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An anonymous whale address beginning with 0xA314 deposited 8 million USDC into Hyperliquid (HYPE) 30 minutes ago and opened $71.8 million in short positions on BTC and ETH, EmberCN reported. Both positions use 20x cross leverage. The BTC position is worth $46.94 million with an average entry price of $78,032, while the ETH position is worth $24.89 million with an average entry price of $2,479.

Bitcoin treasury company Strive (ASST) announced it bought an additional 1,110 BTC last week, bringing its total holdings to 21,356 BTC. Strive also holds 505,000 shares of Strategy (MSTR) preferred stock STRC, valued at $48.57 million, along with $171.9 million in cash.

Strategy did not buy Bitcoin last week. Instead, it increased its cash holdings by $1.9 billion, bringing total cash reserves to $6.68 billion. The company also repurchased $136 million of its preferred stock, STRC, during the week. Strategy currently holds 840,447 BTC, with an average purchase price of $75,385.

U.S. Treasury Secretary Scott Bessent said the Treasury could use about $1 trillion from the Treasury General Account, or TGA, to finance bond purchases, CNBC reported, citing sources. The TGA is the Treasury’s cash account at the Federal Reserve, and if the Treasury reduces the balance to buy government bonds, the funds would be paid to institutions such as banks and funds, increasing cash liquidity across markets. For cryptocurrencies, which are considered liquidity-sensitive risk assets, a decline in the TGA balance could be seen as a favorable backdrop. Separately, the U.S. Treasury recently announced it would at least double its bond-buying pace to as much as $4 billion starting in September, after which BTC has shown a sharp upward trend.

Nasdaq-listed Digital Currency X Technology (DCX) plans to seek shareholder approval for a 160-for-one reverse stock split at a shareholders’ meeting on Sept. 3, CryptoSlate reported. The company, which shifted its business from electric vehicles to cryptocurrency, plans to reduce its authorized share count to 18.75 million and then raise it back to three billion shares. A reverse stock split was also carried out in January, when the company cited efforts to avoid a Nasdaq delisting. No reason was specified for the latest proposed reverse stock split. The stock closed at $1.03 yesterday. Digital Currency X holds 157.45 million EDGEAI, valued at $402 million.

$215 billion flowed into the altcoin market from Aug. 19 to 22, pushing total altcoin market capitalization above $1 trillion, according to on-chain analyst Darkfost. Darkfost said 56% of altcoins listed on Binance, the world’s largest cryptocurrency exchange, are trading above their 200-day moving averages, which signals the market may be entering a new phase. The reversal came after a series of comments by U.S. President Donald Trump on Aug. 19, when Trump said the United States is considering large-scale BTC purchases at the national level and urged Congress to pass the CLARITY crypto regulatory bill. Darkfost added that the market has entered overbought territory, so a short-term pullback remains possible, but said there is no need to rush and more investment opportunities could emerge if the current momentum stays strong.

The European Securities and Markets Authority updated its European Union Markets in Crypto-Assets registry after nine days, bringing the total number of licensed crypto-asset service providers to 331, Cointelegraph reported. Germany added six cooperative banks, lifting its total to 79 MiCA-licensed firms, the highest in the EU. France ranked next with 35, followed by the Netherlands with 29.

Three crypto market-making firms including Abraxas Capital, Pasaana Capital and Wintermute have built $603 million in Bitcoin and ETH short positions on Hyperliquid and are sitting on about $75 million in unrealized losses, according to Crypto Briefing. Despite a sharp rise in BTC and ETH and a wave of forced liquidations in short positions, the firms increased the size of those positions, the outlet reported. Crypto Briefing said the trades appear to be aimed at hedging spot holdings or reflect a view that the current rally has become excessive amid macro liquidity conditions. As the positions use leverage, the actual capital committed may be smaller than the total exposure. The outlet added that because the positions are visible on-chain, they could become targets for buying pressure aimed at triggering liquidations.

India is preparing to issue its first tokenized corporate bonds next month as part of a test of blockchain-based bond trading, Reuters reported, citing three sources familiar with the matter. The sources said the first bonds are expected to be issued by REC, a state-owned power financing company, and India’s central bank digital currency is likely to be used as the settlement instrument. During the pilot phase, the product will be offered only to a limited group of investors, while details on the issuing entity, schedule and framework have not been disclosed.

More than $40 million worth of cryptocurrency was stolen in three security breaches last week, on-chain analyst Specter said on X. Specter said substantial capital flowed into the market over the period, while hackers also stole large sums, mainly through social engineering and phishing links. Specter added that crypto is not an industry where investors can buy assets and go to sleep, stressing that security is part of investing and users need to stay familiar with the latest hacking techniques, vulnerabilities and phishing methods. Major drain incidents last week included the theft of $25.6 million from a whale address on OpenSea beginning with 0x8fEB0, known as TLBL.

The Cardano community has begun detailed discussions on adopting quantum-resistant wallets, CoinGape reported. Cardano ecosystem contributor Robert Phair recently shared a snapshot from a community governance proposal, or CIP, showing the issue under discussion. Two proposals now appear to be under review, both including wallet upgrade measures aimed at countering quantum computing attacks. According to CoinMarketCap, ADA was trading at $0.2192, down 1.28%, at the time of writing.

Strategy founder Michael Saylor said thinking like a billionaire makes it clear Bitcoin is the right answer as an investment. In a post uploaded to X, Saylor said Bitcoin has passed the "Bernard Arnault test," which he described as first asking, when deciding what to invest in, whether someone wealthier and more cultured would still want to buy that asset from him 10 years later. By that measure, Saylor said, Bitcoin is an asset the wealthy will still want to buy a decade from now.

According to CoinNess market monitoring, BTC has risen above $78,000. BTC is trading at $78,009.99 on the Binance USDT market.

Investor sentiment in the altcoin market has turned optimistic, according to Glassnode. Around 85% of all altcoin futures pairs are posting funding rates above their baseline levels, which Glassnode said marks the highest reading since Bitcoin traded at an all-time high. If the market has entered an altseason, the trend could persist for several weeks, although excessively high funding rates could also increase the risk of a correction by signaling crowded long positioning.

Bitcoin rose more than 20% last week for its biggest weekly gain since March 2024, as changing liquidity conditions in the U.S. Treasury market prompted a market reassessment, according to crypto trading firm QCP Capital. QCP Capital said large-scale short covering drove the market early in the rally, while buying later spread through spot demand. U.S. spot Bitcoin ETFs saw about $2.6 billion in net inflows, which QCP Capital described as the biggest weekly inflow since October last year. The firm added that the U.S. Treasury's announcement doubling the size of its long-term Treasury buybacks was effective, after which long-term Treasury yields fell and the dollar weakened while BTC and gold rose. QCP Capital said the buybacks were a debt-management measure rather than quantitative easing, or QE, and added that macroeconomic uncertainty remains in place.

Japan’s Financial Services Agency has lifted the 1 million yen ($6,700) cap on stablecoin transactions for some operators, a move seen as opening the market to broader institutional participation, according to Crypto Briefing. The limit had applied to second-category funds transfer service providers. Crypto Briefing said the cap, introduced under the revised Payment Services Act in 2023, had drawn criticism for limiting stablecoin use largely to small peer-to-peer payments. Alongside the change, Japanese authorities plan to create a dedicated department for cryptocurrencies and stablecoins and establish a pathway for overseas-issued stablecoins to enter Japan.

Daily fees on HyperEVM, the EVM environment on Hyperliquid’s HYPE-native layer-one chain, climbed above $500,000 to a record high. According to DefiLlama data, HyperEVM generated $538,080 in fees on Aug. 23. Hyperliquid uses network fee revenue to buy back and burn HYPE.

Bitcoin has recently shown both risk-asset characteristics and hedging qualities against uncertainty at the same time, strengthening its appeal as a long-term hard asset, according to Zaye Capital Markets, a global financial market research firm. Wu Blockchain reported that the firm said Bitcoin continues to behave like a risk asset while also serving as a hedge against inflation, government debt and geopolitical uncertainty. The firm added that further gains would require genuine investor demand beyond buying driven by traders covering bearish positions. It also said institutional inflows, regulatory progress and conditions in the U.S. Treasury market could become more important drivers of Bitcoin’s price than simple momentum going forward.

An experiment by the Cleveland Federal Reserve using a survey of U.S. households last year found that respondents exposed to information about Bitcoin’s price gains were more likely to hold virtual assets, according to CoinDesk. CoinDesk said the Cleveland Fed showed one survey group that Bitcoin had risen 14% over the previous year, and the share of respondents holding cryptocurrencies increased by 2.5 percentage points. Since about 11% of respondents said in their initial response that they held cryptocurrencies, the information exposure amounted to roughly a 23% increase in the holding rate. CoinDesk said the results could serve as evidence that exposure to past returns may bring new investors into the market.

USDD, the algorithmic stablecoin issued by the TRON DAO Reserve, has officially launched a vault feature on the Ethereum network, according to its official X account. The USDD Vault lets users deposit ETH or WBTC as collateral and mint USDD against a portion of that value, with a minimum collateral ratio of 130%, effectively offering a lending function. USDD also launched a WBTC vault on the TRON network in April.

Robinhood CEO Vlad Tenev expressed a bullish view on the crypto market, saying on the overseas podcast The Iced Coffee Hour that he also trades cryptocurrencies on Robinhood and personally likes the asset class. Tenev said his portfolio is fairly diversified and he remains optimistic about the crypto market and Bitcoin, although he does not make extreme forecasts such as BTC reaching $1 million within a specific period. Robinhood is widely seen as a crypto-friendly company in the United States and recently launched Robinhood Chain, its own Arbitrum-based Ethereum layer-two network.

MicroCloud Hologram, a Nasdaq-listed Chinese technology services provider, announced the acquisition of 140,268 shares of Strategy (MSTR) worth $15.76 million. The purchase was made through capital-linked structured notes. MicroCloud Hologram has also invested $200 million in Bitcoin-related derivatives and holds 2,353 BTC on its balance sheet.

One fund under global asset manager Fidelity International has doubled its gold holdings, Bloomberg reported. George Efstathopoulos, the portfolio manager running the fund, said the position had been doubled over the past three weeks as investors moved away from long-term Treasuries and began buying gold after the Federal Reserve’s meeting in July. He said this could be interpreted as a sign of weakening confidence in the Fed and rising policy uncertainty. Efstathopoulos added that if the U.S. dollar’s safe-haven status continues to weaken, the fund could consider raising its current 5% cap on gold holdings.

South Korean exchange Bithumb announced it will temporarily suspend STABLE deposits and withdrawals at 3:00 a.m. UTC on Aug. 26.

HashKey Exchange, a Hong Kong-regulated eligible cryptocurrency exchange, said on Aug. 24 it partnered with Franklin Templeton to distribute the asset manager’s on-chain money market fund grBENJI to investors in Asia. The fund primarily invests in government money market instruments, including U.S. Treasuries, and U.S. dollar-denominated cash-equivalent assets. Starting Aug. 24, grBENJI is officially available through Earn, HashKey Exchange’s deposit product channel, allowing eligible investors to invest directly in the fund.