CME Group has added three regional U.S. dollar reference rates and real-time indices for Ethena’s ENA token, with daily publication beginning Aug. 24.

CME Group adds ENA rates for three market closes

CME Group said it had added Ethena (ENA) to its single-asset cryptocurrency benchmark suite, extending standardized U.S. dollar pricing to the token across three major trading regions.

CF Benchmarks, the benchmark administrator that manages CME’s cryptocurrency indices, will calculate and publish the new products. The lineup contains daily reference rates that provide a fixed valuation point, along with real-time indices that update during the trading day.

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Under the regional format, the CME CF Ethena-Dollar Reference Rate tracks the London close under the ENAUSD RR identifier. ENAUSD NY provides a New York closing rate, while ENAUSD AP covers the end of the APAC trading day.

Each rate is published at 4 p.m. in its respective region. By using three local closing times, the suite lets firms select a valuation point that corresponds with their working day instead of applying one global cutoff to a market that never closes.

Publication continues seven days a week, including weekends and public holidays. ENA trades continuously on cryptocurrency exchanges, so its price can change when traditional stock, bond, and derivatives markets are closed.

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Alongside the daily rates, the associated real-time indices provide updated dollar prices throughout the day. Trading desks may use those figures to monitor positions, compare execution prices or measure intraday exposure, while a daily rate gives accountants and fund administrators a fixed figure for reporting.

ENA pricing draws from multiple spot exchanges

Rather than taking ENA’s price from one trading platform, CF Benchmarks draws on transactions from eligible spot exchanges that meet its constituent venue rules. The method reduces the reliance on any single exchange’s order book, liquidity conditions or temporary pricing differences.

Reference rates and real-time indices serve different purposes. A reference rate produces a price at a set time and can support portfolio valuation, net asset value calculations, and contract settlement. A real-time index follows the asset during the day and can assist with trading, collateral monitoring, and risk controls.

A benchmark does not involve the purchase or custody of ENA by itself. It provides a standardized price that banks, asset managers, trading firms, or product issuers can cite when valuing exposure or designing a separate financial instrument.

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The distinction also means CME’s announcement is not the same as launching ENA futures, options, or an exchange-traded fund. Any listed product would require its own contract terms, launch process and applicable regulatory treatment; CME’s post announced pricing benchmarks and did not identify a tradable ENA contract.

CF Benchmarks already administers rates used across CME’s cryptocurrency products. In March 2025, Crypto.com became a constituent exchange for several Bitcoin and Ether indices, adding its market data to a group that also included Coinbase, Kraken, Gemini, Bitstamp, itBit, Bullish and LMAX Digital. As previously reported by crypto.news, CME said at the time that data from another eligible venue would add depth and improve pricing accuracy for those benchmarks.

CME crypto benchmarks move beyond Bitcoin and Ether

The ENA addition places the Ethena governance token beside a growing list of crypto assets covered by CME-linked pricing tools. CME’s benchmark and derivatives lineup has expanded beyond Bitcoin and Ether to assets including Solana, XRP, Cardano, Chainlink, Stellar, Avalanche and Sui.

In June, the exchange launched Nasdaq CME Crypto Index futures tied to a basket containing Bitcoin, Bitcoin Cash, Ether, Solana, XRP, Cardano, Chainlink, and Stellar Lumens. The cash-settled index contract gave market participants a way to track several cryptocurrencies through one regulated product without holding the underlying tokens.

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CME also introduced standard and micro futures for Avalanche and Sui in May. Both products settle in cash against their respective CME CF reference rates, illustrating how a standardized spot benchmark can later support settlement for a listed derivative when the exchange launches one.

No comparable ENA derivative was included in the Aug. 24 announcement. The immediate addition consists of the three daily regional reference rates and their corresponding real-time indices.

For U.S. firms, the New York variant supplies an ENA price at 4 p.m. local time, aligning the benchmark with the close of the American equity trading day. Fund administrators operating on U.S. schedules can therefore value ENA exposure at a familiar cutoff, even though the underlying token continues trading afterward.

American investors should not treat the benchmark’s inclusion as regulatory approval of ENA or an endorsement of Ethena’s products. CME Group operates major U.S. derivatives markets, but the announcement concerns the availability of pricing data rather than the legal classification of the token or authorization of a new investment product.

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Ethena expands its institutional market connections

ENA’s addition follows several steps that have brought Ethena’s ecosystem into institutional trading and asset-management channels. The token governs the protocol behind USDe, a synthetic dollar whose backing model uses crypto assets, derivatives positions and other approved reserve arrangements.

On Aug. 19, Ethena and FalconX launched a $1 billion secured lending facility that uses part of USDe’s backing assets to finance overcollateralized loans for institutional borrowers. Under the institutional lending facility, FalconX originates and services loans through a special-purpose vehicle, while qualified custodians hold collateral worth more than each borrower’s outstanding balance.

Ethena had already incorporated institutional lending into USDe’s backing structure earlier in 2026. Governance records cited in August showed agreements with Anchorage Digital, Maple Institutional, and Coinbase Asset Management had been completed during March and April.

In June, BlackRock integrated USDe into its Aladdin investment platform, which is used by institutions overseeing more than $20 trillion in assets. Ethena also said BlackRock’s BUIDL tokenized fund would serve as a main asset for a white-label product and support liquidity arrangements involving tokenized assets.

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Coinbase Ventures separately disclosed an open-market ENA purchase in June as Coinbase and Ethena prepared products focused on on-chain finance and savings. Unlike a discounted private allocation, the venture arm acquired its ENA position through the public market.

More recently, ENA gained about 65% in the week leading up to Aug. 21 and approached $0.1465 following the FalconX agreement. A technical review of ENA found that its four-hour relative strength index had climbed close to 94, an overbought reading that increased the risk of profit-taking even as the token retained its upward momentum.

The same analysis placed resistance at $0.1465, followed by potential levels at $0.1587 and $0.1709, while support stood near $0.1343, $0.1221, and $0.1099. CoinGlass data cited in the report showed leveraged-position clusters around $0.118 to $0.120, with additional liquidity between $0.104 and $0.116.

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Bitcoin reclaimed the $80,000 level on Monday, pushing through a key psychological and technical milestone after last week’s sharp rally drew fresh momentum from traders. The breakout marked BTC’s first trade above $80,000 since mid-May, with price up roughly 3% at the time of reporting before easing after the European session.

As the market tested higher levels, activity on leveraged venues also picked up—most notably in short liquidations—underscoring how crowded positions may have been forced to unwind during the advance.

Key takeaways

• BTC/USD moved above $80,000 for the first time since May 15, ending a more than three-month absence from that range.
• CoinGlass data showed crypto short liquidations passed $220 million over the prior 24 hours as Bitcoin approached the $80,000 mark.
• Support appears to be clustering around the mid-$70,000s, with a bid liquidity band centered on $76,700, according to a CoinGlass liquidation heatmap.
• Analyst Rekt Capital said the “real test” will be whether Bitcoin can sustain strength, pointing to the 50-week exponential moving average near $77,251.

Bitcoin breaks back above $80,000 for the first time since May

TradingView charts showed BTC/USD crossing $80,000 for the first time since May 15, reaching the level during the Wall Street open. The move came alongside another roughly 3% gain on the day before pullbacks occurred following the European close, suggesting the market was still digesting the breakout rather than entering immediately into a smooth trend.

This return matters because it represents more than a single price point. Levels around $80,000 have historically functioned as both a reference for market positioning and a threshold traders watch for continuation signals. When Bitcoin re-enters a range it previously failed to hold for months, it can quickly shift expectations for whether the market is simply rebounding or genuinely transitioning to a stronger phase.

Short liquidations surge as leveraged traders unwind

Higher prices drew in additional leverage-related activity. According to CoinGlass, crypto short liquidations exceeded $220 million over the preceding 24 hours at the time of writing. While liquidations can occur in both directions, large short liquidation bursts typically accompany fast upward moves as price rallies force shorts to cover.

CoinGlass also highlighted a liquidation heatmap feature: a band of bid liquidity centered around $76,700. In practical terms, that cluster can act as a near-term “gravity point” during pullbacks—buyers who respond to forced liquidation dynamics may help slow a downside reversal if price falls back toward that zone.

Still, it’s important to remember that liquidation clusters are reactive, not predictive. They can help explain why certain retracements stabilize, but they don’t guarantee that a move back down will be limited or that new support will permanently hold.

The focus shifts from rally to “staying power”

Even with Bitcoin returning to a key higher range, market observers emphasized that sustaining the breakout is the real challenge. Earlier coverage from Cointelegraph had flagged concerns among some traders that bearish market patterns could reassert themselves later in the year, with downside potentially returning from September onward to trigger broader capitulation to new macro lows.

In that context, the latest push above $80,000 looks less like a finish line and more like the opening stage of a longer test. Rekt Capital, a trader and analyst, argued in his market commentary that Bitcoin must prove it can hold those levels. He pointed out that Bitcoin has closed the week at the highs and framed the next phase as a “real test” for whether strength persists.

“Bitcoin has Weekly Closed at the highs. Now starts the real test,”

Rekt Capital also cautioned that if the rally is only a “bear market relief” bounce, Bitcoin could pull back as early as the current week or within the following few weeks. That distinction—relief rally versus durable trend—has major implications for traders and portfolio managers because it changes expectations around volatility, timing of entries, and the likelihood of retesting lower ranges.

Key technical level in view: the 50-week EMA

Rekt Capital highlighted one technical benchmark in particular: the 50-week exponential moving average, currently around $77,251. He noted that Bitcoin achieved its first weekly close above that trend line since November 2025.

He also drew a comparison to the 2022 bear market, when BTC/USD managed two weekly closes above the same type of trend line before subsequently dropping to cycle lows. The point of the comparison isn’t to claim a repeat outcome, but to show how quickly markets can revert when trend-breaking closes occur without sustained follow-through.

For investors watching this level, the near-term question becomes whether price can remain above a widely tracked dynamic benchmark long enough to change market structure. If Bitcoin continues to close above the 50-week EMA and keeps higher levels defended on retracements, it would strengthen the case that the rebound is progressing into something more persistent. If not, the market may revert back toward the mid-$70,000s where liquidation-driven support has begun to form.

Next, traders are likely to monitor whether Bitcoin can hold above $80,000 on subsequent sessions and, more importantly, whether weekly closures continue to support the breakout thesis. The debate between “relief rally” and “sustained strength” will likely hinge on follow-through around the 50-week EMA near $77,251 and how price behaves during pullbacks toward the liquidation liquidity band centered at $76,700.

Polish prosecutors have reportedly charged Przemysław Kral, the head of the collapsed cryptocurrency exchange Zondacrypto, in connection with an alleged large-scale fraud, and he has started cooperating with investigators, according to reporting from Onet.

Onet says Kral is seeking a reduced sentence in exchange for testimony that could include details about how Zondacrypto funding was linked to right-wing political figures in Poland. Prosecutors estimate that Zondacrypto customers lost at least 2.4 billion Polish zlotys (about $650 million), and investigators allege that only part of customer funds was used to buy crypto, while the remainder was moved to private accounts controlled by exchange managers.

Key takeaways

• Przemysław Kral of Zondacrypto has reportedly been charged and is cooperating with Polish prosecutors.
• Prosecutors estimate customer losses at least 2.4 billion zlotys (about $650 million).
• Investigators allege Zondacrypto used only a portion of customer funds to purchase crypto and diverted the rest to private accounts.
• Kral is reportedly trying to secure a reduced sentence through testimony, potentially touching on alleged exchange-related political funding.
• Earlier public statements included a claim that Zondacrypto could not access a cold wallet holding roughly 4,500 Bitcoin.

Cooperation talks and the alleged damage

Onet reports that prosecutors estimate Zondacrypto customers lost at least 2.4 billion zlotys. The outlet also states investigators believe the exchange did not preserve customer money in full, but instead used only part of customers’ funds to buy cryptocurrency, with additional amounts allegedly transferred to private accounts under the control of Zondacrypto’s managers.

According to Onet, Kral began exploring cooperation conditions weeks ahead of the reported charge outcome. The outlet previously reported that he had been negotiating the terms of possible collaboration with prosecutors for about six months.

That reporting also described informal meetings between Kral and prosecutors in Poland as well as in locations including Sicily and parts of the Persian Gulf, where discussions reportedly focused on the structure of a potential deal.

Allegations tied to political connections

In the newest Onet report, the outlet says Kral is seeking a lighter sentence by offering testimony that could include details about alleged Zondacrypto involvement with funding right-wing politicians.

The political angle is not new to the Zondacrypto case. Onet previously reported that Zondacrypto had acted as a key sponsor of Poland’s Conservative Political Action Conference (CPAC) shortly before the second round of the presidential election, which was won by Karol Nawrocki.

Onet also notes that in its final year, Zondacrypto spent 37 million zlotys on advertising with broadcaster Telewizja Republika. The outlet further claims that companies owned by Kral made payments to foundations linked to politicians Zbigniew Ziobro and Przemysław Wipler.

What Kral said earlier about the missing Bitcoin

Since mid-April, Kral has remained publicly silent on X after disclosing that Zondacrypto was unable to access a cold wallet reportedly holding about 4,500 Bitcoin. Earlier coverage from Cointelegraph noted the wallet access issue and described the resulting withdrawal crisis.

Kral has denied accusations of misappropriating customer funds. He said the private keys for the wallet were intended to have been transferred by Zondacrypto founder and former CEO Sylwester Suszek, who has been missing since 2022.

That explanation has been central to how the case has been discussed publicly: rather than conceding fund loss, Kral pointed to an alleged custody and key-transfer failure involving Suszek. Prosecutors’ latest estimates and alleged diversion of funds, as described by Onet, suggest investigators view that narrative differently.

Unanswered questions as the probe expands

As the case moves into the cooperation phase, several issues remain unclear based on the available reporting. Onet’s claims focus on the scale of customer losses and the alleged path of diverted funds, but they do not establish in detail how investigators quantify losses or reconcile them with any remaining assets, including the purported cold wallet.

Cointelegraph reported that it was unable to reach Kral or Zondacrypto for comment. The outlet said email addresses connected to the exchange were unavailable after Kral’s April disclosure about the wallet access problem.

For investors and market participants, the Zondacrypto situation underscores a persistent pattern seen in major exchange collapses: customer assets may be at risk not only through outright theft, but also through custody failures, opaque internal controls, and use of funds in ways that do not align with client expectations. The investigation’s alleged findings—customers’ funds being partially used for purchases while the rest allegedly moved to private accounts—highlight why transparency around wallet management and auditability matters, especially in jurisdictions where recovery and enforcement can take time.

Readers should watch next for what Kral’s cooperation ultimately produces in court filings—particularly whether testimony about alleged political funding is corroborated by evidence and how prosecutors account for the missing Bitcoin and any other recoverable funds. The case also raises broader questions about how regulators and law enforcement will evaluate the relationship between exchange operations, third-party entities, and political influence when rebuilding trust after a collapse.

Bitcoin (BTC) passed $80,000 after Monday’s Wall Street open as bulls built on last week’s snap BTC price rally.

Key points:

• Bitcoin hits $80,000 for the first time since mid-May as bullish momentum gathered pace.
• BTC price analysis warns that the market still needs to sustain higher levels to challenge the bear-market thesis.

Bitcoin returns to $80,000 after 100-day hiatus

Data from TradingView showed BTC/USD passing the $80,000 for the first time since May 15, up another 3% on the day before pulling back following the European close.

Source: TradingView

The move spurred an uptick in crypto short liquidations, with these passing $220 million over the 24 hours to the time of writing, per data from CoinGlass. A band of bid liquidity centered on $76,700, potentially offering support in the event of a downward BTC price reversal.

BTC liquidation heatmap. Source: CoinGlass

Analyst: BTC rebound must prove staying power

Bitcoin was up 25% month-to-date, seeing its best August performance since 2017 and increasingly diverging from bear-market norms. Earlier, Cointelegraph reported on concerns among some traders that bearish history could still repeat, with downside reemerging from September onward to spark a final capitulation to new macro lows. 

Related: BTC price loses 200-week trend line as 2022 repeats: Five things to know in Bitcoin this week

“Bitcoin has Weekly Closed at the highs. Now starts the real test,” trader and analyst Rekt Capital wrote in his latest market commentary on X.

“If this is a Bear Market Relief Rally, then Bitcoin could pullback as early as this week, or at least over the next few weeks. Now it’s all about Bitcoin proving sustained strength.”

Rekt Capital had eyed the 50-week exponential moving average in particular, currently at $77,251, as price achieved its first weekly close above it since November 2025. During Bitcoin’s 2022 bear market, BTC/USD achieved two weekly closes above that trend line before dropping to cycle lows.

Magazine: Bitget CEO isn’t buying the Bitcoin rally — She’s waiting for $50K

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

Strive Asset Management has made its latest Bitcoin purchase, according to a filing with the U.S. Securities and Exchange Commission. The Nasdaq-listed company bought 1,110 BTC during the week of Aug. 17 through Aug. 21, spending about $81.5 million in total and bringing its Bitcoin treasury to 21,356 BTC.

The purchase price averaged $73,409 per Bitcoin, inclusive of fees and expenses, based on the company’s disclosures. As of the same period, Strive reported that its cash and cash equivalents increased by $17.1 million to $171.9 million, while its Class A shares outstanding rose by 3.65 million to 79.89 million.

Key takeaways

• Strive purchased 1,110 BTC for about $81.5 million between Aug. 17 and Aug. 21, per its SEC filing.
• The average all-in cost was $73,409 per Bitcoin, with Strive adding to a total holding of 21,356 BTC.
• Bitcoin was trading around $79,000 on Monday, roughly 8% above Strive’s reported average purchase price for the latest buys.
• Company data cited by BitcoinTreasuries.NET places Strive among the largest publicly traded corporate Bitcoin holders.
• Separately, Strive’s SATA preferred stock returned to its $99-to-$101 trading corridor after dipping earlier in June.

Another corporate Bitcoin buy—and what the pricing implies

In the SEC filing, Strive details how it executed the most recent tranche of Bitcoin purchases. The company’s average cost—$73,409 per BTC including fees and expenses—was below the approximate $79,000 level at which Bitcoin traded on Monday, according to the article’s market reference. That gap suggests Strive acquired the latest Bitcoin inventory at a discount relative to the spot price at the start of the following trading day, though investors will be watching how the treasury’s realized cost basis compares as new purchases continue.

The timing also matters for corporate-holding strategies that aim to maintain a consistent allocation rather than attempt precise market timing. Strive’s cash position, which rose to $171.9 million, indicates it had room to continue deploying capital into its treasury approach during the covered week. At the same time, growth in Class A shares outstanding to 79.89 million points to ongoing corporate balance sheet activity beyond the Bitcoin buy itself.

BitcoinTreasuries.NET data, cited alongside the filing, ranks Strive as the seventh-largest publicly traded corporate Bitcoin holder, positioning it behind Bullish and ahead of SpaceX. For traders, that kind of ranking can be more than trivia: it can influence investor perception around liquidity, follow-on demand, and how visible corporate BTC strategies are to the broader market.

Strive links the strategy to “scarcity” and share structure

Alongside the purchase news, Strive’s CEO Matt Cole framed the company’s broader thesis in terms of relative scarcity and how Strive’s share structure is intended to participate. In a post on X ahead of Monday’s market open, Cole said the “upside” is not only tied to Bitcoin moving higher, but to Bitcoin “becoming the fastest horse inside an expanding scarcity trade,” adding that $ASST is “structured to amplify” that outcome while remaining “responsibly” supported.

This is essentially an investor-facing explanation of why the treasury strategy is paired with the company’s capital structure. Investors should treat such statements as strategic framing—not performance guarantees—while monitoring how the firm actually funds purchases and how its market-linked products behave during BTC volatility.

Beyond Bitcoin: SATA preferred stock returns to its target range

While the Bitcoin purchase grabbed attention, Strive’s other major development was movement in its SATA preferred stock. The filing context notes that SATA closed at $100.01 on Friday, returning to a management targeted trading range of $99 to $101 after trading as low as $83.30 in late June.

According to the article, Strive previously narrowed SATA’s targeted corridor from $95–$105 to $99–$101 in March. Around that time, the company also stated it would not issue SATA through at-the-market or follow-on offerings below $100, a commitment that is designed to limit dilution at prices the company considers off-target.

SATA was launched in November 2025, initially selling 2 million shares at $80 each for $160 million in gross proceeds. The preferred stock is described as variable-rate and perpetual, with a stated amount and an initial liquidation preference of $100 per share—key features that differentiate it from Strive’s common equity.

Functionally, SATA is intended to operate as an income-focused instrument. The variable dividend rate is meant to encourage trading near $100, and the article notes Strive raised the annualized dividend rate to 13% in April. It also switched from monthly to daily dividend payments beginning June 16, referencing an SEC filing for the change in payment schedule.

How SATA compares to Strategy’s STRC

SATA is presented as similar to STRC, the variable-rate perpetual preferred stock issued by Strategy, which is widely regarded as the largest corporate Bitcoin holder. The article states STRC traded near $97 on Monday, below Strategy’s $100 target, while Strategy reported no Bitcoin purchases for the week ended Aug. 23.

For market participants, this comparison is useful because both SATA and STRC are designed to tie investor outcomes to corporate Bitcoin holdings while using dividend mechanics to influence preferred-share pricing. If Strategy is paused on new purchases while Strive is actively adding BTC, the relative behavior of their preferred instruments could become a proxy for how markets are weighing treasury accumulation versus dividend/rate adjustments.

However, investors should be careful not to assume one day’s price action directly reflects the treasury’s longer-term economics. Preferred stocks can respond to yield expectations, liquidity, and broader risk sentiment, and variable-rate structures can shift quickly as dividend calculations change.

Next, readers should watch whether Strive continues its steady cadence of Bitcoin purchases and how that activity filters into the market’s expectations for both ASST and its preferred share suite. The sustainability of SATA staying near the $100 corridor will also be important, especially if Bitcoin volatility increases or if Strive’s treasury strategy funds new buys alongside changes in dividends and share issuance.

Bitcoin has recovered above $79,000 after briefly falling toward $78,200 as President Donald Trump threatened 50% tariffs on Canadian vehicles, automotive parts and steel from Jan. 1, 2027.

Trump tariffs target Canadian vehicles and steel

A Truth Social post published by Trump on Aug. 24 said the United States would raise tariffs on all Canadian cars, trucks, automotive parts and steel to 50% at the start of 2027.

“Build in the U.S. and there are ZERO TARIFFS,” Trump wrote before criticizing Canada’s approach to trade with the United States.

The announcement followed the collapse of negotiations between Washington and Ottawa on Aug. 21. According to Reuters, the proposed agreement would have reduced the main U.S. tariff on Canadian cars and light trucks from 25% to 15%. Duties on Canadian aluminum and steel would also have fallen from 50% to 25%.

Negotiators did not resolve several points, including whether tariff relief would cover medium- and heavy-duty trucks. With no agreement in place, Trump increased the pressure on Ottawa through his latest tariff threat.

Canada, for its part, plans to impose retaliatory tariffs on selected U.S. products from Sept. 8 in response to existing 50% U.S. duties on about $20 billion of Canadian goods. Prime Minister Mark Carney described the dispute as a trade war after the talks failed.

“You’re at war when you get attacked,” Carney said on Aug. 22.

Trump also claimed Canada conducts 95% of its business with the United States, although official trade figures cited by Reuters show Canada sends more than three-quarters of its goods exports to the U.S. and receives almost half of its goods imports from its southern neighbor.

U.S. goods and services trade with Canada totaled $872.3 billion in 2025, making the country one of America’s two largest trading partners. The high level of integration means parts can cross the border several times before a finished vehicle reaches a dealership.

Bitcoin price has recovered from its tariff-driven dip

Bitcoin initially moved lower after Trump published the tariff announcement, falling from above $79,000 to around $78,200. Buyers soon absorbed the decline, helping BTC return above the psychological $79,000 level.

At the time of writing, Bitcoin traded near $79,300, up more than 2% over the previous 24 hours. The cryptocurrency also came within roughly $500 of the $80,000 level after reaching an intraday high close to $79,900.

The limited reaction contrasts with Bitcoin’s behavior during earlier tariff disputes. In February, BTC lost the $65,000 support level as new U.S. global duties approached, while the total crypto market value fell as traders reduced exposure to risk assets. Earlier crypto.news coverage of that decline recorded a roughly 5% Bitcoin drop from a previous high of $66,465.

Monday’s price move has been smaller because Bitcoin entered the announcement with strong upward momentum. BTC climbed from about $62,679 on Aug. 17 to a three-month high near $79,500 on Aug. 21, adding almost 27% between the weekly low and high.

After pulling back toward $76,600 over the weekend, the asset resumed its advance on Aug. 24. The latest tariff news briefly interrupted that recovery but did not erase the day’s gain.

Treasury buybacks have supported Bitcoin’s rally

Behind Bitcoin’s recent advance, the U.S. Treasury has expanded its liquidity-support buybacks for longer-dated government securities. The department raised the maximum size of each operation from $2 billion to at least $4 billion for bonds in the 10-to-20-year and 20-to-30-year maturity ranges.

Scheduled to take effect on Sept. 9, the revised program will also increase the number of long-end operations from two to four per quarter through Nov. 4. No money has been deployed under the expanded schedule yet.

The announcement prompted a rapid repricing in the bond market. The 30-year Treasury yield fell from a 19-year high of about 5.34% to 5.19%, while the 10-year yield declined to around 4.65%.

As earlier buyback coverage detailed, Bitcoin jumped 8.2% from an intraday low near $64,100 to $69,500 in less than 12 hours after the Treasury disclosed the change. About $1.44 billion in short positions was liquidated across major crypto exchanges during the move, including $1.29 billion within one hour.

The buyback program does not amount to Federal Reserve quantitative easing. The Treasury purchases older and less liquid bonds using proceeds from newly issued debt, changing the composition of government liabilities without reducing the total federal debt stock.

Continued demand through regulated U.S. investment products has provided another source of buying. Spot Bitcoin exchange-traded funds attracted approximately $1.92 billion across five sessions during the latest rally.

On Aug. 20 alone, the funds recorded about $606 million in net inflows after drawing roughly $517 million during the previous session. BlackRock’s IBIT accounted for a large portion of the demand, while the combined assets held by U.S. spot Bitcoin ETFs rose above $90 billion.

Canadian tariffs carry risks for U.S. prices

For American consumers and investors, the proposed duties could affect vehicle prices and the earnings of automakers with supply chains spanning the U.S.-Canada border. Canadian plants supply engines, transmissions and other components to assembly facilities in the United States, while U.S.-made parts also move north for vehicle production.

Flavio Volpe, president of Canada’s Automotive Parts Manufacturers’ Association, told Reuters that U.S. assembly plants depend on specific Canadian components and could face production stoppages if the tariff threat disrupts their supply.

Auto industry executives also questioned whether the 50% rate would take effect as announced, noting that Trump has previously withdrawn or revised tariff threats during negotiations. More than four months remain before the planned Jan. 1 implementation date, leaving time for Washington and Ottawa to restart discussions.

Canada’s retaliatory measures are scheduled to begin sooner. Starting Sept. 8, Ottawa plans to apply duties to selected American products in response to tariffs already ordered by the Trump administration, while the White House has not released the detailed rules governing the proposed 2027 automotive levies.