Bitcoin rally: BTC jumped ~25% toward $80K after the U.S. Treasury doubled long-dated bond buybacks, easing 30-year yields and triggering a massive short squeeze; spot Bitcoin ETFs logged their biggest weekly inflows since January, while crypto liquidations spiked again as leverage cut both ways. Derivatives risk: A modest pullback still wiped out hundreds of millions in forced liquidations, and open interest swings helped drive another liquidation wave—another reminder that crowded positioning can unwind fast. Regulation showdown: The CLARITY Act remains the big U.S. catalyst for crypto rules, with a mid-September Senate vote looming and ethics fights over token issuance still unresolved; meanwhile the SEC’s “Regulation Crypto Assets” proposal is pushing a parallel path. Exchange business model shift: Major exchanges are leaning more into non-trading revenue like stablecoin rewards and prediction markets, as trading revenue softens and competition shifts toward fees and user growth. Stablecoin use case: Pakistan is exploring regulated stablecoins for remittances, aiming to cut costs and save about $400M a year, as it opens licensing for virtual asset service providers. Altcoin watch: XRP’s rebound is being fueled largely by the broader BTC-driven squeeze, while SAND faced supply concerns after a suspected minting incident. AI trading: Binance launched Agent OS to let AI agents trade with user-set controls, but liability and safeguards remain a key question.