing quantum-resistant protections, including QSB. However, StarkWare said it still favors a soft fork — a change to Bitcoin’s consensus rules — as a better “long-term answer” for broad quantum protection on Bitcoin.
Magazine: A quantum roadmap would push Bitcoin much higher: Charles Edwards
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.
Well-known trader Doctor Profit stated that he has increased his Bitcoin short position to $13 million, expecting BTC to undergo a correction targeting $79,000. He will decide on his next moves based on price performance once Bitcoin hits that level, and emphasized that this short position does not reflect a bearish outlook on Bitcoin’s long-term trend. The trader believes Bitcoin’s bear market has ended, and the current pullback is merely a phase adjustment within the ongoing bull run; once the correction concludes, Bitcoin’s bull market will continue.
The cost of generating a quantum-resistant Bitcoin transaction has dropped significantly to $66, following a week of focused optimization, StarkWare announced. This sharp reduction, from the $320 needed for the first such mainnet transaction in August, highlights progress in defending Bitcoin against potential future threats from quantum computing technology.
Optimization Challenge Lowers CostsThe recent decrease came as participants in the Quantum-Safe Bitcoin Optimization Challenge succeeded in reducing the amount of GPU computation required to construct quantum-safe Bitcoin transactions. These advances have so far been demonstrated in benchmark tests.
The experimental approach does not require any changes to Bitcoin’s consensus rules and could provide a practical defense strategy for large holders seeking to secure their balances from prospective quantum attacks. While the newly reached $66 estimated cost marks a substantial improvement, it is still currently based on simulated results.
“A construction that costs a few hundred dollars per transaction is a demo. One that costs $67 is closer to something a holder with a large unexposed balance might reach for in an emergency,” StarkWare explained.
The Quantum-Safe Bitcoin (QSB) protocol, initially presented by StarkWare researcher Avihu Levy in April, offers a hash-based method to protect Bitcoin from possible quantum breaching. Levy emphasized the approach as a “last resort measure,” given the concerns of cost, complexity, and narrow applicability, and continued to recommend protocol-level upgrades for broader protection.
Technical Breakthroughs and Developer InvolvementThe first QSB transaction went live on August 26 after combined efforts between Tomer Giladi and StarkWare’s engineering team, utilizing MARA’s Slipstream service. This pioneering event required about 3,100 GPU-hours using roughly 100 GPUs, at a cost of $320 for compute resources, excluding standard Bitcoin network fees.
To further decrease these costs, StarkWare, Yukon Research, and Eigen Labs initiated the QSB challenge on September 16. They invited developers, researchers, and AI agents to contribute improvements to the transaction-generation workflow for quantum-safe Bitcoin.
The latest update from StarkWare confirmed 62 accepted improvements targeting two core computational tasks in QSB transaction preparation. These enhancements delivered a marked 79% reduction in the projected computation cost, based on ongoing benchmark testing.
Broader Security Context and Community ResponseRising concerns about the potential for quantum computers to break elliptic-curve digital signatures, which underpin Bitcoin’s security, have prompted researchers to accelerate quantum-resistant solutions. A sufficiently advanced quantum computer could theoretically enable attackers to steal coins by uncovering public keys.
While the QSB method offers an experimental defense, StarkWare maintains that a soft fork, altering Bitcoin’s consensus rules, remains the preferable long-term plan for broad quantum-resistant security.
Researchers continue to develop robust measures, with StarkWare highlighting the need for network-wide changes to fully guard Bitcoin funds against future quantum threats.
Keeping pace with technical advances, market participants monitor emerging trends and strategies. In the rapidly developing meme token market, internet-driven phenomena are capable of generating substantial capital flows in short periods. According to statistics from Fomo App, a recent trade involving “Niu Lai” transformed a $99 investment into about $370,000, underscoring the dynamic and volatile nature of this segment. Fomo App integrates token discovery and trading, offering features such as social feeds, investor rankings, and real-time trade notifications. Monitoring investor activity, in addition to price movements, can provide valuable perspectives on new opportunities within the meme token space.
Despite Bitcoin’s sudden drop below the $84,000 level, exchange-traded funds tied to the leading cryptocurrency have extended their impressive streak of inflows.
According to the data provided by SoSoValue, US spot ETFs added another $347 million on Sept. 23.
BlackRock’s iShares Bitcoin Trust (IBIT) (to no one’s surprise) led the latest session with roughly $166 million in net inflows.
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It accounted for nearly half of all the fresh money entering U.S. spot Bitcoin ETFs during the day.
U.S. spot Ether ETFs attracted another $105 million on Sept. 23. BlackRock’s ETHA attracted $50.8 million worth of inflows. This shows that the demand was not limited to the leading cryptocurrency.
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The largest U.S. spot cryptocurrency ETF categories therefore logged roughly $452 million during the session combined (or nearly 48% of that combined amount).
An impressive streak Bitcoin ETFs have managed to log five consecutive trading sessions of net inflows
The $347 million inflow might look relatively modest compared with some of the extraordinary numbers recorded earlier this week.
The products attracted roughly $159.5 million on Sept. 17. The following day, they recorded as much as $433 million.
On Sept. 21, U.S. spot Bitcoin ETFs attracted a staggering $998.95 million. This was their biggest single-day inflow in approximately 11 months. BlackRock’s IBIT led that session with $381.4 million. ARK and 21Shares’ ARKB attracted $289.1 million, and Fidelity’s FBTC added another $238.8 million.
These products recorded another $714.75 million inflow on Sept. 22. IBIT once again occupied first place with $350.3 million. Notably, Morgan Stanley’s MSBT, a relative newcomer, also recorded a notable $99 million inflow.
The latest daily inflow is substantially smaller than Monday’s near-$1 billion blockbuster. However, it is still rather impressive, considering that the price of Bitcoin recently slipped below the $84,000 level.
Bitcoin ETFs had spent a substantial portion of 2026 underwater. However, as reported by U.Today, U.S. spot Bitcoin ETFs recently surged back into positive territory for the year.
On-chain analyst Ai Yi (@ai_9684xtpa) wrote that Bankless co-founder David Hoffman is among the standout traders in the current market cycle. Hoffman liquidated his entire ETH position in May and reallocated funds to VVV, NEAR, ZEC, HYPE, and LIT in June. To date, four of the assets he disclosed purchasing have posted sharp gains, with LIT leading at a 293% increase. Specific entry costs and current returns are as follows: NEAR: ~$1.4 entry, up ~223%; ZEC: ~$560 entry, up ~173%; HYPE: ~$45 entry, up ~106%; LIT: ~$1.35 entry, up ~293%; VVV: entry cost undisclosed. Hoffman reiterated his bullish outlook on ZEC and NEAR earlier today. He stated, “ZEC in 2026 is what ETH was in 2021,” adding that if ZEC’s narrative can convince some Bitcoin holders, its price could continue to climb. He also labeled NEAR a “new consensus anchor for smart contracts,” noting its buying pressure is likely driven primarily by retail investors, though the token is also on an upward trajectory.
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Analyst: Bitcoin market momentum has shifted, marking the 5th time in history a bull market confirmation signal has emerged.
CryptoQuant analyst Darkfost noted in a post that Bitcoin’s Short-Term Holder (STH) cost base has confirmed crossing above that of Active Long-Term Holders (LTH), signaling a shift in market momentum, leading him to conclude that Bitcoin’s bull market has been confirmed. This marks the 5th occurrence of this signal in history, though he stressed the relevant indicator still carries a risk of misjudgment. "Active LTH" is defined as long-term held Bitcoin that has moved at least once in the past seven years, to exclude long-term dormant or non-circulating BTC. Currently, over 3.5 million BTC held for more than 10 years remain dormant, with this supply growing by an average of 8,000 to 30,000 BTC monthly. Since 2019, this indicator has only recorded one instance of negative growth, triggered by an early miner reactivating and transferring roughly 100,000 BTC—a relatively isolated event. Darkfost argues the current signal reflects positive shifts in the Bitcoin market, with ETF liquidity inflows serving as one of the driving factors.
4 minutes ago
Genius adjusts Season 2 point rules, with the unlock time of 70 million GENIUS tokens delayed to February 2028.
According to market sources, the Season 2 points campaign of on-chain trading terminal Genius, in which YZi Labs has invested, has undergone adjustments. The platform originally promised to unlock 70 million GENIUS tokens on October 25 to incentivize user trading and points accumulation, but subsequent changes were made. Previously, official documents stated that Season 2 would run from April 10 to August 10, with 1.5 million points distributed daily; recently, the platform’s page has been updated to remove the season’s stated end date, and daily points have been cut to 50,000. CoinMarketCap data shows that the unlock time for the 70 million tokens has been delayed to February 2028. Some participants are demanding that tokens be unlocked as originally scheduled, or that relevant fees from Season 2 be refunded.
4 minutes ago
Multicoin has deposited an additional $12.15 million worth of HYPE into Coinbase Prime, bringing its total deposits since July 28 to $285 million.
According to Lookonchain’s monitoring, after a one-week pause, Multicoin Capital has once again deposited 130,331 HYPE tokens into Coinbase Prime, valued at approximately $12.15 million. Since July 28, the firm has cumulatively deposited 4.23 million HYPE tokens into Coinbase Prime, with a total value of around $285 million.
4 minutes ago
Multicoin Capital deposits 130,331 $HYPE ($12.15M) to Coinbase Prime after week break
After a one-week break, #MulticoinCapital deposited another 130,331 $HYPE ($12.15M) into #CoinbasePrime. Since July 28, #MulticoinCapital has deposited a total of 4.23M $HYPE ($285M) into #CoinbasePrime.
4 minutes ago
Grayscale: SEC Innovation Exemption Will Pave the Way for Tokenized Stocks to Enter the US Regulated Financial System
Grayscale Research Head Zach Pandl wrote that the U.S. Securities and Exchange Commission (SEC)’s recent "Innovation Exemption" order is designed to bring on-chain trading of tokenized equities into the regulated U.S. financial system, shifting the market away from its current model dominated by offshore derivative-style "wrapped assets" toward tokenized securities that grant holders full voting rights and dividend entitlements. The order temporarily relaxes two key registration requirements: Eligible trading venues do not need to register as securities exchanges, and qualified liquidity providers are exempt from registering as broker-dealers. This means approved wallet addresses can trade tokenized equities using stablecoins via permissioned Uniswap liquidity pools. However, the exemption comes with multiple conditions: Relevant transactions must occur on public blockchains, participants must be pre-approved, and trading venues must publicly disclose information before commencing operations. Rules on fraud, market manipulation, anti-money laundering, counter-terrorist financing, and OFAC sanctions screening remain in effect. Additionally, the order is valid for five years and sets caps on the number of securities that can be listed and transaction volumes. U.S. SEC Chair Paul Atkins called the order a "temporary measure," noting that long-term regulatory rules still need to be developed. Grayscale argues the exemption will support the continued growth of the tokenized equities market and validate that blockchain transaction infrastructure can balance compliance requirements with investor protection. If the pilot is successful, regulatory scope may be further expanded, pushing the U.S. Congress to enact relevant bipartisan legislation.
4 minutes ago
The global bond market sell-off is spreading, pushing Japan's 10-year government bond yield to a new high since 1996.
Japan’s bond market reopened after a three-day holiday, immediately following a sell-off in US Treasuries. Japan’s 10-year government bond yield rose 10 basis points on Thursday to 3.075%, hitting its highest level since August 1996; the 5-year yield climbed around 9.5 basis points to 2.37%, while the 30-year yield rose to 4.134%. United Overseas Bank (UOB) noted that the current global bond sell-off is mainly driven by a rebound in oil prices, stronger-than-expected US PMI data, and weak demand for the $70 billion 5-year US Treasury auction. As a result, the 5-year US Treasury yield broke through 5%, and the 10-year US Treasury yield also rose to a nearly 19-year high, driving a repricing of global long-term borrowing costs. Domestic factors in Japan further amplified bond market pressure. The Bank of Japan (BOJ) raised its benchmark interest rate last Friday and hinted at possible further monetary policy tightening, though it did not specify the pace of future actions. Additionally, the Japanese government is considering raising its medium-term defense budget target to 3.5% of GDP, intensifying market concerns over fiscal expansion and rising debt financing costs. Analysts point out that Japan has long been a key anchor of the global low-interest-rate environment. As Japanese government bond yields continue to rise, carry trades relying on low-cost yen financing may face adjustments, and volatility in global asset prices could further intensify.
Genius adjusts Season 2 point rules, with the unlock time of 70 million GENIUS tokens delayed to February 2028.
According to market sources, the Season 2 points campaign of on-chain trading terminal Genius, in which YZi Labs has invested, has undergone adjustments. The platform originally promised to unlock 70 million GENIUS tokens on October 25 to incentivize user trading and points accumulation, but subsequent changes were made. Previously, official documents stated that Season 2 would run from April 10 to August 10, with 1.5 million points distributed daily; recently, the platform’s page has been updated to remove the season’s stated end date, and daily points have been cut to 50,000. CoinMarketCap data shows that the unlock time for the 70 million tokens has been delayed to February 2028. Some participants are demanding that tokens be unlocked as originally scheduled, or that relevant fees from Season 2 be refunded.
4 minutes ago
Multicoin has deposited an additional $12.15 million worth of HYPE into Coinbase Prime, bringing its total deposits since July 28 to $285 million.
According to Lookonchain’s monitoring, after a one-week pause, Multicoin Capital has once again deposited 130,331 HYPE tokens into Coinbase Prime, valued at approximately $12.15 million. Since July 28, the firm has cumulatively deposited 4.23 million HYPE tokens into Coinbase Prime, with a total value of around $285 million.
4 minutes ago
Multicoin Capital deposits 130,331 $HYPE ($12.15M) to Coinbase Prime after week break
After a one-week break, #MulticoinCapital deposited another 130,331 $HYPE ($12.15M) into #CoinbasePrime. Since July 28, #MulticoinCapital has deposited a total of 4.23M $HYPE ($285M) into #CoinbasePrime.
4 minutes ago
Grayscale: SEC Innovation Exemption Will Pave the Way for Tokenized Stocks to Enter the US Regulated Financial System
Grayscale Research Head Zach Pandl wrote that the U.S. Securities and Exchange Commission (SEC)’s recent "Innovation Exemption" order is designed to bring on-chain trading of tokenized equities into the regulated U.S. financial system, shifting the market away from its current model dominated by offshore derivative-style "wrapped assets" toward tokenized securities that grant holders full voting rights and dividend entitlements. The order temporarily relaxes two key registration requirements: Eligible trading venues do not need to register as securities exchanges, and qualified liquidity providers are exempt from registering as broker-dealers. This means approved wallet addresses can trade tokenized equities using stablecoins via permissioned Uniswap liquidity pools. However, the exemption comes with multiple conditions: Relevant transactions must occur on public blockchains, participants must be pre-approved, and trading venues must publicly disclose information before commencing operations. Rules on fraud, market manipulation, anti-money laundering, counter-terrorist financing, and OFAC sanctions screening remain in effect. Additionally, the order is valid for five years and sets caps on the number of securities that can be listed and transaction volumes. U.S. SEC Chair Paul Atkins called the order a "temporary measure," noting that long-term regulatory rules still need to be developed. Grayscale argues the exemption will support the continued growth of the tokenized equities market and validate that blockchain transaction infrastructure can balance compliance requirements with investor protection. If the pilot is successful, regulatory scope may be further expanded, pushing the U.S. Congress to enact relevant bipartisan legislation.
4 minutes ago
The global bond market sell-off is spreading, pushing Japan's 10-year government bond yield to a new high since 1996.
Japan’s bond market reopened after a three-day holiday, immediately following a sell-off in US Treasuries. Japan’s 10-year government bond yield rose 10 basis points on Thursday to 3.075%, hitting its highest level since August 1996; the 5-year yield climbed around 9.5 basis points to 2.37%, while the 30-year yield rose to 4.134%. United Overseas Bank (UOB) noted that the current global bond sell-off is mainly driven by a rebound in oil prices, stronger-than-expected US PMI data, and weak demand for the $70 billion 5-year US Treasury auction. As a result, the 5-year US Treasury yield broke through 5%, and the 10-year US Treasury yield also rose to a nearly 19-year high, driving a repricing of global long-term borrowing costs. Domestic factors in Japan further amplified bond market pressure. The Bank of Japan (BOJ) raised its benchmark interest rate last Friday and hinted at possible further monetary policy tightening, though it did not specify the pace of future actions. Additionally, the Japanese government is considering raising its medium-term defense budget target to 3.5% of GDP, intensifying market concerns over fiscal expansion and rising debt financing costs. Analysts point out that Japan has long been a key anchor of the global low-interest-rate environment. As Japanese government bond yields continue to rise, carry trades relying on low-cost yen financing may face adjustments, and volatility in global asset prices could further intensify.
4 minutes ago
BIT-related addresses transferred 11,000 ETH to Binance, worth approximately $29.45 million.
According to Arkham’s monitoring, wallet address 0x02a0, associated with BIT (formerly Matrixport), transferred 11,000 ETH to Binance, worth approximately $29.45 million. Over the past three hours, this ETH was moved from BIT’s deposit address to the aforementioned hot wallet, completing internal fund aggregation. Full address: 0x02a05cb54a5db7a2920fcec67e7d8db5331f1805
