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A Memecoin Called BONER Has Cornered Half the Tokenized Hims & Hers Float

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A Memecoin Called BONER Has Cornered Half the Tokenized Hims & Hers Float


A memecoin built around the short interest in Hims & Hers Health has absorbed more than half of the tokenized shares of the company on Robinhood Chain, and with that float locked away the tokenized stock printed four and a half times the price of the actual equity over the weekend. Robinhood's… Read the full story at The Defiant

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Ontology Halts Mainnet Block Production Over Potential Security Concern

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Ontology Halts Mainnet Block Production Over Potential Security Concern


Ontology stopped producing blocks on its mainnet on Aug. 31 after developers flagged a potential security concern during a daily check, freezing onchain transactions while the network’s technical team and validators conduct an emergency review. The chain’s official explorer listed block 20,770,893… Read the full story at The Defiant

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Wall Street’s Tokenized Stock Rush Is Getting Messy

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Wall Street’s Tokenized Stock Rush Is Getting Messy

At Geneva’s Onchain Leaders Gathering, BeInCrypto moderated a discussion on the infrastructure needed to bring capital markets onchain. Experts from Zama, G-20 Group, Blobb.io, and Rex Change argued that tokenization now faces a harder test of making onchain markets liquid, private, compliant, and genuinely useful for institutions. 

Nasdaq and LSEG are pushing stocks onto blockchain rails. A recent viral fight on social media over AMC tokens shows why the infrastructure underneath them now matters more than the token itself.

The New Financial Stack Panel Discussion at Geneva Onchain Leaders Gathering

Wall Street’s Tokenization Race Accelerated This Week.

Nasdaq agreed to invest $100 million in Kraken parent Payward to develop infrastructure for tokenized equities. Days earlier, London Stock Exchange Group partnered with Payward on tokenized UK shares and a planned 24-hour trading venue.

Yet the harder question is already emerging: What exactly happens when stocks move onchain?

This was the central talking point of “The New Financial Stack,” a panel moderated by BeInCrypto at the Onchain Leaders Gathering in Geneva on September 8.

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Florent Gabriel of Blobb.io, Jonathan Mathai of G-20 Group, Antoine Hello of Zama, and François Meurier of Rex Change discussed the barriers institutions still face across infrastructure, liquidity, confidentiality, and market access.

“True enterprise adoption happens when we move beyond isolated proofs-of-concept,” said Antoine Hello, Director of Financial Institutions at Zama, which develops confidential blockchain infrastructure for financial institutions. 

Ahead of the event, Hello argued that institutions need public blockchain infrastructure capable of handling real volume while protecting sensitive financial information.

François Meurier framed the challenge more directly.

“Not in theory but how it works in practice. We do this every day,” said Meurier, Founder and Managing Director of Rex Change, a Geneva-based regulated crypto exchange and OTC service.

A Parallel Stock Market Is Already Forming

The market is no longer tiny enough to ignore. RWA.xyz tracked $2.91 billion in distributed tokenized stocks and $13.31 billion in monthly transfer volume as of September 10. More than 3.17 million addresses held these assets.

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Source: RWA.xyz

However, growth is uneven. Holder numbers jumped 174% over 30 days, while monthly transfer volume dropped almost 53%. That gap matters if institutions expect deep, reliable markets rather than simply more tokens.

Source: RWA.xyz, Sept. 10, 2026

Tokenizing a Stock Does Not Solve the Stock Market

AMC has already exposed another problem: ownership.

CEO Adam Aron attacked Robinhood after it offered tokenized exposure to AMC without the company’s approval. The products track the stock, but holders do not own AMC shares or receive normal shareholder rights. Robinhood CEO Vlad Tenev has defended the structure, arguing that companies cannot control every third-party financial product referencing their shares.

The World Federation of Exchanges has gone further, calling some third-party tokenized equities “mimics” and warning that they could weaken investor protections and market integrity.

That tension also surfaced elsewhere in Geneva.

“We’re very much in production now,” said Diana-Cezara Toader, Head of Digital Assets at UBS Asset Management, during a separate panel on moving tokenization from pilots into live markets. She pointed to liquidity, common infrastructure and regulation as remaining barriers to wider adoption.

Francesco Ranieri Fabracci reduced the problem to one sentence.

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“To tokenize something, you need to make the token useful,” said Fabracci, Head of Tokenization Expansion at Tether, where he works on Hadron, the company’s platform for bringing real-world assets onchain.

Nasdaq and LSEG suggest Wall Street is ready to test that idea at scale.

Now the infrastructure has to prove that an onchain stock can deliver the liquidity, privacy and investor rights that made the original stock useful in the first place.

The post Wall Street’s Tokenized Stock Rush Is Getting Messy appeared first on BeInCrypto.

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Bloomberg: Hyperliquid in Advanced Talks With Kraken Parent on US Perpetuals Push

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Bloomberg: Hyperliquid in Advanced Talks With Kraken Parent on US Perpetuals Push


Hyperliquid Labs is in advanced talks with Payward, Kraken’s parent company, about bringing its perpetual futures to U.S. traders, Bloomberg reported on Aug. 31, citing people who were not authorized to discuss the matter. According to the report, a deal would require regulatory sign-off and would… Read the full story at The Defiant

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FTX Founder Sam Bankman-Fried Takes Fraud Conviction to Supreme Court

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FTX Founder Sam Bankman-Fried Takes Fraud Conviction to Supreme Court

Sam Bankman-Fried asked the U.S. Supreme Court on Thursday to overturn his fraud conviction stemming from the collapse of FTX, following high-profile pardons of Silk Road founder Ross Ulbricht and Binance co-founder CZ.

He is serving a 25-year prison sentence following his 2023 conviction, and his lawyers are also challenging an approximately $11Bn forfeiture.

The justices must first decide whether to hear the case. The court receives thousands of such requests each year and agrees to hear arguments in about 60 cases.

What Does the Petition from Sam Bankman-Fried Actually Challenge?

The petition challenges key parts of the case against Bankman-Fried, including the conviction and the forfeiture order.

  • The conviction: His lawyers argue the trial court improperly prevented him from presenting evidence about whether FTX customers ultimately recovered their money.
  • The forfeiture order: The defense argues that the roughly $11 billion forfeiture is excessive under the Eighth Amendment.
  • A separate pardon application: Online records from the Office of the Pardon Attorney list Bankman-Fried’s request for a pardon from President Trump as pending.

Bankman-Fried was convicted on seven counts of fraud and conspiracy after a monthlong federal jury trial. In June, a three-judge panel of the U.S. Court of Appeals for the Second Circuit affirmed the judgment.

The appellate court described the case as involving the cryptocurrency exchange FTX and Alameda Research, the cryptocurrency trading firm that Bankman-Fried operated and controlled.

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What are SBF’s Lawyers Saying?

His lawyers have argued that FTX and Alameda held sufficient assets to repay customers and that the court’s limits on evidence about those assets deprived him of a fair trial. The petition points to FTX’s bankruptcy plan, under which virtually all creditors were promised cash payments, including interest, to recover their losses.

Federal prosecutors have maintained that FTX customers were defrauded through Bankman-Fried’s handling of their money, including the misappropriation of billions of dollars in customer funds. The Second Circuit said the government’s trial theory was that Bankman-Fried promised customers their funds would be secure on the platform and used only for cryptocurrency transactions, but transferred customer funds to Alameda and elsewhere for unauthorized purposes. The court affirmed the district court’s judgment.

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From Billionaire to Defendant: The Story of Sam Bankman-Fried

Bankman-Fried founded FTX in 2019 and grew it into one of the world’s largest crypto exchanges. The company’s growth brought him wealth and public prominence, and he became one of the world’s youngest billionaires and a top Democratic donor.

FTX collapsed in 2022 after a run on deposits forced the firm into bankruptcy. Bankman-Fried was arrested later that year in the Bahamas, where he had been living, and was extradited to the United States to face trial. The Second Circuit’s account states that FTX filed for bankruptcy in November 2022 after it could not meet customer withdrawal requests.

Bankman-Fried has maintained his innocence. Prosecutors characterized the case as one of the largest financial frauds in history and alleged that he stole billions of dollars from FTX customers while presenting himself as a responsible philanthropist.

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What Happens Next

The Supreme Court has not indicated whether it will take up Bankman-Fried’s petition. Its decision on whether to hear the case will determine whether the challenge receives further consideration.

The pending pardon application is a separate matter from the Supreme Court petition. The Office of the Pardon Attorney, a division of the Justice Department, lists the application as a request for a pardon after completion of sentence and marks it as pending.

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Robinhood Chain Tops Ethereum In Daily App Revenue

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Robinhood Chain Tops Solana in Tokenized Stock Volume Via Memecoin Pairs


Robinhood Chain generated more revenue for the applications running on it than Ethereum did over the past 24 hours, two months after the network went live. The chain Robinhood built to trade tokenized stocks now earns most of its application revenue from memecoin speculation. The ranking also rests… Read the full story at The Defiant

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Law firm documents appear on dark web as cyberattacks rise

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Bo Shen reopens $42M crypto hack cxase with recovery bounty

A limited number of Greenberg Traurig documents have appeared on the dark web after an unauthorized actor accessed them, the international law firm has said.

Summary

  • Greenberg Traurig said an unauthorized actor accessed and posted a limited number of documents.
  • BakerHostetler handled nearly 60 cyber incidents involving law firms in 2025, according to Reuters.
  • Other firms have reported breaches involving client identity and health information.
  • Crypto wallet providers have also reported customer-data leaks and phishing attacks through outside service providers.

Reuters reported on Sep. 10 that Greenberg Traurig had confirmed the unauthorized access and dark web posting. The firm described the number of documents as limited. The supplied account does not identify what the documents contained or say how many people, if any, were affected.

The disclosure comes after other law firms reported unauthorized access to systems holding personal information. The incidents did not all involve the same type of data or method of attack, but several exposed records that firms kept for clients and others who dealt with them.

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Law firm breach reports include identity and health records

In March, Taft Stettinius & Hollister detected unusual activity on one of its systems, according to Reuters. The incident exposed the client’s Social Security numbers. Reuters also reported that London-based Herbert Smith Freehills Kramer disclosed unauthorized access in May involving Social Security numbers, government identification numbers, and health records.

A separate alleged breach at WilmerHale in May led to a proposed class action in July. The lawsuit concerns the alleged exposure of information held by the firm; the filing of a proposed class action does not establish the allegations as fact.

Goodwin Procter disclosed another incident on Aug. 7. Later that month, Quinn Emanuel said a social-engineering attack had compromised one account and exposed files stored in it. In a social-engineering attack, the attacker uses deception to gain information or access, rather than necessarily breaking into a system through a software flaw.

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The affected records also differ from case to case. Greenberg Traurig has described documents posted on the dark web, while the reports about Taft and Herbert Smith Freehills Kramer identify particular categories of personal data. Quinn Emanuel’s disclosure concerns files accessible through a compromised account. The available details do not establish that the Greenberg Traurig documents contained the same kinds of information reported in the other incidents.

Cyber incident data shows the scale of the problem

Reuters said BakerHostetler handled nearly 60 cybersecurity incidents involving law firms in 2025, almost twice the number it handled in 2024. The figure describes matters handled by BakerHostetler, not a count of every breach at a law firm during either year.

In its 2026 incident-response report, BakerHostetler analyzed more than 1,250 data security incidents across industries in 2025. Phishing was the leading identified cause, accounting for 30% of incidents. The firm said outside vendors were the cause in 25% of the matters it analyzed.

The report also tracked what happened after incidents were disclosed. BakerHostetler said class actions were filed in 14% of incidents in 2025, up from 9% in 2024. Among the incidents in its dataset that were disclosed, lawsuits followed 68 of 482 in 2025, compared with 51 of 518 in the previous year.

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BakerHostetler’s figures cover clients across several industries, so they should not be read as rates specific to law firms. Its report placed business and professional services behind health care and finance and insurance among the sectors represented in the incidents it handled.

Crypto customer data has also been exposed through service providers

For U.S. crypto customers, a separate set of disclosures shows how personal details can be exposed even when a company says its users’ funds or wallet credentials were not accessed.

In May 2025, U.S. exchange Coinbase disclosed that criminals had bribed overseas support agents to obtain customer information. The breach affected 69,461 users and included names, addresses, phone numbers, and images of government IDs. Coinbase said passwords, private keys, and customer funds were not compromised. The exchange rejected a $20 million ransom demand and offered a reward of the same amount for information leading to the attackers’ arrest and conviction.

Hardware wallet companies have reported incidents involving firms that process orders or send customer messages. In January, Ledger said unauthorized access to e-commerce partner Global-e had exposed order information belonging to some people who bought products through Ledger.com. A Ledger spokesperson told Decrypt that the accessed information was held in Global-e’s systems and included data related to purchases for which Global-e acted as the merchant of record.

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In August, SafePal said a flaw in an order-tracking plug-in exposed information belonging to about 39,798 customers. The records included names, email addresses, shipping addresses, phone numbers, and purchase details. SafePal said the incident did not affect wallet credentials or payment information; it also said it had fixed the flaw and notified affected customers.

Trezor has reported two distinct incidents involving outside providers. As previously covered by crypto.news, the wallet maker said information belonging to more than 80,000 customers was exposed through shipping provider ShipMonk. Trezor said its own systems, hardware wallets, private keys, and recovery phrases were not compromised. Its expanded disclosure included records belonging to about 67,000 additional U.S. customers who had placed orders between November 2019 and August 2021.

On Sep. 9, Trezor warned that an attacker had breached its third-party email provider and sent phishing messages posing as urgent security alerts. The emails falsely claimed that a hardware flaw put users’ recovery phrases at risk. Trezor said it had taken down the domain used in the attempt and was investigating. BitBox warned users the same day about emails impersonating its company and said its newsletter provider was likely compromised.

Earlier in 2026, scammers also sent physical letters posing as notices from Trezor and Ledger. The wallet phishing letters directed recipients to scan QR codes and enter their recovery phrases on malicious websites. Trezor and Ledger said they do not ask users to share recovery phrases through websites or other outside channels.

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FTX’s Caroline Ellison is “Carol” Now and Secretly Works for a Charity

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FTX’s Caroline Ellison is “Carol” Now and Secretly Works for a Charity

Remember Caroline Ellison? The Alameda CEO who helped Sam Bankman-Fried steal $8 billion in customer funds from FTX. After serving 2 years in prison, she is now doing charity work under the name “Carol”. 

Manifund cofounder Austin Chen disclosed on Friday that the former Alameda Research CEO is now a full-time hire. Manifund is a nonprofit grant platform that funds effective altruism and artificial intelligence safety projects. It promises radical transparency by publishing its finances, data, and source code.

A Transparency Pledge and a Hidden Hire

Ellison reportedly started a work trial on July 13 and converted to a full-time role on August 10. Across both months, she posted updates and handled user support as Carol.

Chen apologized for the pseudonym while defending the decision. His broader argument leans on second chances rather than on her résumé.

“I believe in redemption. Caroline has admitted her faults, worked to make creditors whole, and served her time in prison,” he wrote.

He also credits the FTX Future Fund, the philanthropic arm the exchange built, for seeding his earlier projects and shaping how Manifund gives money away.

Her practical selling point is bookkeeping. Chen says she built a reconciliation tool that flagged misregistered transactions worth six-figure amounts. Alameda’s own records concealed roughly $8.7 billion in missing customer deposits.

A New Life for Caroline Ellison Beyond FTX

The Commodity Futures Trading Commission (CFTC) closed her civil case on August 19, as BeInCrypto reported. Ellison accepted a five-year trading ban and a 10-year registration ban without a new fine.

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Regulators pointed to her cooperation and to an $11.02 billion criminal forfeiture already on the books.

A separate Securities and Exchange Commission (SEC) order bars her from officer and director roles at public companies, a restriction noted when she left prison in January. Nonprofit staff work sits outside it.

Meanwhile, FTX’s estate has no such ending. On the same day, its recovery trust asked a Delaware judge to block two claimants from reviving old fraud theories for extra payouts.

The trust has already sent more than $11 billion to creditors under a plan built to settle those claims collectively. That fight resumes on October 20.

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The post FTX’s Caroline Ellison is “Carol” Now and Secretly Works for a Charity appeared first on BeInCrypto.

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SKY7 and Fintech Amigo Combine Expertise to Launch IBAN Cloud

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SKY7 and Fintech Amigo Combine Expertise to Launch IBAN Cloud

The two companies bring together legal, regulatory, and fintech expertise to simplify the way businesses build banking and payment infrastructure.

SKY7 and Fintech Amigo are strengthening their strategic collaboration through IBAN Cloud, a joint project designed to help businesses and individuals find banking and payment solutions that match their actual needs and business models.

Although both companies operate within the fintech industry and often work with similar types of clients, their areas of expertise are distinct and highly complementary.

SKY7 specializes in the legal, regulatory, and corporate aspects of financial businesses. The company assists clients with obtaining financial and crypto licenses, establishing companies across different jurisdictions, developing AML and compliance frameworks, opening banking and payment accounts, and supporting transactions involving the acquisition of existing licensed financial institutions.

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Fintech Amigo focuses on the technology and infrastructure behind fintech businesses. The company designs technical architectures for financial products, helps select and implement core banking systems, and integrates external providers ranging from Banking-as-a-Service, Cards-as-a-Service, and KYC/KYB solutions to liquidity providers, custody infrastructure, Wallet-as-a-Service, and blockchain analytics.

The collaboration is built around a simple principle: launching and scaling a financial product cannot be efficiently divided into isolated legal, banking, and technology tasks. For an entrepreneur, it is one project in which corporate structure, licensing, compliance, technology, banking relationships, and payment infrastructure must operate as a single ecosystem.

The practical result of combining these two areas of expertise is IBAN Cloud.

The project was created in response to a challenge regularly faced by fintechs, EMIs, PSPs, crypto companies, and international businesses: finding the right banking infrastructure is becoming increasingly complex.

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One company may require an operating account, while another needs safeguarding or settlement accounts. An international business may need multi-currency accounts, SEPA and SWIFT connectivity, FX, acquiring, or mass payouts. A CEX, OTC desk, or prime broker may require fiat banking and settlement infrastructure specifically compatible with its crypto-related business model.

Instead of starting with the question, “Which bank should we open an account with?”, IBAN Cloud starts by determining what financial infrastructure the business actually needs.

Based on the client’s business model, geography, currencies, expected volumes, account purpose, and flow of funds, the required banking and payment structure can be mapped out. Potentially suitable banks, EMIs, and other financial partners can then be identified, while clients receive support with application preparation, introductions, and the onboarding process.

Importantly, IBAN Cloud is not a bank, does not hold client funds, and does not make account-opening decisions. The final decision always remains with the relevant bank or payment institution.

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This approach is particularly relevant for regulated fintech and crypto businesses, where financial institutions assess not only the company and its license but also its ownership structure, AML framework, client geography, source of funds, and overall flow of funds.

IBAN Cloud also supports traditional international businesses and individuals seeking international accounts, multi-currency solutions, FX, corporate cards, or more efficient cross-border payment infrastructure.

The collaboration between SKY7 and Fintech Amigo reflects a broader trend across the fintech industry: as regulation, technology, and banking infrastructure become increasingly complex, specialized areas of expertise need to work together.

At the core of the partnership is a shared principle: financial infrastructure should be built around the client’s business model — not the business model around a randomly available provider.

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IBAN Cloud

If your company is looking for a banking or payment account, access to new currencies, SEPA or SWIFT connectivity, acquiring, settlement solutions, or a more comprehensive banking and payment infrastructure, you can submit your requirements through IBAN Cloud and start exploring suitable solutions.

The post SKY7 and Fintech Amigo Combine Expertise to Launch IBAN Cloud appeared first on BeInCrypto.

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Bitcoin sentiment tops 89 for first time since March 2024

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Bitcoin network activity drops to a 7-year low as price weakens

Bitcoin market sentiment has risen above 89 on an index tracked by CryptoQuant analyst Darkfost, reaching its highest level since March 2024 before easing back.

Summary

  • Darkfost’s sentiment measure briefly entered the “extreme greed” range during Bitcoin’s recent rise.
  • The analyst said the reading has since cooled while Bitcoin tries to hold its price.
  • CoinGecko showed Bitcoin near $77,300 after a 24-hour range spanning roughly $76,400 to $79,600.
  • U.S. spot Bitcoin ETFs recorded $462.7 million in net outflows during the Sep. 8–11 trading week.

CryptoQuant analyst Darkfost said the last comparable burst of bullish sentiment came in March 2024. His measure briefly climbed above 89 out of 100 as Bitcoin rose, putting it in the range he describes as “extreme greed.”

The reading has since moved down from its peak, according to Darkfost, even as Bitcoin attempts to hold its current price. He cautioned that unusually optimistic or pessimistic readings deserve attention because they can appear around market turning points. His observation identifies a risk to watch; it does not establish that Bitcoin has begun a reversal.

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Bitcoin sentiment has cooled from its peak

Darkfost’s comparison with March 2024 concerns the sentiment measure cited in his post. The measure incorporates Fear & Greed data alongside other inputs, so its reading of more than 89 should not be presented as the current value of every crypto sentiment index.

For comparison, Alternative.me’s separate Fear & Greed Index stood at 63, classified as “greed,” when checked for this report. Its page showed 56 the previous day, 73 a week earlier, and 29 a month earlier. Alternative.me says its index draws on Bitcoin volatility, trading momentum and volume, social-media activity, Bitcoin’s share of the crypto market, and search trends.

The two readings serve different purposes in the story. Darkfost’s figure describes the high reached by the measure he follows; Alternative.me’s figure provides a separate, current snapshot of market mood. Neither reading shows how much Bitcoin investors have bought or sold, and neither gives a price target.

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Darkfost also drew a distinction between sentiment during a sustained bear market and sentiment as prices change course. In his account, negative readings can persist for long periods when the market is weak. Extreme readings become more useful to monitor when investor behavior changes alongside price, although his post does not specify a date or price at which Bitcoin might turn.

Bitcoin trades below its recent $80,000 test

At the time of the latest CoinGecko price check, Bitcoin traded near $77,300. The site showed a 24-hour low of about $76,393 and a high of about $79,607, placing the current price well below the top of that daily range. Live prices and rolling ranges will change before publication.

The price action gives context to Darkfost’s point about sentiment cooling while Bitcoin tries to hold its level. It does not show when his index reached its high, so the market data should not be used to claim that a specific intraday move caused the reading above 89.

Recent crypto.news coverage has tracked the price levels around the pullback. On Sep. 10, a Bitcoin technical report recorded a fall below $78,000 and identified the lower daily Bollinger Band near $76,392 at the time. The report also put the band’s midpoint near $78,650 and its upper boundary near $80,907. Those were chart readings from Sep. 10, rather than newly calculated levels for the present session.

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Earlier in the week, analysts told crypto.news that Bitcoin could remain under $82,000 before the Federal Reserve’s next decision. In the Sep. 7 report, CoinEx chief analyst Jeff Ko described support around $78,000–$79,000 and a cap near $82,000. Bitcoin’s later move below $78,000 means the quoted support range has already been tested; Ko’s earlier levels should be read in the context of when he gave them.

The same Sep. 7 report said U.S. spot Bitcoin ETFs had taken in about $986.9 million during the previous trading week, bringing three weeks of inflows to roughly $3.8 billion. Ko said he wanted to see further inflows while Bitcoin traded sideways before calling the activity sustained accumulation. The following week’s fund data has provided a different result.

U.S. Bitcoin ETF flows have turned negative

During the Sep. 8–11 trading week, U.S.-listed spot Bitcoin ETFs recorded $462.7 million in net outflows, according to Farside data covered Saturday. The funds posted a net loss in each of the four sessions after U.S. markets closed for Labor Day on Monday, Sep. 7.

Thursday accounted for the largest daily withdrawal at $282.7 million. The net outflow eased to $13.2 million on Friday, while ARK 21Shares’ ARKB posted the largest weekly loss among individual Bitcoin funds at $234.2 million, according to the report. BlackRock’s IBIT lost a net $52.5 million over the four sessions.

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Fund flows give U.S. investors another measure to follow alongside Darkfost’s sentiment reading, though they track different activity. Farside’s figures measure net subscriptions and redemptions in the listed products; they do not establish whether a particular ETF holder bought or sold Bitcoin directly. Nor does a weekly net outflow, on its own, explain a daily price move.

U.S. inflation data has also entered the market picture ahead of the Fed’s meeting. In its Aug. consumer price report, released Sep. 11, the Bureau of Labor Statistics said prices rose 3.4% over 12 months, matching July’s annual rate. Prices excluding food and energy rose 0.3% in August and 2.4% from a year earlier.

The Federal Reserve calendar lists its next policy meeting for Sep. 15–16. The meeting date is confirmed, while its decision and any subsequent Bitcoin price response remain unknown.

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Ripple (XRP) Price Outlook: Two Key Metrics Are Flashing Warning Signs

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XRP went on a massive run after the August 19 breakout, surging from the key psychological support at $1.00 to a multi-month peak at $1.70, all within the span of just 72 hours.

However, the subsequent rejection was quite violent, and the token lost a few crucial support levels on the way down, including $1.60, $1.50, and, most recently, $1.40. It now sits below the last one, and some on-chain data suggests more pain is ahead.

Activity Slumps

Perhaps the most evident reason behind XRP’s major breakout several weeks ago came from whales. These large market participants ‘went crazy’ in their accumulation efforts, scooping roughly 400 million tokens within a week or so. In addition, network activity spiked, showing increased interest in the token and the blockchain behind it.

The same investors have turned on the cross-border token, according to more recent data shared by Ali Martinez. Citing Santiment Intelligence, he noted that the “pullback appears to be driven in part by profit-taking, with whales selling or redistributing roughly 90 million XRP over the past week.”

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Naturally, such moves from the largest ecosystem participants have a two-fold effect. First, they increase the immediate selling pressure. Second, their example can be followed by retail investors who tend to copy whales.

The second major warning comes from the network activity. Daily active addresses have plunged by over 90% from the peak during the rally of 388,492 to 38,163. According to Martinez, this signals a “significant drop in participation during the correction.”

The analyst added that XRP has found “critical support” near $1.35, where 2.29 billion tokens were previously traded. If the asset maintains that level, it could rebound toward $1.60 or even $1.68 next.

600% Rally in the Making?

Another popular analyst, Celal Kucuker, was even more optimistic about XRP’s future. They added that the token’s rally to its previous all-time high began when it stood 12% below its 50-day moving average. Current data shows that it trades at the same point now.

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As such, the cross-border token could reignite another major run if it manages to reclaim the 50-day MA soon. The analyst predicted a massive 600% move based on historical performance and the Fibonacci equality. If Kucuker’s prediction comes to fruition, it could push XRP to over $9, more than double its current all-time high.

The post Ripple (XRP) Price Outlook: Two Key Metrics Are Flashing Warning Signs appeared first on CryptoPotato.

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