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U.S.-listed spot Bitcoin ETFs recorded approximately $390 million in net outflows last week. The withdrawals reached their highest level in six weeks, while Bitcoin managed to remain above $63,000 on Monday.Bitcoin was trading at around $63,500 at the time of writing. BTC has gained 0.8% since the start of the day, recovering only a small portion of last week’s losses. Bitcoin ETFs posted outflows on four daysAccording to SoSoValue data, U.S. spot Bitcoin ETFs recorded $389.71 million in total net outflows during the week of August 10-14. This marked the products’ largest weekly withdrawal in six weeks.The funds ended four of the five trading sessions with negative flows. Investors withdrew $144.67 million on August 10, $61.16 million on August 12 and $131.13 million on August 13.Another $57.63 million left the funds during the final trading session of the week. Bitcoin ETFs consequently recorded their first three-day outflow streak since the end of July.Fidelity’s FBTC posted the largest outflow among individual funds. Investors withdrew $153.23 million from the product over the week.Grayscale’s GBTC lost $88.3 million, while BlackRock’s IBIT recorded $78.96 million in outflows. ARKB, managed by ARK Invest and 21Shares, shed $70.36 million.Only two funds stood out on the positive side. Grayscale’s BTC fund attracted $75.98 million, while Morgan Stanley’s MSBT received $7.08 million in net inflows.Bitcoin followed the Nasdaq higherBitcoin began the new week with a modest gain despite the ETF outflows. Positive sentiment in U.S. equity markets helped BTC remain above $63,000.Nasdaq 100 futures rose 0.5% on Monday, reaching their highest level since July 2. No clear crypto-specific catalyst appeared to be supporting Bitcoin’s move.The price action suggests that BTC is currently moving alongside technology stocks and broader risk appetite. However, weakness in ETF demand raises doubts about the durability of the recovery.Spot ETFs allow investors to gain exposure to Bitcoin’s price without holding the cryptocurrency directly. Markets closely monitor their flows because sustained withdrawals indicate weaker demand through the ETF channel.Ethereum ETFs were flat as Solana stood outSpot Ethereum ETF activity remained limited compared with the $390 million withdrawn from Bitcoin funds. U.S. Ethereum ETFs ended the week with total net outflows of $2.26 million.BlackRock’s ETHA lost $16.39 million, while investors withdrew $5.6 million from Fidelity’s FETH. A $15.07 million inflow into Grayscale’s ETH fund offset most of those withdrawals.Solana ETFs attracted $10.26 million in net investment over the same period. This represented their strongest weekly inflow since mid-May.The figures show a clear divergence among crypto ETF products. As capital left Bitcoin funds, some investors shifted toward Solana and other altcoin products.Why do Bitcoin ETF outflows matter?Money leaving Bitcoin ETFs does not guarantee an immediate decline in BTC’s price. Bitcoin’s ability to hold above $63,000 indicates that demand elsewhere in the market has absorbed the ETF-related selling pressure so far.Still, the $390 million weekly withdrawal points to weaker short-term institutional demand. Continued outflows during the new week could leave Bitcoin’s support around $63,000 increasingly vulnerable.Alongside ETF data, investors will monitor the Federal Reserve meeting minutes scheduled for release on Wednesday. Signals about the interest-rate outlook could influence risk appetite across both technology stocks and Bitcoin.
US producer inflation came in below expectations in July. Although the data eased concerns about further interest rate hikes, Bitcoin failed to stage a strong rally and remained around $63,500 following the release.According to data released by the US Bureau of Labor Statistics, the Producer Price Index was unchanged on a monthly basis in July. The market had expected producer prices to rise by 0.2%.Annual PPI inflation declined from 5.5% to 4.7%. Economists had expected the annual rate to come in at 4.9%.Core PPI declined to 4.2%Core PPI, which excludes food and energy prices, increased by 0.2% month-over-month in July. The market forecast was 0.3%.Annual core PPI fell from 4.7% to 4.2%, matching expectations. The figures showed that both headline and core producer inflation slowed compared with June.A broader measure of underlying inflation, which excludes food, energy and trade services, rose by 0.4% on a monthly basis. The annual increase in this category stood at 4.7%.Energy prices were the main driver of changes across the PPI components. Prices for final demand goods fell by 0.7%, while energy and food prices declined by 3.1% and 0.9%, respectively. A 5.7% drop in gasoline prices accounted for more than half of the decrease in the goods category.Bitcoin failed to rally after the PPI dataDespite the weaker-than-expected headline figures, Bitcoin’s price did not post a significant increase. BTC was trading near $63,800 before the release and slipped toward $63,500 afterward. Bitcoin was down approximately 0.7% on the day as of 3:50 p.m. Türkiye time. Its intraday trading range remained between $63,267 and $64,093.The initial reaction suggested that investors had largely priced in the softer PPI reading. Consumer inflation data released a day earlier showed an annual rate of 3.4%, in line with expectations, strengthening forecasts that the Fed would keep interest rates unchanged at its September meeting.Ongoing selling pressure in the crypto market also contributed to Bitcoin’s weak response. BTC has traded within a broad range of $60,000 to $67,000 for several weeks, while attempts to remain above $64,000 have failed to develop into a sustained rally.Pressure on the Fed to raise rates could easeThe slowdown in producer inflation added to the data limiting the likelihood of another near-term Fed rate hike. A decline of 23,000 in US nonfarm payrolls in July and easing consumer inflation also support expectations that interest rates could remain unchanged.However, annual core PPI remaining at 4.2% indicates that price pressures have yet to disappear completely. Upcoming employment and inflation data will be decisive for the Fed’s September decision.The crypto market’s short-term agenda now includes US retail sales data scheduled for August 14. A weaker-than-expected reading could further reduce the possibility of a rate hike, while strong consumer spending figures could keep macroeconomic pressure on Bitcoin elevated.
Goldman Sachs is acquiring NEOS Investments, which manages investment products linked to Bitcoin and Ethereum, in a deal worth up to $2.25 billion. Once completed, the transaction will bring three crypto income ETFs onto the Wall Street giant’s asset management platform.According to Goldman Sachs’ August 12 announcement, NEOS manages $30 billion across 19 ETFs. The acquisition will be financed with cash and equity, with the final consideration subject to certain performance and service commitments. The transaction is expected to close in the first quarter of 2027. It remains subject to regulatory approval and other customary closing conditions.NEOS manages three crypto income ETFsThe acquisition includes three ETFs that provide indirect exposure to Bitcoin and Ethereum prices. According to NEOS’ latest fund data, these products manage approximately $1.29 billion in combined assets.The NEOS Bitcoin High Income ETF (BTCI) is the group’s largest crypto product, with approximately $1.10 billion in net assets. Instead of investing directly in Bitcoin, the fund gains exposure through spot Bitcoin ETFs and other Bitcoin-linked exchange-traded products.The NEOS Boosted Bitcoin High Income ETF (XBCI) manages approximately $111.3 million. The fund uses Bitcoin ETPs and options to target notional exposure equal to roughly 150% of the BTCI strategy.On the Ethereum side, the package includes the NEOS Ethereum High Income ETF. Trading under the ticker NEHI, the fund has approximately $79.2 million in net assets.NEHI does not hold Ether directly. It gains indirect price exposure through Ethereum ETPs and related options, meaning the acquisition will not make Goldman Sachs a direct holder of Bitcoin or Ethereum.Funds target income from Bitcoin volatilityNEOS’ crypto ETFs use options strategies to pursue high monthly distributions. The funds seek to generate premium income by selling call options on Bitcoin- and Ethereum-linked products.As of the end of July, BTCI had an annualized distribution rate of 26.73%. The corresponding rate stood at 40.84% for XBCI and 32.93% for NEHI.However, distribution rates do not represent the funds’ total returns. NEOS states that payments may include option premiums, dividends, capital gains, interest income and return of capital.High distributions have also failed to fully offset declines in crypto prices. Based on market price, BTCI posted a one-year total return of negative 40.95% as of June 30.XBCI, which began trading in February 2026, had lost 29.38% since its launch by the same date. NEHI’s market-price total return since inception stood at negative 42.40%.These figures show that options income does not fully protect investors against sharp declines in Bitcoin and Ethereum prices. Selling call options can also limit the funds’ participation in crypto price gains during rising markets.Goldman Sachs’ ETF platform will reach $130 billionThe NEOS acquisition will strengthen Goldman Sachs’ position in the rapidly expanding active ETF market. The addition of NEOS and the previously acquired Innovator Capital Management will bring the bank’s active ETF assets to $80 billion.Goldman Sachs’ global ETF platform will grow to a combined $130 billion. Once the transaction closes, the company will rank among the eight largest active ETF managers in the United States.According to Goldman Sachs, ETFs that use derivatives to generate income now manage approximately $180 billion. The category has recorded a compound annual growth rate of more than 70% since 2021.NEOS co-founders Troy Cates and Garrett Paolella will join Goldman Sachs Asset Management as partners after the acquisition closes. NEOS’ existing employees are also expected to move to Goldman Sachs.Goldman Sachs expands its crypto ETF plansGoldman Sachs filed with the SEC in April for its first crypto ETF, designed to provide exposure to Bitcoin prices while generating income from options. The NEOS acquisition will give the bank three existing products that use similar strategies and are already trading.The crypto funds account for approximately 4.3% of NEOS’ total $30 billion in assets. The broader active ETF and options-income markets remain the primary focus of the acquisition, although the Bitcoin and Ethereum products are among its most notable components.Once the transaction closes, Goldman Sachs will bring income ETFs linked to Bitcoin, Ethereum, U.S. equities, bonds, gold and real estate onto the same platform. The bank will therefore expand its presence in crypto-linked investment products through an established fund lineup managing approximately $1.29 billion in crypto ETF assets.
The U.S. Securities and Exchange Commission’s Division of Investment Management has made it easier for Franklin Templeton’s traditional funds to invest in its blockchain-based money market fund, FOBXX. The decision could expand the institutional use cases of BENJI tokens, which represent shares in the fund holding approximately $726 million in assets.According to the SEC’s letter dated August 12, the agency’s staff will not recommend enforcement action under the custody arrangement proposed by Franklin Templeton. This means mutual funds and ETFs within the Franklin Templeton fund family can add FOBXX shares to their portfolios if they meet the specified conditions.The decision provides an important example of how custody rules designed for physical securities can apply to fund shares represented on a blockchain. However, the letter does not amount to broad SEC approval for BENJI or introduce a new rule covering all investment companies.Franklin Templeton funds can use BENJIThe Franklin OnChain U.S. Government Money Fund operates under the ticker FOBXX as a government money market fund. It invests primarily in U.S. government securities, cash and repurchase agreements fully collateralized by government assets.Each BENJI token represents one share in FOBXX. According to Franklin Templeton’s product page, the fund aims to generate income while preserving capital and liquidity; it also seeks to maintain a stable share price of $1.Under the arrangement submitted to the SEC, Franklin Templeton funds will be able to use FOBXX for cash management. Potential uses also include investing collateral received through securities lending transactions.Features such as hourly net asset value calculations, intraday trading and faster transaction processing could offer operational advantages over conventional money market instruments.Franklin Templeton will retain control of private keysFranklin Templeton Investor Services maintains FOBXX’s official shareholder records. Its system combines the company’s traditional recordkeeping infrastructure with transaction data recorded on public blockchains.Franklin Templeton will create a separate Stellar blockchain wallet for every fund investing in FOBXX. The company will also retain control of the private keys associated with these wallets.The custody system will use multi-signature technology, multi-party computation and offline recovery capabilities. The transfer agent will be able to correct erroneous or unauthorized transactions, freeze or migrate wallet records and restore official ownership records when necessary.SEC staff found the structure sufficiently similar to existing custody arrangements that use electronic book-entry records instead of physical certificates. The agency also required independent accountants to verify the funds’ holdings at least three times per fiscal year, with at least two of those checks conducted without prior notice.What does the SEC decision mean for tokenization?The decision strengthens the connection between Franklin Templeton’s traditional investment products and its tokenized money market fund. The company’s ETFs and mutual funds will be able to allocate part of their cash balances directly to a blockchain-based fund.BENJI was previously added to an off-exchange collateral program for institutional investors on Binance. The tokenized fund shares have also been integrated with the institutional infrastructure of Kraken parent company Payward and MoonPay.The latest SEC letter opens a different use case from BENJI’s role on crypto platforms. Franklin Templeton’s U.S.-registered traditional funds can now invest directly in FOBXX under the specified custody and oversight conditions.Still, the SEC has not issued a general exemption covering all blockchain-based funds. The no-action letter applies only to the structure and commitments presented by Franklin Templeton; it does not constitute legal approval or a binding regulation.
U.S. inflation came in line with expectations in July, prompting only a limited reaction across the crypto market. Bitcoin held near $64,000 following the release but failed to begin a strong rally. Bitcoin was trading at around $63,900 as of 4:30 p.m. Turkish time. BTC was down approximately 0.4% over the previous 24 hours after moving between an intraday low of $63,204 and a high of $64,298.Ethereum hovered near the $1,900 mark. With the U.S. inflation figures matching forecasts, Bitcoin and altcoins avoided a sharp repricing in either direction.U.S. inflation matched expectationsAccording to the U.S. Bureau of Labor Statistics, the Consumer Price Index rose 0.1% month over month in July. Annual inflation eased from 3.5% in June to 3.4%.Market expectations also pointed to a monthly increase of 0.1% and an annual rate of 3.4%. The report therefore did little to change investors’ existing positions on the interest-rate outlook.Core CPI, which excludes volatile food and energy prices, increased 0.2% month over month in July. Annual core inflation slowed from 2.6% to 2.5%.The energy index fell 1.5% during the month, while gasoline prices declined 2.9%. Shelter costs rose 0.1% and accounted for roughly two-thirds of the monthly increase in headline inflation.Despite the slowdown, annual inflation remains above the Fed’s 2% target at 3.4%. This prevented uncertainty surrounding monetary policy from disappearing entirely.Bitcoin remains below $64,000Bitcoin was trading between $63,700 and $64,000 before the inflation report. The price briefly fluctuated following the release but remained within its established trading range.The figures matching expectations contributed to BTC’s muted reaction. A lower-than-expected inflation reading could have reduced the probability of another rate increase more decisively and supported risk appetite across crypto assets.A higher-than-expected result could have pushed U.S. Treasury yields and the dollar higher, placing pressure on Bitcoin. Since the report triggered neither scenario, BTC remained close to $64,000.Bitcoin has traded within a broad range of $62,000 to $66,000 in recent weeks. The inflation report did not provide a strong enough catalyst to push BTC beyond those boundaries.The first resistance levels to watch in the short term are $64,300 and $65,000. If selling pressure increases, attention could return to $63,200, followed by the $62,000 region.Ethereum hovers around $1,900Ethereum traded near $1,900 following the inflation report. ETH moved between $1,855 and $1,919 over the previous 24 hours.Holding above $1,900 will be important for Ethereum’s short-term recovery. If the level is lost, traders could begin watching $1,850 and $1,800 as potential support areas.The broader altcoin market also showed a limited response. Some lower-cap tokens recorded independent gains, but the inflation report did not spark a market-wide wave of buying.Why does the Fed’s decision matter for Bitcoin?Fed funds futures are pricing in an approximately 55% probability that the central bank will leave its policy rate unchanged within the 3.50%–3.75% range at its September 15–16 meeting. That expectation changed only slightly following the inflation report.Keeping rates unchanged could reduce the risk of further monetary tightening for Bitcoin. Higher interest rates and bond yields can draw investors toward yield-bearing traditional assets and weaken liquidity across the crypto market.Expectations of lower interest rates can place pressure on the dollar and Treasury yields, supporting risk assets such as Bitcoin. However, the Fed has yet to signal a rate cut, while inflation remains above its target.The U.S. economy’s loss of 23,000 jobs in July is another factor that could make it harder for the central bank to raise rates. The Fed is now trying to balance elevated inflation against signs of weakness in the labor market.Which data will the crypto market watch next?The next major event for crypto investors will be the U.S. Producer Price Index, due on August 13. Producer inflation can provide information about the cost pressures facing businesses and the possible direction of consumer prices in the coming months.The Fed will also receive August employment and consumer inflation figures before its September meeting. Those reports could shift the balance between a rate increase and another hold.The renewed rise in oil prices is also being closely monitored by the crypto market. If higher energy costs feed into August inflation, concerns about tighter Fed policy could return.Bitcoin’s short-term outlook remains tied to the $62,000–$66,000 range. Although the inflation report helped limit downside risks, a lasting break above $66,000 may be needed before a new upward trend can emerge.
The Bank of Russia has added Bitcoin, Ether and Tether’s USDT stablecoin to the list of crypto assets eligible for public trading on domestic exchanges. Russian investors will be able to buy and sell these assets through the country’s regulated market.Trading will not begin immediately. The decision appears in a draft regulation that remains open for public consultation, while exchanges and intermediaries still need to complete the technical preparations.Bitcoin, Ether and USDT met the requirementsAccording to the Bank of Russia’s August 11 announcement, the regulator selected eligible cryptocurrencies using three main criteria. It considered market capitalization, average daily trading volume and pricing history on foreign platforms.A crypto asset must have at least five years of pricing history on foreign exchanges to qualify. Russia’s new crypto law also requires an average market capitalization above 5 trillion rubles and an average daily trading volume exceeding 1 trillion rubles over the previous two years.Based on these criteria, Bitcoin, Ether and USDT became the three liquid assets available to non-qualified investors. Smaller altcoins were excluded from the initial list.The Bank of Russia may temporarily approve other cryptocurrencies for public trading for periods of up to six months. Qualified investors will be able to purchase any cryptocurrencies offered on exchange or over-the-counter markets without an investment cap.Retail investors face a 300,000-ruble limitThe new rules introduce an annual purchase limit of 300,000 rubles for non-qualified investors. The limit will apply separately to each broker, crypto exchange or asset manager.Investors must pass a knowledge test before making transactions. Intermediaries will also need to inform customers about crypto market volatility and the risk of losing their capital.The regulator aims to restrict retail access to highly volatile tokens with insufficient liquidity. Bitcoin, Ether and the dollar-backed USDT will therefore dominate the market during its initial phase.The draft regulation will remain open for public consultation until August 24. The Bank of Russia will review the submitted feedback before publishing the final rules.Crypto trading could begin in NovemberRussian President Vladimir Putin signed the country’s Digital Currencies and Digital Rights law on August 4. Most of the legislation will take effect on September 1, 2026.The law classifies cryptocurrencies as property and allows investors to defend their ownership rights in court. It also creates a legal framework for crypto trading, custody and authorized cross-border transactions.However, using cryptocurrencies to pay for goods and services within Russia will remain prohibited. The new framework permits crypto assets for investment purposes without recognizing them as legal tender.Bank of Russia First Deputy Governor Vladimir Chistyukhin said regulated crypto transactions could begin in November. The Moscow Exchange also aims to launch Bitcoin, Ether and USDT trading before the end of 2026.Licensing requirements will take effect on July 1, 2027. From that date, brokers, crypto exchanges and digital custody providers will need authorization from the Bank of Russia to operate.Meta Title: Russia Approves Bitcoin, Ether and USDT TradingMeta Description: The Bank of Russia has approved Bitcoin, Ether and USDT for trading on domestic exchanges under its new regulated crypto framework.Keywords: Russia, Bitcoin, Ether, USDT, Bank of Russia, cryptocurrency, Moscow Exchange
Trump Media reported a net loss of $238.1 million for the second quarter of 2026 as the value of its crypto assets declined. The company had posted a loss of approximately $20 million in the same period last year.Trump Media shares, trading under the ticker DJT, fell more than 8% to $9.39 following the earnings report. Revenue increased from $900,000 to $1.7 million. However, the growth was not enough to offset pressure from crypto assets and operating expenses.The results came just days after Trump Media halted some of its planned crypto projects with Crypto.com. The companies abandoned plans to establish a CRO-focused digital asset treasury company while also scaling back their ETF and prediction market initiatives.Crypto assets generated a $116.7 million lossTrump Media recorded $116.7 million in realized and unrealized losses on digital assets during the second quarter. Its total crypto-related loss for the first half of the year reached $360.6 million.According to the company’s SEC filing, Trump Media held 9,477 Bitcoin at the end of June. The company acquired these assets at a cost of approximately $1.01 billion, while their fair value had fallen to $557.1 million by the end of the quarter. Trump Media also held 756.1 million Cronos (CRO) tokens on its balance sheet. These tokens had a cost basis of approximately $113.9 million but were worth only $40.6 million at the end of June.As a result, the combined market value of Trump Media’s Bitcoin and CRO holdings fell to $597.7 million, compared with a total cost basis of $1.12 billion. Most of the losses reflect unrealized changes in value. Still, the figures highlight how strongly crypto market volatility can affect the company’s balance sheet.Trump Media increased its Bitcoin position after the quarter ended. The company reported holding approximately 14,139 Bitcoin worth $890.5 million as of July 31.Crypto.com CRO treasury plan comes to an endMeanwhile, Trump Media, Crypto.com and Yorkville mutually terminated their plan to establish a CRO-focused digital asset treasury company on August 7. The parties cited prevailing market conditions and shifting corporate priorities.The plan involved creating a separate company called Trump Media Group CRO Strategy. The new entity intended to use equity and credit facilities to acquire a large amount of CRO.The parties also ended an arrangement under which Crypto.com would provide services for certain ETFs planned by Yorkville America. As a result, Crypto.com will no longer supply infrastructure and custody services for those funds. The joint statement noted that Yorkville America’s other existing and planned funds remain unchanged.However, the relationship between Trump Media and Crypto.com has not ended entirely. The companies replaced their plan to integrate prediction markets directly into Truth Social with a marketing agreement. Crypto.com will continue promoting its prediction market products to Truth Social users.Trump Media will also retain the CRO tokens it previously acquired. Existing contractual restrictions prevent the company from immediately selling most of its 684.4 million CRO holdings. The first sales window will open on August 26, 2026. The restrictions will ease gradually before expiring completely in August 2029.Trump Media seeks new sources of revenueAs management scales back its crypto plans, Trump Media is trying to generate more revenue from Truth Social. On August 1, the company launched Truth API, which provides banks and trading firms with low-latency access to social media data.Trump Media said it had already signed agreements with more than 10 customers. The company previously considered charging as much as $100,000 per month for access to Truth API.Trump Media is also working to complete its proposed merger with nuclear fusion company TAE Technologies. The deal could expand the company beyond social media and crypto into the energy sector.
Public companies accumulating cryptocurrencies have started to ease off their aggressive buying strategies. BitMine Immersion Technologies recorded its smallest weekly Ethereum purchase of 2026, while Strategy sold part of its Bitcoin holdings and used the proceeds to repurchase shares.Both transactions suggest that crypto treasury companies are placing greater emphasis on capital management alongside digital asset accumulation. BitMine has been buying back its own shares, while Strategy strengthened its cash reserves and retired part of its preferred stock.BitMine’s Ethereum purchases slow downBitMine, the world’s largest Ethereum treasury company, purchased 7,391 ETH last week. Worth approximately $14.2 million, the transaction marked the company’s smallest weekly Ethereum acquisition of 2026.The purchase lifted BitMine’s total holdings to 5.81 million ETH. The company now controls approximately 4.8% of Ethereum’s total supply. The latest transaction also extended BitMine’s uninterrupted ETH buying streak to 58 weeks.However, the weekly purchase remained far below the acquisitions of more than 100,000 ETH that the company completed earlier this year. BitMine Chairman Thomas Lee previously said the company would slow its buying pace as it approached its goal of owning 5% of Ethereum’s supply.BitMine has shifted its focus toward share repurchases during this period. The company bought back 3 million BMNR shares last week for an estimated $50 million to $58 million. Its total share repurchases since July have now reached 19.1 million shares.BitMine also holds 209 BTC, $104 million in cash and marketable securities, as well as stakes in Beast Industries and Eightco Holdings.Strategy sells 1,690 BitcoinBitcoin treasury company Strategy sold 1,690 BTC last week, raising $108.6 million. The Bitcoin was sold at an average price of $64,262 after fees and expenses. The company used the entire amount to repurchase shares of its variable-rate preferred stock, STRC. Strategy bought back 1,152,020 STRC shares for $108.6 million.Following the sale, Strategy’s Bitcoin holdings fell to 840,447 BTC. The company acquired these coins for a total of $63.36 billion at an average purchase price of $75,385.Strategy also raised another $653.1 million by selling 6.59 million shares of common stock during the same week. It transferred $650 million of the proceeds to its dollar reserve, lifting the balance to $4.65 billion as of August 9.Companies turn their attention to capital managementBitMine’s smaller Ethereum purchases and Strategy’s Bitcoin sale point to a new phase in corporate crypto treasury strategies. Companies are placing greater weight on share repurchases, cash reserves and financing costs as they manage their digital asset holdings.Thomas Lee also expressed disappointment that the CLARITY Act failed to secure a Senate vote before the August recess. Still, he said softer inflation and employment data could ease financial conditions, creating a supportive environment for the crypto market.
The crypto market could see renewed volatility during the week of Aug. 11-16 as investors prepare for U.S. inflation data and several major token unlocks. Bitcoin started the week near the $65,000 level, with attention shifting to July’s consumer inflation report and its potential impact on Federal Reserve policy.Bitcoin was trading at around $65,100 on Aug. 10, while Ethereum hovered near $1,625. The reduced likelihood of another interest-rate increase following weak U.S. employment data supported a modest recovery across crypto assets. U.S. inflation could set the direction for BitcoinThe week’s most important data release is scheduled for Wednesday, Aug. 12, at 8:30 a.m. ET. Annual U.S. consumer inflation is expected to ease from 3.5% to 3.4%, while the monthly CPI reading is forecast at 0.1%. The U.S. Bureau of Labor Statistics has confirmed that July’s figures will be published on that date.A lower-than-expected reading could strengthen the view that the Fed will keep interest rates unchanged. Such an outcome may weigh on the dollar and Treasury yields, creating a more supportive environment for risk assets, including Bitcoin.Producer inflation and weekly jobless claims will follow on Thursday, Aug. 13. U.S. retail sales and the University of Michigan’s consumer sentiment index are scheduled for Friday. The preliminary August sentiment reading will offer further insight into households’ views on the economy and inflation after the index reached 55.2 in July.The Reserve Bank of Australia will also announce its interest-rate decision on Tuesday, Aug. 11. Developments in the Middle East and movements in oil prices remain another major risk, particularly because of their potential effect on inflation expectations.WLFI and altcoin unlocks enter the spotlightOne of the largest events on the crypto calendar is scheduled for Aug. 12. Approximately 6.91 billion WLFI tokens held by AI Financial Corporation are expected to become fully transferable, subject to the required conditions. At current prices, the holdings are worth around $360 million. The company disclosed the timetable in an SEC filing submitted in June.Approximately 9.17 billion PUMP and 11.31 million APT tokens are also scheduled to unlock on the same day. Another 1.32 million CONX tokens will enter circulation on Aug. 15.The week’s largest unlock relative to circulating supply will take place on Aug. 16. Around 120 million YZY tokens, currently valued at approximately $35 million, are expected to be released. Another 92.65 million ARB tokens will enter circulation on the same day. Their dollar values may change depending on price movements.Investors will therefore be watching trading volumes, exchange inflows and large-wallet activity around the unlocks. Short-term volatility could increase as the additional supply reaches the market.Finally, the second-quarter Form 13F filing deadline falls on Aug. 14. The disclosures will show how major U.S. institutional investment managers changed their Bitcoin and Ethereum ETF positions during the quarter. According to the SEC calendar, Friday is the final day for the filings.
Large investors are accelerating their Bitcoin purchases, while a $3.2 million transfer from a wallet dormant since 2011 has attracted attention. Whale accumulation and ETF inflows support expectations of a price increase, although Bitcoin has yet to begin a strong move above $65,000.According to Santiment data, wallets holding between 10 and 10,000 BTC have purchased more than 20,000 Bitcoin since July 29. Worth approximately $1.2 billion at current prices, the purchases occurred within the narrow range below $65,000 where Bitcoin has recently traded.Bitcoin whales accelerate their purchasesSantiment reported that large investors were accumulating Bitcoin while smaller holders were selling. According to the company, this divergence makes a move above $70,000 increasingly likely compared with a decline below $60,000.Institutional investor demand is also showing signs of recovery. According to SoSoValue data, U.S.-listed spot Bitcoin ETFs recorded $754.69 million in net inflows this week.The funds are now heading for their strongest weekly performance since April. Nexo analyst Liya Kalchev said Wednesday’s inflows alone exceeded $240 million, marking a significant reversal following record outflows in June.However, the strong ETF inflows have yet to produce a comparable increase in Bitcoin’s price. According to Kalchev, this could indicate that current buyers are pursuing short-term opportunities instead of showing strong conviction in a long-term rally.The analyst said Bitcoin needs a decisive close above $65,000 to establish a sustainable recovery narrative. The postponement of the Clarity Act vote until September also remains among the political uncertainties limiting faster growth in institutional demand.Bitcoin wallet dormant since 2011 becomes activeWhile large investors continued buying, a Bitcoin wallet that had remained inactive since 2011 transferred nearly 50 BTC. The wallet sent the assets, worth approximately $3.2 million, to an address that previously transferred funds to institutional crypto brokerage FalconX.According to Galaxy Research, the wallet received 49.97 BTC on July 16, 2011. Bitcoin traded at approximately $10 at the time, placing the total value of the holdings at only around $500. The transfer occurred on August 6 in block 961331 on the Bitcoin network. The assets from the dormant wallet were combined with smaller inputs from other addresses before a total of 50 BTC was sent to a SegWit address.Arkham data show that the receiving address previously transferred 6.336 BTC and 16.131 BTC to wallets labeled as FalconX deposits. The same address has also received funds from wallets linked to Nexo and Prime Trust.However, the newly transferred 50 BTC remained at the address as of Friday morning. Therefore, there is no on-chain evidence that the assets were sent to FalconX or sold.Coldcard vulnerability prompts activity in old walletsThe transfer came as dormant Bitcoin wallets began showing renewed activity following the discovery of a security vulnerability in Coldcard hardware wallets. Manufacturer Coinkite said a firmware flaw dating back to 2021 could expose private keys generated by some affected devices.Attackers have stolen up to $114 million in Bitcoin from vulnerable wallets across four waves of attacks since July 30. However, there is no evidence connecting the wallet created in 2011 to the Coldcard vulnerability.Whale purchases and ETF inflows provide a supportive backdrop for Bitcoin. Still, transfers from dormant wallets, political uncertainty and selling pressure around $65,000 continue to prevent the market from establishing a clear direction.
A large-scale security review of the Bitcoin ecosystem uncovered thousands of potential software vulnerabilities in just 27.5 hours. A volunteer team reported 4,962 findings across 390 Bitcoin projects, including 85 classified as critical. According to data shared by Calle, the pseudonymous developer behind the Cashu e-cash protocol, 16 Bitcoin developers participated in the review. The team used artificial intelligence models to examine the code of Bitcoin wallets, cryptographic libraries and infrastructure software.Calle described the situation as “extremely bad.” In addition to the 85 critical vulnerabilities, the findings included 635 issues classified as high severity.These figures do not mean that thousands of vulnerabilities were found directly in Bitcoin’s core protocol. The review covered open-source wallets, tools and various infrastructure projects connected to Bitcoin.Critical vulnerabilities reported to project ownersAccording to Calle, the team is privately disclosing critical findings to the developers responsible for the affected projects instead of releasing them publicly. Project owners quickly verified most of the critical reports.Before submitting a report, the developers also attempt to reproduce each vulnerability in a local testing environment using a working proof of concept. This process helps filter out inaccurate AI-generated results and provides project teams with findings they can independently verify.However, the large number of reports generated within such a short period has created another problem. Calle said the ecosystem was experiencing considerable chaos, with project maintainers struggling to process the volume of submissions.The team does not yet operate a fully automated system. A significant portion of the review still requires human guidance, while developers continue to improve the automated testing infrastructure.Calle said allowing team members to use their preferred review methods has proved to be the most effective approach so far. The AI models can therefore operate with different testing methods, while developers assess whether the generated reports point to genuine security vulnerabilities.Rob Hamilton, who is developing the team’s automated review infrastructure, said identifying software vulnerabilities was no longer the main challenge. According to Hamilton, the hardest part is delivering reports to the correct project maintainers and coordinating the remediation process.The review comes as the Bitcoin ecosystem continues to deal with the consequences of a vulnerability affecting Coldcard hardware wallets. Attacks linked to a software flaw dating back to 2021 have reportedly resulted in the theft of as much as $114 million worth of Bitcoin since July 30.The attackers involved in the Coldcard incident did not need physical access to the affected devices. A flaw in the firmware made the key space associated with generated seed phrases predictable, allowing the attackers to remotely transfer funds from vulnerable wallets.
The US spot Bitcoin ETF market is preparing for its first closure. Crypto asset manager Hashdex has decided to liquidate its Bitcoin fund, which trades under the ticker DEFI, after the product failed to attract sufficient investor interest.According to a filing submitted to the SEC, the fund will cease trading on NYSE Arca on August 17, 2026. Hashdex will then sell the Bitcoin held by the fund and distribute the remaining proceeds to investors in cash. DEFI will stop trading on August 17Hashdex said it decided to liquidate the fund after evaluating its assets under management, trading liquidity, operating costs and investor demand. DEFI held only $14.48 million in net assets as of August 3.That figure is considerably smaller than the roughly $47 billion held by BlackRock’s IBIT, the largest US spot Bitcoin ETF. The gap suggests that investors increasingly favor larger and more liquid products when choosing between funds that provide similar exposure.August 17 will be DEFI’s final trading day. The fund will also stop accepting new share creation orders after that date.Hashdex will begin converting the portfolio into cash on August 18. Investors who still hold shares after the final trading day are expected to receive a cash distribution on or around August 24.Bitcoin will be sold during the liquidationDEFI’s portfolio consists entirely of Bitcoin and held $14.48 million in net assets as of August 3.Based on the current Bitcoin price, Hashdex could liquidate approximately 225 BTC during the process. The final amount may change depending on investor sales before August 17 and movements in Bitcoin’s price.The sale could create limited short-term pressure. However, 225 BTC is not large enough to disrupt the broader market when compared with Bitcoin’s daily trading volume.The decision still carries symbolic weight. While cryptocurrency ETFs based on futures contracts have closed before, DEFI may become the first US spot ETF holding Bitcoin directly to enter liquidation.Concentration is increasing in the Bitcoin ETF marketHashdex’s decision shows that growth in the spot Bitcoin ETF market has not been distributed evenly among issuers. A large share of investor capital has flowed into highly liquid funds operated by companies such as BlackRock, Fidelity and Grayscale.Smaller funds face higher operating costs when trading activity remains low. As a result, other Bitcoin ETFs that fail to reach sufficient scale could also face closure, even if their issuers reduce management fees.Bitcoin was trading at around $64,150 on August 5. BTC had gained 1.12% over the previous 24 hours, moving between $63,558 and $64,467.Bitcoin’s daily trading volume stood at approximately $23.1 billion during the same period. The estimated 225 BTC that Hashdex could sell was worth about $14.4 million based on the fund’s current size.The potential sale therefore represents approximately 0.06% of Bitcoin’s daily trading volume. Hashdex will also begin selling the fund’s assets on August 18, meaning the current price action does not yet reflect the actual liquidation transactions.
Bitcoin held above $63,000 after starting the day under pressure from a security exploit and institutional selling. BTC fell as low as $62,227 before improving risk appetite on Wall Street helped it recover toward $63,800 by around 10:00 p.m. Türkiye time. Ethereum did not fully participate in the rebound. ETH traded near $1,868, down about 0.3% for the day. Solana recorded a modest gain near $74, while XRP remained flat at around $1.08.The crypto market’s recovery also lagged behind the rally in US equities. The Nasdaq gained about 2% during the same period, while Bitcoin’s daily increase remained below 1%.Coldcard exploit losses approach $114 millionThe first major source of pressure came from an exploit targeting Coldcard hardware wallets. Researchers estimate that the attacker has moved approximately 1,816 Bitcoin from more than 5,200 addresses since July 30.At current Bitcoin prices, the stolen assets are worth close to $114 million. During the first wave alone, 1,083 BTC was drained from 1,196 addresses in just 41 minutes.Researchers linked the exploit to a random number generation flaw in a firmware version released in March 2021. The vulnerability made the private keys of some users predictable enough for attackers to reproduce them.Coldcard manufacturer Coinkite released an emergency firmware update for affected models. The company also urged users with single-key wallets created using the flawed software to move their assets to newly generated addresses.Some transactions from the fourth wave are still awaiting confirmation. These transactions use Bitcoin’s replace-by-fee feature, giving affected users a limited opportunity to pay a higher fee and move their funds before the attacker.Strategy sold $105 million in BitcoinThe second source of pressure came from Strategy, widely known as the market’s largest corporate Bitcoin holder. The company sold 1,638 Bitcoin last week at an average price of $63,957, raising $104.73 million.The sale reduced Strategy’s Bitcoin holdings to 842,138 BTC. The company paid a total of $63.51 billion for these assets, resulting in an average purchase price of $75,419.Strategy also sold 3.01 million MSTR shares during the same period, raising another $290.6 million. The company used part of the proceeds to increase its US dollar reserve by $250 million and repurchase its high-yielding STRC preferred shares.Strategy bought back 912,143 STRC shares for $81.2 million. Its total cash reserve consequently reached $4 billion.MSTR shares initially fell in premarket trading following the Bitcoin sale. However, the stock reversed course alongside the broader Wall Street rally, gaining more than 2% to trade near $95 by around 10:00 p.m. Türkiye time.Cautious optimism in derivatives marketsThe derivatives market did not produce a clear directional signal. Open interest in Bitcoin futures climbed to a one-month high of 772,000 BTC.The annualized funding rate remained positive at around 4%. This suggests that traders are still willing to pay a premium to maintain bullish positions.However, sell-side positions accounted for more than 52% of taker volume in the futures market. The aggressive behavior of sellers showed that traders remained cautious despite Bitcoin’s recovery above $63,000.The 30-day implied volatility index held near 37%. On Deribit, call options with strike prices of $68,000 and $70,000 attracted the highest trading activity.Regulatory risks return to focusUncertainty surrounding the Clarity Act also returned to the market’s agenda. Bernstein analysts said the Senate’s limited schedule had reduced the chances of the bill passing in 2026.The brokerage expects another crypto sell-off if lawmakers fail to pass the legislation. However, faster rulemaking by the SEC and CFTC could shorten the duration of any negative market reaction.Bitcoin is absorbing the negative headlines while holding above $63,000. Still, its inability to reclaim $65,000 and weakening institutional demand continue to limit the strength of the recovery.
Derivatives exchange CME Group has asked the SEC to withdraw its conditional approval of Nasdaq PHLX’s cash-settled Bitcoin index options. CME’s argument is straightforward: these contracts fall entirely under the jurisdiction of the CFTC, not the SEC.The SEC accepted CME’s petition on July 29 and stayed the approval until the full commission reviews the matter. The deadline for submitting written statements supporting or opposing the approval is August 24. The order offers no indication of how commissioners view CME’s arguments, leaving the product’s future uncertain. What sparked the jurisdictional dispute?Nasdaq first announced its plans for the options with CF Benchmarks in 2024. The key difference from existing options tied to spot Bitcoin ETFs lies in the underlying asset. Those products are based on securities, while Nasdaq’s proposed options would track an index linked directly to Bitcoin. That distinction sits at the center of the dispute.The SEC’s Division of Trading and Markets approved the application on May 22 under delegated authority. However, Nasdaq still needed separate exemptions from the CFTC before trading could begin.If granted, those exemptions would allow Nasdaq PHLX, formerly known as the Philadelphia Stock Exchange, to offer the contracts under both SEC and CFTC oversight. They would also allow the Options Clearing Corporation to clear the products without registering separately with the CFTC as a derivatives clearing organization.CME argues that Bitcoin is a commodity rather than a security. An option tied directly to its value therefore does not qualify as a security-based derivative. Instead, CME says it meets the definition of a commodity option or swap, placing it exclusively under the CFTC’s jurisdiction under the Dodd-Frank Act.One of the most significant points in CME’s petition concerns the limits of a CFTC exemption. According to the company, granting an exemption does not transfer jurisdiction to the SEC. In other words, the type of CFTC relief Nasdaq requires would not amount to permission for the SEC to regulate the product as well.CME argues that the division of authority between the two agencies cannot be changed through an administrative exemption. It also rejects the idea that the SEC can claim oversight simply because the product would trade on a securities exchange. Jurisdiction, CME says, comes from the nature of the product, not the platform on which it trades.The company further claimed that the SEC’s Division of Trading and Markets exceeded its authority and adopted an unusual interpretation of Section 717 of the Dodd-Frank Act. CME asked the commission to overturn the approval entirely.It also issued a broader warning. If the decision stands, exchanges could potentially list options or futures tied to other non-security commodities under SEC rules.Competition also appears to be a major concern for CME. The company said Nasdaq’s product would compete directly with its own offerings and could create additional regulatory costs for its exchange and clearing businesses.How would the contract work?The proposed options would trade under the symbol QBTC and reference the CME CF Bitcoin Real Time Index divided by 100. The index uses order book data from eligible Bitcoin-dollar markets and updates every 200 milliseconds.The contracts would be European-style, meaning holders could exercise them only at expiration. Settlement would take place entirely in US dollars, with no Bitcoin changing hands.The final settlement value would use the CME CF Bitcoin Reference Rate New York Variant, also divided by 100. Calculated once per day, the benchmark draws on Bitcoin-dollar transactions completed during a one-hour window ending at 4:00 p.m. New York time.Nasdaq argues that the product would give spot Bitcoin ETF holders another way to hedge or adjust their exposure on a national securities exchange. Investors could also manage the options under the same margin framework as their ETF positions.
U.S.-listed spot crypto ETFs closed July 30 with $38.50 million in net inflows. According to CoinMarketCap Research, Bitcoin accounted for nearly all of that amount: BTC funds attracted $42 million, while Ethereum ETFs lost $4 million. The figure may look small, but its timing matters. The broader picture throughout the month was far less encouraging.Weekly flows remain in the redTwo trading days, July 23 and 24, shaped the entire month. Investors pulled $203.2 million from the funds on July 23. Bitcoin ETFs alone lost $226.6 million, while Ethereum funds recorded an unusual $23.4 million inflow.The situation worsened the following day. Net outflows reached $310.8 million on July 24, with both Bitcoin and Ethereum funds losing capital. BTC ETFs shed $240.1 million, while ETH funds posted $70.7 million in outflows.Investors withdrew a combined $514 million in just two days. Those losses pushed the 30-day flow down to negative $250.20 million and the weekly figure to negative $203.23 million.In effect, two sessions erased nearly three weeks of recovery.That is why the $38.5 million inflow recorded on July 30 requires a cautious reading. It stopped the bleeding, but weekly and monthly flows remain firmly in negative territory.Whether this marks a one-day correction or the beginning of a reversal remains unclear. Crypto ETF markets have often returned to outflows after a single positive session, making cautious optimism the most reasonable stance for now.The three-month picture tells a different storyThe unusual part is that the three-month total remains positive at $719.20 million despite the weak short-term figures. Demand accumulated during May and June has absorbed much of July’s heavy outflows.This supports a point frequently raised by market analysts. Daily ETF flows often reflect short-term positioning, while a broader window provides a clearer view of institutional demand.Some analysts describe weekly fluctuations as “noise” and the three-month trend as the “signal.” That distinction carries particular importance for investors tracking institutional allocation decisions.The best and worst months of the yearThe extremes become even clearer in the annual data. July ranked as the strongest month of 2025, generating $11.04 billion in net inflows. November delivered the weakest result, with $4.93 billion leaving the funds.The gap between those two months shows how quickly ETF flows can change direction. It also highlights how volatility remains a normal feature of the crypto investment market.The positive session on July 30 offers some encouragement, but one day alone proves little. The next few trading days will provide a clearer answer.If inflows continue, July could end with signs of a recovery. If they fade, the $514 million withdrawal on July 23 and 24 will remain the month’s defining story.Market participants are now turning their attention to the first week of August.
