Speaking on CNBC’s Squawk Box on September 11, Novogratz explained that treasury teams within crypto firms have recently shifted attention to other blockchain projects.

He noted that this has likely pulled some market energy away from Bitcoin in the short term.

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He pointed to recent activity involving Galaxy Digital, Jump Crypto, and Multicoin Capital as examples of companies directing funds toward newer tokens.

While Bitcoin has not shown much movement lately, Novogratz noted that it could change later in the year. He mentioned that a potential shift in US interest rate policy could drive another wave of demand for Bitcoin.

Additionally, he referenced SEC Chair Paul Atkins’ remarks about updating securities regulations to support on-chain markets.

Novogratz also mentioned that Nasdaq had submitted a request to the SEC to allow tokenized versions of traditional financial assets, such as stocks and exchange-traded funds (ETFs).

He explained that Bitcoin initially gained attention as a digital store of value, while stablecoins became useful for cross-border payments. However, Novogratz stated that the lack of reliable blockchains, as well as clear regulations, has slowed further adoption.

He added that while different blockchains will continue to compete, it is unlikely that any single network will dominate the industry. Ethereum
ETH


$4,663.60

On August 25, Tim Draper, co-founder of Draper Associates, shared his views that altcoins play an important role in strengthening Bitcoin. How? Read the full story.

Wouldn’t deleting OP_RETURN CAP unintentionally give users an incentive to choose the cheapest or most cost-deferred method?

Why is that happening? The limit does not make OP_RETURN more expensive, and if there is a limit it will make OP_RETURN cheaper, and the cost per byte of data is the same regardless of the limit. The increased limit is that OP_Return is more useful in situations where you want to add 80 bytes or more of data to the output. This is great for everyone as an output data substitute adds that data to the UTXO set.

Instead of treating all vectors equally, shouldn’t a policy try to manipulate the demand for any data for the “most harmful” output, like Op_return?

That’s what this policy actually does. It incentivizes people who store more than 80 bytes of data in the output. Otherwise, you’re using bare multisigs or multiple Taproot outputs to use good Op_return across your network.

Daily Candle Signals Bearish Pressure For Bitcoin

Cryptowzrd expanded on his outlook by pointing out that Bitcoin’s daily candle closed bearish, with price now trading beneath the $110,500 support zone. This breakdown is significant and could invite further selling pressure in the sessions ahead if buyers fail to reclaim the level.

He emphasized that holding below this support opens the door for a potential move toward the $100,000 mark. However, a strong bullish candle and a swift recovery could invalidate the bearish setup, restoring confidence for buyers.

In the analysis, he also highlighted the performance of Bitcoin Dominance (BTC.D), which closed indecisively while displaying weakness. This weakness in dominance is often viewed as a positive signal for altcoins, as it suggests capital is flowing away from Bitcoin and into alternative assets.

Such a shift in market dominance reflects growing market confidence in altcoins. When Bitcoin dominance stalls or declines, it tends to fuel altcoin rallies, allowing traders to diversify into promising setups across the market.

Finally, he noted that markets are heading into the monthly transition period, a time often associated with increased volatility and mixed sentiment. Going into the weekend, he emphasized the importance of staying rational and avoiding overextending in either direction, maintaining measured strategies while waiting for clearer confirmation signals.

BTC Volatility Dominates Intraday Trading

Cryptowzrd highlighted that today’s intraday chart displayed sharp volatility with a clear bearish tone, as Bitcoin slipped and is currently holding below the $110,400 intraday support. This level has now become critical, as losing it signals weakening buyer strength and raises the risk of further downside pressure. 

He explained that if Bitcoin retests $110,400 and fails to reclaim it, the level could flip into resistance. Such a scenario would likely trigger a short setup, with price action targeting the $105,500 support area or even extending lower if bearish momentum accelerates. This makes the $110,400 region a decisive battleground for traders closely watching intraday setups.

On the other hand, Cryptowzrd pointed out that a strong reclaim and hold above $110,400 could shift momentum back in favor of the bulls, opening the door for further upside pressure. However, the crypto analyst emphasized that the market currently lacks clarity, and traders should exercise caution before rushing in.

Microsoft warns that a threat actor tracked as Storm-0501 has evolved its operations, shifting away from encrypting devices with ransomware to focusing on cloud-based encryption, data theft, and extortion.

The hackers now abuse native cloud features to exfiltrate data, wipe backups, and destroy storage accounts, thereby applying pressure and extorting victims without deploying traditional ransomware encryption tools.

Storm-0501 is a threat actor who has been active since at least 2021, deploying the Sabbath ransomware in attacks against organizations worldwide. Over time, the threat actor joined various ransomware-as-a-service (RaaS) platforms, where they used encryptors from Hive, BlackCat (ALPHV), Hunters International, LockBit, and, more recently, Embargo ransomware.

In September 2024, Microsoft detailed how Storm-0501 extended its operations into hybrid cloud environments, pivoting from compromising Active Directory to Entra ID tenants. During these attacks, the threat actors either created persistent backdoors through malicious federated domains or encrypted on-premises devices using ransomware, such as Embargo.

A new report by Microsoft today outlines a shift in tactics, with Storm-0501 no longer relying on on-premises encryption and instead conducting attacks purely in the cloud.

“Unlike traditional on-premises ransomware, where the threat actor typically deploys malware to encrypt critical files across endpoints within the compromised network and then negotiates for a decryption key, cloud-based ransomware introduces a fundamental shift,” reads the report by Microsoft Threat Intelligence.

“Leveraging cloud-native capabilities, Storm-0501 rapidly exfiltrates large volumes of data, destroys data and backups within the victim environment, and demands ransom—all without relying on traditional malware deployment.”

Cloud-based ransomware attacks

In recent attacks observed by Microsoft, the hackers compromised multiple Active Directory domains and Entra tenants by exploiting gaps in Microsoft Defender deployments.

Storm-0501 then used stolen Directory Synchronization Accounts (DSAs) to enumerate users, roles, and Azure resources with tools such as AzureHound. The attackers eventually discovered a Global Administrator account that lacked multifactor authentication, allowing them to reset its password and gain complete administrative control.

With these privileges, they established persistence by adding malicious federated domains under their control, enabling them to impersonate almost any user and bypass MFA protections in the domain.

Microsoft says they escalated their access further into Azure by abusing the Microsoft.Authorization/elevateAccess/action, which allowed them to ultimately assign themselves to Owner roles, effectively taking over the victim’s entire Azure environment.

Once in control of the cloud environment, Storm-0501 began disabling defenses and stealing sensitive data from Azure Storage accounts. The threat actors also attempted to destroy storage snapshots, restore points, Recovery Services vaults, and storage accounts to prevent the target from recovering data for free.

When the threat actor couldn’t delete data from recovery services, they utilized cloud-based encryption by creating new Key Vaults and customer-managed keys, effectively encrypting the data with new keys and making it inaccessible to the company unless they pay a ransom.

After stealing data, destroying backups, or encrypting cloud data, Storm-0501 moved to the extortion phase, contacting victims through Microsoft Teams using compromised accounts to deliver ransom demands.

Microsoft’s report shares protection advice, Microsoft Defender XDR detections, and hunting queries that can help find and detect the tactics used by this threat actor.

As ransomware encryptors are increasingly blocked before they can encrypt devices, we may see other threat actors shift away from on-premise encryption to cloud-based data theft and encryption, which may be harder to detect and block.

Bitcoin (BTC) consolidates near current levels as capital inflows extend along the risk curve toward Ethereum and broader altcoins, according to Bitfinex Alpha’s Aug. 25 report.

The report noted that the shift represents a measured rotation of institutional liquidity following Bitcoin’s all-time high formation.

Bitcoin declined 4.5% from the weekly open on Aug. 18 until Aug. 22, sliding to local range lows as investors de-risked ahead of the Federal Reserve’s Jackson Hole symposium.

The asset reached $111,990 amid renewed weakness in US spot exchange-traded funds (ETFs) flows, with Bitcoin ETFs recording $1.18 billion in net outflows over the week. As of press time, BTC lost the $110,000 threshold and is priced at $109,795.71.

Federal Reserve Chairman Jerome Powell’s dovish remarks at Jackson Hole triggered a sharp rebound in risk assets, sparking a broad-based short squeeze across crypto.

Ethereum led the recovery, surging to a new all-time high of $4,958.70 on Aug. 24 and demonstrating its role as a liquidity driver for institutional markets.

Spot ETH ETFs registered $197 million in outflows on Aug. 18 alone, marking the third-largest daily exit on record. However, Ethereum treasury companies absorbed substantial selling pressure, with preliminary estimates suggesting meaningful institutional support.

Corporate treasuries, including SharpLink Gaming, Bitmine Immersion Technologies, and BTCS, accelerated accumulation, with on-chain treasury balances exceeding $10 billion. The report noted that the rotation reflects softer capital inflows into Bitcoin following its Aug. 14 all-time high of $123,640.

Bitcoin’s realized cap expanded at 6% per month during the current move, compared to 13% monthly growth during late-2024 breakouts above $100,000, indicating more cautious investor appetite.

Macro signals remain supportive

Global liquidity conditions remain supportive, with the combined M2 money supply from major central banks approaching $100 trillion. The structural upward trend in global liquidity reinforces the long-term bullish case for digital assets, though capital allocation has become more selective.

Solana climbed above $200 to reach $212.60 as the broader digital asset class pushed higher alongside equities, reflecting tightening correlations between crypto and traditional risk assets. Meanwhile, network development continues to advance, showcased by DBS Bank’s recent tokenized note issuance on Ethereum.

In this backdrop, Bitfinex expects Bitcoin to remain range-bound while Ethereum attracts heightened institutional demand, mirroring Bitcoin’s dynamic from early 2024.

The report anticipated more significant capital rotation into higher-risk altcoins later in the cycle, with broader market re-rating dependent on renewed Bitcoin ETF inflows and new altcoin investment vehicles.

Mentioned in this article

Bitcoin surged by 5% (approximately $5,000) following Jerome Powell’s remarks at the Federal Reserve’s annual Jackson Hole Symposium, sparking fresh momentum in a bull market that has been quietly crushed since early 2024.

For most of this cycle, Bitcoin rise has been countering the headwinds of financial tightening. The Bull Run story began in June 2023 when BlackRock submitted a Spot Bitcoin ETF application. Since then, despite persistent inflation concerns, hiking rates and constant talk of “longer and higher,” Bitcoin has been shaking macro resistance and marching higher.

You could potentially mark a turning point today. Powell’s speech hinted at what the market was waiting for. After nearly two years of restrictive policy aimed at cooling inflation, the Fed chair acknowledged that conditions had changed. Inflation has cooled from its peak, slowing economic growth, and the strain of stricter monetary policy shows a crack in the system (see Recent Jobs).

For the first time in this cycle, Powell’s tone suggested that the Fed was ready to ease the grip.

The market response was immediate. Bitcoin ripped higher because traders were aware of what this meant (~$117,000 at this time of writing). Risk assets thrive when the central bank flashes, and Bitcoin, the most difficult money in existence, tends to be the fastest horse when the Fed runs through the cave into its own new reality.

This is more than just a short-term meeting. It could be an inflection point that turns into a stable, resilient bull market. The Fed’s attitude was a damper that remains in the advantages of Bitcoin. If Powell and FOMC signal a shift to accommodation, Bitcoin is standing to disproportionately benefit.

We’re still early. This bull market was born in the shadow of BlackRock’s ETF filing and matured by merciless skepticism and macrodrugs. Now, as policy winds begin to blow, the path forward may be similar to the previous parabolic stage of the Bitcoin cycle.

The message from Jackson Hole is clear: The Fed is forgiving. Bitcoin has already responded. And if history is a guide, real fireworks may be on the way.

This article is a take. The opinions expressed are entirely the authors and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.

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South Korean retail investors have recently shifted their focus when investing in overseas stocks, moving from US big tech stocks to crypto-related equities amid growing global interest in the sector.

South Korean Investors Turn To Crypto Stocks

Over the past few months, South Korean individuals investing in overseas stocks have shifted from US big tech equities to crypto-linked stocks, recent data showed, with a focus on stablecoin-related companies.

Citing data from the Korean Center for International Finance (KCIF), Yonhap News Agency reported that the percentage of crypto-linked equities in the top 50 net-bought stocks by local retail investors increased from 8.5% in January to 36.5% in June before dropping to 31.4% last month.

Meanwhile, net purchases of the top seven US big tech stocks declined nearly 74% from a monthly average of $1.68 billion between January and April to $440 million in May, further dropping to $260 million in July.

According to the report, South Korean investors became net sellers of overseas stocks in May and June but returned to net buying in July with $499 million in purchases. Nonetheless, the new momentum was considerably weaker compared to the $3.8 billion monthly average buying between January and April.

“Since June, the domestic stock market has outperformed overseas markets, while the local currency has strengthened, prompting individual investors to withdraw their investments from foreign markets,” Yonhap News Agency noted, citing the KCIF report.

On Monday, Bloomberg also highlighted that South Korean retail investors have flocked to BitMine Immersion Technologies over the past month, as investors “continue to be drawn to the kind of high-risk, high-reward opportunities on offer in crypto.”

The news media outlet reported that local retail investors have poured $259 million into Bitmine stocks since the start of July. According to Korea Securities Depository data, this made the company the most purchased foreign security stock during that period.

Notably, BitMine is a Bitcoin and Ethereum Network Company “with a focus on the accumulation of Crypto for long-term investment.” It recently became the largest ETH treasury in the world and the third-largest crypto treasury globally, with its holdings surpassing 1.15 million ETH, valued at $4.96 billion at current prices.

Retail Shift Fueled By Stablecoin Momentum

According to the KCIF report, the surge in crypto-related equities, and particularly stocks related to stablecoins, follows the passage of landmark crypto legislation in the US. President Donald Trump signed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act into law last month, setting a framework for much-needed stablecoin regulation and innovation in the country.

Amid the US push, stablecoins have also seen growing momentum in several jurisdictions, including South Korea. In June, a member of the Democratic Party of Korea (DPK) proposed a comprehensive legislation to establish a more structured regulatory framework for crypto assets in the country, which included a licensing system for stablecoin issuers.

In July, South Korea’s ruling and opposition parties also proposed rival bills to establish a regulatory framework for digital assets pegged to the Korean Won (KRW) to advance the ongoing efforts to institutionalize the sector.

As reported by Bitcoinist, the banking sector is preparing for the upcoming legislation, studying two legalization scenarios, as it remains unclear whether non-bank entities will be allowed to be stablecoin issuers.

The financial institutions are also considering a business model in which banks establish a joint venture to collectively issue stablecoins, and have reportedly contacted various non-bank companies to prepare for the legalization and issuance of KRW-pegged digital assets.

Ethereum (ETH) trades at $4,275 in the one-week chart. Source: ETHUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

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A mysterious $7.8 million purchase of 45 CryptoPunks NFTs has reignited speculation about big-money players quietly reentering the NFT market. The buyer—a newly created wallet with no prior trading history—executed the entire acquisition within minutes, sparking a dramatic rise in floor prices and renewed momentum across top Ethereum-based collections.

Key Takeaways

• A stealth $7.8M CryptoPunks buy hints at major players quietly reentering the NFT arena.

• The purchase pushed the floor of CryptoPunks up 20% overnight.

• Ethereum’s rally past $3,770 is restoring NFT momentum and investor confidence.

• Trading volume and market capitalization have surged, echoing behavior seen in the early stages of past bull cycles.

• This wasn’t hype or airdrop-driven—just strategic conviction in blue-chip NFTs.

What Is Stealth Accumulation by Major Players?

In crypto markets, stealth accumulation refers to large-scale, quiet purchases made by high-net-worth individuals, funds, or DAOs without triggering public attention or dramatic price shifts. These moves are often executed through new wallets and avoid promotional noise, aiming to build exposure before prices climb.

In this case, the wallet address “0x1bb351…” appeared with no trading history, executed a swift $7.8M sweep of 45 CryptoPunks, and then became inactive. The lack of ties to known collectors suggests a calculated market entry—possibly by an institution or deep-pocketed investor.

The simplicity of the execution—one wallet, one burst of buys—suggests this could have been the move of a single individual. But even if that’s the case, the scale, speed, and strategic precision signal institutional-level intent. In crypto, one wallet can still represent fund-backed capital or sophisticated private investment.

To me, this feels like a textbook example of strategic whale behavior. I’ve watched enough market cycles to recognize when deep pockets are moving quietly.

Ethereum’s Rally Sets the Stage

This activity didn’t happen in isolation. Ethereum’s 50% rally over the past few weeks—pushing it past $3,770—has energized NFT markets. When ETH gains momentum, so do NFTs, which are typically priced in ETH and heavily influenced by its purchasing power.

Ethereum-based NFT volume is now clocking over $107 million per week—a 62% increase from the previous week, according to CryptoSlam. As ETH surged, the NFT market began showing signs of renewed activity. But the CryptoPunks sweep accelerated that shift.

Floor prices for CryptoPunks jumped nearly 20% in under 24 hours, hitting 47.5 ETH. Over 135 Punk sales followed in rapid succession. The broader NFT market cap crossed $6.3 billion—nearly doubling in just a few weeks.

And it wasn’t just CryptoPunks. Moonbirds, Pudgy Penguins, and even Bitcoin- and Polygon-based collections saw increased activity.

Source: CryptoPunks

Why CryptoPunks, and Why Now?

CryptoPunks are more than just NFTs—they’re considered digital artifacts in the Web3 space. As one of the earliest collections minted directly on Ethereum, they carry historical importance, visual distinctiveness, and proven market liquidity. That makes them ideal targets for long-term holds by institutions or whales betting on a broader market rebound.

I’ve always considered CryptoPunks the ‘Bitcoin’ of NFTs—not flashy, just foundational. This move reinforces that perception.

Interestingly, there was no news-driven reason for the purchase—no airdrop, no teaser campaign, no roadmap release. Instead, the move appears to be a vote of confidence. The buyer didn’t just grab a few Punks—they grabbed dozens, suggesting they saw value while others were distracted.

The timing also comes after Yuga Labs divested the CryptoPunks IP—a quiet but meaningful change that some collectors interpret as a reset moment for the collection’s governance and future. But even that wasn’t the primary driver. The move appears centered on legacy value and scarcity potential.

Ripple Effects Across the NFT Ecosystem

The impact was immediate. As CryptoPunks surged, the rest of the market followed. Daily NFT trading volume jumped to $41.4 million, while collections like Pudgy Penguins saw triple-digit volume spikes. Analysts believe the whale’s move served as both a confidence signal and a catalyst for market reactivation.

Ethereum’s strength made this shift possible—but the whale’s precise timing amplified the effect. By acting before headlines emerged, they gained early positioning and influenced market sentiment. Now, all eyes are on what happens next: additional whale entries, DAO activity, or the return of institutional NFT funds.

Conclusion

The $7.8 million CryptoPunks purchase may not have been just a flashy buy—but a message. It aligned with ETH’s rally, rising market optimism, and the psychology of blue-chip NFTs.

If I had to bet, I’d say this isn’t an isolated move. It’s a signal that smart money is testing the waters again.

Whether this marks the start of a broader bull run or a temporary uplift, one thing is clear: blue-chip NFTs like CryptoPunks are once again being considered strategic digital assets.

And someone, somewhere, is quietly betting big.

Bitcoin’s rally to $120,000 this week has sparked a broader breakout across major crypto assets, with ether (ETH), Solana’s SOL, XRP, and dogecoin

all posting high single-digit percentage gains.

However, this time, price action isn’t just about momentum, as traders claim that market structure is evolving under the weight of institutional influence.

“This isn’t a frenzied boom with no foundation,” said Seamus Rocca, CEO of Xapo Bank. “It’s a measured ascent, backed up by large institutional players with the long-term in mind.”

Rocca pointed to tight monetary policy and geopolitical volatility as reinforcing Bitcoin’s emerging role as a macro hedge, adding that “the momentum we’ve seen over the last 48 hours is clear. Bitcoin isn’t just growing in value, but also as a genuine asset class that is rivalling traditional finance.”

Ethereum, up over 17% on the week and briefly crossed $3,000, remains a primary beneficiary. “In Q2, corporate treasury purchases of BTC outpaced inflows into spot ETFs,” said the analytics team at Bitcoin yield protocol TeraHash in a note to CoinDesk.

“That points to strategic positioning. At the same time, custodians like Anchorage and Fidelity are scaling institutional pipelines, while OTC desks are tightening spreads.”

Solana, now trading around $163, gained over 11% on the week amid renewed demand across retail and memecoin ecosystems. The chain continues to act as a high-beta proxy for risk-on sentiment. XRP, meanwhile, jumped 25%, benefiting from both a technical breakout and rising speculation around regulatory resolution.

“Price action may grab the spotlight,” TeraHash added, “but the real breakthrough this summer is structural.”

The altcoin move is broad-based. Dogecoin has rallied 23% over the past week, driven by increased retail participation through platforms like Robinhood and Binance. XRP volumes have spiked on Korean exchanges, while Cardano, TRX, and AVAX are all trading firmly in the green.

Meanwhile, Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad said that “strong bitcoin rallies are often followed by significant movements in altcoins with a slight delay — and a potential comeback of meme coins can’t be ruled out either.”

But not everyone sees a straight line up.

“Despite briefly touching this key milestone, BTC remains below a major resistance zone,” said Ruslan Lienkha, Chief of Markets at YouHodler, said in an email.

“A decisive breakout and sustained move above this level could trigger a sharp upward rally, potentially targeting the $130,000 range,” Lienkha added.