Bitcoin near $63,500 looks like more summer torpor, capped below $64,000 and holding above the low-$60,000s, but the flow picture underneath has reversed, said Yusuf Fakhro, partner at ARP Digital, in a note to CoinDesk.

US spot ETFs took in more than 14,000 BTC over five days into August 7, he said, the strongest stretch since May, and Q3 has drawn roughly 11,000 BTC of net inflows against 110,000 BTC of outflows in the back half of Q2. The institutional selling that defined the second quarter has flipped to buying.

Spot volumes have fallen to two-and-a-half-year lows, perpetual volumes to three-year lows, and volatility sits near multi-year troughs, Fakhro said.

Fresh demand arriving into the thinnest tape in years, when nobody is watching, is how durable bottoms tend to form. He reads bitcoin’s six months stuck between $60,000 and $80,000, holding near a 50% drawdown rather than grinding lower the way the 2014, 2018 and 2022 bear markets did, as apathy rather than deterioration, with on-chain data starting to show bottoming characteristics as sentiment shifts from panic to caution.

The risk sits on both sides. Bitcoin is as stuck below $64,000 as it is above $62,000, a box rather than a launchpad, and leverage sharpens it. Perpetual open interest has held above 300,000 BTC through the summer, elevated against its average while volumes collapsed, which leaves the market exposed to a sharp liquidation move in either direction.

Gold continues to trade close to multi-month highs following its recent advance, which was supported by the latest US inflation data. July’s CPI broadly matched market expectations, reducing the likelihood of a Federal Reserve rate hike in September. Lower expectations for further monetary tightening remain supportive for gold, as elevated interest rates increase the opportunity cost of holding the non-yielding asset. According to CNBC, some investors have begun taking profits after the rally. Over the coming weeks, expectations surrounding the Fed’s interest-rate path are likely to remain one of the main drivers of the precious metal.

Technical Analysis of Gold

The four-hour XAU/USD chart shows a sustained uptrend that lifted the price towards the red resistance level at $4,450. An ascending trendline developed during the rally, but on 13 August the price broke below it on increased volume. The subsequent decline established a green support area around $4,312.

Following a rebound, gold returned to the dense area of the current market profile and is now trading between the Point of Control (POC) at $4,397 and the lower boundary of the profile at $4,346. If selling pressure builds, the $4,312 support zone could become increasingly significant.

A continuation of the upward move would bring the price into a relatively strong cluster of technical levels. The first obstacles are the POC at $4,397 and the upper boundary of the profile at $4,415. Beyond these levels, attention would shift towards the trend high around $4,450.

The RSI + MAs indicator currently shows readings of 52, 53 and 58. The oscillator and fast moving average have moved back into the neutral zone, while the slower moving average is following the same direction.

Key Takeaways

The main driver for gold remains the market’s expectations for the Federal Reserve’s interest-rate path. A further decline in expectations for rate hikes could continue to support buyers, while more hawkish signals from the central bank could increase selling pressure as the market undergoes a post-rally correction.

In the short term, gold is also likely to remain sensitive to movements in the US dollar and Treasury yields, both of which can significantly influence demand for the precious metal.

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“Very unlikely.”

That’s how Goldman Sachs described the chances of a September Federal Reserve interest-rate increase, which provides a potential major tailwind for bitcoin BTC$63,611.71, which has traded in a narrow range since early July.

The cryptocurrency is currently priced around $63,500, a 1% gain since midnight UTC. The price has remained firmly locked within the $62,000–$66,000 range that has been in play for over a month.

Goldman lowered the odds in response to a string of soft economic data, specifically retail sales, a key barometer of consumption, and employment figures alongside slowing inflation, Chief Economist Jan Hatzius told clients, according to Bloomberg.

“Under our baseline economic forecasts, the inflation news is more likely to improve further than to deteriorate anew as the year progresses,” Hatzius wrote in a note Sunday. “We still think market pricing for the funds rate is too hawkish.”

Greenlane Holdings’ BERA-focused digital asset treasury has fallen to $16.4 million in fair value at the end of the second quarter, leaving the portfolio about 76.6% below its $70 million cost basis.

According to Greenlane’s latest regulatory filing, the Nasdaq-listed company held about 81.3 million BERA and BERA-equivalent tokens as of June 30, up from roughly 77.7 million at the end of the first quarter despite a continued decline in the token’s market price.

The difference between the portfolio’s acquisition cost and quarter-end fair value stood at about $53.8 million. Greenlane recorded a $19.1 million noncash fair-value loss on its digital assets during the three months through June, which contributed to a net loss of $24.8 million for the period.

At the same time, the company continued putting its holdings to work across the Berachain ecosystem. Its digital asset operations generated about $309,000 in staking and yield revenue during the quarter, providing income in BERA and other assets while the value of the underlying treasury declined.

Greenlane’s exposure has increased since the start of the year. The company reported 77.7 million BERA and equivalent tokens at the end of March, meaning its holdings grew by about 3.6 million tokens during the second quarter.

Greenlane’s BERA treasury has grown despite falling valuations

Greenlane entered the crypto treasury business in October 2025, transforming a company previously known mainly for cannabis accessories and consumer products into a publicly traded holder of Berachain’s native token.

The strategy followed a $110.7 million private placement backed by digital asset investors. As previously reported by crypto.news, the October 2025 financing was led by Polychain Capital, with participation from Blockchain.com, Kraken, North Rock Digital, CitizenX and dao5.

Greenlane said at the time that proceeds would support its BERA treasury, with tokens acquired through open-market and over-the-counter purchases. The company also established BeraStrategy as its digital asset management operation as part of the transaction.

By the end of February, Greenlane’s holdings consisted of its initial 54.2 million BERA position, another 14.9 million tokens bought in the open market and additional BERA obtained through staking, validator participation and structured token trading agreements, according to company disclosures.

Greenlane’s first-quarter filing later showed how quickly falling BERA prices were affecting the strategy. For the three months ended March 31, the company reported a net loss of $18.2 million, while its balance sheet had become heavily tied to digital assets, cash and dollar-pegged stablecoins.

Management said in that filing that its financial condition and operating results had become significantly influenced by digital asset market conditions, particularly the fair value of its BERA holdings.

The company has continued its legacy lifestyle accessories business through vapor.com and related channels, although Greenlane said the operation was reduced after its 2025 strategy change. Warehouse operations were substantially exited, and the remaining commerce business moved toward an asset-light drop-ship model.

BERA price decline has cut into Greenlane’s holdings

The valuation losses have come as BERA continued a steep decline from levels reached earlier in 2026.

Berachain was trading at about $0.146 at the time of writing, according to CoinGecko, leaving the token down roughly 75.9% since the start of the year. BERA had briefly traded above $1.20 earlier in 2026 before falling toward the $0.15 area.

The decline followed a period of extreme volatility in February. BERA briefly surged as high as $1.43 after an unusual imbalance in perpetual futures markets triggered heavy short liquidations.

During that move, BERA rallied 82% within 24 hours to about $0.94, while futures volume jumped 632% to $2.94 billion and open interest increased 102% to $142.8 million. Funding rates had swung between deeply negative and positive levels as traders repositioned after a Feb. 6 token unlock involving 63.75 million BERA.

The rally did not develop into a sustained recovery. By July 15, BERA was trading around $0.187, with the token already down more than 30% over the preceding month. Its price has since moved closer to $0.15, further reducing the dollar value of large BERA-denominated positions such as Greenlane’s treasury.

BERA’s current price also sits far below levels recorded soon after Berachain launched in February 2025. Following listings across several major exchanges, including Crypto.com, Upbit, MEXC and Bithumb, BERA reached an all-time high near $15 before beginning a prolonged decline.

Token supply has also increased since the network’s early trading period. A May 2025 Boyco Vaults release brought additional assets and BERA into circulation, with the token falling 21% over a seven-day period around the event. The release involved $2.7 billion in locked assets and included about 2% of BERA’s total supply.

Greenlane is earning yield from its Berachain position

While Greenlane’s treasury valuation has fallen, the company’s strategy involves more than holding BERA on its balance sheet.

Greenlane participates in staking, validator operations, liquidity provisioning, and other Berachain activities designed to generate additional tokens or yield. Those activities accounted for the $309,000 in digital asset segment revenue reported for the second quarter.

Berachain uses a Proof-of-Liquidity model that links network incentives to liquidity supplied across its decentralized finance ecosystem. BERA serves as the network’s native gas token, while BGT is used for governance and HONEY operates as its collateral-backed stablecoin.

Changes to that system have also expanded the role of BERA as a yield-producing asset. A Proof-of-Liquidity upgrade proposed in 2025 directed one-third of protocol incentives toward a BERA rewards model, creating a protocol-level source of yield for token holders.

The network had expanded its rewards beyond Berachain’s BEX pools in March 2025, allowing additional applications and vaults to participate in Proof-of-Liquidity incentives.

Greenlane’s strategy uses similar network mechanics to add to its token holdings over time. Its February disclosure said the treasury had accumulated BERA not only through purchases but also through staking and validator participation, while the company cautioned that protocol reward rates could change with network conditions, validator changes, reward schedules, and market volatility.

As of June 30, those activities had helped increase Greenlane’s BERA and BERA-equivalent position to 81.3 million tokens even as the fair value of the portfolio fell to $16.4 million.

Capital B purchased another five Bitcoin for €280,000, lifting its strategic Bitcoin treasury to 3,145 BTC as the Euronext Growth Paris-listed company continued using equity issuance to fund its accumulation strategy.

The Aug. 17 release shows the latest Bitcoin was acquired at an average €55,882 each. Capital B now reports a total acquisition cost of €284.2 million, or €90,352 per BTC.

Capital B raises Bitcoin treasury to 3,145 BTC

The purchase followed €301,460.25 of capital increases completed through Capital B’s ATM-type agreement with French asset manager TOBAM. The company issued 647,110 ordinary shares at an average rounded price of €0.47 between July 27 and Aug. 7.

Duquesne Family Office has disclosed a $23 million position in Hyperliquid Strategies Inc., giving Stanley Druckenmiller’s investment office indirect exposure to HYPE through the Nasdaq-listed digital asset treasury company.

The SEC filing for the second quarter of 2026 showed Duquesne held shares of Hyperliquid Strategies, which trades under the ticker PURR, as of June 30, with the position appearing in the family office’s portfolio for the first time.

The disclosure adds Duquesne to the institutional investors gaining exposure to Hyperliquid through publicly traded shares instead of purchasing the protocol’s HYPE token directly. Hyperliquid Strategies operates as a digital asset treasury company built around accumulating and managing HYPE.

Fintel data based on the filing also lists PURR as a new Duquesne position, accounting for roughly 0.44% of the investment manager’s reported portfolio.

Duquesne adds Hyperliquid Strategies to its portfolio

Hyperliquid Strategies has built one of the largest corporate HYPE holdings since establishing its digital asset treasury business.

As crypto.news previously reported in February, the Nasdaq-listed company purchased another 5 million HYPE for about $129.5 million at an average price of $25.90 per token. The acquisition increased its holdings at the time to 17.6 million HYPE while leaving the company with about $125 million in cash.

Its holdings later increased substantially. Artemis data cited in a June treasury report showed Hyperliquid Strategies controlled about 23.7 million HYPE and was sitting on more than $1.1 billion in unrealized gains at the time.

The report found HYPE-focused treasury companies were among the few major digital asset treasury groups still carrying sizeable paper profits during the June market downturn. Bitcoin, Ether and Solana treasury companies, by comparison, were recording substantial unrealized losses as prices fell.

Duquesne’s $23 million PURR holding gives the family office exposure to that treasury structure through a regulated U.S. equity. The 13F does not show whether the firm bought the shares in a single transaction or accumulated them at different points during the quarter, since the filing only reports holdings as of June 30.

Form 13F reports are required from institutional investment managers that exercise investment discretion over at least $100 million in certain securities. The disclosures provide a quarterly snapshot of reportable holdings but do not show positions purchased or sold after the reporting date.

Hyperliquid Strategies has accumulated millions of HYPE

Institutional interest in Hyperliquid Strategies came as HYPE recorded large price swings during the second quarter.

HYPE reached a record of about $73.7 on June 1 after gaining more than 70% over the preceding month. At the time, Hyperliquid Strategies was already one of the largest publicly identified corporate holders of the token.

Demand for HYPE had also expanded through regulated investment and derivatives products. In June, Kalshi launched CFTC-regulated HYPE perpetual futures for U.S. traders, after which HYPE futures open interest rose to $2.48 billion and briefly surpassed XRP open interest, according to a June 11 report.

Institutional exposure has not been limited to listed treasury companies. Bitwise Chief Investment Officer Matt Hougan said in May that HYPE had gained 77% since the start of 2026 while Hyperliquid processed about $170 billion in monthly trading volume.

Bitwise also said it would direct 10% of management fees collected from its BHYP Hyperliquid exchange-traded fund toward purchasing and holding HYPE on its own balance sheet, as detailed in May.

Hyperliquid’s token model sends a large share of protocol trading fees toward HYPE purchases through its Assistance Fund. The mechanism has provided another source of demand alongside corporate treasury purchases and investment products.

Fed Chair Kevin Warsh previously worked with Duquesne

Duquesne’s newly disclosed PURR investment also comes with a connection to Federal Reserve Chairman Kevin Warsh, who worked with the family office before returning to the central bank.

The Federal Reserve’s official biography says Warsh served as a partner at Duquesne Family Office after leaving the Fed’s Board of Governors in 2011. Warsh had previously served as a governor from 2006 to 2011 and returned to the central bank as chairman on May 22, 2026.

Before his confirmation, financial disclosures filed as part of the nomination process provided more detail about his relationship with Stanley Druckenmiller’s investment office.

Warsh disclosed assets worth well over $100 million, according to his April financial disclosure, although government ethics forms report investments in ranges and do not always provide precise valuations.

Two positions in the Juggernaut Fund LP were each listed at more than $50 million. The disclosure did not identify the underlying investments because of pre-existing confidentiality agreements, while Warsh committed to divesting the positions if confirmed.

The same filing showed that Warsh had received $10.2 million in consulting fees from Druckenmiller’s investment office during the period covered by the disclosure. His overall consulting income exceeded $13 million across several financial firms.

Warsh also agreed to dispose of assets required under Federal Reserve ethics rules before assuming the chairmanship. Fed investment rules introduced in 2022 place restrictions on the securities that senior officials and their immediate families may hold, including crypto-related assets.

After completing the confirmation process, Warsh took office as Federal Reserve chairman on May 22 for a four-year term ending May 21, 2030. He also became chairman of the Federal Open Market Committee and holds a separate term as a member of the Board of Governors through January 31, 2040.