Bitcoin held above $77,000 following the Wall Street open as gold joined the broader crypto upswing, pushing precious metals to multi-month highs. The move underscores how strongly investors are linking digital assets to traditional macro drivers, particularly US rate expectations and the outlook for government debt financing.

Trading data cited by market commentary showed BTC cooling after briefly testing levels not seen since May 15, yet still up nearly 6% on the day. Gold tracked the risk-on momentum as well, rising to around $4,632 per ounce—its highest level since mid-May—with both assets also posting strong gains on a monthly view.

Key takeaways

• Bitcoin consolidated above $77,000 after hitting its highest level since May 15, while gold reached a similar US-dollar strength milestone.
• Commentary from The Kobeissi Letter ties the cross-asset rally to inflation and US Treasury actions around debt buybacks.
• QCP Capital highlighted a divergence in how Treasuries, gold, and Bitcoin reacted after a Treasury-related announcement, pointing to sensitivity to long-end rates and the dollar.
• Prediction markets moved toward higher probability for large upside: Polymarket put the odds of BTC reaching $90,000 before 2027 at 48%.
• Technical-focused participants still warned that Bitcoin may need to reclaim key trend levels before a stronger uptrend is confirmed.

Bitcoin and gold rally together above key levels

According to TradingView data referenced in the report, BTC/USD briefly topped levels last seen on May 15 before drifting lower within the session. Even with that cooling, Bitcoin remained firmly higher on the day, up by nearly 6% at the time of writing.

Gold’s performance mirrored the same macro impulse. At the time of writing, gold was quoted around $4,632 per ounce, up about 2.2% on the day and at multi-month highs. On a month-to-date basis, the cited data showed BTC/USD up roughly 13% and XAU/USD up about 16%, indicating the strength of the broader cross-asset trend rather than a one-off price spike.

Macro linkage: debt policy, inflation expectations, and long-end rates

The rally’s timing led market commentators to emphasize US fiscal and debt-management policy as a common driver. The Kobeissi Letter argued that the simultaneous strength in precious metals and crypto should not be viewed as surprising, framing it around inflation, deficit spending, and US Treasury policy. The commentary specifically pointed to record deficit spending and to the US Treasury Department’s pledge to at least double certain debt buyback operations to $4 billion.

The underlying logic is straightforward: when investors anticipate changes in the path of long-term rates, liquidity conditions, and the demand profile for government debt, alternative assets can reprice quickly—even if their fundamental narratives differ. That is precisely what investors saw in the near-synchronous move between Bitcoin and gold.

Divergence after the Treasury announcement raises questions

While the cross-asset alignment was a headline, QCP Capital’s market analysis drew attention to a more nuanced pattern. In its latest “Market Color,” QCP noted that the most visible cross-asset signal of the week was a divergence after the Treasury-related announcement: Treasuries initially rallied but then gave back much of the move, while BTC and gold did not retrace to the same extent.

“That does not establish a new liquidity or monetary regime, but it does highlight the sensitivity of alternative assets to changes in long-end rates and the dollar.”

QCP added that financial stress signals were not limited to the US, citing surging Japanese government bond yields following a rare joint currency intervention earlier in the month. Taken together, the message for traders is that Bitcoin’s sensitivity appears less about isolated equity-style momentum and more about the way global rate dynamics and currency conditions feed into perceived liquidity and risk pricing.

Prediction markets price in a $90,000 target—technicals remain cautious

As Bitcoin’s upside momentum pushed beyond 20% over two days, the probability of higher year-end targets began to look more achievable for some market participants. Polymarket data put the odds of BTC/USD hitting $90,000 before 2027 at 48% at the time of writing, with the report noting that the figure was up sharply compared with the start of the week.

Even with that rising confidence, not everyone was convinced that momentum would translate into a sustained technical break. Trader and analyst Rekt Capital stressed that Bitcoin still needs to reclaim its 50-week exponential moving average (EMA) around $77,232. In his view, rejecting that level would keep the market in a broader downtrend structure characterized by lower highs.

“History suggests there’s still time for price to continue its Downtrend.”

Rekt Capital’s framing is important because it highlights a tension that often appears during macro-driven rallies: narrative strength can coexist with technical uncertainty. Investors may be willing to price upside quickly based on macro conditions, but technical traders typically look for specific confirmations before treating a move as durable.

For readers watching the next steps, the key question is whether Bitcoin can hold above the consolidation area near $77,000 while reclaiming trend resistance around the 50-week EMA. At the same time, the market will likely keep tracking developments that affect long-end rates and the US dollar, since recent cross-asset behavior suggests that changes in debt policy expectations can move both BTC and gold with little delay.

Former Alameda Research and FTX executives receive 5-year trading bans

On Tuesday, the US District Court for the Southern District of New York (SDNY) entered consent orders related to a 2022 enforcement action against former Alameda Research CEO Caroline Ellison and crypto exchange FTX co-founder Zixiao “Gary” Wang.

The orders imposed by the US Commodity Futures Trading Commission (CFTC) required that Ellison and Wang receive a five-year trading ban related to their roles in the crypto exchange’s collapse. The CFTC also ordered that the Alameda CEO receive a 10-year registration ban, while Wang received an eight-year registration ban.

According to CFTC enforcement director David Miller, the orders reflected Wang’s and Ellison’s “material assistance in the Commission’s FTX-related investigations.” The civil case is separate from criminal cases involving the misuse of customer funds at FTX, in which Ellison was sentenced to two years in prison and Wang received time served.

US prosecutors file opposition to Polymarket trader over $400,000 Maduro bet

On Wednesday, lawyers representing the US government in SDNY filed their opposition to a motion to dismiss from Gannon Ken Van Dyke, a US soldier who allegedly made more than $400,000 using event contracts on prediction market platform Polymarket using nonpublic information. Van Dyke was tied to the military operation that removed Venezuelan President Nicolás Maduro in January.

Related: Judge stays CFTC’s case against US soldier over prediction market bets

The US soldier’s motion to dismiss, filed on July 31, included claims that the Commodity Exchange Act, at the center of three of the charges he faces, was “ambiguous” in treating event contracts as “swaps” under the CFTC’s purview. In its Wednesday filing, the US government argued that Van Dyke “advances hypotheticals, edge cases, and ongoing litigation over state gaming laws” that were unnecessary to decide in order to move forward with the case.

“Van Dyke’s motion asks the Court to make a factual determination not appropriate at the motion-to-dismiss stage,” said SDNY Deputy US Attorney Sean Buckley. “His argument relies on speculative assertions about facts, based on improper inferences from the Indictment and incorrect conclusions about the nature of the charge, to claim that facts do not amount to ‘property.’”

As of Friday, the court had not posted any decision on the motion to the public docket.

Magazine: MiCA cracks down on USDT in Europe… but no one else cares

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Uniswap’s combined tokenized-stock trading volume on Robinhood Chain has reached $1 billion for the first time, according to protocol founder Hayden Adams.

Uniswap founder Hayden Adams announced the milestone in an Aug. 22 X post, adding that he expects trading volume for the assets to eventually reach $1 trillion.

The $1 billion figure covers cumulative swaps involving multiple tokenized stocks rather than one token or a measure of deposited assets. Uniswap said earlier this week that stock-token volume had reached $638.5 million, indicating that activity has continued to rise since the previous update.

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Adams did not provide a timeframe for his $1 trillion projection. The forecast would require tokenized-stock trading on Robinhood Chain to grow one thousandfold from the latest milestone.

Uniswap stock-token volume has climbed since July

Robinhood Chain opened its public mainnet on July 1 as an Ethereum layer-2 network built with Arbitrum technology. Uniswap v2, v3, v4, and UniswapX became available on the network from its first day, according to a launch announcement from Uniswap Labs.

Under the arrangement, Uniswap operates as the chain’s main public automated market maker, allowing traders to exchange Robinhood Stock Tokens through liquidity pools instead of a traditional order book. Supported assets include tokens tied to US-listed companies such as Nvidia, Apple, and Alphabet.

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Trading expanded quickly after the launch. As crypto.news reported at launch, Robinhood introduced 95 Stock Tokens that eligible users in more than 120 countries could hold, transfer, and use in decentralized applications.

Robinhood described the instruments as debt securities issued by Robinhood Assets Jersey Limited. Each token tracks the economic performance of a referenced stock, but holders do not receive ownership of the underlying shares, corporate voting rights, or the other privileges normally available to shareholders.

Earlier activity on Robinhood Chain included crypto tokens, stablecoins, memecoins, and tokenized stocks. A July 9 network volume report found that Uniswap generated $500 million in daily trading volume eight days after the chain launched, up tenfold from the preceding day.

Cumulative Uniswap volume across every asset category passed $1 billion by July 10. The new figure announced by Adams is narrower because it counts stock-token trades rather than all swaps completed through the protocol.

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Correlated stock pools form part of the $1B total

Adams recently discussed a smaller set of Robinhood Stock Token pools that pair individual equities with a token tracking the SPDR S&P 500 ETF Trust, commonly known by its SPY ticker. Ten stock-versus-SPY pools processed $33 million from more than 11,000 traders during their first 12 days, according to his analysis.

The $33 million measurement represents only the correlated pools discussed in Adams’ report and does not cover every tokenized-stock pair included in the $1 billion total. Other markets allow users to trade stock tokens against stablecoins, Ether, and different supported assets.

In his analysis, Adams argued that pairing stocks with correlated assets could reduce the inventory risk faced by liquidity providers. A market maker supplying Nvidia and SPY tokens, for example, may face smaller price differences than one supplying Nvidia and a dollar-linked stablecoin because both equity assets can move in the same direction.

Adams presented the model as one way automated market makers could compete in equity markets, where professional firms currently supply much of the liquidity. His projection remains untested at the scale of traditional stock exchanges, while the first Robinhood Chain pools provide a limited set of onchain trading data.

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Robinhood Chain’s initial activity has not come solely from tokenized equities. A July FalconX data report found that memecoins generated more than 80% of the network’s decentralized-exchange volume during its first three weeks.

At the time, the chain had recorded nearly $9 billion in cumulative DEX volume, $431 million in total value locked, and close to $400 million in stablecoin supply. Tokenized stocks accounted for a smaller share of total trading even though Robinhood designed the network around real-world assets and related financial applications.

Robinhood Stock Tokens remain restricted in the US

For American investors, Robinhood states that Stock Tokens are not available in the United States. Eligibility rules also apply in other jurisdictions, preventing the blockchain’s permissionless design from automatically granting every wallet legal access to the assets.

Uniswap Labs gives a similar warning for tokenized securities available through its products. According to the company, some tokens may not represent direct ownership of the securities they reference, while issuers can impose identity checks, wallet allowlists, transfer rules, and geographical restrictions.

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The company also states that certain securities accessible through Uniswap products have not been registered under the US Securities Act of 1933. Such assets cannot generally be offered or sold in the United States without registration or an applicable exemption.

To support assets with compliance requirements, Uniswap Labs introduced Permissioned Pools for v4 in July. The system lets issuers maintain allowlists that smart contracts check before a user can swap an asset or provide liquidity.

A previously published permissioned-pools report said Superstate, Securitize, and Dowgo helped develop the standard for regulated tokenized funds, stocks, and other securities. Regular Uniswap v4 pools remain permissionless, while issuers can select the restricted structure when their assets require identity or eligibility checks.

Robinhood Chain activity has fed into Uniswap fees

Robinhood Chain’s early trading also became a major source of Uniswap fees. During one 24-hour period in July, DefiLlama recorded about $5.16 million in fees across the protocol, including roughly $4.38 million generated on Robinhood Chain.

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Daily Uniswap traders on the network reached about 220,000 during the same period, while the chain produced $10.98 million of the protocol’s $20.1 million in weekly fees. Protocol fees differ from revenue because liquidity providers receive much of the money paid by traders.

Robinhood subsidized gas costs for the first 90 days after mainnet went live, lowering transaction expenses during the chain’s launch period. A July 11 network update found that the blockchain processed 7.6 million daily transactions while Robinhood covered gas fees that users would otherwise have paid.

Uniswap later expanded its Robinhood Chain presence by launching Pools.trade, a platform that lets projects issue tokens and move their liquidity into Uniswap v4 pools. The product offers crowd-based and instant token launches, with completed launches settling into permanently locked liquidity positions.

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Digital-asset markets turned sharply risk-on this week, buoyed by a fresh dose of liquidity policy from Washington—framed not as quantitative easing, but as expanded Treasury buybacks in the long-dated bond segment. Bitcoin rose more than 23% toward the $79,000 area and Ether pushed above $2,400 as the market digested the implications for rates, dollar liquidity, and broader risk appetite.

The move has also become a catalyst for business strategy across crypto. Standard Chartered reiterated a bullish year-end outlook for Bitcoin, while Metaplanet extended its Bitcoin treasury approach into the US through a deal to take control of a Nasdaq-listed company. In parallel, Cypherpunk Technologies broadened its mining operations into Zcash, and regulators signaled further attention on how “compute” assets could be packaged into futures markets.

Key takeaways

• US Treasury action to at least double long-dated bond buybacks helped lift Bitcoin and Ether, reinforcing the “liquidity matters” narrative for risk assets.
• Standard Chartered’s Geoff Kendrick pointed to a key Bitcoin level around $65,500, arguing a break could confirm a cycle low—conditional on holding above that threshold.
• Metaplanet will inject 2,100 BTC into a renamed US-listed entity, Superplanet, as part of a treasury strategy designed to create separate US and Japan funding pathways.
• Cypherpunk Technologies’ Zcash mining expansion is already operational and is positioned to control about 18% of Zcash network hashrate, while profitability depends on ZEC price and network difficulty.
• The CFTC is seeking public input on AI compute futures, while CME has outlined a potential Oct. 5 launch for new compute-related contracts pending approvals.

Treasury buybacks drive a “not-QE” rally in Bitcoin

Standard Chartered’s optimism was anchored to the US Treasury’s decision to expand long-end bond buybacks. According to Cointelegraph’s earlier reporting on the market reaction, Geoff Kendrick said Bitcoin could reach $100,000 by year-end as these purchases increase liquidity—an action he described as “exactly the type of thing Bitcoin loves.”

The analyst highlighted Bitcoin’s critical technical zone around $65,500. In Kendrick’s framing, a sustained move above that level could validate that the cycle low is already in. He linked this technical threshold to the broader backdrop: falling long-dated yields after the Treasury announcement coincided with Bitcoin’s immediate response, with the asset climbing more than 6% toward nearly $69,000, per CoinMarketCap.

Just as important is timing and conditionality. The expanded buyback window runs from Sept. 9 through Nov. 4. Kendrick’s bullish thesis still depends on BTC holding above $65,500; without that, he argues, investors cannot credibly treat the cycle low as confirmed. For traders, this turns a macro headline into a concrete monitoring point: not the buybacks alone, but whether price action respects the technical level identified by Standard Chartered.

Metaplanet brings its Bitcoin treasury play to the US via Superplanet

While liquidity policy influenced the public markets, corporate balance-sheet decisions reflected a separate but related belief: that Bitcoin exposure is worth structuring into operating and funding plans. Metaplanet announced it plans to take a controlling stake in Nasdaq-listed Super League Enterprise—an arrangement intended to extend its Bitcoin treasury strategy into US markets.

Under the terms described in Cointelegraph coverage of the transaction, Metaplanet will contribute 2,100 BTC and $2.5 million in cash to the company, which will be renamed Superplanet. The BTC amount is reportedly worth roughly $145 million and represents less than 5% of Metaplanet’s existing 43,000 BTC holdings, with the contribution coming from treasury rather than new purchases.

Management said the structure is designed to open two different capital-raising channels: Superplanet for US investors and Metaplanet for shareholders in Japan. In the market, the announcement translated into immediate momentum—shares of Super League reportedly surged over 50% following the news.

As with any cross-market corporate move, execution risk remains. The deal is expected to close in the fourth quarter, subject to shareholder approval and customary closing conditions. For observers, the key watch item is whether the US-listed vehicle can reliably monetize or expand its funding base while maintaining the Bitcoin exposure that anchors the strategy.

Cypherpunk turns toward Zcash mining with high hashrate exposure

Crypto business expansion didn’t stop at treasury strategies. Cypherpunk Technologies is also scaling into proof-of-work diversification by launching a Zcash mining fleet after acquiring equipment from Winklevoss Capital in a $33.33 million equity deal.

Based on the details reported by Cointelegraph, Cypherpunk’s operation is already online at US facilities and is producing about 4.2 GSol/s. That level is described as roughly 18% of Zcash’s current hashrate—meaning the company’s influence on network mining capacity is meaningful, even if Zcash remains decentralized through a broader set of miners.

The company also holds 323,394 ZEC, roughly 1.9% of circulating supply, with a stated target of 5% ownership. While those holdings can support operational strategy, Cypherpunk’s economics are ultimately sensitive to variables outside its control: ZEC’s price, changes in network hashrate, mining difficulty, and operating costs.

The timing matters. Cointelegraph noted ZEC had rallied sharply—rising more than 1,300% over 12 months before later correcting—highlighting the cyclicality that can make mining profitability hard to forecast. On the protocol side, Zcash implemented its Ironwood network upgrade on July 28, replacing the Orchard pool after a flaw that could have allowed counterfeit ZEC creation; importantly, Cointelegraph’s earlier report states no exploitation was detected.

For investors, the core question is whether Cypherpunk’s scale—especially the current hashrate share—translates into durable cash flow in a market where difficulty can rise and token prices can swing. For Zcash network participants, higher industrial involvement raises the practical need to monitor how operational concentration evolves over time.

CFTC input sought on AI compute futures as CME prepares for launch

Beyond traditional crypto assets, regulators are examining how new “real-world” infrastructure exposures might be tradable. The CFTC has opened a comment process regarding futures contracts tied to AI computing capacity, according to Bloomberg reporting cited by Cointelegraph.

Bloomberg reported Monday that the regulator sent a request for comment to the White House Office of Management and Budget. CME Group, meanwhile, previously announced plans to launch two compute futures contracts on Oct. 5, pending regulatory approval, with Silicon Data providing benchmarks. Estimates cited in the same coverage place AI infrastructure spending at roughly 2% to 2.5% of US GDP this year, underscoring the scale regulators appear to be watching.

This matters for market structure because “compute” is not yet a standardized asset class. If futures tied to compute capacity gain traction, they could offer a new hedging tool for companies whose costs depend on data center access and GPU-like capacity—potentially reducing uncertainty for participants as AI infrastructure spending continues.

However, the regulatory pathway is not instantaneous. Once the White House review is complete, the CFTC is expected to open a comment period—typically lasting 30 or 60 days, Bloomberg said. That creates a timeline constraint for any compute products from CME Group and other exchanges, such as Intercontinental Exchange, which remain subject to approval.

What to watch next is whether the “liquidity without QE” narrative sustains through the Sept. 9 to Nov. 4 buyback window—especially if Bitcoin remains above the $65,500 level flagged by Standard Chartered. At the same time, investors should track how corporate Bitcoin strategies execute across borders and whether mining economics hold steady as network difficulty and ZEC prices change. On the market-innovation front, the CFTC’s compute-futures comment process could determine how quickly hedging around AI infrastructure costs becomes tradable.