Bitcoin (BTC) — Onchain News & Whale Tracking

A crypto whale closed its short positions to go long on Bitcoin, holding a position worth up to $43.72 million.

According to on-chain analyst Ai Yi (@ai_9684xtpa), whale address 0x604…0b21d previously shorted BTC worth $45.17 million between August 24 and 25, exiting the trade with a total loss of $831,000. Early this morning, the address switched to a long position, opening a 12x leveraged long order for 554.71 BTC, with the position valued at roughly $43.72 million — ranking as the 8th-largest BTC holding on Hyperliquid. Its average entry price stands at $80,140.6, and it is currently facing an unrealized loss of approximately $748,000.

Six Bitcoin addresses dormant for over 10 years have recently reactivated, transferring 553.59 BTC.

According to tracking by Galaxy Research, between August 16 and August 26, six long-dormant Bitcoin wallets that had been inactive from 2011 to 2014 sequentially initiated transfers totaling 553.59 BTC, worth roughly $40.15 million at the time of transfer. The oldest wallet, dormant since June 2011 for 15.1 years, moved 8.54 BTC; another wallet dormant for 14 years transferred 212 BTC, valued at around $13.66 million. The latest transfer involved 40 BTC from a wallet dormant for 14.2 years, with the destination address tagged to German crypto custodian Boerse Stuttgart Digital. Galaxy Research noted that two of the wallets carry the "Salomon Client Dusted" label, linked to litigation in New York's "John Doe" case over attempts to claim 39,069 long-dormant Bitcoin addresses. Additionally, recent hardware wallet security incidents may have prompted some long-term holders to move their assets, though the exact reason for the simultaneous "awakening" of these wallets remains unconfirmed.

Viewpoint: The Besant Effect is insufficient to bring Bitcoin back to a genuine bull market; this round of rally is mainly driven by short covering.

Bloomberg reporter Emily Nicolle wrote that Bitcoin has rallied 23% in a single week recently, marking its largest weekly gain in over three years and ending its sideways trend since summer. US Treasury Secretary Scott Bessent’s proposal to expand the scale of long-term Treasury repurchases sparked market concerns over US debt and dollar depreciation, pushing funds toward alternative assets like Bitcoin. However, after Bitcoin broke above $80,000 on Tuesday, it has stabilized again, and this catalyst alone is insufficient to drive the market back to a genuine bull run. Nicolle notes that Bitcoin’s narrative as a hedge against the U.S. dollar and inflation remains unsustainable. After Trump reintroduced threats of tariffs on China last October, Bitcoin dropped more than 12% in 24 hours, while gold hit a record high in the same period. Year-to-date in 2026, gold has risen over 7% cumulatively, and Bitcoin, even with its recent rebound, is still down nearly 10%. She argues that the simultaneous rise of gold and Bitcoin last week does not prove they share the same safe-haven attributes, as this crypto rally is largely fueled by short covering. Strategy chairman Michael Saylor called on traders to keep buying Bitcoin during the rally, but his company did not add to its holdings accordingly. Separately, the CLARITY Crypto Market Structure Bill remains stalled due to disagreements over ethical provisions and other issues; the Senate is expected to resume deliberations only in mid-September, leaving limited time ahead of the November midterm elections. Bitcoin has yet to establish a stable, compelling value narrative, and for daily payments, users still prefer stablecoins or cash.

A prominent trader says that if Bitcoin breaks through $83,000, it could trigger a short squeeze that would push the cryptocurrency to $95,000.

Well-known trader Killa stated that based on higher time frame structures, he is roughly 80% confident Bitcoin has formed a bottom. However, strictly following technical confirmation standards, the current trend has not yet fully shifted, as BTC has failed to reclaim and hold above the $83,000 high on the weekly timeframe. $83,000 is the key level to confirm a substantial trend reversal. If Bitcoin breaks above this range and secures market acceptance, traders should avoid blindly shorting subsequent rallies, as bears could face significant short squeezes that push prices toward $95,000. In the short term, he anticipates the market will remain range-bound.

Analysis: Bitcoin's next price movement may hinge on PCE data, Nvidia's earnings report, and Waller's remarks.

Bitcoin’s next move may hinge on three key events this week: the U.S. July PCE inflation data, NVIDIA’s second-quarter financial results, and remarks from Federal Reserve Chair Warsh at the Jackson Hole Symposium. After surging from around $63,000 to above $80,000, Bitcoin has now pulled back to below $79,000, with its 14-day Relative Strength Index (RSI) exceeding 70, indicating a short-term overbought condition. Markets expect the U.S. July core PCE to rise 3.2% year-over-year and 0.18% month-over-month, compared to 3.3% YoY and 0.13% MoM in June. A hotter-than-expected reading could reignite fears of Federal Reserve rate hikes, putting pressure on Bitcoin and the broader crypto market. CME FedWatch data shows the bond market currently assigns a nearly 38% probability to a 25-basis-point Fed rate hike in September. NVIDIA will release its second-quarter earnings after the market close on Wednesday. A strong beat on results could ease market concerns over AI capital expenditures relying on debt financing, and support risk assets. Since the start of 2025, the 90-day rolling correlation coefficient between Bitcoin and NVIDIA’s stock price has remained above 0.5 for most of the period. Traders will also be watching Warsh’s remarks on Friday. The U.S. Treasury’s recent plan to increase long-term Treasury repurchases to curb yield rises has been viewed by markets as a catalyst driving Bitcoin’s recent rally. Markets will monitor whether Warsh adjusts his previous stance favoring market-based pricing, and whether he expresses support for the Treasury’s related actions.

BlackRock: IBIT will continue to grow in scale, and currently holds over 765,000 Bitcoin.

According to Forbes, Bitcoin rose approximately 20% over the past week, breaking above $80,000 for the first time since May. BlackRock Digital Assets head Robbie Mitchnick stated that the size of the firm’s Bitcoin spot ETF IBIT “will continue to grow” as BlackRock expands investor access to and allocation channels for Bitcoin. The asset manager has lowered the minimum threshold for investors to directly exchange Bitcoin for IBIT shares from $25 million to $1 million. This mechanism allows eligible investors to convert their Bitcoin holdings directly into ETF shares without first selling Bitcoin on the market, potentially avoiding capital gains taxes from asset sales. Since its launch, IBIT has become the fastest-growing ETF across multiple size metrics, currently holding over 765,000 Bitcoin for investors, valued at roughly $60 billion. Mitchnick noted real-world risks including kidnappings, ransomware, and custody failures are driving some Bitcoin holders to shift all or part of their self-custodied assets into ETFs. Recent attacks on some Coldcard hardware wallets have further heightened market concerns about the security of self-custody. Data shows the 13 U.S. Bitcoin spot ETFs, led by IBIT, recorded their strongest single-week capital inflow in nearly 10 months. Talos researchers said Bitcoin’s roughly 23% weekly gain and corresponding volatility increase rank among the highest in history, with similar trends typically linked to above-average short-to-medium-term returns. Unlike the May breakout, which lacked ETF inflow support and subsequently pulled back, this week’s rally is backed by unprecedented structural buying pressure.

Bernstein: Bitcoin could surge to $150,000 by mid-2027, hitting a peak of roughly $300,000 in 2029

Bernstein forecasts that as "currency devaluation trades" gain traction, Bitcoin will hit a record high of around $150,000 by mid-2027, and could reach a peak of roughly $300,000 in this cycle by 2029. The firm also retained an "outperform" rating on Strategy (MSTR), but lowered its target price for the stock from $450 to $350, primarily citing its updated outlook on the Bitcoin market cycle and the equity dilution impact from Strategy’s accelerated stock issuance.

Jiang Zhuoer: Probability of Bitcoin falling back below $67,000 is very low, ETH remains the "engine" of this bull market.

Jiang Zhuoer, founder of BTC.TOP (莱比特矿池), noted in a post that on the first U.S. stock trading day after the weekend’s sharp rally, ETF fund flows are a key indicator to monitor. Data shows Bitcoin ETFs saw a net inflow of $314 million, while Ethereum ETFs recorded a net inflow of $180 million. U.S. stock funds are piling into longs, meaning this rally has been further confirmed by capital, making it highly unlikely for Bitcoin to fall back below its $67,000 starting point. Additionally, Ethereum ETF inflows equal 57.2% of Bitcoin’s inflows, a figure significantly higher than ETH’s 18.8% share of the total BTC market cap. Based on this, he believes ETH will continue to act as the "engine" of this bull market. With Trump’s strong embrace of blockchain and the advancement of the CLARITY Act, financial assets including the U.S. dollar, U.S. stocks, and U.S. Treasuries may become further on-chain, tokenized, and smart-contract integrated in the future. He holds that this will drive more traditional finance professionals to understand and invest in related blockchain ecosystems.

Analyst: Bitcoin on-chain capital inflows turn positive for the first time in nearly three months, yet demand strength remains at a historic low.

CryptoQuant analyst Axel Adler Jr. noted that Bitcoin’s on-chain fund flows showed directional improvement in the second half of August. The realized market cap relative to net position change rose to +0.10% on August 24, marking the first positive reading since May 28, and climbed further to +0.21% as of August 26, signaling the end of the net capital outflow state that had persisted for nearly three months. Meanwhile, Bitcoin’s 30-day apparent demand/new supply ratio has stayed above 1 for six consecutive days, with the latest figure at 2.52, meaning 30-day apparent demand is roughly 2.5 times the new BTC issued in the same period. This metric hit a low of -6.93 on August 2 and peaked at 3.16 on August 21. That said, the absolute strength of both indicators remains low. Since 2024, the median of realized market cap during positive periods stands at +3.24%, while the current +0.21% falls only in the bottom 3-4% of positive samples. The historical median of the apparent demand ratio when it is above 1 is 7.65, and the current 2.52 is also in the bottom 10% of readings. Adler added that the more critical signal at present is that fund flows have shifted from net outflow to small net inflow, and demand has once again outpaced new supply, though a robust new demand cycle cannot yet be confirmed. Going forward, it will be necessary to monitor whether realized market cap can stay positive and whether apparent demand can expand further.

Analysis: Bitcoin faces a key resistance level of $80,000; ETF inflows have supported its rally, but the risk of profit-taking is rising.

Bitcoin’s momentum has faded after recently climbing to near $80,000, as traders wait for U.S. inflation data and additional policy signals from the Federal Reserve. To date, the leading cryptocurrency has risen around 22% since August 20, a rally backed by robust capital inflows into Bitcoin ETFs. However, the sharp price increase has spurred profit-taking and technical overbought conditions, which could limit further short-term gains. From a technical perspective, the $80,000 level serves as a critical resistance zone for Bitcoin. If the cryptocurrency can hold a breakout above $83,000, its upside potential may expand further, with target ranges pointing to $95,000 to $100,000.

Bitcoin will see $6.4 billion in options expire this Friday, with $80,000 emerging as a key battleground for bulls and bears.

Approximately 81,700 Bitcoin options will expire on Deribit at 16:00 Beijing time this Friday, with a notional value of around $6.44 billion, which could further amplify market volatility. Of these, about 44,600 are call options and 37,100 are put options, with a put/call ratio of 0.83, indicating an overall bullish bias. The most concentrated strike prices for call options are $75,000 and $80,000, corresponding to open interest notional values of roughly $236 million and $157 million respectively. Deribit’s Chief Risk Officer noted that Bitcoin surged from around $62,000 to $80,000 over the past week, pushing a large number of call options into in-the-money territory and putting market makers under greater hedging pressure. Currently, options within 5% of the current price have a notional value exceeding $500 million. The approaching expiry could trigger more frequent gamma hedging, leading to a "pinning" effect on prices near key strike prices, or accelerated volatility after breaking through critical levels.

U.S. spot Bitcoin ETFs have attracted inflows for 7 consecutive days, with their year-to-date net outflow gap narrowed by more than half.

U.S. spot Bitcoin ETFs recorded net inflows for the seventh consecutive trading day on Tuesday, raking in $314 million in a single session, pushing their cumulative net inflows for August to $3.03 billion—just $390 million short of the October 2025 monthly inflow record. With recent sustained capital inflows, the year-to-date net outflow gap for U.S. spot Bitcoin ETFs has narrowed by more than half from its previous peak to $2.26 billion, while their total net assets rose to $99.05 billion, with cumulative net inflows hitting $54.36 billion. If the current trend continues, August is on track to be the strongest month for capital performance since October 2025. Meanwhile, U.S. spot Ethereum ETFs also posted net inflows for seven straight trading days, attracting $179.8 million on Tuesday, with cumulative net inflows of roughly $1 billion over the past seven sessions. As of press time, Bitcoin is trading at $78,880, down approximately 2% over the past 24 hours after briefly breaking above $80,000 earlier; the Crypto Fear & Greed Index has fallen from 74 to 65, though it remains in the "greed" zone.

Analysis: Bitcoin's long positions have remained stable recently, while short positions have continued to decrease.

According to on-chain data, since August 23, BTC long positions have remained at a relatively stable level. Following the price rise, the overall market has shown a neutral consolidation trend. Meanwhile, BTC short positions have continued to decline since August 17, indicating that some short funds are still continuously exiting the market. Analysts believe that current long positions in the market have not increased significantly, and future trends will still depend on whether the short covering trend persists. Earlier, analysts stated that Bitcoin would need to meet three conditions to trigger a full-scale rally: Hyperliquid whales turning bullish, Bitfinex whales completing BTC long position accumulation, and the disappearance of negative South Korean kimchi premium and negative Coinbase premium. Currently, Bitfinex whales have finished building their BTC long positions, and both the negative kimchi premium and negative Coinbase premium have vanished, meaning two of the three conditions have been fulfilled. The core focus of the market going forward will be whether Hyperliquid whales shift to a bullish stance; once this signal emerges, it could act as a catalyst for Bitcoin to launch a new round of upward movement.

Institutions plan to reduce costs for Bitcoin whales moving into ETFs; BlackRock reportedly lowers the in-kind conversion threshold for its IBIT Bitcoin ETF to $1 million.

BlackRock has drastically cut the minimum threshold for investors to directly exchange Bitcoin for shares of its spot Bitcoin ETF IBIT from $25 million to $1 million. The mechanism adopts the "in-kind creation" model, enabling investors to deliver BTC directly in exchange for ETF shares, skipping the need to first sell Bitcoin before purchasing ETFs, thus avoiding certain transaction steps and potential tax costs. Reports note Bitwise has also lowered its related conversion threshold from $100 million to $3 million. To date, IBIT has processed over $5 billion in cumulative in-kind conversions, up from $3 billion in October last year. As crypto asset theft, hacking and custody risks remain in the spotlight, a growing number of large Bitcoin holders are considering converting some of their self-custodied assets into regulated ETF products.

Yesterday, US Bitcoin spot ETFs recorded a net inflow of $314.3 million, while US Ethereum spot ETFs saw a net inflow of $179.8 million.

According to data from Farside, U.S. spot Bitcoin ETFs recorded a combined net inflow of $314.3 million yesterday. The breakdown is as follows: BlackRock’s IBIT saw a net inflow of $284.4 million, Fidelity’s FBTC brought in $15.4 million, Bitwise’s BITB had $3 million, MSBT $4.5 million, and BTC $7 million. Separately, U.S. spot Ethereum ETFs posted a total net inflow of $179.8 million, with BlackRock’s ETHA at $146.4 million, ETHB at $7.6 million, and Fidelity’s FETH at $25.8 million.

Whale Tracking: Yesterday, less than 2% of Bitcoin (BTC) short positions were liquidated, with traders flipping to long positions, while $34 million in long positions are once again nearing liquidation.

According to TradingBeats monitoring, short address 0x6046, which faced imminent liquidation if BTC rose just 2% yesterday, has closed out its short position of 559.36 BTC, incurring a loss of roughly $810,100. About 10 minutes after closing the short, the address immediately flipped to a long position, buying 428.287 BTC for approximately $34.59 million at an average entry price of $80,761. Its current position’s unrealized loss has since widened to around $677,100. Combined with the loss from the earlier short close, the address’s realized loss from the two directional swings plus current unrealized loss totals roughly $1.487 million, even exceeding its current account equity of about $1.277 million. As of press time, BTC is trading at $79,181. Its liquidation price stands at around $77,163, just 2.5% below the current price. The address currently has no visible BTC stop-loss or position-reduction orders. Previous news: If BTC rose another 2%, a whale that shorted $45.22 million yesterday would be forced into liquidation.

Bitcoin breaks through the $79,000 mark, with its 24-hour decline narrowing to 2.1%

According to HTX market data, Bitcoin has broken through the $79,000 mark, with its 24-hour decline narrowing to 2.1%.

TRON reached 400M total users in just 8.16 years, much faster than Bitcoin and Ethereum.

TRON reached 400M total users in just 8.16 years, much faster than Bitcoin and Ethereum. Bitcoin took 9.4 years to reach 400M users, while Ethereum took over 10 years.

El Salvador's Bitcoin payment experiment is nearly grinding to a halt, with a core developer witnessing firsthand the drying up of payments at 'Bitcoin Beach'

Bitcoin core contributor Jon Atack, who has resided in El Salvador since 2022, recently shared a firsthand account. When he paid for lunch with BTC at El Zonte, the famed "Bitcoin Beach", the clerk told him it was the shop’s first Bitcoin payment all month—an indication that BTC transactions in the area have shifted from common to nearly non-existent. When Atack tried to tip in sats, the three-year veteran staffer said he had forgotten how to use Bitcoin apps, describing the local Bitcoin payment ecosystem as "dead". Some travelers report scattered successful BTC payments in the region, and signs of Bitcoin acceptance still dot the town, but daily use has clearly declined. El Zonte was once the cradle of El Salvador’s Bitcoin narrative: in 2019, anonymous donors began distributing Bitcoin to the small town, and in 2021, El Salvador made BTC official legal tender. However, under a 2024 IMF loan agreement, El Salvador reclassified merchant Bitcoin acceptance as voluntary, triggering a sustained slump in on-chain payments. While Atack remains optimistic that El Salvador is still a leader in Bitcoin legislation and adoption, the payment fervor at "Bitcoin Beach" has effectively ebbed.

Garrett Jin added to his long Bitcoin position at an average price of $79,000, lifting his total position to $147 million.

According to EmberCN’s monitoring, the address of Garrett Jin, agent of the “BTC OG Insider Whale”, added 600 BTC long positions at $79,000 in the early hours, worth $47.4 million. He has held BTC long positions for three months, hitting a peak unrealized loss of $23 million in early July. Currently, he holds 1,868 BTC long positions (valued at $147 million) at an average price of $77,090, with an unrealized profit of $2.78 million. Separately, he opened short positions on 32,700 ZEC at an average price of $444 (valued at $25.28 million), now facing an unrealized loss of as much as $10.74 million.

The crypto market has seen a minor correction, with Bitcoin briefly falling below $78,000, while BNB, SOL, and ZEC dropped below their key price levels.

According to HTX market data, the crypto market has seen a minor downturn. Bitcoin briefly dipped below $78,000 this morning, and is now trading at $78,500. Ethereum stands at $2,443. SOL is priced at $96, after a pullback of over 3% following its break above $100. BNB fell below $700, now at $693. ZEC is at $774, having dropped below the $800 mark, with a nearly 7% decline over the past 24 hours. The total cryptocurrency market capitalization is down 0.4% in 24 hours, reaching $2.739 trillion. Leading altcoin movers: Gainers include BMT, which surged 54% in 24 hours to $0.023; ONG rose 17% to $0.1; PROM gained 14.6% to $4.12; FF, STX, TLM and others climbed over 10%. Losers: PEOPLE, STORJ, MUBARAK and others fell nearly 20% in 24 hours; PORTAL, JTO, ETHFI, DASH, MET and others dropped nearly 10%.

Opinion: Bitcoin’s full-scale rally still needs one final condition, and a Hyperliquid whale turning bullish could be the key

Crypto analyst CW stated in a post that Bitcoin will need to meet three conditions to kick off a full-scale rally: Hyperliquid whales turning bullish, Bitfinex whales completing their BTC long position accumulation, and the elimination of negative Korea Kimchi Premium and Coinbase Premium. So far, Bitfinex whales have finished building their BTC long positions, while both the negative Kimchi Premium and negative Coinbase Premium have disappeared—meaning two of the three conditions are already satisfied. The market’s core focus moving forward will be whether Hyperliquid whales shift to a bullish stance; once this signal emerges, it could act as a catalyst for Bitcoin to start a new upward trend. It’s worth noting that the above assessment primarily reflects the analyst’s personal views, and related premiums and whale position changes are generally only used as reference indicators for market sentiment and capital flows.

Bitcoin surges to a peak then drops below $80,000, with gold also retreating in tandem as market attention turns to PCE data and NVIDIA’s earnings report.

Bitcoin surged to $81,265 on Tuesday before pulling back, dropping as low as $78,111 and falling back below the $80,000 threshold. Gold weakened in tandem: spot gold fell nearly 2% to $4,605 per ounce, after hitting $4,697, its highest level since mid-May. Market trends show that the decline in U.S. Treasury yields no longer continued to drive gains for Bitcoin and gold, instead leading to a divergent pattern: U.S. stocks rose, while cryptocurrencies and gold weakened. The S&P 500 gained 0.2%, and the Nasdaq advanced 0.5%; meanwhile, the yield on the U.S. 30-year Treasury bond fell below 5.2%, approaching its lowest level since August 7. Analysts note that recent moves in U.S. Treasury yields remain a key driver of the crypto market. The U.S. Treasury Department earlier expanded its long-term Treasury repurchase program to ease upward pressure on long-dated yields, but amid the current inflation environment, the Federal Reserve’s room for interest rate cuts remains limited. Markets currently price in a roughly 61.9% probability that the Fed will hold interest rates steady in September. In the short term, market focus is shifting from Treasuries to the U.S. July PCE inflation data and the Jackson Hole Economic Symposium. Nvidia’s post-market earnings report on Wednesday could also act as a new catalyst for volatility in risk assets.

THORChain has rolled out its major version 3.20 upgrade, enabling native swaps of Monero (XMR) and Zcash (ZEC) for Bitcoin (BTC), Ethereum (ETH), and stablecoins.

THORChain has announced the launch of version 3.20, adding native cross-chain swap support for Monero (XMR) and Zcash (ZEC). Users can directly swap XMR and ZEC for BTC, ETH, and stablecoins without requiring wrapped assets, centralized exchange accounts, or surrendering custody of their funds. The upgrade also introduces Protocol-Owned Liquidity (POL) and Stable Reserve, while restoring support for Solana, Base, and BNB. The Stable Reserve enables zero-liquidity-fee swaps between stablecoins. This upgrade is expected to provide a new non-custodial trading path for users facing shrinking liquidity channels due to centralized exchanges delisting or restricting XMR.

Analysis: Bitcoin Holding Above $81,000 Could Mark a Key Signal of the Bear Market's End

Bitcoin surged roughly 25% over the past week, briefly hitting near $80,000, but market analysts note that the 50-week simple moving average (50W MA) remains a key technical resistance level to determine if the current bear market has truly ended. The average is currently trading in the range of approximately $81,000 to $82,000. Galaxy Research states that in past completed bear markets, BTC has seen the bear market bottom form 11 times when the asset reclaimed its 50-week MA. If Bitcoin can hold above this average at the weekly close, historical patterns suggest the current bear market is very likely over. Meanwhile, Bitcoin has broken above its 50-day, 100-day, and 200-day moving averages on the daily chart, signaling a sharp rise in short-term momentum. Some analysts believe this cycle’s low may already be in place, but with Bitcoin’s 7-day gain hitting roughly 25% and its 7-day Rate of Change (RoC) at an unusually high level not seen in nearly five years, historical data shows such extreme readings often precede short-term pullbacks or sideways consolidation rather than sustained straight-line gains. Going forward, the market will closely monitor whether Bitcoin can effectively break above and hold the 50-week MA to further confirm a trend reversal.

Bitcoin’s weekly RSI shows bullish divergence, market analysts reassess whether the bear market trend is over.

After Bitcoin rallied sharply by around 25% last week and briefly broke above $80,000, the market remains divided on the direction of its current trend. Technical indicators show Bitcoin’s weekly Relative Strength Index (RSI) has risen to 58.3, its highest level since the all-time high of $126,200 hit in October 2025, and it has formed a bullish divergence similar to that seen during the 2022 bear market bottom: prices had been making lower lows, while the weekly RSI formed higher lows. Jamie Coutts, chief crypto analyst at Real Vision, notes that weekly-level bullish divergences are highly valuable for judging long-term trends and cycle inflection points, with similar signals in the past often followed by further price gains. However, short-term indicators show signs of overheating: Bitcoin’s daily RSI has climbed to 82.93, its highest level since November 2024. Some traders are cautious about short-term pullback risks, but some analysts argue that it is not uncommon for RSI to stay above the overbought threshold of 70 for extended periods during historical bull markets. Additionally, Bitcoin’s two-month Stochastic RSI recently formed the expected golden cross, a potential bullish signal for a trend shift. However, this indicator only hit a low of 4.81 this time, failing to drop to near-zero levels as seen in signals before historical bear market bottoms, so the market still needs further observation to confirm whether this rally marks the official end of the macro bear market.

Bitcoin short squeeze reappears: Futures open interest falls to a five-month low, and the market’s leverage structure has become healthier.

Bitcoin has surged rapidly from around $62,000 to near $80,000 recently, marking its second-largest weekly gain in nearly five years. However, unlike previous rallies that came with massive leveraged capital inflows, open interest (OI) in Bitcoin-denominated futures has instead continued to decline in this cycle. Data from Glassnode shows that as of now, BTC-denominated futures OI stands at approximately 587,600 BTC, down from 645,800 BTC on August 14 and hitting a near-five-month low. Analysts believe this rally is driven more by short covering and short liquidations rather than a concentrated influx of new leveraged long positions. During this period, billions of dollars in short positions were liquidated, triggering a notable short squeeze that further pushed Bitcoin above $80,000. Meanwhile, the annualized funding rate for perpetual contracts remains below 10%, indicating that overall bullish leverage in the market is not overly crowded. Additionally, open interest in crypto margin futures has dropped to a historic low of around 52,000 BTC, accounting for just 11% of total market activity. The rising share of cash margin helps mitigate the cascading risk of "collateral shrinkage—forced liquidations—further price declines" during market downturns. Overall, current low participation in the derivatives market and a healthier leverage structure suggest this Bitcoin rally has stronger sustainability.

Bitcoin falls below $79,000, with a 0.14% drop over 24 hours.

According to HTX market data, Bitcoin has dropped below $79,000, with a 0.14% decline over the past 24 hours.

A BTC whale with a cost basis of roughly $45,000 per BTC has started offloading, selling Bitcoin worth $111.61 million.

Per Lookonchain’s monitoring, a crypto whale who had remained dormant for four years has sold 1,400 Bitcoin, valued at $111.61 million. The whale purchased 2,200 Bitcoin four years ago at an average price of $45,024, totaling $99.05 million. Notably, the whale did not sell even when their unrealized profits peaked at $178 million, but has recently begun offloading Bitcoin, and has now realized a profit of $76.5 million.

Analysis: Bitcoin’s moving average alignment remains bearish, with a key resistance level of $83,200 (the 365-day Simple Moving Average, SMA365)

CryptoQuant analyst Axel Adler Jr. stated that after a pullback, Bitcoin has reclaimed its short-term holder cost base of roughly $68,200. Meanwhile, with rising trading volume, the price has broken through the SMA200 (200-day simple moving average) level of around $69,000 and SMA111 of approximately $67,500. A large number of holders who bought recently are back in profit, easing the selling pressure from short-term holders who were in the red. However, Bitcoin’s moving average alignment still maintains a bearish structure: SMA111 sits below SMA200, and both are lower than SMA365’s roughly $83,200. This indicates the current move is merely a strong short-cycle recovery, not a confirmed reversal of the broader trend. The most critical upside resistance is the SMA365 level at $83,200. If the price stalls and pulls back at this level, the existing bearish structure will hold; if it can effectively reclaim it, this could mark the first serious evidence of a trend reversal. Key downside support lies in the $67,000 to $69,000 range, which encompasses both the short-term holder cost base and the dense zone of SMA111 and SMA200. As long as the pullback holds this range, short-term holders remain profitable, and the price stays above the moving averages, the market structure still holds upside potential; a break below would resume downside risks. The current market is leaning positive but has not yet fully entered a high risk appetite mode.

87% of the Bitcoin stolen in the Coldcard hack remain unmoved, totaling approximately 1,789.28 BTC.

Galaxy Research Head of Research Alex Thorn released the latest statistics showing that the Coldcard hardware wallet hack resulted in the theft of approximately 1,789.28 Bitcoin across 8,865 addresses, with a total value of roughly $114.7 million at the time of the breach. Of the stolen funds, 1,561 Bitcoin (87.3% of the total) remain in addresses controlled by the attackers and have not been moved. All Bitcoin stolen in the first three attack waves has been untouched, while only a portion of funds from later attacks have been transferred via mixing techniques including CoinJoin and peel chains. The statistics are based on 221 victim reports, covering 790.72 Bitcoin (44.2% of total losses). The median loss per victim is 1.04272 BTC, with over half of those affected losing more than 1 Bitcoin. Galaxy has shared the identified attacker addresses with cryptocurrency exchanges, compliance firms, and law enforcement agencies, aiming to enable fund freezing once the stolen assets enter centralized platforms. The unusually high share of Bitcoin remaining unmoved long after the attack may indicate attackers are waiting for a safer window to cash out, or alternatively create a time window for tracking and freezing efforts.

BIT-linked addresses liquidated $419 million worth of Ethereum (ETH) and Bitcoin (BTC) long positions, generating a profit of $55.095 million.

According to on-chain analyst Ai Yi (Twitter handle @ai_9684xtpa), BIT-related entities have a total of 11 addresses. These addresses previously held long positions in ETH and BTC worth a combined $419 million, and have since closed out the positions for a profit of $55.095 million. Currently, address 0xf78…6c581 holds 1,602.11 remaining ETH long positions, valued at $3.97 million, with an unrealized profit of $707,000.

Analysis: Bitcoin’s futures and spot demand are rising in tandem. Despite being overbought, trading against the trend is not advisable, and the strongest bullish momentum phase is approaching.

CryptoQuant analyst Darkfost noted that Bitcoin’s total demand has been rising steadily over the past 30 days, currently standing at around 170,000 BTC, with spot and futures demand growing in tandem. Although short-term overbought signals have become quite prominent, investors should avoid attempting precise market timing at this juncture. The market appears to have entered a demand-driven rally wave while continuously digesting profit-taking pressure. Historical patterns show that periods of synchronized growth in spot and futures demand often mark Bitcoin’s strongest upward momentum phases. The analyst emphasized that as long as this demand persists and continues to absorb short-term profit-taking, upward momentum could still hold even if the market enters overbought territory. This means the core variable to monitor now is not whether prices are too high, but whether demand is still effectively absorbing selling pressure. Only when demand shows signs of exhaustion and profit-taking begins to outweigh buying support will the rally likely come to an end. Until then, any contrarian trades based on overbought signals may run counter to strong demand-driven momentum.

Bitcoin falls below $80,000, with its 24-hour price gain narrowing to 3.38%

According to HTX market data, Bitcoin has dropped below $80,000, with its 24-hour gain narrowing to 3.38%.

Analysis: Bitcoin's 'new whale' cohort has taken profits exceeding $1.2 billion over the past three days, as markets await a balance in selling pressure.

CryptoQuant analyst Moreno noted that Bitcoin’s "new whale" group has realized over $1.2 billion in profits over the past three days, marking the largest profit-taking event in the group’s history. Of this total, roughly $614 million was earned on August 20 alone, the highest single-day profit on record. Meanwhile, Bitcoin’s price has rebounded above the short-term whale realization price of around $68,900. On August 23, BTC traded near $77,700, approximately 12.8% higher than the total cost basis of these "new whales". In prior months, some large whales that recently accumulated Bitcoin were sitting on long-term unrealized losses. This rally has completely reshaped their position structure, giving previously trapped capital a sudden opportunity to exit at break-even and lock in substantial profits. The current trend thus constitutes an important demand test. If BTC can hold steadily above the whale cost basis of around $70,000, while profit-taking gradually returns to normal levels, it signals that new demand is effectively absorbing distribution pressure, laying a foundation for the rally to continue. Conversely, if profit-taking remains elevated and the price falls back below this cost basis, the rally may be closer to a "break-even exit rally", with previously trapped holders turning into fresh selling pressure above. The market has now regained profitability; what remains to be proven is whether it can absorb the pressure unleashed by this profit release.

Strive CEO reiterates that the Bitcoin bull market has only just begun, and his long-term belief has never wavered.

US bitcoin treasury firm Strive (ticker: ASST) CEO Matt Cole has once again reaffirmed that the bull market has only just begun. He stated that while ASST’s stock hit a bear market low in February 2026 and external sentiment was extremely pessimistic, Strive’s team’s long-term conviction never wavered. “We clearly recognize the value of our bitcoin holdings,” Cole said. Executives and directors have been buying additional stock with their own capital, and some directors have joined the company full-time. This highly aligned internal conviction and execution capability laid the foundation for the performance delivered in the subsequent six months. Strive will not forget the steadfast shareholders who supported the company during its toughest times. Now, with the stock surging and market sentiment running high, the team’s core focus remains unchanged: the bitcoin bull market has only just begun, and we will continue to go all-in. Yesterday, Cole published a lengthy bullish article on bitcoin, citing the bitcoin/gold ratio chart. He pointed out that bitcoin has broken through against both the U.S. dollar and gold, signaling the end of the bear market and reinforcing that the next cycle will be the strongest in history. Cole believes three converging forces are creating an unprecedented favorable market environment for bitcoin: the long-term weakening of the U.S. dollar, rising demand for scarce assets in the AI era, and the re-strengthening of the BTC/gold ratio. According to market data from BIT (bit.com), Strive’s U.S. stock price nearly doubled in the past week, breaking above $20. Strive announced yesterday that it purchased 1,110 bitcoin last week at an average price of approximately $73,409, a significant increase from its prior weekly purchase volume. As of August 21, Strive holds a total of 21,356 bitcoin, plus 505,000 preferred shares of Strategy STRC (with a fair value of about $48.57 million) and roughly $171.9 million in cash.

Strive CEO Reaffirms Bitcoin Bull Market Has Only Just Begun, Long-Term Conviction Remains Unshaken

Matt Cole, CEO of U.S. bitcoin treasury firm Strive (ticker: ASST), has once again reaffirmed that the bull market has only just begun. He noted that despite ASST’s stock hitting a bear market low in February 2026 and extreme bearish sentiment among external investors, Strive’s team has never wavered in its long-term conviction. “We understand the value of our bitcoin holdings,” he said. Executives and directors have been buying additional shares with their own capital, and some directors have joined the company full-time. This high level of internal alignment in conviction and execution laid the foundation for the company’s performance over the following six months. The company has not forgotten the loyal shareholders who stood by it during its toughest times. Now, with the stock surging and market sentiment running high, the team’s core focus remains unchanged: the bitcoin bull market is just starting, and we continue to go all-in. Strive announced yesterday that it purchased 1,110 bitcoin last week at an average price of roughly $73,409, a significant increase from its prior weekly buying pace. As of August 21, Strive holds a total of 21,356 bitcoin, plus 505,000 shares of Strategy’s (STRC) preferred stock (with a fair value of approximately $48.57 million) and around $171.9 million in cash.

Yesterday, U.S. spot Bitcoin ETFs posted a net inflow of $337.6 million, while U.S. spot Ethereum ETFs recorded a net inflow of $115.6 million.

According to Farside data, U.S. spot Bitcoin ETFs posted a combined net inflow of $337.6 million yesterday. Of this, BlackRock’s IBIT saw a net inflow of $208.9 million, Fidelity’s FBTC $104.6 million, Bitwise’s BITB $3 million, Grayscale’s BTC $16.4 million, HODL $3.3 million, and MSBT $1.4 million. U.S. spot Ethereum ETFs recorded a total net inflow of $115.6 million, with breakdowns as follows: BlackRock’s ETHA brought in $90.9 million, Fidelity’s FETH $6.8 million, ETHW $0.9 million, ETHV $4.5 million, and ETH $12.5 million.

A trader opened a 50x leveraged long position on 49 Bitcoin for $90,000, notching an unrealized profit of $810,000.

According to Lookonchain’s monitoring, a trader turned $90,000 into $966,000 on Aster, generating over 10x returns. The trader deposited $90,000 and opened a long position of 49 BTC (valued at $3.95 million) with 50x leverage, resulting in an unrealized profit of $810,000 (+1025%).

Arthur Hayes: Maelstrom is fully invested in risk assets, with Bitcoin, Ethereum, and others as core bets.

Arthur Hayes published a post noting that his Maelstrom Fund is currently at "maximum risk exposure", with core bets on Bitcoin, Ether, Ethena, and Ether.fi. Hayes argues that whether U.S. Treasury Secretary Bessent increases U.S. dollar liquidity rapidly or gradually, Bitcoin will keep rising, though market volatility will also spike. As such, he advises against using leverage unless one is a full-time trader. Hayes also pointed out that Bessent’s recent move to expand long-term U.S. Treasury repurchase operations could further boost U.S. dollar liquidity, lifting Bitcoin and other risk assets. He projects that if U.S. Treasury yields approach 5% again, the U.S. Treasury may further expand repurchase volumes or take other steps to increase U.S. dollar liquidity.

Bitcoin mining company Metaplanet deposited 1,000 Bitcoin into Coinbase Prime one hour ago.

According to Lookonchain’s monitoring, Bitcoin mining firm Metaplanet deposited 1,000 BTC into Coinbase Prime an hour ago, valued at roughly $79.77 million. Earlier, the company purchased 43,000 BTC at an average price of $96,191, totaling approximately $3.48 billion.

Bitcoin surges past $81,000

According to HTX market data, Bitcoin has risen above $81,000, currently priced at $81,012, with a 4.51% gain in the past 24 hours.

Arthur Hayes: Bitcoin is expected to see a "parabolic rally" soon, investors should buy on dips.

Arthur Hayes said in an interview that he expects Bitcoin will soon experience a parabolic rally, with BTC’s price surging rapidly to hundreds of thousands of dollars. "Now is the time to hold BTC—buy the dip before it’s too late," he noted.

Tuesday got off to a strong start: Bitcoin extended its bullish momentum, hitting $80,000, while the three major U.S. stock indexes traded mixed.

US Treasury Secretary Scott Bessent announced on Monday local time that the United States will launch a new sanctions operation dubbed "Operation Economic Outcast" to further cut Iran off from the global economic system, warning countries and enterprises that continue to conduct business with Iran will face US sanctions risks. The move comes as the conflict between the US and Iran has dragged on for nearly six months. The US had previously pressured Iran via military operations and long-term economic sanctions, but the two sides have not reached an agreement on fully reopening the Strait of Hormuz and restricting Iran's nuclear program. According to market data from BIT (bit.com), US stocks closed on Monday: the Dow Jones Industrial Average rose 0.26%, the S&P 500 fell 0.28%, and the Nasdaq Composite dropped 0.76%. SK Hynix (SKHY.O) slid 4.9%, Micron Technology (MU.O) fell 5.8%, SanDisk (SNDK.O) dropped 6.4%, while Nvidia (NVDA.O) and Intel (INTC.O) each declined 3%. Per HTX market data, Bitcoin hit $80,000 again overnight for the first time in 101 days, surging nearly 30% in a week. It is now trading at $77,898, with a 1.25% 24-hour gain.

Bitcoin hits $80,000 again for the first time in 101 days.

According to HTX market data, Bitcoin has once again reached the $80,000 mark after 101 days, with a 24-hour increase of 3.62%.

ZachXBT: US crypto investment platforms BitcoinIRA and iTrustCapital suspected of data breaches this year.

On-chain detective ZachXBT stated that after reviewing relevant evidence, he suspects two U.S. crypto investment platforms, BitcoinIRA and iTrustCapital, suffered data breaches this year, though neither has publicly disclosed the incidents. The leaked information reportedly includes user profiles, portfolio holdings, banking details, custodian information, and verification statuses. ZachXBT added that in June 2026, an attacker exploited the compromised database information to target a BitcoinIRA user, stealing over $1.2 million in assets. He contacted both firms for comment on August 21, but has not received a response as of press time.

Trader 'Maji' adds to his 40x leveraged long Bitcoin positions, lifting the total to $39.45 million, at an average entry price of $78,890.2.

According to TradingBeats’ monitoring, Taiwanese crypto figure Jeff Huang, known as "Big Brother Maji", added a 40x long position in Bitcoin four minutes ago, lifting his Bitcoin long position to $39.45 million. The position has an entry price of $78,890.20 and a liquidation price of $62,268.27. Maji also holds long positions in Ethereum (ETH) worth roughly $62.5 million, with an average entry price of $2,390; HYPE long positions worth around $20 million (average entry: $79.4); and PUMP long positions worth $14.17 million.

Bitcoin drops over 2% in short-term trading, breaking below $78,000.

According to HTX market data, Bitcoin saw a short-term plunge of over 2%, breaking below the $78,000 threshold and currently trading at $78,362, after Trump announced he would raise tariffs on Canadian automobiles and steel to 50%.

Bitcoin surges past $79,000, with a 2.4% gain in 24 hours.

According to HTX market data, Bitcoin has firmly broken through the $79,000 level, with a 2.4% gain in the past 24 hours.

A crypto whale has opened a long position in Bitcoin (BTC) and Ethereum (ETH) valued at $71.8 million, with Bitcoin’s entry price standing at approximately $78,000.

According to monitoring by EmberCN, a crypto whale transferred 8 million USDC into Hyperliquid half an hour ago, opening long positions in BTC and ETH worth $71.8 million, with an unrealized profit of over $150,000. Notably, the whale opened the positions just before the release of news that the U.S. Treasury may deploy nearly $1 trillion to fund an expansion of the U.S. Treasury bond repurchase program. Its holdings are as follows: 600 BTC valued at $46.94 million, with an average long entry price of $78,032; 10,000 ETH valued at $24.89 million, with an average long entry price of $2,479.