Bitcoin symbols outside a bitcoin ATM (Artur Widak/Getty Images)

Bitcoin bears

Bitcoin ETFs continue to bleed as Galaxy CEO warns bitcoin treasuries “have peaked”

Bearish sentiment on bitcoin appears to be rising, with options traders betting on a move below $100,000.

8/6/25 10:27AM

Bitcoin ETFs had their fourth day of outflows, with $196 million leaving the funds. Fidelity Wise Origin Bitcoin Fund and BlackRock’s iShares Bitcoin Trust saw $99.1 million and $77.4 million in outflows, respectively, SoSoValue data shows.

Bitcoin is struggling to regain momentum, trading around $113,000 this morning.

Meanwhile, Galaxy Digital’s CEO Mike Novogratz warned in an earnings call yesterday that “we’ve probably gone through peak treasury company issuance of new companies.” He added, “What will be most interesting is which of the existing companies become monsters, right?”

Options traders are feeling bearish on bitcoin and hedging against a pullback. “For the August 29 expiry, put open interest is almost 5x that of calls. Nearly half of this is concentrated at the $95K strike, with another 25% split between $80K and $100K strikes. The positioning signals traders are heavily betting on a painful move back below $100K,” according to Derive.xyz.

But some companies are still feeling bullish and are making an effort to become the bitcoin monster Novogratz predicted:

BitBridge Capital Strategies entered the bitcoin pivot arena, announcing it had completed a merger with Green Mountain Merger to become a bitcoin treasury company, and will trade on the Nasdaq under the ticker “BTTL.” BitBridge will also launch Bitcoin Respect Loan, “a disruptive new lending product designed to reshape the way the financial system treats bitcoin collateral.”
CleanSpark produced 671 bitcoin in July, and now holds 12,703 bitcoin. This is a decrease from June, when it produced 685 bitcoin.
UK-based Satsuma Technologies announced it raised $217.6 million and added 1,097.29 bitcoin, to bring its total to 1,126.
Swedish public company H100 acquired 60.6 bitcoin, now holding 763.2, which makes it “the largest publicly listed bitcoin treasury in the Nordic region.”
UK-based Vaultz Capital acquired 47.85 bitcoin to bring it up to a 117.85 stash.

Sage D. Young11h

Solana drops to price not seen since February as Drift exploit rattles sentiment

Solana has historically seen its largest price declines on Thursdays, and today is no exemption as the crypto industry reels from the over $270 million exploit that occurred yesterday on Drift, a trading venue native to the solana blockchain.

The price of solana has decreased 5.5% to around $78, a level not seen since February, data from CoinGecko shows.

Drift was one of the largest protocols on the solana network by total value locked, which now sits at nearly $245 million. The total value locked on solana has shrunk by nearly $1 billion since the incident, per DefiLlama.

Exploit likely involved from social engineering

The attack, which has turned into a wider contagion event, is unsettling for those in the industry. It did not come from a bug in the protocol’s smart contracts or programs. “Humans remain the bottleneck,” Mert Mumtaz, cofounder and CEO of solana development firm Helius, said in response to the incident.

The exploit involved unauthorized transaction approvals likely facilitated through social engineering. The sophisticated operation “appears to have involved multi-week preparation and staged execution,” the team said on Thursday.

Omer Goldberg, founder of risk management firm Chaos Labs, added, “The DeFi [decentralized finance] ecosystem continues to grow in scale, but not in operational security.”

“Protocols now have custody of hundreds of millions in user funds while depending on admin key setups that would be considered unacceptable in TradFi for a fraction of that AUM [assets under management],” Goldberg wrote on X.

“Most hacks come down to the simple act of one clicking a link they shouldn’t have clicked. These are picking up in pace, be extra cautious clicking any link or file,” continued Helius’ Mumtaz.

Yaël Bizouati-Kennedy

12h

Optimism around bitcoin’s trajectory is fading following Trump’s address, as whales continue to offload

Bitcoin has been stuck in a narrow range for the past few weeks, seemingly incapable of breaking in either direction.

People walk past an advertisement feature Donald Trump with...

$270M

Sage D. Young4/1/26

April 1 is known as a day for funny pranks. However, a popular trading venue on the solana blockchain, Drift, is suffering from an ongoing exploit today, on-chain data shows.

“Drift Protocol is experiencing an active attack. Deposits and withdrawals have been suspended. We are coordinating with multiple security firms, bridges, and exchanges to contain the incident. This is not an April Fools joke,” the team said on social media at 2:58 p.m. ET.

TheBlock reported the exploit is at least $200 million, while blockchain sleuth Lookonchain estimates the figure is $270 million. It could be even more. At this range, the Wednesday hack is among the largest ever, according to the exploits ranking dashboard from Rekt.

Drift’s exploit is concerning for those within the crypto industry. Solana treasury firm DeFi Development Corp. allocates a portion of its balance to on-chain strategies to generate yield, including Drift, though the firm announced it had no exposure to the protocol and “was not impacted by an alleged exploit affecting the platform,” per its press release.

Drift also provides to qualified users sACRED, a derivative token of a tokenized feeder fund that is linked to Apollo Global Management Inc.’s traditional Diversified Credit Fund.

Sage D. Young

4/1/26

Google Research: Quantum computers a “serious threat” to 6.7 million bitcoin, including Satoshi’s coins

“Their fast-clock architecture could crack a private key in 9 minutes, while bitcoin blocks take 10 minutes on average. That changes the threat model entirely.”

Yaël Bizouati-Kennedy

Oof

3/31/26

Bitcoin treasury firm Nakamoto bought high and sold much, much lower as bitcoin suffers another bad quarter

Bitcoin is on track to close the first quarter of 2026 down more than 24%.

Bitcoin ETFs continue to bleed as Galaxy CEO warns bitcoin treasuries “have peaked”

More Crypto

Solana drops to price not seen since February as Drift exploit rattles sentiment

Exploit likely involved from social engineering

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