Strategy navrhuje denní výplatu dividend u STRF, STRC, STRK a STRD místo měsíčního či čtvrtletního režimu. Pokud akcionáři schválí, STRC začne 1. listopadu 2026.
After making a comeback by adding more Bitcoin [BTC] to its treasury, Michael Saylor’s Strategy is proposing to change how dividends are accrued and paid on its preferred securities—STRF, STRC, STRK, and STRD.
With this change, Strategy wants to move from monthly, semi-monthly, or quarterly dividend schedules to a system where the dividend accrues every calendar day, including Saturdays, Sundays, and U.S. market holidays.
The accumulated amount would then be paid on the next business day, which Strategy refers to as the next evolution of its “digital credit” products.
What is this proposal all about? Additionally, the proposal aims to make Strategy’s preferred securities more like liquid cash/yield instruments by using daily dividend accruals to reduce price volatility, improve liquidity, and potentially boost demand.
For STRC, Strategy aims to keep the price near its $100 par value through share sales above $100 and buybacks below $100.
This came after the company shifted from monthly to semi-monthly dividends, which reduced ex-dividend price drops from 49 to 36 basis points. And further expects daily accruals could further reduce volatility, though this is not guaranteed.
However, if at all this happens, STRC would move from 24 record dates a year to 365, or 366 in leap years, while STRF, STRK, and STRD would shift from four quarterly record dates to daily accruals.
This means dividends would accrue about 15 times more frequently for STRC and 90 times more frequently for the other three preferreds. Remarking on the same, Saylor said,
The stronger STRC is, then the better a platform (4:03) it is for all of these other innovative products.
What’s next? However, as of now, the proposal still requires shareholder approval. But if approved, STRC would begin daily accruals on the 1st of November 2026, with the first payment on the 2nd of November.
Meanwhile, STRF, STRK, and STRD would switch on the 1st of January, 2027, after completing their existing Q4 2026 dividend cycle.
Hence, Saylor concluded it best when he said,
We think these amendments should help us issue the strongest digital credit in the world, and improve stretch, and that should also help us create the best equity in the world, MSTR, which will further help us increase our Bitcoin and our Bitcoin per share.
This came as STRC stock was trading at $98.54 after a hike of 0.23% in the past trading session. Meanwhile, MSTR was trading at $158.61 after a drop of 1.86% during the same period.
At the same time, Strategy’s Bitcoin holdings have reached around 846,000 BTC, with roughly $10 billion in unrealized losses to about $8 billion in gains.
Final Summary The proposal aims to make Strategy’s preferred securities more like liquid cash/yield instruments. Once approved, STRC would begin daily accruals on 1st November, with the first payment on 2nd November.
Crypto Recovery Trust vrátil více než 20 bitcoinů prokázanému majiteli po zneužití Coldcard. Podle Steptoe šlo o bezplatné obnovení v hodnotě téměř 1,7 milionu dolarů.
Crypto Recovery Trust has returned more than 20 bitcoin to a verified owner following a security breach connected to a Coldcard hardware wallet vulnerability. Legal adviser Steptoe confirmed the asset recovery and return in a statement dated 24 September 2026.
Asset return follows security breachSteptoe reported that Crypto Recovery Trust completed the return of bitcoin on 23 September, with the assets valued at nearly $1.7 million at the time. The process, according to the adviser, confirmed the owner’s identity and did not involve any fee for the recovery service. The Coldcard-related incident originated from a firmware issue linked to unpredictable seed randomness, which allowed assets to be moved by white-hat researchers after the vulnerability was discovered.
The statement emphasized that this recovery should not be interpreted as a blanket promise for all cryptocurrency owners who have experienced losses. Each case requires separate assessment and verification of ownership, and the trust has not offered universal guarantees for asset recovery.
Steptoe outlined that, in this instance, assets were returned to a verified owner without charge, following an incident attributed to compromised firmware seed randomness. The trust’s recovery does not serve as a general assurance for owners with similar losses.
The importance of seed protection and secure device useTechnical details surrounding the incident reveal that vulnerabilities in device firmware can make the wallet’s seed phrase, which controls access to funds, more predictable. Simply updating device software may not resolve the underlying exposure if credentials have already been compromised. Cryptography experts warn that once a secret is exposed, restoring security involves more than just applying a software fix.
Owners are urged to determine whether their particular device and configuration are impacted, rather than assuming risk based solely on the hardware wallet’s brand. It is often necessary to replace compromised credentials entirely in addition to applying any official software update.
Fast-moving trends and vulnerabilities in crypto security can attract opportunistic actors beyond device manufacturers and recovery services. The need to closely monitor wallets, exploits, and market developments is echoed in meme token trading activity, where the timing and selection of tokens has proven crucial. In the meme token market, an internet trend can transform into millions of dollars of interest within days. According to data shared by Fomo App, a trade involving “Niu Lai”—which turned an initial $99 investment into approximately $370,000, stands out as a striking example of this activity. In this market, tracking not only prices but also the timing and token choices of investors is crucial. Fomo App brings token discovery and trading together on a single platform, featuring social feeds, investor rankings, and trade notifications. Discover Fomo App to follow the world of meme tokens alongside investor activity.
Recovery impersonation and user protectionPublic reports of successful asset recovery can attract impersonators attempting to take advantage of affected users. Cryptocurrency owners are strongly cautioned not to rely on unsolicited messages promising similar returns, as these may not originate from the trusted organization. Independent verification through official channels is essential before responding to any communications regarding recovery.
Requests for sensitive information such as seed phrases or private keys pose a direct security threat. Anyone asked to provide these details should recognize this as an attempt to gain control over their wallet, not legitimate recovery protocol. The sole successfully returned funds in this case do not imply that other potential claims will be eligible or processed in the same way.
Publicizing a large return can create an opportunity for scammers, as those hoping to recover their funds might mistakenly trust messages from malicious actors posing as the recovery trust.
Steptoe’s statement clarified that each incident must be evaluated individually, and no outside communication should be trusted without official verification.
Verification and independent reviewThe Crypto Recovery Trust and its advisers did not guarantee universal restitution for losses linked to the Coldcard incident. The asset return only followed verification of rightful ownership and was facilitated by technical cooperation with involved security researchers.
External parties have not independently assessed the affected hardware or the specifics of the returned assets. Therefore, other users who believe they may have suffered losses from similar vulnerabilities should proceed with heightened caution and seek guidance from credible sources before taking any steps.
Americké spotové Bitcoin ETF přilákaly za týden 2,39 miliardy USD, přičemž všechny obchodní dny skončily v čistém přílivu. Nejvíce získal BlackRock IBIT s 1,16 miliardy USD.
U.S. spot Bitcoin exchange-traded funds took in $2.39 billion during the Sep. 21–25 trading week, with net inflows on all five days. Spot Ether ETFs added $689.8 million, while Solana funds drew $188.1 million.
Summary
Bitcoin ETFs recorded $2.39 billion in weekly net inflows, led by a $999 million Monday. BlackRock’s IBIT drew $1.16 billion, the most among Bitcoin funds. Ether ETFs added $689.8 million across five positive sessions. Solana ETF inflows reached $188.1 million, with $86.7 million arriving Friday. According to Farside Investors, Monday’s $999 million was the largest daily Bitcoin ETF inflow of the week. The funds then added $714.7 million on Tuesday, $346.9 million on Wednesday, $190.7 million on Thursday and $134.5 million on Friday.
BlackRock leads Bitcoin ETF inflows BlackRock’s iShares Bitcoin Trust, or IBIT, collected $1.16 billion over the five sessions, based on Farside’s daily fund figures. Fidelity’s FBTC followed with $701.6 million, while ARK 21Shares’ ARKB added $294.7 million. Morgan Stanley’s MSBT drew $203.3 million.
Monday accounted for nearly $1 billion of the Bitcoin funds’ $2.39 billion weekly total. IBIT received $381.4 million that day, while ARKB took in $289.1 million and FBTC added $238.8 million. Tuesday brought another $350.3 million to IBIT and $257.4 million to FBTC.
The pace slowed later in the week, but the combined funds remained positive through Friday. IBIT posted an inflow on every trading day. The weekly total also exceeded the prior week’s roughly $6.1 million net inflow, which included sharp withdrawals on Sep. 15 and 16 before flows recovered.
Bitcoin’s price moved above $87,000 earlier in the week before pulling back. crypto.news reported on Friday that BTC was holding near $84,000 despite continued ETF inflows. The fund data show sustained net buying through the price retreat; they do not establish how much of the price move came from ETF demand.
Ether funds reverse the previous week’s outflow U.S. spot Ether ETFs recorded $689.8 million in net inflows from Sep. 21 through Sep. 25, according to Farside’s Ether data. The funds added $270 million on Monday, followed by $162.2 million, $104.5 million, $66.1 million, and $87 million over the next four sessions.
The result reversed the previous week’s roughly $140.6 million net outflow. BlackRock’s ETHA led this week’s gains with $326.2 million, while Fidelity’s FETH took in $174.1 million. BlackRock’s staking fund ETHB added $47.5 million.
Monday’s $270 million was Ether ETFs’ strongest day of the week. ETHA received $110.1 million, FETH added $73 million, and Grayscale’s lower-fee ETH fund drew $59.3 million. Daily inflows became smaller as the week progressed, though the group finished each session in positive territory.
Solana ETFs finish with their strongest day Spot Solana ETFs drew $188.1 million for the week, based on Farside’s Solana figures. Their daily net inflows were $26 million on Monday, $28.9 million on Tuesday, $13.7 million on Wednesday, $32.8 million on Thursday, and $86.7 million on Friday.
Bitwise’s BSOL accounted for $128.4 million of the weekly total. It received $55.7 million on Friday, when Grayscale’s GSOL added $18.5 million, and Morgan Stanley’s MSOL took in $6 million.
Across the Bitcoin, Ether and Solana products tracked in Farside’s three tables, net inflows totaled approximately $3.26 billion for Sep. 21–25. Bitcoin funds accounted for about 73% of that combined figure.
Bitcoin has gained about 3.8% over seven days as U.S. spot Bitcoin ETFs have drawn $2.39 billion this week, while Quant, Ethena and Bitway have led the 100 largest crypto assets by weekly price gain.
Summary
Quant rose 61.8% after The Clearing House selected it for a U.S. tokenized-deposit network. Ethena gained 54.1% as it expanded USDe’s backing strategy into tokenized stocks and equity futures. Bitway climbed 48.0%, although a sharp daily reversal put its weekly advance under pressure. Bitcoin held near $84,000 after reaching an eight-month high above $87,000 earlier in the week. According to CoinGecko, Bitcoin traded near $84,077 on Sep. 26, and the total crypto market value stood near $2.98 trillion. Quant (QNT) ranked first among the top 100 seven-day gainers at 61.8%, followed by Ethena (ENA) at 54.1% and Bitway (BTW) at 48.0%. The rankings use rolling seven-day price changes, so the figures can change during the weekend.
Bitcoin ETF inflows set the market backdrop U.S. spot Bitcoin ETFs recorded net inflows on all five trading days from Sep. 21 through Sep. 25, according to Farside Investors. The funds drew $999 million on Monday and $714.7 million on Tuesday, followed by $346.9 million, $190.7 million and $134.5 million over the next three sessions. Combined inflows reached about $2.39 billion.
Bitcoin reached $87,392 on Sep. 21 before retreating toward $84,000. In a report on ETF demand published Sep. 24, crypto.news quoted BTCS S.A. strategy adviser Wojciech Kaszycki, who said cash entering spot funds supported the initial price rise while futures positions also increased. He put the next major test near $90,000 if buying continued.
CoinGecko’s seven-day figures showed a much larger move in the three leading tokens than in Bitcoin. Each also had a separate development or trading pattern behind its advance, leaving different price levels in focus for the coming week.
Quant tests $106 after clearing $100 Quant traded near $104.48 in the CoinGecko snapshot, giving it the strongest seven-day return among the 100 largest assets. On Sep. 24, The Clearing House announced that it had selected Quant to power its On-Chain Money Initiative in the United States.
Quant will provide technology to connect banks and coordinate the clearing and settlement of tokenized-deposit transactions. The Clearing House said the network will also connect with payment systems already used by financial institutions, including RTP and CHIPS. It expects the service to become available to participating banks in the first half of 2027.
The U.S. selection follows Quant’s work on a separate British bank project. On Sep. 24, six UK institutions completed live customer transactions through the Great British Tokenised Deposit initiative, which Quant supported alongside EY and Linklaters. The British project tested payments involving customers at different banks.
On the TradingView daily chart, QNT rose through the Murrey Math $100 level and traded around $104.57. Its Average Directional Index stood at 39.13, indicating a strong trend after the steep advance. Price reached $108 during the session before easing below the chart’s $106.25 overshoot level.
Quant price daily chart — Sep. 26 | Source: TradingView A move back above $106.25 would put $112.50 in focus, followed by $118.75 if buyers sustain the advance. If QNT falls below $100, the breakout would face a more demanding test at $93.75, the next marked level on the daily chart.
Ethena approaches $0.28 with RSI near 80 Ethena’s ENA traded near $0.2781 on CoinGecko after gaining 54.1% over seven days. On Sep. 25, the protocol said it would add tokenized U.S. stocks and corresponding equity perpetual futures on Binance to part of the strategy used to back its USDe synthetic dollar.
As reported on Sep. 25, Ethena plans to hold Binance bStocks for stock exposure and take offsetting positions in equity perpetuals. Ethena said Binance’s equity perpetual market had more than $2.9 billion in open interest. The stock-linked positions add another market for a strategy the protocol has also used with crypto assets.
Ethena Labs founder Guy Young called it “the most significant expansion of USDe’s funding mechanism since we started.” The company said its Risk Committee had approved a framework for the stock-based trades.
The strategy involves tokenized U.S. equities, but Binance’s bStocks offering is available to eligible users where permitted by local law. Binance’s original bStocks launch included tokens linked to Nvidia, Tesla, Circle, Micron, and Sandisk shares. The tokens provide stock-linked exposure without the voting rights held by direct shareholders.
On the TradingView daily chart, ENA traded around $0.2756 after touching $0.2807. Price stood above its 20-day moving average at $0.1808, its 50-day average at $0.1491, its 100-day average at $0.1160, and its 200-day average at $0.1082. Daily RSI reached 79.85, above the commonly watched 70 level.
Ethena price daily chart — Sep. 26 | Source: TradingView A move above $0.2807 would extend the latest breakout. The day’s $0.2632 low is the first level to watch on a pullback; below it, the earlier $0.22–$0.23 trading area would come back into view. Ethena’s fee-switch proposal links future ENA buybacks to USDe supply thresholds, starting at $7.5 billion, rather than providing an immediate buyback at the supply level cited in the proposal.
Bitway’s reversal puts $0.76 in focus Bitway traded near $0.9032 on CoinGecko, up 48.0% for the rolling seven-day period. Its daily TradingView chart showed a much sharper move within that window: BTW reached $1.3661 before falling to about $0.9033, with the session’s low at $0.7620.
Earlier in the week, on-chain analyst Ai Yi reported that a new address withdrew 5 million BTW, worth about $3.71 million at the time, from Gate. Other reports of the analyst’s findings put the combined withdrawals by three new addresses at 15 million BTW within three hours. The transfers occurred during the rally, but the transactions alone do not establish who controlled the wallets or why BTW’s price rose.
Bitway also has a staking program running from Sep. 1 to Oct. 1, with an 8% stated annual rate on USDT and an additional 3% offered in BW Points. Its earlier incentive programs were covered in an August Bitway price report after the token rose sharply that month.
The latest daily candle leaves BTW below the Bollinger upper band near $1.1513 but above its middle band near $0.7121. Regaining $1.00 and then $1.1513 would bring the $1.30–$1.37 area back into focus. A fall through the $0.7620 daily low would put the $0.7121 middle band next on the chart.
Bitway price daily chart — Sep. 26 | Source: TradingView Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
PayPal v Lucembursku od 25. června 2026 pozastaví nákupy Bitcoinu a dalších kryptoměn kvůli novým pravidlům vyplývajícím z CARF. Uživatelé mohou dál své držené kryptoměny prodávat a spravovat.
PayPal has hit pause on cryptocurrency purchases for its European users in Luxembourg, effective June 25, 2026. The culprit: a new international tax reporting framework that requires the company to collect and verify detailed customer information before it can legally facilitate new buy orders.
The temporary freeze applies specifically to new purchases of Bitcoin and other crypto assets through PayPal’s platform in Luxembourg. Users who already hold crypto in their PayPal accounts can still sell or manage those positions. They just can’t add to them for now.
What CARF actually requires The Crypto-Asset Reporting Framework, or CARF, is the OECD’s answer to a simple question: how do you tax something that moves across borders as easily as an email? Developed by the Organisation for Economic Co-operation and Development, CARF creates a standardized way for countries to share information about crypto transactions, much like the Common Reporting Standard already does for traditional bank accounts.
Luxembourg has now written CARF into local law, which means any company facilitating crypto transactions there needs to collect specific data from its customers. That includes account holder addresses, tax identification numbers where applicable, and classifications of account entities.
All of that information ultimately gets reported to Luxembourg’s tax authority, the Administration des Contributions Directes (ACD). The ACD can then share that data with tax authorities in other jurisdictions.
The requirements apply to both new and existing PayPal accounts. That means even longtime users will need to provide additional documentation as part of updated onboarding procedures.
Why PayPal chose to pause rather than patch The company has said it expects to resume crypto purchases by the end of 2026. That timeline suggests PayPal views this as a months-long engineering and compliance project, not a quick fix. The gap between the June 25 freeze and a projected late-2026 resumption gives the company roughly six months to build out the necessary systems.
It’s worth noting what this pause is not. It’s not a withdrawal from crypto. It’s not a signal that PayPal is souring on digital assets. And it’s not a market-wide disruption. The freeze is geographically contained to Luxembourg, and users retain full control over assets they already hold on the platform.
The bigger picture for crypto regulation Luxembourg’s implementation of CARF is not happening in isolation. The framework was designed for broad international adoption, and the European Union has already embedded it into its DAC8 directive, which updates the bloc’s rules on administrative cooperation in taxation.
For investors, the immediate impact is negligible. There have been no reported price effects or broader market disruptions tied to PayPal’s announcement. Luxembourg, while an important financial hub, represents a fraction of global crypto trading volume.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
MSCI zvažuje nová pravidla pro vyřazování firem považovaných za neprovozní, což by podle simulace mohlo zasáhnout i bitcoinové držitele Strategy a Metaplanet. CEO společnosti Strive Matt Cole vznesl námitky proti dřívějšímu návrhu MSCI týkajícímu se bitcoinu. MSCI uvádí, že zpětná vazba je splatná 30. září, výsledky očekává 16. října a případná změna by vstoupila do listopadové revize indexu 2026.
MSCI is consulting on a new index eligibility screen for companies it considers non-operating. The August 2026 proposal is not a Bitcoin-only exclusion. It would first examine operating assets, then apply five financial ratios to companies that fail the initial test. A company would fail the second screen if flagged on at least four of those ratios. MSCI says feedback is due September 30, results are expected by October 16, and any adopted change would enter the November 2026 index review.
Advertisement
Why Bitcoin treasury companies are watching MSCI’s consultation uses May 2026 data to illustrate possible outcomes. Its simulated deletion list includes Bitcoin holders Strategy and Metaplanet, along with Yellow Cake, a uranium investment company. These are modeled results, not completed removals. The proposal gives existing index members a two-period buffer before a deletion, so a single failed screen would not necessarily remove a current constituent.
Strive chief executive Matt Cole raised a related objection in a letter dated December 4, 2025. That letter addressed MSCI’s earlier idea to exclude companies whose digital-asset holdings exceeded half of their total assets. Cole argued that Bitcoin treasury companies can operate structured-finance businesses and that investors should be able to choose tailored index screens. MSCI decided in January 2026 not to implement that Bitcoin-specific rule and said it would study non-operating companies more broadly.
What this article corrects An earlier version presented Cole as sending a new letter on September 25 and used Strive’s 2025 holding figure as if current. The reviewed primary records document the December 2025 letter and the August 2026 MSCI consultation, but not a new Strive letter on September 25. The earlier version also gave October 16 as the feedback deadline; MSCI lists that date for announcing results, with feedback due September 30. This correction does not claim Strive is on MSCI’s simulated deletion list or that any proposed exclusion has taken effect.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
Bitcoin continues to rally, even as the Federal Reserve’s recent rate hike and the failure of the Clarity Act have added new uncertainties to the market. On-chain data indicates that the supply held by long-term investors recently reached a record high of 15 million BTC, suggesting a significant shift in market dynamics.
Long-term holders and selling pressureMitchell Askew, Head of Blockware Intelligence, highlighted that this unprecedented accumulation by long-term holders may reflect an exhaustion of selling pressure. When so much Bitcoin remains inactive, it often signals growing conviction among holders and a potential foundation for sustained upward price action.
Askew pointed out that historical data shows higher dormancy of coins tends to limit immediate resistance from sellers, giving space for new buyers to accumulate without large quantities entering the market. This supply dynamic can have lasting effects on both the volatility and trend direction of Bitcoin’s price.
Recent on-chain analysis revealed that long-term holders now control 15 million BTC, the highest level ever recorded, which may enhance Bitcoin’s resilience during periods of increased market volatility.
ETF flows and institutional interestAskew also discussed the role of exchange-traded funds (ETFs) in shaping demand. He stated that ETF flows have been a notable indicator of renewed institutional interest, with recent inflows pointing to the possibility of bigger investors returning to the market after a period of caution.
This resurgence of institutional participation comes at a time when other market forces, such as technological demands from AI data centers and shifts in global mining, continue to influence the Bitcoin ecosystem. These factors contribute to complex supply and demand dynamics for Bitcoin miners, impacting hash rate trends and overall network profitability.
Broader market trends and investor behaviorFurther, industry observers have commented on the cyclical nature of Bitcoin, noting that the traditional four-year halving cycle appears less predictable due to new variables in both technology and investor behavior. Now, younger demographics like Gen Z are increasingly scrutinized for their saving and investment habits, as economic circumstances and asset preferences evolve rapidly.
Amid these developments, tracking market activity and investor sentiment has become essential not only for Bitcoin but also for the broader digital asset sector. Technical factors such as inactive supply, inflows from institutional products, and changes in network fundamentals continue to play a pivotal role in shaping outlooks.
Market observers also stress the importance of monitoring alternative signals in the rapidly growing meme token market. For example, timing and token selection by investors can lead to rapid value creation, as illustrated by the recent success of a “Niu Lai” trade on Fomo App, where a $99 purchase surged to roughly $370,000. Integrated platforms like Fomo App, which combine token discovery, social feeds, and investor rankings, are offering new tools for monitoring shifts and opportunities in this vibrant segment.
Block se připojil k x402 Foundation a do otevřeného platebního standardu pro AI agenty integroval Bitcoin Lightning Network. x402 mezitím za posledních 30 dní zpracoval 75,41 milionu transakcí v objemu 24,24 milionu USD.
Key Highlights Block has become a member of the x402 Foundation and integrated Bitcoin Lightning Network into the open payment standard. The x402 protocol enables AI agents to conduct automated payments for digital services, APIs, and data using HTTP 402 payment requests. Development code committed on September 23 revealed Lightning integration before the official public announcement. The x402 platform processed 75.41 million transactions totaling $24.24 million in volume during the most recent 30-day window. Multiple blockchain ecosystems including Cardano, Casper, and XRP Ledger have integrated support for the protocol. Block has become a member of the x402 Foundation and integrated Bitcoin Lightning Network functionality into the payment standard designed for AI agents and digital services.
Block has joined the x402 Foundation, an open standard for agentic payments, to help build the rails that will let people, businesses, and agents pay and get paid.
We’ve also contributed Bitcoin Lightning payments, which is purpose-built for the instant, low-cost, high-volume…
— Block (@blocks) September 24, 2026
The integration was publicly revealed on September 24. Block emphasized that Lightning Network aligns perfectly with the payment requirements of AI agents—specifically low fees, rapid settlement, and high transaction frequency.
Steve Lee, who oversees Block’s Bitcoin development arm Spiral, described the Lightning integration as progress toward establishing Bitcoin as practical currency for daily transactions conducted by both humans and their automated agents.
Understanding x402’s Function x402 operates as an open payment framework. Originally developed by Coinbase, the protocol now operates under Linux Foundation governance.
The system leverages the HTTP 402 “Payment Required” status code. When AI agents attempt to access APIs, datasets, or digital resources, servers can issue payment requests through this mechanism.
Agents automatically process these payment demands and resubmit their requests with payment verification. The entire sequence occurs autonomously, eliminating manual checkout processes.
Public code repositories reveal that Lightning implementation was underway before the formal announcement. A September 23 commit introduced what developers labeled “exact Lightning on lnbtc,” referencing the network identifier for this functionality.
Block has not disclosed specific metrics for Lightning transactions, merchant adoption, or AI agent usage related to this new capability. The x402 Foundation’s dashboard displays aggregate statistics across all payment methods: 75.41 million transactions, $24.24 million in total volume, 94,060 buyers, and 22,000 sellers during the preceding 30-day period.
Stablecoin Dominance in Payment Activity Stablecoins currently represent the majority of x402 transaction volume rather than Bitcoin. According to Circle’s data, USDC comprised 99.3 percent of x402 payment volume during their latest reporting quarter.
Lightning Network provides developers an alternative for direct Bitcoin settlement without dollar-pegged tokens. Erik Reppel, x402’s creator and Technical Steering Committee member, explained the protocol was architected for network-agnostic expansion without privileging specific payment infrastructure.
Block now joins an expanding roster of x402 Foundation supporters. Current participants include Google, Amazon Web Services, Coinbase, Mastercard, Visa, Stripe, Circle, Ripple, Shopify, and the Solana Foundation.
Microsoft appeared among initial supporters when the Foundation launched in April. However, the company was absent from the 40 organizations listed as operational members in the Foundation’s July announcement.
Block maintains several related initiatives in this domain. The company contributes to goose, an open-source AI agent, co-founded the Agentic AI Foundation, and participates in Google’s Universal Commerce Protocol initiative.
Multiple organizations have recently integrated x402 across various blockchain platforms. Cardano’s development environment received x402 support through an experimental testnet implementation.
Casper’s production network already operates x402 functionality enabling AI agent payments for digital services. XRP Ledger surpassed one million x402 transactions by July, with Ripple-supported t54.ai developing infrastructure for AI applications on that platform.
Amazon Bedrock AgentCore incorporated Coinbase’s x402 implementation for USDC settlements, enabling corporate AI agents to conduct payments within enterprise spending frameworks. The Graph similarly employs x402, offering developers pay-per-query blockchain data access instead of subscription models.
Block has not announced a timeline for incorporating Lightning-based x402 functionality into consumer-facing products including Square, Cash App, or Bitkey. The company confirmed ongoing Lightning development contributions and continued participation in x402 Foundation working groups.
Americké spotové bitcoin ETF přilákaly ve čtvrtek 191 milionů USD, čímž šestidenní příliv dosáhl 2,8 miliardy USD. Denní přílivy ale třetí den po sobě zpomalily.
Bitcoin ETF inflows slow to $191M as six-day streak reaches $2.8BUS spot Bitcoin ETFs drew $191 million Thursday as daily inflows slowed for a third day, lifting year-to-date net flows to $787 million.
US spot Bitcoin exchange-traded funds (ETFs) drew about $191 million in net inflows on Thursday, pushing their six-session total past $2.8 billion.
After hitting a 2026 high of $999 million on Monday, daily inflows fell for three consecutive sessions while Bitcoin retreated from above $87,000. Thursday’s total was down 81% from Monday, according to SoSoValue data.
The latest inflow streak lifted the funds’ year-to-date total to roughly $787 million, reversing a 2026 deficit of about $5.5 billion at the end of June. September alone has attracted $2.56 billion so far, following $3.52 billion in August.
Daily flows in US spot Bitcoin ETFs. Source: SoSoValueBlackRock’s iShares Bitcoin Trust (IBIT), the largest US spot Bitcoin ETF by assets, accounted for about $163 million of Thursday’s inflows, according to Farside Investors data. IBIT has attracted roughly $1.35 billion during the six-session streak, or nearly half of the funds’ combined inflows.
At the time of publication, Bitcoin traded at $83,807, down 0.3% over the past 24 hours but still up about 8% over the past seven days, according to CoinGecko.
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
Sequans prodala posledních 314 BTC a ukončila bitcoinovou strategii; na rozvaze už nemá žádné kryptoaktivum. Současně jen 4 z 20 největších krypto treasury firem stále obchodují nad hodnotou svých kryptoaktiv.
Sequans Communications sold its last 314 BTC and officially ends its Bitcoin strategy. The French group now holds no crypto on its balance sheet, after owning more than 3,200 BTC at the peak of its accumulation. This exit comes at a bad time for all treasury companies: according to DWF Ventures, only 4 of the 20 largest companies in the sector still trade above the value of their crypto assets. The premium that fueled their purchases is seriously starting to disappear.
In brief Sequans sold its last 314 BTC and completely leaves its Bitcoin strategy. Only 4 of the top 20 crypto treasuries still have an mNAV above 1. The disappearance of this premium makes new stock raises much less attractive. Sequans sells its last 314 BTC and closes the chapter The experience lasted a little over a year. Sequans launched its Bitcoin strategy in June 2025 after announcing a $384 million raise in shares and convertible debt. At its peak, the French semiconductor manufacturer held more than 3,200 BTC.
The exit had already started several months earlier. Cointribune detailed in May Sequans’s decision to liquidate most of its reserve to return to its core business. Sequans’s Bitcoin bet turns into a fiasco, the company sells off its assets and starts over.
In November 2025, Sequans sold 970 BTC to repay half of its convertible debt. Then, in May 2026, the company announced it was no longer pursuing its crypto treasury strategy and began gradually monetizing the remaining assets.
As of June 30, the balance sheet still showed 314 BTC valued at $18.4 million. They have just all been sold. Sequans now states it has no cryptocurrencies on its balance sheet and no longer carries any debt, except for commitments related to certain public research and development programs. Bitcoin is no longer in the equation.
Only four major crypto treasuries still keep a premium Sequans leaves as the crypto treasury companies’ model is going through a much less favorable period. DWF Ventures studied the 20 largest Digital Asset Treasuries, or DATs, according to their assets under management. Only four still showed an mNAV above 1: Bit Digital, Strive, Hyperliquid Strategies, and BitMine.
In other words, 16 out of 20 now trade below the value of their crypto reserves. The mNAV compares the value assigned by the market to the company with that of the digital assets it holds. When it exceeds 1, investors agree to pay a premium to buy the stock rather than the crypto directly.
This mechanism has long provided fuel to Bitcoin treasuries. A company valued well above its BTC could issue new shares, raise money, and then buy more Bitcoin. As long as this operation increased exposure per share, dilution was easier to defend.
Strive is among the few companies that still retain this premium. It also continues to accumulate. In early September, the company added 1,375 BTC for about $109 million, bringing its treasury to 24,531 BTC. For the majority of other crypto companies studied by DWF, the situation has reversed.
When the premium disappears, the model becomes much less comfortable A stock trading below the value of its crypto assets can still raise funds. Simply put, the operation becomes much less attractive. Issuing new shares when the mNAV is below 1 risks diluting existing shareholders without creating enough additional value per share. The cycle that allowed issuing, buying Bitcoin, then repeating becomes harder to sustain.
DWF also estimates that, since Strategy launched its strategy in 2020, most treasury company stocks have ultimately underperformed holding their crypto assets directly. Even among those that outperformed, the gap generally remained limited.
The problem is not new. Standard Chartered already warned in 2025 that a generalized drop in mNAV could trigger consolidation in the sector. Galaxy Digital made a similar observation: the model strongly depends on maintaining a market premium.
Sequans shows what can happen when this mechanism no longer works. This does not mean all Bitcoin treasuries are selling. Strategy remains, on the contrary, extremely active. Michael Saylor’s group has bought another 950 BTC for $75.7 million this week and now holds about 846,000 bitcoins. Strategy buys 950 Bitcoins for $75.7 million The market simply separates companies more. On one side, a few crypto players retain a premium and can still raise capital under good conditions. On the other, most large treasuries already trade below the value of their assets. Sequans chose not to wait any longer: last 314 BTC sold, zero crypto on the balance sheet, and back to semiconductors.
Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Join the program
A
A
Lien copié
Evans S.
Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
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.
As the price of Bitcoin (BTC) continues to rise, the remarkable fund movements on Binance have become the focus of investors. According to CryptoQuant analyst Darkforth, Binance, one of the world’s largest cryptocurrency exchanges, recorded its highest single-day net Bitcoin outflow since 2023.
According to an analysis shared by Darkforth, Bitcoin has gained approximately 45% in value since its July levels. The fact that BTC has surpassed key technical levels and closed above $82,000 for several consecutive days is cited as one of the factors distinguishing the current upward movement from previous recoveries.
The analyst noted that despite the price increase, the accumulation trend in Bitcoin continues. This trend is clearly visible in BTC movements on cryptocurrency exchanges.
According to data, Binance hosts approximately 30% of the total amount of Bitcoin held on centralized exchanges accessible to investors. Over the past week, Binance has seen an average daily net outflow of around 2,000 BTC, while recently a single day saw a net outflow exceeding 13,800 BTC. This is reportedly the highest daily net BTC outflow seen since 2023.
Binance’s Bitcoin reserves also decreased from approximately 705,000 BTC to 685,000 BTC in the last four days. This means that about 20,000 BTC has been withdrawn from the exchange’s reserves.
According to Darkforth, the continuous withdrawal of Bitcoin from exchanges may indicate that some investors prefer to hold onto their assets long-term rather than sell them. The decrease in the amount of Bitcoin available for sale on exchanges is seen as a development that could limit potential selling pressure from a market perspective.
The analyst also noted that the recent sudden and large-scale outflows could indicate a different type of investor behavior. According to this, some investors who believe Bitcoin will continue to fall, as it did in past bear markets, may be re-entering the market as the price rises, driven by fear of missing out (FOMO).
*This is not investment advice.
Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!
According to Farside’s monitoring, on September 24, total net inflows into U.S. spot Bitcoin ETFs hit $190.7 million, broken down as follows: BlackRock’s IBIT: +$162.6 million; Fidelity’s FBTC: +$12.9 million; Morgan Stanley’s MSBT: +$10.2 million; Franklin’s EZBC: +$4.9 million; Bitwise’s BITB: +$4.1 million; WisdomTree’s BTCW: -$4 million. ARK’s ARKB, Invesco’s BTCO, Valkyrie’s BRRR, VanEck’s HODL, Grayscale’s GBTC, and other Bitcoin ETFs saw no net inflows or outflows. Total net inflows into U.S. spot Ethereum ETFs yesterday reached $66.1 million, with breakdown: BlackRock’s ETHA: +$26.8 million; Fidelity’s FETH: +$21.5 million; Grayscale’s ETH: +$17.8 million. BlackRock’s ETHB, Bitwise’s ETHW, 21Shares’ TETH, VanEck’s ETHV, Invesco’s QETH, Franklin’s EZET, Morgan Stanley’s MSSE, and Grayscale’s ETHE recorded no net inflows or outflows.
Relevant content
Token ARGUS on the Arc chain has surged 47.8% over the past 24 hours, with its current market capitalization standing at $27.44 million.
According to GMGN market data, ARGUS, the token of Arc blockchain launchpad ArgusPad, has risen 47.8% over the past 24 hours. Its current market capitalization stands at approximately $27.44 million, with a 24-hour trading volume of around $2.8 million. BlockBeats reminds users that the Arc mainnet has just launched, carrying high early-stage hype risks: most tokens on the network have low trading volumes, insufficient liquidity, and extreme price volatility, so investors should exercise caution.
13 minutes ago
KelpDAO sues LayerZero and its co-founders over the rsETH cross-chain bridge vulnerability.
KelpDAO has issued a statement announcing that Kelp is suing LayerZero and its co-founder Bryan Pellegrino over the rsETH LayerZero cross-chain bridge vulnerability incident earlier this year. The lawsuit alleges the vulnerability originated from LayerZero’s own technical flaws and a breach of its security infrastructure—including LayerZero’s failure to disclose inherent weaknesses and risks in its technology, and its inability to stop attackers from compromising its security infrastructure to exploit the flaw. Over the past several months, LayerZero and Pellegrino publicly blamed Kelp for the incident, but Kelp claims LayerZero had previously reviewed and approved the deployment and configuration of its LayerZero technology in writing. Kelp further stated that following the vulnerability incident, it has taken steps to protect user assets, including migrating the rsETH cross-chain bridge to a more secure cross-chain security standard. The lawsuit seeks to hold LayerZero and Bryan Pellegrino liable for the related losses.
13 minutes ago
The U.S. Secretary of Defense lists Bitcoin in his 2025 financial disclosure, with valuations ranging from approximately $16,000 to $65,000.
According to CNBC, U.S. Secretary of Defense Pete Hegseth’s newly released 2025 annual financial disclosure shows his household’s cash, retirement investments, and Bitcoin holdings are worth at least approximately $3.1 million. The Bitcoin is valued between $16,000 and $65,000, and one of his three cash accounts exceeds $1 million.
13 minutes ago
Goldman Sachs says the AI sector remains attractive, with a massive $800 billion investment underpinning Asia's hardware supply chain.
Insight Beating AI News Brief: Goldman Sachs Asia Pacific Equity Strategist Timothy Moe said AI-related stocks remain attractive despite rising government bond yields. “We are firmly in the ‘higher for longer’ camp,” he stated. He noted that hyperscale cloud computing firms are projected to invest roughly $800 billion this year, with that figure potentially reaching $1.2 trillion by 2027 – a key indicator of demand for Asia’s AI hardware supply chain. Moe added that the “extremely low” valuations in Asian markets also offer extra support for related stocks, as the region’s overall stock market currently trades at a price-to-earnings (P/E) ratio of around 10, sitting at the lower end of its historical valuation range. He further noted that corporate earnings growth will act as a buffer against the high interest rate environment. For the rest of this year, Moe expects markets to stay “somewhat choppy” amid the upcoming U.S. midterm elections, with high energy prices and geopolitical risks amplifying market pressure. However, after this phase, he believes markets could rally by year-end, driven by corporate earnings growth and valuation recovery. (Jin10)
13 minutes ago
Bybit’s CEO: Ready to assist Bitget in any way possible at any time.
Bybit co-founder and CEO Ben Zhou posted on social media that the Bybit team is ready to provide assistance in any way possible for the recent Bitget hack incident. When Bybit was targeted by a hacker attack, Bitget extended its support to the platform. Bybit is updating its LazarusBounty bounty website to help Bitget track and determine the flow of stolen funds. BlockBeats previously reported that on February 21, 2025, Bybit suffered what was then the largest hack in cryptocurrency history, with approximately $1.46 billion to $1.5 billion worth of Ethereum stolen, an attack later attributed to North Korea’s Lazarus Group. Following the breach, Bitget quickly transferred 40,000 ETH to Bybit (valued at roughly $105 million to $106 million at the time), with the funds sourced from Bitget’s own reserves, not user assets. The support came in the form of an interest-free, uncollateralized, open-ended loan, intended to help Bybit cope with withdrawal runs and replenish liquidity.
13 minutes ago
Bitget Wallet: User assets are not affected by the current Bitget incident; users are advised to beware of phishing posts spreading FUD.
Bitget Wallet’s Chief Operating Officer (COO) Alvin Kan stated in a social media post that Bitget Wallet is a self-custody wallet, meaning users’ assets remain on-chain and are fully controlled by the users themselves. In short, Bitget Wallet users’ assets are not affected by the ongoing incident involving Bitget Exchange. The team has been conducting preventive checks and reviews of internal systems as a precaution, and no security impacts have been detected to date. Additionally, the team has observed numerous scam posts impersonating Bitget Wallet and distributing phishing links. We urge everyone to exercise extreme caution and only access updates through official channels.
Strive podle odhadu získala 85,88 milionu USD prodejem SATA, což by při tehdejších cenách stačilo na zhruba 1 001,67 bitcoinu. Jde ale jen o odhad, ne o potvrzený nákup.
Strive has generated an estimated $85.88 million through sales of its SATA preferred stock over three trading sessions, enough to buy about 1,002 Bitcoin at prices recorded by BitcoinTreasuries.net.
Summary
BitcoinTreasuries.net estimates that SATA sales raised $85.88 million from Sep. 21 to Sep. 23. Its estimated Bitcoin figure is based on trading data, not a confirmed Strive purchase. Strive last reported holding 26,355 BTC after buying 1,355 BTC in the prior week. Strategy bought 950 BTC in its latest reported week while using cash to repurchase STRC shares. BitcoinTreasuries.net’s SATA tracker estimates how many shares Strive issues through its at-the-market program by examining trading volume while SATA is at or above its $100 stated value.
It then estimates net proceeds after sales commissions and divides that amount by Bitcoin’s price during the session. The tracker’s figure is therefore an estimate of potential buying power; Strive’s next disclosure would establish any actual purchase and its cost.
Strive’s SATA sales are estimated at $85.88 million For Sep. 21, the tracker estimates that Strive sold about 284,000 SATA shares and received $27.69 million in net proceeds. At an average Bitcoin price of $86,001, that sum would cover approximately 321.97 BTC.
The largest of the three estimated sessions came on Sep. 22. BitcoinTreasuries.net puts net proceeds at $36.08 million from roughly 370,000 shares, equivalent to about 418.27 BTC at an average price of $86,266.
On Sep. 23, estimated sales of another 226,700 shares produced $22.11 million. The tracker calculates that the proceeds could buy 261.43 BTC at an average price of $84,556. Together, the three daily estimates come to $85.88 million and 1,001.67 BTC.
Those daily share counts are estimates of issuance through the program, rather than a count confirmed in a new company filing. BitcoinTreasuries.net says it calibrates its model against Strive’s subsequent disclosures. Its method also separates potential SATA issuance from ordinary trading between investors, which does not send money to Strive.
The distinction matters because proceeds raised on a given day need not pay for a Bitcoin trade on that same day. Strive also holds cash and can use more than one source of funding. An estimated BTC equivalent should not be added to the company’s reported holdings before Strive discloses a purchase.
Strive’s last filing put its treasury at 26,355 BTC Strive’s most recent reported acquisition covered Sep. 14 through Sep. 18, when it bought 1,355 BTC for approximately $107.7 million at an average of $79,475 per coin. The purchase lifted its disclosed balance from 25,000 BTC to 26,355 BTC. At the time, its SATA shares outstanding increased by 786,194, while cash and equivalents rose to approximately $229.6 million.
Chief Executive Matt Cole described how Strive raised capital during that reporting period. “Warrant exercises began last week, generating $21.2M in gross proceeds,” he wrote on X. “Including those proceeds, 57.7% of total capital raised came from SATA proceeds.”
The company had reached 25,000 BTC a week earlier after acquiring 469 BTC for approximately $36.6 million. Strive said proceeds from SATA funded that purchase. Its Sep. 14 filing also showed that SATA shares outstanding rose by 402,541 during the period, while its effective common share count increased by 34,206.
Earlier in September, Strive added 1,375 BTC for approximately $109 million. That purchase took its balance to 24,531 BTC, following an acquisition of 1,800 BTC in late August. The successive company filings show completed purchases; the Sep. 21–23 tracker readings concern a later period for which the supplied figures remain estimates.
Strategy bought Bitcoin while repurchasing STRC Strategy, the largest public corporate Bitcoin holder, disclosed a different use of its cash in the week ended Sep. 20. According to its SEC filing, it bought 950 BTC for $75.7 million at an average price of $79,670, taking its holdings to 846,000 BTC. Strategy reported an aggregate acquisition cost of about $63.8 billion, or $75,416 per coin.
During the same week, Strategy spent $174 million repurchasing approximately 1.77 million shares of its STRC preferred stock. As crypto.news reported on Sep. 21, Strategy made no sales through its at-the-market programs for that period. It paid for both the Bitcoin and the STRC repurchases from existing USD Cash, which fell from roughly $1.30 billion to $1.05 billion.
A week without new STRC issuance does not establish that Strategy can no longer raise money through its securities programs. Its earlier filing showed that it sold MSTR common shares at the end of August and directed $369.7 million of the proceeds toward 4,603 BTC. The Sep. 20 filing establishes only how Strategy financed its latest reported transactions.
Strive also owns Strategy’s preferred stock. Its filings showed a holding of 505,000 STRC shares through Sep. 18, valued at approximately $49.7 million on that date. Strive’s own preferred shares, SATA, carried a 13% annualized dividend rate for September, compared with 12% for STRC, according to the companies’ disclosures reviewed in earlier preferred-stock coverage.
U.S. investors can check the next SEC disclosures Both Strive’s ASST common shares and SATA preferred shares trade on Nasdaq, according to its SEC filing. The securities give U.S. investors different claims on the same company: common shareholders own equity, while SATA holders have the preferred rights set out in its terms. Strive reports changes in its Bitcoin balance, cash, and outstanding share counts in its filings.
The next Strive filing can establish whether the company bought Bitcoin after Sep. 18 and how many SATA shares were outstanding at the end of the new reporting period. Its last filing also recorded 505,000 STRC shares held and $229.6 million in cash and equivalents as of Sep. 18.
Tether plánuje vydat USDT nativně na Bitcoinu přes RGB, což má otevřít likviditu stablecoinů bez vlastní blockchainové sítě. Morgan Stanley podle zpráv o infrastruktuře diskutovala, ale žádné spuštění nebylo oznámeno.
Tether plans to issue USDT natively on Bitcoin through RGB. RGB uses Bitcoin for commitments while keeping contract data off-chain. Morgan Stanley personnel reportedly discussed the infrastructure, but no bank rollout has been announced. Tether CEO Paolo Ardoino has put Bitcoin back at the center of USDT’s expansion strategy, saying the world’s largest stablecoin is “coming home” as institutional discussions emerge around its Bitcoin-native infrastructure.
USDT on Bitcoin. It's coming home https://t.co/JnUo8og7Vv
— Paolo Ardoino 🤖 (@paoloardoino) September 24, 2026
Tether has already committed to issuing USDT through RGB, potentially opening Bitcoin to a stablecoin market worth roughly $183.5 billion without requiring Tether to build a blockchain of its own.
The opportunity is not $183.5 billion suddenly migrating onto Bitcoin. It is whether Bitcoin can capture a meaningful share of stablecoin settlement that currently happens elsewhere.
USDT Is Coming to Bitcoin, Not a Tether Blockchain Ardoino’s latest comment follows speculation over whether Tether might eventually create a proprietary blockchain.
That is not the strategy the company has announced.
Tether said in August 2025 that it would bring USDT to RGB, which had reached Bitcoin mainnet with its v0.11.1 release. The integration is designed to let users hold and transfer Bitcoin and USDT from the same wallet while using Bitcoin as the underlying commitment layer.
“Bitcoin deserves a stablecoin that feels truly native, lightweight, private, and scalable,” Ardoino said when Tether announced the project.
RGB matters because it does not work like an Ethereum-style smart-contract network.
Its architecture uses client-side validation, meaning participants validate the contract history relevant to their assets rather than requiring every network node to store and validate the complete contract state.
Contract data remains off-chain. Compact cryptographic commitments are anchored to Bitcoin, while single-use seals tied to Bitcoin UTXOs help establish ownership transitions and prevent the same state from being reused.
That gives Tether a route onto Bitcoin without creating another global execution layer.
One Bitcoin Stack, Three Different Jobs USDT ON BITCOIN
Three Layers, Three Jobs
01
SETTLEMENT FOUNDATION
Bitcoin
Provides the UTXOs and proof-of-work-secured commitment layer used by RGB.
02
ASSET LAYER
RGB v0.11.1
Issues and transfers assets through client-side validation and Bitcoin-anchored single-use seals.
03
PAYMENT LAYER
Lightning
RGB supports assets moving through Lightning channels for faster off-chain payments.
Key distinction: USDT would use this infrastructure rather than migrate onto a new Tether-owned blockchain.
RGB’s design also changes what “on Bitcoin” means.
USDT contract state would not simply be written into every Bitcoin block for the entire network to process. Each recipient instead validates the relevant history locally, while Bitcoin provides the commitments that make those state changes verifiable.
RGB says its assets can also move natively through typed Lightning channels rather than relying on a bridge.
For stablecoins, that combination targets two constraints simultaneously: using Bitcoin as the security foundation without requiring every payment to compete directly for base-layer blockspace.
Morgan Stanley Puts Institutions Into the Conversation The latest institutional angle comes from Viktor Ihnatiuk, co-founder of Bitcoin infrastructure company Utexo.
Ihnatiuk said he discussed USDT on Bitcoin with Morgan Stanley personnel in Washington, with the conversation involving Utexo’s work around the technology. Ardoino subsequently amplified the development with his “coming home” comment.
There is an important limit to what can be concluded from that exchange.
Morgan Stanley has not announced a USDT settlement product, commercial launch or formal deployment. The reported discussions show institutional interest around the infrastructure, not a confirmed banking product.
That distinction also makes the next stage easier to measure.
A bank discussing Bitcoin-native stablecoin infrastructure is interesting. A bank using it to settle real transactions would be materially different.
Bitcoin Is Competing for Stablecoin Settlement Tether already distributes USDT across established blockchain networks, so Bitcoin is not entering an empty market.
It has to win activity from rails where exchanges, wallets, market makers and users already have deep stablecoin infrastructure.
That changes how a successful launch should be judged.
Total USDT supply says little about Bitcoin adoption. More useful indicators would be USDT issued through RGB, transfer volume, active wallets, Lightning liquidity supporting RGB assets, exchange integrations and institutional settlement activity.
Those metrics would show whether the integration is becoming financial infrastructure or simply another supported network.
The technical architecture gives Bitcoin a distinctive pitch.
It can offer the monetary security of the base chain, an asset protocol that keeps contract state largely client-side and a payment network designed to move value without waiting for an individual base-layer confirmation for every transaction.
But architecture does not create liquidity by itself.
The Test Starts After USDT Goes Live Tether bringing USDT to Bitcoin would remove one technical barrier between the world’s largest stablecoin and the world’s largest crypto asset.
The economic test comes afterward.
If USDT balances begin accumulating through RGB, Lightning channels develop usable stablecoin liquidity and financial institutions move from discussions to live transactions, Bitcoin would be doing something materially different from simply securing BTC ownership.
It would be competing for the dollar settlement activity that has historically concentrated on other crypto networks.
That is the number worth watching, not Tether’s total market capitalization.
Alex is a financial markets journalist and co-founder of Millennial Media Group, and he's spent close to ten years trying to answer one stubborn question: what's really driving this? It started in 2016, when Bitcoin refused to make sense to him - and rather than shrug, he stayed with it until it did. That patience became his method. He's less interested in what an asset is doing today than in the plumbing behind it: how liquidity flows, where risk hides, what a chart is quietly telling you that the headline isn't. That lens eventually stretched well past crypto into traditional markets, because the same forces - fear, leverage, incentives, timing - show up everywhere once you know how to look. Most coverage, in his view, insults the reader by stopping at the surface. Price up, price down, moving on. He'd rather leave someone genuinely understanding a move than merely informed that it happened. His path into markets ran through a Tourism degree at New Bulgarian University - proof, maybe, that curiosity beats credentials. With more than 200 deep analyses and over 10,000 articles behind him, he still walks away from most trading days having learned something he didn't know that morning.
Na blockchainu Arc si institucionální dlužníci půjčili přes 90 milionů USDC proti cirBTC během prvních tří dnů. Aktivita prudce vzrostla z asi 1,37 milionu po spuštění cirBTC.
Circle’s Arc blockchain just turned three days old, and institutional borrowers have already pulled more than $90 million in USDC against deposits of cirBTC, the chain’s wrapped Bitcoin token.
The figure represents a dramatic acceleration from the chain’s earliest hours. Borrowing volumes started at roughly $1.37 million shortly after cirBTC went live on September 21, then climbed to $14.3 million within days.
How the plumbing works Arc is Circle’s EVM-compatible Layer 1, purpose-built for what the company calls stablecoin-native finance. The mainnet launched around mid-September 2026, and cirBTC followed on September 21 as the chain’s first major financial primitive.
The token is backed 1:1 by Bitcoin held at Circle National Trust, with reserves verifiable on-chain through Chainlink Proof of Reserve.
Advertisement
The borrowing process works through what Circle calls Digital Asset-Backed Borrowing, or DABB. Eligible Circle Mint clients deposit BTC, mint cirBTC against it, supply that cirBTC to a lending market on Morpho Blue, and then borrow USDC that settles directly to their Mint balance.
Loan-to-value ratios are set by the lending protocol itself, not by Circle. One example market showed an 86% LTV.
One notable restriction: clients based in New York are excluded from DABB.
Who’s providing the liquidity Two names keep appearing on the supply side of these markets: Galaxy and Keyrock. Both firms have been acting as primary liquidity providers to the cirBTC/USDC lending pools on Morpho Blue, which helps explain why borrowing capacity scaled so quickly.
On launch day itself, deposits of USDC and EURC reportedly exceeded $150 million, suggesting the supply side was well-seeded before borrowers even showed up.
Why institutions want this The core value proposition is straightforward: borrow dollars without selling your Bitcoin. For institutions with large BTC positions, this solves a real problem. Selling Bitcoin to raise working capital triggers taxable events and forces them to give up upside exposure. Borrowing against it does neither.
The rapid scaling from $1.37 million to $90 million in roughly three days suggests pent-up demand among institutions that wanted Bitcoin-backed borrowing but couldn’t stomach the counterparty risk of existing DeFi options.
Whether the $90 million figure holds up under scrutiny is worth watching. Early reporting on Arc’s launch showed some discrepancies between published snapshots and actual on-chain volumes, with some figures reflecting lower borrowing activity than headline numbers suggested. The gap between deposits ($150 million-plus) and borrowing ($90 million) also indicates that a meaningful chunk of supplied capital hasn’t been matched with borrowers yet.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
[alloc] init představil Shielded Bitcoin, metaprotocol pro soukromé transakce na Bitcoinu bez změny konsenzuálního kódu. Projekt ale zatím vyžaduje asi 330 TB úložiště.
New York-based cryptography firm [alloc] init has introduced what it calls “Shielded Bitcoin,” a metaprotocol designed to bring Zcash-grade transaction privacy to Bitcoin’s base layer without changing a single line of Bitcoin’s consensus code. The system uses encrypted notes, nullifiers, and zero-knowledge proofs, all published directly on the Bitcoin blockchain, to create shielded transfers that look like ordinary Schnorr signature transactions on-chain.
How PIPEs v2 makes it work The technical foundation is something the team calls Bitcoin PIPEs v2, detailed in a paper published on February 5, 2026, by a 10-member research team. PIPEs v2 introduces witness encryption to Bitcoin, a cryptographic technique that locks private keys behind what mathematicians call non-deterministic polynomial (NP) statements. In simpler terms, it creates spending conditions that are enforced by pure math rather than by Bitcoin’s scripting language or its consensus rules.
The specific mechanism uses something called an Arithmetic Affine Determinant Program (AADP)-based witness encryption scheme. AADP is a mathematical framework that allows the system to verify complex conditions about transactions without exposing the underlying data. It’s the engine that makes the shielded pool possible while keeping everything compatible with Bitcoin as it exists today.
Misha Komarov, founder and CEO of [alloc] init, summarized the philosophy concisely.
“Programmability lives in cryptography, not Script.”
The system requires no soft forks, no multisig arrangements, no BitVM-style fraud proofs, and no trusted setup ceremonies. Verification and recovery require only a Bitcoin node and an indexer, with no operators, federations, or alternative chains involved.
The Zcash parallel, minus the Zcash baggage The Shielded Bitcoin design explicitly mirrors Zcash’s shielded pool architecture. By transplanting this privacy model onto Bitcoin, [alloc] init is betting that the demand for private transactions exists but that users don’t want to leave Bitcoin’s network effects, liquidity, and security model to get it.
[alloc] init’s proposal carries its own caveats. Current storage costs for the implementation sit at approximately 330 TB, a number that would make even well-resourced node operators wince. For context, a typical Bitcoin full node today requires roughly 600 GB of storage. The team has set a target of reducing that footprint to around 100 GB, but that optimization hasn’t been achieved yet.
What this means for Bitcoin’s privacy landscape Existing privacy tools for Bitcoin, like CoinJoin implementations such as Wasabi Wallet and Samourai Wallet, have faced increasing legal pressure. Samourai’s founders were arrested in 2024 on money laundering charges, sending a chill through the Bitcoin privacy ecosystem.
The gap between 330 TB and 100 GB is where ambition meets reality, and that’s where the real work begins.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Morgan Stanley has engaged in discussions regarding the adoption of USDT on the Bitcoin network with its team in Washington, according to a social media post by Paolo Ardoino. USDT, Tether’s widely-used stablecoin, is currently the largest in circulation and significantly influences crypto settlement. The discussions suggest a potential shift towards utilizing Bitcoin’s infrastructure for USDT, which could align with Morgan Stanley’s expanding interest in digital assets. This development indicates a potential institutional focus on integrating stablecoins with Bitcoin, a move that could impact Bitcoin’s market dynamics.
Key Takeaways Morgan Stanley’s dialogue on USDT adoption on Bitcoin suggests potential institutional interest in Bitcoin’s infrastructure. The integration of USDT on Bitcoin could influence the stablecoin’s role in crypto settlements. Market activity reflects this development as a potential positive factor for Bitcoin’s future price scenarios. What to Watch Market participants will be observing any further official statements from Morgan Stanley regarding their plans for USDT on Bitcoin’s network. Additionally, any regulatory developments or endorsements from financial authorities could impact the market’s perception. A significant institutional announcement or a regulatory breakthrough regarding stablecoins on Bitcoin may be consistent with scenarios supportive of Bitcoin’s price increase towards key future milestones, such as reaching $100,000 by the end of 2026.
Get live prediction-market analysis, powered by Vera. Sign up for Vera.
Term Structure
Contract Odds Δ since publish Volume 24h December 31 1.2% — — View market → December 31 1.6% — — View market → December 31 2.9% — — View market → December 31 4.8% — — View market → December 31 11.5% — — View market → January 1 2027 35.5% — — View market → January 1 2027 5.8% — — View market → January 1 2027 1.8% — — View market → January 1 2027 1.6% — — View market → January 1 2027 1.9% — — View market → January 1 2027 3.2% — — View market → January 1 2027 7.4% — — View market → January 1 2027 18.5% — — View market → January 1 2027 10.5% — — View market → January 1 2027 2.8% — — View market → January 1 2027 0.7% — — View market → January 1 2027 1.8% — — View market → January 1 2027 7.5% — — View market → January 1 2027 3.3% — — View market → January 1 2027 2.5% — — View market → January 1 2027 1.7% — — View market → January 1 2027 0.7% — — View market → January 1 2027 0.7% — — View market → January 1 2027 0.5% — — View market → January 1 2027 0.4% — — View market → January 1 2027 51.5% — — View market → January 1 2027 35.5% — — View market → January 1 2027 22% — — View market →
Anchorage Digital plánuje podpořit staking Bitcoinu na síti Stacks pro institucionální investory. Ti mají získávat týdenní odměny v BTC při zachování úschovy aktiv.
Anchorage Digital has announced plans to build support for Bitcoin staking on the Stacks platform, enabling institutional investors to fund Bitcoin bonds and receive weekly BTC rewards. This development is part of a broader initiative to enhance institutional access to Bitcoin-yield products without altering the underlying Bitcoin protocol. The program involves locking BTC on Bitcoin’s Layer 1 and STX on Stacks for a fixed period, allowing participants to maintain custody of their assets while earning BTC-denominated yields. Anchorage’s move is seen as a step towards increasing institutional engagement with Bitcoin through Stacks.
Key Takeaways Anchorage’s support for Bitcoin staking on Stacks suggests growing institutional interest in BTC yield products. The development appears consistent with increased demand for Bitcoin, which could influence market sentiment positively. While supportive of Bitcoin’s price, the move is not viewed as a transformative change to Bitcoin itself. What to Watch Markets will be monitoring how the introduction of Bitcoin staking on Stacks by Anchorage impacts BTC demand and institutional participation. Key indicators include any shifts in Bitcoin’s price ahead of the September 26 price threshold. Potential regulatory developments or changes in macroeconomic conditions could also play a significant role in influencing Bitcoin’s market dynamics.
Get live prediction-market analysis, powered by Vera. Sign up for Vera.
Term Structure
Contract Odds Δ since publish Volume 24h September 26 2026 98% — — View market → September 26 2026 1.7% — — View market → September 26 2026 0.8% — — View market → September 26 2026 96% — — View market → September 26 2026 55% — — View market →
Bitcoin se po dosažení 87 000 dolarů ustálil kolem 84 000 dolarů, zatímco velcí držitelé dál nakupovali. Cílová zóna rezistence je nyní 88 000–90 000 dolarů.
Bitcoin, hafta başında 87.000 doları gördükten sonra 84.000 dolar civarında dengelendi. Ancak fiyatın geri çekilmesine rağmen büyük yatırımcılar satışa geçmedi. Santiment verileri, 100-1.000 BTC tutan cüzdanların temmuz ortasından bu yana 113.950 BTC daha aldığını gösteriyor.
Bu cüzdan grubunun toplam bakiyesi %2,22 artarak yaklaşık 5,24 milyon BTC’ye ulaştı. Santiment, beş yıldır takip ettiği bu yatırımcı grubundaki güçlü alımların geçmişte Bitcoin’deki daha sert fiyat hareketlerinden önce veya bu hareketlerle aynı dönemde görüldüğünü belirtiyor.
Bitcoin Balinaları Ne Kadar BTC Aldı? 100 ile 1.000 BTC arasında tutan cüzdanlar, 15 Temmuz’dan bu yana 113.950 BTC biriktirdi. Toplam bakiyenin 5,24 milyon BTC’ye çıkması, büyük yatırımcıların yalnızca düşüş sırasında değil, Bitcoin yükselirken de alım yaptığını gösteriyor.
Bu hareket önemli çünkü son yükselişin yalnızca küçük yatırımcıların ilgisiyle gerçekleşmediğine işaret ediyor. Bitcoin ağustos ortasından itibaren sert biçimde toparlanırken bu cüzdan grubunun birikimi de devam etti.
Santiment’in verileri, büyük yatırımcıların mevcut rallide pozisyonlarını azaltmak yerine artırdığını ortaya koyuyor.
Bitcoin 80.500 Dolar Seviyesini Nasıl Aştı? Bitcoin’in fiyat yapısında da dikkat çeken bir değişim yaşandı. BTC, yaklaşık 80.500 dolar seviyesinde bulunan 365 günlük hareketli ortalamasının üzerine çıktı.
Bitcoin bu ortalamanın üzerine en son Mart 2023’te çıkmıştı. O dönemde fiyat daha sonra yükselişini sürdürdü. Mevcut hareketin de uzun vadeli trendde benzer bir değişime işaret edip etmediği takip ediliyor.
Bitcoin ayrıca 76.000-81.000 dolar arasındaki yoğun arz bölgesini aştı. Şimdi fiyatın karşısındaki önemli bölge 88.000-90.000 dolar aralığında bulunuyor. Bu bölgede yüksek miktarda BTC tutulması, yükselişin bir sonraki testini daha önemli hale getiriyor.
Bitcoin Rallisi Kurumsal Parayla mı Güçleniyor? Büyük yatırımcıların alımlarına Wall Street kaynaklı para girişleri de eşlik ediyor. ABD spot Bitcoin ETF’lerine pazartesi günü yaklaşık 1 milyar dolar girdi. Sonraki iki işlem gününde de daha küçük çaplı girişler kaydedildi.
Trace Finance kurucu ortağı Bernardo Brites ise rallinin tamamını genişleyen risk iştahıyla açıklamıyor. Brites, Bitcoin’in toparlanmasında short pozisyonların kapanmasının da etkili olduğunu ve asıl sorunun piyasaya yeni paranın nereden geldiğini söylüyor.
Brites’e göre ETF girişleri, yeni sermayenin önemli bölümünün doğrudan kripto borsalarından değil, geleneksel finans kanallarından geldiğini gösteriyor.
Bitcoin’in faiz artışına, 100 dolar seviyesindeki petrole ve yüksek tahvil getirilerine rağmen yükselmesi de farklı bir tablo ortaya çıkarıyor. Brites, bazı yatırımcıların BTC’yi kolay para beklentisinden ziyade enflasyon, mali risk ve jeopolitik risklere karşı bir korunma aracı olarak değerlendirdiğini düşünüyor.
Bitcoin Rallisi Devam Edecek mi? Bitcoin’deki yükselişin devamı için ETF girişlerinin sürmesi önemli. Brites ayrıca stablecoin arzının yeniden büyümeye başlamasını da piyasaya yeni likidite girişi açısından takip ediyor.
ETF’lerin tek başına ralliyi taşıması ise risk yaratabilir. Brites, kurumsal fon akışı dışında yeni bir talep kaynağı oluşmazsa pozisyonların normalleşmesiyle Bitcoin’in kazançlarının bir bölümünü geri verebileceği uyarısında bulunuyor.
Uzun vadede Bitcoin’in önceki döngülerdeki gibi çok büyük oranlarda yükselmesi de artık daha zor görünüyor. CryptoQuant kurucusu Ki Young Ju, mevcut döngüde 3-5 katlık bir yükseliş beklediğini, daha önce görülen 10 katlık hareketlerin ise tekrarlanmasının zorlaştığını söylüyor.
Bunun temelinde piyasanın büyümesi ve kurumsal katılımın artması bulunuyor. Daha derin spot ve türev piyasaları, Bitcoin’in önceki yıllardaki kadar sert hareket etmesini zorlaştırıyor.
Bitcoin’de şu anda iki farklı güç aynı anda çalışıyor: büyük yatırımcıların birikimi ve ETF üzerinden gelen kurumsal talep. Ancak 88.000-90.000 dolar bölgesindeki arz ile ETF girişlerinin devam edip etmeyeceği, mevcut yükselişin bir sonraki aşamasını belirleyecek.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
Son Dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
Circle National Trust získala konečné schválení OCC a bude jako regulovaný správce držet Bitcoin pro cirBTC, wrapped BTC token krytý v poměru 1:1. Proof of Reserve od Chainlinku má potvrzovat existenci rezerv on-chain.
Circle now has a federally chartered national trust bank, and it wants to make your Bitcoin do more than sit in a wallet appreciating. Circle National Trust, operating as First National Digital Currency Bank, N.A., received final approval from the Office of the Comptroller of the Currency on July 10, 2026, and opened its doors for business on July 24.
The bank’s primary mission: serve as the regulated custodial backbone for cirBTC, Circle’s wrapped Bitcoin product that lets BTC holders access Ethereum-based DeFi protocols without actually parting with their Bitcoin.
What Circle National Trust actually does Think of Circle National Trust as a vault with a federal badge. It’s not a traditional commercial bank. It won’t accept deposits or issue loans. Instead, it functions as a qualified custodian, holding native Bitcoin in segregated, bankruptcy-remote accounts on behalf of cirBTC token holders.
cirBTC itself is an ERC-20 token backed 1:1 by native Bitcoin. For every cirBTC in circulation, there’s a corresponding BTC locked up under the bank’s custody. Holders can redeem their tokens for the underlying Bitcoin on a 1:1 basis.
The transparency layer comes courtesy of Chainlink’s Proof of Reserve system, which provides verifiable on-chain attestation that the reserves actually exist. This is a pointed response to the trust problems that have plagued other wrapped Bitcoin products over the years, where users often had to take a custodian’s word that the backing assets were really there.
All of this operates under OCC supervision. That’s the same federal regulator that oversees JPMorgan and Bank of America, now watching over a bank whose entire purpose is holding crypto for DeFi users.
The regulatory journey Circle didn’t stumble into federal regulation overnight. The company filed its application on June 30, 2025, received conditional approval in December 2025, and secured final OCC sign-off in July 2026. That timeline, roughly a year from application to operational status, is relatively brisk by federal banking standards.
The company’s regulatory credentials extend beyond the OCC charter. Circle previously secured a New York BitLicense, one of the more demanding state-level crypto licenses in the US. The company is also compliant under the EU’s MiCA regulations, giving it a foothold in European markets as well.
The cirBTC whitepaper dropped in August 2026, laying out the compliance framework and operational mechanics. Further integrations were announced throughout September, suggesting Circle is moving quickly to build out the token’s utility across DeFi platforms.
For context, Circle is already the issuer of USDC, the second-largest stablecoin by market capitalization.
Why this matters for Bitcoin holders Wrapped Bitcoin products have existed for years to bridge this gap. The most prominent, WBTC (Wrapped Bitcoin), has been a mainstay of DeFi but has also been a source of controversy. Custody arrangements for wrapped tokens have historically relied on centralized entities without federal regulatory oversight, creating counterparty risk that made institutional investors uneasy.
Circle’s approach attempts to solve this by inserting a federally regulated bank into the custody chain. The segregated, bankruptcy-remote account structure means that if Circle the company were to face financial trouble, the Bitcoin held in custody should theoretically be protected from creditors.
The Chainlink Proof of Reserve integration addresses the transparency concern from the other direction. Rather than trusting quarterly attestations from an accounting firm, users can verify reserve backing on-chain in something close to real time.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Náklady na přípravu kvantově odolné Bitcoin transakce klesly podle StarkWare na méně než 67 dolarů zhruba ze 320 dolarů u první mainnet transakce v srpnu. Jde o pokles o zhruba 79 % v benchmark testech.
The estimated computational cost to prepare a quantum-resistant Bitcoin transaction has fallen below $67 after a week of optimization, down from the roughly $320 spent on the first such mainnet transaction in August, according to StarkWare.
The results came after participants in the Quantum-Safe Bitcoin Optimization Challenge found ways to push down the GPU computation needed to build a quantum-safe Bitcoin transaction.
The reduction could make the experimental defense (which doesn’t require changes to the network’s consensus rules) against future quantum attacks more practical for Bitcoin holders. However, the latest optimizations have only been demonstrated in benchmark tests.
“A construction that costs a few hundred dollars per transaction is a demo. One that costs $67 is closer to something a holder with a large unexposed balance might reach for in an emergency,” StarkWare wrote in its Sept. 23 update. The dashboard now shows the estimated cost has dropped to $66.
Quantum-Safe Bitcoin an “emergency” solutionStarkWare researcher Avihu Levy published the Quantum-Safe Bitcoin (QSB) design in April, outlining a way to add hash-based protection against quantum attacks without changing Bitcoin’s consensus rules. At the time, he described it as a “last resort measure” due to costs, complexity and limited applicability, while continuing to advocate for protocol-level changes.
The estimated cost fell by another dollar since publication. Source: Yukon
According to StarkWare, the first QSB transaction was mined and confirmed on Aug. 26, with engineering work from Tomer Giladi and direct submission through MARA’s Slipstream service. Preparing it required approximately 3,100 GPU-hours across roughly 100 GPUs, at a compute cost of about $320, excluding Bitcoin network fees.
To find ways to bring that cost down, StarkWare, Yukon Research and Eigen Labs launched the QSB challenge on Sept. 16, inviting developers, researchers and AI agents to make the transaction-building software faster and more efficient.
In its latest update, StarkWare said the challenge produced 62 accepted improvements across two computational tasks needed to prepare a QSB transaction. According to StarkWare, this ended up cutting the estimated computing cost by about 79%, based on benchmark tests.
The development comes amid increasing concern that a sufficiently powerful quantum computer could break the elliptic-curve digital signatures used by Bitcoin, potentially allowing attackers to steal coins whose public keys are exposed.
Researchers are developing quantum-resistant protections, including QSB. However, StarkWare said it still favors a soft fork — a change to Bitcoin’s consensus rules — as a better “long-term answer” for broad quantum protection on Bitcoin.
Magazine: A quantum roadmap would push Bitcoin much higher: Charles Edwards
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Glassnode uvedl, že Bitcoin prorazil nad klíčové cost floors a krátkodobě míří do pásma 95 000–97 000 USD. Za kritické považuje udržení nad 84 000 USD, jinak by se zotavení mohlo zpochybnit.
Glassnode stated that Bitcoin has broken above significant cost floors that have been suppressing its price throughout 2026, and the market is now poised to test higher levels. According to the analytics firm, limited profit-taking, renewed demand for spot Bitcoin ETFs, and a recovery in trading volumes indicate that the current rally is progressing in a healthier manner compared to previous peak periods.
According to Glassnode’s latest assessment, Bitcoin has managed to break above the Real Market Average level, which has acted as resistance for much of 2026, and the high cost zone for long-term investors. In particular, with a significant supply of long-term investors in the $84,000-$85,000 range, maintaining the price above this region is considered critical for a bullish scenario.
The company reported that the next major resistance level in on-chain data is approximately $96,700, corresponding to the average MVRV price. This level also coincides with positioning in the options market. According to Glassnode, market makers’ hedging actions could accelerate movements between the current price and $92,000, while causing price movements to slow down around $95,000.
The report also noted that Bitcoin never closed below its Realized Price level on a daily basis during the last bear market. Although the ratio of coins in profit to total supply fell to levels seen in the 2022 bear market, the fact that the Net Unrealized Profit/Loss indicator remained in positive territory showed that the market remained more resilient compared to previous bear periods.
Glassnode noted that it’s also important for the June low to remain above the Realized Price. If the Bitcoin price holds above $77,000, the current bear market bottom could be recorded as the shallowest pullback since 2017.
On the other hand, although almost all short-term Bitcoin investors have returned to profitability, it has been noted that profit-taking in the market remains significantly below the peak periods of 2024 and 2025. This indicates that investors are not yet aggressive in selling at current levels.
On the institutional side, it was noted that ETF demand has accelerated again. Glassnode reported that spot trading volume has more than doubled since its August low, and unlike previous periods, this volume increase has spread to many exchanges along with the price rise.
While a broad-based uptrend is observed in the altcoin market, it has been noted that investors have not significantly increased their use of leverage. According to Glassnode, this indicates that the current market movement is being supported by spot demand rather than heavy leverage.
The company sees the $95,000-$97,000 region as the main testing ground for Bitcoin in the short term. If the price remains above $84,000, the path towards this region remains open, while a drop below $84,000 and then below $77,000 is considered a development that could call into question the strength of the current recovery.
*This is not investment advice.
Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!
Spotové Bitcoin ETF za čtyři obchodní dny přilákaly čisté přílivy téměř 2,31 miliardy USD, což je jejich nejsilnější série za téměř rok. Nejvíc přidal IBIT od BlackRocku a FBTC od Fidelity.
Bitcoin exchange-traded funds (ETFs) experienced significant volatility throughout the year, with September marking yet another period of dramatic shifts. Data gathered by Bloomberg ETF analyst Eric Balchunas reveals that these products have returned to positive territory, buoyed by a substantial wave of new investor inflows.
September inflows mark sharp turnaroundAfter struggling earlier in the year with persistent outflows, Bitcoin ETFs have now attracted a total of approximately $320 million in net inflows for 2024. Bloomberg’s compiled figures highlight that this reversal has materialized in a remarkably short span, largely concentrated in the latter part of August and into September.
A dramatic shift began on August 19, coinciding with the U.S. Treasury’s announcement of long-term bond buybacks—a move many analysts viewed as a catalyst for the resurgence in both the broader cryptocurrency market and ETF investments. Since that announcement, investment in Bitcoin ETFs has accelerated, with $4.9 billion entering these products in just the past month.
Bitcoin’s price responded strongly to these developments, rising by around 35% since late August. The asset peaked above $87,000 after a prolonged period below $80,000, before sliding back under $85,000 amid intensified selling pressure.
Large inflows follow early-month outflowsSeptember began with substantial fluctuations in ETF flows. On September 1, the products suffered a notable $236.5 million outflow, but this was quickly balanced by a $101.1 million inflow the following day. Subsequent sessions saw increasingly larger movements, with a record $730.9 million inflow on September 3 and an additional $174.6 million on September 4.
After this rally, investor enthusiasm briefly faded. A four-day stretch from September 8 to September 11 recorded outflows totaling about $463 million. ETF flows then recovered momentarily on September 14 but were soon met with the month’s largest single-day withdrawals, including $450.4 million on September 15 and $295.9 million on September 16.
In just four sessions since September 17, Bitcoin ETFs have rebounded sharply, with net inflows totaling nearly $2.31 billion. This streak began with $159.5 million on the first day, then climbed to $433 million, surged to $999 million—marking the largest single-day inflow in nearly a year—and continued with another $714.7 million.
Institutional names lead latest inflow streakMajor institutional funds have prominently driven the latest surge in ETF inflows. BlackRock’s iShares Bitcoin Trust (IBIT) secured $350.3 million in the most recent session, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) added $257.4 million. Morgan Stanley’s Bitcoin product also contributed, attracting $99 million.
For context, this accumulation phase illustrates the heightened sensitivity of the bitcoin market to both macroeconomic developments and institutional movements. Analysts emphasize the importance of closely monitoring shifts in ETF flows, as they often signal broader sentiment changes and can preempt major price swings.
In a related trend, careful attention to investor flows remains vital in the highly dynamic meme token sector, where market sentiment can pivot rapidly. In the meme token market, an internet trend can transform into millions of dollars of interest within days. According to data shared by Fomo App, a trade involving “Niu Lai”—which turned an initial $99 investment into approximately $370,000, stands out as a striking example of this activity. In this market, tracking not only prices but also the timing and token choices of investors is crucial. Fomo App brings token discovery and trading together on a single platform, featuring social feeds, investor rankings, and trade notifications. Discover Fomo App to follow the world of meme tokens alongside investor activity.
Some analysts continue to watch for sustained inflows and price stability to confirm that the current rally has staying power. Whether the latest ETF-driven momentum will extend through the remainder of the year remains uncertain, underscoring the unpredictable nature of both institutional and retail investment behavior in the digital asset space.
Ohio spustilo státem podporovanou digitální peněženku Buckeye Billfold, která umožní platby státním úřadům v kryptoměnách s okamžitou konverzí na USD. Stát tak kryptoměny nikdy nebude držet na účtech.
Ohio Treasurer Robert Sprague announced the launch of a state-backed digital wallet that lets Ohioans pay state agencies with cryptocurrency, framing the program as the first statewide authorization of digital asset payments. The Buckeye Billfold initiative was unveiled with Secretary of State Frank LaRose in a release from the Treasurer’s office. Any cryptocurrency sent through the wallet is converted to US dollars at the moment of the transaction, so the state receives fiat in its normal bank account and never holds the volatile asset on its books. The office positioned the launch as a cost-cutting move that also saves processing time.
How Buckeye Billfold works Payment options under the initiative include credit cards, ACH transfers and cryptocurrency, while cash and check remain available. It is open to residents and businesses for payments owed to state agencies. The instant conversion to dollars is the design’s core safeguard: Ohioans are assured their payment has settled, and the state avoids marking any digital currency to market. The Treasurer’s office said the program will reduce overall transaction costs and save time for both government and Ohioans, describing the wallet as fully legally authorized and carefully developed and tested.
A second attempt after OhioCrypto’s 2019 failure Ohio tried accepting cryptocurrency for business tax payments once before, through a service called OhioCrypto.com. A 2019 opinion from then-Attorney General Dave Yost found that program had not followed the proper process to be authorized as a financial transaction device by the State Board of Deposit. Last year the board authorized cryptocurrency use, and in September Sprague and the board unanimously approved Grant Street Group as the vendor to facilitate crypto acceptance for state fees and services.
Crypto acceptance spreads across Ohio government LaRose cast the rollout as keeping government in step with how Ohioans already transact. “Ohio is leading the way by embracing Bitcoin and cryptocurrency innovation,” he said, adding that he will continue the partnership with Sprague as the two offices implement the payment options. The move lands as governments and merchants elsewhere test crypto payment rails, from Dubai’s government payment claims to merchant-facing Bitcoin cards such as the Wirex-powered Chimera card.
AUTHOR
Kester is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Mushumir is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushumir enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for BlockchainReporter.
Bitcoin has held a dense $85,000–$86,500 buyer cost range after reaching $87,392, but Bitfinex analysts have said continued ETF and corporate purchases are needed to confirm a new bull market.
Summary
Bitcoin reached its highest price since Jan. 29 before pulling back toward a major buyer cost range. Bitfinex said U.S. spot Bitcoin ETFs drew $1.71 billion across Sep. 21 and 22. The analysts want profitable supply to stay above 75% during Bitcoin’s first correction. ETF investors are near break-even at $86,000, while corporate buyers’ average cost is about $80,500. Bitfinex Alpha said in its Sep. 23 report that Bitcoin’s advance from its July 1 low of $57,803 has reached a test that separated lasting bull markets from failed recoveries in previous cycles. The analysts have identified the $85,000–$86,500 range as the largest concentration of recent buyer cost bases. Holding that area would show that buyers who entered during the rally are willing to keep their positions through a pullback.
Why Bitcoin’s $85K buyer range matters According to Bitfinex, about 633,000 BTC last changed hands between $85,000 and $86,500, creating the largest cost range in its price distribution data. Buyers also moved roughly 2.95 million BTC into profit over four trading sessions as Bitcoin climbed. The amount of supply concentrated between $80,500 and $82,500 fell from 252,000 BTC to 170,000 BTC per $1,000 price band between Sunday and Tuesday.
For the analysts, the new concentration beneath spot price offers a more useful test than the speed of the rally itself. A drop through the range would put many recent buyers back at a loss; sustained buying above it would show that demand is continuing after the breakout.
The distinction matters because forced purchases by traders closing short positions can lift prices quickly without creating a lasting source of demand. In earlier coverage of the rally, crypto.news reported that Nansen senior research analyst Nicolai Sondergaard attributed part of Bitcoin’s move above $84,000 to a short squeeze alongside renewed ETF buying. He warned that weaker fund inflows or rising U.S. Treasury yields could leave the advance exposed to a reversal.
Bitfinex places the next price test near Bitcoin’s yearly open of $87,722. Its analysts expect a hold above the $85,000–$86,500 range to leave $90,000 in view if ETF inflows continue and futures funding stays neutral. Below the buyer range, they identify the corporate treasury cohort’s cost near $80,500 as the first support area. A sustained move below $81,300, particularly alongside ETF outflows, would challenge their reading of the breakout.
ETF and corporate purchases need to continue above cost U.S. spot Bitcoin ETFs took in $999 million on Sep. 21 and another $714.7 million on Sep. 22, Bitfinex reported. Monday’s dollar inflow was the largest since Oct. 6, 2025, when Bitcoin reached its all-time high. Across four sessions ending Sep. 22, the funds absorbed $2.31 billion, equivalent to roughly 27,900 BTC at each day’s average price, according to the report.
The buying followed a $450.4 million ETF outflow on Sep. 15, which Bitfinex called the funds’ largest daily withdrawal since June. For U.S. investors using listed spot funds, the next flow figures will show whether purchases continue now that the aggregate ETF investor cost basis is near $86,000. Bitfinex said the ETF and corporate treasury cohorts held profitable positions at the same time this week for the first time since January.
Corporate filings provide a second measure. As reported in Strategy’s SEC filing, the company bought 950 BTC for $75.7 million during the week ending Sep. 20, lifting its holdings to 846,000 BTC. The filing also showed $174 million spent repurchasing STRC preferred shares. Strategy used existing cash for both transactions and made no sales through its stock offering programs that week.
Bitfinex also counted Strive’s purchase of 1,355 BTC between Sep. 14 and 18. Together, the two companies acquired 2,305 BTC in one week, compared with roughly 5,900 BTC acquired by all public treasuries over the preceding three months, the report said. Both purchases were executed below the analysts’ estimated $80,500 average cost for the corporate treasury cohort.
“The critical test will be whether both cohorts maintain continuous net buying above their respective cost basis,” Bitfinex said. Purchases that appear only after prices fall below investors’ average entry may support a decline, but the analysts said they would not establish the continuing demand needed for a sustained advance.
Holder data has yet to confirm a bull market On-chain readings give Bitfinex another way to check whether the rally survives its first setback. The share of Bitcoin supply held at a profit rose from 63% on Sep. 17 to 78.2% on Sep. 22. The analysts want the measure to stay above 75% during the first correction; a fall below that line would indicate that holders newly returned to profit had sold into the move.
Bitcoin’s market value relative to its realized value, or MVRV, stood at 1.62 on Sep. 22, below its long-run average of about 1.8, according to Bitfinex. The analysts associate that average with a Bitcoin price near $95,000 at the current realized price. They said crossing and holding it alongside ETF inflows would strengthen the bull-market case, while a failed attempt would resemble earlier recoveries that ran out of demand.
Recent buyers remain in profit as well. Bitfinex put short-term holder MVRV at 1.20 against a cohort cost basis of $71,763. The report said readings of 1.3 to 1.4 would correspond to a price above $93,000, an area where recent buyers have historically become more likely to take profits.
Long-term holders offer a less settled signal. Bitfinex said the group sold coins through late August, and its aggregate position change remained negative, though selling had slowed. Its latest available long-term holder spent-output profit ratio was 0.77 on Sep. 16, meaning coins spent by that group were changing hands below their average acquisition cost. The analysts want the ratio to rise above 1.0 while Bitcoin holds its price, showing that the market can absorb sales from holders taking profits.
Bitfinex identified $87,000–$90,000 as the break-even area for buyers from January whose coins have since aged into the long-term holder group. Its report also put Bitcoin about 12% above the $76,677 True Market Mean and 63% above the $52,785 realized price as of its analysis.
Coinbase začala navrhovat postkvantovou úschovu pro zhruba 250 miliard USD institucionálních aktiv. Chce podporovat jakýkoli podpisový standard, který nakonec přijme Bitcoin nebo jiný blockchain.
Coinbase has begun designing a post-quantum custody system intended to protect about $250 billion in institutional assets while supporting any new signature scheme adopted by Bitcoin or another blockchain.
Summary
Coinbase is preparing custody infrastructure for several possible post-quantum signature schemes. Hash-based signatures may not work with the MPC systems used by many crypto custodians. Programmable hardware security modules could provide Coinbase with an alternative key-protection method. Bitcoin developers have not selected or activated a post-quantum signature standard. Coinbase prepares custody for several signature schemes MARA Foundation TV hosted Coinbase Chief Cryptographer Yehuda Lindell, who said the exchange wants its custody platform to remain usable regardless of which post-quantum signature schemes blockchains eventually select.
Bitcoin has not chosen a signature scheme for practical post-quantum use, leaving custodians without a single technical standard around which to rebuild their systems. Lindell said different blockchain communities may also reach different decisions instead of adopting one common scheme.
Coinbase is therefore preparing for several possible outcomes rather than building its system around one candidate. Lindell said the company wants to avoid a situation in which a blockchain approves a signature scheme that its custody infrastructure cannot handle.
The work carries added weight because Coinbase holds about $250 billion in assets for institutional customers, according to the figure Lindell gave during the program. Its clients include BlackRock, which uses Coinbase Custody for digital assets connected to its investment products.
An August U.S. custody review placed Coinbase’s institutional assets at approximately $376 billion and said the company safeguards more than 80% of assets held by U.S. spot Bitcoin and Ethereum exchange-traded funds. Differences between the two totals may depend on their reporting dates and the services or assets included in each estimate.
Custody systems protect the private keys needed to authorize transactions. Any future change to Bitcoin’s signature method would therefore require large custodians to update the technology used to create, store and operate those keys.
Post-quantum signatures challenge existing MPC custody Many institutional custody platforms use Multi-Party Computation, or MPC, to divide control of a private key among several parties. Under such an arrangement, no participant needs to hold or assemble the full private key while approving a transaction.
Lindell said many post-quantum signature schemes may be “not friendly to MPC” because their mathematical design differs from the signatures now used by major blockchains. Hash-based signatures present a particular problem because they lack the arithmetic structure on which traditional cryptographic key splitting depends.
Researchers, including Stanford University cryptographer Dan Boneh, are studying possible ways to apply MPC-style controls to such signatures, Lindell said. The research remains highly experimental, however, and it is not yet clear whether a practical MPC-equivalent system can be created for hash-based signatures.
Coinbase’s existing interest in the field predates the latest custody design. In January, the company established an independent quantum computing and blockchain advisory board that includes Boneh, Lindell, Ethereum Foundation researcher Justin Drake, University of Texas professor Scott Aaronson, EigenLayer founder Sreeram Kannan and distributed-systems specialist Dahlia Malkhi.
According to Coinbase, its post-quantum roadmap includes changes to Bitcoin address handling, updates to internal key-management systems and research into supporting schemes such as ML-DSA within MPC infrastructure. The company tasked the advisory board with assessing quantum developments, publishing recommendations and responding to major technical advances.
Other custodians have started testing one possible route. In June, BitGo tested quantum-safe MPC with Silence Laboratories using an ML-DSA-based protocol integrated into BitGo’s custody platform. The simulation retained distributed key control, policy checks, and separation of duties, according to the companies.
ML-DSA is included in FIPS 204, a post-quantum digital signature standard published by the U.S. National Institute of Standards and Technology. Lindell’s comments indicate that Coinbase wants an architecture capable of handling schemes beyond ML-DSA if Bitcoin or another network chooses a different design.
Hardware modules could provide a custody fallback To reduce its dependence on MPC compatibility, Coinbase is exploring a backup design built around programmable Hardware Security Modules, according to Lindell.
HSMs are physically protected devices used to store cryptographic material and perform sensitive operations. Under the architecture being considered by Coinbase, private keys would remain encrypted using post-quantum cryptography and would be assembled only inside secure HSMs.
Containing the complete key within the protected device would allow the custodian to work with signature schemes that cannot be divided through conventional MPC. Programmable modules could also give Coinbase room to add support as blockchain developers settle on new standards.
Lindell did not provide a completion date, saying the technical work could take time. Once the system is finished, however, he expects Coinbase to operate without having to predict which post-quantum scheme each network will choose.
“I will be able to say, I can support any scheme,” Lindell said.
Physical security becomes more important under the proposed model because the full key would temporarily exist inside an HSM. Coinbase would therefore need the modules to perform signing without exposing the key to outside software or operators.
The approach would not require Coinbase to abandon MPC for signature schemes that support it. Instead, the HSM architecture would serve as another custody method when a network’s chosen cryptography cannot work with distributed key generation and signing.
Bitcoin has not approved a quantum migration plan Bitcoin currently uses elliptic-curve cryptography, and no publicly demonstrated quantum computer can derive its private keys from exposed public keys. Researchers and industry groups have still called for early preparation because changing Bitcoin’s security model would require software development, testing, wallet upgrades, and network consensus.
Crypto.news reported in June that Coinbase’s advisory board urged Bitcoin developers to begin creating migration tools before a cryptographically relevant quantum computer exists. The board estimated that about 1.7 million BTC sit in older pay-to-public-key addresses with exposed public keys, while address reuse could place as many as 5 million BTC within a future risk category.
The advisory board did not recommend freezing, burning, or leaving vulnerable coins available to a future attacker. It said Bitcoin’s community should decide through its consensus process how to treat coins that remain in older address formats after a migration deadline.
Draft proposals are examining separate parts of the problem. BIP 360, known as Pay-to-Merkle-Root, would remove Taproot’s quantum-vulnerable key-path spending option, while BIP 361 describes a phased retirement of legacy ECDSA and Schnorr signatures after Bitcoin gains a post-quantum output method.
Neither proposal has been activated. A recent migration assessment also found that SHRINCS, an experimental hash-based signature design under discussion, remains an unnumbered draft requiring further review and a completed security proof.
For U.S. investors, Coinbase’s preparations concern assets held through regulated investment products as well as coins stored by direct institutional clients. Spot Bitcoin and Ethereum ETF investors do not control the private keys behind fund holdings; those keys are managed by custodians selected by the issuers.
Coinbase’s ability to support multiple signature schemes could become relevant if Bitcoin, Ethereum, or another network used by a U.S.-listed fund adopts new cryptography. Any blockchain migration would still depend on network rules and action by users, wallet providers, exchanges, custodians and fund operators rather than a decision by Coinbase alone.
Evropští regulátoři varují, že kvantové počítače mohou ohrozit kryptografii blockchainů včetně Bitcoinu a Etherea. Zatím ale žádný stroj nedokáže jejich šifrování prolomit.
European financial authorities have flagged quantum computing as a potential risk to blockchain cryptographic systems. Currently, no quantum machine possesses the capability to compromise Bitcoin or Ethereum encryption. Google’s latest research dramatically lowered estimates for quantum resources needed to crack elliptic-curve encryption. A preliminary Bitcoin proposal outlines a roadmap for eliminating quantum-susceptible signature schemes. Ethereum has set December 2029 as its deadline for implementing comprehensive quantum-resistant protections. European financial regulators have issued a cautionary statement regarding quantum computing’s potential to undermine the cryptographic foundations that protect blockchain networks and broader financial systems.
In their Autumn 2026 risk assessment, the European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority identified quantum computing as an emerging technological threat. The authorities urged enhanced readiness measures as quantum capabilities evolve, positioning it alongside artificial intelligence and cybersecurity vulnerabilities.
Google’s Breakthrough Research Intensifies Urgency The primary worry revolves around next-generation quantum computers potentially dismantling the mathematical frameworks that safeguard digital signatures. In cryptocurrency systems, such a breach could enable malicious actors to extract private keys from publicly visible keys and execute unauthorized transfers.
No existing quantum computer has achieved this capability. Present warnings emphasize preparing blockchain infrastructure before fault-tolerant quantum machines of sufficient power emerge.
A study released by Google Quantum AI alongside research partners this year heightened concerns. The research team calculated that compromising 256-bit elliptic-curve cryptography might need approximately 1,200 logical qubits, with certain modeled configurations requiring under 500,000 physical qubits.
These projections mark a substantial downward revision from previous forecasts. Both Bitcoin and Ethereum currently employ cryptographic architectures that could prove vulnerable to Shor’s algorithm once adequately powerful quantum computing hardware materializes.
Cryptocurrency Networks Advance Quantum Defense Strategies Bitcoin’s development community has initiated conversations about network transition strategies. The draft specification BIP-361, created by Jameson Lopp alongside five additional contributors, outlines a progressive elimination of current ECDSA and Schnorr signature schemes once post-quantum transaction formats become operational.
The proposed framework would ultimately restrict fund transfers to quantum-exposed addresses. A subsequent stage, activating five years post-implementation, would impose further limitations on spending coins that haven’t transitioned to quantum-secure protection. This proposal remains in draft status without formal Bitcoin adoption.
Ethereum has established a more definitive internal objective. The Ethereum Foundation has announced its ambition to achieve quantum resistance across Ethereum’s execution, consensus, and data infrastructure by December 2029, though the timeline remains flexible pending technical developments.
Ethereum has assembled a specialized post-quantum security working group and is currently evaluating novel signature and verification frameworks. Official communications emphasize that Ethereum assets remain protected under current conditions and users face no immediate requirements for action.
The prevailing narrative centers on proactive preparation rather than imminent danger. The vulnerability timeline for cryptocurrency holders hinges on quantum hardware development velocity and whether blockchain platforms can successfully transition their security architectures before existing cryptographic methods become obsolete.
Citrea získává Crest, self-custodial privátní Bitcoin peněženku, aby přinesla do Bitcoinu soukromí ve stylu Zcash. Crest se stane jejím hlavním privacy produktem.
Today, we are thrilled to announce the acquisition of Crest, a self-custodial private Bitcoin wallet, uniting our teams to make privacy the standard for holding and moving a $1.6T store of value.
Built on Citrea's Bitcoin-secured execution environment, Crest started as an ecosystem project with a bold ambition: to set a new benchmark for mobile, self-custodial Bitcoin privacy. The demand for a frictionless privacy solution was immediate, with Crest quickly attracting over 1,000 privacy enthusiasts to its waitlist. To accelerate this mission, Crest becomes Citrea's flagship privacy product, and Crest's founder Meliksah Gurtemel joins Citrea as Product Lead.
Working on Privacy is a Natural Fit for CitreaBringing privacy to Bitcoin is the natural continuation of a journey our team started years ago. Chainway Labs, a core contributor to Citrea, developed the Proof of Innocence protocol as an open-source framework for privacy-preserving compliance in response to Tornado Cash sanctions in 2022. Proof of Innocence is an open-source cryptographic tool that lets privacy pool users prove their funds are not linked to illicit or blacklisted addresses without revealing their identity. Today, concepts from Proof of Innocence underpin leading privacy protocols including Railgun and Privacy Pools.
“Tackling privacy bottlenecks was where our journey began,” said Ekrem Bal, Co-founder and Chief Scientist at Chainway Labs, a core contributor to Citrea. “In many ways, acquiring Crest is a full-circle moment for us, where we get to bring the privacy work we started to Bitcoin.”As a Bitcoin layer, we see privacy as the most critical value proposition to build. With a market capitalization exceeding $1.6 trillion, Bitcoin’s transparent public ledger has turned user balances, counterparties, and transaction histories into surveillance targets. Bitcoin users seeking privacy must either forfeit self-custody, navigate expert-only technical workflows, or swap into alternative privacy assets. Networks like Zcash already demonstrated the immense demand for simple and intuitive privacy. With this acquisition, Citrea commits its resources to bring that same effortless privacy standard to Bitcoin.
“Solving Bitcoin privacy is the single largest unlock for meeting real user demand on a Bitcoin layer,” said Orkun Mahir Kılıç, Co-founder and CEO of Chainway Labs, a core contributor to Citrea. “Crest is built to be the primary gateway for onboarding users and liquidity from the Bitcoin and privacy ecosystems into Citrea. Acquiring Crest aligns our entire team behind a vision that will generate the most value and adoption for our broader network.”Join the Waitlist: World’s Simplest Private Bitcoin Wallet is ComingThrough Crest, we are building the simplest and most accessible private Bitcoin wallet on the market. In the coming weeks, Crest will launch its Bitcoin mobile wallet with auto-shielding, private BTC transfers, and seamless cross-chain onboarding from Bitcoin and Ethereum.
Crucially, the wallet will enable private cross-chain swaps and exit routes, allowing users to spend shielded BTC to pay EVM addresses in assets like USDC or ETH privately. Over time, the acquisition aims to extend private BTC utility across Citrea’s broader ecosystem.
Privacy is becoming the easiest way to use Bitcoin.
Zest Protocol spustil omezenou mainnetovou demonstraci Bitcoin Collateral Vaults, kde lze vložit skutečné BTC do self-custodial trezoru a půjčit si proti nim USDC bez wrapování či bridgingu.
Zest Protocol, the firm operating Bitcoin’s largest DeFi lending market on Stacks, is in the news today after announcing the launch of a capped mainnet demonstration for its Bitcoin Collateral Vaults. Bitcoin users can now deposit real BTC into a self-custodial vault on Bitcoin L1 and borrow real USDC against it, without wrapping or bridging.
Zest Protocol has opened a capped public demo of its Bitcoin Collateral Vaults on mainnet. This marks the first full public-mainnet deployment of its native-Bitcoin collateral vault infrastructure. It will allow users to deposit native BTC and borrow against it using real assets.
What is Zest Protocol actually doing? Bitcoin Collateral Vaults are self-custodial vaults on Bitcoin L1, enforced by Bitcoin’s own rules and built for BitVM proof verification. Ordinary DeFi approaches require users to wrap BTC into a token such as wBTC or bridge it to another chain. However, Zest Protocol keeps the BTC on Bitcoin, in the user’s own vault, never pooled with other users’ coins.
Proofs of the vault’s state travel to EVM chains, where users borrow stablecoins against it, and proofs of repayment or liquidation on the destination chain govern what happens to the BTC on Bitcoin. In the mainnet demo, users lock real BTC and borrow real USDC, with collateral capped per wallet while the system is proven at scale.
Watch the Bitcoin Collateral Vault process in action – Here
The demonstration runs on mainnet with real BTC and real USDC, capped per wallet. Owing to the same, users can test the full flow at small size: deposit BTC into an individual Bitcoin Collateral Vault and borrow USDC on Ethereum. Each vault holds one user’s coins only, and the same coins come back on repayment. Caps stay in place until the protocol completes extensive external audits, after which Zest Protocol moves to production launch with institutional partner activations in the lead-up.
Proof of the mainnet demo’s functionality, including Bitcoin transaction hashes, vault addresses, and EVM contract interactions, is available for independent verification on public block explorers here.
Community reactions According to Tycho Onnasch, Founder of Zest Protocol,
We’ve spent five years on programmable Bitcoin, first on Stacks and now on Bitcoin itself. Today you can put real BTC in a vault on Bitcoin and borrow against it on mainnet. That’s why Zest Protocol exists: turning Bitcoin from an idle asset into productive capital. We’re very excited to put this in people’s hands.
Here, it’s worth noting that the mainnet demo also carries key lessons from two years of running the Zest Protocol Stacks Market, the largest lending market on Bitcoin L2s, which reached over $100 million in peak TVL with zero bad debt and no BTC lost.
Bitcoin Collateral Vault borrowers get partial liquidations instead of all-or-nothing, partial withdrawals, and a vault. This will be controlled by one ordinary Bitcoin key, with nothing else to manage.
Tim Draper, Founder of Draper Associates, chipped in too and stated,
I backed Zest Protocol because this team has been building on Bitcoin longer than almost anyone, and they know how to ship great products with amazing user experience. Seeing real Bitcoin collateral working on mainnet, with the coins never leaving Bitcoin, is something I’m incredibly excited about.
All about Zest Protocol and its latest approach Zest Protocol was founded by core contributors to the Stacks blockchain, including co-architects of the sBTC and Nakamoto upgrades. Prominent investors included Draper Associates (led by Tim Draper), YZi Labs, Trust Machines, Flow Traders, and Asymmetric.
The protocol’s native token, ZEST, was launched in May 2026 via Binance Alpha. It is currently traded on major exchanges including KuCoin, Gate, MEXC, and HTX.
The native self-custodial approach adopted by Zest Protocol tries to remove third-party counterparty risk. Now, while there are hybrid options such as those adopted by Kraken to bypass these native code breaches, they also elevate centralization risk.
To overcome these two limitations, there are some proposing a new institutional approach. Under the same, users’ physical BTC will be untouched with regulated custody. Instead, deposits are mirrored and tracked by receipt tokens and used for lending purposes across DeFi.
Even so, Zest Protocol’s latest update remains a step in the right direction.
East Texas A&M University zveřejnila PQLN, první funkční implementaci odolnou vůči kvantovým útokům pro Bitcoin Lightning Network. Řešení přidává postkvantovou kryptografii a zachovává kompatibilitu se staršími uzly sítě.
Quantum computers can’t break Bitcoin today. But a team at East Texas A&M University isn’t waiting around to find out what happens when they can.
Researchers from the university’s RELLIS Campus published PQLN, short for Post-Quantum Lightning Network, on September 12, 2026. It’s the first working implementation that bolts quantum-resistant cryptography onto Bitcoin’s primary layer-2 scaling network, and the full codebase, nearly 11,000 lines added to a fork of rust-lightning, is already live on GitHub.
What PQLN actually does The Lightning Network lets Bitcoin users transact off-chain, meaning they can send payments back and forth without waiting for every single one to settle on the base blockchain. That speed comes with a tradeoff: Lightning relies on the same elliptic curve cryptography (specifically secp256k1) that secures Bitcoin itself. If a sufficiently powerful quantum computer ever cracks that math, both layers would be exposed.
Advertisement
PQLN doesn’t rip out the existing cryptography. Instead, it layers lattice-based algorithms on top of it. The two lattice-based tools in the kit are ML-DSA for digital signatures and ML-KEM for key exchange. Both are drawn from the family of algorithms that the US National Institute of Standards and Technology has been standardizing for exactly this scenario.
The implementation covers five critical areas of Lightning operations: gossip (how nodes share network information), peer transport, invoices, payment onions (the routing privacy layer), and offers through the BOLT specification framework. Co-author Ahmet Kurt and his colleagues designed the system so that upgraded nodes can still communicate with legacy nodes.
Performance: surprisingly not terrible PQLN’s benchmarks suggest the damage is manageable. The added cryptographic operations clock in at 0.33 milliseconds or less per operation.
The bandwidth story is more nuanced. Gossip downloads balloon by roughly 10x under PQLN’s default ML-DSA settings. But the researchers tested an alternative signature scheme called Falcon that compresses the overhead to about 4x.
Interoperability testing covered all 12 possible mixed-node scenarios, pairing upgraded and legacy nodes in every combination. The result: zero stuck payments across every configuration.
What it doesn’t protect There’s an important caveat baked into the design. PQLN secures the communication and routing layers of Lightning, but it does not protect actual channel funds or any on-chain Bitcoin elements. The reason is straightforward: changing how Bitcoin’s base layer handles cryptography requires a consensus upgrade, meaning the entire network of miners and node operators would need to agree on new rules.
Why the timing matters Discussions about PQLN appeared on Delving Bitcoin and BitcoinTalk within days of the arXiv publication. The open-source release, complete with a modified sample node, lowers the barrier for other Lightning implementations to study and potentially adopt the approach.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Čtyři dlouho neaktivní Bitcoin peněženky přesunuly 1 971,03 BTC v hodnotě zhruba 161 milionů dolarů. Největší převod činil 1 260,78 BTC z peněženky neaktivní od července 2016.
A series of movements from long-inactive Bitcoin wallets has drawn attention in the crypto industry, with four ancient wallets transferring a combined 1,971.03 BTC, valued at approximately $161 million, over the past two weeks. Galaxy Research reported that these dormant wallets, which had remained inactive for years, suddenly became active again, extending a notable trend in 2026 on-chain behavior.
Major dormant wallets spring to lifeGalaxy Research identified that the largest transfer originated from a wallet holding 1,260.78 BTC, currently worth about $100.63 million. This stash had been untouched since July 2016, meaning it has appreciated roughly 12,122% from an estimated entry price of $652 per Bitcoin.
The oldest wallet involved, dormant since March 2011, contained 10.25 BTC, now valued at around $792,000. This position saw a gain of over 8.38 million percent based on an average acquisition price close to $1 per Bitcoin.
A similarly aged wallet, inactive since November 2011, transferred 100 BTC priced at about $8.09 million, marking an approximate increase of 2.49 million percent.
The most recent transfer took place early Tuesday, when a wallet holding 600 BTC, worth around $51.9 million, moved coins that had been dormant since July 2012. This wallet had not been accessed for 14.2 years, achieving an estimated gain of more than 1 million percent.
Legal developments and market activityThree of the four wallets featured a “Noah Doe” sender tag. This designation refers to a New York lawsuit that seeks to classify thousands of long-unused Bitcoin addresses as abandoned property. Wallets associated with this case have become increasingly active, particularly after a judge paused the lawsuit in June.
The recent awakenings follow an earlier wave in 2026, where six wallets moved approximately $40 million within a 10-day period. Galaxy Research charts show that the oldest coins—those untouched for 10 years or longer—are starting to see movement at a pace that is rare in the network’s history.
Such activity attracts scrutiny, as few holders from Bitcoin’s earliest years are thought to still possess their private keys, making each wallet awakening a potential indicator of long-dormant supply reentering circulation.
Despite the growing volume of revived addresses, blockchain data does not clarify the owners’ intentions, whether they are selling, consolidating, or moving assets into different forms of custody. Notably, the recipient address for the latest 600 BTC transfer remains unidentified on the blockchain.
Market context and parallel trendsWhile the market closely watches the movement of old Bitcoin wallets for signs of renewed selling pressure or supply changes, consecutive on-chain awakenings are also shaping expectations among professional traders and blockchain analysts.
Turning to other corners of the digital asset market, monitoring technical signals and investor behavior remains essential for traders seeking to capitalize on rapid trends. In the meme token sector, internet-driven activity can shift market dynamics dramatically in a matter of days.
In the meme token market, an internet trend can transform into millions of dollars of interest within days. According to data shared by Fomo App, a trade involving “Niu Lai”—which turned an initial $99 investment into approximately $370,000, stands out as a striking example of this activity. In this market, tracking not only prices but also the timing and token choices of investors is crucial. Fomo App brings token discovery and trading together on a single platform, featuring social feeds, investor rankings, and trade notifications. Discover Fomo App to follow the world of meme tokens alongside investor activity.
Coinbase spouští bitcoinem zajištěné půjčky v USDC s pevnou sazbou na platformě Base přes Morpho Midnight. Uživatelé tak hned znají celkový úrok i datum splatnosti.
Coinbase launches fixed-rate, bitcoin-backed USDC loans powered by Morpho Midnight on Base.
Coinbase users can now take out bitcoin-backed USDC loans at a fixed rate, so borrowers know their total interest bill and due date on day one. The product runs on Morpho Midnight, the lending protocol's fixed-term engine, on Base.
What’s the Scoop? Fixed vs. floating: Coinbase's existing Morpho loans float, so costs can climb when borrowing demand spikes. The new option sits alongside them for borrowers who want to know exactly what they'll owe and when.
Midnight mainstream: Coinbase is the largest app to plug into Midnight so far. Morpho CEO Paul Frambot cast it as the start of a scaling phase, with more loan types coming to fintech-style front ends built on DeFi.
Borrow for builders: Separately, Coinbase Developer Platform unveiled Borrow for CDP Wallets, which lets third-party apps offer crypto-backed USDC loans on Morpho Blue. Launch collateral includes cbBTC, cbETH, cbXRP, and SOL, and developers can charge their own origination fee.
21Shares spustila na Euronextu Paris a Euronextu Amsterdam fyzicky kryté ETP na Zcash (ZEC) a Ether.fi (ETHFI). Oba produkty mají roční poplatek 2,5 %.
Asset manager 21shares has expanded its range of cryptocurrency investment products by listing physically backed exchange-traded products (ETPs) for Zcash (ZEC) and Ether.fi (ETHFI) on Euronext Paris and Amsterdam. This development enables investors to access these digital assets via traditional brokerage accounts without holding the tokens directly.
Product details and market accessThe new ETPs offer exposure to Zcash and Ether.fi’s governance and utility token, ETHFI. Both products are physically backed, meaning each ETP share is linked to actual holdings of the underlying cryptocurrency. Investors can buy and sell these ETPs on Euronext Paris and Amsterdam, two of Europe’s largest stock exchanges.
The ETHFI ETP tracks the performance of Ether.fi, a decentralized finance protocol focused on staking and providing other financial services within the digital asset space. The addition of these products aims to provide diversified access points for institutional and retail investors seeking crypto exposure through regulated channels.
Mini dictionary: Ether.fi, launched in 2023, is a decentralized finance protocol that allows users to stake Ether (ETH) and participate in a variety of DeFi services, using its governance and utility token, ETHFI.
Both offerings are positioned as physically backed alternatives to more synthetic investment options, appealing to those prioritizing transparency in fund holdings.
Fees and competitive landscapeThe annual management fee for both the Zcash and ETHFI ETPs is set at 2.5%. This rate is significantly higher than the fees charged by many Bitcoin and Ether investment products currently available on European exchanges, which often range between 0.2% and 1.5%.
Higher fee structures may reflect the complexity and lower liquidity of these underlying assets, or the operational overhead related to physical custody of less widely traded cryptocurrencies.
ProductUnderlying AssetAnnual FeeExchange21shares Zcash ETPZcash (ZEC)2.5%Euronext Paris, Amsterdam21shares Ether.fi ETPEther.fi (ETHFI)2.5%Euronext Paris, AmsterdamBTC/Ether ETPs (avg.)Bitcoin, Ether0.2%–1.5%Various EuropeanIndustry participants are watching closely to see whether the higher fees will impact investor demand for these specialized products.
Zcash price surge and market attentionZcash’s listing comes at a time when the privacy-focused cryptocurrency has captured significant market attention after a sharp rally over the past year. ZEC’s price recently exceeded $1,500, marking a gain of nearly 1,100%, based on CoinMarketCap data.
The surge has led to renewed discussion about Zcash as a potential alternative to Bitcoin, which remains the largest and most widely adopted digital asset. Some analysts have noted Zcash’s unique privacy features and its potential to attract users seeking more anonymity in blockchain transactions.
Zach Pandl, research head at Grayscale, has stated that Zcash could gain from “second-mover advantages,” which may allow it to overcome Bitcoin’s established network effects, a challenge that other early cryptocurrencies like Litecoin were unable to address successfully.
The recent market momentum has put Zcash back into focus for both investors and industry commentators comparing its prospects to established cryptocurrencies.
Americké úřady vyšetřují, zda Binance umožnila Íránu obcházet sankce prostřednictvím své platformy. DOJ už dříve uvedlo, že zabavuje kryptoměny v hodnotě 61 milionů dolarů spojené s prodejem íránské ropy.
Federal prosecutors — including the U.S. Department of Justice — are investigating whether Binance has allowed Iran to dodge sanctions by using its platform, according to a report from Bloomberg.
The outlet, citing people familiar with the matter, reported Tuesday that feds were investigating whether Binance Holdings Ltd., which operates the world’s biggest crypto exchange, knowingly allowed Iran-linked entities to trade.
It comes after the U.S. Department of Justice last week said it is seizing and seeking to forfeit $61 million in cryptocurrency that it alleges came from black-market sales of sanctioned Iranian oil. The funds, according to the DOJ, were laundered through Binance by Chinese entities.
Iran has been using bitcoin — and other cryptocurrencies — to skirt around U.S. sanctions. The U.S. in April started targeting crypto wallets linked to the Iranian regime, Treasury Secretary Scott Bessent said in a statement.
Bessent went on to say that the Iranian regime’s crypto had been frozen — mostly in the form of Tether’s USDT stablecoin.
And last week, the Treasury designated BitBank, an Iranian crypto exchange, as part of Operation Economic Outcast — the Trump Administration’s whole-of-government economic campaign against the Islamic Republic of Iran and its enablers.
Iran started a bitcoin-backed insurance service for its counties shipping companies earlier this year. Bitcoin cannot be frozen, unlike many other cryptocurrencies.
The Financial Times this month 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.
Binance, which has no headquarters but is incorporated in the Cayman Islands, ran into trouble with U.S. authorities after it allegedly allowed funds linked to virtual theft and terrorism to flow through its exchange undetected.
It exited the U.S. market and agreed to pay $4.3 billion. Its CEO and founder Changpeng Zhao stepped down after pleading guilty to anti-money laundering violations but was later pardoned by President Trump.
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.
Čínská centrální banka znovu potvrdila, že obchodování s kryptoměnami je v Číně nelegální, a bez schválení zakázala domácím subjektům i jejich ovládaným zahraničním entitám vydávat virtuální měny v zahraničí; zároveň uvedla, že žádné domácí ani zahraniční subjekty či jednotlivci nesmějí v zahraničí vydávat stablecoiny navázané na RMB. Zároveň varovala před vydáváním, obchodováním, investicemi a těžbou i dalšími souvisejícími aktivitami.
The People's Bank of China (PBoC) today reaffirmed during financial education and publicity efforts that virtual currencies such as Bitcoin, Ethereum, and Tether have no legal tender status and cannot circulate as currency. Conducting virtual currency-related business within China constitutes illegal financial activities and is strictly prohibited in all cases. The PBoC stated that without approval from relevant authorities, domestic entities and their controlled overseas entities may not issue virtual currencies overseas, and no domestic or foreign entities or individuals may issue RMB-pegged stablecoins overseas. The PBoC reminds the public not to engage in virtual currency issuance, trading, investment, and mining activities, to beware of high-yield investment scams, and to avoid renting out bank cards, payment accounts, or participating in virtual currency-related activities. In addition, the PBoC warns against virtual currency investment products and trading platforms that claim "guaranteed returns" or "high interest rates"; advises against participating in virtual currency issuance, trading, investment, "mining" and other activities; warns against joining communities promoting virtual currencies, clicking on links to overseas virtual currency trading platforms, or downloading related apps; prohibits lending or renting out bank cards or payment accounts, following others' instructions to buy or sell virtual currencies for "pass-through transactions", or acting as "runners", "coin dealers", or "U dealers"; and urges anyone who discovers clues about virtual currency-related business activities to promptly report them to relevant regulatory authorities.
22 September 2026 | 09:30 X has added a trade button to Bitcoin and stock cashtags for eligible US users. The feature begins on X, but the order is completed through a separate financial platform.
The button connects X posts with outside trading accounts X Business announced Cashtag Partners on September 21, presenting it as a way to connect financial conversations with trading.
Introducing Cashtag Partners for stocks and crypto 🚀
X is the best source of financial news for traders and investors, and we’ve made it easier than ever to connect financial conversations with the ability to trade. https://t.co/52cqDNqwix
— Business (@XBusiness) September 21, 2026
Eligible users can select a cashtag such as $BTC, view market information and related posts, and then choose a trading partner. According to CoinDesk’s report, the available partners include Coinbase, Kraken, Gemini, Interactive Brokers and Moomoo.
The current rollout is limited to the United States. X has not announced when the feature will reach other countries or confirmed that every US account will receive access immediately. Availability may also differ by state, asset and partner because each exchange or broker applies its own account and geographic restrictions.
The launch advances the direction covered in our earlier report on X’s crypto and trading super-app plans. X provides the discovery and entry point, while regulated financial companies supply the accounts and execution infrastructure.
What happens after a user taps “Trade”
1. Select the cashtag
The user opens the market page attached to a symbol such as $BTC.
2. Choose a partner
X presents an exchange or brokerage through which the asset may be traded.
3. Sign in or open an account
The selected partner performs its own identity checks and determines whether the user is eligible.
4. Review and place the order
The partner supplies the executable price, processes the order and handles the resulting cash or assets.
The price shown on X may not be the price a buyer receives A chart or market price displayed beside a cashtag is informational. It is not necessarily an executable quote.
When the user reaches the selected platform, the final price can depend on that venue’s order book, spread and fees. It can also change during the handoff, particularly when the market is moving quickly.
The order type matters as well. A market order generally executes at the best prices currently available, while a limit order allows the buyer to set the maximum price they are prepared to pay. Neither option guarantees that the price previously displayed on X will still be available.
Any Bitcoin purchased through the feature is held or withdrawn under the selected exchange’s rules. It does not sit inside the user’s X profile, and an X account does not replace an exchange or brokerage account.
Several commercial details remain unanswered The announcement explains the basic user journey, but it leaves important parts of the partnership model undisclosed.
X has not yet explained: When Cashtag Partners will become available outside the United States Whether every eligible US account will receive the feature at the same time How participating exchanges and brokers are ordered on the screen Whether X receives referral payments when users open accounts or trade Whether additional partners can join and under what conditions Those omissions matter because the order in which platforms appear could influence where users trade. Any referral arrangement would also help explain how X plans to turn financial conversations into revenue. Until X publishes those terms, however, it would be speculative to describe the links as either paid placements or neutral rankings.
A shorter route leaves less time to check the original claim The new button reduces the number of steps between seeing a financial post and reaching an order screen. That convenience also makes the quality of the original information more important.
A trade link does not verify that the post beside it is accurate. It does not mean X, Coinbase or another partner endorses the author’s price prediction. It only provides a faster route to a platform where the user can act.
Three checks before placing an order Check the source: determine whether the post links to an official filing, announcement or verifiable dataset. Check the quote: compare the executable price and fees on the partner platform with the reference price shown on X. Check the order: confirm the asset, amount and order type before submitting it. Cashtag Partners does not turn X into a crypto exchange. It turns the platform into a distribution gateway positioned between financial attention and the companies that execute trades.
That distinction is commercially significant. X can influence where a user begins the process without operating the trading account itself. The partner receives the customer and handles the transaction; X controls the moment when interest is most likely to become action.
This article is provided for informational purposes only and does not constitute financial or investment advice. Partner availability, fees and geographic restrictions may change.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
Americké spot Bitcoin ETF přilákaly v jedné seanci čisté přílivy kapitálu ve výši 999 milionů USD, vedené IBIT, ARKB a FBTC. Bitcoin zároveň za posledních 24 hodin vystoupal až na 87 000 USD.
US spot Bitcoin exchange-traded funds drew $999 million in net inflows in a single session on September 21, marking one of the strongest days for these investment vehicles in recent months. This substantial influx coincided with a sharp rally in Bitcoin’s price in the past 24 hours.
Major ETF inflows surgeBlackRock’s iShares Bitcoin Trust (IBIT) led all spot Bitcoin ETFs, taking in $381.4 million. ARK 21Shares’ ARKB followed closely, recording $289.1 million in net inflows. Fidelity’s FBTC captured $238.8 million.
Bitwise’s BITB added $21.6 million, while MSBT brought in $61.7 million. Grayscale’s GBTC and BTC funds registered smaller inflows of $3.3 million and $3.1 million respectively. Notably, none of the listed US spot Bitcoin ETFs experienced net outflows during the session.
ETFNet InflowsIBIT (BlackRock)$381.4 millionARKB (ARK 21Shares)$289.1 millionFBTC (Fidelity)$238.8 millionMSBT$61.7 millionBITB (Bitwise)$21.6 millionGBTC (Grayscale)$3.3 millionBTC (Grayscale)$3.1 millionInstitutional demand reboundsThe $999 million total comes after a notable turnaround in institutional participation. On September 18, Bitcoin ETFs attracted $433 million in inflows, on top of $159.5 million added the previous day. Over the last three trading sessions, spot Bitcoin ETFs have absorbed approximately $1.59 billion.
This resurgence follows elevated withdrawals earlier in the month. On September 15, net outflows reached $450.4 million, while September 16 saw another $295.9 million leave Bitcoin ETFs.
Bitcoin price rallies alongside ETF surgeThe rise in ETF inflows coincided with a strong move in Bitcoin’s spot price. BTC started the 24-hour period trading around $81,000 to $82,000 and climbed rapidly. The price passed $83,000 and eventually approached $87,000 at its session high.
Later in the session, Bitcoin pared some of those gains to around $85,200 at press time, remaining up roughly 5% from the day’s opening level.
IBIT, FBTC, and ARKB collectively accounted for over $909 million, representing around 91% of total ETF inflows for the session.
Analysts stated that the strong inflows and rising Bitcoin price indicate renewed institutional demand after a period of selling pressure earlier in the month.
Market outlookThe next trading sessions are poised to test the durability of this renewed interest. Sustained ETF inflows could signal that institutional buying is more than just a one-day rebound. On the other hand, another shift to outflows might reveal lingering caution among investors navigating Bitcoin’s recent volatility.
Spot Bitcoin ETFs allow investors to gain exposure to Bitcoin price movements without directly holding the cryptocurrency. These products are generally seen as a bridge for traditional institutions and individuals seeking regulated access to Bitcoin markets.
Mini dictionary: Spot Bitcoin ETF – An exchange-traded fund that directly tracks the current price of Bitcoin and holds the underlying cryptocurrency, allowing investors to gain exposure to Bitcoin price changes via regulated financial products.
Whitehat operátoři přesunuli 52,37 BTC spojených s útokem na Coldcard na adresu recovery trustu pro ověřené vlastníky. Jde o 2,8 % sledovaných prostředků z exploitu.
Whitehat operators have moved 52.37 BTC linked to the July Coldcard wallet exploit into an address associated with a recovery trust created to return rescued Bitcoin to verified owners.
Summary
Whitehat operators moved 52.37 BTC linked to Coldcard exploit wallets into a recovery trust address. The transfer represented 2.8% of tracked exploit funds, according to Galaxy Digital researcher Alex Thorn. Crypto Recovery Trust says verified owners can submit claims and provide evidence for returned assets. Coinkite says patched firmware fixes future seed generation but cannot repair already weakened wallet seeds. Current recommended Coldcard firmware is version 5.6.2 for Mk4/Mk5 and 1.5.2Q for Q devices respectively. Galaxy Digital Head of Research Alex Thorn said the Bitcoin came from the tracked Wave 2 cluster and footprints labeled AA, AU and AX, with the consolidation recorded in Bitcoin block 967,948. Thorn said the amount represented 2.8% of the exploit funds his team was tracking.
❄️COLDCARD WHITE HAT MOVES FUNDS TO TRUST 🏳️
52.37 BTC comprised of coins from Wave 2, Footprints AA, AU, AX consolidated into a fresh address with an OP_RETURN "claim:cryptorecoverytrust dot com" in block 967,948
these white hatted funds represent 2.8% of the coldcard exploit pic.twitter.com/c5eYeQMxHQ
— Alex Thorn (@intangiblecoins) September 21, 2026 The destination transaction carried an OP_RETURN message pointing to “claim:cryptorecoverytrust dot com,” according to Thorn. Galaxy Research separately identified activity in the same block involving 20 inputs and 480 outputs and published transaction ID 38b524ccb8ca260ec705ab980982144857c477658fa39591870ee8cb09bcea47.
Coldcard recovery moves rescued Bitcoin into a trust The transfer places part of the recovered Bitcoin under the Crypto Recovery Trust, a Wyoming statutory trust established to hold digital assets recovered from compromised wallets while ownership claims are checked.
Crypto Recovery Trust states that its role is to reunite recovered assets with their rightful owners through a formal claims process. Its website identifies the legal entity as the Recovered Digital Asset Statutory Trust of Wyoming and names Agentic Trace LLC as trustee.
The Digital Asset Recovery Trust, or DART, had already disclosed recovery work connected with the Coldcard incident before the latest consolidation. DART reported that it and independent whitehat researchers had secured just over 50 BTC from vulnerable addresses as of Aug. 17, moving the funds before malicious actors could reach them.
DART said recovered Bitcoin was placed in the trust instead of researcher-controlled wallets or operational accounts. Its process includes blockchain analysis, proof-of-ownership checks and sanctions screening before assets can be returned. Funds involving competing claims, sanctions restrictions or criminal proceedings may follow separate legal procedures.
The Sept. 21 movement provides a newer on-chain view of those recovery efforts. Thorn tied the 52.37 BTC specifically to previously identified exploit clusters, while describing them as whitehat-controlled funds. His 2.8% calculation refers to Galaxy’s tracked exploit total and should not be read as an official Coinkite loss figure.
Coldcard exploit began with a seed-generation flaw The Coldcard incident began July 30 after attackers exploited weakened Bitcoin wallet seeds created by affected firmware. Coinkite’s current incident record explains that a firmware integration defect caused the seed-generation path to resolve to MicroPython’s Yasmarang software pseudorandom generator instead of the intended hardware random number generator.
Attackers did not need to remotely control the hardware wallets. Coinkite says they regenerated vulnerable private keys offline after the reduced randomness made affected seed phrases easier to search. The company describes the incident as a firmware seed-generation failure, not a remote takeover of Coldcard devices.
Independent technical research has traced the weakness to firmware changes dating from 2021. One public investigation estimated that older Mk3 devices could produce roughly 40 bits of effective entropy under affected conditions, while Mk4, Mk5 and Q models retained approximately 72 bits instead of the intended security level.
Early losses were smaller than the totals later associated with multiple attack waves. As crypto.news previously reported, the Coldcard firmware build error and first-wave Bitcoin losses involved roughly 594 BTC taken from around 500 wallets within approximately 25 minutes.
Later tracking identified additional wallets and attack waves. A separate crypto.news investigation into the five-year Coldcard entropy flaw and four attack waves estimated 1,816 BTC had moved from more than 5,200 addresses as analysts expanded the identified scope.
Loss estimates therefore vary depending on which attack waves, clusters and recovery transactions are included. Coinkite’s current security status page does not publish a single definitive total for all stolen Bitcoin.
Coinkite says firmware updates cannot repair old seeds Coinkite released emergency fixes on July 31 for affected firmware lines. The company’s download archive shows Mk4/Mk5 version 5.6.0 and Q version 1.5.0Q as the first standard releases correcting future seed generation, while separate patches covered older Mk2/Mk3 devices and Edge firmware.
Security work continued after the initial patch. Current recommended standard releases are Mk4/Mk5 5.6.2 and Q 1.5.2Q, both issued Sept. 3. Edge users are directed to 6.6.1X for Mk4/Mk5 and 6.6.1QX for Q.
Coinkite stresses that installing fixed firmware does not change an existing seed. A wallet generated under vulnerable firmware can remain exposed even after the device receives the latest update because the weakness exists in the seed itself.
Users with affected seeds are instructed to generate a corrected replacement seed and migrate funds, unless they meet the company’s stated independent-dice exception. Coinkite says at least 50 fair, independent and privately recorded six-sided dice rolls added under the relevant workflow provide at least 128 bits of additional entropy, though users uncertain about the conditions are told to migrate.
Victims can submit ownership claims to the recovery trust The recovery process now centers on verifying who controlled addresses from which whitehats swept Bitcoin. Crypto Recovery Trust lets claimants search for recovery information, track a submitted claim and provide additional supporting evidence through its website.
DART says the trust was structured to segregate recovered Bitcoin from researcher and operating funds while ownership is established. Attorneys from Steptoe’s national security practice advise the trustee, according to DART’s disclosure, because some returned assets may require sanctions, law-enforcement or competing-ownership reviews.
The whitehat researchers involved in DART’s earlier recovery work did not request a bounty, according to the organization. DART said other vulnerable assets and possible recovery leads remained under review after its August tally, leaving open the possibility that further Coldcard-linked funds could enter the claims process.
For wallets that still rely on seeds created under affected Coldcard firmware, Coinkite’s current instructions remain unchanged: install and verify a fixed firmware release, create a new seed under the corrected process, and move funds away from the vulnerable seed.
Circle spustila na Circle Mint půjčování kryté Bitcoinem, takže instituce mohou získat likviditu v USDC bez prodeje BTC. První integrovaný trh Morpho na Arc a Ethereum přilákal přes 150 milionů USD v depozitech USDC a EURC.
Selling Bitcoin to access cash is the crypto equivalent of selling your house to pay rent. Circle wants to end that tradeoff for institutional holders. The company launched a Digital Asset-Backed Borrowing feature on its Circle Mint platform, giving eligible institutions a way to unlock USDC liquidity while keeping their BTC position intact.
The feature went live on September 2, 2026, with Morpho as its first integrated lending market, running across both Ethereum and Arc, Circle’s new EVM-compatible Layer 1 blockchain.
How the mechanics actually work The workflow has three steps. An institution deposits BTC into Circle Mint. That BTC gets wrapped into cirBTC, a tokenized version backed 1:1 by BTC held in custody at Circle National Trust. The cirBTC then serves as collateral inside Morpho vaults, and the resulting USDC loan settles directly back into the borrower’s Circle Mint account.
Advertisement
Repaying the loan releases the collateral, returning cirBTC and eventually the underlying BTC. The whole cycle stays within the Circle Mint interface, so institutions avoid stitching together custody, bridging, and DeFi protocols on their own.
Chainlink’s proof-of-reserves verification underpins the cirBTC backing, giving lenders on the other side of the trade an on-chain confirmation that the collateral is real and accounted for. Interest rates and collateral ratios are determined by Morpho’s market parameters rather than set by Circle, which means they float with supply and demand.
One geographic caveat: the service is not available to clients based in New York.
The day-one numbers from Arc Circle’s Arc mainnet launched publicly around September 16, 2026, and the early demand for cirBTC-backed borrowing was hard to ignore. On Arc’s launch day, Morpho vaults backed by cirBTC drew over $150 million in USDC and EURC deposits.
Why this matters beyond the product itself The choice of Morpho as the launch partner reflects a deliberate bet on permissioned DeFi. Morpho’s vault architecture allows for curated risk parameters, which makes it better suited to institutional compliance requirements than fully open lending pools. Circle has signaled plans to expand to additional protocols, with Aave named as a future integration target.
Arc’s role in this picture is worth watching. By launching cirBTC borrowing simultaneously on Ethereum and its own chain, Circle is not just offering a product. It is seeding demand for activity on Arc itself. A lending market with $150 million in day-one deposits gives developers and other protocols a reason to build on the chain.
For institutional Bitcoin holders specifically, the DABB feature changes the calculus on holding BTC through market cycles. Rather than facing a binary choice between holding and selling, large holders can now borrow against their position to fund operations, meet capital calls, or deploy into other opportunities, without triggering a taxable sale or abandoning their BTC upside.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Strategy po dvoutýdenní pauze koupila 950 bitcoinů za 75,7 milionu USD a zvýšila své držby na 846 000 BTC. Současně utratila dalších 174 milionů USD za odkup preferenčních akcií STRC.
Strategy has resumed Bitcoin purchases after a two week pause, spending $75.7 million on 950 BTC while deploying another $174 million to repurchase its STRC preferred stock.
Summary
Strategy bought 950 BTC for $75.7 million after a two week pause, raising its holdings to 846,000 BTC. The company spent another $174 million repurchasing 1.77 million STRC preferred shares during the same week. Strategy made no ATM sales during the period, while its deployable USD Cash fell nearly 20% to $1.05 billion. Strive separately acquired 1,355 BTC, increasing its corporate Bitcoin holdings to 26,355 BTC. According to a Form 8-K filing with the U.S. Securities and Exchange Commission on Sept. 21, Strategy acquired the Bitcoin between Sept. 14 and Sept. 20 at an average price of $79,670 per coin, including fees and expenses.
The purchase increased the company’s holdings to 846,000 BTC, acquired for a total of $63.80 billion at an average cost of $75,416 per Bitcoin.
Bitcoin was trading near $84,925 at the time of publication, putting the market value of Strategy’s holdings at roughly $71.85 billion. Based on the company’s reported acquisition cost, the position carried an unrealized gain of approximately $8.05 billion.
Strategy shares gained 7.4% to $165.20 in Monday premarket trading as Bitcoin traded above the price paid for the latest acquisition.
Strategy returns to Bitcoin buying after two week pause The latest purchase ended two consecutive reporting periods without any new Bitcoin acquisitions.
Strategy last returned to Bitcoin buying at the end of August, when it purchased 4,603 BTC for $369.7 million at an average price of $80,318. The transaction raised its holdings from 840,447 BTC to 845,050 BTC.
Unlike the latest transaction, that purchase was financed through Strategy’s at the market common stock program. The company sold 4.53 million MSTR shares for $602.8 million in net proceeds, allocating $369.7 million to Bitcoin and $151.8 million to STRC repurchases.
Buying activity then stopped for two weeks as Strategy directed more cash toward its preferred securities.
During the first week of the pause, the company spent $176.3 million repurchasing 1.81 million STRC shares while leaving its Bitcoin holdings unchanged. Its board simultaneously doubled the Digital Credit Securities Repurchase Program from $1 billion to $2 billion.
Another $139.3 million was spent on 1.42 million STRC shares during the following reporting period, while Strategy again bought no Bitcoin and made no sales through its at the market programs. As crypto.news previously reported, the company entered that period with 845,050 BTC and $1.30 billion in deployable USD Cash.
The latest 950 BTC purchase has returned Strategy’s holdings to 846,000 BTC, the same total it reported at the end of the second quarter before Bitcoin sales during July and August reduced the balance.
STRC buybacks remain larger than Bitcoin spending Strategy continued repurchasing STRC even as Bitcoin accumulation restarted, spending $174 million on approximately 1.77 million shares between Sept. 14 and Sept. 20.
The amount was more than twice the $75.7 million allocated to Bitcoin during the same period.
STRC, formally known as Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, has a stated amount of $100 per share. The company has used repurchases and its dividend policy in an effort to keep the security trading close to that level.
Strategy had spent roughly $950.8 million repurchasing nearly 9.96 million STRC shares between July 20 and Sept. 13. The security had recovered toward $100 after falling near $70, reaching above $99 during intraday trading earlier this month before pulling back.
Monday’s latest repurchases pushed Strategy’s spending on STRC further above $1 billion since the current sequence of buybacks began.
The company has said purchases below STRC’s $100 stated amount allow it to retire preferred securities for less than their stated value while reducing future dividend requirements.
STRC was trading at $98.85 during Monday’s premarket session, up 0.35%.
Strategy retained $875.1 million in authorization for further preferred stock repurchases after the latest transaction. Its separate MSTR common stock repurchase program remained untouched, leaving the full $1 billion authorization available.
Strategy uses existing cash without ATM sales Funding for the latest transactions came directly from Strategy’s cash balance, as the company made no sales through its at the market offering programs between Sept. 14 and Sept. 20.
Strategy used $75.7 million of USD Cash for the Bitcoin acquisition and another $174 million for STRC repurchases, bringing combined spending on the two transactions to $249.7 million.
The absence of ATM sales meant Strategy did not issue common or preferred shares to replenish the cash used during the reporting period.
Deployable USD Cash fell to $1.05 billion as of Sept. 20, down nearly 20% from $1.30 billion a week earlier. The balance had stood at $1.44 billion on Sept. 7 and $1.61 billion at the end of August as repeated STRC repurchases drew down the account.
Strategy maintains USD Cash separately from its USD Reserve. The cash account can be used for Bitcoin purchases, capital management and other corporate purposes, while the reserve is primarily intended to cover preferred stock dividends and interest on outstanding debt.
Its USD Reserve declined to $5.04 billion from $5.10 billion during the latest reporting period after $57.4 million was used for preferred dividends and debt interest.
Combined, Strategy held approximately $6.09 billion in USD assets at the end of Sept. 20.
Strive expands Bitcoin treasury to 26,355 BTC Another publicly traded Bitcoin holder disclosed a purchase on Monday as Strive acquired 1,355 BTC, increasing its treasury to 26,355 BTC.
The purchase followed a series of recent additions to Strive’s balance sheet. The company had reached 25,000 BTC earlier this month after acquiring 469 BTC for approximately $36.6 million at an average price of $77,954 per coin. That transaction was funded through proceeds from its SATA preferred stock.
Strive had previously purchased 1,800 BTC for roughly $143 million in late August, taking its holdings to 23,156 BTC before subsequent acquisitions pushed the treasury higher.
Its latest filing places the company’s holdings at 26,355 BTC, keeping Strive among the largest publicly traded corporate Bitcoin holders.
ASST shares gained 6.44% to $32.03 in Monday premarket trading following the disclosure.
Vivek Ramaswamy’s corporate Bitcoin treasury Strive acquired an additional 1,355 BTC for $107.7 million. After the latest purchase, the total Bitcoin holdings have reached 26,355 BTC. Moreover, ASST stock price also jumped more than 6% on Monday, extending its monthly rally to over 135%.
Strive Expands Bitcoin Treasury to 26,355 BTC According to an official announcement on September 21, the Bitcoin treasury firm purchased 1,355 BTC at an average price of $79,475 per coin between September 14 and 18. These BTCs were purchased using warrants, SATA, and ASST shares sold at-the-market (ATM) offerings.
Strive CEO Matt Cole said “Warrant exercises began last week, generating $21.2M in gross proceeds. Including those proceeds, 57.7% of total capital raised came from SATA proceeds.“
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
With the latest buy, its total Bitcoin holdings increased to 26,355 BTC worth $2.24 billion. Notably, cash and cash equivalents increased to $229.60 million.
Recently, Strive surpassed crypto exchange Bullish to become the 5th-largest Bitcoin treasury company in the world. Notably, Strive is even buying more BTC than Michael Saylor’s Strategy recently as the latter focuses on increasing cash reserves and STRC buybacks.
Vivek Ramaswamy’s Strive last acquired 469 Bitcoin for $36.56 million. The firm remains committed to acquire more BTC every week.
ASST Stock Rallies 135% in a Month ASST stock jumped more than 6.5% to $32.10 during the pre-market trading hours on Monday. This signals positive sentiment among investors as Bitcoin price jumped above $85,000 to a 9-month high today, triggering a crypto market recovery.
The stock has rallied more than 135% in a month and 103% year-to-date (YTD). The Bitcoin treasury’s CEO Matt Cole said ASST was the best “2nd-best-performing stock in the U.S.” after it surged over 135% in the past month.
Meanwhile, SATA preferred stock holds above $100 par value. It pays a daily dividend at an annualized rate of $13 per SATA share and an effective yield of 13% as of the latest market close.
Bitcoin price has also jumped 6% to over $85K, with a 24-hour low and high of $80,413 and $85,386, respectively. Moreover, trading volume has increased by 58% in the last 24 hours, indicating massive interest among traders.
Polymarket data shows a rise in prediction market participants expecting Bitcoin price to reach $100,000 by December.
CLARITY Act v americkém Senátu neprošel procedurálním hlasováním, takže se regulace kryptoměn přesouvá hlavně na SEC a CFTC. Bitcoin má podle analýzy díky statusu komodity a spot ETF větší jasnost než většina altcoinů.
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.
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 uvedl, že volatilita Bitcoinu klesla zhruba z 80 na 35 až 40 bodů. Podle Jay Jacoba za tím stojí ETP, opce, hlubší likvidita a více dlouhodobých držitelů.
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.
Strategy’s bitcoin acquisition could resume after a two-week break, according to a new message from Michael Saylor. Indeed, the company’s executive chairman broadcast the group’s purchase chart with a reference to the orange color, however no transaction is yet confirmed.
In Brief Michael Saylor suggests a possible resumption of bitcoin purchases by Strategy. No new purchase is yet confirmed via a filing with the SEC. Strategy currently holds 845,050 BTC, acquired for $63.73 billion. The company is coming out of two weeks without new Bitcoin acquisition. The next regulatory report will confirm or not a new transaction. Strategy’s Bitcoin purchase remains a mere signal On September 20, Michael Saylor posted the chart showing the bitcoin acquisitions made by Strategy. His message was limited to four words: “a little more orange“, meaning “a bit more orange”. Each orange dot on the document represents a purchase made by the company.
Such a publication is similar to previous clues released by Saylor before an official communication. However, it does not prove that a transaction has already occurred. Only a new form filed with the SEC will confirm the number of bitcoins purchased, the amount spent, and the average price paid.
At this level, the available statistics currently summarize the company’s position :
Strategy holds 845,050 BTC ; These bitcoins cost $63.73 billion ; Their average acquisition price reaches $75,412 ; The group made no purchases between September 8 and 13 ; Its next regulatory filing will confirm any possible operation. At the price displayed on the chart published by Saylor, the reserve was worth nearly $67.90 billion. This estimate, however, changes in real time with the crypto’s price.
Strategy emerges from two weeks without new acquisition The last confirmed acquisition dates back to the period between August 24 and 30. At that time, the firm purchased 4,603 BTC for nearly $369.7 million. The average price for that transaction was $80,318 per bitcoin.
This acquisition signaled Strategy’s return after several weeks of interruption. Michael Saylor had already paved the way with a message before the company communicated the operation’s details.
Then, the firm maintained an unchanged reserve during two consecutive reporting periods. In its September 14 report submitted to the Securities Exchange Commission, it confirmed having neither acquired nor sold bitcoins between September 8 and 13;
The current reserve, i.e., the 845,050 BTC held, now constitutes just over 4% of the maximum supply of 21 million bitcoins. This concentration makes Strategy the leading publicly traded company holding BTC, although it increases the sensitivity of its balance sheet to market fluctuations.
Strategy’s Bitcoin purchase could mobilize $1.3 billion As of September 13, Strategy had $1.30 billion of flexible cash. The company can use these funds to acquire bitcoin, strengthen its dollar reserves, or intervene in various financial securities.
Thus, the group separately holds a reserve of $5.10 billion. This is mainly used to cover dividends on its preferred shares and interest due on its debt. It therefore does not immediately represent a fund dedicated to upcoming BTC purchases.
During the week ending September 13, Strategy chose to allocate $139.3 million to repurchasing 1,420,467 STRC preferred shares. This preference reveals that the accumulation of bitcoins is no longer the only immediate goal of its capital management.
The issuance of common shares, preferred securities, or debt could also finance a new transaction. These instruments offer Strategy significant acquisition capacities, but they expose shareholders to dilution, dividends, and financing costs.
An official document must still confirm the purchase Michael Saylor’s Sunday announcements are currently an indicator closely followed by the market. Usually, the firm communicates transaction details early the following week, when the operations have already been executed.
The next report will show if the expression “a bit more orange” truly corresponds to an increase in reserves. It will also indicate the acquisition period, the number of BTC obtained, and the source of funding.
After the recent repurchase of STRC shares, a resumption of purchases could indicate that Strategy again deems conditions favorable for accumulation. In the absence of a SEC filing, Saylor’s message remains an invitation to speculation, and not an official financial announcement.
Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Join the program
A
A
Lien copié
Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
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.
Americká spotová bitcoinová ETF spravují aktiva v hodnotě zhruba 102,5 miliardy USD a drží asi 6,29 % celkové nabídky bitcoinu. BlackRockův IBIT sám kontroluje odhadovaných 693 000 až 786 000 BTC.
US spot Bitcoin ETFs now manage roughly $102.5 billion in assets, holding approximately 6.29% of Bitcoin’s entire supply. That’s around 1.27 to 1.32 million BTC sitting in cold storage, effectively pulled from active circulation since these products launched in January 2024.
BlackRock is eating the competition alive BlackRock’s iShares Bitcoin Trust, known by its ticker IBIT, holds an estimated 693,000 to 786,000 BTC. That gives it a commanding share of the total ETF market, often exceeding 60% of all Bitcoin ETF assets.
IBIT has pulled in more than $60 billion in cumulative inflows since launch. Fidelity and Grayscale have struggled with net outflows during various periods. Grayscale’s converted GBTC product shed significant holdings as investors rotated into lower-fee alternatives. The cumulative net inflows across all US spot Bitcoin ETFs sit at approximately $55 billion, which means BlackRock alone accounts for a disproportionate chunk of the total capital that’s actually stuck around.
The supply squeeze no one can ignore Bitcoin has a hard cap of 21 million coins. Bitcoin held by ETFs doesn’t get lent out, staked, or traded on exchanges. It just sits there, backing the shares that investors buy and sell on traditional stock markets. Every BTC that enters an ETF’s custody is one fewer BTC available for spot market transactions.
According to current market valuations, reaching the 10% ownership threshold would require an additional $60.5 billion in ETF assets. That figure assumes Bitcoin’s price stays flat, which, if the supply dynamics play out as expected, it almost certainly wouldn’t. Rising prices would raise the cost of each incremental BTC, meaning the actual capital required to hit 10% could be substantially higher.
At current implied valuations, Bitcoin’s total market cap sits at roughly $1.63 trillion. The ETFs’ $102.5 billion share of that represents a level of institutional participation that would have seemed almost fantastical during the 2022 bear market, when the SEC was still blocking every spot ETF application that crossed its desk.
What institutional adoption actually looks like The spot Bitcoin ETF approvals in January 2024 gave pension funds, registered investment advisors, and wealth management platforms a compliant vehicle to gain Bitcoin exposure. No private keys, no custody headaches, no explaining to a compliance department why you need a Ledger wallet. Just a ticker symbol on a brokerage screen.
ETF inflows have shown resilience through multiple Bitcoin price corrections, with assets under management hovering around the $100 billion mark throughout September 2026. When Bitcoin’s price dips, the dollar value of ETF holdings drops mechanically, but the BTC held in custody doesn’t leave.
What happens from here With roughly 19.7 million BTC mined and millions likely lost or permanently dormant, the actively traded supply is already smaller than the headline number suggests. Removing another 4% from circulation to reach that 10% threshold would further compress the liquid supply at a time when demand channels, from ETFs to corporate treasuries to sovereign interest, continue to expand.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitcoin se po návratu přílivů do ETF odrazil nad 80 000 USD a za den přidal více než 5 %. Americké spotové Bitcoin ETF vykázaly čisté přílivy asi 160 milionů USD.
Bitcoin recovered sharply this week, erasing recent losses as it climbed from the low $75,000 range to above $80,000 in a volatile trading stretch impacted by both regulatory and macroeconomic factors.
Fed interest rate hike and regulatory developmentsThe backdrop for Bitcoin’s price action included the Federal Reserve’s first interest rate hike since July 2023. The central bank increased its benchmark rate by 25 basis points, setting the new target range at 3.75% to 4%. In projections released with the decision, the Fed indicated that interest rates could remain higher for longer, hinting at another possible increase in 2026.
Meanwhile, the US Senate failed to advance the Clarity Act, which had aimed to introduce a more comprehensive federal framework for digital assets. The procedural vote did not reach the 60-vote threshold required, leaving the bill stalled and creating further uncertainty regarding the timeline for broad crypto regulation in the United States.
Despite market expectations for the Fed’s move, the prospect of prolonged restrictive monetary policy increased caution among investors, typically making speculative assets such as cryptocurrencies less attractive in the short term.
The regulatory setback was seen as having broader implications for the digital asset sector, although its direct impact on Bitcoin was limited due to its relatively more established legal status in the US.
Market participants noted that while the Senate vote added uncertainty, Bitcoin remained under an existing regulatory framework, so its short-term risk was lower compared to other cryptocurrencies directly awaiting clarifications from new legislation.
Price volatility and capital flowsBitcoin started September trading between $80,000 and $81,000 but struggled to maintain upward momentum throughout the first half of the month. The price weakened sharply around September 10, falling to approximately $76,500 and remaining within the $76,000 to $79,000 band for several days.
A short-lived recovery on September 14 briefly pushed BTC to about $78,200 before sellers returned, pressuring the asset further. The sell-off accelerated following the Senate’s procedural vote on September 15, pushing Bitcoin below $76,000 and deepening uncertainty for traders and investors.
By September 16, Bitcoin touched near $75,000, with capital flows weakening across the crypto market. Analytics firm Glassnode observed that Bitcoin ETFs experienced outflows and both new capital and stablecoin growth slowed during this period.
ETF inflows and outflows have emerged as key drivers in Bitcoin’s price dynamics. Spot Bitcoin ETFs in the US, introduced in early 2024, allow institution-level and traditional investors direct access to the crypto asset via regulated channels.
Mini dictionary: Spot Bitcoin ETF, a type of investment fund that holds Bitcoin directly and is traded on traditional exchanges, offering investors exposure to Bitcoin without needing to buy or store the cryptocurrency themselves.
ETF inflows fuel sudden reboundAfter stabilizing near $76,000 over September 16 and 17, Bitcoin surged more than 5% on September 18. Prices briefly exceeded $80,000, reaching around $80,700 to $80,900. This rebound was closely tied to renewed ETF inflows: US-listed spot Bitcoin ETFs posted approximately $160 million in net inflows that day, reversing two days of prior outflows.
DateBTC Price (approx.)ETF Net FlowsSept. 16$75,000NegativeSept. 18$80,700–$80,900+$160 millionInstitutional interest through ETF products has become a major variable influencing spot market trends for Bitcoin. While daily ETF flows can fluctuate, consistent inflows may help support higher prices by increasing aggregate demand.
Bitcoin recovered from its weekly lows, fueled by a sharp increase in ETF inflows and renewed institutional demand, even as broader market risks and uncertainty around US crypto regulation persisted.
Uncertainty remains for digital assetsDespite the rebound, underlying risks have yet to be resolved. The prospect of elevated interest rates from the Federal Reserve and the stalled progress of the Clarity Act maintain a high level of uncertainty for the digital asset industry.
At the same time, ongoing regulatory activity from agencies such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) ensures that oversight of the space remains active, regardless of congressional delays.
Market participants continue to focus on ETF flows, monetary policy, and global risk appetite as the main variables likely to influence Bitcoin in the near term. The rapid move from below $75,000 to above $80,000 illustrates Bitcoin’s elevated volatility, with its next direction likely to depend on how these competing forces play out.
U.S. spot crypto exchange-traded products recorded about $70.7 million in combined net outflows during the Sep. 14–18 trading week, as withdrawals from Ether funds outweighed demand for Bitcoin, Solana, and Hyperliquid products.
Summary
Spot Bitcoin ETFs ended the week with a modest $6.1 million net inflow after attracting $433 million on Friday. Spot Ether ETFs lost about $140.6 million, extending their weaker flow trend despite a $143.7 million Friday rebound. Solana ETFs took in $60.7 million, led by $47.6 million entering Bitwise’s BSOL on Friday. Hyperliquid ETFs recorded $3.1 million in weekly net inflows after three positive sessions offset Tuesday’s withdrawals. The flows came during a volatile week in which the Federal Reserve raised interest rates by 25 basis points, and Bitcoin later reclaimed $80,000. According to data from Farside Investors, the four U.S. crypto ETF categories tracked by the firm diverged sharply during the week. Bitcoin products recovered from $746.3 million of combined withdrawals on Tuesday and Wednesday, while Ether ETFs failed to erase their midweek losses.
Solana funds drew fresh capital in four of the five sessions, including their strongest day of the week on Friday. Hyperliquid products also finished positive, although their $3.1 million weekly gain remained small compared with flows into the larger crypto funds.
Bitcoin ETFs erase most weekly losses with $433M Friday inflow U.S. spot Bitcoin ETFs posted a net inflow of $6.1 million for the week after two large redemption days nearly pushed the group to a steep weekly loss.
The funds began with a $159.9 million inflow on Monday before losing $450.4 million on Tuesday and $295.9 million on Wednesday. Investors returned on Thursday with $159.5 million, followed by $433 million on Friday, the largest daily inflow of the week.
BlackRock’s IBIT led the weekly rankings with $120.6 million in net inflows. Fidelity’s FBTC followed with $79.9 million after drawing $310.7 million on Friday, the biggest single-fund inflow recorded that day.
Morgan Stanley’s MSBT added $13.2 million, while Franklin Templeton’s EZBC received $4.6 million. The gains were partly offset by $141.9 million in withdrawals from ARK 21Shares’ ARKB and $62.3 million from Grayscale’s GBTC. Bitwise’s BITB lost $2.7 million, and VanEck’s HODL shed $5.3 million.
The late reversal coincided with Bitcoin’s return above $80,000 on Friday. The asset had come under pressure earlier in the week as the Federal Reserve raised its target rate by 25 basis points to 3.75%–4.00%, its first increase in more than three years. Bitcoin later rallied as oil prices eased and crypto-linked stocks recovered.
Ether ETFs post $140.6M weekly outflow U.S. spot Ether ETFs recorded approximately $140.6 million in net withdrawals, making Ether the weakest of the four crypto ETF categories covered by Farside.
The group attracted $121.1 million on Monday but lost $142 million on Tuesday, $224.1 million on Wednesday and $39.3 million on Thursday. A $143.7 million Friday inflow reduced the weekly deficit without fully reversing it.
BlackRock’s ETHA accounted for a net weekly outflow of $56.1 million despite taking in $114.3 million on Friday. Fidelity’s FETH lost $25.9 million, while Bitwise’s ETHW shed $33.1 million.
Grayscale’s ETHE posted $31.4 million in withdrawals. VanEck’s ETHV lost $10.3 million, 21Shares’ TETH shed $1.9 million, and Invesco’s QETH recorded a $5.4 million outflow.
BlackRock’s ETHB and Grayscale’s lower-fee ETH fund moved in the opposite direction, taking in $7 million and $16.2 million, respectively. Farside’s daily totals contain rounded fund-level figures, which can produce small differences when individual entries are added.
Ether’s negative weekly result widened the gap with Bitcoin products. Bitcoin ETFs recovered nearly all of their midweek redemptions, while the Friday demand for Ether funds covered only part of the $405.4 million withdrawn across the prior three sessions.
Solana ETFs draw $60.7M as BSOL leads Friday demand Farside’s Solana ETF data showed $60.7 million in net inflows for the week, the strongest total among the four tracked crypto assets.
Solana funds received $11 million on Monday, $1.3 million on Tuesday and $800,000 on Wednesday. Thursday ended with no net movement before Friday’s inflow reached $47.6 million.
Bitwise’s BSOL generated $58.7 million of the weekly total. Grayscale’s GSOL contributed a net $2 million after a $3.9 million Monday inflow was partly offset by a $1.9 million withdrawal on Wednesday.
The remaining Solana products reported no net flows during the week. Friday’s $47.6 million allocation went entirely to BSOL, giving the Bitwise fund almost 97% of the category’s weekly net intake.
Hyperliquid ETFs add $3.1M during mixed week Hyperliquid ETFs ended the week with $3.1 million in net inflows. The products recorded no movement on Monday, followed by a $3.9 million outflow from Bitwise’s BHYP on Tuesday.
Flows turned positive during the rest of the week. 21Shares’ HYPG received $1.7 million on Wednesday, while Thursday brought $1.9 million into BHYP and $2.4 million into 21Shares’ THYP. BHYP added another $1 million on Friday.
The combined weekly data left Bitcoin funds close to flat, Ether products in net redemptions and the two smaller altcoin categories positive. Across all four categories, approximately $70.7 million exited on a net basis, with the $140.6 million Ether outflow exceeding the combined inflows into Bitcoin, Solana and Hyperliquid funds.
Stacks spustil Genesis Bond, první institucionální Bitcoinový bond, do kterého čtyři účastníci uzamkli zhruba 250 BTC. Program cílí na asi 3% APY vyplácený týdně v BTC.
Stacks just gave institutions something they’ve been quietly asking for: a way to earn yield on Bitcoin without handing over their keys. The network’s Genesis Bond went live on September 10, aligned with Bitcoin block 966,350, and four institutional participants collectively locked approximately 250 BTC into the program.
The participants, 21Shares, HashKey Cloud, UTXO Management, and Sypher Capital, are staking Bitcoin through a six-month bonding period that targets roughly 3% APY, paid out weekly in BTC. That yield doesn’t come from lending or rehypothecation. It comes from Stacks miners through the network’s Proof-of-Transfer mechanism.
How the Genesis Bond actually works Participants lock their BTC directly on Bitcoin Layer 1 using a timelock script. The coins never leave the base chain.
Advertisement
Alongside that locked BTC, participants hold a position in STX, the native Stacks token, worth approximately 5% of their Bitcoin position’s value. This STX is held on the Stacks network. The combination of locked BTC on Layer 1 and STX on Stacks creates what the protocol calls a “protocol bond.”
Yields flow from Stacks miners who commit BTC as part of the Proof-of-Transfer (PoX) consensus mechanism. Miners on Stacks essentially pay Bitcoin to mine STX blocks, and that Bitcoin gets redistributed to stackers. Since PoX launched in January 2021, the mechanism has distributed over 4,200 BTC to participants, valued at more than $500 million at historical prices.
At the end of the six-month term, participants recover full custody of their locked Bitcoin. No bridges, no wrapped tokens, no third-party custodians sitting between the institution and its BTC.
Sypher Capital participated through a slightly different route, using StackingDAO’s pooled staking infrastructure. The other three institutions bonded directly.
The road to institutional stacking UTXO Management became the first institutional participant in Stacks stacking back on May 28, serving as a proof of concept for the broader Genesis Bond. Earlier in 2026, Stacks integrated Fireblocks custody support. The biggest technical prerequisite was the PoX-5 hard fork, which activated around July 29-30. That upgrade enabled the specific bonding and yield distribution mechanisms the Genesis Bond relies on.
Why 3% on Bitcoin matters more than it sounds The 5% STX requirement introduces exposure to a second asset. If STX drops significantly during the bonding period, the effective return measured in dollar terms could be diminished even if the BTC yield arrives as promised.
A second bonding period is planned for early October 2026 with expanded capacity. The longer-term roadmap points toward a permissionless model where any institution, and eventually any holder, could participate without needing to be part of a curated cohort.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Morgan Stanley’s spot Bitcoin ETF has been on a shopping spree. The Morgan Stanley Bitcoin Trust, ticker MSBT, scooped up roughly 642 BTC worth approximately $50.6 million through a series of transfers from Coinbase Prime over a two-week stretch in September 2026. And in a detail that would make any fund manager jealous, the product has recorded essentially no net outflows since its April launch.
The MSBT has pulled in cumulative net inflows exceeding $538 million, pushing its total net assets to somewhere between $586 million and $635 million by mid-September. For a product that represents Wall Street’s old guard tiptoeing into Bitcoin territory, those numbers are more than a toe.
How the fund got here Morgan Stanley launched MSBT on April 8, 2026, making it the first spot Bitcoin ETF from a major US bank-affiliated asset manager.
The fund’s first month set the tone. MSBT pulled in $193.6 million in net inflows across its initial 30 days, with only a single recorded day of net outflows in its entire history.
The product charges a 0.14% expense ratio, which made it the cheapest spot Bitcoin ETF at launch. Coinbase Custody handles the actual Bitcoin storage, while BNY Mellon serves as administrator. The fund tracks the CoinDesk Bitcoin Benchmark Rate.
The September accumulation, visible through on-chain data, showed multiple transfers flowing from Coinbase Prime into the fund’s wallets. Roughly $50.6 million in Bitcoin moved across those transactions over about two weeks, suggesting steady creation of new ETF shares to meet ongoing demand rather than a single large institutional buy.
Who’s actually buying The majority of inflows have been driven by self-directed clients, not Morgan Stanley’s financial advisors. That distinction matters. Morgan Stanley manages trillions in client assets through its wealth management division, and if the advisor channel hasn’t fully engaged yet, the current numbers represent something closer to the floor than the ceiling.
Self-directed clients are essentially people who log into their Morgan Stanley accounts and buy the ETF on their own, without a financial advisor recommending it. These are investors who already know they want Bitcoin exposure and are choosing to get it through a familiar, regulated wrapper rather than buying crypto directly.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
