Track market-moving stories before they get noisy

Macro strategist Henrik Zeberg argued that the recent surge in Bitcoin (BTC) price is not the beginning of a new bull market, outlining a rather sharp bearish scenario for the cryptocurrency market. Speaking in an interview with Michaël van de Poppe, Zeberg characterized the current movement as a “bear market rally” and, in market terminology, a “fools’ rally.” Zeberg believes Bitcoin could continue its upward trend in the short term, but could then experience a massive crash of around 90% from current levels.

According to Zeberg, the recent strong recovery in Bitcoin does not mean the long-term downtrend in the market has ended. The strategist stated that the increase in risk appetite spread first to stocks, then to Bitcoin and other cryptocurrencies, and that the current rise is a result of this capital rotation. Zeberg said, “What you’re seeing right now isn’t a new bull market. This is actually a bear market rally. It’s also called a ‘fools’ rally’.”

Analyst Expects Initial Bullish Trend in Bitcoin However, Zeberg does not expect the decline in Bitcoin to begin immediately. Recalling his previous prediction that BTC could rise again to the $115,000-$120,000 region, the analyst argued that a second strong rejection at these levels would lead to a sharp price drop.

Zeberg’s bearish outlook centers on the global economy and the US dollar. According to the strategist, the current weakness in the dollar index will not be permanent as the US economy heads towards recession. He states that if the dollar starts to strengthen again, risky assets, especially Bitcoin, will come under serious pressure, suggesting that the crypto market could face one of its harshest bear markets to date.

Zeberg also noted that Bitcoin has yet to be truly tested in a prolonged recession. Recalling that Bitcoin lost over 60% of its value in about four weeks during the short economic downturn of COVID-19, the strategist said that sell-offs could be much more severe during a deeper economic crisis.

According to the analyst, one of the biggest misconceptions in the market is the belief that increased liquidity or positive regulatory developments for the crypto sector will inevitably drive prices upwards. Zeberg argues that if economic activity deteriorates severely, liquidity support alone will not be able to stop the decline in risky assets, and Bitcoin, like other risk assets, could be heavily affected.

*This is not investment advice.

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In brief The Senate failed to invoke cloture on the Digital Asset Market Clarity Act Tuesday, after 50 senators voted against it. Bitcoin slid from a session high near $77,200 to a low around $75,600 as the no votes mounted, before paring losses to trade near $75,800, down about 3.2% on the day. The Digital Chamber, a crypto trade group, called the result a "setback" rather than a defeat and said it would keep pushing for the bill's passage. The Senate failed to invoke cloture on the Digital Asset Market Clarity Act Tuesday afternoon, falling short of the 60 votes needed to advance the bill to debate. Senators voted 49 in favor and 50 against, dooming the bill that needed at least seven Democrats to cross over.

The crypto market did not like the outcome, as you might expect, with Bitcoin sliding as the “no” votes came in and the bill’s outcome looked certain. Bitcoin is down 1.3% in the last hour during the vote, and almost 4% on the day, as it trades around $76,000.

Myriad: Will Congress pass the Clarity Act? Click to make your prediction.Tuesday's vote was a cloture motion on H.R. 3633, not a final vote on the bill itself. Cloture only decides whether the Senate can move to formal debate. A failed cloture vote effectively ends the bill's chances for 2026, with only about 22 working days left on the Senate calendar before midterm campaigning takes over.

Sen. Cynthia Lummis (R-Wyo.), the bill's lead GOP negotiator, wrote ahead of the vote that a failure would possibly be final, suggesting there’s no more room to negotiate over the bill’s language with Democrats. "It's now or never for the Clarity Act.," she said, arguing Republicans had already delivered more than 120 of the changes Democrats had asked for over the past year.

It's now or never for the Clarity Act.

Dems can lock in 120+ negotiated wins: a historic ethics agreement covering the President, VP, Congress & federal judges, plus the certainty consumers and this industry need.

To get there, Democrats need to join us in voting yes at 2:15. https://t.co/GEr4r9cpKO

— Senator Cynthia Lummis (@SenLummis) September 15, 2026

Senate Banking ranking member Elizabeth Warren delivered a floor speech opposing the bill, warning it would spark a "crypto-fueled economic crash" if approved.

The rest of her party, evidently, backed her up.

Why it stalledThree fights dragged the bill out for months. Banks wanted language banning crypto firms from paying yield on stablecoins, arguing it would pull deposits out of traditional accounts. Eight banking trade groups pushed for even tighter restrictions just days before the vote.

Democrats wanted stronger conflict-of-interest rules given Trump's personal crypto holdings, and software developers wanted explicit protection from criminal liability for building non-custodial tools.

Senate Republicans released a revised, 630-page draft late Sunday night trying to close all three gaps, adding a state-attorney-general enforcement role on ethics and softening the developer-liability language. It wasn't enough to move the needed Democrats.

Markets react—but don’t overreactBitcoin traded as high as $77,200 shortly before the vote began, then chopped in a narrowing range through the early proceedings. It broke down around 2:30 p.m. ET, sliding from roughly $76,900 to a session low near $75,600 in about 10 minutes as soon as the “no” tally climbed past 40.

Bitcoin price data. Image: TradingviewThat put Bitcoin down almost 4% on the day and well off its September peak near $82,000.

The decline was orderly rather than a rush for the exits. Traders had already priced in most of the bad news: Polymarket odds on the Clarity Act becoming law in 2026 had fallen to 17% by Tuesday morning, down from about 34% on Monday, after Republicans rejected a Democratic counteroffer just hours before the vote.

The overall crypto market lost nearly 3% after quickly recovering from a post “no” panic that took the losses to more than 4.2%.

Bitcoin price data. Image: TradingviewThe industry's response leaned defiant rather than despondent. The Digital Chamber, a crypto trade group, called Tuesday's result a "setback" rather than a defeat in a post on X, and said it remains committed to seeing comprehensive digital asset regulation through to passage.

With Congress facing roughly three weeks of working days before the fall session turns to midterm campaigning, the SEC and CFTC's own rulemaking process, the fallback Treasury Secretary Scott Bessent has pointed to if legislation stalls, is now the nearest thing to a regulatory timeline U.S. crypto markets have left for 2026.

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The crypto market has lost more than 2% of its value, pushing Bitcoin below $76,000 as traders prepare for a likely Federal Reserve rate hike and a key Senate vote on the CLARITY Act.

Summary

The global crypto market capitalization fell more than 2% to about $2.6 trillion. Bitcoin dropped over 3% and traded below the $76,000 level. Fed futures placed the probability of a 25-basis-point rate increase above 92%. The Senate’s CLARITY Act cloture vote presents another source of uncertainty for traders. Crypto market loses $76,000 Bitcoin support Data from the crypto market showed widespread losses on Sept. 15, with the total value of digital assets falling to around $2.6 trillion as investors reduced risk before two major U.S. events.

Bitcoin (BTC) dropped more than 3% and moved below $76,000 after failing to hold its earlier gains. Losses also spread across major altcoins, while U.S.-listed companies with direct exposure to crypto came under pressure.

The decline accelerated as traders assessed the Federal Open Market Committee meeting scheduled for Sept. 15–16. Futures tied to the federal funds rate placed the probability of a 25-basis-point increase above 92%, making a hike the market’s main expectation rather than a low-probability risk.

An increase of that size would lift the Fed’s target range from 3.50%–3.75% to 3.75%–4.00%. The decision is due on Sept. 16, followed by comments from Fed Chair Kevin Warsh that could indicate whether officials view the increase as a single response to inflation or the start of a longer tightening period.

Earlier on Sept. 15, crypto.news reported that the estimated chance of a quarter-point hike had risen to 86.5% from 69.4% on the previous Friday. The probability moved above 92% as the meeting drew closer, showing how quickly traders had adjusted their rate expectations.

Fed hike odds rise as inflation concerns return Expectations for tighter policy have grown alongside renewed concern about U.S. inflation. Goldman Sachs and JPMorgan forecast a 25-basis-point increase at the September meeting, according to reports cited in the original coverage.

Morgan Stanley also expects the Fed to lift rates by a quarter point in September and again in December, Reuters reported. The bank linked its forecast to persistent inflation, higher oil prices and strong demand tied to artificial intelligence investment.

Rising borrowing costs tend to weaken demand for assets that do not generate fixed income. Investors can earn a higher return from Treasury securities after a rate increase, raising the hurdle for holding volatile assets such as Bitcoin and other cryptocurrencies.

Higher policy rates can also increase the cost of leveraged positions. Crypto traders who use borrowed funds may reduce their exposure when financing becomes more expensive, while a firmer U.S. dollar can place additional pressure on dollar-priced assets.

The market’s response will depend partly on the guidance accompanying the decision. A quarter-point increase has already become the expected result, but any signal of further hikes could force investors to reassess the path for liquidity and borrowing costs.

As earlier market coverage explained, Bitcoin now enters a tightening decision with a larger institutional investor base than it had during the Fed’s previous rate-hike cycle. Spot exchange-traded funds, corporate Bitcoin holders, and other regulated products have linked crypto more closely with traditional portfolio decisions.

Trump says he will respect the Fed decision National Economic Council Director Kevin Hassett said President Donald Trump would support Warsh’s right to make an independent policy decision, even though the White House does not favor another rate increase.

“President Trump 100% respects the independence of Kevin Warsh,” Hassett said, according to comments reported by Yahoo Finance.

Hassett added that the administration would support Warsh regardless of the outcome. His comments clarified Trump’s position on the Fed’s authority but did not signal White House approval of higher interest rates.

Trump and Hassett have both opposed raising borrowing costs. During a Fox News interview, Hassett said he would be cautious about increasing rates close to the U.S. midterm elections because an independent central bank should avoid becoming part of the political cycle.

The distinction matters for U.S. investors because the Fed sets monetary policy without taking instructions from the White House. Political comments can affect expectations, but the FOMC votes on rates based on its assessment of inflation, employment, and financial conditions.

Recent inflation readings have kept pressure on policymakers. Wall Street firms have warned that the personal consumption expenditures price index, the Fed’s preferred inflation measure, could come in hotter than expected. Persistent price growth would give officials more reason to keep rates elevated after the September meeting.

CLARITY Act vote adds another risk for crypto Alongside the Fed decision, the Senate is preparing to vote on whether to advance the Digital Asset Market Clarity Act. The procedural vote requires 60 senators to support opening debate on the measure.

A successful cloture vote would not pass the bill into law. It would allow the Senate to begin considering the legislation, after which lawmakers would still face an amendment process, another procedural vote, and possible negotiations with the House.

Republicans hold 53 Senate seats, leaving the bill dependent on support from several Democrats. Negotiations became more uncertain after Democrats presented a counteroffer that met resistance from Republicans shortly before the scheduled vote.

A recent CLARITY Act analysis noted that the revised text had expanded from roughly 616 pages to 635 pages. The proposal included language covering the division of authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission, along with provisions affecting the treatment of individual digital assets.

For American crypto holders, the bill could determine which federal regulator oversees different parts of the market and how tokens are classified under U.S. law. Failure to advance the measure would leave the current regulatory framework in place while lawmakers decide whether to revise or reintroduce the proposal.

Crypto-linked stocks also fell before the vote, including companies whose revenue or balance sheets depend on digital assets. Shares of Strategy, Coinbase, Circle, and Robinhood faced selling as investors reduced exposure to both the legislative uncertainty and the possibility of higher U.S. interest rates.

The market entered the week in a less defensive position. A weekly market recap published on Sept. 12 placed Bitcoin near $80,000 and reported $463 million in weekly outflows from U.S. spot Bitcoin ETFs. Continued withdrawals from the funds would show that regulated investment products remain a source of selling pressure during the policy-heavy week.

Bitcoin price crashed 4.6% after the U.S. Senate’s highly anticipated procedural vote on the Digital Asset Market Clarity Act failed. The bill fell short of the 60 votes needed to overcome the procedural hurdle, triggering a sharp “sell-the-news” reaction across the crypto market. 

Bitcoin dropped below the $75,000 level, triggering $771 million in crypto liquidations.

The CLARITY Act failed to secure enough Senate support despite major changes aimed at winning bipartisan backing. A last-minute substitute text included 126 bipartisan changes, but lawmakers still could not overcome big political and ideological differences.

Senate Republicans, led by Senator Cynthia Lummis, also secured President Donald Trump’s support for stricter blind-trust rules covering his digital asset investments. 

However, the changes failed to win over progressive Democrats.

Several Democrats who spent months negotiating the Clarity Act, including Gillibrand, Warner, Booker, Warnock, Gallego, Alsobrooks and Cortez Masto, voted NO.

Senator Elizabeth Warren fiercely attacked the revised bill on the Senate floor. Warren called the updated provisions a “weak fig leaf,” arguing that they did not go far enough to address broader conflict-of-interest concerns.

A Ray of HopeThe CLARITY Act’s failed vote does not necessarily end its chances. The Senate could bring the bill back for another vote as early as September 17.

However, time is running short. 

With limited Senate session days left before the October 2 deadline. The bill still has a path forward, but reaching the required 60 votes remains the main hurdle.

SEC & CFTC To Move Forward With Clarity ACTWith the CLARITY Act unlikely to move forward during the current congressional session, the focus is now shifting from Congress to U.S. regulators. 

SEC and CFTC officials have also said they can still write crypto rules without the bill. The SEC is already working on its standalone “Regulation Crypto Assets” framework. 

Meanwhile, the CFTC is developing rules for prediction markets and commodity spot markets.

Bitcoin Price Crashed Below $75KAs vote numbers were finalized on Capitol Hill, Bitcoin faced a sharp liquidation wave, falling more than 4.7% and breaking below the key $75,000 level, its lowest price since late August. 

Over the past 24 hours, 120,217 traders were liquidated, with total liquidations reaching $771 million. Long positions accounted for nearly $568.5 million of the losses, showing how quickly the sell-off hit leveraged traders. 

With the CLARITY Act failing to advance, the experts sugggest that bill is now likely dead for 2026, with no clear path for reconsideration before the midterm elections.

Story Ends Here

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Read the Next News

WSJ: Bitcoin, Crypto Stocks Fall as Clarity Act Fails to Advance Past Procedural Vote

A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration

Sept 15 : Bitcoin and crypto-related stocks remained lower on Tuesday after the U.S. Senate failed to advance comprehensive cryptocurrency legislation in a major blow for digital asset companies and Republicans who had championed the bill for months.

Coinbase and Circle Internet Group were each down about 9 per cent.

Bitcoin was down about 4 per cent at $75,908.

Source: Reuters

Brazil just became home to what might be the most creative Bitcoin investment vehicle on any major stock exchange. OranjeBTC, the Bitcoin treasury company trading as OBTC3, has launched the Digital Yield ETF under the ticker DIGY11 on B3, Brazil’s primary securities exchange. It’s the first ETF of its kind anywhere: a fund that delivers income to investors by holding preferred equity in US companies sitting on enormous Bitcoin reserves.

The fund doesn’t actually hold any Bitcoin. Instead, it routes investor capital into preferred shares of companies like Strategy (STRC) and Strive (SATA), both of which have adopted the now-familiar corporate Bitcoin treasury playbook. STRC alone reportedly accounts for approximately 95% of the fund’s initial holdings.

How the yield works The target annual return sits between CDI + 3% and CDI + 5%, not including any capital gains. With Brazil’s CDI benchmark rate currently hovering around 14.15%, that translates to a gross yield in the neighborhood of 17% to 19% per year. Distributions flow monthly in Brazilian reais.

Management fees run at 0.90%, with total estimated costs landing around 1.30%.

The institutional backing OranjeBTC didn’t launch this solo. The ETF was built in partnership with MarketVector, the index arm of the VanEck group, which provides the underlying benchmark. Asset manager 3R Investimentos handles the fund operations. Banco Daycoval and Itaú BBA, two of Brazil’s established financial institutions, round out the partnership roster.

OranjeBTC itself has built a substantial Bitcoin position over the past couple of years. The company’s treasury holds an estimated 3,700 to 3,900 BTC as of mid-2026, making it one of the more significant Bitcoin treasury operations in Latin America.

The ETF was first announced on August 12, 2026, with the official launch following on September 15, 2026.

What this means for Brazil’s crypto market Brazil has quietly become one of the most crypto-friendly major economies. The country passed its digital asset regulatory framework in 2023, and B3 already lists several crypto-related ETFs that track Bitcoin and Ethereum prices directly. But DIGY11 occupies a genuinely new category: it’s not a spot tracker, not a futures wrapper, and not a blockchain equity fund. It’s a yield product built on preferred shares of Bitcoin-heavy companies.

The concentration risk, however, is hard to ignore. With roughly 95% of assets reportedly allocated to a single company’s preferred shares, the fund’s fortunes are tightly coupled to Strategy’s financial health and its ability to maintain its Bitcoin position.

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

Bitcoin wallet manufacturer BitBox is putting Lightning in users’ pockets. 

Owners of any BitBox hardware wallet can create a Lightning hot wallet inside the mobile BitBoxApp, fund it directly from their on-chain balance and pay invoices without bouncing between apps, wallets or third-party services, the company announced Tuesday. 

And users don’t need a new recovery phrase. The Lightning wallet is derived from the BitBox backup they already have, so there are no extra words to write down — the two wallets stay distinct. 

The Lightning side runs as a hot wallet built for small amounts and everyday spending — coffee, invoices, a quick transfer — while long-term savings stay locked behind the hardware device. 

Inside the BitBoxApp, users can scan and pay Lightning invoices, send and receive bitcoin, claim their own Lightning address, top up from their on-chain wallet, and sweep funds back again.

Under the hood, the feature runs on the Breez SDK, which now counts BitBox among more than 100 integration partners. Spark handles the plumbing that has long kept casual users off Lightning — no node to run, no channels to open, no liquidity to babysit. Custody stays with the user throughout.

Breez in August debuted Glow, an app that allows developers to see what’s working under the hood with the Lightning wallet so they can build their own products.

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.

17h35 ▪ 7 min read ▪ by Mikaia A.

Summarize this article with:

Russia does not shut the door on crypto. It rather chooses who can open it, how far, and especially for what purpose. After a new wave of European sanctions this summer, Moscow accelerated its regulatory project. Putin signed the law, investors now have a regulated market, and the digital ruble has just scaled up. Behind this closely monitored opening lies a fairly clear line: protecting the Russian currency at home, finding more financial freedom elsewhere.

In brief Russia authorizes certain international settlements in digital assets, while maintaining the ban on cryptocurrency payments for purchases made on its territory. Russia authorizes certain international settlements in digital assets, while maintaining the ban on cryptocurrency payments for purchases made on its territory. The digital ruble recorded 87,000 opened accounts and more than 50,000 transactions during its first ten days of large-scale deployment. The Bank of Russia fears that stablecoins will compete with the ruble and simultaneously strengthens tax identification, transaction monitoring, and control of regulated platforms. Sanctions are giving bitcoin a new job in Russia The timeline helps to understand the movement. On July 23, the European Union adopts its 21st sanctions package. Notably targeted are 94 banks and major financial institutions, 33 additional Russian entities subject to transaction bans, and 14 exchanges related to crypto established in third countries. The cross-border A7 network is also under European scrutiny.

Moscow was already looking for other channels. Russian companies can use digital assets for certain international settlements under an experimental regime supervised by the Bank of Russia. Deputy Kaplan Panesh straightforwardly described the purpose of the arrangement: to allow Russian companies to pay foreign partners while bypassing sanctions-related restrictions.

Bitcoin finds here a use that Moscow still does not grant it in Russian shops. It can circulate in certain foreign exchanges, without becoming a daily currency inside the country.

This wide gap is not an ideological conversion. Russia is looking for additional rails as several traditional rails become more difficult to access. Putin does not need to like cryptocurrencies to find the plumbing interesting.

Can the digital ruble win over russians at home? On September 1, another piece arrived on the chessboard: the digital ruble. This time, no decentralized network nor private issuer. The new currency circulates on the Bank of Russia’s platform and represents a third form of the ruble, alongside cash and bank money.

The launch attracted the curious. In ten days, 87,000 accounts were opened and more than 50,000 transactions made. Elvira Nabiullina herself acknowledges that part of the users are still testing the service:

Many people are simply testing to see how it works. We hope they will appreciate the convenience and the free services. 

Major banks must offer this infrastructure since September. Large merchants concerned must also accept these payments.

The project thus offers Putin and the authorities a domestic counterweight to private stablecoins. Crypto can enter the scene; the ruble intends to keep the boss’s chair.

Why Moscow won’t let crypto challenge the ruble Thirteen days after the massive launch of its CBDC, the Bank of Russia cooled the atmosphere. On September 14, its document dedicated to the development of the financial market for 2027-2029 lists digital currencies among risks to watch.

The contentious word is not really bitcoin. It is mainly stablecoins that worry. If Russians start using them as substitutes for the ruble, monetary sovereignty can erode. The regulator also mentions the possibility of total loss for investors and difficulties posed by assets circulating beyond national legal borders.

Regulated crypto will therefore have a short leash. Non-qualified investors can purchase up to 300,000 rubles per year per intermediary. Bitcoin, Ether, and USDT are among the assets selected for regulated exchanges. Domestic payments in cryptocurrencies remain prohibited.

Rosfinmonitoring also gains visibility. Opening an account with a Russian digital custodian now requires a tax number INN.

The law signed by Putin thus opens the market without handing over the house keys. At home, the ruble still does not share its throne.

Can crypto give Russia more room to maneuver abroad? Here is the most pragmatic side of the strategy. Russia monitors crypto at home, while allowing certain uses for foreign trade. This compartmentalization responds to a rather down-to-earth reality: an economy under sanctions continues to import, export, and search for partners willing to settle their affairs.

The European Union perfectly understood this. Its July package does not only target Russian banks. It also affects digital asset providers based in Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan, and Belarus. Brussels can now further target foreign providers used to circumvent its restrictions.

The battle therefore far exceeds Putin, Moscow, and a few exchanges. It concerns the payment infrastructures themselves: who controls them, who can use them, and under what rules?

Russia has some trading partners and is naturally looking for channels less dependent on Western banks. Digital assets can provide a piece of the puzzle, not a magic wand.

Perhaps this is the whole Russian subtlety: crypto becomes acceptable when it helps cross a border, much less when it threatens to undermine the ruble’s border.

Some numbers that better tell the Russian pivot Since September, non-qualified individuals can purchase up to 300,000 rubles worth of digital assets per year and per intermediary. The massive launch of the digital ruble generated 87,000 new accounts and more than 50,000 transactions in ten days. The European package of July 23 targets notably 94 banks and major financial institutions as well as 14 platforms related to digital assets. Bitcoin, Ether, and USDT are among the three assets offered by the Bank of Russia for the new regulated market. Since September, concerned merchants with annual revenues over 120 million rubles must accept the digital ruble. Putin thus seems to have found his balance: letting crypto breathe when it serves foreign exchanges, while strengthening the digital ruble at home. Europe watches the same chessboard from the other side. France pushes the Twenty-Seven to develop euro stablecoins alongside the digital euro, facing the weight of tokens backed by the dollar. Behind Moscow as behind Brussels then returns an old question in new clothes: who will control the currency that will circulate tomorrow?

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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

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

21h05 ▪ 4 min read ▪ by Ghiles A.

Summarize this article with:

The crypto market is entering a new phase according to Dan Tapiero, who sees potential for Bitcoin. The macro investor estimates that its value could reach $20 trillion by 2035, ten times its current level. This projection also concerns Ethereum, Solana, and companies related to digital assets. For Tapiero, several macroeconomic signals marked a possible bottom, while a new driver could come from artificial intelligence agents and their blockchain transactions in the long term.

In brief Dan Tapiero estimates that Bitcoin could reach a market capitalization of $20 trillion by 2035. The investor believes the crypto market has already hit its bottom based on several macroeconomic signals. His $50 trillion target includes Bitcoin, Ethereum, Solana, and industry companies. Tapiero sees agent-based finance and AI-related transactions as the next market driver. Bitcoin could reach $20 trillion by 2035 Dan Tapiero, founder, CEO, chief investment officer, and managing partner of 1Roundtable Partners (1RT) and 10T Holdings, presented this forecast Monday in the Milk Road podcast. He believes bitcoin could reach $20 trillion by 2035. According to him, this level would represent ten times its current value. This target is part of a broader digital ecosystem projection.

To explain his scenario, Tapiero considers that the crypto market has already hit its bottom. He notably includes Ethereum in this cycle interpretation. Two macroeconomic elements have played an important role. The first relates to Scott Bessent’s intervention on the dollar-yen rate at 163.

The second element is based on the Treasury bond buyback program introduced by Bessent. Tapiero describes it as a soft form of quantitative easing, injecting liquidity. In this context, the asset would have followed after a dollar peak and gold trough. Tapiero also recalls this historical link.

Tapiero’s scenario is based on a $50 trillion crypto market Tapiero does not limit his vision to Bitcoin. His updated $50 trillion target is based on three distinct components:

Bitcoin: $20 trillion by 2035, ten times its current value; Ethereum and Solana: a combined market capitalization between $2 and $10 billion; Industry companies: $20 trillion in digital assets distributed between public and private companies. This new projection explains the fund’s name change, from 10T to 50T. At its launch in 2019, the total digital asset ecosystem represented about $300 billion.

By 2025, this value had grown to between $4 and $5 trillion according to Tapiero. This evolution led him to consider his initial $10 trillion target too cautious. In this projection, bitcoin holds a central position in the digital market. Ethereum, Solana, and the companies complete this structure.

Bitcoin and AI agents could open a new cycle Tapiero also identifies agent-based finance as a potential major catalyst. According to him, blockchain constitutes a natural monetary layer for artificial intelligence agents. Transactions between software would hardly fit traditional banking uses. This evolution could create new demand for blockchain infrastructure.

Millions of agent transactions already pass through stablecoins like x402. Tapiero anticipates hundreds of trillions of transactions in five years. In this scenario, bitcoin could operate in a market structured around automated payments. Wallets for AI agents are already an investment focus of the fund.

The fund has committed $40 million to an undisclosed company developing wallet infrastructure for AI agents. The transaction is expected to finalize in the coming weeks. Its main holdings include Kraken and Ledger. It targets companies generating $50 to $100 million in revenue, aiming for an IPO.

Tapiero’s projection places BTC at the heart of the market. His $20 trillion target by 2035 will depend on the evolution of this ecosystem. Agent-based finance and liquidity remain central to his scenario. This projection rests on the investor’s assumptions.

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Ghiles A.

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

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Preparing for a Post-CLARITY Crash? Whale Opens Massive BTC, ETH, and ZEC Shorts

The U.S. Department of Justice said Monday it is seizing and seeking to forfeit $61 million in cryptocurrency that it alleges came from black-market sales of sanctioned Iranian oil.

That sum is a fraction of the operation prosecutors describe in the civil forfeiture complaint. A cluster of self-custodied wallets received and distributed more than $1.5 billion in oil proceeds, routing funds to Islamic Revolutionary Guard Corps-linked businesses, other crypto addresses and an Iranian exchange, according to the filing. Two China-based firms, Blessed Trust and Hexa Whale, allegedly used trading accounts at Binance to launder proceeds and funnel them to the Iranian government and its proxies.

It comes after the U.S. tries to crack down on Iran’s use of the leading cryptocurrency: the U.S. in July said that it had frozen crypto linked to the Iranian regime, mostly in the form of Tether’s stablecoin; Iran started a bitcoin-backed insurance service for its counties shipping companies earlier this year.

There was no mention of bitcoin in Monday’s claim — but the Iranian government is also using bitcoin to skirt around sanctions. Bitcoin has no issuer, so no blacklist function and bitcoin held without intermediaries can’t be frozen

“The Government of Iran relies on black-market sales of sanctioned crude oil to fund its military and foster terrorism in the Middle East and around the world, along with other malign efforts to develop a nuclear program and ballistic missiles capable of delivering nuclear payloads,” Deputy U.S. Attorney Sean S. Buckley said in a statement. 

“As alleged in the complaint filed today, the Government of Iran used a network of cryptocurrency actors in China and elsewhere to launder more than $1.5 billion in illicit oil money intended to benefit the Iranian military and the terror-designated IRGC.”

The filing alleges that the illicit oil money was laundered via Chinese companies Blessed Trust Limited and Hexa Whale Trading Limited.

Once the money was laundered, it was funneled back to Iran’s government, its agents, and its proxies, feds said. 

The U.S. Treasury’s Office of Foreign Assets Control in July said Iran had been dodging sanctions by accepting pay in bitcoin from ships passing through the Strait of Hormuz. 

OFAC said at the time that Hormuz Safe, developed by Iran’s Ministry of Economy, “accepts payment in bitcoin and other digital assets” so it can bypass sanctions. 

The Financial Times last week reported that the Middle Eastern country was using bitcoin to settle cross-border transactions through Iranian crypto exchanges after the central bank advised its countrymen to do anything necessary to help the economy.  

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.

Ark Invest dumped a significant number of shares of ARK 21Shares Bitcoin ETF (BATS:ARKB) on Monday after the ETF’s impressive run over the month.

Bitcoin ETF Sold Off Ark Invest, founded by veteran investor Cathie Wood, sold 466,133 shares of ARKB through its ARK Next Generation Internet ETF (BATS: ARKW) and 1.06 million shares through ARK Blockchain & Fintech Innovation ETF (BATS:ARKF).

With ARKB closing at $26.19, the trade amounted to roughly $40.04 million.

The stock had rallied over 22% in a month, tracking Bitcoin and the broader cryptocurrency market’s sharp rebound.

Bitcoin has climbed 23% over the past month, though its rally lost momentum last week.

Interestingly, the sale comes just ahead of the Senate’s all-important vote on the CLARITY Act on Tuesday, with bipartisan consensus yet to be achieved.

Read Next

Bitcoin ETF’s Snap Winning StreakSpot Bitcoin ETFs saw net outflows of $462 million last week, ending a three-week streak of consecutive net inflows, according to data from SoSo Value.

BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT), the world’s largest cryptocurrency-focused fund, saw over $52 million in outflows.

However, the new week started on a positive note as investors poured $160 million into Bitcoin ETFs on Monday.

Price Action: At the time of writing, BTC was trading at $77,253, down 0.54 % in the last 24 hours, according to data from Benzinga Pro.

ARKB shares closed 2.22% higher at $26.19 during Monday’s regular trading session. Year-to-date, the ETF has dived 12.08%.

ARKB showed a stronger price trend over the short-to-medium term but has lagged over the longer term, according to Benzinga’s Edge Stock Rankings.

Photo: kkssr on Shutterstock.com

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In brief Strive bought 469 Bitcoin between Sept. 8 and Sept. 11 at an average price of $77,954, spending $36.6 million and lifting its total holdings to an even 25,000 BTC, according to a Form 8-K filed Sept. 14. CEO Matt Cole said 100% of the capital came from SATA, Strive's preferred stock, which crossed $1 billion in notional value outstanding, up from $999 million a week earlier. The buy marks a sharp slowdown from the 1,375 BTC purchased the prior week; Strive now needs roughly 1,234 BTC a week for the rest of 2026 to catch Twenty One Capital's stack. Strive bought 469 Bitcoin last week, spending $36.6 million to bring its total holdings to an even 25,000 coins. The Nasdaq-listed asset manager paid an average of $77,954 per Bitcoin between Sept. 8 and Sept. 11, according to a Form 8-K filed with the SEC on Monday. That values the stack at roughly $1.95 billion at current prices.

The purchase came entirely from preferred stock. “100% of the capital raised came from SATA, which now has over $1B notional outstanding,” CEO Matt Cole said on X. SATA is Strive's Variable Rate Series A Perpetual Preferred Stock. “We increased amplification ratio to 53.5%,” Cole wrote.

Myriad: Bitcoin's next move? Click to make your prediction.SATA shares outstanding rose by 402,541 during the period, taking the preferred stock's $100-stated notional value to roughly $1.04 billion—enough to cover the Bitcoin bill with change left over, which is why cash still ticked up, from $202.6 million to $204.2 million, even after the buy.

Cole also flagged that Strive's "amplification ratio" rose to 53.5%, a figure the company defines as notional preferred equity and debt measured against Bitcoin net asset value. In practice, that means Strive now carries about $53.50 in preferred obligations for every $100 of Bitcoin sitting on its balance sheet.

The pace is a sharp comedown from the week before. Strive bought 1,375 BTC for about $109 million between Aug. 31 and Sept. 4 at an average of $79,281 apiece—nearly three times last week's haul, and split 70/30 between SATA and common stock rather than being funded entirely by preferred.

Strive acquired an additional 469 $BTC for $36.6M at an average cost of $77,954 per bitcoin, bringing total holdings to ₿25,000.

100% of the capital raised came from SATA, which now has over $1B notional outstanding.
We increased amplification ratio to 53.5%.$ASST $SATA pic.twitter.com/Nu3EYIBS4R

— Matt Cole (@ColeMacro) September 14, 2026

Strive's Class A common stock barely budged this time, growing by just 34,206 shares. That's the point of the structure: raise money without diluting shareholders who already own a piece of the business, funding purchases through preferred stock paying daily dividends instead. Strive's 505,000-share stake in Strategy's own preferred product, STRC, held steady through the period.

Strive still trails well behind the top of the corporate Bitcoin leaderboard. The company ranks fifth among public holders, behind Strategy, Twenty One Capital, Metaplanet, and MARA Holdings, according to Bitcoin Treasuries.

Closing that gap won't be cheap. Twenty One Capital—the Tether-backed firm whose CEO Jack Mallers resigned in July—holds 43,514 BTC, putting it 18,515 coins ahead of Strive. With 15 weeks left in 2026, Strive would need to average roughly 1,234 BTC a week to close that distance before the year is out.

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

Bitcoin has entered the most important week of 2026 at a price range of $76,000 to $80,000, and futures markets have already begun to deflate.

Its current trading price is close to $77,462, which is little changed from the previous day's price, but still a considerable drop from its September 3 top of $82,300.

This period is structurally different from prior phases of consolidation because two binary events - a Federal Reserve rate decision and the Senate’s first procedural vote on comprehensive crypto market structure legislation - collided.

The current market dynamics indicate that traders have made clear decisions regarding which risks to prioritize and which ones to overlook.

The Deleveraging Signal

The amount of Bitcoin available for purchase had a significant fall from 321,497 BTC to 278,151 BTC between September 3 and September 11.

This amounts to 43,346 BTC in vacated positions, a decrease of 13.5%.

It should be noted that this decline did not occur as a consequence of mechanical sell-offs caused by falling prices.

Bitcoin fell by only 5% during that time. The fall was planned, with a focus on the days leading up to this week's events.

According to Santiment's numbers, open interest is now around 20% lower than it was before the surge in the middle of August sent Bitcoin soaring over $80,000.

Crucial to the order is the fact that risk mitigation occurred before the catalysts, not after they happened.

As a result of traders realizing that the risks connected with binary events cannot be adequately controlled while using leverage, they have taken a proactive stance toward reducing risk.

The story is the same on the spot market. With a total of $19.23 million in redemptions, BlackRock's iShares Bitcoin Trust had the biggest outflow of any US spot Bitcoin ETF on September 11.

On the other hand, IBIT has total assets of $60.6 billion; thus, this sum is barely 0.03% of that.

The structural process is crystal clear: when ETFs are redeemed, spot sales occur, and in a market where the free float is lower, those sales have a greater impact on price than they would in 2024.

The Political Binary

The Digital Asset Market Clarity Act is scheduled for a cloture vote by Senate Majority Leader John Thune on September 15 at 2:15 PM Eastern. Important legislation pertaining to the structure of the crypto market is being examined for the first time in its entirety by the chamber.

The Republicans currently hold 53 members, but they will need at least seven Democrats' votes to advance (and maybe even more if a member of their own party decides to dissent) to pass a bill.

More than 114 Democratic Party elements were inserted in the revised 630-page draft that was published on September 10.

A new registration category for "non-decentralized" DeFi protocols with recognizable operators monitoring consensus rules, functionality, or operations has been introduced as the most significant upgrade.

This category explicitly excludes distributed ledger technology and the software code.

From 18% before, prediction markets have raised the 2026 passing probability of the measure to 22.5%.

The bill might remain in limbo "for years" if the vote fails, according to White House crypto advisor Patrick Witt, and there is no clear way for it to be brought back to the floor.

An alternative that would be more laborious and controversial but would achieve the same goal of regulatory clarity would be assertive rulemaking at the SEC and CFTC.

It all comes down to the exceptional ethics provision.

The revised version forbids government workers, officials, and their spouses from creating or supporting digital assets; the Justice Department will be responsible for enforcing this prohibition; and the law will expire in January 2029.

According to Democrats, the language doesn't take President Trump's holdings in World Liberty Financial and TRUMP memecoin seriously enough.

During a meeting with his advisors on September 12, Trump discussed these similar restrictions; White House advisor Witt described Trump as "the ultimate decider" when it came to any changes.

The Macro Overlay

Market prices have changed significantly, and the Federal Reserve's rate decision is due in just 72 hours. Futures showed a 70% chance of a 25 basis point boost as of September 10, up from 52.2% a month earlier.

Crypto aficionados were led to believe that this climate would see rate cuts, but that is not the case.

Brent crude prices have risen to over $107.50 due to the present macroeconomic climate, which includes surprisingly strong PPI statistics and escalating tensions in the Middle East.

A major obstacle is besetting tech stocks: Anthropic CEO Dario Amodei and other AI professionals have called for a slowdown in the industry's development rate, which led to a 1.72% dip in Nasdaq futures early Monday.

In premarket trading, Nvidia's share price fell more than 2%, while Intel, AMD, and Marvell all saw 5-6% drops in price.

There are investors who are somewhat skeptical of the warnings about AI. If regulatory hurdles benefit existing businesses, as Michael Burry said, then it's logical to assume that these corporations are attempting to stifle competition.

Regardless of the causes behind it, the market's reaction was quick.

The Structural Read

Although there has been some volatility in the correlation between Bitcoin and tech stocks, the current fall in AI stocks poses an additional threat to risk assets in general.

Crucial takeaway from the derivatives reset: traders have eliminated portfolio leverage, making spot flows the principal price driver in both cases.

Due to their design, ETFs allow spot flows to significantly impact a finite number of shares.

Over the span of three weeks in August, net inflows totaling $3.8 billion catapulted Bitcoin's price from around $63,000 to $81,700. A slight but discernible change in that trend has been noticeable within the last week.

According to Garrett Jin's on-chain analysis, there is a 70% chance that $60,000 will be the cycle bottom, which means that we are still less than halfway through the current consolidation phase.

Next support is seen between $76,000 and $77,000, and a possible breakdown might lead to the $74,000 to $75,000 range if spot demand keeps showing weakness. A rise in spot demand and a price movement above $82,500 would open the door to a price range of $83,000 to $86,000.

Leverage reduction, spot exposure mitigation, and capital reserve building are all parts of the market's positioning that incorporate both scenarios.

The only thing left is a definitive answer, and the market is structured to take the hit in either case.

What Other Technical Readings Show

TradingView's technical analysis overview for the coming week based on key data from moving averages, oscillators, and pivots shows a buy sign.

Source: TradingViewBut the short-term sub gauges point to a neutral stance, while the long-term indicators continue to show a buy signal.

Source: TradingViewSeparately, InvestTech's Algorithmic Overall Analysis points to a hold and its one to six weeks Recommendation gave a negative score.

The research said, "Bitcoin has broken down from an approximate horixontal trend channel in the short term after investors have sold at ever lower prices. A negative signal has been triggered and further decline for the currency is indicated."

Source: InvestTechInvestTech said, "The price has reacted back after a false break of the double top formation. A significant penetration of $77,511 will again give new negative signals to the currency, while a break of the opposite side of the formation will be a strong positive signal."

The research added, "The currency is testing support at $77,200. This could give a positive reaction, but a downward breakthrough of 77,200 means a negative signal. The currency is overall assessed as technically negative for the short term."

Licensed to Shill: Taiwan’s Banks & AI Hardware Makers Could Fuel Asia’s Largest Stablecoin Corridor | Justin Wang, Capital Layer

Wang says manufacturers selling AI devices into Latin America are paying up to 11% in local transfer fees, the gap Capital Layer is betting stablecoins can close.

BlockheadBlockhead

Bitcoin (BTC) speculators have held onto profits for nearly a month in what new analysis sees as a key sign of market strength.

Key points:

Bitcoin short-term holders were in partial profit for the past month, marking the longest consecutive in-profit stint of 2026.STH profitability — a historical hallmark of bullish BTC price reversals — currently stands at $168.2 billion in profit versus $102.6 billion in loss.The broader Bitcoin investor base has stayed in net profit since Aug. 19.Short-term holders boost optimism over BTC price comebackData from onchain analytics platform CryptoQuant shows that a subset of Bitcoin’s short-term holder (STH) cohort has been in profit since Aug. 16.

STH investors are wallets holding an unspent transaction output (UTXO) for less than six months. They correspond to newer buyers who are more sensitive to short-term price moves and volatility, adding or reducing exposure more readily than seasoned Bitcoin holders.

Since Aug. 16, the STH investor base has been split in terms of profits on their existing exposure. STH coins held in profit total $168.2 billion as of Tuesday, while $102.6 billion are held below acquisition price.

Bitcoin STH holdings in profit and loss. Source: CryptoQuant

To CryptoQuant, however, the ratio is less important than the fact that STHs have held onto at least some profit for 30 consecutive days.

“This is the first time STH have sat in profit territory for a sustained stretch since the market top. The last time was in January, but that episode didn’t last more than a week. In May, losses held by STH remained dominant,” it wrote in an accompanying blog post.

The phenomenon of lengthening uninterrupted periods of STH profitability is one that has characterized Bitcoin market recoveries throughout BTC price cycles. It was also observed at the end of Bitcoin’s 2022 bear market. CryptoQuant thus sees it as a prerequisite for the return of a long-term BTC price uptrend this cycle.

“The bear market trend only truly reverses once profits settle in for good STH and then push them to hold their positions and ride the upside,” it added.

Bitcoin STH holdings in profit and loss through year-end 2023. Source: CryptoQuant

Newer investor cost bases cluster above $70,000The data echoes a similar stint of aggregate profitability currently being witnessed across the Bitcoin investor base as BTC/USD retains the majority of its 25% August upside.

As Cointelegraph reported, the spent output profit ratio (SOPR), which tracks net profits or losses across all investors, passed its breakeven level of 1 on Aug. 19 and has narrowly held above it since. Last week, onchain analytics suite Checkonchain argued that STH profitability in particular was “starting to look more like those early bull-market recoveries.” 

STH profitability is currently being driven by entities holding between one and three months, CryptoQuant data shows, with that cohort having a cost basis (also known as realized price) at $63,372. The cost basis of the more mature end of the STH base — wallets holding for between three and six months — now sits at $73,190.

Bitcoin realized price by wallet age. Source: CryptoQuant

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 Rejected at $80K Again Ahead of Crucial CLARITY Act Senate Vote: Market Watch

Stack BTC, a publicly listed company whose entire reason for existing is accumulating Bitcoin, wants to buy a gold dealer for up to £12 million (roughly $16 million). The plan: use the gold business’s cash flow to buy more Bitcoin. The lemonade stand does £52.1 million in annual revenue.

The target is Direct Bullion, a London-based precious metals dealer that posted £2.15 million in post-tax profit for the fiscal year ending January 31, 2026. Stack BTC announced the proposed acquisition on September 15, positioning it as the centerpiece of what the company calls its “dual-engine” business model.

How the deal breaks down The acquisition structure has three layers. First, £3 million in cash drawn from Stack’s existing reserves. Second, approximately £4 million in newly issued shares, priced at a minimum of 6p each and locked up for four years. Third, an earn-out component worth up to £5 million, contingent on Direct Bullion hitting specific EBITDA targets.

That earn-out is doing a lot of heavy lifting. Nearly 42% of the deal’s maximum value depends on performance benchmarks being met, which gives Stack some downside protection if the gold dealer’s numbers soften after the acquisition closes.

This qualifies as a related-party reverse takeover because Paul Withers, a Stack director and chief strategist, controls Direct Bullion. That classification triggers additional due diligence requirements and regulatory approvals before the deal can close.

The strategy behind gold-to-Bitcoin arbitrage By April 2026, the company had accumulated 68.19 BTC in its treasury. Direct Bullion’s financials suggest the acquisition could meaningfully accelerate that accumulation. A business generating north of £50 million in annual revenue and clearing over £2 million in profit gives Stack a legitimate cash engine.

The Farage factor Stack BTC’s investor roster includes Nigel Farage, the former Brexit Party leader and Reform UK figurehead, who holds approximately 6.3% of the company following an investment in March 2026.

What this means for BTC treasury firms Bitcoin treasury companies have traditionally relied on two funding mechanisms: issuing equity or taking on convertible debt. Stack’s approach—acquiring a profitable operating business to generate organic cash flow for Bitcoin purchases—represents a third path.

The related-party nature of this deal adds complexity. Shareholders will need to evaluate whether the £12 million price tag fairly reflects Direct Bullion’s value, or whether the insider dynamic has inflated the terms. The four-year lockup on the equity component is a structural feature of the deal terms.

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

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Bitcoin short-term holders (STH) have maintained profits for an entire month, a trend that has drawn renewed focus as a potential indicator of strengthening market sentiment.

Short-term holders break key profitability streakOnchain data from CryptoQuant reveals that since August 16, a portion of Bitcoin’s STH cohort has consistently held profitable positions. In total, wallets identified as STH—addresses keeping coins for less than six months—held $168.2 billion worth of Bitcoin in profit as of Tuesday, compared to $102.6 billion underwater.

These STH investors, often newer entrants to the market, typically react more quickly to price movements than longer-term holders. Their behavior is regarded as a bellwether for price reversals, given their outsized impact during volatile phases.

CryptoQuant emphasized the significance of this uninterrupted profitable stretch on its analytics platform. Previous data shows that such sustained STH profitability coincides with, and sometimes precedes, major recoveries in the broader Bitcoin market.

“This is the first time STH have sat in profit territory for a sustained stretch since the market top. The last time was in January, but that episode didn’t last more than a week. In May, losses held by STH remained dominant,” CryptoQuant stated in its blog.

According to CryptoQuant’s analysis, the duration of consistent profits among STHs is more critical than the actual ratio, suggesting that periods of uninterrupted gains generally mark the early stages of long-term market upturns.

Historic pattern echoes previous recoveriesAnalysts noted that similar trends were seen at the conclusion of Bitcoin’s 2022 bear market, where persistent STH profitability was observed before the asset began a more pronounced rally. This pattern appears to be emerging again, potentially serving as a precursor to a broader lasting price recovery.

The ongoing profitability among STHs also mirrors an overall positive trend within the broader Bitcoin investor community. Data shows the collective investor base has remained in net profit since August 19, as Bitcoin preserved most of its 25% surge recorded in August.

“The bear market trend only truly reverses once profits settle in for good STH and then push them to hold their positions and ride the upside,” CryptoQuant added.

Supporting this, the spent output profit ratio (SOPR), a measure tracking aggregate realized profits and losses across the network, stayed above its breakeven point of 1 since August 19.

Meanwhile, Checkonchain, another analytics provider, observed that current STH profitability mirrors the early stages of past bull-market recoveries, reinforcing the positive outlook.

Technical factors and trading strategies evolveRecent CryptoQuant figures highlight that wallets holding Bitcoin for one to three months are currently driving STH profitability, with their average cost basis at $63,372. For wallets aged between three and six months, the realized price rises to $73,190, indicating higher entry points for this group.

In this environment, where sudden Federal Reserve moves or new altcoin listings can cause rapid market swings, the need for consolidated market monitoring is rising. Many traders now use privacy-focused apps like CryptoAppsy to simplify their workflow. Without requiring account creation, these tools provide live charts, real-time alerts, tailored coin news, and essential macroeconomic data in one unified interface.

As market observers weigh continued STH profitability alongside technical patterns and broad investor sentiment, focus remains high on whether this trend will ultimately translate into a sustained rally for Bitcoin.

Grayscale, the world’s largest digital asset manager, has given XRP a significant role in its newly launched Digital Assets Next Gen model portfolio, assigning the token a 26.11% portfolio weighting. This allocation positions XRP as the second-largest asset in the portfolio, trailing only Ethereum, while Bitcoin does not appear among the holdings.

Grayscale’s portfolio strategy and XRP’s positionModel portfolios such as Grayscale’s Next Gen are structured to offer financial professionals prebuilt allocations to integrate into investment strategies for their clients. By awarding XRP more than a quarter share in the portfolio, Grayscale provides the token with a prominent institutional presence not often seen among major digital assets.

Ethereum remains the portfolio’s largest holding, reinforcing its status as a dominant altcoin. The decision to exclude Bitcoin from the Next Gen portfolio distinguishes it from many traditional crypto asset baskets, which typically give Bitcoin the highest weighting. The absence of Bitcoin suggests a deliberate focus on alternative assets within this strategic allocation.

Grayscale, founded in 2013, is best known for its family of cryptocurrency trust funds and ETFs, which give traditional investors streamlined access to digital asset exposure. The company has regularly adjusted its model portfolios to reflect evolving trends in the crypto market.

GXRP and institutional investor accessGrayscale has already provided investors with direct XRP exposure through its Grayscale XRP Trust ETF (GXRP), which began trading on NYSE Arca in November 2025. Although recent social media posts suggested GXRP had just launched, the ETF has been available for several months.

GXRP allows investors to gain exposure to XRP price movements without the need to personally manage digital wallets or custody tokens. The ETF operates with a 0.35% sponsor fee. However, holding shares of GXRP is not equivalent to owning XRP outright, as investors only hold shares representing the underlying asset.

Model portfolios such as the Next Gen do not obligate advisors to allocate 26.11% of client holdings to XRP, nor do they guarantee that institutional inflows will automatically move into GXRP. Nevertheless, the allocation creates a clear pathway for traditional investors to access XRP through familiar investment channels.

Mini dictionary: Model Portfolio — A pre-constructed investment allocation built from multiple assets, designed to simplify investment decisions for advisors and their clients by streamlining portfolio construction and rebalancing.

Institutional inflows: XRP vs. BitcoinInstitutional interest in XRP has remained robust recently, with U.S. spot XRP ETFs seeing around $19 million in weekly inflows, even as Bitcoin exchange-traded products suffered outflows. This trend has distinguished XRP ETFs as strong performers, outpacing Bitcoin, Ethereum, and Solana funds in recent asset flows.

Together, U.S. XRP ETFs now control an estimated 1.1 billion XRP, reflecting growing institutional participation in the token. Industry observers have cited this accumulation as an indicator of escalating demand among large-scale investors, even during times of turbulence elsewhere in the digital asset market.

ETFWeekly InflowsEstimated HoldingsXRP ETFs$19 million1.1 billion XRPBitcoin ETFsOutflows (substantial)N/AAnalysts note that XRP’s rising visibility in institutional portfolios may further strengthen its foothold in the cryptocurrency landscape, as mainstream investors seek diversification and new sources of crypto exposure.

Grayscale has given XRP a 26.11% weighting in its Digital Assets Next Gen model portfolio, highlighting its increased institutional visibility. Weekly inflows into U.S. spot XRP ETFs have reached $19 million, even as Bitcoin funds experience outflows.

The shifting inflow patterns and portfolio allocations point to evolving investment preferences among both asset managers and their institutional clients, suggesting that XRP may play a central role in cryptocurrency strategies moving forward.

Key Takeaways United States spot Bitcoin ETFs experienced $462.7M in net outflows during the past week, breaking a three-week positive streak Ethereum ETFs saw $196.9M in net inflows during the same timeframe, with BlackRock contributing $148.8M on Friday alone The ETH/BTC trading pair has climbed more than 25% in the third quarter, marking its strongest quarterly performance since Q3 2025 Ethereum’s third-quarter return on investment nears 60%, approaching its record Q3 performance of over 66% Both cryptocurrencies face uncertain price trajectories, with critical moving averages serving as pivotal support and resistance barriers Last week witnessed United States spot Bitcoin ETFs registering $462.7 million in net capital exits, terminating a three-week period of positive inflows. Simultaneously, Ethereum ETFs attracted $196.9 million, prompting speculation about potential shifts in institutional investment strategies.

Spot Bitcoin ETFs Saw $463 Million in Net Outflows Last Week, Ending a Three-Week Inflow Streak

From Sept. 7 to Sept. 11 (ET), spot Bitcoin ETFs recorded $463 million in net outflows, ending a three-week streak of net inflows. Spot Ethereum ETFs saw $197 million in net inflows,… pic.twitter.com/JbA8yLme2D

— Wu Blockchain (@WuBlockchain) September 14, 2026

The exodus from Bitcoin exchange-traded funds persisted through four consecutive trading days, spanning Tuesday through Friday. Thursday marked the most severe session, witnessing $282.7 million departing Bitcoin investment vehicles in just one day—representing the heaviest daily withdrawal since July.

ARK 21Shares Bitcoin ETF experienced the most substantial redemptions, recording $234.2 million in outflows. Grayscale’s Bitcoin Trust ETF came next with $129.1 million in withdrawals. BlackRock’s iShares Bitcoin Trust ETF saw $52.5 million exit, while Fidelity’s Wise Origin Bitcoin Fund reported $50.7 million in outflows.

Even with the previous week’s negative performance, Bitcoin ETFs maintain a positive September balance overall, currently showing approximately $307.3 million in cumulative net inflows for the month.

Ethereum ETFs Attract Consistent Capital Ethereum investment products displayed mixed movement early in the week before experiencing a significant positive surge on Friday. BlackRock’s iShares Ethereum Trust ETF dominated that trading session with $148.8 million in fresh capital, with the 21Shares Core Ethereum ETF adding $29.1 million.

The Ethereum ETF performance aligns with a more extensive third-quarter pattern. The ETH/BTC ratio has surged over 25% this quarter, representing its most substantial quarterly expansion since Q3 2025. Ethereum’s Q3 investment returns are nearing 60%, falling just below its historical Q3 benchmark of over 66% established the previous year.

Source; TradingView Ethereum’s share of the total cryptocurrency market has also increased by more than 25% on a quarter-to-quarter comparison, while Bitcoin’s market share expanded by only 1.5% during the identical timeframe.

Market Prices Remain Unclear Regardless of the ETF flow dynamics, market pricing for both digital assets has not validated a definitive capital rotation.

Bitcoin declined to $76,370 throughout the week but discovered buying support above its 100-hour moving average positioned at $77,290. Since then, it has advanced toward its 200-hour moving average approximately at $78,151, with current pricing hovering near $78,200 as of Monday morning.

Ethereum fell to $2,402 before experiencing a sharp rebound to $2,666, representing approximately 7.75% appreciation within hours. Nevertheless, this upward movement has been nearly completely erased, with prices returning to approximately $2,510, marginally above its converged 100- and 200-hour moving averages located at $2,494 and $2,497.

Market analysts indicate that for Ethereum to demonstrate genuine momentum, it must penetrate and maintain levels above the $2,531 to $2,567 resistance corridor.

Market observers emphasize that a single week of divergent ETF activity might simply represent portfolio rebalancing or profit-taking strategies rather than a fundamental capital shift. Multiple consecutive trading sessions featuring Ethereum inflows paired with Bitcoin outflows would be necessary to validate an authentic rotation.

Both digital assets are working to establish stable price floors, though neither has definitively breached important resistance thresholds.

THE BLOCK: Tonkeeper rebrands as Keeper with support for 7 networks, including Bitcoin and Ethereum

Three listed crypto treasury companies added to their token piles last week, even as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) drifted through a soft September.

Buying continued as digital assets faced fresh uncertainty ahead of a Federal Reserve rate decision. Strategy (formerly MicroStrategy) was the exception, though. The firm bought back its own preferred shares and left its Bitcoin stack untouched.

BitMine and DFDV Expand Their Crypto TreasuryBitMine Immersion Technologies picked up 27,180 ETH last week, lifting its position to 5.956 million tokens. That lands at 4.9% of the circulating supply, just under the 5% supply target that chairman Tom Lee has been pursuing.

Roughly 5.07 million of those tokens sit staked. BitMine values its combined crypto and cash at $15.8 billion.

“In August, ETH moved sideways without a downside break, and the 12-day metric expired, which implies a renewal of the upside move. We believe this further supports the continuation of the prior uptrend. We expect late August’s sharp one-day rally was a likely preview of the pending advance,” Tom DeMark, founder of DeMark Analytics and a capital markets advisor to the firm, said.

DeFi Development Corp, a Nasdaq-listed Solana treasury firm, has grown its holdings by 2% to 2.39 million SOL since August 27. It also opened a $300 million at-the-market program for CHAD, its Solana-backed preferred stock. 

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Strive Buys, Strategy Sits OutStrive, the fifth-largest public Bitcoin treasury firm, bought 469 BTC between September 8 and 11 at an average of $77,954. Its treasury now holds 25,000 coins.

Strategy, the largest public Bitcoin holder, bought none. It repurchased $139 million of its STRC stock. Its stack holds at 845,050 BTC, against an average cost of $75,412.

The purchases land ahead of a decisive week for crypto. The Federal Open Market Committee delivers its interest rate decision on September 16.

Markets have swung toward expecting a hike. CME FedWatch put the odds of a quarter-point increase at 85.6% on September 11, up from 48.4% a month earlier.

Higher rates raise the cost of holding assets that generate no yield. A hike could therefore pressure crypto prices in the sessions that follow, as it has during earlier tightening moves.

That sets up the real test for these treasuries. Their buying has continued through a soft stretch for prices, and the coming weeks will show whether it survives a potential deeper slump.

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