Craziest thing I've seen in a while: • Someone buys $4M worth of BONK • Then posts a DAO proposal asking to transfer $20M in BONK to themselves • Waits 7 days without anyone noticing • Then votes "yes" with their own BONK holdings, and the proposal passes • $20M is transferred to them
And now the Bonk team has suddenly realized they lost $20M. This wasn't even a hack. The proposal passed because no $BONK holders checked the governance forum. Insane to see the current state of DAOs.
everyone's asking why btc just ripped over 20% in a week so here's the real answer
it started with the treasury
treasury secretary bessent doubled the long dated bond buyback program from 2 billion to 4 billion per operation
that came one day after the 30 year treasury yield hit 5.34% its highest level since 2007 amid a global bond selloff tied to inflation fears the us iran conflict and total us debt crossing 40 trillion dollars the same day
markets read the buyback as a form of stealth easing
galaxy digital's alex thorn called it effectively yield curve control and said the fed is doing qe right now in practice even without saying it out loud
lower long term yields plus a weaker dollar makes scarce hard assets like btc gold and silver more attractive almost overnight
the dollar index actually fell below its 200 day moving average for the first time in over three months right after this news
that triggered a serious short squeeze somewhere between 1.5 and 3 billion in short positions got liquidated as price ripped higher in one stretch crypto saw its 7th largest liquidation event ever about 3.5 billion wiped out in 24 hours adding 280 billion in market cap in a single day
underneath all that spot btc etfs already had 1 billion in inflows in the first two weeks of august before this even happened
so this wasn't hype out of nowhere real demand was already building the treasury news just poured gasoline on it
worth knowing this isn't a clean one way story either
btc actually gave back the 70k level within hours the next day after fed minutes reintroduced rate hike risk
so treat this as a genuine macro driven move not noise but also not a guaranteed straight line from here
$BTC
VectRast
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Bullish
BTC just did something it hasn't done in years
up over 22% in a single week trading near 77,000 after briefly touching almost 79,500 before a sharp flash crash rattled things saturday
the trigger dollar weakness plus a treasury buyback tweak fueling a broader hard asset rally not just crypto specific hype
but here's the part traders are watching closely right now
btc's 4 hour rsi just hit a 7 year high
that's not a small technical footnote extreme rsi readings like this have historically preceded sharp pullbacks
some analysts are already flagging a possible retrace back toward 70k even within this uptrend
doesn't mean the rally is over just means the easy fast gains phase is probably behind us for now
parabolic moves this fast almost always cool off before they continue
managing risk here matters more than chasing the candle
$ETH sitting near 2,430 $XRP up near 1.50 $SOL up over 96 $BNB pushing 700
broad based strength across majors not just a btc specific pump
when alts move together with btc during a rally like this it usually signals real risk appetite returning across the market not just one asset getting bid up in isolation
worth watching which of these holds strength if btc does cool off from these rsi extremes
btc sitting around 63.8k this morning eth near 1,889 xrp holding steady at 1.08 sol around 73.6
market's been choppy today after yesterday's stronger rally but still holding well above the lows from a few weeks back
fed left rates unchanged this week and the latest U.S inflation data came in softer than expected
slower inflation reduces the odds of another aggressive hike which is exactly the kind of relief risk assets like crypto have been waiting for
worth remembering this is relief not certainty though
fed chair warsh is still watching the iran situation closely and if that escalates further the inflation story can flip fast just like it did with the gas price drop back in june
for now markets are reading this as room to breathe
bitmart just announced it's winding down its entire trading platform after 9 years
halted new signups deposits and orders immediately trading fully stops august 26 full shutdown by january 2027
this comes just days after bitmex the derivatives exchange also announced its own shutdown
two established exchanges gone in the same week
not a hack not an exploit just business reality catching up
worth remembering to always check withdrawal processes early if you're on any smaller exchange sanctions and source of funds checks can slow things down fast once a shutdown starts
a farm in Brazil just tokenized 10 dairy cows using ai powered smart collars
used them as digital collateral to secure 100,000 reais in financing
actual livestock now sitting on chain as collateral tracked in real time by AI
we spend all day talking about spot etfs and treasury allocations and meanwhile somewhere in Brazil a cow is now more liquid than half the alts on your watchlist
tokenized real world assets aren't some future concept anymore
markets pricing about 70% odds of a hold at the july 28 and 29 meeting
crypto ETFs already pulling back ahead of it treasury yields already climbing on inflation expectations market is clearly positioning defensively into this one
quiet reversal happening today Btc sitting around 64,354 down about 0.6% $ETH down 0.8% xrp down 1.4% $SOL down 2.2%
spot btc etfs just recorded 225 million in net outflows on thursday breaking a full week long streak that had pulled in almost 1 billion dollars in inflows
so what changed higher oil prices plus new tariff policy raised inflation expectations which pushed us treasury yields higher when yields climb institutional money gets pulled toward safer guaranteed returns and away from risk assets like crypto
Btc doesn't pay interest so higher rates directly raise its opportunity cost simple as that one analyst framed it as a healthy repricing of risk rather than the start of a new bearish cycle
worth remembering the fed meets in just two days july 28 and 29 markets are currently pricing around 70% odds they hold rates steady this pullback might just be positioning ahead of that decision not a trend reversal
yesterday everyone was celebrating the recovery today btc slipped back below 64k as stocks retreated too market cap down 1.1% to 2.28 trillion
fear and greed sitting at 27 still cautious even with the monthly improvement from extreme fear and the clarity act just took a real hit
senate majority leader thune basically confirmed the deadline to get the crypto market structure bill done before senators leave will likely be missed so the fundamental catalyst everyone's been pricing in for weeks just got pushed further out
this is the pattern this whole year two steps of optimism one step of reality check not bearish just a reminder that legislative timelines never move as fast as hopium does
quiet flip happening right now btc broke above 65k and touched 66,500 its highest level since mid june
that's up over 15% from the 58k low just three weeks ago but eth is the real story here eth is up about 25% over the same stretch trading near 1,950 actually outpacing btc's gain
when eth starts outrunning btc in percentage terms that's usually the market telling you risk appetite is coming back into altcoins not just bitcoin
spot btc etfs just posted their second straight week of positive inflows the first back to back green weeks since may standard chartered renewed their 100k year end btc target this week too
three weeks ago everyone was calling this a dead cat bounce now it's looking a lot more like the actual bottom
Vanguard just did something that would have been unthinkable a few years ago
the 12 trillion dollar asset manager known for being famously anti crypto is now finally opening the door to digital assets for its clients
vanguard has spent years actively refusing to offer spot bitcoin etfs on its platform while competitors like fidelity and blackrock built entire product lines around it
if the most conservative name in retirement investing is changing its stance that's not a small shift that's a signal the entire industry reads
A G7 government just said hold my beer to the entire crypto industry the U.K is planning to issue the first ever G7 digital sovereign bond by early 2027
built fully on blockchain infrastructure
not a stablecoin not a company experiment actual government debt
the same technology crypto twitter has been defending in comment sections for a decade just got adopted by an actual G7 government to issue debt
let that sink in for a second the tech won the argument now it's just paperwork
China's moonshot AI just dropped kimi k3 and it beat Claude and gpt on a major coding benchmark semiconductor stocks dropped on the news and crypto fell right alongside them
think about that for a second a Chinese AI model topping a coding leader board is now a market moving event for bitcoin that's how tightly wound the ai trade and crypto have become this cycle
when NVIDIA sneezes btc catches a cold and apparently now when a Chinese lab ships a good model the same thing happens not a fundamental crypto story but it's exactly the kind of thing worth watching for correlation risk