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Bloomberg Intelligence senior commodity strategist Mike McGlone said Bitcoin has delivered relatively weak investment performance compared with the S&P 500 despite showing much higher volatility. McGlone argued that one-tenth of Bitcoin’s price first reached a level similar to the S&P 500 Index, or SPX, in 2021, and the two figures remain broadly similar now. He said Bitcoin’s volatility is about three times that of the S&P 500, adding that BTC is difficult to view as an efficient asset for portfolio and risk management because it has not generated commensurate returns despite carrying higher risk and correlation.

If BTC rises above $80,547, about $452.26 million in short positions could be liquidated across major centralized exchanges, according to CoinGlass data. If BTC falls below $78,825, about $300 million in long positions could face liquidation.

Crypto market maker Wintermute has been buying PONS, the native token of Robinhood Chain’s non-custodial token launchpad PONS, in tranches, Arkham reported. Wintermute currently holds about $3 million worth of PONS, according to Arkham.

Nayib Bukele, president of El Salvador, denied a report by Spanish media outlet El Pais that ownership and management of the country’s strategic Bitcoin reserve had been transferred to a private operator. Bukele said the report was entirely false and argued the IMF material cited by El Pais referred not to El Salvador’s strategic BTC reserve, but to equity linked to the Chivo wallet.

Binance’s Bitcoin open interest surged near the $82,000 level, pushing above $10 billion for the highest level in six months, according to a CryptoQuant analysis by contributor Darkfost. Darkfost said open interest rose about 8% over the past 24 hours, with Binance’s share of total BTC open interest climbing above 37%. Darkfost said the increase appeared to reflect both a rise in the U.S. dollar value of existing positions as BTC gained and fresh inflows of speculative capital. Darkfost added that while speculative demand in the futures market can support short-term price gains, the uptrend would need buying from spot investors to continue, and current spot demand remains insufficient.

A UK investor who had believed Bitcoin was lost after an exchange shut down in 2012 has recovered the assets around 14 years later by proving ownership, CoinDesk reported. The original investment of about $2,000 has grown to roughly $4.5 million. CoinDesk said the investor, known by the pseudonym Chris, bought about $2,000 worth of BTC through UK crypto exchange Britcoin in December 2011. Britcoin later became Intersango, which halted trading in late 2012 and shut down in early 2014. UK law firm CEL Solicitors said it identified wallets believed to be linked to former Intersango users using crypto-tracing software, with more than 5,500 BTC, currently worth about $421 million, held in those wallets. Chris bought the BTC at under $4 per coin, and the recovered assets are now valued at about $4.5 million, according to the report. CEL Solicitors added other former Intersango customers could also be able to recover assets if they can prove past BTC purchases and holdings.

Ethereum is currently posting its third-best third-quarter performance on record, Cointelegraph reported, citing CoinGlass data. A comparison with returns from the same period in past years showed only two previous instances in which the third-quarter gain was larger than this year’s.

U.S. House Financial Services Committee Chairman French Hill said he is confident the CLARITY Act, a crypto market structure bill, will pass Congress before the November midterm elections. In a recent Fox Business interview, Hill said he agrees with U.S. SEC Chairman Paul Atkins’ view that passage of the CLARITY Act is necessary. Hill said the bill is highly important for the U.S. digital asset industry, adding that the House passed it last summer with support from 78 Democratic lawmakers and that the Senate is now next to take it up. Hill also said bipartisan senators have spent the past year continuing talks to reach agreement on the bill.

On-chain activity by early Bitcoin investors who have held BTC for more than five years has risen sharply in recent days, according to a CryptoQuant analysis by contributor Darkfost. Darkfost said the market’s recent sideways movement appears to have increased uncertainty even among long-term Bitcoin holders, likely driving the uptick in their on-chain activity. Darkfost added that the BTC transfers do not necessarily indicate selling, and some of the coins may have been moved to more secure storage methods amid issues tied to the Coldcard hack.

Alice Liu, CoinMarketCap’s head of research, said in an interview with Cointelegraph that AI-themed cryptocurrencies launched in the previous cycle and later turned into meme tokens, meaning AI tokens with no real utility or infrastructure, risk converging to zero value. Liu added that solid AI projects do exist in crypto with strong infrastructure and real utility, but those fundamentally backed AI tokens are also likely to trade at a discount in the market because of the useless AI-themed coins mentioned earlier. Liu said investors still find it much easier to shift their attention to AI-related stocks than to AI-themed tokens.

BNB has moved higher in the short term and reclaimed the $750 level, according to CoinNess market monitoring. BNB was trading at $751.13, up 4.7%, against USDT on Binance.

A recent surge in trading volume on Robinhood Chain, an Arbitrum-based Ethereum layer-two network, appears to have come mostly from existing crypto traders rather than new user inflows, according to Lorenzo Valente, head of digital asset research at crypto investment firm ARK Invest. Valente said he reviewed on-chain data and analyzed contract-level data directly, concluding that the vast majority of Robinhood Chain volume appears to have been driven by existing Degen traders, meaning crypto-native traders. Robinhood Wallet swap transactions are routed through 0x’s Settler contract, which Valente said is currently the only transaction type that can be clearly identified on-chain as Robinhood user activity. Even so, those transactions account for under 1% of total transactions, he said. Even under a generous assumption that some unidentified transactions also came from Robinhood users, the share would be only around 5%, according to Valente. The rest appears to reflect trading flows from existing traders using terminals such as GMGN, Axiom and OKX, with those traders behaving much as they do on other chains. In the end, Valente said, existing market veterans simply moved to a new chain rather than bringing in new users.

The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest: Overall: 48.96% long, 51.04% short - Binance: 48.23% long, 51.77% short - Bybit: 47.78% long, 52.22% short - Gate: 49.19% long, 50.81% short

Bitcoin’s so-called four-year cycle has continued to produce progressively smaller rallies from trough to peak and milder declines from peak to trough, according to a Bitcoin.com analysis. The outlet said claims that this cycle is different from past ones have surfaced repeatedly, but the broader long-term market pattern remains intact. In each cycle, expectations emerged that the arrival of new buyer groups would halt price declines, yet sharp corrections still followed. It added that peak-to-trough declines have steadily narrowed, to around 85% in 2014, 84% in 2017, 77% in 2020-2021, and 53% in 2024-2025. Gains from cycle lows have also decreased in sequence from 580x to 130x, 22x, and 8x. Bitcoin.com said the market has matured and attracted institutional investors, alongside the launch of spot ETFs, but those factors may both reduce downside volatility and cap upside potential. According to CoinMarketCap, BTC was trading at $79,680, down 1.34%.

The dollar value of Uniswap’s daily UNI burn reached $1.15 million for the first time on Sept. 4, topping $1 million for the first time, Wu Blockchain reported. Uniswap burned a total of 184,000 UNI that day, marking the second-largest daily burn on record by token amount. Of that total, about 150,000 UNI was attributed to burns tied to Uniswap trading on Robinhood Chain. The recent surge in Uniswap’s UNI burn appears to reflect increased trading activity on Robinhood Chain. On the same day, Robinhood Chain’s daily DEX trading volume exceeded $3 billion for the first time, with Uniswap accounting for as much as 98% of the total. Robinhood Chain is an Ethereum layer-two network launched by U.S. stock and cryptocurrency trading platform Robinhood (Nasdaq: HOOD) based on Arbitrum technology.

Nasdaq-listed TRON (DAT) said on its official X account on Sept. 5 that it bought an additional 151,042 TRX at an average purchase price of $0.331, worth about $50,000. The purchase brought the company’s total TRX holdings to 713 million TRX. According to CoinMarketCap, TRX was trading at $0.332, up 1.02%, at the time of writing.

Robinhood Chain, an Arbitrum-based Ethereum layer-two blockchain developed by U.S. stock and crypto trading app Robinhood (NASDAQ: HOOD), posted a record $6.12 million in daily fee revenue on Sept. 4, Tom Wan said. Wan added, "I thought Robinhood Chain’s design would make it difficult for daily fee revenue to rise above $4.6 million, but it surpassed $6 million in just one day." Based on the past seven days, Robinhood Chain’s annualized fee revenue has reached $1.1 billion, Wan said.

Nasdaq-listed Bitcoin miner Bitdeer said via its official X account that, as of Sept. 4 local time, it mined 282 BTC this week and sold the entire amount. The company has maintained a zero-Bitcoin treasury strategy since February, selling all BTC it has mined. Bitdeer reduced its BTC holdings to zero as of Feb. 20 and has continued converting all newly mined Bitcoin into cash since then.

Active accounts on Ripple’s layer-one blockchain XRP Ledger, or XRPL, fell sharply from a year earlier, while order-book trading volume and the value of tokenized assets increased, CoinDesk reported. The number of accounts participating in XRPL order-book trading fell about 40% year over year, while daily active accounts and new accounts declined 24% and 25%, respectively. In contrast, XRPL order-book trading volume in the second quarter of this year rose 79% from a year earlier. The average value of tokenized assets on XRPL in the second quarter reached $3.72 billion, more than doubling from the previous quarter and surging more than 30-fold from a year earlier. Growth in dollar-pegged stablecoin RLUSD was identified as a key factor behind the expansion in tokenized asset value.

Southeast Asia’s blockchain industry has attracted $680 million in equity investment so far this year, more than double the $319 million raised in all of 2025, CoinDesk reported. According to market intelligence platform Tracxn, the number of blockchain funding rounds in Southeast Asia fell to 25 this year from 46 last year, while capital was concentrated in crypto financial services and later-stage companies. Crypto.com’s $400 million Series D round alone accounted for about 60% of total funding. By country, 82.5% of the $6.2 billion in cumulative investment raised by Southeast Asian blockchain firms was concentrated in Singapore.

Poland’s lower house failed to override the president’s veto of a cryptocurrency regulation bill, local state news agency PAP reported. Polish President Karol Nawrocki had previously vetoed the bill passed by parliament, saying it would impose excessive regulation on the industry. The Sejm attempted a revote on Sept. 4 to overturn the veto but failed to secure the three-fifths majority required from seated lawmakers, according to PAP. It was the third time a Polish president has vetoed a cryptocurrency regulation bill, and the legislation includes a provision designating the Polish Financial Supervision Authority (KNF) as the regulator.

Local financial and crypto firms have submitted comment letters on U.S. SEC reviews of new ETFs, exposing a split between calls for faster reviews and arguments for a more cautious approach, CoinPost reported. Grayscale, the U.S. asset manager behind a Bitcoin ETF, urged the SEC to introduce a process allowing applicants to submit draft filings privately before making formal ETF applications public. Grayscale argued the procedure could help prevent rivals from copying applications and launching similar products. The firm also proposed requiring the SEC to respond within 45 days of receiving an application. 21Shares, a Swiss ETP manager, submitted a similar view to the SEC. By contrast, Jane Street, a major U.S. market maker, argued for caution against rushing ETF listings, warning that approvals without sufficient review could create problems with product design or liquidity. Charles Schwab, a major U.S. brokerage, also opposed making the entire application process nonpublic.

U.S. spot Ether ETFs recorded about $26.46 million in net inflows on Sept. 4, extending inflows from yesterday while the amount declined sharply, according to SoSoValue. - BlackRock ETHA: +$57.79 million - Fidelity FETH: -$48.30 million - BlackRock Staking ETHB: +$16.44 million - Morgan Stanley MSSE: +$528,000

Connecticut authorities issued a consumer alert on overseas DeFi trading platforms after disclosing a case in which a local resident lost $200,000 to a scam involving an impostor posing as an acquaintance. Connecticut Attorney General William Tong strongly criticized seven unregulated offshore platforms in the U.S., including GMX, dYdX and Hyperliquid, calling them "not innovation, but exploitation." Tong said the platforms offer leverage of up to 250x and trading in synthetic assets rather than actual stocks, leaving users at risk of a full liquidation of principal even on small price moves. Tong added that the decentralized nature of the trading venues makes fund recovery virtually impossible. The attorney general's office also said secondary scams are spreading, with fraudsters demanding upfront fees under the pretense of helping victims recover lost funds. It urged residents to verify whether a service is properly registered and to report suspected fraud promptly.

U.S. spot Bitcoin ETFs recorded net inflows of $174.6 million on Sept. 4, marking a third straight trading day of net inflows, according to Farside Investors. - BlackRock IBIT: +$117.4 million - Fidelity FBTC: +$57.2 million