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Japan’s Yen Falls Again Despite $97 Billion Aid. Risk For Bitcoin?

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Japan’s Yen Falls Again Despite $97 Billion Aid. Risk For Bitcoin?

Japan’s yen weakened again this week despite roughly $97 billion spent supporting it over the past month. Its slide puts renewed pressure on officials to act, with potential consequences for Bitcoin.

Why Japan’s Yen Rescue is Fading

The currency fell to 160.16 yen per dollar on Friday, 28 August, giving up more than half its gains since last month’s intervention. A weaker yen makes imports more expensive for Japanese households and businesses.

Japan spent ¥15.4 trillion supporting its currency between 30 July and 26 August. The campaign included rare joint action with the US on 31 July, when both countries bought yen to lift its value.

US interest rates remain higher than Japan’s, making dollar investments more attractive. The dollar gained further support this week when Federal Reserve chair Kevin Warsh pledged to bring inflation to target.

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Japan’s Yen Evolution amid Intervention Spikes. Source: X/@GlobalMktObserv

How a Stronger Yen Could Hurt Bitcoin

Bitcoin briefly fell below $77,000 after Warsh’s speech as investors expected higher US rates.

Japan could add to that pressure. Some investors borrow yen cheaply and use the money to buy investments elsewhere. This is known as the carry trade.

If fresh intervention or higher Japanese interest rates push the yen sharply upwards, those loans become more expensive to repay in other currencies. Investors may sell assets to cover their debts, potentially dragging Bitcoin lower.

Bitcoin Price Over the Past Week. Source: CoinGecko

This has actually happened before. Back in August 2024, the reversal of yen-funded trades amplified selling. Bitcoin and Ethereum suffered losses of up to 20%.

Metaplanet chief executive Simon Gerovich sees longer-term opportunity. Speaking in Hong Kong this week, he argued that Asian savers were ready to move beyond cash and embrace Bitcoin.

His company buys and holds Bitcoin, giving him a financial stake in that outlook. Such demand could grow over time. Bitcoin remains vulnerable to sudden market sell-offs.

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“The buyers arriving now aren’t going anywhere. I believe the bottom is in. And I’m expecting a much brighter rest of the year,” Metaplanet’s CEO said.

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ECB Wants the Euro Directly on Blockchain. Will It Kill Stablecoins in Europe?

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ECB Wants the Euro Directly on Blockchain. Will It Kill Stablecoins in Europe?

The European Central Bank (ECB) wants to issue euros directly onto a blockchain. Executive Board member Isabel Schnabel made that case at the Jackson Hole symposium on Friday, and she was very clear about stablecoins.

She is talking about money that banks use to settle with each other, not the euros in your account. Tokenized markets, she argued, need an asset only a central bank can create.

Why Schnabel Rejects Stablecoins as Settlement Money

A stablecoin can be built to be almost perfectly safe, and Schnabel accepts that. Her objection is about what happens next.

In a panic, everyone wants cash at once. A central bank can create more of it. A stablecoin issuer cannot.

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Her precedent is the banking panic of 1907. Money was tied to banks’ holdings of government bonds, so the money supply could not expand. The Federal Reserve Act of 1913 fixed that.

“Stablecoins are best understood as complements to central bank money, not substitutes for it,” read an excerpt in her speech.

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The supply numbers explain Europe’s hurry. Dollar-pegged stablecoins circulate about $304 billion, DefiLlama data shows. Euro-pegged tokens hold under $1 billion.

Total Stablecoin Market Cap. Source: DeFiLlama

If private tokens win settlement, Europe settles in dollars. Crypto only entered the Fed’s Jackson Hole agenda this year. Other central bankers have voiced similar warnings about stablecoins.

Pontes Launch Puts ECB Money on a Ledger

Pontes goes live next month, linking TARGET Services, the eurozone’s settlement backbone, to market blockchain platforms.

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The pipes have been tested before, particularly from May to November 2024, when 64 institutions across nine jurisdictions ran 58 use cases. They settled nearly €1.6 billion in central bank money.

Cash finality remains within TARGET2 initially. Smart contracts and round-the-clock operation come later.

Schnabel weighed three routes:

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  • Issue tokens directly
  • Bridge from today’s systems, or
  • Let a private firm tokenize reserves through an omnibus account.

She wants the first, while the other two leave the ECB watching from outside, unable to run repo operations in code.

A second project, Appia, is still deciding whether Europe needs one shared ledger or several. She cited France’s Lise, holder of Europe’s first tokenized exchange license, as evidence that tokenization opens markets to smaller firms.

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DeFi Sector Jumps 38% as US Policy Shift Unlocks Token Value Capture

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DeFi tokens have climbed nearly 38% since August 17 as investors reassess how US crypto policy could affect protocol revenue and token value.

SoSoValue says the rally is moving DeFi closer to a market where fees, buybacks and on-chain activity can play a larger role in how tokens are valued.

Policy Shift and Protocol Revenue Behind the Rally

In a post on X, SoSoValue said its DeFi sector index, $DEFI.ssi, rose from 0.3616 on August 17 to around 0.498 after reaching 0.511, for a cumulative gain of about 37.7%.

The move came alongside Bitcoin and Ethereum’s recovery and broader short covering, but the research firm argues that investors are also reassessing whether mature DeFi protocols can return more of their revenue to tokenholders.

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That issue has limited DeFi valuations for years. Protocols could generate substantial trading fees, lending income, and other revenue while tokenholders had little direct claim on those economics.

Fee distributions and buybacks could also create securities-law concerns in the US, leaving many protocols reluctant to activate mechanisms that tie revenue to their tokens. But that may be changing, considering that last week, the SEC proposed its “Regulation Crypto Assets” framework, which includes exemptions and a conditional safe harbor for certain crypto-asset offerings.

Under the proposal, once a project has completed or permanently stopped the essential managerial work it had promised, its token may no longer remain part of an investment contract.

The Senate’s CLARITY Act draft goes further for DeFi, with protections for noncontrolling developers, validators, node operators, oracle providers and self-custody wallet software.

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That draft also leaves room for rewards linked to trading, staking, governance, and liquidity provision. However, it still needs 60 votes in the Senate, while the SEC proposal is subject to public comment, but according to SoSoValue, markets are already assigning more confidence to the direction of US policy, even though legal certainty is still not there.

Revenue and Buybacks Give DeFi Tokens a Different Valuation Case

When you consider protocol revenue, the case becomes even more interesting, with Uniswap generating about $7.18 million during the past 30 days, followed by PancakeSwap at $5.16 million, Jupiter at $4.69 million, Aave at $4.12 million, and Aerodrome at $4.11 million.

Several of these protocols now have mechanisms that connect those economics to their tokens. For example, Hyperliquid uses part of trading fees to buy HYPE, Uniswap has linked revenue to UNI burns, and Jupiter allocates 50% of protocol fees to JUP purchases. PancakeSwap also uses part of its fees for CAKE buybacks and burns.

Meanwhile, Ethena has proposed an even larger allocation. Once USDe reaches its stated supply threshold, 95% of net revenue paid to the foundation across its three core business lines would go towards ENA buybacks.

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According to SoSoValue, the next phase depends on whether those protocol revenues keep rising and whether tokenholders can get a larger share of it.

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S&P 500 Is Up 12% in 2026 But a 1907 Crash Signal Is Back

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S&P 500 (SPX) Performance. Source: TradingView

The S&P 500 has gained 12.65% in 2026 and closed Friday at 7,711.75. A Wall Street Journal column argues the closest match for today’s trading frenzy is not 1999. It is 1901.

That boom ended in the Panic of 1907, with columnist Jason Zweig arguing the danger was never expensive stocks. It was borrowed money and trading that felt like gambling.

S&P 500 (SPX) Performance. Source: TradingView
S&P 500 (SPX) Performance. Source: TradingView

The Numbers That Rhyme With 1901

Zweig leans on one figure, the New York Stock Exchange (NYSE) turnover reached 319% in 1901. The entire market changed hands roughly every four months.

Bucket shops supplied the rest, letting small customers bet, at heavy leverage, on whether a stock would tick up or down. No shares ever changed owners. That bet is recognizable in the current market.

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Same-day options made up 66.2% of all S&P 500 options volume in July, an all-time high, Cboe reported. Prediction market platforms widened their catalogues again, from token prices to sporting-event phrases.

Borrowing has also kept pace, with margin debt reaching $1.42 trillion in July, according to Financial Industry Regulatory Authority (FINRA) filings. A year earlier the figure was $1.02 trillion.

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1907 Broke on Liquidity, Not Valuation

The trigger looked small, where two speculators failed to corner United Copper stock in October 1907. The damage followed, with runs hitting trust companies, lightly regulated lenders that kept about 5% of deposits in cash. National banks kept 25%.

Then money vanished. Call money rates ran from 9.5% to 70%, and to 100% two days later. J.P. Morgan hauled cash to the exchange loan post to keep trading alive. Congress created the Federal Reserve six years later.

The Dow lost 40.9% from its December 1906 peak to the November 1907 bottom, a National Bureau of Economic Research study found.

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Valuation drives most earlier bubble comparisons. The Shiller price-to-earnings ratio sits near 42, against a long-run average of 17.4, and just under its December 1999 record. Zweig’s warning is quieter and harder to hedge.

Crypto shares the same funding pipes. Bitcoin (BTC) trades near $78,618 and has tracked the S&P 500 through past risk shocks.

Cash looks like dead weight while markets climb. It turns into leverage the moment everybody else needs it.

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Saylor Says “Strategy Is Back” as Bitcoin Buys Resume After Pause

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Crypto Breaking News

Strategy’s chief executive Michael Saylor has posted what market watchers are reading as a near-term signal for renewed corporate Bitcoin buying. In a recent social media message, Saylor wrote “We’re Back,” pointing to a potential return to accumulating BTC after a pause in Strategy’s routine purchases earlier this year.

The timing matters because Saylor has a history of sharing ambiguous weekend-style hints ahead of Monday morning announcements related to Strategy’s treasury activity. If that pattern holds, the post could be interpreted as a psychological nudge—suggesting the company is prepared to deploy capital again rather than continue its more conservative balance-sheet focus.

Key takeaways

  • Saylor’s “We’re Back” message on X is being treated by observers as a signal that Strategy may resume BTC accumulation.
  • Earlier in the year, Strategy paused its regular weekly buying cadence and shifted attention toward financing and balance-sheet strengthening.
  • Strategy’s large BTC treasury has recently benefited from Bitcoin reclaiming levels above $80,000, moving the company’s overall position back into paper profit.
  • If Strategy resumes purchasing, the change would mark a return to the company’s core playbook after a summer hiatus.

Why “We’re Back” is getting attention

Saylor’s post—shared on X—has drawn attention not only for its message, but for how Strategy typically communicates around treasury moves. Earlier coverage noted that Saylor has sometimes used cryptic weekend teasers that precede official updates when Strategy’s Monday announcements detail new corporate Bitcoin purchases.

Strategy’s investor base often watches these cues closely because they provide a sense of whether capital is likely to be deployed or retained. Even when the post does not specify the timing or size of future purchases, it can shape expectations heading into the next scheduled corporate updates.

The post can also be read as a repositioning signal. After a period of reduced Bitcoin buying activity, “We’re Back” suggests a return to the strategy’s defining mission: increasing exposure to Bitcoin through its treasury operations.

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A pause in buying, followed by balance-sheet consolidation

Over roughly the past two months, Strategy deviated from its standard pattern of regular Bitcoin acquisition. Instead of expanding its BTC holdings, the company pivoted toward strengthening its balance sheet.

According to the reporting cited in the original coverage, Strategy’s management concentrated on stabilizing its preferred stock offerings, building a $5.1 billion US dollar reserve, and creating a $1.59 billion cash pool sourced from common stock offerings. In practical terms, this shift indicates that—at least during the hiatus—Strategy prioritized liquidity and capital market mechanics over direct BTC accumulation.

That change has significance for how investors assess Strategy’s near-term path. Corporate Bitcoin accumulation is not only a market decision; it also depends on the company’s ability to raise capital and manage funding costs. When buying slows, traders often interpret it as a temporary reallocation of resources—either due to market conditions, financing structure, or internal readiness to scale purchases again.

Bitcoin’s rebound improves the optics for Strategy’s treasury

The renewed focus on Bitcoin buying comes as the broader market has improved. The original article ties Strategy’s position to Bitcoin trading dynamics, stating that its industry-leading BTC treasury has been “deep in the red on paper” during a challenging stretch. More recently, it notes that macro momentum has helped push Bitcoin above the $80,000 threshold.

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With Strategy reportedly holding more than 840,447 BTC at an average cost basis hovering around $75,385, Bitcoin’s move above $80,000 would translate into a return to positive territory for the company’s overall position—at least on an unrealized basis. That matters because it changes the psychological and strategic framing around accumulation. When the treasury sits under its cost basis, additional buying can feel more defensive; when it moves back above, management’s messaging often becomes more offensive and conviction-driven.

It also raises a practical question investors typically track: whether renewed purchasing signals a shift from capital preservation and financing stabilization back toward asset deployment at scale.

What to watch next

Saylor’s “We’re Back” statement may function as a multi-layer signal—both operationally (suggesting readiness to resume BTC accumulation) and psychologically (reinforcing a return to profitability narratives). Still, until Strategy publishes an official Monday update detailing treasury actions, investors should treat the post as a directional cue rather than confirmation of specific purchase terms.

The key next step for the market will be whether Strategy’s upcoming disclosures confirm resumed Bitcoin buying and whether the company’s capital allocation priorities shift from reserve-building and financing to further treasury expansion.

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Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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What Is Trump’s U.S. Space Academy?

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What Is Trump’s U.S. Space Academy?

At the ceremony, Trump also acknowledged the Nancy Grace Roman Space Telescope, named for one of the forebears of modern space science, which was launched Sunday aboard a SpaceX Falcon Heavy. With surveying capabilities over 1,000 times faster than its predecessor, the Hubble Space Telescope, Roman seeks to explore dark matter, uncharted corners of the cosmos, and questions about the expansion of the universe.

What do we know so far about the Space Academy?

The first step in establishing the new academy is forming a Presidential Commission to develop recommendations for it. NASA Administrator Jared Isaacman will chair the new commission, according to the executive order, and it will also include War Secretary Pete Hegseth and Air Force Secretary Troy E. Meink, or their designees, among other federal representatives.

The commission has 120 days from Aug. 28 to submit its report to the President. It must include a governance framework, an academic and leadership curriculum, prerequisites for students, a service obligation for graduates, and a plan of implementation, legislative and otherwise, for all of the included components to take effect.

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BitGo Buys NYDIG’s Institutional Trading Arm for $7M Cash and $35.5M in Stock

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Crypto company BitGo has officially acquired NYDIG’s Bitcoin-focused institutional trading business. The deal was signed and completed on Thursday and reported on Friday, paying $7 million in cash and about $35.5 million in stock at closing, with up to $15 million more in cash tied to two revenue milestones.

The purchase brings NYDIG’s derivatives, structured products, financing, and capital markets operations to the custody company, along with roughly 30 employees.

NYDIG Turns to Power and Compute

Around 250 institutional client relationships were moved across, though they appear in the 8-K filed the same day, which also grants seller NYDIG IHC LLC earn-out shares on the second milestone and sets aside staff retention awards targeting $5 million each in stock and cash.

“Institutions increasingly want to work with a trusted partner that can support the full lifecycle of digital assets,” said Mike Belshe, CEO and Co-founder of BitGo. The firm went public on the NYSE at the start of the year and had a market value below $1 billion as of Thursday, per CNBC.

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NYDIG, an affiliate of Stone Ridge Holdings Group, said the sale lets it concentrate on power generation, Bitcoin mining and high-performance computing data centers, a development pipeline it puts above 3 gigawatts, with more than 1 gigawatt deliverable in 2027 and 2028.

“Our team built NYDIG’s institutional trading business into something exceptional: proven execution expertise with derivatives and financing capabilities,” said Tejas Shah, CEO of NYDIG, adding that the data center business is “where we see one of the most significant opportunities ahead.”

Belshe Pushes Senators on CLARITY

Belshe went on CNBC’s Squawk Box on Friday, days after Bitcoin briefly topped $80,000. Asked about a crypto winter, he said the markets “have had high highs and low lows” while “the thesis behind Bitcoin continues to grow,” pointing to tokenized equity plans from Morgan Stanley, Charles Schwab and DTCC.

On the CLARITY Act, which faces a Senate cloture vote on September 15, Belshe said everyone should want the market structure bill to pass. “This is what gives a legislative path forward to help rein that in, prevent any FTX from ever happening again,” he said, estimating 12 to 18 months of rulemaking after passage and noting he was at the White House with President Trump last week.

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Belshe confirmed BitGo runs infrastructure for USD1, the stablecoin behind the Trump family’s World Liberty Financial, and said BitGo just received a license in South Korea. “People don’t realize this, but America actually is behind,” he added.

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Saylor Says Treasury Strategy Is “Back” to Bitcoin Buying

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Crypto Breaking News

Strategy’s co-founder Michael Saylor has signaled—via a fresh post on X—that the firm may be preparing to resume buying Bitcoin. In his latest message, Saylor wrote “We’re Back,” prompting speculation that the company could return to its prior pattern of corporate accumulation announcements on Mondays.

For long-time watchers of Strategy’s moves, the timing matters. Earlier weekend-style signals from Saylor have often been followed by official updates tied to treasury activity at the start of the week, turning small social posts into something of a market barometer for what investors should expect next.

Key takeaways

  • Michael Saylor’s “We’re Back” post on X has reignited expectations that Strategy will restart Bitcoin buying.
  • Strategy paused its regular weekly Bitcoin purchases over the summer, shifting attention toward balance-sheet and capital-market actions.
  • Recent strength in Bitcoin has reportedly moved Strategy’s BTC treasury back into positive territory on paper after months of losses.
  • Investors will likely watch for whether Monday announcements confirm that the signal translates into renewed accumulation.

A weekend signal with a track record

In the post, Saylor described a return rather than a new thesis, reinforcing the idea that Strategy may be moving back toward Bitcoin accumulation after a period of restraint. The community interpretation is grounded in how Strategy has historically communicated: cryptic weekend hints have frequently preceded official Monday morning treasury purchase announcements.

The practical relevance for market participants is straightforward. Strategy’s Bitcoin buying has been closely watched because its scale and regularity can influence sentiment around corporate participation. Even when the underlying purchase mechanics are formalized only later, the lead time created by Saylor’s messaging can shift expectations well before any transaction details are released.

What Strategy changed during its summer pause

Over the past two months, Strategy reportedly stopped its routine weekly Bitcoin purchases, replacing the accumulation cadence with a broader focus on strengthening its financial foundation. Instead of expanding crypto holdings, management emphasized balance-sheet stability and funding structure adjustments.

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According to the article, Strategy’s priorities during this period included stabilizing preferred stock offerings, building a US dollar reserve of $5.1 billion, and setting up a dedicated cash pool of $1.59 billion generated through large common stock offerings. Together, these steps suggest the firm treated the pause not as an abandonment of its approach, but as a financing reset—keeping liquidity available so that future buying could proceed on its preferred schedule.

That shift also aligned with a difficult stretch for Strategy’s on-paper position. With Bitcoin under pressure during parts of the summer, the firm’s large BTC treasury was said to be “deep in the red,” at least on mark-to-market measures.

Bitcoin’s move back above $80,000 and Strategy’s position

The renewed “We’re Back” narrative is now landing against a different backdrop for Bitcoin’s price. The article notes that recent macro momentum has pushed Bitcoin above the $80,000 threshold, a move that changes the immediate math for holders.

Strategy holds more than 840,447 Bitcoin, with an average cost basis hovering around $75,385, as described in the source text. With Bitcoin recovering, that reported cost-versus-market relationship has pushed the company’s overall BTC position back into positive territory for the first time in months.

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This matters for two reasons. First, it removes some of the accounting pressure that tends to weigh on corporate crypto holders during drawdowns. Second, it can make a return to accumulation more strategically attractive: when the treasury is back above average cost, renewed buying can be framed less defensively and more as an offensive strategy—something investors typically prefer to see when evaluating risk-adjusted prospects.

Why “We’re Back” could mean more than a headline

While Saylor’s post is not a formal announcement of a specific purchase amount or exact timing, the statement carries multiple layers for Strategy stakeholders. Operationally, it can be read as a readiness check—suggesting the company is prepared to deploy its “dry powder” back into Bitcoin. Psychologically, it signals a re-energized approach after a period when market conditions and Strategy’s reported balance-sheet focus may have temporarily shifted attention away from routine accumulation.

Still, there’s an important distinction investors should keep in mind: a social media signal is an expectation, not execution. The real confirmation will come from official treasury disclosures that specify whether and when Strategy restarts buying activity, and how the company positions its financing tools alongside any resumed purchases.

That uncertainty is precisely why the post is notable. Strategy’s previous pattern—weekend teasers followed by Monday morning corporate actions—has created a framework in which traders and long-term observers can interpret early hints. If the pattern holds again, Saylor’s message may function as an early warning that accumulation could return as a central pillar of Strategy’s next phase.

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For now, market participants are likely to watch Bitcoin closely as well as Strategy’s upcoming filings and announcements for confirmation. If the firm does resume its cadence, the move could reinforce the narrative that corporate treasury buying remains a key driver of crypto sentiment even after pauses designed to manage liquidity and capital-market conditions.

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Helium Price Soars 170% in One Weekend: Is It Too Late to Buy HNT Now?

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Helium (HNT) Price Performance. Source: TradingView

Helium (HNT) jumped as much as 167% over the weekend, establishing an intra-day high of $0.989 as of this writing. Traders who arrived late are asking whether it is too late to buy HNT.

The rally was not built on buyers, but on sellers being forced out.

Helium (HNT) Price Performance. Source: TradingView
Helium (HNT) Price Performance. Source: TradingView

Why a Forgotten Token Moved So Fast

Helium runs a wireless network. Ordinary people host the hardware in their homes and shops. The industry calls this decentralized physical infrastructure, or DePIN.

The trigger was a Texas Wi-Fi deployment BeInCrypto reported on Saturday. The reaction dwarfed the news itself. HNT price, which had traded under $0.30 for most of the summer, surged by almost 170% in one weekend. Helium’s pitch has always been real customers.

In April 2025, developer Nova Labs paid $200,000 to settle SEC charges. Regulators said it wrongly claimed Lime, Nestle and Salesforce used the network. The case covered statements to stock investors, not the token.

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What the Charts Actually Show

The HNT price did not climb in a straight line. It moved in two bursts, grounding from $0.33 up to $0.45 overnight. It then jumped to $0.70 by 09:00 and stalled for four hours. A second push from 15:00 carried it to $0.9782.

  • HNT Volume Outlook

During the pauses, forced buying ran out. Now volume. The daily bar is the tallest on Helium’s two-year chart. Earlier spikes topped out near $45 million. This one cleared $110 million, thresholds last tested in 2023.

HNT Volume. Source: Coinglass
HNT Volume. Source: Coinglass

In total, $248.26 million changed hands, while the whole token is worth only $154.8 million. So the token changed hands more than once in a single day. Most people holding HNT now bought it this weekend, near the top.

  • HNT Liquidations

Some traders had bet against HNT, borrow the token, sell it, and plan to buy it back cheaper. The price rose instead, and their losses grew with every tick. Exchanges liquidated them, closing those bets for them and bought the token back at market price.

HNT Liquidations. Source: Coinglass
HNT Liquidations. Source: Coinglass

Coinglass shows nearly $1.5 million worth of short positions were liquidated on Sunday alone and over $1.6 million across the weekend. There is almost nothing before it. Traders betting on a rise lost just $196,650.

Every forced closure is a purchase. That is how the price climbed without new buyers arriving. Traders call this a short squeeze.

  • HNT Funding Rates

Next comes the funding rate, the clearest chart of the five. On these markets, one side pays the other a small fee every few hours.

For eight months that fee sat flat at zero. This weekend it fell past minus 1.2% on a single payment. Traders betting against HNT now pay the ones betting on it.

HNT Funding Rate. Source: Coinglass
HNT Funding Rate. Source: Coinglass

“The funding rate on Bybit HNT-PERP was close to -1000% this last print. A $60m market cap token with real users, with a chart that has no resistance for another 150%, down 99% from ATH. Shorts are trapped paying crazy funding with no spot supply,” one trader observed.

Finally, open interest. This is the total money riding on these bets. It shows the number of all open long and short positions for HNT price.

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It jumped 197.6% to $13.64 million, the highest in about a year. When those bets get closed out, this number falls. Here it nearly tripled instead.

They are not surrendering, with new money and fresh capital entering the futures market as new contracts are created for HNT.  They are being replaced faster than they are cleared out.

As HNT price rises alongside rising open interest, it signals strong bullish momentum. It shows high-conviction, aggressive bullish breakout driven by explosive leveraged demand.


Is It Too Late to Buy HNT?

That squeeze is already cooling, as HNT peaked at $0.989 and now trades near $0.88. Forced buying has nearly stopped. Only $22,920 of bearish bets closed in the most recent hour (as of this writing), against $1.61 million across the day.

Traders watching this setup tend to treat a vertical spike in open interest as a warning rather than an entry. Positioning is stretched, and a sharp drop can trigger a chain of forced closures in the other direction.

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The signal they wait for is open interest flattening, or easing slightly, while the price holds. That combination suggests the market has accepted the higher level rather than simply leveraged into it.

Funding is the second gauge, and HNT reads in reverse of the usual case. A crowded long market shows sharply positive funding. Here it is deeply negative, so the crowd is still short and paying to stay there.

A move back toward zero would mean those bets have been closed or abandoned. The buying that came from forced closures stops at that point, and the price has to hold on ordinary demand.

One supply point favors holders, but with a caveat. Every HNT minted so far is already trading, so no locked block is waiting to vest. Issuance continues toward a 223 million cap though, with about 37 million still to come.

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Once funding returns to zero, ordinary demand must hold Helium price data alone. Anyone buying now is betting on a second squeeze, not the first.

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Russia’s Largest Bank Wants Bitcoin and Ethereum as Collateral

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Russia’s Largest Bank Wants Bitcoin and Ethereum as Collateral

Sberbank plans to accept Bitcoin (BTC), Ether (ETH) and Tether (USDT) as loan collateral, deputy chairman Anatoly Popov told TASS on Friday.

Russia’s largest lender wants the coins as security, not as money. Paying with crypto in Russia remains banned when the country’s digital currency law takes effect on September 1.

A Russian company can pledge Bitcoin to a bank, but it still cannot buy a coffee with it. Popov said Sberbank prepared for the rule change early and already handles digital assets. However, he made the expansion conditional.

“We plan to accept not only Bitcoin but also Ethereum and the stablecoin Tether as collateral… after the Central Bank, of course, allows them for public circulation,” local media reported.

President Vladimir Putin signed the law on August 4. The Bank of Russia published its first approved list a week later. Only three coins cleared the screen.

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Regulators wanted size, high daily turnover, and at least 5 years of price history on foreign exchanges. Bitcoin, ether and USDT passed. Nothing else did, and the regulator is clear about the rest.

Crypto cannot be used in payments within Russia. Only exporters and importers get a carve-out for crypto payments in foreign trade.

No Rate, No Date, No Term Sheet

With the key rate standing at 14% as of August 28, money is expensive in Russia, and that number explains the demand. A miner can sell coins and lose the upside, or pledge them and pay interest.

Meanwhile, ordinary Russians will not get the option. Russia’s new crypto law caps non-qualified investors at 300,000 rubles (roughly $3,632) of crypto per year per intermediary. Corporate borrowers face no such ceiling.

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Popov disclosed no loan-to-value ratio, interest rate, or launch date. He tied everything to permissions the central bank has not yet issued.

What exists today is smaller. Sber closed a crypto-backed lending pilot in December 2025 and targets a digital depository by December 1.

Notably, however, USDT is the quiet outlier, sitting at $0.9999, while Bitcoin moves every day. One coin needs a thin haircut, the other a deep one.

If a borrower defaults, Sberbank must sell those coins inside a country where spending them is illegal.

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Michael Saylor Says ‘We're Back': 3 Reasons MicroStrategy May Resume Buying Bitcoin

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MicroStrategy USD Reserve. Source: Strategy

Michael Saylor says MicroStrategy is back. The two-word post landed after 10 weeks in which the company, now named Strategy, bought no Bitcoin (BTC) at all.

Three things in its finances have quietly shifted. Together they explain why traders read the post as a signal, not a slogan.

Strategy’s Debt No Longer Blocks Bitcoin Buys

Strategy holds roughly $6.69 billion in dollars. It owes about $6.71 billion on convertible notes. The company says that leaves net leverage at 0.1%.

The gap ran the other way all summer, making traders price it in forced selling. It vanished last week, and MSTR stock rallied 12% as the two numbers met.

The freeze was real, considering MicroStrategy last bought BTC on June 22, adding 520 BTC at $67,068. It has sold four times since. August brought $3.28 billion in fresh capital, and all of it went into dollars, not Bitcoin.

The build was deliberate as most of the cash sits in a reserve for dividend payments. That reserve held $3.75 billion in July. It holds $5.10 billion now.

MicroStrategy USD Reserve. Source: Strategy
MicroStrategy USD Reserve. Source: Strategy

STRC Is Almost Back at Par

STRC is a preferred share that MicroStrategy sells to raise cash. It pays a 12% dividend and is built to trade at $100.

It closed at $97.33 on August 28, up from a 12-month low of $71.25. Below $100, it costs the company money.

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STRC Stock Performance. Source: TradingView
STRC Stock Performance. Source: TradingView

“Our objective is for STRC to trade over time at $99 to $100. If STRC trades below $100, we intend to repurchase STRC shares in a regular and disciplined manner,” CEO Phong Le said so in the second-quarter results.

Every dollar spent buying STRC back is a dollar not spent on Bitcoin. Strategy sold coins in August to fund that defense. Near $97, the drain almost stops.

The stakes have grown. STRC raised $2.47 billion in July 2025 at $90 a share, paying 9%. Today roughly $10 billion of it trades, at 12%.

Those dividends are not small. Strategy paid $400.7 million on its preferred shares in the second quarter alone.

Saylor Is Signaling, Not Filing

Saylor paired his post with a chart of 840,447 coins worth $65.72 billion. Hours earlier he wrote “Business as usual.”

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Michael Saylor Hints at More Bitcoin Buys. Source: Saylor on X
Michael Saylor Hints at More Bitcoin Buys. Source: Saylor on X

Neither post is a filing, but purchases show up in weekly reports and the next one is expected on Monday, August 31.

MicroStrategy may have bought Bitcoin last week, but it is also possible that they did not. After all, he also declared Bitcoin had won in July, and the buying stayed frozen for another five weeks.

With Bitcoin traded near $79,183 as of this writing, up 1.3% in a day, MicroStrategy’s treasury is barely above water, given they paid an average of $75,388 a coin.

The post Michael Saylor Says ‘We're Back': 3 Reasons MicroStrategy May Resume Buying Bitcoin appeared first on BeInCrypto.

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