Prospect Markets has signed a definitive agreement with Crypto.com’s U.S. derivatives business and OG Prediction Markets to launch a regulated sports-focused prediction market platform in the United States, with the company targeting a third-quarter rollout ahead of the NFL and NBA seasons.

Prospect Markets said on Sept. 1 that its indirect wholly owned subsidiary, Prospect Brokerage USA LLC, executed the agreement with OG Prediction Markets and Crypto.com | Derivatives North America, or CDNA, moving the partnership beyond a previously announced nonbinding letter of intent.

The arrangement will allow Prospect Brokerage to distribute event contracts offered by OG.com and CDNA to U.S. customers, giving the Canadian-listed company its first route into the fast-growing U.S. prediction market business.

Prospect said the agreement clears the way for the company to onboard customers and begin generating revenue from the product, with further details on branding, marketing and the exact launch date expected before the platform goes live.

Prospect Markets secures regulated U.S. prediction market access

Through the agreement, Prospect Brokerage will operate as a Commodity Futures Trading Commission-registered introducing broker and connect customers with event contracts listed by CDNA.

CDNA operates as a CFTC-registered designated contract market and derivatives clearing organization. Prospect customers will be introduced to the contracts through Crypto.com affiliate Foris DAX FCM LLC, which operates as OG Broker and is registered as a futures commission merchant.

The structure gives Prospect access to existing federally regulated trading and clearing infrastructure instead of requiring the company to build its own exchange and clearing operation.

Crypto.com launched the OG platform in February, offering CFTC-regulated contracts tied to sports, financial markets and other real-world events. The product combines prediction trading with social features and leaderboards, while contracts are provided through Crypto.com’s U.S. derivatives infrastructure.

Prospect plans to build its offering around sports, where event contracts have generated a large share of prediction market activity.

“We intend to be live for sports fans ahead of the upcoming NFL and NBA seasons,” Prospect Markets founder and CEO Johnny Chen said.

Chen called the definitive agreement a “company-defining milestone” and said the companies had worked toward completing the deal during the year.

Crypto.com Chief Legal Officer Steve Humenik said the partnership would use the company’s CFTC-registered clearing and exchange infrastructure to provide regulated event contracts to U.S. customers.

“Formalizing this definitive agreement with Prospect is a major step in expanding access to fully regulated, event-based prediction markets across the U.S.,” Humenik said.

Sports contracts have driven prediction market volumes

Prospect is entering the sector after sports trading helped push prediction market volumes to record levels during the 2026 FIFA World Cup.

Combined monthly trading volume across major prediction platforms increased from less than $5 billion in September 2025 to approximately $25.7 billion in May 2026, according to figures cited by Prospect. The company said monthly notional volume surpassed $50 billion in June as the World Cup and NBA Finals drove activity.

Sports represented roughly 85% of trading volume on the sector’s largest platform during June, Prospect said. Prediction markets captured an estimated 27% of legal U.S. sports-betting volume during the World Cup, compared with around 9% at the beginning of 2026.

Crypto.news previously reported that World Cup prediction markets pushed sector-wide activity to roughly $45 billion in June, while Polymarket alone handled close to $5 billion in tournament-related trading.

Chainalysis later estimated that the World Cup generated $20 billion in blockchain prediction-market volume from the beginning of the year through the end of the tournament. More than 400,000 wallets participated, with $5.7 billion traded during the competition’s five-week run.

Prospect cited Bernstein estimates that prediction market trading could reach approximately $240 billion in 2026, up 370% from 2025, before climbing to around $1 trillion annually by 2030. The research firm expects distribution partnerships, institutional participation and clearer federal rules to contribute to that expansion.

Bernstein has made similar projections while examining individual platforms. In June, the firm estimated that Robinhood could generate $586 million from prediction markets in 2026, compared with $150 million in 2025, after World Cup activity pushed daily market volumes as high as $4.8 billion.

Crypto.com expands distribution for its event contracts

The Prospect agreement adds another distribution channel for Crypto.com as the company pushes its regulated prediction products beyond its own platforms.

In May, Crypto.com and OG entered a multiyear partnership with the U.S. SailGP Team that made them its official crypto exchange and prediction market partners. The deal allowed fans to access CFTC-regulated SailGP contracts through OG.

Robinhood was separately reported in July to be discussing a deal that could bring Crypto.com event contracts to its prediction markets hub. No final agreement had been announced at the time.

Distribution agreements have become a common route for financial platforms seeking prediction-market exposure without operating their own designated contract markets. Gemini Space Station and Apex Fintech Solutions signed a letter of intent in August under which Gemini Titan would provide regulated crypto prediction contracts to brokerages using Apex’s infrastructure.

The Prospect arrangement follows a similar model, with CDNA providing the exchange and clearing infrastructure while Prospect controls the customer-facing distribution channel.

U.S. sports event contracts remain under regulatory scrutiny

Prospect’s planned launch comes while federal and state authorities remain divided over the regulatory treatment of sports event contracts.

CFTC-regulated exchanges have maintained that event contracts offered through designated contract markets fall under federal derivatives law. Several state gaming regulators and industry groups have challenged that position, arguing that sports contracts function as wagering products and should comply with state gambling laws.

The U.S. gaming industry urged Congress in June to restrict sports prediction markets from operating under federal derivatives rules, arguing that the products allow platforms to bypass state and tribal gaming requirements.

Legal disputes have since continued in several states. A federal judge in Wisconsin rejected a CFTC request in July to stop the state from applying its gambling laws to federally regulated prediction market operators, including Crypto.com, Kalshi, Polymarket, Robinhood and Coinbase.

Prospect said its planned product will use CDNA’s CFTC-registered exchange and clearing infrastructure, with OG Broker handling the futures commission merchant relationship and Prospect Brokerage operating as the registered introducing broker.

The company is targeting a launch during the third quarter and said it will release further information on the platform’s product, branding, launch timing and marketing plans.

Gold has hit a wall this week, sliding to two-week lows near $4,320 and posting an 8.7% drop from last week’s three-month highs near $4,700. The catalyst is unmistakable: Fed Chair Warsh’s hawkish Jackson Hole remarks, warning the Fed still has “work to do” without clearer evidence inflation is returning to target, sent September hike odds surging from roughly 36% before his speech to over 66% today. Rising Treasury yields and renewed Middle East tensions, following fresh US strikes and Iranian retaliation against the UAE and Jordan, have only added to the pressure.

Despite this sharp pullback, the broader picture remains genuinely constructive: gold still gained around 10% in August alone after the US Treasury’s surprise move to double its long-dated bond buyback programme reignited fears over fiscal credibility, the so-called debasement trade that has underpinned much of this year’s rally.

All eyes now turn to Friday’s Non-Farm Payrolls report, the week’s decisive catalyst. A weak print could quickly reverse this hawkish repricing and revive gold’s momentum, while a strong one would likely deepen the current correction heading into the Fed’s September 15–16 meeting.

Technical Analysis of XAU/USD

As the XAU/USD chart shows, gold has pulled back sharply from the 4,698.73 highs and is now trading between two key confluences: above the 0.618 Fibonacci retracement near 4,265, which aligns with the ascending trendline off the late-July lows, and below the 0.5 retracement near 4,348, which coincides with the 200-period EMA at 4,367.

Bullish Scenario

Should buyers defend the 0.618-trendline confluence, the broader recovery structure remains intact. A push back above the 0.5 retracement and the 200-period EMA would open the path towards reclaiming the descending trendline, with scope to challenge the 0.382 level near 4,431.

Bearish Scenario

Conversely, a decisive break below the 0.618 retracement and the ascending trendline would signal that the correction has real legs, exposing the 0.786 level near 4,147, with a deeper slide risking a full retest of the 3,997 low that anchored the entire August rally.

With price squeezed between a defended trendline-Fibonacci confluence below and a stubborn EMA-Fibonacci resistance above, gold’s next move looks set to determine whether Friday’s jobs report tips the balance towards renewed strength, or confirms this correction has further to run.

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Twenty One Capital CEO Raphael Zagury said Bitcoin is experiencing its first “hashrate bear market” as network computing power remains below its late 2025 record and listed mining companies redirect infrastructure investment toward artificial intelligence.

Zagury presented the argument at Bitcoin Asia in Hong Kong on Aug. 28. Twenty One Capital subsequently filed the prepared transcript with the U.S. Securities and Exchange Commission.

Bitcoin hashrate approached 1.3 zettahashes per second late last year before entering a prolonged decline, Zagury said. His presentation materials calculated a drawdown of approximately 22% to 24% from the peak.

“Hashrate bear market” is Zagury’s description of the current cycle rather than an official Bitcoin network classification. It refers to the unusually long period during which estimated computing power has failed to return to its previous record.

Bitcoin hashrate decline differs from the 2021 shock

Bitcoin’s hashrate measures the estimated computing power miners contribute to securing the network and competing for block rewards. A higher figure generally means more machines or more efficient equipment is operating.

Zagury contrasted the current decline with the disruption caused by China’s 2021 mining ban. Hashrate fell rapidly during that episode as companies shut down Chinese facilities, but recovered as machines moved to North America, Central Asia and other regions.

The present cycle has developed more gradually. Rather than relocating the same machines, operators are reconsidering whether new electricity and data center capacity should be allocated to Bitcoin mining at all.

“This has been the longest period that we’ve seen from an all-time high until recovery,” Zagury said.

Network estimates vary because Bitcoin does not publish an exact count of active machines. Analysts infer hashrate from block production rates and mining difficulty, which means daily readings can fluctuate sharply.

CoinWarz estimated hashrate at about 829 exahashes per second on Sept. 2, after readings moved above one zettahash during several days in late August. Longer moving averages provide a clearer measure than daily estimates.

Previous analysis found that Bitcoin mining difficulty had fallen 19.9% from its November peak by late July. Hashrate had remained in a downward trend for approximately 287 days, according to Bitcoin Magazine Pro data cited in that report.

AI gives miners another use for scarce power

Bitcoin miners and AI data centers compete for several of the same resources. Both require large power connections, cooling systems, land, data center buildings and access to capital.

AI facilities require different chips, networking equipment and construction standards from Bitcoin mines. Converting a mining site is therefore more complicated than replacing ASIC machines with graphics processors. Sites with secured power and fiber access can nevertheless provide a starting point for high performance computing development.

Zagury said this option changes the hashrate cycle because miners can now direct capital toward another computing market instead of automatically expanding their Bitcoin fleets.

“If you look at the public mining companies out there, there really isn’t anybody staying the course to mine Bitcoin at scale,” he said. “Pretty much everybody is leaving the industry right now.”

The statement describes a broad trend but should not be read literally. MARA, CleanSpark, Riot, Bitdeer and other publicly traded companies continue operating large Bitcoin mining fleets, even as some explore or build AI infrastructure.

The shift is most advanced at companies such as TeraWulf, IREN, Core Scientific, HIVE and Cipher. TeraWulf reported $21 million in AI and high performance computing hosting revenue during the first quarter, exceeding its Bitcoin mining revenue for the first time as its AI business became its largest revenue source.

Cipher has also obtained a $200 million revolving credit facility to finance its expansion into long-term AI data center contracts.

Low cost miners could gain network share

Zagury rejected the idea that Bitcoin mining is inherently a poor business. He argued that profitability depends on where an operator sits on the industry’s cost curve.

A miner with efficient equipment and low electricity costs can remain profitable under conditions that force a higher-cost competitor to shut down. Capital structure also matters because heavy debt and short repayment schedules can create pressure even when a facility remains operationally competitive.

Hash price, which measures expected miner revenue for a unit of computing power, remains low compared with historical levels. That puts pressure on operators using older machines or expensive electricity.

However, declining network hashrate can benefit miners that remain active. Bitcoin adjusts mining difficulty every 2,016 blocks, or approximately every two weeks, to keep average block production close to ten minutes.

When computing power leaves the network, a downward difficulty adjustment can make it easier for remaining miners to find blocks. Each surviving operator can then control a larger share of the network without adding machines.

“The beautiful thing about Bitcoin mining being in a bear market of hashrate is that, for those that stay around, they naturally get a higher share of the market,” Zagury said.

That benefit does not guarantee higher profits. Revenue still depends on Bitcoin’s price, transaction fees, electricity costs, equipment efficiency and the amount of competing hashrate.

Bitcoin price must outpace hashrate growth

Zagury said mining has the best chance of outperforming Bitcoin when the asset’s price increases faster than network hashrate.

If Bitcoin rises by 50% while hashrate remains flat, a miner’s revenue can increase without an equivalent rise in competition. If computing power grows faster than Bitcoin’s price, each operator’s network share and revenue per machine can decline.

Zagury recommended buying Bitcoin directly before investing in mining for someone allocating only a small amount of capital. He said investors considering larger, diversified allocations could combine Bitcoin with mining exposure.

“If you only have $1, buy Bitcoin first,” Zagury said. “I think that’s the best way to express your view.”

His position reflects Twenty One Capital’s stated approach of measuring potential investments against Bitcoin. The Tether-backed company treats the cryptocurrency as its main benchmark and argues that an operating business must justify its additional risks by offering a credible path to outperforming BTC.

Mining companies face construction, electricity, equipment, management and financing risks that do not arise from holding a spot Bitcoin exchange-traded fund. They can also offer operating leverage when Bitcoin rises faster than their costs and network competition.

Energy flexibility remains mining’s main advantage

Zagury also defended Bitcoin mining against criticism that it wastes electricity. He argued that energy use supports economic development and that mining offers a flexible source of demand.

ASIC machines can shut down and restart faster than heavy industrial facilities. Miners can therefore reduce consumption when electricity demand rises and resume operations when unused capacity becomes available.

The ability to curtail operations has led miners to participate in grid stabilization programs, particularly in energy markets with variable renewable generation. Financial and environmental results depend on the underlying power source and the terms of each arrangement.

AI data centers generally require steadier power than Bitcoin mines because customer workloads cannot be interrupted as easily. Bitcoin mining may therefore retain a role at sites where electricity is abundant but unreliable or cannot be transmitted economically.

Zagury said mining now provides four forms of optionality: flexible energy demand, increased network share when competitors leave, proximity to Bitcoin’s protocol and reusable data center infrastructure.

Whether miners capture those benefits will become clearer through upcoming difficulty adjustments and public company results. Filings will show how much capital miners direct toward new ASIC equipment compared with AI construction.

The sector’s direction is unlikely to be uniform. Some operators will retain Bitcoin mining, others will combine mining with AI hosting, and companies controlling the most attractive power sites may shift more aggressively toward high performance computing.

Iran reports civilian deaths from U.S. strikes

The Monetary Authority of Singapore (MAS) has moved to reconsider a key element of its stablecoin stance from 2023, launching a public consultation on proposed amendments to the Payment Services Act (PSA) that could allow certain stablecoins issued with foreign partners to fall under Singapore’s regulatory framework.

According to MAS, the consultation—opened Tuesday—also reflects policy developments since 2023 and introduces additional safeguards for issuers seeking to market tokens as “MAS-regulated stablecoins.” MAS is also evaluating whether a limited set of foreign-issued stablecoins, supervised under comparable overseas regimes, could be recognized for specific cross-border wholesale uses.

Key takeaways

• MAS is consulting on PSA amendments that would translate its 2023 stablecoin framework into law, with conditions for “MAS-regulated stablecoins.”
• One proposal would allow stablecoins jointly issued by a Singapore issuer and a foreign issuer to qualify—if risks are sufficiently mitigated.
• MAS is also considering recognition of a limited number of foreign-issued stablecoins regulated under comparable frameworks for cross-border wholesale transactions.
• The consultation revisits MAS’s earlier requirement that qualifying stablecoins be issued solely in Singapore, citing prior concerns around regulatory equivalence and tracing commingled reserves.
• Public comments are open until Oct. 16.

From a “Singapore-only” rule to a more flexible model

MAS’s consultation effectively revisits its 2023 position that stablecoins eligible for its regulatory framework had to be issued solely in Singapore. In 2023, MAS finalized a stablecoin regulatory framework for single-currency stablecoins issued in Singapore and pegged to the Singapore dollar or a G10 currency.

MAS said at the time that expanding eligibility beyond Singapore raised practical difficulties—particularly around establishing regulatory equivalence and cooperation with other jurisdictions. The regulator also pointed to technical issues related to tracing where commingled stablecoins originated, as well as determining whether overseas reserves would be sufficient to meet redemption requests.

Now, MAS is asking for input on approaches that could reduce those earlier barriers while still keeping the core objective of regulated redemption and reserve-backed stability.

How “MAS-regulated stablecoins” could work with foreign issuers

Under one of MAS’s main proposals, stablecoins jointly issued by a Singapore issuer and a foreign issuer could be brought within the PSA framework and labeled “MAS-regulated stablecoins,” provided that MAS determines the associated risks are sufficiently mitigated.

The regulator frames the broader consultation around implementing the 2023 framework through legislative amendments to the PSA, Singapore’s main law governing payment services and operators.

MAS’s requirements for issuers would cover reserve-backed value stability, capital arrangements, and redemption mechanisms at par. The proposals also include issuer disclosure requirements and restrict branding: only issuers licensed under the framework would be able to market themselves as “MAS-regulated stablecoin issuers” and describe their tokens as “MAS-regulated stablecoins.”

MAS also proposes additional controls that focus on resilience and governance. Issuers would be prohibited from paying interest on regulated stablecoins. They would also need to conduct stress tests and maintain recovery and orderly wind-down plans.

To protect customers, MAS proposes safeguards covering customer money received before the corresponding stablecoins are issued. MAS also indicates that stablecoins outside the dedicated framework would continue to be treated as digital payment tokens under existing Singapore rules.

Recognition of certain foreign-issued stablecoins

Beyond jointly issued tokens, MAS is also considering whether to recognize a limited number of foreign-issued stablecoins that are regulated under comparable overseas frameworks.

In MAS’s description of the idea, the motivation for recognition is tied to practical utility: such tokens could be used for cross-border wholesale transactions. However, MAS’s consultation suggests it is not moving toward open-ended endorsement; rather, it is assessing a constrained approach, limiting recognition to a small set of stablecoins that meet standards similar to those expected under MAS oversight.

Why MAS’s shift matters for markets and compliance

For stablecoin issuers and liquidity providers, MAS’s consultation signals a willingness to accommodate real-world issuance structures—particularly where reserve management, issuance operations, or distribution links may involve multiple jurisdictions. Under the earlier 2023 framework, firms faced a simpler but narrower pathway: eligible stablecoins had to be issued solely in Singapore.

By introducing the possibility of qualifying joint issuance and conditional recognition of certain foreign-issued stablecoins, MAS is effectively balancing two competing realities: the need for strong redemption and reserve oversight, and the operational fact that cross-border settlement increasingly relies on interoperable, internationally used digital dollar and G10-pegged instruments.

At the same time, MAS is signaling that flexibility will come with tighter issuer obligations—reserve and capital requirements, stress testing, and structured wind-down planning—along with limits on marketing claims. The consultation’s focus on legal labeling (“MAS-regulated stablecoins”) also points to an emphasis on consumer clarity, not just technical compliance.

Next steps for MAS and the industry

MAS is accepting public comments on the consultation until Oct. 16, and the proposals’ details will be closely watched by issuers planning Singapore-related stablecoin product roadmaps—especially those considering cross-border distribution, joint issuance, or reserve arrangements involving foreign entities.

US-listed spot Bitcoin exchange-traded funds (ETFs) capped their best month of 2026 alongside Bitcoin’s biggest monthly gain since November 2024.

Bitcoin ETFs attracted $3.52 billion in net inflows in August, their highest monthly total of 2026 and a sharp increase from just $172 million in inflows in July, according to SoSoValue data.

Bitcoin (BTC) gained about 25% in August, its strongest monthly performance since a 37.29% rally in November 2024, according to CoinGlass.

The August momentum quickly gave way to a weaker start to September, as ETF flows turned negative and Bitcoin briefly fell below $77,000.

August cuts year-to-date outflows by 66% to $1.77B

August’s $3.52 billion in Bitcoin ETF inflows cut year-to-date net outflows by roughly 66%, from $5.29 billion to $1.77 billion.

The biggest monthly outflows came in June at $4.51 billion, followed by $2.43 billion in May and $1.61 billion in January, according to SoSoValue data.

Monthly flows into US spot Bitcoin ETFs in 2026. Source: SoSoValue

The funds recorded net inflows on 16 of 21 trading days in August, including nine consecutive sessions from Aug. 17 through Aug. 27.

Total net assets rose to $99.61 billion at the end of August from $76.29 billion at the end of July, an increase of about 31%. Monthly trading volume climbed nearly 49% to $58.63 billion from $39.37 billion.

September starts with $236M in Bitcoin ETF outflows

US spot Bitcoin ETFs started September with $236.46 million in net outflows on Tuesday, reversing the $216.70 million in net inflows recorded on Monday. The withdrawal marked the largest daily outflow since July 31, when the funds shed $265.37 million.

The reversal came as Bitcoin briefly fell below $77,000 on Tuesday after trading above $80,000 in late August, according to CoinGecko.

Related: Strategy buys $370M Bitcoin in first corporate purchase since June

Ether and XRP ETFs remained in positive territory on Tuesday. Spot Ether (ETH) ETFs attracted around $11 million on Tuesday, while spot XRP (XRP) ETFs drew $14.4 million.

August pushed Ether ETFs into positive territory for 2026, with $732 million in year-to-date net inflows after they ended July about $1.12 billion in the red.

XRP ETFs reached $502 million in year-to-date net inflows, up about 46% from $343 million at the end of July.

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