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Ethena’s stablecoin USDe has surpassed $321.1 million in supply eight weeks after launching on Robinhood Chain, accounting for 42% of the chain’s total stablecoin supply, according to Wu Blockchain. Token Terminal data showed USDe supply reached $321.1 million, the second-largest on Robinhood Chain after the chain’s native USDG at $425.6 million, and the largest among externally issued stablecoins. Analyst Messi cited the chain’s infrastructure design, Steakhouse Financial’s selection of an Ethena collateral issuer, and the allocation of 62% to 65% of liquidity in Steakhouse’s USDG vault to the Morpho USDe/USDG market as growth drivers. Messi added that borrower deposits of USDe increased as the market received the largest share of collateral liquidity in the vault.

Bitcoin’s recent surge was driven more by a chain of short liquidations in the perpetual futures market than by fresh capital entering the market, and the rally could become vulnerable once that short-covering pressure fades, according to crypto trading firm QCP Capital. QCP Capital said BTC open interest in the futures market has continued to decline even as the price rises, suggesting liquidated short positions have been driving the move higher. The firm added that a recent sharp increase in ETF inflows indicates spot demand is now following. That combination may support prices in the short term, QCP Capital said, but the rally could lose momentum once the short-covering pressure disappears. While the broader directional outlook remains positive, the firm said caution is warranted on momentum-chasing buys.

Solana has begun work to lower per-byte account storage costs on testnet, with the first of five phases now activated, according to Anza, the Solana network’s validator client. Anza said the full rollout will cut the per-byte cost 90% to 696 lamports from 6,960 lamports, while the deposit required to keep token accounts rent-exempt will fall to about $0.016 from roughly $0.16. Anza added the sharp reduction in account creation and maintenance costs is expected to lower deployment costs for Solana-based services as well.

Garrett Jin, founder of the fraudulent cryptocurrency exchange BitForex, said it is time to buy ETH again ahead of an upcoming price correction and then stake it.

Bitcoin has started to decouple from Nasdaq tech stocks and move more like gold, Grayscale said, as investors refocus on the cryptocurrency’s scarcity and store-of-value role. Over the past year, Bitcoin looked more like a volatile risk asset than a hedge against currency debasement amid an AI-driven rally in risk assets, Grayscale said. More recently, however, the 90-day correlation between Bitcoin and the Nasdaq 100 fell from more than 60% to about 33%, while its correlation with gold rose from just above 0% at the start of the year to more than 50%. Grayscale attributed the shift to deteriorating U.S. fiscal conditions. With U.S. federal debt recently topping $40 trillion and long-dated Treasuries also posting notable weakness over the past year, interest in assets that can hedge against the risk of fiat-currency debasement is rising again amid high fiscal deficits, growing debt and higher long-term yields.

U.S. spot Ether ETFs recorded $234.52 million in net inflows on Aug. 27, according to SoSoValue, marking a ninth straight trading day of net inflows. No ETF posted net outflows. - BlackRock ETHA: +$130.22 million - Fidelity FETH: +$56.23 million - BlackRock ETHB: +$20.67 million - Grayscale ETHE: +$14.31 million - Morgan Stanley MSSE: +$8.63 million - Grayscale ETH: +$3.02 million - Bitwise ETHW: +$1.44 million

U.S. spot Bitcoin ETFs recorded $242.24 million in net inflows on Aug. 27, marking a ninth straight trading day of net inflows, according to SoSoValue. - BlackRock IBIT: +$277.61 million - Fidelity FBTC: -$83.63 million - 21Shares ARKB: +$29.75 million - Grayscale GBTC: -$27.21 million - Bitwise BITB: +$21.74 million - Grayscale BTC: +$11.66 million - Morgan Stanley MSBT: +$6.66 million - VanEck HODL: +$5.66 million

Russia’s central bank has identified 2,600 cryptocurrency wallets linked to illegal financial activity and fraud and added them to a blacklist system, Bits Media reported. The registered address data is used for risk assessments by financial institutions and financial crime investigations by law enforcement agencies, while bank transactions tied to those wallets are immediately frozen or blocked. The total value of cryptocurrency that flowed into the wallets is about 1 billion rubles.

South Korea’s People Power Party has not yet discussed digital asset taxation and will announce its position later, floor leader Jeong Jeom-sik said on Aug. 28, according to Digital Asset. Jeong made the remarks to reporters at Sono Calm in Goyang, Gyeonggi Province. Party leader Jang Dong-hyuk had said at a press conference on Aug. 26 marking his first anniversary in office that the party workshop would likely include in-depth discussions by standing committees on digital asset taxation, but no separate discussion took place. A policy committee press release released by the party on the same day also did not mention digital assets. Jang had also said at the Aug. 27 workshop that the party would share an update after discussing policy on virtual asset taxation.

Hyperliquid’s largest long whale has rebuilt a long position totaling 16,000 ETH worth $40 million, according to EmberCN. The entry price was $2,490. The whale had earlier transferred a combined 26.83 million USDC to Hyperliquid through three new wallets and has now opened 8,000 ETH long positions from each of two addresses. Three days earlier, the whale had closed long positions in 120,000 ETH and 2,000 BTC, locking in $61.72 million in profit.

Multicoin Capital deposited $59.04 million worth of HYPE into Coinbase over the past 30 days, according to Onchain Lens. The firm also transferred 81,300 HYPE to the exchange seven hours ago. Exchange deposits are generally interpreted as a sign of intent to sell.

Sonic’s decentralized exchange volume climbed to its highest level in about two months after the EVM-compatible layer-one blockchain introduced Bundle Transactions, a feature that processes multiple trades at once, AMBCrypto reported. According to DefiLlama, Sonic’s DEX volume topped $2.46 million on Aug. 27, the highest since June 28, and was up more than tenfold from an Aug. 15 low of $241,000. Total value locked, however, rose by only $770,000 over the past day to around $17.22 million.

The following shows estimated liquidation volumes and position ratios for major crypto perpetual futures over the past 24 hours: - BTC: $130.72 million liquidated (71.77% shorts) - ETH: $127.17 million liquidated (61.68% shorts) - SOL: $37.85 million liquidated (79.98% shorts)

The U.S. SEC’s recent proposal to create a securities registration exemption for crypto offerings could significantly improve fundraising conditions in the market, but Bloomberg said the move may amount to a belated fix. Bloomberg said the SEC is trying to revive the once-booming initial coin offering market, but added it may be looking for buyers for a product investors abandoned long ago. Under the proposal, crypto startups could raise as much as $5 million without SEC registration and up to $75 million annually depending on size, according to the report. Bloomberg added the more urgent priority is passage of the CLARITY Act, with fundraising issues coming afterward. Carlos Guzman, a research analyst at crypto trading and investment firm GSR, said ICO activity has continued to decline after peaking in 2018. Guzman added ICOs in 2026 are different from those in 2018, and the era of raising money with only a white paper and ambition is over.

Ethena’s proposal to introduce a revenue-based buyback mechanism has so far received 100% support after the project unveiled four major ecosystem overhaul measures, including buying locked tokens held by early investors, unifying its token and equity structure, and canceling monthly VC unlocks. Voting ends on Sept. 2. If approved, 95% of net revenue from each Ethena business unit will be used to buy ENA tokens once the first target is met, with USDe supply rising from the current $4.06 billion to $7.5 billion.

An address believed to be tied to a16z bought 441,000 HYPE worth $36 million over the past two days and staked the tokens, according to EmberCN. The average purchase price for the latest buys was $81.6. EmberCN added the address was still buying more and had just purchased $12 million worth of HYPE. The address is now staking a total of 4.826 million HYPE, with an average purchase price of $66.1 and unrealized profit of $84.9 million.

According to CoinNess market monitoring, BTC has fallen below $80,000. BTC is trading at $79,973.92 on the Binance USDT market.

Ethereum is moving ahead with account abstraction as a core feature of the Hegotá upgrade, with core developer nixo.eth saying account abstraction proposal EIP-8141 has been moved from the review stage to the planned stage, although the specific implementation method has not yet been finalized. Nixo.eth added EIP-8130, another account abstraction proposal, is scheduled to be applied to Base in September, and discussions are continuing over the need to avoid splitting account abstraction standards between layer 1 and layer 2. According to nixo.eth, the authors of the two proposals and core developers are working on a unified solution without delaying the upgrade. Account abstraction, or AA, is a technology that makes complex blockchain account structures operate more flexibly, similar to smart contracts.

Crypto investors are losing interest in venture capital-backed projects, according to Delphi Digital head of research Ceteris Paribus. In a post on X, Ceteris Paribus said most of the necessary infrastructure and blockchains have already been built, and capital is now concentrating on applications that can grow with relatively modest funding. As a result, the need for large crypto VCs is also declining, Ceteris Paribus said. Tokens promoted with high fully diluted valuations, or FDVs, are being shunned by the market, while investor skepticism is growing toward protocols that fail to generate profits. By contrast, protocols that consistently produce revenue are beginning to draw attention.

South Korean exchange Bithumb announced the addition of EURC and FOLD.

Stablecoin holdings on exchanges fell to $64 billion from about $80 billion at the end of 2025, indicating a 20% drop in liquidity that could flow into the market, AMBCrypto reported. That suggests there is less capital waiting on the sidelines to buy. At the same time, Binance’s share of total exchange stablecoin balances rose to 68.5% from about 60%. The analysis said overall liquidity has declined, but a larger share has become concentrated on Binance, making Binance stablecoin inflows and outflows a key indicator for tracking when exchange buying power may enter the market.

Evernorth Holdings, an XRP treasury firm, has seen its S-4 registration statement filed with the U.S. SEC for a merger with special purpose acquisition company Armada Acquisition Corp. II become effective, The Block reported. The development clears the way for the next stage of the merger process and Evernorth’s Nasdaq listing. Once the merger is completed, Evernorth is expected to trade on Nasdaq under the ticker XRPN.

Upbit announced the addition of EURC to KRW, BTC and USDT trading pairs at 5:00 a.m. UTC today.

Garrett Jin, founder of the fraudulent crypto exchange BitForex, said BTC is likely to remain rangebound for now as it works through selling pressure in the $80,000-$82,500 zone. In a blog post, Jin said BTC moving within a $72,500-$84,000 range for several weeks while leverage and volatility ease would be a healthy pattern. A stable daily close above $82,500 would signal that the overhead supply has been absorbed, Jin said. Jin added that U.S. spot BTC ETFs saw about $2.8 billion in net inflows over eight straight trading days through Aug. 26, bringing total August inflows to about $3.3 billion, the largest monthly total this year. Although sell orders remain near the top of the range, spot buying is absorbing them, according to Jin. Jin said caution would be warranted if BTC posts a daily close below $76,600, near the average cost basis of short-term holders, and at least two of the following also deteriorate: ETF flows, the Coinbase premium, and seven-day average net realized profit and loss.

A CoinNess analysis found a pattern associated with the end of a Bitcoin down cycle in an indicator that tracks the share of BTC in profit and at a loss based on on-chain acquisition prices. Crypto analyst Crypto Dan said the later stage of a down cycle tends to show the shares of profit-taking and loss-making holdings crossing over as the gap between the two narrows. When the market then shifts into an up cycle, the share of profitable holdings rises while the share of loss-making holdings falls, causing the two indicators to diverge again on the chart, Crypto Dan said. According to the analyst, that pattern is now appearing, and if the trend continues and confirms a shift into an up cycle, it would mark a repeat of the four-year cycle. Crypto Dan added, "the signal flare for a crypto bull market has been fired."