Bitcoin (BTC) — Onchain News & Whale Tracking

The crypto market has seen a slight pullback, with Bitcoin falling below $78,000 this morning, while ZEC is bucking the trend to approach a new high near $1,300.

According to HTX market data, the crypto market has seen a slight correction, with Bitcoin falling below $78,000 this morning and currently trading at $78,300. Ethereum is at $2,467, BNB down 4.2% in the past 24 hours at $722, and SOL at $101. ZEC rose against the trend, once approaching a new high of nearly $1,300, now trading at $1,242 with a 5.03% 24-hour gain. HYPE is at $83.4. The total crypto market capitalization has declined 1.1% in 24 hours to $2.75 trillion. Leading gainers among altcoins include: IOST up around 118% in 24 hours, currently priced at $0.001851; KAT up around 25% at $0.00604; VTHO up around 24% at $0.000559; SC up around 21% at $0.000912; MINA up around 16% at $0.0944; IQ up around 10% at $0.000836. Leading losers: SOPH down around 29% at $0.004413; Niu Lai down around 20% at $0.07731; FORM down around 19% at $0.2653; QKC down around 19% at $0.002634; HEI down around 15% at $0.1197; MARSCOIN down around 15% at $0.1097.

Crypto mining stocks lag behind: Bitcoin has rallied 22% in this cycle, while the median gain of 10 major mining stocks is just 1.8%.

Since August 17, Bitcoin’s price has climbed roughly 22%, with crypto trading platforms and stablecoin-linked stocks also rallying in step—but Bitcoin mining firms have clearly lagged. An analysis of 11 Bitcoin mining and related companies found only Canaan Inc. outperformed BTC, while the remaining 10 all underperformed, with a median gain of just 1.8% over the period. Core Scientific and Terawulf were the worst performers, trailing Bitcoin by 27% and 24% respectively. Analysts point out that some mining firms have shifted to high-performance computing (HPC) and AI data center operations in recent years. While this transition has helped prop up their share prices during the crypto bear market, it has also diverted focus from Bitcoin mining and introduced additional operational risks. That said, the dual strategy of operating both AI data centers and Bitcoin mining could become a long-term advantage for miners: mining operations benefit during bull markets, while AI data centers can strengthen corporate balance sheets when the crypto market is in a downturn.

Grayscale: The covered call strategy on Zcash has an implied annualized yield of around 70%, but carries higher risk than Bitcoin.

Grayscale Research Head Zach Pandl noted that as Bitcoin matures, its price volatility has declined significantly. Bitcoin’s realized annualized volatility stood at roughly 125% in its early years, while averaging just 40% over the past year—near the level of the U.S. "Magnificent Seven" tech stocks. By comparison, Zcash has a market capitalization of only about 1% of Bitcoin’s, with an average price volatility of around 140% over the past year. Based on current volatility calculations, a covered call option strategy for Zcash would yield an implied annualized return of roughly 70% from premium income, versus about 30% for the same strategy applied to Bitcoin. Pandl cautioned that higher potential returns come hand in hand with greater risks: if the spot price falls more than the premium received, the covered call strategy will still result in principal losses. Investors seeking a clear risk-reward profile may consider going long on call or put options.

Analysis: Bitcoin's on-chain profit structure nears the early stages of a bull market, though downside risks remain.

CryptoQuant data shows Bitcoin’s Spent Output Profit Ratio (SOPR) has stayed above the break-even line of 1 for three consecutive weeks since August 19, marking the longest such stretch since 2026, with the current reading at roughly 1.002. A SOPR above 1 indicates that BTC transferred on-chain is overall in a profitable state. On-chain analytics platform Checkonchain notes that during bear markets, price rebounds into profitable territory usually trigger sell-offs, while brief dips below the break-even line in bull markets often create dip-buying opportunities, and the current market structure is approaching the early recovery phase of a bull market. However, David Puell, portfolio manager at ARK Invest, argues Bitcoin still faces downside risks. For more conclusive evidence that the bear market has ended, SOPR needs to remain above 1 for a longer period, and BTC prices must form consecutive higher highs and higher lows.

Strategy's Bitcoin-themed Air Jordan co-branded sneakers have sold out.

According to the Strategy Store page, the Bitcoin-themed Air Jordan collaboration sneaker launched by Strategy has sold out, priced at $250.

Analyst: Bitcoin inflows to CEXs remain at recent normal levels, with no significant sell-off pressure signals emerging during the current rebound.

CryptoQuant analyst Woominkyu noted in a post that Bitcoin closed at $78,450 on September 8, after a sustained rebound from around $60,000 in early summer this year. However, there has been no corresponding significant increase in large inflows to spot trading platforms. On September 8, the top ten large inflows to spot trading platforms totaled 5,442 BTC. While this figure is 4.4 times higher than the previous day, it is only 5.1% above the 30-day average. Meanwhile, the 7-day average inflow over the past week stood at 4,678 BTC, still below multiple highs seen earlier this year. Looking at longer-term charts, this Bitcoin price rebound has not been accompanied by unusually high levels of large BTC deposits to trading platforms. This indicates, to some extent, that there is currently no clear evidence that potential sustained selling pressure is rising significantly due to large transfers. The key signal to watch next is: if Bitcoin price weakens while the 7-day average inflow to trading platforms continues to rise, it could mean growing potential selling pressure. For now, the rebound in platform deposits on September 8 appears to be a return to recent normal levels, rather than an abnormal large-scale capital inflow.

Bitcoin wallet Alby confirms vulnerabilities in its older versions, urges users to update immediately.

According to official statements, Alby, a Bitcoin Lightning Network wallet and infrastructure provider, has confirmed a critical vulnerability in older versions of its Alby Hub software. The flaw could allow attackers to gain unauthorized access and transfer funds. Alby noted that one user is known to have been affected, and urged users running vulnerable, publicly accessible versions to update immediately.

CleanSpark trims its Bitcoin holdings by 228 BTC, bringing its total Bitcoin position to 13,703 BTC.

According to disclosures from BitcoinTreasuries, Bitcoin mining firm CleanSpark reduced its Bitcoin holdings by 228, bringing its total current Bitcoin reserves to 13,703.

Bitcoin rebounds to break through $79,000, while Ethereum rebounds to surpass $2,500.

According to HTX market data, Bitcoin has rebounded to break through $79,000, while Ethereum has also rebounded above $2,500.

A new crypto address received a $11.9 million fund transfer and has taken an aggressively bullish position on Bitcoin (BTC) worth $39.3 million.

According to TradingBeats monitoring, a new Hyperliquid address created less than 24 hours ago made its first move today, buying 500 BTC in under four minutes for a total transaction value of approximately $39.36 million. The address starting with 0xcfe2 first received around 1.9998 million USDC at 12:08 yesterday, followed by another ~9.9 million USDC transfer at 02:03 today. Both funds came from the same address starting with 0x6b9e, totaling ~11.8998 million USDC in inflows. At 9 AM today, the address completed 10 consecutive buys of 50 BTC each, taking only 3 minutes and 39 seconds to expand its BTC position to 500 units. The position is currently valued at ~$39.369 million, with an average entry price of ~$78,639.3 and an unrealized profit of ~$49,300. It is currently using 20x full leverage, with a liquidation price of approximately $55,570.7.

A new wallet deposited 11.9 million USDC into Hyperliquid, opening a 20x long position on 500 Bitcoin.

According to monitoring by on-chain analytics platform Lookonchain, a newly created wallet deposited 11.9 million USDC into Hyperliquid, then went long on 500 BTC with 20x leverage, leading to a notional position value of approximately $39.44 million. The estimated liquidation price of this position is $55,570.76.

A crypto whale resumed buying the dip on Bitcoin after an 8-month hiatus, having invested $14.2 million.

According to EmberCN’s monitoring, a crypto whale that cleared its entire position of 50,600 ETH at an average price of $2,921 at the end of last year, locking in around $19.02 million in profits, has resumed buying BTC after an approximately 8-month hiatus. Over the past day, the whale has swapped $14.2 million in USDC for 179.8 BTC via THORChain, at an average purchase price of roughly $78,955. The whale is still actively buying, holding approximately $74.32 million in USDC.

Strategy has launched Bitcoin-themed Air Jordan 1 sneakers, priced at $250.

Strategy has launched a Bitcoin-themed Air Jordan 1 sneaker priced at $250, but its official website only supports bank cards and Apple Pay at checkout, not Bitcoin payments. Air Jordan is a high-end sports and lifestyle brand under Nike, founded in 1984 and named after NBA legend Michael Jordan, specializing in basketball shoes and sportswear. Previous reports noted that Strategy did not increase its Bitcoin holdings last week. As of September 7, 2026, Strategy holds 845,050 BTC.

Jiang Zhuoer: Predicts net outflow of funds from Bitcoin spot ETFs tomorrow, and Coinbase’s Bitcoin negative premium will continue to lead to significant losses.

Jiang Zhuoer, founder of BTC.TOP (莱比特矿池), posted that Bitcoin has just pulled back, Coinbase’s Bitcoin premium remains negative and its discount continues to widen, and he forecasts that the spot Bitcoin ETF (which trades on U.S. equity markets) will record net capital outflows tomorrow. ETF data is lagging; trading based on such data is equivalent to driving while looking in the rearview mirror. Though inconvenient, ETF capital inflows and outflows are highly significant, so it is necessary to keep close attention on them.

Bitcoin briefly fell below $78,000.

According to HTX market data, Bitcoin briefly dipped below $78,000, now trading at $78,026, with a 1.69% drop over the past 24 hours.

Strategy’s Bitcoin holdings have an unrealized gain of $2.398 billion, while Bitmine’s Ethereum holdings carry an unrealized loss of $5.194 billion.

According to on-chain analyst Yu Jin’s monitoring, crypto firm Strategy neither added to nor reduced its Bitcoin (BTC) holdings last week. It currently holds 845,050 BTC valued at approximately $66.125 billion, with an average cost of $75,412 per BTC, generating an unrealized profit of around $2.398 billion. Ethereum treasury firm Bitmine continued to accumulate 28,086 Ether (ETH) last week, worth about $68.85 million at an average purchase price of roughly $2,451 per ETH. Bitmine now holds a total of 5,929,198 ETH, valued at approximately $14.651 billion, with an average cost of $3,347 per ETH, resulting in an unrealized loss of around $5.194 billion.

Pre-market news roundup for US stocks: US Treasury to announce Treasury repurchase size tomorrow; Strategy did not increase its Bitcoin holdings last week.

Below is a roundup of key pre-market news for US stocks on Tuesday: 1. US Treasury Secretary Scott Bessent’s commitment to supporting the bond market is set to be tested. At 11 a.m. ET on Wednesday (23:00 Beijing time), the US Treasury will announce the maximum amount of 10-year to 20-year US Treasury bonds it plans to repurchase. 2. Robinhood is acting as an IPO underwriter for the first time, participating in the listing of smart ring maker Oura. 3. Hunter Biden, son of former US President Joe Biden, plans to launch a meme coin named "LAPTOP" on Coinbase’s Base network on September 9, entering the crypto market. 4. Binance founder CZ retweeted a BNC-related post, triggering a rebound in BSC ecosystem meme coin 4Stock. 4Stock originated from the "stock meme" narrative launched by Four.meme; BNC4 is the first 4Stock coin-stock, pegged 1:1 to BNC, the treasury company corresponding to BNB. 5. Strategy did not increase its Bitcoin holdings last week. Bitmine, by contrast, added 28,086 ETH to its holdings last week, bringing its total position to around 5.929 million ETH.

Strategy did not increase its Bitcoin holdings last week, and repurchased $176 million in STRC stock.

According to official sources, Strategy did not add to its Bitcoin holdings last week. The firm has repurchased $176 million worth of STRC, and raised the size of its digital credit securities repurchase program from $1 billion to $2 billion. As of September 7, 2026, Strategy holds 845,050 BTC and approximately $6.5 billion in U.S. dollar assets.

Bitcoin treasury firm Metaplanet comes under market scrutiny, with its stock price dropping roughly 17% over two days.

According to Bitget market data, Metaplanet, Japan’s largest Bitcoin treasury firm, saw its stock close down 9.9% to 244 yen today, bringing its two-day total decline to around 17%. Recently, Metaplanet CEO Simon Gerovich published a statement addressing controversies over the company’s executive compensation plan and its relationship with shareholder MMXX Ventures, acknowledging that the firm failed to fully explain the 10th new share subscription rights incentive plan and MMXX’s organizational structure. Gerovich noted that he is an important but non-controlling shareholder of MMXX’s parent company and did not participate in the firm’s transaction decisions, though market skepticism has not been dispelled.

Trader "Maji" is set to cut losses and liquidate his Bitcoin (BTC) long positions, with the position expected to incur a loss of $1.3 million.

According to Tradingbeats data, crypto figure "Big Brother Ma Ji" (Huang Licheng) is set to liquidate his 40x leveraged long Bitcoin (BTC) position, which now holds only 23 BTC. Notably, the unrealized floating profit from Ma Ji’s BTC long once reached as high as $1.6985 million on September 4, when he held around 553 BTC with an average entry price of roughly $79,196.5, while BTC’s hourly peak hit approximately $82,268. His current BTC long position has incurred a total loss of ~$1.0371 million, including cumulative trading fees of ~$167,800 and funding fees of ~$79,900. If he liquidates the entire position now, the total loss for this round is projected to be around $1.308 million. Notably, while cutting losses on his BTC long position, Ma Ji has been steadily adding to his HYPE long position. His HYPE long position has risen to 212,000 tokens, with a net addition of ~96,500 tokens in the past 24 hours, equivalent to a new nominal value of ~$8.1 million at current prices. The address currently holds a HYPE long position worth ~$17.77 million, using 10x leverage, with an average entry price of ~$87.37 and an unrealized floating loss of ~$749,800. His recent HYPE additions were mainly concentrated in the price ranges of $86.5 and $83.4 to $83.9.

Well-known Chinese crypto trader "Ma Ji" was forced to cut Bitcoin (BTC) long positions at a loss amid a market pullback, with his position size now standing at just 10% of its previous level.

According to Tradingbeats' monitoring, as of 14:30 on September 8, "Big Brother Ma Ji" Huang Licheng's BTC long positions have fallen from approximately 541 BTC last night to 50 BTC, marking a net position reduction of around 491 BTC. The remaining position is valued at roughly $3.9174 million, with 40x leverage, an average entry price of about $79,294.9, and an unrealized loss of approximately $47,400. During the position reduction phase from last night to the present, he closed out a total of 575.07 BTC while covering around 91 BTC, resulting in a total realized loss of $305,600 from closing price movements. After adding roughly $14,400 in fees, his net realized loss stands at approximately $320,000. Overall, "Big Brother Ma Ji" has sharply scaled down his BTC long positions from an original size of around $43 million to roughly $4 million, and confirmed losses during this round of position reduction.

A British man recovers 61 Bitcoin from a collapsed cryptocurrency exchange 12 years later.

A British man using the alias "Chris" has successfully recovered 61 BTC from Intersango, a UK cryptocurrency exchange formerly known as Britcoin that ceased operations in 2014, after 12 years of legal pursuit. In 2011, following a friend’s recommendation, Chris purchased 61 BTC at prices ranging from ￡0.16 to ￡16 and stored them on the Intersango platform. After the platform shut down in 2014, his assets were frozen for 12 years. Later, at his wife’s suggestion, he contacted CEL Solicitors, a law firm specializing in crypto asset recovery. The firm negotiated via U.S. court procedures, spent 4 months submitting the required documents, and ultimately helped Chris retrieve the BTC, which is currently valued at approximately ￡3.3 million (around $4.4 million). Chris stated that his family “were left stunned” when they learned he had recovered the BTC worth ￡3.3 million. He now checks the relevant app about 20 times a day to monitor his assets, noting that the experience has made him far more cautious about entrusting crypto assets to exchanges for custody.

Bitcoin’s earlier rally left whales completely missing their dip-buy orders, forcing the $74.5 million buy order to shift upward.

According to TradingBeats monitoring, the largest whale on Hyperliquid tracked earlier—an address starting with 0xf517—has adjusted its previously set BTC dip-buying plan. On September 2, the address placed three tiers of buy orders totaling approximately $76.88 million at $71,111 to $75,777, with a plan to purchase $76 million worth of BTC; above that, it had set a $70 million-level take-profit grid. However, BTC rallied immediately afterward, leaving none of the three buy orders filled, and all were canceled on September 4. Now, the whale has significantly shifted its entry point higher: it currently holds only one concentrated buy order for 956.85 BTC at $77,888, worth approximately $74.527 million. Compared to its previous highest entry price of $75,777, this is an increase of roughly $2,111, or 2.8%; at current BTC prices, a pullback of just around 1.4% would trigger the order. During the period of missing out on position expansion, the whale also partially realized gains from its original positions. It has taken a total profit of 28.05 BTC, generating approximately $64,000 in profit, and its current holdings have dropped to 78.31 BTC, a reduction of about 26.4%. However, its original upper take-profit plan remains unchanged: there is still a roughly $6.96 million "position-reduction only" sell order at $88,888, and 163 regular sell orders worth approximately $70.32 million between $84,509 and $108,720. Earlier report: A BTC whale pre-placed a $158 million large order to prepare for "bull market conditions", projecting BTC to rally all the way to $100,000.

Well-known trader: Bitcoin could break through $126,000 and set a new all-time high in November 2027

Well-known trader Killa noted in a post that the time Bitcoin takes to reach new all-time highs (ATHs) in each cycle is shortening. If simply referencing the previous cycle that began in 2022, BTC would hit its ATH no later than February 2028. However, Killa argues this cycle is progressing faster: Bitcoin’s bottoming period is roughly 3 to 4 months earlier than the prior cycle, so the timing of a new ATH may also shift forward accordingly. Based on the observation that cycles are continuing to shorten, he projects BTC will set a new ATH by the end of Q4 2027, and climb above $126,000 in November 2027.

Bitcoin drops back below $80,000; this week's inflation data may be key to determining its next market direction.

Bitcoin fell in low-liquidity conditions on Monday, dropping nearly 2% intraday, falling back below the $80,000 threshold again and erasing almost all of its gains from the weekend when it first broke above that level. This comes after Bitcoin notched its first weekly close above $80,000 since May. Due to the U.S. Labor Day holiday, U.S. stock markets were closed, reducing market liquidity and leading to thinner order books, amplifying the risk of short-term price swings. Data from CoinGlass shows that long and short liquidations in the crypto market over the past 24 hours were relatively balanced, with total liquidations amounting to around $178 million. Currently, near-term market liquidity is concentrated at two key levels: $80,500 and $78,800. QCP Capital noted that market volatility has continued to contract recently, with traders waiting for new external catalysts. U.S. inflation data set to be released this Thursday and Friday could be a key factor influencing the market’s direction and further shaping expectations for the Federal Reserve’s interest rate hike path. Despite Bitcoin’s recent sideways consolidation, analysts are still highlighting its resilience. Ryan Lee, chief analyst at Bitget, stated that Bitcoin’s ability to hold its high range—even amid stronger-than-expected U.S. jobs data, which typically boosts U.S. Treasury yields and the dollar and pressures risk assets—shows the market is not viewing potential Fed rate hikes as the sole determinant of current price action. Additionally, inflows into U.S. spot Bitcoin ETFs remain a key market focus, with net inflows hitting around $730 million in a single day earlier, marking the highest daily inflow since January this year.

Bitcoin briefly dipped below $79,000.

According to HTX market data, Bitcoin briefly dipped below $79,000, with a 0.85% decline in the past 24 hours.

MicroStrategy raised $20.9 billion in financing this year, ranking fourth among U.S. stock market issuers, and holds 845,000 Bitcoin.

According to Strategy’s latest 8-K filing, the company has raised approximately $20.9 billion this year via common and preferred stock issuances, ranking fourth in U.S. stock issuance volume, behind only SpaceX, Alphabet, and Intel. Strategy recently booked a net gain of $602.8 million from selling its MSTR common stock, with $369.7 million of that used to acquire 4,603 BTC at an average price of roughly $80,318 per coin. As of August 30, the firm’s total BTC holdings stood at 845,050 coins, with a cumulative purchase cost of about $63.73 billion and an average cost of roughly $75,412 per BTC. Additionally, MSCI’s consultation on digital asset financial reserve companies will wrap up on September 30, and the market is closely monitoring whether it will adjust relevant index inclusion criteria going forward.

Bitcoin faces CPI and PPI tests this week, with market bets pushing the probability of a Federal Reserve rate hike in September to 58.4%.

Bitcoin is facing multiple key macroeconomic events this week. The U.S. August PPI and CPI data will be released on Thursday and Friday respectively, while the Federal Reserve will announce its interest rate decision on September 16. CME FedWatch data shows the market currently assigns a 58.4% probability to the Fed raising rates by 25 basis points to the 3.75%-4% range. Meanwhile, Japan’s record foreign exchange intervention and potential U.S. Treasury bond sales have also become a market focus. Japan’s foreign exchange reserves have decreased by approximately $79.57 billion since the end of July, leading markets to believe Japan may sell U.S. Treasuries to fund yen interventions. Polymarket data shows the probability of the Bank of Japan raising rates by 25 basis points in September has now reached 98%. Fluctuations in the yen and carry trades could further impact global liquidity and crypto markets. On-chain data from CryptoQuant points out that Bitcoin’s recent rally has been driven primarily by the futures market, with no corresponding confirmation from spot demand. Derivatives open interest rose by approximately $2.3 billion in a single day to $27.53 billion, while spot demand remains negative, casting doubt on the sustainability of the current rally. Technically, Bitcoin closed above $80,000 on its weekly chart for the first time in several months this week, though strong selling pressure remains near the $80,000 level. Meanwhile, Bitcoin’s weekly Supertrend indicator flipped to a "buy" signal for the first time since November 2025, a similar signal that emerged after the bear market bottomed in early 2023.

Viewpoint: Bitcoin is less sensitive to changes in U.S. Treasury yields than gold, and may hold a stronger advantage as a "hard asset"

An analysis points out that against the backdrop of fiscal concerns pushing up global bond yields, the correlation between Bitcoin and gold’s price trends has continued to climb. Their 90-day return correlation coefficient currently stands at 0.59, the highest level since 2020. However, in terms of sensitivity to changes in the U.S. 10-year Treasury yield, Bitcoin exhibits stronger independence. Data shows that the 90-day correlation coefficient between BTC and the U.S. 10-year Treasury yield is only -0.17, while gold’s correlation coefficient with the same yield is -0.41, meaning rising bond yields have a relatively more pronounced suppressing effect on gold. This reflects that Bitcoin has a lower degree of linkage with the traditional bond market, and may possess stronger decoupling capability amid headwinds in traditional financial markets such as rising yields. Nevertheless, shifts in correlation do not mean Bitcoin can fully evade macro risks.

Data indicates Bitcoin faces a sell wall of $83,000, with all categories of Bitcoin holders turning net sellers across the board for the first time since early June.

According to Glassnode data, BTC has faced significant selling pressure near the $83,000 level recently, with all address groups across all holding sizes turning net sellers across the board — a first since early June, signaling rising overall market selling pressure. Following BTC’s recent rally, whales and other holding groups have stepped up distributions, leading to persistent resistance near the $83,000 mark. Still, BTC’s potential "golden cross" offers some support for bulls, and short-term market direction will hinge on whether buyers can absorb current distribution pressure and break through this key resistance.

Jiang Zhuoer: Closed all short positions on Bitcoin (BTC), restored full spot positions in Ethereum (ETH), awaiting upside.

BTC.TOP Mining Pool founder Jiang Zhuoer posted that he previously opened a short position on Bitcoin (BTC) at $82,050, has now closed the position to take profit at $79,480, and is back to holding a full spot position in Ethereum (ETH) awaiting gains. His reasoning includes: ETH, the engine of this bull market, has recently led gains and is approaching its previous high, which may drive BTC higher; he only took short positions during the continuous net inflow of ETFs (a record $730 million single-day net inflow on September 3). If BTC rises to the $83,000-$84,000 range, he will repeat his short strategy, judging this resistance level will be hard to break in the short term. Jiang added he is still waiting for a major pullback. If BTC drops to the $71,255-$73,361 range (the Fibonacci 50% to 61.8% retracement level), he will buy back all positions; otherwise, he will repurchase as planned by the end of October. He also referenced two previous accurate top-hitting operations: shorting ETH at $2,525 on August 22 and shorting BTC at $82,050 on September 4, and believes the current trading logic of using no leverage and full-position trading is effective.

Analysis: Bitcoin spot demand continues to turn negative, with retail investor selling likely the main cause.

CryptoQuant community author CW8900 published an analysis noting that Bitcoin (BTC) spot demand has turned increasingly negative, while futures demand has also seen a slight decline. The current market rally is primarily driven by futures demand, while spot demand remains in negative territory — a concerning sign, as a sustained uptrend cannot be maintained without spot demand. Despite BTC’s price rebound, the volume of spot BTC outflows has risen further; if this trend persists, the current upward momentum could be derailed. Therefore, it is critical to determine the specific reasons behind the negative spot demand. From a position structure perspective, holdings by large holders continue to increase, while retail investor holdings keep declining. CW8900 believes that retail investors have continued selling even during BTC’s price rally, likely having adjusted to the previous downturn and opting to take profits or reduce positions during rebounds. Currently, BTC’s negative spot demand is mainly driven by sustained retail selling, while a notable point is that large investors remain net buyers.

Capital B spent approximately $29.4 million to add 376 Bitcoin to its holdings, marking the largest single Bitcoin purchase in nearly a year.

French bitcoin treasury firm Capital B announced it purchased 376 bitcoins for €25.3 million (approx. $29.4 million), bringing its total bitcoin holdings to 3,521 coins, with a cumulative acquisition cost of roughly €309.4 million (approx. $359.3 million). This purchase marks Capital B’s largest single bitcoin acquisition since September 2025, when the firm bought 551 bitcoins. Capital B said the funds for the purchase came from a recently completed financing round, including a €28.7 million (approx. $33.3 million) private placement, in which Adam Back added €7.6 million (approx. $8.8 million) in investment, boosting his common stock stake to 17.64%. Following this acquisition, Capital B holds 3,521 bitcoins, with an average purchase price of roughly €87,878 per coin (approx. $102,058 per coin).

Analysis: Bitcoin's on-chain realized market capitalization returns to growth, with its price recovery backed by fundamentals.

CryptoQuant analyst Axel Adler Jr. published a note stating that Bitcoin’s Realized Cap returned to positive territory on August 24 after 87 consecutive days of negative growth, and rose to +0.88% on September 6, indicating that BTC’s on-chain capital base is recovering. Bitcoin’s Realized Cap currently stands at around $1.068 trillion, having increased by approximately $9.36 billion over the past 30 days, and has continued to rise even as BTC fluctuated around $80,000 recently. Adler Jr. noted that this shows the previously contracting Realized Cap is improving. However, this metric briefly turned positive back in May before falling again, so it remains to be seen whether the current capital growth can be sustained. Meanwhile, Bitcoin’s Realized Premium Z-Score dropped from 4.17 during BTC’s rally on August 19 to 0.90 on September 6, though it still remains in positive territory. Adler Jr. explained that the metric’s decline does not signal a weakening price trend, as the anomaly relative to the 28-day average naturally decreases as new price levels gradually enter calculations. Overall, current on-chain signals are positive but have not yet confirmed a sustained bull market: Realized Cap is growing, while BTC has held onto its prior gains. Going forward, if the 30-day Realized Cap change remains positive and is accompanied by further expansion of Realized Cap, this will further support the continuation of the recovery; if the metric falls back below zero, it will weaken this outlook.

Bitcoin drops below $79,000, logging a 0.99% loss in the 24-hour period.

According to HTX market data, Bitcoin has fallen below $79,000, currently trading at $78,999.99, with a 0.99% decline in the past 24 hours.

Analysis: Bitcoin has experienced the sharpest deleveraging since 2023, yet new liquidation risks remain.

CryptoQuant analyst Darkfost wrote in a post that Bitcoin has recently experienced the most severe deleveraging cycle since 2023. In a market long dominated by futures trading volume, Binance’s Open Interest (OI) has dropped significantly, once falling below its 180-day moving average, a sign of the intensity and speed of this deleveraging process. Darkfost argues this process is necessary for Bitcoin. As prices corrected, the market forced previously over-sized long and short positions to be closed or liquidated. This cycle also saw one of the largest liquidation events in Bitcoin’s history. However, despite the sharp deleveraging, Binance’s current Open Interest stands at around $9.6 billion, higher than the 180-day average of roughly $8.3 billion, accounting for about 37% of Bitcoin’s total network-wide Open Interest. This level is even higher than during the May market rally, when BTC briefly rebounded to $82,000. Darkfost points out that while this adjustment has dealt a clear blow to traders, leveraged funds have seemingly quickly returned to the market, becoming one of the key drivers of BTC’s recent rebound. That said, current market leverage levels remain elevated, and if leverage accumulates excessively again in the future, it could still trigger another round of sharp deleveraging.

Vitalik: AI will not impact the security of the Bitcoin network; the primary concern is completing technical upgrades in a timely manner.

Silicon Valley angel investor Liron Shapira published a post stating he is roughly 50% confident that Bitcoin (BTC) will fall by more than 50% in price over the next two years. He believes the rapid advancement of artificial intelligence (AI) may erode some of the market’s prior perceptions of Bitcoin’s security and robustness, thereby undermining BTC’s long-term value support. Ethereum co-founder Vitalik Buterin holds an opposing view. He said he is quite optimistic about Bitcoin’s long-term network security, noting the primary challenge lies in completing necessary transitions. Buterin expects Bitcoin can effectively handle at least issues that do not require social consensus to resolve—such as upgrading clients and mining pools to counter network-layer attacks, which fall into this category. He added the probability of a real breakthrough in Bitcoin’s hash algorithm or Proof-of-Work (PoW) mechanism is extremely low. Vitalik further revealed he has already bet on this stance via asset allocation, with roughly 90% of his net worth currently held in crypto assets.

Total open interest for altcoin futures contracts across all crypto exchanges has exceeded that of Bitcoin, marking the first time since December 2024.

Crypto analyst Ted’s data shows that open interest in altcoins has now exceeded that of Bitcoin in the crypto market, marking the first such occurrence since December 2024. Ted also added a caption: “Do you remember what happened to altcoins after December 2024?”, hinting that altcoins, which saw sharp short-term gains, are prone to triggering liquidation events.

The crypto market continues its strong rally, with ZEC surging past $1,200 and Bitcoin bouncing back above $80,000.

Despite Friday’s stronger-than-expected non-farm payrolls data sparking market expectations of a Federal Reserve interest rate hike, the crypto market maintained an overall upward trend over the weekend. Among major cryptocurrencies, ZEC led the rally, breaking above $1200 this morning and currently trading at $1230, with a 19.5% 24-hour gain. Per HTX market data, Bitcoin rebounded above $80,000 this morning, now priced at $80,281.19, while Ethereum stands at $2515, with a 1.52% 24-hour increase.

A prominent crypto trader forecasts Bitcoin will trade in a range, and favors buying on a dip.

Well-known trader Killa stated in a post that BTC typically enters a consolidation phase after every sharp rally or pullback. Having experienced a strong rally, he forecasts the market will move into a range-bound period next. With the current trend having turned bullish, he leans toward going long on dips. He stressed that this does not rule out shorting at the highs of the consolidation range, but such trades are counter-trend operations and require corresponding adjustments to position sizes.

A Bitcoin address from the Satoshi Nakamoto era, dormant for 16 years, has transferred 600 BTC, worth approximately $48 million.

12 Bitcoin addresses dormant for over 16 years moved a total of 600 BTC on September 5, worth approximately $48 million. The BTC all originated from mining rewards in March 2010, when Satoshi Nakamoto was still active on the Bitcoin network. Whale Alert stated that the 600 BTC came from mining rewards of 12 Bitcoin blocks, and no connection between these addresses and Satoshi Nakamoto has been found. Earlier, Lookonchain had identified 7 of these miner wallets, which moved 350 BTC after remaining dormant for roughly 16.5 years. Whale Alert also noted that one of the block rewards was transferred several blocks ahead of most other transactions, a pattern consistent with conducting a test transaction before executing the remaining transfers.

Analyst: Bitcoin’s recent buying volume has hit its strongest level since the last bear market, with demand showing clear improvement.

CryptoQuant analyst Darkfost stated in a post that Bitcoin is facing the strongest buying pressure since the last bear market. The 365-day rolling cumulative net spot buying volume, denominated in U.S. dollars, has surpassed $83 billion, and this metric will remain in negative territory until March 2026. This indicator measures the gap between spot buying and selling volumes on major trading platforms, calculated as a 365-day rolling cumulative total. It signals a significant improvement in recent demand, with the market gradually building a positive trend. However, he warned that spot trading volume does not make up the majority of trading platform activity, as futures trading still holds a clear dominant position. Even so, based on the spot metric, market momentum is growing more positive.

Willy Woo: Bitcoin is now significantly decoupling from U.S. stocks, a trend similar to the prelude to Bitcoin's 2017 bull market.

Crypto analyst Willy Woo has published a post stating that Bitcoin is significantly decoupling from the U.S. stock market, with the last instance of such a high degree of decoupling occurring in 2015 — the prelude to Bitcoin’s 2017 bull run. In 2014, the stock market remained in a bull market, while BTC experienced a bear market unrelated to stock market trends. From 2015 to 2016, the stock market fluctuated weakly for two consecutive years, yet BTC entered a bull market; then in 2017, when the stock market also turned bullish, BTC surged even more sharply. Willy Woo believes the current market landscape mirrors that period: Bitcoin’s liquidity is continuing to strengthen, while the stock market is starting to show signs of fragility.

Bitwise: The correlation between Bitcoin and gold has risen to its highest level since 2020, while its correlation with US stocks has fallen to a one-year low.

André Dragosch, Head of European Research at Bitwise, published a report stating that Bitcoin’s 90-day rolling correlation with gold has risen to its highest level since 2020, while its correlation with the Nasdaq 100 index has fallen to a one-year low. Meanwhile, Bitcoin remains significantly negatively correlated with the U.S. Dollar Index. In August, U.S. long-term Treasury yields climbed, leading Treasury Secretary Besent to intervene in the market by expanding long-term Treasury repurchase operations. After this move, Bitcoin surged 22.4% in a single week, marking its largest weekly gain since March 2024; gold rose roughly 5% over the same period, while stocks dropped. The last time Bitcoin’s correlation with gold hit such a high was after governments rolled out fiscal and monetary stimulus during the 2020 COVID-19 pandemic. Bitcoin and gold remain distinct assets, but as macroeconomic pressure and currency devaluation risks grow, investors are increasingly holding both as hedges, with Bitcoin recently acting as a more volatile proxy for gold. If this correlation trend persists, Bitcoin could enter a larger capital pool led by central banks, sovereign entities, and asset allocators, and face repricing.

Cathie Wood: Bitcoin is gradually decoupling from gold's price trend.

ARK Invest founder Cathie Wood (affectionately known as "Woodie" in financial circles) noted that August non-farm payroll data shows the U.S. economy remains highly resilient. Markets may interpret the strong jobs figures as a sign of rising inflationary pressure, leading to further bets on the Federal Reserve tightening policy, but they are overlooking more critical shifts. While the U.S. headline inflation rate still stands at 3.7%, other inflation metrics are closer to the 2% target, and oil prices could even fall to around $30 per barrel. U.S. stocks continue hitting record highs amid rising interest rates, corporate capital spending has broken through a growth bottleneck that has persisted for over two decades, and Bitcoin is gradually decoupling from gold’s price trends. These phenomena are not mutually independent. As more companies adopt artificial intelligence, AI-related firms are creating jobs at a faster pace, and technological advances could simultaneously boost productivity and reduce costs. These signals point to stronger real economic growth and the emergence of powerful "tech-driven deflation." Current markets are still pricing based on traditional economic models, but a new economic system driven by AI and emerging technologies is taking shape rapidly.

The crypto market has seen a minor rebound, with Bitcoin breaking through $80,000, Ethereum surpassing $2,500, and BNB rallying sharply to cross $780.

According to HTX market data, the crypto market saw a minor rebound on Sunday, pushing total crypto market capitalization to $2.781 trillion. Bitcoin broke above $80,000, while Ethereum crossed $2,500. Driven by robust trading activity in the BNB Chain ecosystem, BNB surged past $780 and is now trading at $764. SOL is priced at $104, HYPE at $85.8, and ZEC performed strongly, rising over 5% to hit $1,070. Leading altcoin gainers include ARB, which topped the list with a 48.8% single-day rally to trade at $0.197; SUSHI, up over 40% in 24 hours to break $0.267; and several BNB Chain ecosystem tokens such as MARSCOIN, 1000CAT, TUT, and CAKE, which also ranked among the top gainers amid the ecosystem’s hot trading activity.

7 miner addresses dormant for 16.5 years transferred 350 Bitcoin, valued at approximately $28 million.

According to Lookonchain’s monitoring, seven miner addresses dormant for 16.5 years transferred 350 Bitcoin roughly six hours ago, valued at approximately $28 million. The miners obtained the 350 BTC through mining in March 2010.

Viewpoint: Bitcoin’s annual gains are often concentrated in a small number of trading days, meaning long-term holding may outperform timing trades.

An analysis of Bitcoin’s historical performance from 2010 to 2026 shows that the vast majority of its annual gains are concentrated in a tiny number of trading days, leading multiple industry experts to argue that long-term holding may be more advantageous than frequent attempts at timing trades. Data indicates that in 11 of the past 18 years, removing the 10 best-performing trading days of the year would turn a profitable year into a losing one. For instance, Bitcoin rose 94% in 2019, but would have fallen 40% for the year if its 10 best trading days were excluded; as of 2026 so far, Bitcoin is down roughly 9%, a drop that would widen to around 36% if its 5 best days were removed. Andre Dragosch, Head of European Research at Bitwise, noted that Bitcoin spends most of its time in sideways consolidation, with its major gains typically concentrated in a small number of explosive trading days, making it extremely difficult to time these moments precisely. “Holding period matters more than timing,” he said. Adam Haeems, Head of Asset Management at Tesseract Group, pointed out that on Feb. 5, 2026, Bitcoin fell roughly 14% in a single day, only to rise around 12% the next day. This demonstrates that attempting to capture excess returns by avoiding dips may carry the risk of missing out on rapid rebounds. With growing allocations to Bitcoin via spot ETFs, institutional funds, and corporate balance sheets, the cryptocurrency’s daily volatility is declining overall, but its market returns still exhibit the trait of concentrated, periodic bursts of gains.

Analysis: Bitcoin OG holders are accelerating the transfer of their holdings, with on-chain activity rising significantly.

CryptoQuant analyst Darkfost noted in a recent post that on-chain activity among Bitcoin long-term holders (OGs) has picked up significantly. During the current phase of market consolidation, the 90-day moving average of spent UTXOs (STXOs) from investors holding BTC for over five years has risen to around 1,500 BTC. In May this year, the average amount of BTC transferred via UTXOs by this group was only half of the current level. In other words, over the past three months, Bitcoin long-term holders with over five years of holding history have been moving their BTC more frequently. This suggests that the ongoing market consolidation may be amplifying uncertainty among different types of investors, with even early Bitcoin holders who have weathered multiple market cycles starting to adjust their on-chain asset allocations. However, the transfer of BTC by OGs does not mean they are engaging in mass selling. Some funds may simply be moved to other wallets or more secure storage solutions; for example, the recent Coldcard incident may have prompted some holders to proactively adjust how they store their BTC. Therefore, current on-chain data primarily reflects increased activity among the OG group, and one cannot rely solely on UTXO transfer volumes to determine their specific buying or selling intentions.

U.S. spot Bitcoin ETFs saw a net inflow of $174.6 million yesterday.

Per Farside's monitoring, U.S. spot Bitcoin ETFs recorded a net inflow of $174.6 million yesterday, extending their streak to three consecutive trading days of net inflows.