Bitcoin’s price whipsawed early in the Wall Street session after U.S. Federal Reserve official Kevin Warsh used his Jackson Hole keynote to temper expectations around inflation progress and to signal skepticism toward traditional “forward guidance.” The reaction was immediate: BTC/USD slid to a fresh intraday low near the high-$70,000s before recovering back toward the $80,000 area.

Market observers are now focused less on a single macro headline and more on whether Bitcoin’s derivatives complex can help sustain price levels near $83,000—especially as August trading closes and liquidity conditions tighten.

Key takeaways

• Bitcoin fell during Warsh’s Jackson Hole remarks, briefly trading near $78,442 on Bitstamp before rebounding toward the $79,500 area.
• Warsh said lower PCE and CPI prints do not amount to “meaningfully improved” underlying inflation trends, maintaining the Fed’s 2% target.
• US equities traded positive after Warsh’s comments, but BTC’s move suggests crypto is still parsing inflation-policy uncertainty closely.
• QCP Capital highlighted that BTC strength above roughly $83k depends on derivatives market structure—particularly whether leverage grows alongside price.
• CoinGlass data shows Bitcoin up about 26% month-to-date, with August performance described as its best for the month since 2017.

Warsh’s Jackson Hole message: no “meaningful” shift in inflation

According to the speech text posted by the Federal Reserve, Warsh delivered his first keynote at the Jackson Hole Symposium with a cautious tone on the inflation outlook. While he reiterated commitment to the Fed’s 2% goal, he argued that recent improvements in headline inflation measures have not translated into a clear change in the underlying trend.

Warsh also criticized the Fed’s practice of offering consistent forward guidance. He said the approach—commonly used during the Global Financial Crisis—has “overstayed its welcome” and added that it would not return as a regular tool for communicating policy direction.

On the inflation numbers themselves, the Fed speech emphasized that CPI and PCE have fallen from prior peaks, but that progress over the last couple of years has been more modest. He acknowledged that this summer’s PCE and CPI readings were better than expected, but he stopped short of treating them as evidence that the underlying trajectory has “meaningfully improved.”

This combination—tempering the market’s interpretation of cooling inflation while also reducing the likelihood of detailed future-policy signaling—appeared to unsettle crypto traders even as traditional markets looked more comfortable with the message.

Crypto reacts: BTC trades volatile range near $80,000

TradingView data cited in the coverage showed BTC/USD dipping to about $78,442 on Bitstamp during the session, with BTC down roughly 1% around the time of reporting. Bitcoin then worked its way back toward the $79,500 region as risk sentiment stabilized.

Throughout the day, price action remained anchored around the $80,000 mark, with analysts describing the trading as a narrow intraday range leading into the August monthly close. Earlier technical framing discussed the need for BTC/USD to reclaim a downward-sloping trend line and to defend the 50-week exponential moving average around $77,250 to keep the broader uptrend intact.

In parallel, on-chain and market analytics pointed to resistance overhead. One cited view referenced a “thick patch” of liquidity/resistance between the current spot level and $86,000, suggesting that even if buyers push higher, the market could face friction before breaking into new territory.

Why $83,000 matters: derivatives market structure, not just spot levels

While spot price headlines draw the most attention, the latest analysis referenced by QCP Capital argued that the quality of any upside move depends on how derivatives behave. In its market commentary, QCP Capital stressed that even after a breakout, traders should watch whether funding rates and open interest build in a controlled way rather than accelerating in tandem with price.

In the firm’s wording, the key distinction is not simply whether BTC trades above a level such as $83.3k, but whether the follow-through remains supported by broader spot participation or becomes increasingly driven by leveraged positioning.

QCP Capital’s framework effectively gives traders two different scenarios to monitor: one where price advances alongside contained leverage (a “different market structure”), versus another where leverage ramps up quickly and makes the move more fragile. For investors, this matters because the second scenario can leave the market vulnerable to fast reversals if sentiment or liquidation dynamics shift.

That lens also helps explain why macro comments from the Fed can trigger sharp dips without immediately changing the broader trend. If derivatives conditions remain stable, Bitcoin can absorb shocks more effectively; if leverage starts to chase price, it can magnify volatility.

Month-to-date momentum remains strong, but near-term tests loom

Despite the intraday volatility around Warsh’s remarks, CoinGlass data cited in the coverage indicates Bitcoin is up about 26.35% month-to-date. The same reference described this as Bitcoin’s best August performance since 2017, underscoring that the broader bid for risk assets and crypto exposure has remained intact.

Still, the combination of a Fed speech that downplayed inflation “meaningful improvement” and analysts’ emphasis on derivatives readiness suggests the near-term agenda is about confirmation: whether BTC can hold key levels, break through resistance bands, and do so without a buildup of speculative leverage.

Looking ahead, traders and investors will likely watch how funding rates and open interest evolve as the month-end approaches, alongside whether BTC can sustain gains above the $83,000 area rather than reverting to the $80,000 range. The uncertainty is not the direction of the long-run narrative alone, but the mechanics of the move—whether it is broad-based and resilient, or increasingly dependent on leverage that can unwind quickly.

Institutional crypto exchange operator Bullish has provided USD.AI with a $100 million stablecoin-based debt facility to finance loans secured by GPU infrastructure, the companies announced Friday.

USD.AI will use the facility to lend to AI infrastructure operators, with the loans secured by the underlying GPU hardware rather than the borrowers’ broader corporate assets.

USD.AI is an onchain financing platform developed by Permian Labs that provides financing backed by AI computing hardware, connecting stablecoin liquidity with demand for GPU infrastructure financing.

Bullish said it plans to list USD.AI’s sUSDai across multiple trading pairs and support the token with a dedicated market-making program, which it expects to improve secondary liquidity and price discovery for GPU-backed debt.

The facility adds to USD.AI’s growing GPU financing business. In June, it announced a $98.1 million loan backed by 2,304 Nvidia B300 GPUs, while a $34 million loan backed by 768 Nvidia B200 GPUs was fully funded.

The deal also builds on Bullish Capital’s $4 million investment in USD.AI in September 2025.

Magazine: Bullish shares jump 10% as Q2 adjusted EBITDA more than triples

Bullish shares gain 48% over past month

Bullish went public on the New York Stock Exchange in August 2025, raising about $1.03 billion after pricing its initial public offering at $37 per share. The stock opened at $90 on its first day of trading. 

The company’s shares remain down more than 60% from their public debut, according to Yahoo Finance data. However, the stock has recently rebounded, gaining about 45% over the past month to trade around $33 on Friday.

Bullish’s recent rally comes as other crypto-related stocks have gained alongside a recovery in digital asset markets. Over the past month, Bitcoin treasury company Strive has gained about 88%, Bitcoin miner Canaan around 55% and stablecoin issuer Circle nearly 40%.

Strive stock price over the past month. Source: Yahoo Finance

Magazine: Who is legally liable when an AI agent goes rogue?

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.

In this video, Gary Thomson looks at three key events in the first week of September that could shape expectations for the euro, New Zealand dollar and US dollar: Eurozone inflation, the RBNZ interest rate decision and the latest US employment report.

👉 Key topics covered:

✔️ Eurozone Inflation — 1 September — Annual inflation rose to 2.9% in July, remaining above the ECB’s 2% target. Could another strong reading strengthen expectations for further rate hikes and support the euro?

✔️ RBNZ Interest Rate Decision — 2 September — Markets widely expect a 25-basis-point hike to 2.75%. With inflation above the RBNZ’s target range but unemployment at its highest level in more than a decade, what could the Bank’s guidance mean for the New Zealand dollar?

✔️ US NFP & Unemployment Rate — 4 September — July’s jobs report surprised to the downside, with payrolls falling by 23,000 and previous figures revised lower. Will the latest data confirm a broader slowdown in the US labour market or show signs of stabilisation?

With major central bank meetings approaching, markets could react not only to the headline data but also to what the figures mean for future monetary policy.

💬 Don’t forget to like, comment, and subscribe for more market insights every week.

Watch it now and stay updated with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Metaplanet has transferred 1,350 Bitcoin worth about $108 million to Coinbase Prime as BTC struggles to establish a firm break above $80,000.

Metaplanet sends another 1,350 BTC to Coinbase Prime

Lookonchain reported on Aug. 28 that Metaplanet transferred 1,350 BTC, valued at approximately $108 million, to Coinbase Prime. The on-chain analytics account identified the sending addresses as belonging to the Tokyo-listed Bitcoin treasury company.

A transfer to Coinbase Prime can place the assets within reach of institutional trading services, which has led some market participants to question whether Metaplanet could sell part of the position. However, the transaction alone does not prove that a disposal has occurred because Coinbase Prime also offers custody, financing, and collateral services.

Metaplanet had not announced a sale or reduction in its official Bitcoin balance at the time of reporting. Confirmation would require a company disclosure or further on-chain evidence showing that the coins were sold rather than held in an account under the company’s control.

The latest movement came three days after Metaplanet sent another 1,000 BTC, worth approximately $79.77 million at the time, to the same platform. As crypto.news previously reported, Lookonchain classified the Aug. 25 destination as a Coinbase Prime wallet, although neither Metaplanet nor Coinbase identified the transfer as a sale.

Across both transactions, Metaplanet has now moved 2,350 BTC to Coinbase Prime within four days. Based on the dollar values reported at the time of each movement, the two transfers were worth nearly $188 million in total.

Earlier Metaplanet transfers did not result in sales

Large movements from Metaplanet-linked wallets have drawn similar attention before, but the company has previously said that some transactions involved custody changes rather than disposals.

On Aug. 12, Lookonchain initially detected 3,881 BTC leaving wallets linked to the firm. Chief executive Simon Gerovich later said Metaplanet had transferred 5,014 BTC between custodial addresses and had not sold any of the coins.

The clarification showed the limits of drawing conclusions from destination labels alone. Blockchain records can confirm that Bitcoin moved from one address to another, but they do not always reveal the legal owner of the destination account or the reason for the transaction.

Coverage of the earlier wallet movements also noted that the company’s reported treasury remained unchanged at 43,000 BTC after the custody reorganization. Metaplanet had acquired the position at a disclosed average cost of about 15.3 million yen per coin, while Lookonchain converted the figure into an estimated average of $96,191.

At an average cost of $96,191, the company’s 43,000 BTC position represents an estimated investment of about $4.14 billion. Bitcoin trading near $79,133 would value the same amount at roughly $3.4 billion, although the yen-dollar exchange rate and accounting method can affect comparisons with Metaplanet’s official figures.

Arkham’s address labels showed approximately 38,650 BTC, valued at nearly $3.07 billion, in wallets attributed to the company. The difference between Arkham’s tracked balance and Metaplanet’s declared holdings does not establish a sale because analytics platforms may not identify every custodial account or address controlled by a company.

Metaplanet’s reported balance remains at 43,000 BTC

Metaplanet reached 43,000 BTC after buying 2,823 coins during the second quarter at an average price of 12.7 million yen each. Its overall purchase cost then stood at 15.3 million yen per BTC, according to a July 2 company disclosure.

The 2,823 BTC purchase increased the treasury from 40,177 BTC at the end of the first quarter. Management has set a target of holding 210,000 BTC by the end of 2027, equal to about 1% of Bitcoin’s fixed 21 million supply.

Financial results released on Aug. 13 showed that Metaplanet generated 4.94 billion yen in revenue during the six months ended June 30, up 133.7% from the previous year. Operating profit rose 136.3% to 3.33 billion yen, or about $20.3 million.

Metaplanet nevertheless recorded a net loss of 182.77 billion yen for the half-year period. Its filing attributed most of the loss to a 184.3 billion yen non-cash reduction in the reported value of its Bitcoin holdings, while the company said it had not sold Bitcoin during the period.

Revenue from the Bitcoin income segment reached 4.74 billion yen, with about 4.58 billion yen coming from option premiums. The company uses options as part of its treasury operations, making the income business separate from gains or losses created by changes in Bitcoin’s market price.

U.S. treasury plans add another use for Metaplanet’s Bitcoin

Part of Metaplanet’s treasury has already been committed to a proposed transaction involving Nasdaq-listed Super League Enterprise, giving the company a direct link to U.S. capital markets.

Under an agreement announced on Aug. 18, Metaplanet will contribute 2,100 BTC and $2.5 million in cash to Super League. The companies valued the initial investment at approximately $134.6 million based on Bitcoin’s Coinbase closing price at 4 p.m. New York time on Aug. 14.

The proposed U.S. treasury transaction would rename Super League as Superplanet and change its planned Nasdaq ticker to SUPA. Metaplanet is expected to receive 44.86 million common shares, convertible preferred stock, and warrants, leaving it with an estimated 95.7% ownership stake.

For American investors, the structure would provide Nasdaq-traded equity exposure to a company expected to hold 2,100 BTC at closing. Metaplanet would also appoint five of the nine initial directors, while common shares issued to the Japanese company would remain subject to a five-year lock-up.

The transaction still requires Super League shareholder approval, compliance with Nasdaq requirements, and applicable procedures in the United States and Japan. Both companies are targeting completion during the fourth quarter of 2026, and neither has connected the latest Coinbase Prime transfers to the proposed contribution.

Bitcoin stalls near $80,000 as Strategy builds cash

Bitcoin traded around $79,133 at the time of the original report after retreating from a 24-hour high of $81,281. The move left BTC near the $80,000 area, where buyers were attempting to turn the recent breakout level into support.

Corporate treasury activity has also remained in focus after Strategy reported no Bitcoin purchases or sales between Aug. 17 and Aug. 23. Its holdings stayed at 840,447 BTC, acquired for an aggregate $63.36 billion at an average price of $75,385 per coin.

An Aug. 24 filing with the U.S. Securities and Exchange Commission showed that Strategy raised approximately $2 billion by selling 18.26 million MSTR shares during the week. After using $136.4 million to repurchase STRC preferred stock, the company placed $300 million in its existing dollar reserve and about $1.59 billion in a separate cash account.

Strategy’s combined cash position consequently reached $6.69 billion, including $5.1 billion in its dollar reserves. According to the SEC filing, the cash can fund Bitcoin purchases, preferred-stock dividends, debt payments, or repurchases of the company’s securities, but Strategy did not commit it to a single use or provide a deployment schedule.

Separately, MSCI is considering a methodology that could exclude companies treated as non-operating businesses when digital assets account for at least half of their total assets. Feedback on the consultation closes Sept. 30, and MSCI expects to announce its decision by Oct. 16, with any resulting removals potentially entering the November 2026 index review.