It was bitcoin’s first trip above $85,000 since January, and it followed a weekly close above the 50-week moving average, a level Galaxy Digital’s Alex Thorn said has historically confirmed that bear market lows are in.
Bitcoin clears $85,000 as short sellers lose $635 million in a day
Posted September 21, 2026 at 9:46 am EST.
Bitcoin traded above $85,000 on Monday for the first time since January, and the move came at the expense of traders positioned against it. Short positions worth $634.7 million were liquidated across crypto markets over the preceding 24 hours, against $121.3 million on the long side, according to CoinGlass data read at 11:25 a.m. UTC.
Forced closures across all assets totaled roughly $756 million and caught 114,385 traders, CoinGlass said, including an $11.29 million BTCUSDT position on Binance. Bitcoin accounted for $367.1 million of the short-side damage and ether for $154.2 million. Market-wide open interest still rose 8.07% to $155.7 billion, and 24-hour volume jumped 57.96% to $235.7 billion.
Ether was up over 5% at over $2,700, solana over 7% at over $116 and XRP nearly 8% at $1.49, according to CoinGecko data.
Bitcoin Closes a Week Above Its 50-Week Average Alex Thorn, head of firmwide research at Galaxy Digital, said in a post early Monday that bitcoin had closed the week above its 50-week moving average for the first time in 45 weeks. Regaining that level “has historically served as strong confirmation that bear market lows are” in, he wrote, adding that bitcoin was up 29% in 35 days.
Bitcoin hit a recent low of $74,977 on Sept. 15 and has gained about 13% since. It is still down roughly 3% on the year and sits about 33% below the record $126,080 it reached in October 2025. Friday’s leg pulled U.S. spot bitcoin ETFs back from a second consecutive week of net outflows, with $433 million of inflows turning the week positive by $6.2 million. Bitcoin had climbed back above $80,000 once already this month, on Sept. 4, before losing the level again.
Oei Sees a New High Against the S&P Khing Oei, founder and chief executive of Dutch bitcoin treasury firm Treasury, pointed to a different marker in a post on Saturday, before Monday’s move. “Bitcoin printed a new high against the S&P this week after months of trading like a low volatility gold proxy,” he wrote.
“A rally that starts from compressed volatility and a crowded gold correlation is driven by allocation, and allocation moves slowly and then all at once,” Oei wrote in the same post.
Related Listen: How Cory Klippsten Would Decide How to Secure Bitcoin Post-Coldcard
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
A Washington-based startup is preparing to do something that sounds like it belongs in a sci-fi pitch deck: mine Bitcoin from orbit. Starcloud, Inc. announced plans to include bitcoin mining ASICs aboard its upcoming Starcloud-2 spacecraft, which would make it one of the first companies to attempt cryptocurrency mining in space.
In space, solar panels get nearly uninterrupted sunlight, meaning energy, the single biggest cost in Bitcoin mining, comes essentially free after the hardware is deployed.
From GPU in orbit to mining rigs in the sky Starcloud was founded in January 2024 with a broader mission: building orbital data centers for AI workloads. The company launched its first test satellite, Starcloud-1, on November 2, 2025. That satellite carried a single Nvidia H100 GPU, reportedly making it the first data-center-class GPU to operate in orbit.
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The Bitcoin mining component enters the picture with Starcloud-2, which CEO Philip Johnston described as a natural extension of the platform. The spacecraft will carry ASICs alongside Nvidia Blackwell chips and AWS server blades, creating a multi-purpose computing node floating above the atmosphere.
Originally slated for late 2026, Starcloud-2 is now expected to launch in 2027 as part of a pair of satellites.
Johnston framed the Bitcoin mining capability as both a proof-of-concept and a pragmatic business decision. When demand for AI compute is high, the orbital hardware handles those workloads. When demand dips, the ASICs keep hashing and generating revenue.
The economics of mining beyond Earth According to Johnston, ASICs run about $1,000 per kilowatt, compared to roughly $30,000 per kW for high-end GPUs. That’s a 30x difference in hardware cost per unit of power consumed, which makes ASICs an almost obvious addition if you already have a solar-powered platform in orbit.
Johnston acknowledged the broader economic challenges facing the mining industry, but argued that the unique advantages of space, particularly the near-continuous solar power, create a viable niche.
Big funding, bigger ambitions Starcloud closed a $170 million Series A round on March 30, 2026, achieving a $1.1 billion valuation. By August 2026, the company had raised an additional $250 million, bringing total funding to approximately $450 million and pushing the valuation to $2.3 billion.
In February 2026, Starcloud filed with the FCC for permission to deploy a constellation of up to 88,000 satellites.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The Philadelphia Semiconductor Index rose more than 2% to its highest level in over a month.
According to market data from BIT (bit.com), the Philadelphia Semiconductor Index rose more than 2% to a high point in over a month. Arm (ARM.O) gained over 8%, AMD (AMD.O) climbed more than 7%, Micron Technology (MU.O) rose nearly 5%, and Qualcomm (QCOM.O) edged up nearly 2%.
9 minutes ago
US stocks open, with all three major indices rallying across the board.
According to market data from BIT (bit.com), US stocks opened with the Dow Jones up 0.49%, the S&P 500 rising 0.6%, and the Nasdaq gaining 0.7%. Intel (INTC.O) jumped 8%, Micron Technology (MU.O) rose 3%, and Meta Platforms (META.O) climbed nearly 3%.
9 minutes ago
Ondo rolls out physical conversion feature for stocks and tokenized assets.
According to official announcements, Ondo has announced that Ondo Stocks now supports physical conversion between underlying stocks, tokenized stocks, and ETFs, and has added a primary market issuance channel via Alpaca’s Instant Tokenization Network (ITN). Qualified institutions can use their existing stock assets to mint corresponding Ondo Stocks tokens, or redeem tokens to receive the underlying stocks. Specifically, after an institution initiates minting, its held underlying stocks are transferred via internal bookkeeping from an Alpaca account to Ondo’s Alpaca account, after which the corresponding tokens are issued on supported blockchains; the redemption process follows the reverse steps. This mechanism eliminates the need for manual approval for each transaction, making it easier for institutions to convert between traditional stock assets and on-chain tokenized assets, and is expected to boost secondary market liquidity for Ondo Stocks and narrow bid-ask spreads. Currently, this feature is only available to institutions approved by Alpaca, and is not a universal function of Ondo Stocks. Participating institutions must hold valid accounts with both Ondo and Alpaca, and complete the relevant onboarding and approval processes; the conversion function is now live on Ethereum and BNB Chain.
9 minutes ago
US crypto-related concept stocks rose broadly, with MSTR up nearly 10%.
According to market data from BIT (bit.com), US-listed cryptocurrency-related stocks rose broadly, with individual gains as follows: CRCL up 7.71%, MSTR up 9.68%, HOOD up 4.11%, BMNR up 6.6%, BNC up 8.03%, and COIN up 6.02%.
9 minutes ago
Oura seeks to raise up to $2.2 billion through an IPO.
According to Bloomberg, health and fitness smart ring maker Oura Inc. and some of its investors are seeking to raise up to $2.2 billion via an initial public offering (IPO). In a filing with the U.S. Securities and Exchange Commission (SEC) on Monday, the smart ring company plans to issue 50 million shares priced between $40 and $44 each. Oura will offer 13.5 million new shares, while its shareholders will sell 36.5 million existing shares.
9 minutes ago
Coinbase opens subscriptions for Oura IPO, allowing users to secure allocations in advance at the offering price.
According to official announcements, Coinbase has announced that eligible users can now apply to subscribe to IPO shares of smart ring maker Oura at the offering price, and secure allocations ahead of the stock’s public trading debut.
XRP piyasasında hafta sonu dikkat çekici bir hareketlilik yaşandı. XRP fiyatı yaklaşık yüzde 7 yükselerek 1,41 dolar seviyesini yeniden kazanırken, spot işlem hacmi 24 saat içerisinde yaklaşık 1,36 milyar dolara ulaştı. Toplam işlem hacmindeki güçlü artışa kısa pozisyon tasfiyeleri de eşlik etti. Ancak vadeli işlem hacminin spot piyasaya kıyasla dört kattan fazla olması ve Binance’e aktarılan yüksek miktardaki XRP, yükselişin sürdürülebilirliği konusunda yakından takip edilen riskler arasında bulunuyor.
XRP Fiyatı Yüzde 7 Yükseldi, İşlem Hacmi Patladı XRP, kripto para piyasasındaki genel toparlanmanın etkisiyle güçlü bir yükseliş kaydetti. Fiyat yaklaşık yüzde 7 artarak 1,41 dolar seviyesine ulaşırken, CoinGlass verilerine göre XRP spot işlem hacmi yaklaşık 1,36 milyar dolara çıktı. CoinMarketCap tarafından takip edilen toplam işlem hacminin ise bir günde yaklaşık yüzde 90 artarak 4,9 milyar dolara yaklaştığı belirtildi. XRP’deki yükseliş, Bitcoin’in yeniden 80.000 doların üzerine çıkması ve ardından 81.000 dolar seviyesini aşmasıyla birlikte gerçekleşti. Yükseliş sırasında yaklaşık 8,05 milyon dolarlık XRP short pozisyonu tasfiye edilirken, long pozisyonlardaki tasfiyelerin yaklaşık 2,36 milyon dolar seviyesinde kaldığı bildirildi.
İlginizi Çekebilir: Binance’ten Bu Altcoin’e Destek: Fiyat Anında Fırladı!
Spot piyasadaki güçlü hacme rağmen XRP türev piyasasında kaldıraçlı işlemlerin ağırlığı dikkat çekiyor. XRP vadeli işlem hacminin yaklaşık 5,71 milyar dolar seviyesinde olduğu ve bunun spot hacmin dört katından fazlasına karşılık geldiği belirtiliyor. Vadeli işlem hacminin spot piyasadan önemli ölçüde yüksek olması, fiyat hareketlerinin kaldıraçlı pozisyonlardan daha fazla etkilenmesine neden olabilir. Kaldıracın hızlı şekilde çözülmesi durumunda yükseliş hareketlerinde sert geri çekilmeler görülebilir. Bu nedenle 1,41 dolara gerçekleşen yükselişin yalnızca fiyat performansı değil, spot ve vadeli piyasalar arasındaki hacim dengesiyle birlikte değerlendirilmesi önem taşıyor.
XRP ETF Girişleri Güçlü, Balina Transferleri Dikkat Çekiyor XRP açısından takip edilen önemli göstergelerden biri ABD spot XRP ETF’lerine yönelik sermaye girişleri oldu. Verilen bilgilere göre toplam ETF girişleri 1,7 milyar doların üzerine çıkarak kurumsal talebin sürdüğüne işaret etti. Bunun karşısında ise Binance’e yapılan büyük XRP transferleri bulunuyor. Son 30 gün içerisinde Binance’e yaklaşık 1,6 milyar XRP aktarıldığı ve balina girişlerinin altı ayın en yüksek seviyesine ulaştığı belirtiliyor. Ancak borsalara yüksek miktarda XRP gönderilmesi, potansiyel satış baskısı nedeniyle yatırımcıların yakından takip ettiği göstergeler arasında yer alıyor.
Ripple CLO’su Stuart Alderoty ise XRP’nin hukuki durumuna ilişkin değerlendirmesinde şu ifadeyi kullandı:
“Ripple ve XRP yerleşmiş zeminde duruyor.”
XRP’nin 1,41 dolar seviyesine yükselmesinin ardından gözler kısa vadeli fiyat seviyelerine çevrildi. Spot işlem hacminin 1 milyar doların üzerinde kalması ve ETF girişlerinin devam etmesi durumunda 1,45 dolar ve ardından 1,50 dolar seviyeleri piyasanın takip ettiği bölgeler olarak öne çıkıyor. Bununla birlikte Binance’e yönelik balina transferlerinin devam etmesi ve vadeli işlem piyasasındaki yüksek kaldıraç, fiyat üzerindeki riskleri artırabilir. Özellikle spot hacmin zayıflaması durumunda hafta sonu gerçekleşen yükselişin kalıcılığı yeniden sorgulanabilir.
XRP Yükselişi Devam Edecek mi? XRP fiyatının yüzde 7 yükselerek 1,41 doları geri kazanması ve spot hacmin 1,36 milyar dolara ulaşması piyasadaki talebin güçlendiğini gösteren önemli veriler olarak öne çıkıyor. ABD spot XRP ETF’lerine 1,7 milyar doların üzerinde giriş gerçekleşmesi kurumsal talep açısından takip edilirken, Binance’e aktarılan 1,6 milyar XRP ve vadeli işlem piyasasındaki yüksek kaldıraç risk oluşturmaya devam ediyor. XRP’nin 1,45 ve 1,50 dolar seviyelerine yönelip yönelmeyeceğinde spot hacmin gücü, ETF akışları ve balina hareketleri yakından takip edilecek.
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The crypto market rallied on Monda, with Bitcoin, Ethereum and XRP continuing to rise following reports that U.S. President Donald Trump has backed off plans to launch attacks against Yemen’s Houthis. The announcement brought relief from immediate worries regarding the other U.S. military move in the Middle East. Thereafter, Houthi officials revealed that Washington had contacted the group after its advance toward the Bab el-Mandeb Strait.
Bitcoin, Ethereum, XRP Surge As US Cancels Yemen Attack The overall crypto market surge pushed the total market cap of cryptocurrencies to $2.87 trillion, up by 4.48%, in the last 24 hours, per CoinMarketCap.
Meanwhile, Bitcoin price climbed to $84,468.29, gaining 5.11% over 24 hours and 8.65% over seven days. At press time, BTC boasted a market cap of about $1.68 trillion and 24-hour trading volume of $29.02 billion.
Bitcoin price chart today. Source: TradingView Ethereum price also appreciated, trading at $2,707.70 with a 4.98% increase during the last 24 hours. Further, ETH has risen by 7.68% over the last seven days, and has a market cap of $329.49 billion and a daily volume of $15.92 billion.
Ripple’s XRP was moving even higher on a daily basis. As of writing, the XRP price traded around $1.47, up 6.77% in 24 hours and 6.64% over seven days. The total market valuation of XRP hit $92.73 billion mark. Whilst, the trading volume for XRP reached $3.77 billion.
The crypto market rally came in the wake of reports that Trump temporarily put an end to a planned U.S. strike against Iran-linked Houthi targets in Yemen after Saudi Crown Prince Mohammed bin Salman had urged Washington to act. Reports indicated U.S. military preparations had made some progress before Trump changed tacks.
Houthis Reply After Trump Calls Off Strikes Mohamed al-Bukhaiti, a member of the Houthi political bureau, noted that Washington has reached out to the group after it took control of parts of the Red Sea chokeppoint.
Hence, Yemen’s Houthis promised the U.S. that American ships would not be attacked, the official said. Al-Bukhaiti stated, “We confirmed that we are not targeting the United States, or any other nation, in the strait, with the sole exception of the Saudi enemy,”
Al-Bukhaiti stated that the situation “still the same,” according to Euronews report. He also cautioned that if other countries are to join Saudi Arabia in its campaign, the group will fight on several fronts.
He also predicted that Houthis will continue to attack Saudi Arabia until Riyadh lifts the blockade on Houthis-controlled areas and allows ships to enter Red Sea ports under the control of the group. The comments came after renewed tensions and fighting erupted near the Bab el-Mandeb strait, which provides access to the southern Red Sea port of Aden, a strategic gateway for the Red Sea states.
Though the latest news is a relief to Bitcoin and the crypto market, the tensions in Saudi Arabia could spell trouble later on, per macro experts.
Momentum shifted back into the cryptocurrency market last week, with lesser-known tokens delivering powerful returns.
Akedo Makes Heads TurnAkedo (AKE), a BNB Chain (CRYPTO: BNB) token, topped the charts after surging more than 250%. The coin surged to an all-time high of $0.1467 on Sunday but has since pulled back sharply.
AKE is the utility token of Akedo, a multi-agent AI framework designed to turn text prompts into playable video games. The token powers game creation, staking, governance and provides liquidity for new projects.
Notably, 2.11 billion AKE tokens, or 2.11% of the 100 billion total supply, are scheduled to be unlocked on Monday, according to DropsTab, potentially adding inflationary pressure.
NEAR (CRYPTO: NEAR), the token powering the AI-native blockchain, NEAR Protocol, surged more than 80% to secure the second spot. Arbitrum (CRYPTO: ARB), the native token of Ethereum’s (CRYPTO: ETH) Layer 2, rallied nearly 60%.
Privacy-based token Zcash (CRYPTO: ZEC) also extended its bull run, gaining 41% over the week.
Read Next
Hits and MissesMarket heavyweights, including Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), rose 5.5% and 6.8%, respectively, last week. Meme giant Dogecoin (CRYPTO: DOGE) rallied 6%.
It was a bittersweet week for cryptocurrencies. While the much-anticipated CLARITY Act failed to clear a key Senate vote, SEC efforts to create a regulatory pathway for trading tokenized U.S. stocks cheered the market.
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Photo: Sebastian Duda on Shutterstock.com
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The crypto market is witnessing a sudden recovery today, with Bitcoin rebounding 4% in just two hours to hit a 9-month high of $85,299. This follows the liquidation of nearly $270 million in short positions across BTC, ETH, SOL, XRP, DOGE, ZEC, HYPE, and other top altcoins in just an hour.
The global crypto market cap surged more than 2.25% to $2.87 trillion in the last 24 hours. The Crypto Market Fear & Greed Index has also improved to 70 (greed) from a neutral sentiment a week ago.
Crypto Market Recovery amid Massive Bitcoin, ETH, XRP Liquidations The crypto market saw another short liquidation-driven recovery. According to CoinGlass data, the broader market saw nearly $450 million in liquidations across BTC, Ethereum (ETH), XRP, Solana (SOL), Dogecoin (DOGE), Hyperliquid (HYPE) and SUI in the past 4 hours.
In the last 24 hours, $750 million in total crypto assets were liquidated. Almost $650 million were short liquidations, triggering bullish sentiment and recovery in the broader crypto market.
Bitcoin alone saw almost $300 million liquidated in the last 4 hours. On the other hand, ETH recorded $72 million in short liquidations, significantly lower than BTC.
BTC price has surged nearly 6% in the past 24 hours to hit a 9-month high of $85,299 today. The price is currently trading at $84,537, with a 58% increase in trading volume over the last 24 hours.
Crypto Market Short Liquidations Trigger Recovery. Source: CoinGlass
Why Are Bitcoin and Altcoins Rising Suddenly Today? As already priced-in Fed rate hike sentiment faded, hopes of an end to the US-Iran war triggered inflows into spot Bitcoin and Ethereum ETFs. Oil prices also extended their fall for the fourth straight day. Crude oil prices dropped almost 3% to $97 on Monday.
This drove BTC to close above its 50-week moving average (WMA) for the first higher high since November 2025. On-chain platform Santiment noted that this signals a bear market bottom, with rising social volume, large transactions, and derivatives open interest.
$BTC closed the week above the weekly 50 MA for the first time since the bear market began.
And now it’s working on a higher high.
A close at these levels and bear market argument is dead.
Some would say this move has already killed it.
$82,814 is broken. pic.twitter.com/f4XiymJZNZ
— The Wolf Of All Streets (@scottmelker) September 21, 2026
Galaxy Research’s Alex Thorn also flagged a bear market bottom. He claimed the 50-WMA has historically been a strong confirmation that a bear market bottom is in. BTC price rally to drive a massive recovery in the crypto market.
In addition, Bitcoin’s hashrate is rising again after ending a recent downtrend, indicating renewed miner activity. As CoinGape reported earlier, miner MARA Holdings acquired BTC for the first time in months.
Bitcoin Network True Hashrate. Source: CryptoQuant Crypto Market Recovery Sentiment Sustained The crypto market recovery began last week itself when the crypto market saw $300 million in liquidations over four hours. BTC surpassed $81,000 as US regulators SEC and CFTC advanced crypto regulatory developments.
The SEC issued its innovation exemption to grant a five-year exemption to facilitate the trading of tokenized stocks in a major move for crypto. Meanwhile, the CFTC sent crypto rules to White House for regulatory clarity as the CLARITY Act stalled in the Senate.
Veteran trader Peter Brandt also predicted a crypto market recovery and massive rally in the coming years. He also posted his BTC prediction for the first time in more than a month.
“A bear trap immediately followed by a spring board. This is not something to be taken casually. This can be powerful,” he said.
Bitcoin Price in Daily Timeframe. Source: Peter Brandt The crypto market recovery has sparked “Uptober” buzz. PlanB says this could be the last time BTC is under $100K. On-chain data remained bullish for weeks ahead. Notably, CryptoQuant’s Bull-Bear Market Cycle Indicator, used by long-term whales, showed that the broader cycle signal is bullish.
Bitcoin Bull-Bear Market Cycle Indicator. Source: CryptoQuant Also Check: Best Crypto Tools for Research and Analysis
Per official announcements, Circle has launched the Digital Asset Backed Borrowing (DABB) service for eligible Circle Mint LLC clients, with support for the Arc and Ethereum mainnets. The service allows clients to deposit BTC, mint Circle Wrapped Bitcoin (cirBTC), then borrow USDC using cirBTC as collateral via supported third-party lending markets. Borrowed funds are deposited directly into Circle Mint accounts, enabling clients to access liquidity without selling their BTC. DABB integrates BTC deposits, cirBTC minting, collateralized borrowing, and USDC settlement into a unified workflow, letting clients manage their collateral independently and add collateral or repay loans as needed. The service currently supports Morpho-related markets, with plans to expand to additional lending markets and third-party platforms going forward. Parameters including borrowing interest rates, collateral requirements, liquidation thresholds, and liquidity are set by the selected market and subject to change.
Bitcoin rises above $81,000, while NEAR jumps 23% on Zcash swap traffic. (Shaurya Malwa/CoinDesk)Summary
Bitcoin traded just above $81,000 after the Securities and Exchange Commission cleared a path for onchain trading of tokenized U.S. stocks, helping spur a short squeeze.NEAR surged about 23% as its cross-chain swap service attracted heavy ZEC trading, including a sixfold increase in daily ZEC volume routed through the platform.Asian stocks and U.S. equity futures rose after encouraging U.S.-China trade talks, while falling oil prices eased inflation concerns.Bitcoin traded just above $81,000 as of Monday Asian morning hours, up less than 1% over 24 hours and adding to the ground it has taken since the U.S. Securities and Exchange Commission cleared a path for onchain trading of tokenized U.S. stocks on Thursday, CoinDesk data show.
NEAR was the standout among the major tokens, up roughly 23% to just above $4. The move traces to NEAR Intents, a swap service built on the NEAR blockchain that lets a wallet trade one token for another across different chains without the user having to move funds between them first.
Major consumer wallets, such as ZODL and Vizor, have plugged it in to offer ZEC swaps, and daily ZEC volume routed through the service jumped sixfold in a single in the past week. NEAR has become the routing layer for one of the most heavily traded tokens on the market, and its own token has followed the traffic.
Elsewhere, ZEC gained 3% to just above $1,500 and BNB 2% to nearly $777. Ether and HYPE each picked up about 2%, while XRP, DOGE, SOL and TRX rose 1% or less.
Equities set the tone through the Asian session. MSCI's Asia Pacific gauge climbed nearly 1%, led by technology shares in South Korea and Taiwan, after U.S. officials described talks with China as "very successful" ahead of a summit between Presidents Donald Trump and Xi Jinping this week.
S&P 500 futures rose less than 1% and Nasdaq 100 contracts a little more. Brent crude fell 2% to just above $101 a barrel, its fourth straight decline, easing inflation worries and lifting Treasury futures.
Jeff Mei, chief operating officer at exchange BTSE, put the weekend’s bitcoin spike down to the SEC clearing onchain trading of tokenized U.S. stocks and the short squeeze that followed. He sees little on the calendar this week beyond remarks from Federal Reserve officials.
"I'd expect more volatility in the last few weeks leading up to that event," Mei said of the Fed's late-October meeting, which leaves more than a month of speeches and a single inflation print to shift positioning before then.
Read More: Coinbase, Robinhood, Circle could be early winners of SEC's tokenized-stock push, analysts say
12345678910The Definitive Stablecoin Landscape Series: Asia Pacific
The Definitive Stablecoin Landscape Series: Asia Pacific
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Sep 15, 2026
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Bitcoin approached $84,000 on Monday, rising nearly 2% in the past 24 hours and maintaining momentum from late last week, according to CoinDesk data. The gains reflected a broader strength across major cryptocurrencies, with several large-cap tokens rallying alongside traditional risk assets.
Gains led by Monero, Dogecoin, and XRPAmong leading digital assets, Monero (XMR) delivered the most notable performance, jumping 13% to nearly $588 before trimming 4% of that gain within the hour. Dogecoin gained 5%, while XRP moved up 4% to cross $1.45. Ethereum, Solana, and HYPE each climbed approximately 3%. Binance Coin (BNB) and Zcash (ZEC) advanced 2%.
Tron (TRX) lagged behind, posting an increase of less than 1% over the same period. The upward momentum in the crypto sector mirrored the strength seen across other financial markets.
Token24h ChangePriceBitcoin (BTC)+2%~$84,000Monero (XMR)+13%~$588Dogecoin (DOGE)+5%N/AXRP+4%>$1.45Ethereum (ETH)+3%N/ASolana (SOL)+3%N/AHYPE+3%N/ABNB+2%N/AZcash (ZEC)+2%N/ATron (TRX)N/AMonero is a privacy-focused cryptocurrency known for its advanced cryptographic features that enable confidential transactions. XMR prioritizes anonymity for both senders and receivers, distinguishing it from many other leading crypto assets.
Mini dictionary: Monero (XMR), a digital currency launched in 2014, employs privacy technologies such as ring signatures and stealth addresses to obscure transaction details and enhance user confidentiality.
Traditional assets follow risk-on sentimentBroader markets exhibited similar optimism. S&P 500 futures rose more than 0.5%, and Nasdaq 100 contracts climbed nearly 1%, led by strength in technology stocks globally. Treasury securities gained across maturities, with European bonds outperforming and the dollar remaining little changed.
The upward move in cryptocurrencies and equities coincided with continued declines in oil prices, providing additional support to risk assets.
Oil prices drop further amid diplomatic talksBrent crude oil registered its fourth consecutive daily decline, marking its longest slump in three months. Analysts pointed to ongoing diplomatic efforts aimed at reducing tensions between the United States and Iran and facilitating Middle East crude shipments. The fall in oil prices played a role in moderating inflation fears, a factor that has influenced the Federal Reserve’s cautious monetary policy stance this year.
US President Donald Trump indicated in an interview with Fox News that he would “probably” consider meeting Iranian President Masoud Pezeshkian during the upcoming United Nations General Assembly.
Diplomatic initiatives to lower Middle East tensions and ensure steady oil supplies have contributed to the extended decline in Brent oil prices and helped ease inflation concerns in financial markets.
Investors were also adjusting positions ahead of a scheduled summit between President Trump and Chinese President Xi Jinping later in the week.
Key Highlights Bitcoin sustained levels above $81,000 following a continued recovery throughout Asian market hours. NEAR Protocol rallied approximately 23% driven by increasing Zcash swap volume through NEAR Intents platform. U.S. spot Bitcoin ETFs posted $6.2 million in net positive flows for the week following a robust $433 million surge on Friday. Fidelity’s Bitcoin ETF captured $310.7 million of Friday’s total inflow volume. Ether ETFs experienced $140 million in weekly outflows, breaking a four-week positive flow trend. Bitcoin maintained its position above $81,000 on Monday as digital asset markets extended their recovery while Asian equity indices posted gains.
Bitcoin (BTC) Price The leading cryptocurrency registered a modest increase of under 1% across the 24-hour period, building on momentum that emerged following U.S. regulatory approval for certain onchain tokenized stock trading activities.
Market analysts also highlighted short position liquidations as a contributing element to Bitcoin’s weekend price movement.
Bitcoin Sustains $81,000 Support Level Bitcoin maintained trading levels just above $81,000 during Asian market sessions as market participants responded to improved risk appetite throughout global financial markets.
Asian stock markets rallied following statements from U.S. officials characterizing trade negotiations with China as constructive, prior to a scheduled summit between President Donald Trump and President Xi Jinping.
U.S. equity futures also demonstrated upward momentum, with Nasdaq 100 futures showing stronger performance relative to S&P 500 contracts.
Brent crude declined approximately 2% to settle just above $101 per barrel, representing its fourth straight session of losses.
The pullback in oil prices provided some relief regarding inflation pressures, while Treasury futures similarly advanced.
BTSE Chief Operating Officer Jeff Mei attributed Bitcoin’s weekend rally to the SEC’s regulatory decision on tokenized securities and forced liquidation of short positions.
Market focus is now shifting toward upcoming commentary from Federal Reserve officials in advance of the central bank’s policy meeting scheduled for late October.
NEAR Protocol Rallies on Zcash Integration Momentum NEAR Protocol emerged as one of the top-performing major digital assets, climbing approximately 23% to reach levels just above $4.
The significant price appreciation came alongside elevated activity on NEAR Intents, a cross-chain service enabling users to exchange assets across multiple blockchain networks without requiring manual fund transfers between platforms.
Several wallet providers, including ZODL and Vizor, have incorporated the service to facilitate Zcash trading functionality.
Daily Zcash transaction volume processed through NEAR Intents expanded roughly six times over the previous week.
Zcash itself appreciated around 3% to trade above $1,500.
BNB advanced approximately 2% to approach $777, while Ether and Hyperliquid similarly posted gains near 2%.
XRP, Dogecoin, Solana and Tron registered more modest increases of approximately 1% or less.
Bitcoin ETF Investment Flows Rebound on Friday U.S. spot Bitcoin exchange-traded funds concluded the previous week with $6.2 million in cumulative net inflows.
Spot Bitcoin ETFs See $6.21 Million in Weekly Net Inflows, While Spot Ethereum ETFs Post $140 Million in Net Outflows
From September 14 to September 18 (ET), spot Bitcoin ETFs recorded $6.21 million in net inflows, led by BlackRock’s IBIT with $121 million. Spot Ethereum ETFs… pic.twitter.com/Va0TqUYhFY
— Wu Blockchain (@WuBlockchain) September 21, 2026
The weekly figure was salvaged by a substantial $433 million of inflows recorded on Friday, representing the strongest single-day performance since September 3.
Fidelity’s Bitcoin ETF captured $310.7 million of Friday’s aggregate inflows, while BlackRock’s product attracted an additional $108.4 million.
Earlier in the trading week, these investment vehicles had experienced significant redemptions, including $450.3 million on Tuesday and $296 million on Wednesday.
Bitcoin ETFs continue to show approximately $1.45 billion in net outflows for the current year, though cumulative inflows since product launches total $55.16 billion.
Ether ETFs exhibited contrasting flow patterns.
These products registered approximately $140 million in weekly net outflows, terminating a four-week streak of positive flows that had collectively accumulated $1.94 billion.
Bitcoin begins the new trading week maintaining levels above $81,000 as market participants track ETF demand dynamics, Federal Reserve policy signals and whether the strength observed in NEAR and alternative cryptocurrencies persists.
The global crypto market has started the week on a strong note, with total market cap rising around 5% to $2.93 trillion. Bitcoin, Ethereum, XRP, and Solana are all posting sharp gains as buying pressure returns.
Overall sentiment is also strong, with the Crypto Fear & Greed Index at 76, showing high risk greed among traders.
So, why is the crypto market rallying today?
Oil Prices Slide as Trump Calls Off Houthi StrikesOne of the main reasons behind today’s crypto rally is the sharp drop in oil prices. Brent crude fell 2.80% to around $101 a barrel, easing fears of higher inflation pressure.
The decline came after U.S. President Donald Trump called off planned strikes on Houthi positions in Yemen at the last minute. The Pentagon had earlier prepared for the operation after a request from the Saudi crown prince, but the strikes were cancelled before they began.
Trump decided not to launch U.S. strikes on the Houthis in Yemen, reversing course after the Pentagon had already prepared for the operation.
After Saudi Crown Prince Mohammed bin Salman urged him to intervene, Trump ordered the Pentagon to prepare airstrikes. But by Sunday, he… pic.twitter.com/1LqNwSzTwS
— Clash Report (@clashreport) September 21, 2026 Following the decision, Yemen’s Houthis said they would not attack U.S. vessels in the Red Sea. The statement further reduced concerns about a wider conflict that could disrupt oil supplies.
Short Liquidations Add Fuel to the Crypto RallyAnother major reason behind today’s crypto rally is the wave of short liquidations. Over the past 24 hours, 115,490 traders were liquidated, with total liquidations reaching $769.80 million. Short positions accounted for an 85% share of the losses, around $647 million.
Bitcoin led the liquidations with $421.5 million, while Ethereum followed with $180.31 million. In the latest hour alone, liquidations reached $634.62 million, with about 84% coming from short positions.
Bitcoin, Ethereum, XRP and Solana SurgeFollowing the surge, Bitcoin climbed to $85,000, its highest level since January, gaining 5.57%.
Ethereum also jumped 5.80% to $2,720, while XRP surged 8.58% to $1.49. Solana followed with a 7.55% gain, reaching $116.26.
Are Altcoins Outperforming Bitcoin?Bitcoin dominance has risen slightly to 58.94%, while the CMC Altcoin Season Index stands at 51/100. The index has climbed 35% over the past week, showing stronger interest in altcoins, although it remains below 75.
As Bitcoin led, capital rotated into higher-beta altcoins. Tokens like NEAR Protocol have gained around 20%, while TAO, SUI, AVAX, HBAR, and ADA have all risen more than 10%.
The rally now faces another test with the U.S. PCE inflation report due September 26. Continued weakness in oil prices could support crypto if it helps ease inflation concerns.
Story Ends Here
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Bitcoin (BTC) briefly crossed $84,000 on September 21, its first trip to that level since January 31. The move liquidated $262.30 million of short positions in a single hour, according to CoinGlass.
The asset changed hands at $83,869 at the time of writing, a gain of 3.18% on the day.
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Bitcoin (BTC) Price Performance. Source: TradingViewBitcoin Rallies to Eight-Month High, Wiping Out ShortsCoinGlass recorded $271.83 million of total liquidations across the crypto market in the hour. Long positions accounted for only $9.53 million of that.
Bitcoin carried $218.55 million of the hourly figure. Ethereum (ETH) followed with $26.47 million, while Solana (SOL) added $8.92 million.
The pressure held over longer windows. Liquidations reached $433.67 million over 12 hours and $599.15 million over 24 hours, hitting 127,304 traders. The largest single order was a Binance Bitcoin perpetual worth $11.29 million.
Crypto Liquidations. Source: CoinGlassThe rally reached the wider market. XRP rose 7.04% over 24 hours, and Solana gained 6.67%, while Zcash (ZEC) led the top 10 with a 33.50% weekly gain.
The milestone came after Bitcoin recorded its first weekly close above a 50-week moving average in 45 weeks. The asset ended the week of September 20 at $81,159, around 3% above the average near $78,786.
Alex Thorn, head of firmwide research at Galaxy, reads the close as a key signal that the bear market low is in.
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Ark Invest CEO Cathie Wood on Saturday rebutted the argument that Bitcoin (CRYPTO: BTC) is an outdated and “boring” store of value.
‘No Longer Capturing the Public’s Attention’In an X post, Venture capitalist Jason Calacanis argued that 17 years after its creation, Bitcoin lacks strong utility in transactions or smart contracts and is “no longer capturing the public’s imagination.”
“It’s a boring store of value, trusted as that—which is its biggest value,” he added.
Calacanis posted Bitcoin’s 1-year price chart, showing a 30% decline with a recent rebound, and said, “The dead cat continues to bounce.”
Wood’s DefenseWood, a long-time Bitcoin advocate, was far from convinced.
“Bitcoin is not a dead cat, Jason! It has many lives ahead,” the veteran investor stated.
Wood also pointed to the latest episode of the Ark Invest-hosted “Bitcoin Brainstorm” podcast, where she discussed the convergence of AI and Bitcoin and noted that advanced AI models can be a double-edged sword for the cryptocurrency.
Wood has previously framed Bitcoin as a "wealth insurance policy" that AI-driven growth investments cannot offer.
Notably, Ark Invest cashed out $40 million worth of ARK 21Shares Bitcoin ETF (BATS: ARKB) shares shortly before the CLARITY Act’s legislative defeat last week.
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Saylor, Armstrong Also Push BackWood wasn’t the only one opposing Calacanis’ arguments. Strategy Inc. (NASDAQ:MSTR) founder Michael Saylor emphasized Bitcoin’s evolution since 2011 into an asset with a market capitalization of more than $1.6 trillion.
“Preserving wealth across generations is a bigger ambition than entertaining a dinner party,” Saylor added.
Coinbase Global Inc. (NASDAQ:CEO) CEO Brian Armstrong deemed Bitcoin as “Digital Gold,” which is here to stay.
Price Action: At the time of writing, BTC was exchanging hands at $81,562, up 1.40% in the last 24 hours, according to data from Benzinga Pro.
Bitcoin has managed to reclaim one of its most closely watched long-term technical levels after spending nearly a year below it.
The largest cryptocurrency closed the week ending Sept. 20 at $81,159. It has now surged above its 50-week moving average of $78,786, according to a new chart shared by Galaxy Research.
This is Bitcoin's first weekly close above the indicator in 45 weeks. The previous one occurred on Nov. 9, 2025. This happened shortly after Bitcoin reached its current all-time high above $126,000 in October.
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Historically, reclaiming the 50-week moving average has been viewed as rather strong confirmation that a Bitcoin bear-market bottom might be in.
Why the 50-week moving average mattersThe 50-week moving average smooths out roughly a year of Bitcoin's weekly closing prices.
During sustained bull markets, Bitcoin has generally remained above the level (and the opposite is true during bear markets).
Galaxy Research has described the 50-week average as a "ceiling" during Bitcoin's major downturns. Losing this level usually triggers a substantial correction.
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The latest close is notable because Bitcoin had remained below the line on every weekly close since November.
At $81,159, Sunday's closing price was approximately 3% above the $78,786 moving average, meaning that the gap is not marginal.
Bitcoin is also substantially above its much slower 200-week moving average, which currently sits at $65,487.
One major exception Among five completed Bitcoin bear markets in which BTC lost the 50-week moving average, four saw their ultimate bear-market low occur before the first successful weekly reclaim of the indicator.
Galaxy also identified 13 weekly crossings back above the 50-week average during completed bear markets. Only two were subsequently followed by a lower price low.
However, during the 2021-2022 downturn, Bitcoin temporarily reclaimed the 50-week moving average twice, but neither breakout marked the end of the bear market.
BTC remains roughly 36% below the record of about $126,000 reached on Oct. 6, 2025.
If Bitcoin can remain above the roughly $79,000 area while the 50-week moving average continues to flatten or decline, the level could potentially switch from resistance into support.
Bitcoin climbed back above $81,000 over the weekend, trading at $81,237 as of Monday, up 5.6% over the past seven days and reversing the dip below $76,000 that followed last Wednesday's Fed rate hike, according to CoinGecko. The rebound pulled the rest of the market with it: total crypto market capitalization reclaimed $2.8 trillion over the weekend and briefly neared $2.9 trillion, with altcoins alone climbing from $1.17 trillion to a peak of $1.23 trillion, according to Coinmarketcap data.
Crypto-linked equities had their best session in months on Friday. Coinbase (COIN) rose 11.7% to $194.25, Strategy (MSTR) jumped 16.4% to $153.92, Robinhood (HOOD) gained 9.1% to $119.82, and Circle (CRCL) added 7.9% to $91.78, according to Yahoo Finance. The moves followed Wall Street's read of the SEC's tokenized-stock exemption issued last week: Goldman Sachs and Citizens analysts named Coinbase, Robinhood and Circle as early beneficiaries, pointing to Coinbase's existing tokenized-equity product and institutional custody business, Robinhood's plan to add share redemption and voting rights to its offshore tokenized products, and Circle's USDC positioned as a settlement currency for onchain markets. Robinhood also drew a wave of price-target increases, including Goldman at $142, StoneX at $170 and Citizens at $165, tied to both the tokenization opportunity and stronger deposit and subscriber growth.
Beyond Bitcoin, gains concentrated in a handful of tokens with specific catalysts rather than a uniform rally. Hyperliquid's HYPE hit a fresh all-time high above $94 after Hyperliquid Strategies, an affiliated buyer, accumulated 4.28 million HYPE tokens, worth roughly $385 million, over three weeks, according to BigGo Finance's reporting. That purchase equaled about 1.4% of HYPE's circulating supply and roughly 15% of recent trading volume, a concentration analyst Shaunda Devens flagged as a risk given that Hyperliquid's revenues have fallen by roughly half since last August even as HYPE's price has nearly doubled over the same period. NEAR Protocol surged 52.6% over the week to near $3.50 after Hyperliquid launched confidential perpetual futures on NEAR on September 17, letting traders open positions without publicly linking them to their accounts. Zcash extended its rally from the previous week, adding another 36% to a multi-year high near $1,590 on continued momentum from Paradigm co-founder Matt Huang's disclosure of a ZEC position days earlier, while Injective gained after 21Shares filed for a spot INJ ETF.
Traders pointed to a mix of relief and rotation to explain the breadth of the move. Bitcoin's rebound came alongside a breakout in the ETH/BTC trading pair, a ratio some analysts treat as an early signal of altseason, and the Crypto Fear and Greed Index has held in greed territory for its longest stretch this year. Some commentary framed Bitcoin's climb in macro terms too, tying it to US federal debt crossing $40 trillion and Bitcoin's fixed 21-million-coin supply as a hedge narrative gaining renewed traction, according to Invezz's market coverage.
The rally still has to contend with the same forces that briefly knocked Bitcoin below $76,000 the week before: the 10-year Treasury yield has drifted back toward 5%, and futures markets are pricing in a further 75 basis points of Fed tightening over the next six months, with Goldman Sachs projecting another hike as soon as October.
TLDR: The Senate vote fell short of the 60 votes needed, but the CLARITY Act is not formally rejected The SEC and CFTC plan to act under existing authority, and Cooper expects rules in six-plus months. Agency rules lack the permanence of legislation and remain open to court challenges and reversals. Bitcoin’s commodity status and spot ETF access limit its direct exposure and may lift BTC dominance. The CLARITY Act failed to advance in the U.S. Senate on September 15. U.S. crypto regulation now shifts from Congress toward federal agencies. The procedural vote fell short of the 60 votes required.
It was not a final rejection of the bill, and revisions and another vote remain possible. However, passage this year looks increasingly difficult.
Disputes over political conflicts of interest, stablecoin rewards, and investor protection stalled the effort. Bitcoin’s direct exposure appears limited, according to XWIN Japan.
Agencies Take the Lead Under Existing Authority Attention now turns to the SEC and CFTC and what they can do under existing authority. The CLARITY Act stall leaves the agencies as the main path for near-term rules.
The setback delays legislation, but it does not end U.S. crypto rulemaking. Congress leaves in early October, so little time remains for another vote.
SEC Chairman Paul Atkins said the agency will act within its statutory authority, with or without legislation. CFTC Chairman Michael Selig said the agency is ready to ship its rules. Both statements came after the CLARITY Act vote.
The SEC proposed Regulation Crypto Assets in August. The two agencies also coordinated through Project Crypto, including a joint interpretation in March. Charley Cooper of Ava Labs expects rules to need six-plus months before taking shape.
Industry Reaction and Limits of Agency Rules Agency action does not carry the same permanence as legislation. Atkins acknowledged this limit in August. He called legislation indispensable for rules that a future regulator cannot easily reverse. Such rules also remain open to court challenges and policy reversals.
Cooper spoke at the Avalanche Summit and cited yield-bearing stablecoins as one issue. He also pointed to the difficulty of moving partisan bills in a midterm year. He said the result was not a surprise. Still, he said the industry should not wait for permission.
Panelists at the Avalanche Summit called the CLARITY Act vote a setback, not a terminal failure. They represented the Digital Chamber, Blockchain Association, Crypto Council for Innovation, and DeFi Education Fund.
Many policy issues had been settled with congressional staff before political disputes took over in the final hours. Ethics conflicts remain one obstacle, and developer protections under the Blockchain Regulatory Certainty Act also became contentious.
XWIN Japan said Bitcoin’s commodity treatment and established spot ETF access offer more clarity. Many altcoins and DeFi services operate with less certainty by comparison.
Prolonged uncertainty could reinforce Bitcoin’s relative appeal, the analysis noted. That shift could lift BTC dominance. Meanwhile, the lack of legislation may slow real-world asset tokenization and other institutional projects. The work will continue either way.
Bitcoin’s decline also coincided with monetary tightening. Attributing it solely to the CLARITY Act would be misleading, the analysis said.
Near-term direction will likely depend on ETF flows, Fed expectations, Treasury yields, the dollar, and BTC exchange inflows.
Arthur Hayes, the BitMEX co-founder who now leads Flop Labs and serves as chief investment officer at Maelstrom, used Bitcoin’s rebound above $81,000 to argue that Washington’s latest market-structure bill was never the real catalyst.
In his telling, crypto did not need the Digital Asset Market CLARITY Act.
It needed a Federal Reserve rate increase that, he says, puts more cash in the hands of wealthy investors who then buy financial assets.
The timing of that claim mattered.
On September 15, 2026, the Senate failed to invoke cloture on H.R. 3633, the CLARITY Act, by a 49-50 vote.
The motion required 60 votes, so the chamber never began formal debate. Industry executives treated the result as a serious setback after years of lobbying for a federal framework that would split oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission(CFTC).
Bitcoin slipped toward the mid-$75,000s after the vote.
A day later, the Federal Open Market Committee (FOMC) raised its policy range by 25 basis points to 3.75%–4.00%, the first hike since 2023.
Officials cited still-elevated inflation and said the move would help return prices toward the 2% target.
Conventional market logic holds that higher rates should pressure assets that pay no yield.
Hayes flipped that script.
He argued that higher policy rates also lift income on reserves and other interest-bearing holdings, and that affluent owners recycle some of that income into stocks, Bitcoin, and other financial claims.
See we didn’t need some nonsense piece of crypto regulation, Clarity Act, just a rate hike that puts more dollars in the hands of rich people to consume more financial assets.
— Arthur Hayes (@CryptoHayes) September 18, 2026
By Saturday, Bitcoin was trading near $81,300 after climbing more than 3% and squeezing short positions.
Data cited by market reports showed roughly $192 million in leveraged crypto liquidations in a short window, most of it shorts.
Forced buying amplified the rebound.
Hayes treated that price action as evidence that liquidity, not a stalled bill, was doing the work.
Not everyone agreed that the hike would matter much.
Grayscale research head Zach Pandl called it a mid-cycle adjustment rather than a regime change.
He pointed to the one-off 1997 tightening that failed to end the Nasdaq bull market and said one or two increases in 2026 were unlikely to reshape capital allocation.
Pandl did note a narrower effect: higher cash rates can lift revenues for stablecoin issuers and make tokenized cash products more attractive.
The CLARITY Act is not formally dead. It remains on the calendar, and supporters could try again if they assemble a broader coalition. The calendar, however, is tight.
If Congress does not finish the process this year, the bill would likely have to start over in 2027.
Hayes has long argued that Bitcoin’s core value comes from sitting outside the regulatory apparatus and that price is driven mainly by the stock of fiat money.
In that framework, a failed market-structure vote is secondary. The immediate lesson he drew from this week was simpler: Bitcoin recovered after legislation stalled and after the Fed tightened, not because of a new rulebook.
Strategy’s latest surge shows a sharp shift in market activity around the stock. Strategy [MSTR] opened at $136.58 before climbing steadily through the session, eventually closing at $153.92.
This resulted in a 16.39% gain based on the 54.67 million shares that were traded against its average of 20-24 million shares per day.
While both the magnitude of the price movement and the increased number of shares traded are indicative of significant activity relative to normal levels of trade volume. Still, this does not indicate that the price has been driven solely by low volume and thin liquidity.
Source: Stock Analysis Further, MSTR retained the majority of those gains until the end of the trading day. This indicated that there was enough purchasing interest present to maintain a tight spread throughout much of the day.
For Strategy to continue to generate further momentum, it would need to demonstrate sustained interest after the excessive volume spike experienced recently.
Bitcoin drives MSTR’s value Behind MSTR’s rising equity value is a Bitcoin treasury worth roughly $69 billion. Strategy holds around 845,000 BTC, making Bitcoin’s price a key driver of its valuation.
Therefore, Strategy’s performance is largely driven by the price of Bitcoin [BTC]. When the price of Bitcoin goes up, so does the value of the Bitcoin treasury, which drives up the price of shares in MSTR.
Source: Mnav.com Yet MSTR’s market value remains around $59 billion, below the estimated value of its Bitcoin holdings. This keeps its mNAV near parity, rather than at the large premiums seen in previous cycles.
Meanwhile, MSTR’s 16.39% daily gain shows how highly correlated MSTR may be to the movements of BTC. The way in which strategy holds Bitcoin creates an opportunity for increased exposure to BTC upswings.
However, the same structure makes MSTR more exposed to downswings in the price of Bitcoin.
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.
Bitcoin treasury founder and pioneer Michael Saylor has said that the blockage of the Clarity Act is actually good for the digital asset space.
Writing on X on Saturday, the Strategy founder and chair said that legislation can make restrictions permanent just as easily as rights.
Lawmakers this week blocked long-awaited crypto legislation, the Clarity Act, which aims to formally divide oversight between regulators. The digital asset industry had long called for such rules to be in place.
Despite the hurdle, regulators like the Securities and Exchange Commission and the Commodity Futures Trading Commission are pushing ahead with rulemaking.
“We have an administration willing to modernize financial markets. We should use the next two years to put better financial products into people’s hands,” Saylor wrote.
He continued: “Let the Digital Assets industry innovate rapidly in a free market and create the greatest possible value for the U.S. and global economy.”
Saylor, whose company Strategy started buying bitcoin in 2020, argued that watchdogs going ahead to make rules anyway — like the SEC’s conditional relief for onchain trading of certain tokenized stocks and the CFTC Chairman stated willingness to act without the bill — would give crypto companies the regulation they need.
Saylor went on to argue that proposals in the act — such as limits on paying customers for holding payment stablecoins — wouldn’t benefit the crypto space anyway.
Senators on Tuesday mostly voted against advancing the legislation — 49 for and 50 against — that the digital asset industry has long called for.
The bill aims to formally divide oversight between regulators, distinguishing which digital assets are securities, commodities or stablecoins.
President Donald Trump last month urged lawmakers to pass it, helping spur a bitcoin rally. But Republicans warned for months that Democrats were deliberately holding it back.
Crypto industry bigwigs had long called for rules to be in place after regulators during the Biden Administration penalized companies in the digital asset space with fines for allegedly selling unregistered securities.
Mathew Di Salvo
Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.
Galaxy Research Head Alex Thorn wrote in a post that Bitcoin's weekly closing price has reclaimed its 50-week moving average (50W MA) for the first time in 45 weeks. Thorn noted that historically, Bitcoin reclaiming the 50W MA is often regarded as a key confirmation signal that a bear market bottom has formed. Currently, BTC has risen approximately 29% over the past 35 days.
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China puts the brakes on humanoid robot IPOs, with revenues from data collection centers facing key scrutiny.
Insight Beating AI Flash News: China is tightening IPOs for humanoid robot companies. Reuters, citing multiple sources familiar with the matter, reports that regulators have used informal "window guidance" to slow the listing process of some firms and raise review thresholds. Some sources say relevant IPOs have effectively been suspended, while others stress this is not an official ban, only a tightening of oversight for the sector. The China Securities Regulatory Commission (CSRC) did not respond to a request for comment. Regulators are zeroing in on the revenue quality of robot companies. Some firms have secured large orders via data collection centers and joint ventures backed by local governments, with local authorities even covering 80% to 90% of initial investment in some projects. Regulators are probing whether these revenues come from genuine independent customer demand or rely mainly on continuous funding from local projects. A person close to robot industry investors estimates that excluding revenue from data collection centers, the valuations of some robot companies could fall by 60% to 70%. Regulators now prioritize whether robots are actually deployed in factories, whether there are sustainable orders, and whether revenue is recurring. The sector has faced warnings earlier: Unitree Robotics saw its stock surge over 5 times on its debut, before dropping 55% from its peak. Mech-Mind CEO Shao Tianlan publicly questioned this month that some embodied intelligence firms are generating unsustainable revenue through data collection centers and related-party transactions, naming Galaxy General; Galaxy General later denied the allegations.
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China puts the brakes on humanoid robot IPOs, with revenues from data collection centers facing key scrutiny.
Insight Beating AI Flash News: China is tightening IPOs for humanoid robot companies. Reuters, citing multiple sources familiar with the matter, reports that regulators have used informal "window guidance" to slow the listing process of some firms and raise review thresholds. Some sources say relevant IPOs have effectively been suspended, while others stress this is not an official ban, only a tightening of oversight for the sector. The China Securities Regulatory Commission (CSRC) did not respond to a request for comment. Regulators are zeroing in on the revenue quality of robot companies. Some firms have secured large orders via data collection centers and joint ventures backed by local governments, with local authorities even covering 80% to 90% of initial investment in some projects. Regulators are probing whether these revenues come from genuine independent customer demand or rely mainly on continuous funding from local projects. A person close to robot industry investors estimates that excluding revenue from data collection centers, the valuations of some robot companies could fall by 60% to 70%. Regulators now prioritize whether robots are actually deployed in factories, whether there are sustainable orders, and whether revenue is recurring. The sector has faced warnings earlier: Unitree Robotics saw its stock surge over 5 times on its debut, before dropping 55% from its peak. Mech-Mind CEO Shao Tianlan publicly questioned this month that some embodied intelligence firms are generating unsustainable revenue through data collection centers and related-party transactions, naming Galaxy General; Galaxy General later denied the allegations.
19 minutes ago
Jinse Finance partners with Hyperliquid’s Chinese channel to host a trading rant event, inviting participants to share trading experiences and split a 28.88 HYPE prize pool.
BlockBeats and Hyperliquid Chinese Channel officially launch the HYPE Community Rant Contest. The 7-day event runs from September 21 to September 28, where users can share their trading stories to win HYPE rewards. Eligible topics include: Who missed out on the Robinhood $PONS wealth train? Who got liquidated while holding positions when crude oil was more volatile than BTC and ETH in the middle of the night? Last year at this time, $ZEC was only 40 U… Did you catch the privacy narrative? $HYPE and $Lit hit new highs—are you still holding $Aster? The event offers three tiers of rewards, with the top prize being 9.99 HYPE. During the event, users must quote the event’s promotional content, post original topic tweets, and follow the Hyperliquid Chinese Channel. The event is exclusively sponsored by ecosystem project Aqua, with support from partners TradingBeats, CoinAnk, HyperEVM Chinese Station, and Hyperliquid Madhouse.
19 minutes ago
Fraud-related FUD surrounding Kalshi has spilled over to the prediction market: 61% of its bets are multi-event parlay wagers, and its actual trading volume is 14 times lower than its reported figures.
Recently, Kalshi’s crypto perpetual contract trading data has faced widespread skepticism from the community. The controversy began with crypto perpetual contracts: a trader noted that ETH perpetual open interest is only around millions of U.S. dollars, yet daily trading volume reaches hundreds of millions of dollars, with unusually high turnover. Kalshi’s head of crypto business, IcoBeast, responded by addressing the perpetual contracts and its crypto prediction markets separately, stating that prediction markets have no equivalent market maker rebates and their statistical methodology is comparable to industry peers. However, community discussions did not stop at perpetual contracts; suspicions of fraud spread to Kalshi’s core prediction market business. Prominent prediction market trader @retardmode posted that roughly 61% of Kalshi’s disclosed trading volume comes from "multi-event parlay bets" (called "串关" in Chinese), which bundle the outcomes of multiple events into a single ticket that requires all selections to be correct to win. The platform does not calculate volume based on users’ actual wagers, but instead uses a $1 par value per contract. For example, a user spending $1 on a parlay ticket that pays out $14.10 if all selections are correct will be recorded as $14.10 in trading volume. Nearly half of these parlay bets involve 11 or more events, resulting in extremely low win probabilities. Using this methodology, Kalshi’s actual trading volume yesterday was around $136 million, while its publicly disclosed figure was $1.91 billion. Top Polymarket trader @CarOnPolymarket further estimated that the actual trading volume of Kalshi’s parlay bets may only be roughly 7.1% of its disclosed parlay bet amount. Extrapolated monthly, this could create an extreme gap of approximately $4 billion in actual volume versus $57 billion in reported figures.
19 minutes ago
Crypto media Jinse Finance has partnered with Hyperliquid's Chinese channel to launch a trading rant event, where participants can share their trading experiences to split a prize pool of 28.88 HYPE tokens.
BlockBeats and Hyperliquid Chinese Channel officially launch the HYPE Community Rant Session. The 7-day event runs from September 21 to September 28, where users can win HYPE rewards by sharing their trading stories. Eligible topics include: - Who missed out on Robinhood’s $PONS "wealth train"? - Who got liquidated while holding positions when crude oil was more volatile than BTC and ETH in the middle of the night? - Back this time last year, $ZEC was only $40... Did you catch the privacy narrative? - $HYPE and $LIT hit new highs—are you still holding $ASTER? The event has three reward tiers, with the top prize being 9.99 HYPE. To participate, users must quote the event’s promotional content, post original topic tweets, and follow the Hyperliquid Chinese Channel. The event is exclusively sponsored by ecosystem project Aqua, and supported by partners TradingBeats, CoinAnk, HyperEVM Chinese Station, and Hyperliquid Madhouse.
19 minutes ago
GPT-6 Astra solves Liouville's version of the Goldbach conjecture, with independent verification and approval by Lean.
Insight Beating AI Flash News: Anonymous math community account Captain Sude has released a new proof discovered by GPT-6 Astra, solving the Liouville version of the Goldbach problem. This problem relaxes the "two primes" condition in the classic Goldbach conjecture to "two integers with an odd total number of prime factors". Previously, Durham University mathematician Alexander P. Mangerel could only prove this under the assumptions that the Generalized Riemann Hypothesis holds and the even number is sufficiently large. Astra has now removed both constraints, proving that all even numbers greater than 2 satisfy the condition. The core approach is to first assume that a given even number cannot be split in this way, then derive contradictory results step by step. The full proof has been written in Lean 4. The project compiles successfully, and independent audit repositories have successfully reproduced the result, with no `sorry` statements or additional mathematical axioms found. The classic Goldbach conjecture itself remains unsolved, as the two addends here can still be composite numbers.
19 minutes ago
Samsung Electronics' shares surged 5%, marking their largest single-day gain in two weeks.
According to Bitget market data, Samsung Electronics’ stock price surged 5%, marking its largest single-day gain in two weeks and leading the Korea Composite Index. Note: Samsung Electronics’ dividend equity registration date is September 30.
The cryptocurrency market continues its recovery, with Strategy — the world’s largest corporate Bitcoin treasury firm — now seeing its unrealized profit on Bitcoin holdings expand to $5.02 billion, after previously posting an unrealized loss of $10 billion. Strategy currently holds 845,000 BTC and $6.4 billion in reserve assets.
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China puts the brakes on humanoid robot IPOs, with revenues from data collection centers facing key scrutiny.
Insight Beating AI Flash News: China is tightening IPOs for humanoid robot companies. Reuters, citing multiple sources familiar with the matter, reports that regulators have used informal "window guidance" to slow the listing process of some firms and raise review thresholds. Some sources say relevant IPOs have effectively been suspended, while others stress this is not an official ban, only a tightening of oversight for the sector. The China Securities Regulatory Commission (CSRC) did not respond to a request for comment. Regulators are zeroing in on the revenue quality of robot companies. Some firms have secured large orders via data collection centers and joint ventures backed by local governments, with local authorities even covering 80% to 90% of initial investment in some projects. Regulators are probing whether these revenues come from genuine independent customer demand or rely mainly on continuous funding from local projects. A person close to robot industry investors estimates that excluding revenue from data collection centers, the valuations of some robot companies could fall by 60% to 70%. Regulators now prioritize whether robots are actually deployed in factories, whether there are sustainable orders, and whether revenue is recurring. The sector has faced warnings earlier: Unitree Robotics saw its stock surge over 5 times on its debut, before dropping 55% from its peak. Mech-Mind CEO Shao Tianlan publicly questioned this month that some embodied intelligence firms are generating unsustainable revenue through data collection centers and related-party transactions, naming Galaxy General; Galaxy General later denied the allegations.
19 minutes ago
Jinse Finance partners with Hyperliquid’s Chinese channel to host a trading rant event, inviting participants to share trading experiences and split a 28.88 HYPE prize pool.
BlockBeats and Hyperliquid Chinese Channel officially launch the HYPE Community Rant Contest. The 7-day event runs from September 21 to September 28, where users can share their trading stories to win HYPE rewards. Eligible topics include: Who missed out on the Robinhood $PONS wealth train? Who got liquidated while holding positions when crude oil was more volatile than BTC and ETH in the middle of the night? Last year at this time, $ZEC was only 40 U… Did you catch the privacy narrative? $HYPE and $Lit hit new highs—are you still holding $Aster? The event offers three tiers of rewards, with the top prize being 9.99 HYPE. During the event, users must quote the event’s promotional content, post original topic tweets, and follow the Hyperliquid Chinese Channel. The event is exclusively sponsored by ecosystem project Aqua, with support from partners TradingBeats, CoinAnk, HyperEVM Chinese Station, and Hyperliquid Madhouse.
19 minutes ago
Fraud-related FUD surrounding Kalshi has spilled over to the prediction market: 61% of its bets are multi-event parlay wagers, and its actual trading volume is 14 times lower than its reported figures.
Recently, Kalshi’s crypto perpetual contract trading data has faced widespread skepticism from the community. The controversy began with crypto perpetual contracts: a trader noted that ETH perpetual open interest is only around millions of U.S. dollars, yet daily trading volume reaches hundreds of millions of dollars, with unusually high turnover. Kalshi’s head of crypto business, IcoBeast, responded by addressing the perpetual contracts and its crypto prediction markets separately, stating that prediction markets have no equivalent market maker rebates and their statistical methodology is comparable to industry peers. However, community discussions did not stop at perpetual contracts; suspicions of fraud spread to Kalshi’s core prediction market business. Prominent prediction market trader @retardmode posted that roughly 61% of Kalshi’s disclosed trading volume comes from "multi-event parlay bets" (called "串关" in Chinese), which bundle the outcomes of multiple events into a single ticket that requires all selections to be correct to win. The platform does not calculate volume based on users’ actual wagers, but instead uses a $1 par value per contract. For example, a user spending $1 on a parlay ticket that pays out $14.10 if all selections are correct will be recorded as $14.10 in trading volume. Nearly half of these parlay bets involve 11 or more events, resulting in extremely low win probabilities. Using this methodology, Kalshi’s actual trading volume yesterday was around $136 million, while its publicly disclosed figure was $1.91 billion. Top Polymarket trader @CarOnPolymarket further estimated that the actual trading volume of Kalshi’s parlay bets may only be roughly 7.1% of its disclosed parlay bet amount. Extrapolated monthly, this could create an extreme gap of approximately $4 billion in actual volume versus $57 billion in reported figures.
19 minutes ago
Crypto media Jinse Finance has partnered with Hyperliquid's Chinese channel to launch a trading rant event, where participants can share their trading experiences to split a prize pool of 28.88 HYPE tokens.
BlockBeats and Hyperliquid Chinese Channel officially launch the HYPE Community Rant Session. The 7-day event runs from September 21 to September 28, where users can win HYPE rewards by sharing their trading stories. Eligible topics include: - Who missed out on Robinhood’s $PONS "wealth train"? - Who got liquidated while holding positions when crude oil was more volatile than BTC and ETH in the middle of the night? - Back this time last year, $ZEC was only $40... Did you catch the privacy narrative? - $HYPE and $LIT hit new highs—are you still holding $ASTER? The event has three reward tiers, with the top prize being 9.99 HYPE. To participate, users must quote the event’s promotional content, post original topic tweets, and follow the Hyperliquid Chinese Channel. The event is exclusively sponsored by ecosystem project Aqua, and supported by partners TradingBeats, CoinAnk, HyperEVM Chinese Station, and Hyperliquid Madhouse.
19 minutes ago
GPT-6 Astra solves Liouville's version of the Goldbach conjecture, with independent verification and approval by Lean.
Insight Beating AI Flash News: Anonymous math community account Captain Sude has released a new proof discovered by GPT-6 Astra, solving the Liouville version of the Goldbach problem. This problem relaxes the "two primes" condition in the classic Goldbach conjecture to "two integers with an odd total number of prime factors". Previously, Durham University mathematician Alexander P. Mangerel could only prove this under the assumptions that the Generalized Riemann Hypothesis holds and the even number is sufficiently large. Astra has now removed both constraints, proving that all even numbers greater than 2 satisfy the condition. The core approach is to first assume that a given even number cannot be split in this way, then derive contradictory results step by step. The full proof has been written in Lean 4. The project compiles successfully, and independent audit repositories have successfully reproduced the result, with no `sorry` statements or additional mathematical axioms found. The classic Goldbach conjecture itself remains unsolved, as the two addends here can still be composite numbers.
19 minutes ago
Samsung Electronics' shares surged 5%, marking their largest single-day gain in two weeks.
According to Bitget market data, Samsung Electronics’ stock price surged 5%, marking its largest single-day gain in two weeks and leading the Korea Composite Index. Note: Samsung Electronics’ dividend equity registration date is September 30.
According to HTX market data, Bitcoin briefly dipped below $81,000, with a 0.09% decline over the past 24 hours.
Relevant content
China puts the brakes on humanoid robot IPOs, with revenues from data collection centers facing key scrutiny.
Insight Beating AI Flash News: China is tightening IPOs for humanoid robot companies. Reuters, citing multiple sources familiar with the matter, reports that regulators have used informal "window guidance" to slow the listing process of some firms and raise review thresholds. Some sources say relevant IPOs have effectively been suspended, while others stress this is not an official ban, only a tightening of oversight for the sector. The China Securities Regulatory Commission (CSRC) did not respond to a request for comment. Regulators are zeroing in on the revenue quality of robot companies. Some firms have secured large orders via data collection centers and joint ventures backed by local governments, with local authorities even covering 80% to 90% of initial investment in some projects. Regulators are probing whether these revenues come from genuine independent customer demand or rely mainly on continuous funding from local projects. A person close to robot industry investors estimates that excluding revenue from data collection centers, the valuations of some robot companies could fall by 60% to 70%. Regulators now prioritize whether robots are actually deployed in factories, whether there are sustainable orders, and whether revenue is recurring. The sector has faced warnings earlier: Unitree Robotics saw its stock surge over 5 times on its debut, before dropping 55% from its peak. Mech-Mind CEO Shao Tianlan publicly questioned this month that some embodied intelligence firms are generating unsustainable revenue through data collection centers and related-party transactions, naming Galaxy General; Galaxy General later denied the allegations.
19 minutes ago
Jinse Finance partners with Hyperliquid’s Chinese channel to host a trading rant event, inviting participants to share trading experiences and split a 28.88 HYPE prize pool.
BlockBeats and Hyperliquid Chinese Channel officially launch the HYPE Community Rant Contest. The 7-day event runs from September 21 to September 28, where users can share their trading stories to win HYPE rewards. Eligible topics include: Who missed out on the Robinhood $PONS wealth train? Who got liquidated while holding positions when crude oil was more volatile than BTC and ETH in the middle of the night? Last year at this time, $ZEC was only 40 U… Did you catch the privacy narrative? $HYPE and $Lit hit new highs—are you still holding $Aster? The event offers three tiers of rewards, with the top prize being 9.99 HYPE. During the event, users must quote the event’s promotional content, post original topic tweets, and follow the Hyperliquid Chinese Channel. The event is exclusively sponsored by ecosystem project Aqua, with support from partners TradingBeats, CoinAnk, HyperEVM Chinese Station, and Hyperliquid Madhouse.
19 minutes ago
Fraud-related FUD surrounding Kalshi has spilled over to the prediction market: 61% of its bets are multi-event parlay wagers, and its actual trading volume is 14 times lower than its reported figures.
Recently, Kalshi’s crypto perpetual contract trading data has faced widespread skepticism from the community. The controversy began with crypto perpetual contracts: a trader noted that ETH perpetual open interest is only around millions of U.S. dollars, yet daily trading volume reaches hundreds of millions of dollars, with unusually high turnover. Kalshi’s head of crypto business, IcoBeast, responded by addressing the perpetual contracts and its crypto prediction markets separately, stating that prediction markets have no equivalent market maker rebates and their statistical methodology is comparable to industry peers. However, community discussions did not stop at perpetual contracts; suspicions of fraud spread to Kalshi’s core prediction market business. Prominent prediction market trader @retardmode posted that roughly 61% of Kalshi’s disclosed trading volume comes from "multi-event parlay bets" (called "串关" in Chinese), which bundle the outcomes of multiple events into a single ticket that requires all selections to be correct to win. The platform does not calculate volume based on users’ actual wagers, but instead uses a $1 par value per contract. For example, a user spending $1 on a parlay ticket that pays out $14.10 if all selections are correct will be recorded as $14.10 in trading volume. Nearly half of these parlay bets involve 11 or more events, resulting in extremely low win probabilities. Using this methodology, Kalshi’s actual trading volume yesterday was around $136 million, while its publicly disclosed figure was $1.91 billion. Top Polymarket trader @CarOnPolymarket further estimated that the actual trading volume of Kalshi’s parlay bets may only be roughly 7.1% of its disclosed parlay bet amount. Extrapolated monthly, this could create an extreme gap of approximately $4 billion in actual volume versus $57 billion in reported figures.
19 minutes ago
Crypto media Jinse Finance has partnered with Hyperliquid's Chinese channel to launch a trading rant event, where participants can share their trading experiences to split a prize pool of 28.88 HYPE tokens.
BlockBeats and Hyperliquid Chinese Channel officially launch the HYPE Community Rant Session. The 7-day event runs from September 21 to September 28, where users can win HYPE rewards by sharing their trading stories. Eligible topics include: - Who missed out on Robinhood’s $PONS "wealth train"? - Who got liquidated while holding positions when crude oil was more volatile than BTC and ETH in the middle of the night? - Back this time last year, $ZEC was only $40... Did you catch the privacy narrative? - $HYPE and $LIT hit new highs—are you still holding $ASTER? The event has three reward tiers, with the top prize being 9.99 HYPE. To participate, users must quote the event’s promotional content, post original topic tweets, and follow the Hyperliquid Chinese Channel. The event is exclusively sponsored by ecosystem project Aqua, and supported by partners TradingBeats, CoinAnk, HyperEVM Chinese Station, and Hyperliquid Madhouse.
19 minutes ago
GPT-6 Astra solves Liouville's version of the Goldbach conjecture, with independent verification and approval by Lean.
Insight Beating AI Flash News: Anonymous math community account Captain Sude has released a new proof discovered by GPT-6 Astra, solving the Liouville version of the Goldbach problem. This problem relaxes the "two primes" condition in the classic Goldbach conjecture to "two integers with an odd total number of prime factors". Previously, Durham University mathematician Alexander P. Mangerel could only prove this under the assumptions that the Generalized Riemann Hypothesis holds and the even number is sufficiently large. Astra has now removed both constraints, proving that all even numbers greater than 2 satisfy the condition. The core approach is to first assume that a given even number cannot be split in this way, then derive contradictory results step by step. The full proof has been written in Lean 4. The project compiles successfully, and independent audit repositories have successfully reproduced the result, with no `sorry` statements or additional mathematical axioms found. The classic Goldbach conjecture itself remains unsolved, as the two addends here can still be composite numbers.
19 minutes ago
Samsung Electronics' shares surged 5%, marking their largest single-day gain in two weeks.
According to Bitget market data, Samsung Electronics’ stock price surged 5%, marking its largest single-day gain in two weeks and leading the Korea Composite Index. Note: Samsung Electronics’ dividend equity registration date is September 30.
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.
Bitcoin’s [BTC] rally to $80,000 represents an upward trend rather than a short-term breakout.
Since mid-June, buyers have consistently increased the market’s floor with each downward swing. The initial swing was at the bottom of the $60,000 level, then the second swing was above the $77,000 mark later in August.
As of late, sellers attempted to push prices down into the $75,000-$77,000 zone multiple times. However, at each attempt, buyers were able to absorb selling pressure and push the price back up.
That response has gradually shifted support higher, reducing the market’s reliance on the earlier $60,000–$65,000 range.
Source: TradingView BTC peaked at $80,402 on the 20th of September, or approximately 25.6% greater than ninety days prior. Therefore, this is more than just price appreciation.
It also demonstrates that buyers are becoming increasingly strong after each pullback while support continues to increase as well. Holding these levels could help Bitcoin maintain its broader upward structure.
Bitcoin supply moves into profit That stronger price floor is also changing Bitcoin’s holder profitability. With the increase in price since June lows, the percentage of supply in profit increased from approximately 45% to 71%.
Therefore, this implies that there is more opportunity for holders to realize their profits, especially after Bitcoin reached the $80,000 area.
Source: Galaxy Research Although 29% of that is still underwater, it limits the potential for large-scale immediate profit-taking throughout the market. In addition to that, the 71% reading falls short of the 75-90% zone, a zone previously linked with heavier distribution in past cycles.
This puts Bitcoin in a middle ground where gains have certainly increased. However, for now, this supports the broader recovery while keeping profit-taking as a growing risk.
Korean demand turns negative Bitcoin’s strong recovery is now meeting weaker regional demand, adding a new source of pressure beneath the rally. The Korea Premium Index moved from positive territory earlier in September into negative territory, reaching -1.46%.
That shift signals that South Korean exchanges are pricing Bitcoin lower than foreign markets and represents weakening domestic buying pressure.
This development becomes even more significant given that Bitcoin is currently trading at approximately $80,400, just shy of recent highs.
Source: CryptoQuant Instead of adding demand at elevated prices, Korean markets are offering less support for the advance. Moreover, the premium’s decline followed months of weaker readings after June, when it stayed mostly below zero.
This divergence could limit Bitcoin’s upside momentum, especially if exchange inflows continue rising and global demand fails to compensate.
Final Summary Bitcoin reached $80,402 as higher support strengthens the recovery. BTC faces rising profit-taking and weaker Korean demand near $80,000.
REX Shares and Tuttle Capital Management have launched ASSX, a Cboe-listed exchange-traded fund that began trading Sept. 18 and seeks 200% of Strive Inc.’s daily share performance before fees and expenses.
Summary
ASSX targets 200% of Strive’s daily share performance and resets its leverage after each session. Cboe listed ASSX on September 18 after certifying the fund for registration three days earlier. Strive held 25,000 Bitcoin after purchasing 469 BTC at a $77,954 average price per coin. Strive shares closed Friday at $30.09, rising 6.4% during ASSX’s first trading session on Cboe. REX warns longer holding periods can diverge sharply from twice Strive’s stock return over time. REX Shares said the T-REX 2X Long ASST Daily Target ETF gives traders leveraged exposure to Strive’s Nasdaq-listed ASST shares for a single trading day. The issuer described ASSX as “the first ETF in the U.S. offering 2x daily long exposure to ASST.” Cboe lists the fund under ticker ASSX, while Strive continues trading on Nasdaq under ASST.
A Cboe certification filed with the U.S. Securities and Exchange Commission on Sept. 15 recorded the exchange’s approval for listing and registration. Three days later, Cboe’s product page recorded Sept. 18 as the listing date. The fund’s official page lists a 1.5% total expense ratio and identifies Tuttle Capital Management as adviser, with REX Shares as sponsor.
Strive ETF ASSX targets 200% of ASST’s daily move The fund seeks twice ASST’s daily performance before fees and expenses, not twice Strive’s return over a week, month or other multi-day period. REX says leverage resets after each session, so compounding can cause results over longer periods to differ from 200% of the stock’s cumulative return.
JUST IN: REX Shares and Tuttle Capital Management launch a 2X leveraged ETF tied to Strive’s Bitcoin treasury strategy
The fund, named ASSX ETF, began trading on Cboe and targets 200% of Strive’s daily stock performance before fees and expenses, with leverage resetting each day. pic.twitter.com/PcrqmtDL4O
— crypto.news (@cryptodotnews) September 20, 2026 ASSX does not hold Bitcoin and does not seek twice Bitcoin’s daily price change. Its reference asset is Strive common stock. REX’s risk disclosure says investing in the fund is not the same as buying ASST, and fund shareholders do not receive voting rights or distributions attached to Strive shares.
The issuer says the fund can use derivatives, including swap agreements, to obtain leveraged exposure. Its disclosure warns that derivatives, counterparty conditions, liquidity and daily rebalancing can prevent the fund from reaching its stated 2x objective. REX says a 1% daily decline in ASST would translate into an approximately 2% decline in the fund before financing costs and other operating expenses.
REX places a clear limit on the intended holding period. The company says ASSX is designed for knowledgeable investors who monitor positions frequently, and it warns that multi-day compounding can produce losses even when ASST finishes a longer period higher. Its disclosure states that an adverse ASST move of more than 50% in one trading day could wipe out an investor’s principal.
Strive’s 25,000 BTC treasury backs the stock story Strive’s latest Bitcoin holdings filing showed 25,000 BTC as of Sept. 11. In a Sept. 14 Form 8-K, the company said it bought 469 BTC between Sept. 8 and Sept. 11 at an average price of $77,954 per coin, including fees and expenses. The purchase lifted holdings from 24,531 BTC one week earlier.
The same filing put cash and cash equivalents at $204.2 million and the fair value of Strive’s 505,000 Strategy STRC preferred shares at $49.813 million. SATA preferred shares outstanding rose by 402,541 during the period to 10,397,966, while effective common shares increased by 34,206 to 94,968,764.
Chairman and CEO Matt Cole said in a public statement that “100% of the capital raised came from SATA,” adding that the preferred stock had passed $1 billion in notional value outstanding. The SEC filing itself records the increase in SATA shares but does not state in narrative form that the full Bitcoin purchase was financed by SATA.
As crypto.news reported on Sept. 14, the 469-BTC acquisition followed a 1,375-BTC purchase for roughly $109 million during the prior reporting week. In related coverage, crypto.news reported that Strive had bought 1,800 BTC for approximately $143 million in late August, taking holdings to 23,156 BTC and moving the company into fifth place among public corporate Bitcoin holders at the time.
BitcoinTreasuries.net currently lists Strive as the fifth-largest public company by reported Bitcoin holdings, with 25,000 BTC. The ranking service places Strive behind Strategy, Twenty One Capital, Metaplanet and MARA Holdings in its public-company table.
ASST rose 6.4% as ASSX opened its first session Strive shares closed Sept. 18 at $30.09, up 6.4% for the session after trading between $29.33 and $30.38. Market data showed roughly 16.1 million ASST shares changed hands during the day. The move followed a 3.17% gain on Sept. 17, when ASST closed at $28.28.
Source: Yahoo Finance ASSX finished its first trading session at $28.27 after opening at $27.78 and trading between $27.22 and $28.70, according to market data sourced from Cboe and S&P Global Market Intelligence. Reported volume reached 123,946 shares. After-hours data later showed ASSX at $28.71.
REX and Tuttle have placed ASSX alongside leveraged products tied to other crypto-sensitive securities. The T-REX lineup includes 2x long funds linked to Strategy, BitMine, Cipher Mining, Circle and SharpLink, plus BTCL, a separate 2x daily product tied to spot Bitcoin. ASSX differs because its target is Strive’s common stock, which carries both corporate and Bitcoin-treasury exposure.
Tuttle CEO Matt Tuttle said “ASST moves, and it moves with bitcoin,” while describing the product’s intended use for one-day positions. The statement is the sponsor’s characterization of ASST’s trading behavior; ASSX’s formal objective remains tied to ASST’s daily share performance, not Bitcoin.
Strive’s next filings can update the treasury figure The 25,000-BTC total remains the latest Strive Bitcoin balance disclosed in the SEC filings reviewed for this report. BitcoinTreasuries.net has estimated further SATA-funded purchasing capacity from subsequent trading, but such estimates do not establish that Strive acquired more Bitcoin because only company disclosures can confirm a completed purchase.
Separate from the Bitcoin filing, Strive filed another Form 8-K concerning SATA’s dividend policy. The board maintained the regular annual dividend rate at 13%, effective for periods beginning on or after Oct. 1, 2026.
Bitcoin has closed above its 50-week moving average for the first time in more than 10 months, a development some analysts said could signal the end of Bitcoin’s bear market.
Bitcoin closed the week at $81,159 on Coinbase on Sunday, above its 50-week moving average of $78,788, according to TradingView. The last weekly close above the moving average was on Nov. 9, 2025.
In August, Galaxy Research’s head of firmwide research Alex Thorn described the 50-week moving average as serving as a ceiling during bear markets.
“In four of the five completed bear markets, once the 50-week moving average was first broken to the upside, the bear market bottom was definitively ‘in,’” he said in a research note.
“Essentially, retaking the 50w MA has previously confirmed the end of a bear market,” Thorn added.
Bitcoin closed the week at $81,159 on Coinbase, above its 50-week moving average (blue). Source: The latest close is also Bitcoin’s highest weekly close in four months, according to data from TradingView.
On Tuesday, ahead of the weekly close, crypto research company Collective Shift founder Ben Simpson said Bitcoin closing above its 50-week moving average would be “the last thing I need to see before I call this a bull market.” He said Bitcoin gained between 700% and 900% after breaking above the level in 2017, 2020 and 2023.
Bitget chief analyst Ryan Lee told Cointelegraph that the latest close added weight to the case that Bitcoin’s recovery was underway.
“In previous cycles, reclaiming this level has tended to happen after the major low was established and longer-term momentum had started to recover.”
However, Lee said one weekly close was not enough to confirm that Bitcoin had reached its cycle bottom.
“What matters now is whether Bitcoin can stay above the 50-week average and continue forming higher lows,” he said. “We have seen failed reclaims in previous cycles, particularly when the macro environment remained difficult.”
Galaxy similarly cautioned in August that while the 50-week moving average is a historically strong indicator that a bear market is over, the signal isn’t infallible.
Of 13 weekly crossings back above the 50-week moving average, two of them were followed by a lower low, both occurring in the 2021-2022 bear market.
Lee said the market backdrop was nevertheless stronger than it was earlier in the year, with Bitcoin recovering significantly from its July lows of $57,000. Lee said repeated liquidations have also cleared out leverage that had built up in the market, and there are signs of a return of institutional demand.
Meanwhile, crypto trader Craig Cobb told Cointelegraph that the 50-week moving average was not the indicator he was watching to determine whether a bull market had begun.
Cobb said he was instead looking at $83,000 as a key level for Bitcoin, “which will mean there is no lower high on the monthly chart and therefore the trend is no longer down.”
His second test involves Bitcoin’s three-month chart. Under that setup, Cobb said he is looking for a succession of red quarterly candles that must end with a green candle, followed by a subsequent candle breaking above the green candle’s high.
Cobb said the red-to-green transition had occurred 15 times in Bitcoin’s history. In 11 instances, the high of the first green candle was subsequently broken, and all 11 moves eventually produced a new all-time high.
“So combine $83,000 being broken and the close of the September three-month candle, then a break of the high and I will say the bull market has begun,” said Cobb.
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
Bitcoin has closed above its 50-week moving average for the first time in more than 10 months, a development some analysts said could signal the end of Bitcoin’s bear market.
Bitcoin closed the week at $81,159 on Coinbase on Sunday, above its 50-week moving average of $78,788, according to TradingView. The last weekly close above the moving average was on Nov. 9, 2025.
In August, Galaxy Research’s head of firmwide research Alex Thorn described the 50-week moving average as serving as a ceiling during bear markets.
“In four of the five completed bear markets, once the 50-week moving average was first broken to the upside, the bear market bottom was definitively ‘in,’” he said in a research note.
“Essentially, retaking the 50w MA has previously confirmed the end of a bear market,” Thorn added.
Bitcoin closed the week at $81,159 on Coinbase, above its 50-week moving average (blue). Source: The latest close is also Bitcoin’s highest weekly close in four months, according to data from TradingView.
On Tuesday, ahead of the weekly close, crypto research company Collective Shift founder Ben Simpson said Bitcoin closing above its 50-week moving average would be “the last thing I need to see before I call this a bull market.” He said Bitcoin gained between 700% and 900% after breaking above the level in 2017, 2020 and 2023.
Bitget chief analyst Ryan Lee told Cointelegraph that the latest close added weight to the case that Bitcoin’s recovery was underway.
“In previous cycles, reclaiming this level has tended to happen after the major low was established and longer-term momentum had started to recover.”
However, Lee said one weekly close was not enough to confirm that Bitcoin had reached its cycle bottom.
“What matters now is whether Bitcoin can stay above the 50-week average and continue forming higher lows,” he said. “We have seen failed reclaims in previous cycles, particularly when the macro environment remained difficult.”
Galaxy similarly cautioned in August that while the 50-week moving average is a historically strong indicator that a bear market is over, the signal isn’t infallible.
Of 13 weekly crossings back above the 50-week moving average, two of them were followed by a lower low, both occurring in the 2021-2022 bear market.
Lee said the market backdrop was nevertheless stronger than it was earlier in the year, with Bitcoin recovering significantly from its July lows of $57,000. Lee said repeated liquidations have also cleared out leverage that had built up in the market, and there are signs of a return of institutional demand.
Meanwhile, crypto trader Craig Cobb told Cointelegraph that the 50-week moving average was not the indicator he was watching to determine whether a bull market had begun.
Cobb said he was instead looking at $83,000 as a key level for Bitcoin, “which will mean there is no lower high on the monthly chart and therefore the trend is no longer down.”
His second test involves Bitcoin’s three-month chart. Under that setup, Cobb said he is looking for a succession of red quarterly candles that must end with a green candle, followed by a subsequent candle breaking above the green candle’s high.
Cobb said the red-to-green transition had occurred 15 times in Bitcoin’s history. In 11 instances, the high of the first green candle was subsequently broken, and all 11 moves eventually produced a new all-time high.
“So combine $83,000 being broken and the close of the September three-month candle, then a break of the high and I will say the bull market has begun,” said Cobb.
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
Leading cryptocurrencies rallied on Sunday as risk appetite surged amid the Securities and Exchange Commission’s push to introduce tokenized-stock products.
Crypto Market RalliesBitcoin spiked late evening, briefly surpassing $82,000 before pulling back. Similarly, Ethereum surged past $2,700, supported by a 41% jump in 24-hour volume.
Sentiment has improved after the SEC introduced a regulatory pathway allowing certain tokenized U.S. stocks to trade on blockchains.
Nearly $400 million in cryptocurrency positions were liquidated over the past 24 hours, with shorts taking the heaviest losses, according to Coinglass data.
Bitcoin’s open interest rose 0.90% over the last 24 hours and nearly 10% over the week. On Binance, both retail and whale derivatives traders stayed neutral on the apex cryptocurrency.
“Greed” sentiment returned to the market, according to the Crypto Fear & Greed Index.
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The global cryptocurrency market capitalization stood at $2.81 trillion, up 1.12% over the last 24 hours.
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Stock Futures SpikeStock futures lifted overnight on Sunday. The Dow Jones Industrial Average Futures rose 115 points, or 0.22%, as of 8:44 p.m. EDT. S&P 500 futures were up 0.34%, while Nasdaq 100 Futures added 0.53%.
Middle East tensions escalated as Yemen-based Houthis targeted a key Saudi Arabian airport and a fuel depot belonging to Saudi Aramco.
Meanwhile, the State Department warned Americans to reconsider travel to and through the Middle East and “exercise increased caution.”
Bitcoin Headed Higher?Killa, a widely followed cryptocurrency analyst and trader, said they’re targeting Bitcoin at $89,070 and advised against shorting near $81,000
“I’m not interested in shorting the same $81,000 highs again & again. Compression within an uptrend will always lead to expansion eventually,” the analyst added. “Even if we range here for longer, I’d rather wait for higher prices.”
Ali Martinez, another well-known chartist and on-chain researcher, noted Ethereum’s breakout above $2,560 with a clean retest as support.
“With the breakout holding, I’m watching $2,760 as the next major target,” the analyst added.
MicroStrategy has not bought Bitcoin (BTC) in two weeks, its most recent regulatory filing shows. In his latest post, however, Executive Chairman Michael Saylor has investors betting the company may have broke that pause last week.
Saylor wrote “A little more orange” above a chart of the firm’s holdings. He has used that format before purchase disclosures. MicroStrategy reports any Bitcoin buying every Monday.
Strategy’s Bitcoin Holdings Have Not Moved Since AugustThe company told the US Securities and Exchange Commission (SEC) on September 14 that it neither bought nor sold Bitcoin between September 8 and September 13. Its filing a week earlier reported the same for the previous seven days.
Strategy held roughly 845,050 BTC as of September 13. It paid $63.73 billion for that stack, an average of $75,412 per coin.
MicroStrategy Bitcoin Holdings. Source: StrategyIts last purchase was 4,603 BTC for $369.7 million, disclosed on August 31. That deal ended a 10-week pause. BeInCrypto called the restart the day before it was announced, after a similar Saylor teaser.
Cash is the constraint. Strategy spent $139.3 million buying back preferred shares in the week to September 13 rather than buying Bitcoin. That left $1.30 billion in the account it uses for purchases. The firm has also sold Bitcoin to support that share price this year.
Calacanis Called Bitcoin Boring and Saylor Answered HimAngel investor Jason Calacanis started the argument on Friday. He posted a one-year chart showing Bitcoin down about 31% and wrote that the dead cat continues to bounce.
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
A dead cat bounce is a short price recovery inside a bigger decline, named for the idea that even a dead cat bounces if it falls far enough.
Calacanis said Bitcoin works poorly for payments and smart contracts and no longer excites the public. He compared it to compact discs in the streaming era.
“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,” Saylor challenged.
ARK Invest founder Cathie Wood equally rejected the dead cat label and pointed to her firm’s research on Bitcoin and artificial intelligence.
By the strict market definition, Jason’s label does not fit, because a dead cat bounce is only confirmed when price rolls over and breaks the old low. Bitcoin price at $81,292 as of this writing is still above the roughly $75,000 dip it rebounded from.
Dead Cat Bounce IllustrationWhat he actually argued is a cultural verdict rather than a chart call, that Bitcoin stopped winning new use cases and settled into a boring store of value. That part is opinion, not something the price data can prove or disprove.
In brief Over two years, Bitcoin gained 28% while the median mid-cap altcoin lost 74% and Ethereum landed roughly sideways, per a Glassnode and Bybit report—a stark reversal of the usual "altseason" rotation. Leverage has pooled in the riskiest corners: Bitcoin carries futures open interest worth about 2% of its market cap, versus roughly 24% for PEPE. This week's rebound above $80,000 dragged majors up with it, while ETF flows still tilt heavily toward Bitcoin's $55.2 billion over Ethereum's $13.1 billion. The gap between Bitcoin and the rest of the market has become a chasm. Over the past two years, Bitcoin gained 28% while the median mid-cap altcoin lost 74%, according to a new report from analytics firm Glassnode and crypto exchange Bybit.
The report frames the divergence as the defining feature of this cycle: Bitcoin compounding higher while the mid-cap complex "halves and halves again."
Myriad: Where does Bitcoin go next? Click to make your prediction.Ethereum, the second-largest cryptocurrency, landed roughly sideways over the stretch, underscoring how narrowly the gains concentrated at the top. It's a stark reversal of the "altseason" pattern many holders came to expect, in which capital rotates from Bitcoin down into smaller tokens as a rally matures.
That concentration shows up in how leverage is distributed, too. Bitcoin carries futures open interest worth about 2% of its market capitalization, the report found, while speculative small caps carry far more, with PEPE near 24%. In other words, the froth has pooled in the market's riskiest corners even as its safest asset has done the heavy lifting on price.
The usual caveats apply. The report is a Glassnode and Bybit collaboration, with data as of the settled close of August 23, and Glassnode's venue coverage is limited, so the figures describe the venues it tracks rather than the entire market.
Whether the rotation is turning is the live question. Just days ago, Bitcoin surged back above $80,000 after a dovish Federal Reserve forecast, and the rebound dragged the broader market with it, with the total crypto market capitalization up 4.6% in a day to about $2.85 trillion.
Several majors outran Bitcoin in the bounce, with Solana up roughly 10% on the day and names like NEAR and Uniswap posting far larger gains, hinting at the kind of breadth that had been missing for a year.
Institutional demand still tilts heavily toward the top. Spot Bitcoin ETFs have pulled in about $55.2 billion in cumulative net inflows, dwarfing the roughly $13.1 billion into Ethereum funds, which recently logged a multi-day outflow streak.
Solana's spot ETFs, newer and smaller, have drawn about $29.7 million. The report's own framing captures why that matters: flow concentrates where performance concentrates.
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According to Coinglass data, Coinbase’s Bitcoin Premium Index has turned negative again, now standing at -0.0198% (compared to 0.0013% yesterday), as buying sentiment in the U.S. market has slumped once more. BlockBeats Note: The Coinbase Bitcoin Premium Index measures the gap between Bitcoin prices on Coinbase, a leading U.S. crypto exchange, and the global average market price. It is a key indicator for monitoring U.S. market capital flows, institutional investment activity, and shifts in market sentiment. A positive premium indicates Coinbase’s Bitcoin price is higher than the global average, typically signaling strong buying demand in the U.S. market, active inflows of institutional or compliant capital, ample U.S. dollar liquidity, and generally optimistic investment sentiment. A negative premium means Coinbase’s Bitcoin price is lower than the global average, usually reflecting heavy selling pressure in the U.S. market, declining investor risk appetite, rising market risk aversion, or capital outflows.
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Bill Miller IV, chairman and CEO of Miller Value Partners, has outlined his strong outlook on Bitcoin, emphasizing that he has never felt more optimistic about the cryptocurrency’s long-term prospects.
US Deficit and Bitcoin’s Fair ValueMiller compared Bitcoin’s current market capitalization to its levels during the previous cycle peak, noting that while the price has remained similar, global economic fundamentals have substantially deteriorated. He argued that the widening gap between the current price and Bitcoin’s intrinsic value has been driven by the worsening fiscal environment, particularly the expanding US deficit.
He described the US deficit as roughly equal to Bitcoin’s total market cap and used this relationship to frame his perspective on Bitcoin’s fair value. Miller explained that while Bitcoin is commonly treated as an asset, he views it more fundamentally as a denominator for capital allocation in uncertain times.
Miller stated that as financial uncertainty increases globally, Bitcoin’s utility as a benchmark or reference point for capital is gaining credibility among major investors. He emphasized the importance of focusing on the relative scale between national deficits and the size of independent assets like Bitcoin.
Miller outlines that the global fiscal situation has worsened significantly since Bitcoin’s last peak, causing a larger gap between price and perceived fair value. He highlights Bitcoin’s unique position as a capital denominator amidst a US deficit now matching its entire market cap.
Capital Governance and Market TrendsHe shared his capital governance thesis, suggesting that conventional metrics often fail to capture Bitcoin’s broader role in the financial system, especially when denominating capital in units that can change unpredictably.
Miller also addressed recent asset rotation trends, highlighting how liquidity flows are shifting away from traditional markets such as Japanese equities and US treasuries. He commented on how alternative assets, especially those unlinked to centralized fiscal policy, are attracting increased attention amid global economic uncertainty.
Referring to monetary policy, Miller discussed the Federal Reserve’s recent 25 basis point rate hike and its impact on energy and inflation. He indicated that structural concerns, such as changes in immigration policy and the stability of legal frameworks, play a growing role in capital allocation.
Miller observed that while gold has recently outperformed Bitcoin, he characterized this as a “narrative lag” rather than a long-term trend reversal. He suggested that shifts in investor sentiment could eventually reverse this dynamic as confidence spreads regarding Bitcoin’s foundational role in portfolio construction.
Meme Tokens and Investor ActivityWhile examining capital flows between major crypto assets and newer classes of tokens, Miller noted the significance of market monitoring. In fast-evolving sectors like meme tokens, internet trends can rapidly translate into significant capital movement. Fomo App tracked a notable transaction where a $99 investment in the meme token “Niu Lai” grew to about $370,000, underscoring the scale and pace of value creation in this arena. For participants, tracking not only prices but also the timing and specific tokens selected by influential investors is crucial. Fomo App brings together token discovery, social interaction, and real-time investor rankings, offering users a consolidated platform to engage with the meme token sector and investor strategies.
The Role of Bitcoin in Capital ManagementLooking ahead, Miller questioned whether US companies can keep pace with surging national debt and pointed out regulatory and institutional hurdles that still keep many funds from directly holding Bitcoin.
He concluded that Bitcoin’s status as a capital denominator not backed by force distinguishes it from other assets, and this characteristic may become increasingly valued as investors reassess risk amid shifting global conditions.
Bitcoin has decisively outperformed both mid-cap altcoins and its closest peer, Ethereum, over the past two years. According to new research from blockchain analytics firm Glassnode and crypto exchange Bybit, Bitcoin rose 28% in value, while the median mid-cap altcoin declined by 74%. Ethereum remained roughly flat during this period.
Strong Bitcoin leadership contrasts with historical altcoin cyclesAnalysts at Glassnode and Bybit highlighted that recent performance marks a sharp departure from the typical “altseason” rotation, in which rising Bitcoin prices are commonly followed by capital flow into smaller tokens. Instead, gains have been heavily concentrated in Bitcoin, with mid-cap assets facing steep losses.
The report described the trend as Bitcoin compounding returns steadily while most mid-caps experienced repeated declines, further widening the gap between the leading cryptocurrency and the broader market.
Bitcoin has continued to outperform, while the median mid-cap altcoin has lost significant value, indicating that the traditional capital rotation into smaller tokens has not materialized in this cycle.
Ethereum, the second-largest cryptocurrency by market cap, saw little overall change, emphasizing how tightly gains remained focused at the very top. Observers noted that this diverges from previous cycles where Ethereum and other major altcoins also participated in lasting rallies.
Leverage and market risk shift to smaller coinsThe research also examined trends in market leverage, finding that speculative risk had accumulated in smaller coins rather than in Bitcoin itself. Futures open interest represented about 2% of Bitcoin’s market capitalization, compared with approximately 24% for PEPE, a prominent memecoin.
This pattern suggests that while Bitcoin’s price growth has been driven largely by spot demand, aggressive leverage has migrated to riskier, less established tokens.
Mini dictionary: PEPE is a memecoin launched in 2023, inspired by internet culture, and known for attracting speculative trading activity due to its high volatility and community-driven narrative.
AssetFutures Open Interest (% of Market Cap)Bitcoin2%PEPE24%ETF flows and market breadthInstitutional investment has also remained heavily focused on Bitcoin. Spot Bitcoin ETFs have attracted about $55.2 billion in net inflows, far surpassing Ethereum funds, which recorded approximately $13.1 billion in inflows while recently experiencing a streak of outflows.
Solana, a blockchain platform known for its high throughput, has seen spot ETF inflows totaling $29.7 million, which is comparatively small, reflecting its more recent introduction to the ETF landscape.
AssetETF Net InflowsBitcoin$55.2 billionEthereum$13.1 billionSolana$29.7 millionEarlier this week, Bitcoin briefly rallied above $80,000 after a dovish Federal Reserve outlook, sparking a rebound across digital assets. The total crypto market capitalization rose 4.6% in a day, reaching approximately $2.85 trillion. While several major cryptocurrencies, including Solana, NEAR, and Uniswap, outpaced Bitcoin during this bounce with double-digit daily gains, broad participation across the market has been absent for much of the year.
Net inflows remain concentrated in Bitcoin funds, with ETF data underscoring mainstream investor preference for the top cryptocurrency.
The Glassnode and Bybit report is based on data through the close of August 23 and focuses on selected trading venues tracked by Glassnode, potentially omitting information from other platforms.
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bitcoin has surpassed two of the world's biggest listed companies by market capitalization after its price climbed last week.
According to CompaniesMarketCap, Bitcoin's market cap is now $1.615 trillion, surpassing Elon Musk-led Tesla with a market value of $1.438 trillion and Samsung with a current market value of $1.237 trillion. Bitcoin is ranked 13th among the assets tracked, while Tesla and Samsung sit in 14th and 15th spots, respectively.
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This comes after a rebound in Bitcoin's price, which hit a high of $81,914 on Saturday. BTC's market capitalization reached about $1.63 trillion on September 20, 2026, after Bitcoin traded above $81,000 over the weekend, according to CoinGecko historical data.
Bitcoin bulls defy the trendThere were plenty of reasons for the market to fall this past week. But it didn't. Wednesday's Fed rate hike, which was largely seen as a headwind for crypto and other risk assets, failed to deter bulls as Bitcoin and other crypto assets rose.
On Tuesday, the Clarity Act received only 49 votes in the Senate, falling short of the 60 required for passage. Bitcoin temporarily dipped below $74,887 on Tuesday, only to soon stabilize. The relatively contained sell-off indicated that traders had already factored in a large portion of the probability of failure.
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In a positive development that further boosted crypto prices, the Securities and Exchange Commission issued an order creating a regulatory pathway for certain trading venues to issue tokenized representations of publicly traded U.S. stocks, effective immediately.
The crypto market soared higher to conclude the week as it looked past the unexpected global shift to tighter monetary policy, and the SEC "innovation exemption" trumped the failure of the Clarity Act, with Bitcoin sharply surging past $81,000 on Friday.
Bitcoin's four-day rise from Wednesday's low of $74,962 culminated in a high of $81,914 on Saturday before profit-taking ensued.
At the time of writing, BTC was down 1.02% in the last 24 hours to $80,762.
Strategy shares have gained 47.65% over one month through Sept. 18, putting the Bitcoin treasury company at the top of the latest Nasdaq-100 constituent return ranking.
Summary
Strategy shares gained 47.65% in one month, leading Nasdaq-100 constituents through September 18 closing prices. MSTR closed at $153.92 Friday after surging 16.39% as Bitcoin reclaimed the $80,000 level again. Strategy held 845,050 Bitcoin through September 13, with aggregate acquisition costs totaling $63.73 billion total. Strategy made no Bitcoin purchases for two consecutive weeks while directing cash toward STRC repurchases. Bitcoin rose above $80,000 Friday while crypto-related equities gained amid fresh U.S. regulatory developments emerging. History of Market data updated Sept. 19 showed MSTR at $153.92 with a trailing one-month return of 47.65% and a one-week gain of 17.52%. The dataset uses exchange closing prices and the Nasdaq-100 constituent list. Its ranking placed Strategy ahead of the other index members over the one-month window.
Strategy stock closes at $153.92 after 16% Friday surge The final session of the measurement period accounted for a large part of MSTR’s latest gain. Strategy shares climbed 16.39% on Sept. 18, closing at $153.92 after ending the previous session at $132.25, according to market data.
Trading volume reached 54.34 million shares, well above the company’s recent daily levels. The stock traded as high as $154.02 during the session after opening at $132.25.
MSTR had closed at $104.25 one month earlier on Aug. 19. Its rise to $153.92 produced the 47.65% trailing return. The rally has recovered a portion of the stock’s earlier losses, though MSTR remained down more than 55% over the trailing 12 months as of Sept. 18.
Bitcoin’s Friday rally coincided with the sharp move in Strategy. Reuters reported that crypto-linked equities rose as Bitcoin climbed during a volatile U.S. trading session, while the Nasdaq finished higher.
Bitcoin advanced more than 5% and moved through $80,000 during the session. Ascrypto.news reported on Bitcoin’s Sept. 18 breakout, BTC reached an intraday high of $81,258 after recovering from $75,560.
The timing supports a close relationship between the two moves, but it does not establish Bitcoin as the sole cause of MSTR’s entire one-month gain. Strategy’s stock incorporates its Bitcoin exposure alongside its debt, preferred securities, cash balances, common-share structure and investor expectations for future capital activity.
Strategy remains exposed to 845,050 Bitcoin Strategy’s latest SEC filing shows the company held 845,050 BTC as of Sept. 13. It acquired those coins for $63.73 billion in aggregate, including expenses, at an average cost of approximately $75,412 per Bitcoin.
The position equals just over 4% of Bitcoin’s fixed 21 million supply cap. Strategy remains the largest publicly traded corporate Bitcoin holder based on its disclosed balance.
Its latest addition came during the week ending Aug. 30, when the company purchased 4,603 BTC for $369.7 million at an average price of $80,318. The transaction increased holdings from 840,447 BTC to the current 845,050 BTC.
Strategy’s 4,603 BTC purchase, the acquisition was funded through common-stock sales. Strategy sold 4.53 million MSTR shares that week for $602.8 million in net proceeds, directing $369.7 million toward Bitcoin.
The company then stopped buying Bitcoin for the following two reporting periods. Its Sept. 8 and Sept. 14 SEC filings showed no Bitcoin purchases or sales and no at-the-market share issuance during either week. Strategy’s Bitcoin exposure therefore remained unchanged while MSTR’s market price moved sharply.
Strategy has redirected cash toward STRC buybacks During the pause in Bitcoin purchases, Strategy directed capital toward its Variable Rate Series A Perpetual Stretch preferred stock, or STRC.
From Aug. 31 through Sept. 7, the company repurchased 1.81 million STRC shares for $176.3 million. Strategy simultaneously increased its Digital Credit Securities Repurchase Program authorization from $1 billion to $2 billion, according to its Sept. 8 filing.
Another 1.42 million STRC shares were repurchased for $139.3 million between Sept. 8 and Sept. 13. Strategy funded that transaction from its separate USD Cash balance, leaving its designated USD Reserve untouched.
As crypto.news reported on Strategy’s two-week Bitcoin pause, the company had neither issued common shares nor traded Bitcoin during the latest reporting period while continuing to reduce its preferred-share obligations.
Strategy had spent roughly $950.8 million on STRC repurchases since the program began in July. The preferred shares had recovered toward Strategy’s targeted $99-to-$100 range.
Strategy CEO Phong Le has described discounted STRC repurchases as an attractive use of capital because buying the preferred shares below their $100 stated amount reduces future dividend requirements at a lower purchase price.
The policy does not commit the company to a fixed amount or timing for future purchases. Strategy says repurchase decisions depend on market prices, liquidity, available capital and its other capital-allocation priorities.
MSTR rally outpaces the latest Bitcoin move Strategy’s one-month return has been considerably larger than Bitcoin’s price increase over the same general period, reinforcing MSTR’s history of producing amplified moves around changes in the value of its primary treasury asset.
On Sept. 18 alone, MSTR gained 16.39% while Bitcoin rose roughly 5% to 6%, depending on the reference time. Barron’s reported that Strategy was among the strongest crypto-linked equities during the session as BTC climbed beyond $80,000.
Regulatory news coincided with the rally. The SEC had announced a five-year Innovation Exemption on Sept. 17 for qualifying tokenized U.S. stock trading, while the CFTC had sent proposed crypto-market rules for White House review. Bitcoin ETF flows had also returned to positive territory before Friday’s move.
Reuters reported that the wider market remained mixed as Treasury yields and oil prices continued to pressure equities. Against that backdrop, crypto-related stocks strengthened alongside the Bitcoin recovery, making Strategy’s advance part of a sector move rather than an isolated company event.
The History of Market dataset shows MSTR’s 47.65% one-month gain alongside a Nasdaq-100 index containing 101 securities as of Sept. 19. Strategy itself carries an estimated index weight of roughly 0.20%, far below the index’s largest holdings such as Nvidia, Apple and Microsoft.
The company’s shorter-term rebound has not erased its longer-term decline. History of Market recorded a roughly 55.35% trailing one-year loss for MSTR despite the latest monthly rise, while its year-to-date performance remained close to flat.
Strategy’s official capital position last disclosed on Sept. 14 included $5.10 billion in its USD Reserve and $1.30 billion in USD Cash. After the latest STRC purchases, approximately $1.05 billion remained under its preferred-securities repurchase authorization, while the separate $1 billion MSTR common-stock repurchase authorization remained unused.
BlackRock has said Bitcoin ETFs are increasingly serving as financial tools for large holders seeking collateral, options access and portfolio flexibility as Bitcoin volatility has fallen toward the 35–40 range.
Summary
BlackRock’s Jay Jacobs says Bitcoin volatility has compressed from roughly 80 to 35–40 amid participation. IBIT’s current creation basket is worth about $1.7 million, closely matching Jacobs’ stated threshold today. Jacobs says some large Bitcoin holders prefer ETF wrappers because shares can support collateralized borrowing. BlackRock now offers IBIT, ETHA, ETHB, and BITA across spot, staking, and income-focused crypto strategies. SEC rules have permitted in-kind creations and redemptions for authorized crypto ETP participants since 2025. The Pomp Podcast published a Sept. 17 interview with Jay Jacobs, BlackRock’s U.S. Head of Equity ETFs, covering the growth of the iShares Bitcoin Trust ETF, or IBIT, the development of crypto-linked options and BlackRock’s expanding Bitcoin and Ethereum product lineup.
During the interview, host Anthony Pompliano described Bitcoin as having moved from roughly 80 volatility to 35–40. Jacobs did not identify one cause, saying ETPs, options, deeper liquidity and an expanding base of long-term holders had all contributed to the decline.
JUST IN: BlackRock exec says Bitcoin ($BTC) volatility has been cut in half.
The shift? From "get-rich-quick narrative" to "collateral narrative."
Major institutions don't use the word collateral lightly.
— Wizzy (@WizzyOnChain) September 20, 2026 Bitcoin ETFs give large holders more financial options Jacobs said BlackRock initially expected institutional custody to be the main reason long-term Bitcoin holders would move coins into an ETF structure. Client conversations showed another use case: placing Bitcoin exposure inside conventional financial accounts made it easier to use that wealth within lending and derivatives markets.
According to Jacobs, holders with a large percentage of their wealth in Bitcoin sometimes want liquidity for property, vehicles or other spending without simply selling their exposure. An ETF position can potentially be pledged to lenders that accept ETF shares as collateral, while options can be used to hedge risk or generate income.
The distinction is important in the mechanics of the product. IBIT itself does not issue home or car loans, and BlackRock does not guarantee that an investor can borrow against its shares. A bank, broker or other lender determines whether it will accept ETF shares as collateral and on what terms.
Traditional lenders have already expanded such services. JPMorgan accepting Bitcoin as collateral, the bank has moved digital assets further into its secured-lending framework, following earlier efforts involving crypto-linked ETFs.
Jacobs characterized this ability to connect Bitcoin wealth with traditional lending, hedging and portfolio tools as part of the asset’s financialization.
IBIT’s structure now supports in-kind creation and redemption by authorized participants. The SEC approved in-kind processes for crypto ETPs in July 2025, reversing the cash-only approach initially required when U.S. spot Bitcoin ETFs launched.
SEC Chairman Paul Atkins said at the time that in-kind transactions could make the products “less costly and more efficient.”
In-kind transactions do not mean ordinary retail holders can walk into BlackRock and exchange a small amount of Bitcoin directly for IBIT shares. Creation and redemption activity takes place through authorized participants using large baskets.
BlackRock’s lates IBIT data put one creation basket at approximately $1.73 million as of Sept. 17, containing 22.65 BTC. Jacobs described the practical threshold during the podcast as roughly $1.5 million, after falling substantially from earlier levels.
BlackRock links lower Bitcoin volatility to deeper markets Pompliano asked Jacobs whether Bitcoin’s volatility decline came from Wall Street participation, ETFs or the derivatives market built around the asset.
Jacobs said BlackRock does not have a single explanation. ETPs created more ways to obtain exposure, while options gave market participants additional tools for complex positions and risk management. A deeper pool of participants and liquidity can reduce some price swings, in his view.
Long-term buyers form another part of BlackRock’s explanation. Jacobs said more investors now hold Bitcoin strategically, providing a different source of demand from shorter-duration traders.
His view on future volatility remains an assessment, not a guaranteed outcome. Bitcoin can still experience sharp moves, while derivatives and leverage can amplify volatility during periods of rapid liquidation.
Jacobs argued that lower volatility has not changed what BlackRock sees as Bitcoin’s underlying investment characteristics. In periods when investors worry about governments, geopolitical instability or fiat currency debasement, Bitcoin “should benefit,” he said, while noting that such conditions can place pressure on conventional assets.
The statement represents BlackRock’s investment view. It does not establish that Bitcoin will consistently rise when stocks or bonds decline, and correlations between asset classes can change across market cycles.
IBIT remained BlackRock’s largest crypto ETP by a wide margin. BlackRock reported approximately $59.87 billion in IBIT net assets as of Sept. 17, with 1.382 billion shares outstanding and a 0.25% sponsor fee. The product tracks the CME CF Bitcoin Reference Rate-New York Variant.
BlackRock is building staking and income products around crypto BlackRock’s current crypto strategy extends beyond simple spot exposure, though it remains concentrated on Bitcoin and Ethereum.
Jacobs said the firm has concentrated on the two assets because Bitcoin and Ethereum represent most of the digital-asset market by capitalization. BlackRock has not followed an approach of launching products for every large cryptocurrency.
For Ethereum, the firm offers ETHA for spot exposure and the iShares Staked Ethereum Trust ETF, ETHB, which combines ether price exposure with staking rewards from a portion of the trust’s holdings.
BlackRock’s official ETHB page showed net assets slightly above $1 billion as of Sept. 10. The product carried a 30-day staking rewards rate of 1.54% at that date, while the stated sponsor fee is 0.25%.
As crypto.news reported when BlackRock launched ETHB, the product began trading in March as BlackRock’s first U.S. Ethereum ETP incorporating staking.
BlackRock has taken a separate approach to investors seeking income from Bitcoin.
The iShares Bitcoin Premium Income ETF, ticker BITA, launched in June. The translated interview notes referred to the product as “BIDA,” but BlackRock’s official ticker is BITA.
BITA holds Bitcoin exposure through spot BTC and IBIT, then writes call options primarily on IBIT to collect premiums. BlackRock said when it launched the fund that the strategy generally targets calls covering approximately 25% to 35% of the portfolio.
Its product page showed a 13.25% distribution rate as of Sept. 9 and a 0.65% sponsor fee. Distribution rates can change and are not guaranteed returns.
Ascrypto.news previously reported in its analysis of BITA, selling covered calls can create monthly income but limits participation in some Bitcoin upside when prices rise sharply.
Jacobs said the strategy grew from requests by clients who wanted Bitcoin exposure but had portfolios structured around cash flow. Spot Bitcoin itself pays no coupon or dividend, leaving options premiums as one way an ETF can create distributable income.
AI now sits beside crypto in BlackRock’s thematic framework The interview moved from Bitcoin into BlackRock’s approach to artificial intelligence, where Jacobs described AI adoption as a macroeconomic variable increasingly relevant to U.S. equity markets.
He said BlackRock examines AI across utilities, power infrastructure, data centers, semiconductors, model developers, software and applications instead of treating it solely as a technology-sector theme.
Supply timelines differ sharply across that chain, according to Jacobs. He estimated that a new copper mine can require four to eight years to reach production and that semiconductor fabrication facilities can take roughly four years to become operational.
Those timing estimates were used to explain BlackRock’s investment framework, not to establish a forecast for commodity prices or AI-company returns.
The asset manager offers several products tied to different parts of that infrastructure. Jacobs pointed to its actively managed AI strategy BAI, infrastructure and power exposure, data-center real estate and copper-related investments as examples of how ETF structures can divide the AI supply chain into investable groups.
His comments on fund design extended to the number of ETFs available in the U.S. market. Jacobs said investors should examine holdings, structure, taxation and market-making arrangements instead of relying only on product names.
BITA provides one example of the structural differences he cited. The fund uses a partnership structure, so BlackRock says investors are expected to receive a Schedule K-1 for U.S. tax reporting. IBIT, despite offering exposure to the same underlying asset, does not use BITA’s covered-call income strategy.
BlackRock’s June launch materials said BITA can sell calls against approximately 25% to 35% of its Bitcoin exposure, while the remaining position retains exposure to Bitcoin price movements. Its options strategy is actively managed and can change as market conditions and portfolio positioning change.
Generation Z, the demographic cohort typically born between the late 1990s and early 2010s, now represents less than 5% of new homebuyers in the United States. Hunter Albright, CEO of SALT Lending, has pointed out that this significant drop in homeownership among young adults is reshaping how an entire generation approaches wealth accumulation.
Bitcoin emerges as a favored assetWith rising property prices and tighter lending standards, many members of Gen Z have found traditional pathways to wealth, such as homeownership, increasingly out of reach. As a result, Bitcoin has gained traction among younger investors as an alternative means of building wealth. Unlike real estate, which often requires significant upfront capital and long loan terms, Bitcoin offers liquidity and the potential for appreciation within shorter timeframes.
Albright explained how Bitcoin is increasingly being used as collateral for loans. This allows individuals to access funds for significant purchases, including down payments on homes, without needing to sell their digital assets or commit to decades-long mortgages.
Housing affordability challenges are pushing younger generations to explore alternative assets like Bitcoin, which allows them to build wealth while maintaining liquidity and flexibility.
Lending innovations and institutional recognitionSALT Lending, a financial technology company focused on crypto-backed lending, has introduced five-year loan terms designed to appeal to those reluctant to lock themselves into traditional 30-year mortgages. These loans enable borrowers to leverage their Bitcoin holdings while retaining ownership and exposure to potential price gains.
Albright also mentioned growing institutional interest. Government-sponsored enterprises Fannie Mae and Freddie Mac are reportedly taking steps toward recognizing Bitcoin as a legitimate asset in the context of loan applications. This move could facilitate broader adoption of cryptocurrency-backed borrowing for property purchases, potentially easing the path into homeownership for digitally native generations.
Mini dictionary: Fannie Mae and Freddie Mac are federally backed mortgage companies created by the US Congress to provide liquidity, stability, and affordability to the mortgage market by purchasing and guaranteeing home loans from lenders.
Shifting financial outlook for Gen ZAlbright highlighted the broader impact of these changes, stating that leveraging technology and cryptocurrency can give Gen Z access to financing tools tailored to their unique financial goals. Compared to previous generations, who built wealth predominantly through real estate, today’s young adults are increasingly focused on digital assets.
The concept of a “Bitcoin-powered life” is becoming more tangible as new borrowing products and institutional support make it possible for younger people to participate in the economy without relying solely on traditional pathways like homeownership.
The shift could have lasting effects on the broader financial system, as more banks and financial institutions adjust their offerings to meet the demands of digitally savvy generations seeking flexibility, portability, and faster access to wealth-building opportunities.
Younger generations are no longer restricted to traditional financial strategies and are using assets like Bitcoin to navigate a changing economic landscape and pursue new opportunities for growth.
Blue Macellari, head of digital asset strategy at T. Rowe Price, has emphasized Bitcoin’s central role in current discussions on US currency debasement, drawing on her two decades of experience in emerging market sovereign and distressed debt investing.
Institutional approach to digital assetsMacellari outlined how T. Rowe Price, a global investment management firm headquartered in Baltimore, adopted a forward-looking stance toward the digital asset sector. She explained the decision to build an actively managed multi-token ETF, reflecting the company’s belief in the long-term significance of cryptocurrencies and blockchain technology for institutional portfolios.
The ETF, according to Macellari, allows investors access to a diversified basket of digital assets while maintaining active risk management and compliance with regulatory requirements. She noted that the move was motivated by investors’ increasing demand for diverse exposure to digital assets beyond traditional financial instruments.
Macellari observed that discussions around digital assets within T. Rowe Price have progressed from initial skepticism to a strategic approach aimed at harnessing the potential of blockchain-based investments for clients.
Liquidity, volatility, and 24/7 riskAddressing the unique risks of round-the-clock trading in crypto markets, Macellari drew attention to the implications of bifurcated liquidity and the need for robust operational controls. She highlighted the way digital assets have expanded trading hours, which introduces additional volatility and requires advanced risk frameworks compared to traditional assets.
She also acknowledged the generational divide in portfolio allocations, with younger investors more inclined toward embracing volatility as a portfolio tool in the digital asset space.
Bond vigilantes and the US Treasury marketDrawing on her extensive background in sovereign debt, Macellari discussed the resurgence of “bond vigilantes”—market participants who drive up yields in response to fiscal concerns. She differentiated the US buyer base from those of Japan and Italy, contending that comparisons between these countries’ debt financing models and that of the US are imprecise due to differences in domestic and foreign demand for Treasuries.
Macellari addressed recent shifts from foreign to domestic financing of US government debt, explaining that changes in the Treasury buyer landscape could have significant market consequences.
She also questioned whether new regulatory developments, such as the GENIUS Act’s impact on stablecoin demand for Treasury bills, will constitute a meaningful and durable shift in market structure, or remain largely aspirational for now.
Mini dictionary: Bond vigilantes, a term for investors or traders who sell off government bonds in response to excessive fiscal spending, leading to higher borrowing costs for governments. Their activity is seen as a market-based check on fiscal discipline.
She argued that “the debasement trade”—hedging against currency dilution—has become an increasingly important driver for institutional investment allocations, placing Bitcoin at the center of this conversation among professional asset managers.
Tokenization and asset management automationMacellari highlighted tokenization at scale as a critical transformative force for the financial industry, mentioning automation in asset management as a key benefit. She suggested that blockchain-based asset tokenization could increase market efficiency, transparency, and accessibility by automating key processes and reducing reliance on intermediaries.
In her view, this trend represents not only innovation within crypto markets but also has broader implications for traditional finance through increased operational efficiency.
