While the market had a decent chance for a solid recovery, which we highlighted in our previous crypto market prediction, we are seeing signs that hint at the problematic state of the current rally. However, in the case where Bitcoin breaks through around $115,000, the acceleration would be imminent even on Sept. 12.

Shiba Inu’s bullish approach

Shiba Inu is stabilizing around $0.000013, and it is starting to exhibit technical dominance. SHIB is now taking back key moving averages after months of sideways consolidation and unsuccessful breakout attempts, setting itself up for possible growth in the near future.

SHIB has successfully broken through its 50-day Exponential Moving Average (EMA) on the daily chart, a technical milestone that frequently denotes a change in momentum from bearish to bullish. Throughout SHIB’s downward trend, the 50 EMA has continuously served as resistance, making this move noteworthy. Traders are starting to see this as a structural shift in market sentiment, now that the token is trading above it.

With rising volume and a strengthening Relative Strength Index (RSI), which is currently hovering just below overbought levels, the current price action indicates that SHIB is beginning to form a gradual uptrend. This shows that, although there are no immediate signs of exhaustion, buying interest is growing.

The next resistance levels to keep an eye on, if momentum keeps up, are the 200-day EMA at about $0.000014, and the $0.000015 zone, which has historically been a region with a lot of liquidity.

Looking at it more broadly, SHIB’s dominance is psychological as well as technical. Retaining price stability above the $0.000013 threshold boosts holders’ confidence, which lowers panic-selling and promotes accumulation. Given its ability to withstand market volatility, the token is becoming more and more significant in the meme-coin ecosystem, where it is still vying for market share with Dogecoin.

But caution is still required. Even though the 50 EMA breakthrough is a positive sign, SHIB still has to contend with longer-term resistance lines that might halt its upward trend if market sentiment declines. Investors ought to keep an eye on SHIB’s ability to maintain its position above the 50 EMA and progressively test higher moving averages.

XRP approaches key level

A critical test that could determine XRP’s short-term course is approaching at $3.00. As momentum builds toward a potential breakout attempt within the next day, the asset has been consolidating below a descending trendline. Just below the crucial psychological and technical barrier at $3.00, XRP is currently trading at about $2.99 on the daily chart.

Bullish sentiment has been strengthened by the recent rally, which has been bolstered by robust buying volume and a recovery above the 50-day and 100-day EMAs. The 200-day EMA and the descending resistance trendline, however, are convergent around the $3 area, making it a difficult obstacle to overcome.

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In the short term, if XRP is able to break through $3 with convincing volume, it may lead to a surge of buying momentum that pushes the asset toward $3.30 to $3.50. This would confirm the bullish outlook for the upcoming weeks by clearly reversing the trend from its most recent corrective phase.

But if $3 is not broken, there may be rejection and a decline toward $2.80 or even $2.70, where the 100-day EMA offers support. This situation would prolong the consolidation phase by indicating that bulls are not yet powerful enough to overcome resistance.

The next day is important for investors. Rejection could result in another period of range-bound trading, while a confirmed breakout above $3 would suggest the possible beginning of a larger rally. Increased volume and momentum shifts around the $3 mark are indicators that traders should keep an eye out for, because they will shed light on XRP’s immediate trajectory.

Bitcoin’s steady rise

Bitcoin is stabilizing close to the $114,000 mark, laying the groundwork for what may be a rally toward the much-awaited $150,000 mark.

Bitcoin has successfully surpassed its 50-day Exponential Moving Average (EMA), which is frequently regarded as a turning point for momentum, following weeks of consolidation and testing lower supports. During corrective phases of recent market cycles, the 50 EMA has proven to be a dependable resistance barrier. Bitcoin’s recovery of this level suggests that there may be a change from short-term pessimism to fresh bullish sentiment. Because the 50 EMA breakout has historically preceded robust price recoveries, traders frequently see this as the first confirmation of a structural rebound.

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Buying activity is steadily rising, and volume patterns are supporting the breakout. Although it is still below overbought levels, the Relative Strength Index (RSI) is rising at the same time, suggesting that there is still potential for more upside without any immediate signs of exhaustion. If momentum continues, the next crucial resistance levels are located between $118,000 and $120,000, which is where liquidity has traditionally gathered.

Generally, the market is looking positive, but numerous reversal signals are there, so becoming euphoric too early is certainly not the call here. Staying put at around local resistance and awaiting breakthroughs on altcoins would be the only sign of a continuation at around this level.

Bitcoin (BTC) must hold the $114,000 level to attract investors’ confidence and new liquidity to breach the narrow $110,000-$116,000 range.

According to a Sept. 11 report by Glassnode, BTC has been stuck in the “air gap” range following its mid-August peak. The trading range threatens to stall the current rally.

In the current landscape, Bitcoin faces mounting pressure from conflicting forces as recent buyers realize losses while earlier investors take profits.

The report noted three distinct investor cohorts shaping current price action. The first are top-buyers over the past three months holding positions near $113,800, while the second consists of dip-buyers clustering around $112,800.

The third cohort, comprising short-term holders from the past six months, is anchored near $108,300, creating defined support and resistance zones.

The rebound from $108,000 exposed underlying market stress. Seasoned short-term holders realized approximately $189 million in daily profits, representing 79% of all short-term holder gains. The investors who bought during the February-May dips used recent strength to exit positions profitably.

Loss realization weighs on recovery

Recent top buyers compounded selling pressure by realizing daily losses of up to $152 million during the same period. This behavior mirrors stress patterns observed in April 2024 and January 2025, when peak buyers capitulated under similar circumstances.

Net Realized Profit as a share of market cap peaked at 0.065% during August’s rally before trending lower. While current levels remain elevated, the metric suggests inflows provide diminishing support compared to earlier phases of the cycle.

US spot exchange-traded funds (ETFs) net flows dropped sharply since early August, hovering near 500 BTC daily, compared to the robust inflows that fueled previous rallies.

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The slowdown removes a critical pillar of institutional demand that drove Bitcoin’s ascent through 2024.

Derivatives providing stability

With spot flows weakening, derivatives markets assumed greater importance in price formation. Volume Delta Bias recovered during the bounce from $108,000, indicating seller exhaustion across major futures venues, including Binance and Bybit.

The 3-month annualized futures basis remains below 10% despite higher prices, reflecting measured demand for leverage without speculative excess.

Perpetual futures volume stays muted, consistent with post-euphoric market phases rather than aggressive speculation.

Bitcoin options open interest reached record highs as institutions increasingly use derivatives for risk management through protective puts and covered calls. Meanwhile, implied volatility continues to decline, signaling market maturation and reduced speculative positioning.

With these metrics as a backdrop, reclaiming $114,000 decisively would restore top-buyer profitability and attract fresh institutional capital.

Failure to hold this level risks renewed pressure on short-term holders, with $108,300 and ultimately $93,000 serving as critical downside targets where major supply clusters await.

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Vietnam has launched a state-run pilot to allow the offering, issuance and trading of crypto assets under strict rules. The Resolution takes effect on September 9, 2025, and will run for five years.

According to the text of the measure, the program tightly limits who may issue tokens, who may run trading markets, and how both foreign and domestic investors may take part.

Vietnam’s Deputy Prime Minister Ho Duc Phoc has signed the resolution that sets out a framework for the issuance and trading of crypto assets, the Government Electronic Newspaper of Vietnam reported Tuesday.

High Capital And Institutional Rules

Organizations that want to run crypto trading markets must meet steep capital and ownership tests. The Resolution sets a minimum contributed charter capital of 10,000 billion Vietnamese Dong.

At least 65% of that charter capital must be held by organizations, and over 35% must be held by at least two institutions such as commercial banks, securities companies, fund managers, insurance firms or tech firms.

Foreign ownership in licensed providers is capped at 49%. Leadership and staff rules are also strict: the General Director must have two years of relevant experience and the Chief Technology Officer must have five years, the resolution states.

Firms must employ at least 10 staff in technology roles with certified network security training, and at least 10 staff with securities practice certificates. The infotech system must meet Level 4 information security standards before it goes live.

Asset Backing And Investor Access

Based on reports, tokens issued in the pilot must be backed by real underlying assets. Securities and fiat currencies are not allowed as underlying assets. Offerings may be directed to foreign investors, and trading among foreign investors must occur through service providers licensed by the Ministry of Finance.

Issuers are required to publish a prospectus and related documents at least 15 days before an offering. Participants are responsible for making sure public information is accurate and timely.

Services Allowed And Risk Controls

Licensed crypto-asset service providers will be allowed to organize trading markets, offer custody, operate issuance platforms and self-trade within the rules. Providers must have clear processes for risk management, deposit and asset handling, transaction and payment flows, AML/CFT checks and monitoring for financing of weapons of mass destruction.

Internal control and transaction monitoring systems must be in place, along with procedures for handling conflicts of interest, customer complaints and compensation, according to the resolution.

Trading Controls And Penalties

Domestic investors may open accounts with licensed providers to deposit, buy and sell crypto assets. But six months after the first crypto-asset service provider is licensed, any domestic trading that bypasses licensed platforms will face administrative sanctions or criminal prosecution depending on the violation’s severity.

Featured image from Unsplash, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

By Omkar Godbole (All times ET unless indicated otherwise)

As both traditional and crypto markets await the U.S. nonfarm payrolls data, some unrelated news hit the wires, underscoring gold’s appeal as a universal haven.

The Financial Times reported that Tether, the issuer of world’s largest dollar-pegged stablecoin, is considering a serious play in the gold industry. CEO Paolo Ardoino has said the metal is safer than any government currency, calling it a perfect complement to bitcoin.

If the report, which cited people familiar with the talks, comes to fruition, it could mean crypto is about to become a bigger part of gold’s reflexive bullish cycle. The precious metal is already soaking up strong bids globally as sticky inflation, fiscal headaches and concerns over central bank independence weigh on investor. Countries are trimming their U.S. Treasury holdings and scooping up gold as a safer, sanctions-proof haven.

Tether’s interest could also boost the appeal of Tether Gold XAUT$3,554.92, which is issued by its affiliate company TG Commodities. Each XAUT represents ownership of one fine troy ounce of physical gold and was recently price around $3,560.

Meanwhile, the prospects for bitcoin BTC$112,644.00, ether (ETH) and the wider crypto market are likely to be determined by the jobs report.

“A weak print will cement expectations for a 25bps rate cut, likely softening the dollar and easing Treasury yields, which will be positive for risk assets, including crypto,” Timothy Misir, head of research at BRN, said in an email. “But the real risk is a strong report: even a modest upside surprise could unwind dovish positioning, send yields higher, and pressure BTC and ETH back toward their support levels.”

In other key news, institutional activity points to interest broadening beyond BTC and ETH. DeFi Development Corp. recently bought over 196,000 Solana SOL$207.70 tokens, establishing a treasury worth some $427 million. And Thumzup Media, backed by Donald Trump Jr., said it acquired $1 million of BTC, along with new purchases of DOGE, LTC, SOL and XRP.

In traditional markets, the MOVE index spiked, signaling increased volatility in U.S. Treasury yields, which could lead to financial tightening and weigh on risk assets. Stay alert!

What to Watch

• Crypto
• Macro
  • Sept. 5, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases July producer price inflation data.
    • PPI MoM Prev. -1.25%
    • PPI YoY Prev. 3.24%
  • Sept. 5, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases August employment data.
    • Nonfarm Payrolls Est. 75K vs. Prev. 73K
    • Unemployment Rate Est. 4.3% vs. Prev. 4.2%
    • Government Payrolls Prev. -10K
    • Manufacturing Payrolls Est. -5K vs. Prev. -11K
  • Sept. 5, 8:30 a.m.: Statistics Canada releases August employment data.
    • Unemployment Rate Est. 7% vs. Prev. 6.9%
    • Employment Change Est. 7.5K vs. Prev. -40.8K
  • Sept. 5: S&P 500 Rebalance update released after market close. Strategy (MSTR) is one of the companies being considered for inclusion in the index.
  • Sept. 5, 7 p.m.: Colombia’s National Administrative Department of Statistics releases August consumer price inflation data.
    • Inflation Rate MoM Est. 0.2% vs. Prev. 0.28%
    • Inflation Rate YoY Est. 5.11% vs. Prev. 4.9%
  • Sept. 5, 7 p.m.: El Salvador’s Statistics and Census Office releases August consumer price inflation data.
    • Inflation Rate MoM Prev. 0.33%
    • Inflation Rate YoY Prev. -0.14%
• Earnings (Estimates based on FactSet data)
  • Sept. 9: GameStop (GME), post-market, $0.19

Token Events

• Governance votes & calls
  • Uniswap DAO is voting on deploying Uniswap v3 on Ronin with $1M in RON and $500K in UNI incentives to make it the chain’s primary decentralized exchange. Voting ends Sept. 6.
  • Lido DAO is voting on a proposal to migrate Nethermind’s ~7,000 Ethereum validators to infrastructure operated by Twinstake, a staking provider co-founded by Nethermind. Voting ends Sept. 8.
  • Uniswap DAO is voting to establish “DUNI,” a Wyoming DUNA as its legal entity, preserving decentralized governance while enabling off-chain operations and liability protections, with $16.5M in UNI for legal/tax budgets and $75K UNI for compliance. Voting ends Sept. 8.
  • Uniswap DAO is voting on an updated Unichain-USDS Growth Plan to accelerate adoption through performance-based incentives and DAO-guided distribution. The proposal introduces minimum KPIs, a “no result, no reward” model. Voting ends Sept. 9.
• Unlocks
  • Sept. 9: Sonic (S) to unlock 5.02% of its circulating supply worth $46.02 million.
  • Sept. 11: Aptos APT$4.3254 to unlock 2.2% of its circulating supply worth $48.86 million.
  • Sept. 15: Starknet (STRK) to unlock 5.98% of its circulating supply worth $15.66 million.
  • Sept. 15: Sei SEI$0.2930 to unlock 1.18% of its circulating supply worth $16.01 million.
  • Sept. 16: Arbitrum ARB$0.5034 to unlock 2.03% of its circulating supply worth $46.05 million.
• Token Launches
  • Sept. 5: WORLDSHARDS (SHARDS) to be listed on Binance Alpha, MEXC, Gate.io and others.
  • Sept. 5: Boost (BOOST) to be listed on Binance Alpha, Bitget, MEXC, BitMart, and others.
  • Sept. 8: Openledger (OPEN) to be listed on Binance Alpha, MEXC and others.
  • Sept. 8: OlaXBT (AIO) to be listed on Binance Alpha and others.

Conferences

The CoinDesk Policy & Regulation Conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB15 for 15% off your registration.

Token Talk

By Oliver Knight

• The memecoin sector had shown signs of fading earlier this year, particularly after the short-lived hype cycles around tokens like TRUMP and MELANIA in January. Those launches briefly captured attention, but failed to sustain momentum, reinforcing the perception that the memecoin trade was exhausted after 2023’s frenzy.
• Both subsequently slumped. TRUMP is now 88% lower and and MELANIA is down 95% despite being touted by the U.S. president and first lady in January.
• However, there’s a new kid on the block: MemeCore, a layer-1 blockchain solely focused on transitioning memecoins from speculative assets to something that has utility in decentralized finance (DeFi).
• The platform’s native token, M, has risen by 261% in the past week despite a wider market pullback.
• The flurry of activity can also be tied to the MemeX liquidity festival, which offers $5.7 million in rewards to traders. It’s worth noting that 85% of the trading volume has taken place on decentralized exchange PancakeSwap, indicating significant retail flows as opposed to on-chain utility.
• While some may argue this is just another flash in the pan, the surge demonstrates just how quickly memecoin sentiment can shift.
• The positive sentiment around MemeCore could find a way of moving back to Solana-based memecoin platform Pump.fun, whose $15.8 million in daily revenue in January has tumbled to between $1.5 million and $2.5 million this week.

Derivatives Positioning

• Ether’s open interest in USDT and dollar-denominated perpetual contracts on major exchanges declined to 1.93 million ETH, a four-week low. This capital outflow raises questions about the sustainability of ETH’s nearly 18% gain over the period.
• Except for LINK and BTC, open interest declined across the top 10 tokens. OI in major Solana perpetuals slipped below 11 million SOL, threatening to invalidate the four-week uptrend.
• BTC futures activity on the CME remains subdued, but options are heating up, with open interest rising to 47.23K BTC, the highest since April. The notional OI has risen to $5.21 billion, the most since November. Some traders have been buying cheap out-of-the-money puts, prepping for a potential hotter-than-expected U.S. nonfarm payrolls (NFP) report.
• Consistent with trends on offshore exchanges, Ether’s futures open interest on the CME slipped below 2 million ETH, while the three-month annualized premium rose from 5% to 7%.
• On Deribit, BTC puts continue to trade at a premium to calls across all tenors, pointing to downside concerns.
• The seven-day volatility risk premium has retraced nearly to zero, suggesting that the implied volatility for seven days is now roughly equal to the realized volatility. In other words, investors aren’t expecting a premium to hedge against future volatility spikes, despite the U.S. jobs data due later today.
• In ETH’s case, puts are trading at a premium to calls out to the end-November expiry.
• Block flows on the OTC desk at Paradigm have been mixed, with a BTC $116K call lifted alongside an ether $4K put.

Market Movements

• BTC is up 1.71% from 4 p.m. ET Thursday at $112,306.62 (24hrs: +1.4%)
• ETH is up 2.14 at $4,398.33 (24hrs: -0.19%)
• CoinDesk 20 is up 1.85% at 4,050.32 (24hrs: +0.28%)
• Ether CESR Composite Staking Rate is up 1 bps at 2.88%
• BTC funding rate is at 0.0015% (1.6425% annualized) on KuCoin

• DXY is down 0.35% at 98.00
• Gold futures are unchanged at $3,609.80
• Silver futures are unchanged at $41.42
• Nikkei 225 closed up 1.03% at 43,018.75
• Hang Seng closed up 1.43% at 25,417.98
• FTSE is up 0.26% at 9,241.13
• Euro Stoxx 50 is up 0.18% at 5,356.16
• DJIA closed on Thursday up 0.77% at 45,621.29
• S&P 500 closed up 0.83% at 6,502.08
• Nasdaq Composite closed up 0.98% at 21,707.69
• S&P/TSX Composite closed up 0.57% at 28,915.89
• S&P 40 Latin America closed up 0.49% at 2,770.29
• U.S. 10-Year Treasury rate is down 1.5 bps at 4.161%
• E-mini S&P 500 futures are up 0.21% at 6,524.25
• E-mini Nasdaq-100 futures are up 0.5% at 23,787.25
• E-mini Dow Jones Industrial Average Index are unchanged at 45,664.00

Bitcoin Stats

• BTC Dominance: 58.73% (unchanged)
• Ether to bitcoin ratio: 0.03914 (0.82%)
• Hashrate (seven-day moving average): 973 EH/s
• Hashprice (spot): $52.48
• Total Fees: 4.86 BTC / $537,022
• CME Futures Open Interest: 133,775 BTC
• BTC priced in gold: 31.6 oz
• BTC vs gold market cap: 8.92%

Technical Analysis

• The ether-bitcoin (ETH) ratio is looking to top the Ichimoku cloud on the weekly chart. Crossovers above the cloud are said to confirm a bullish shift in momentum.
• The pair has already topped the descending trendline, characterizing the three-year-long downward trend.

Crypto Equities

• Coinbase Global (COIN): closed on Thursday at $306.80 (+1.49%), +1.53% at $311.49 in pre-market
• Circle (CRCL): closed at $117.49 (-0.82%), +0.54%% at $118.12
• Galaxy Digital (GLXY): closed at $22.91 (-6.07%), +1.27% at $23.20
• Bullish (BLSH): closed at $49.01 (-9.68%), +1.27%% at $49.63
• MARA Holdings (MARA): closed at $15.11 (-4.91%), +1.52% at $15.34
• Riot Platforms (RIOT): closed at $13.16 (-2.16%), +1.98% at $13.42
• Core Scientific (CORZ): closed at $113.62 (+0.29%)
• CleanSpark (CLSK): closed at $9.08 (-3.81%), +1.1% at $9.18
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $29.17 (-4.98%)
• Exodus Movement (EXOD): closed at $29.17 (-0.08%), +2.84% at $25.00

Crypto Treasury Companies

• Strategy (MSTR): closed at $327.59 (-0.81%), +2.2% at $334.86
• Semler Scientific (SMLR): closed at $13.62 (+0.29%)
• SharpLink Gaming (SBET): closed at $15.43 (-8.26%), +2.53% at $15.82
• Upexi (UPXI): closed at $6.33 (-4.52%), +2.69% at $6.50
• Mei Pharma (MEIP): closed at $4.27 (-5.74%), +1.87% at $4.35

ETF Flows

Spot BTC ETFs

• Daily net flows: -$222.9 million
• Cumulative net flows: $54.63 billion
• Total BTC holdings ~1.29 million

Spot ETH ETFs

• Daily net flows: -$167.3 million
• Cumulative net flows: $13.19 billion
• Total ETH holdings ~6.52 million

Source: Farside Investors

Chart of the Day

• The chart shows the Solana memecoin launchpad Pump.fun’s purchases of its native token, PUMP.
• The platform snapped up $12,192,383 in PUMP tokens last week, offsetting the total circulating supply by over 5%.

While You Were Sleeping

• Stablecoin Group Tether Holds Talks to Invest in Gold Miners (Financial Times): Tether, which already holds $8.7 billion in gold bars, is considering investments across the gold supply chain, with its CEO saying the metal is a complement to bitcoin.
• Bitcoin Bulls Should Keep an Eye Out for Spike In Key Bond Market Index (CoinDesk): The recent sharp rise in the MOVE index, a key gauge of volatility in U.S. Treasuries, often signals tighter liquidity, which curbs demand for risk assets such as bitcoin.
• Bitcoin Hits $113K as BTC Dominance Approaches Two-Week High of 59% (CoinDesk): Bitcoin’s move came as $3.28 billion in options expired at 08:00 UTC on Deribit near Friday’s $112,000 “max pain” point, where options buyers face the biggest losses.
• Hong Kong’s Digital Bond Market Gains Steam With Fresh Offerings (Bloomberg): Digital bonds, debt securities that use the blockchain for issuance, trading and settlement, are gaining traction in Hong Kong, with the government offering subsidies of up to HK$2.5 million ($320,500) per offering.
• Venezuelan Military Aircraft Fly Near U.S. Warship in ‘Provocative Move’, Pentagon Says (Reuters): Venezuela’s action followed two days after a U.S. strike on a Venezuelan boat allegedly carrying narcotics killed 11, an act criticized by some legal scholars and one Democratic congresswoman.
• Bitcoin Crash Brewing? Trader Plans Bids at $94K, $82K for Potential Market Freakout (CoinDesk): The president of Spectra Markets sees bitcoin at an inflection point, citing fading bullish drivers, a bearish double top and halving cycle history as reasons for placing bids at $94,000 and $82,000.

In the Ether

According to an August 26 report by Fox News, the trial was organized by both the US Air Force and Navy. They used a system called Starsage, built by Raft AI, during joint tests involving F-16, F/A-18, and F-35 fighter jets.

This exercise focused on testing how AI could help manage weapons, communications, and mission planning.

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Traditionally, pilots are guided by air battle managers who stay on the ground and keep track of radar feeds, intelligence updates, and aircraft positioning. These managers act like air traffic controllers, but in a military setting.

Raft AI’s Starsage system takes that same role but gives each pilot their own dedicated AI assistant.

Raft AI’s CEO, Shubhi Mishra, described the system as a one-on-one tool that offers faster and more accurate support than current methods. She said pilots can now receive tailored information in seconds, rather than waiting minutes.

According to Mishra, Starsage improves decision-making by processing mission data and reacting without delays.

During the test, pilots confirmed their readiness with Starsage, which then checked that the required aircraft were airborne and prepared for the mission. The AI cross-referenced the information with simulated radar feeds and mission objectives.

Once everything matched, the system notified higher command units through digital updates, which reduced the need for constant radio calls.

A recent report from Cox Business explored how Gen Z and millennials use AI at work. What did it reveal? Read the full story.

Bitcoin’s brief dip below $110,000 in the past 24 hours triggered one of the heaviest liquidation rounds in recent times.

According to Coinglass data, crypto traders betting on the market lost $811.6 million, with more than 179,000 traders forced out of positions.

Speaking on this broad liquidation event, Sean Dawson, head of research at Derive.xyz, told CryptoSlate:

“This sharp move appears to be the result of overleveraged positioning, particularly following ETH’s recent run-up, and an overnight dip in the S&P 500, which weighed on risk assets more broadly.”

Notably, the most significant single liquidation came from a BTC-USDT order worth $39.2 million on HTX.

Long traders, those betting on a price increase, absorbed the bulk of the losses, giving up $699.5 million, while shorts lost $112.2 million. This skew toward longs suggests that traders misjudged the strength of the recent rally, leaving them vulnerable when the price pulled back.

Bitcoin accounted for the steepest losses, with traders losing over $270 million in a single day. On Aug. 25, Glassnode noted that over $150 million in long positions were wiped out, marking one of the largest flushes since December 2024.

Ethereum followed with $266 million in liquidations, also dominated by long bets. Other major assets, including Solana, Dogecoin, and XRP, saw additional drawdowns of $38.5 million, $18.8 million, and $17.3 million, respectively.

Bitcoin could dip to $100,000

Meanwhile, the significant liquidations have fed into growing bearish sentiment among market participants, according to data from Derive.xyz

Data from the crypto derivatives trading platform showed that crypto traders now see a 35% probability of Bitcoin falling to $100,000 before the end of September, and a 55% chance that Ethereum could retest $4,000.

Dawson explained that the 25-delta skew has turned negative for both BTC and ETH, meaning traders are paying more for downside protection than upside exposure.

According to him:

“This is the strongest demand for downside protection we’ve seen in two weeks. Traders appear to be bracing for potential retests of $4,000 for ETH and $100,000 for BTC.”

He further noted that macroeconomic headwinds and volatility are weighing on the outlook, resetting risk appetites across the market.

Mentioned in this article

Short-Term Holder Cost Basis Tips Bitcoin To Race Towards $144K

In an X post on August 16, Glassnode shares data from its Bitcoin STH cost basis model, which suggests the cryptocurrency is headed for an overheating region. For context, short-term holders refer to entities that acquired their BTC within the last 155 days. Their cost basis, i.e., average price of acquisition, often serves as a proxy for the sentiment and profitability of newer market entrants, thus dictating short-term price dynamics.

Glassnode’s on-chain data shows that Bitcoin’s STH cost basis has now climbed to  $107,000, with standard deviation bands indicating the next crucial resistance at $127,000. Notably, this price level aligns with the +1σ band, often viewed as a “heated” market threshold. This zone is expected to act as a major pivot point, either marking the onset of consolidation or serving as the launchpad for a euphoric final leg upward.

However, if Bitcoin can decisively break above $127,000, the STH deviation bands suggest it may trigger accelerated market buying momentum, potentially pushing the price toward the +2σ band at $144,000 zone. Notably, the +2σ band is termed as the overheating region as it often coincides with local or cycle top and frequently introduces significant sell pressure from investors.

Meanwhile, the base STH cost basis at $107,000 now serves as a crucial short-term support; therefore, a breakdown below this could imply weakening confidence among recent buyers. In such a bearish scenario, market attention would turn to the lower deviation -1σ band at $93,000, at which investors may expect some price stability.

Bitcoin Price Overview 

At the time of writing, Bitcoin was trading at $117,396, reflecting a price decline of 1.02% in the past 24 hours. Meanwhile, daily trading volume has also crashed by 33.56% and is now valued at $70.56 billion.

Notably, popular analyst Ali Martinez tips the premier cryptocurrency to soon make a recovery after the flash crash of last week. The market expert explains that Bitcoin always produces a price rally following any PPI-induced decline. 

Digital Asset and a consortium of major financial institutions have completed an on-chain U.S. Treasury repo transaction on the Canton Network, involving USDC as the cash leg and tokenized Treasuries as collateral.

The trade, executed on Tradeweb during the weekend, is being positioned as an industry first for enabling atomic settlement of both legs entirely on-chain within a public-permissioned institutional network.

Per the announcement, the Treasuries were custodied at the Depository Trust Company (DTC), a subsidiary of the Depository Trust & Clearing Corporation (DTCC), and then mirrored onto Canton for use as freely transferable collateral.

USDC was minted natively on Canton to support the transaction, enabling instant exchange and removing reliance on traditional banking hours or Fedwire settlement. The execution over a Saturday demonstrated the potential for continuous financing and collateral mobility outside legacy market windows.

Participants included Bank of America, Citadel Securities, Societe Generale, Virtu Financial, DTCC, Circle, Cumberland DRW, and Tradeweb, among others.

The firms described the trade as part of the Global Collateral Network initiative, which seeks to integrate high-quality liquid assets such as Treasuries into a unified, always-on market infrastructure that combines institutional compliance requirements with programmable settlement.

What makes this special?

While tokenized Treasuries are already issued on public blockchains such as Ethereum, Polygon, Arbitrum, XRP, Avalanche, and Stellar by multiple asset managers and fintechs, most existing implementations either settle one leg off-chain or operate without large-scale participation from major banks and central securities depositories.

In this case, both cash and collateral were tokenized and settled atomically on the same ledger within a framework designed for permissioned institutional use, integrated directly with established trading venues.

Tradeweb’s platform handled execution, with the transaction designed to preserve participant confidentiality while demonstrating technical feasibility.

According to the announcement, additional transactions using the same structure are planned later this year as part of broader testing of the network’s interoperability and privacy features.

The Canton Network describes itself as a public, interoperable blockchain with permissioned access for regulated entities, aiming to link separate applications and asset types into a single environment for cross-asset settlement.

The repo trade forms part of its roadmap to connect traditional financial infrastructure with on-chain settlement rails for round-the-clock market operations.

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