- Bitcoin holds near $77,577 as global bond yields spike on debasement fears.
- Bessent warns digital-asset-related parties could face new Iran sanctions.
- Farmmi stock surges 350% on Nasdaq, tied to a Robinhood Chain meme coin.
Bitcoin traded near $77,577, down 0.5% over the past 24 hours and down 1.3% for the week. Ethereum eased 0.2% to $2,398, down 3.7% weekly. XRP slipped 1.7% to $1.36, down 2.8% for the week, while Solana rose 0.6% to $100.22.
Total crypto market capitalization stood at $2.71 trillion, down 0.4% over the past day, with 24-hour trading volume at $74.72 billion.
Trending Searches Led by Pons and Artificial Inu
Pons topped trending searches, up 14.7%, followed by Artificial Inu, up 21.0%, and The Index, up 111.3%. Among top gainers, The Index led with a 111.3% surge, Fren Pet added 108.9%, and Akedo gained 52.9%.
Global Bond Yields Rattle Markets
Former UK Prime Minister Liz Truss said surging global government bond yields stem from “high debt and currency debasement,” singling out the UK as one of the most exposed major economies after the Bank of England’s quantitative easing program. The UK’s 10-year gilt yield has climbed to about 5.2%, with the 30-year approaching 6%. The US 10-year Treasury yield has risen back above 4.8%, pulling gold and Bitcoin down from recent highs.
JPMorgan Private Bank’s Grace Peters said a rise in the 10-year US Treasury yield toward 5% could trigger a 5% to 8% pullback in global equities, though she characterized it as a “healthy correction” rather than a structural peak, citing broad-based Q2 earnings growth across financials, industrials, and utilities.
Bessent Warns of Sanctions Tied to Digital Assets
Treasury Secretary Bessent said the US is communicating with parties supporting Iran and warned that airlines, shipping companies, and digital-asset-related entities could become targets of a new sanctions round tied to Iran and Russia, as the administration works to “remove bad actors.”
Farmmi Meme Coin Frenzy Hits Nasdaq
Nasdaq-listed Chinese agricultural supplier Farmmi saw its stock surge as much as 350% intraday, briefly touching $0.50 from $0.12, with volume exceeding 720 million shares, nearly 90 times average daily volume. The move was tied to speculative trading in JINQIAN, a Robinhood Chain meme coin paired with Farmmi’s unofficial stock token FAMI, which briefly implied a $60 million valuation, roughly 10x Farmmi’s actual market cap.
Robinhood has not issued FAMI as an official stock token, and buying it doesn’t confer Farmmi share ownership. Trader Rune separately disclosed acquiring a 37.4% stake in an unnamed Nasdaq-listed company for tokenization on Robinhood Chain, though he later said the plan’s description was AI-generated and any Farmmi connection remains unconfirmed.
Whale and Institutional Activity
An HYPE whale that unstaked 2.886 million tokens in late July completed full liquidation, transferring a final 969,000 HYPE ($79.18 million) to Coinbase Prime and FalconX, realizing a $132 million profit (+228%) after accumulating near $19.8 and exiting near $64.9.
Bhutan’s government transferred 400 BTC (about $30.62 million) out of its holdings. A Hyperliquid whale long roughly 45,000 ETH sold 1,500 ETH to shore up margin as its liquidation price closed to within $207 of spot.
Glassnode Flags Key Resistance Zone
Glassnode said Bitcoin remains range-bound after an August short squeeze pushed it briefly above $80,000 before resistance in the $83,000-$86,000 zone pulled it back to $76,000. The share of supply in profit has risen to 68% from 65% in May, while spot ETF inflows averaging $290 million daily lack the trading volume needed to sustain momentum. Glassnode flagged $62,000-$65,000 as the key downside support zone if the resistance band isn’t absorbed.
Bitcoin’s Falling Correlation With Stocks
Bloomberg’s Eric Balchunas said Bitcoin’s six-month correlation with US stocks, around 0.4, remains lower than gold, small-caps, emerging markets, and Treasuries, pushing back on the narrative that Bitcoin trades as a leveraged Nasdaq proxy. Grayscale’s Zach Pandl added that Bitcoin’s 90-day correlation with the Nasdaq 100 has fallen from above 60% to about 33%, while its correlation with gold has risen above 50%, as record US equity concentration increases the case for crypto as a diversification asset.
AI and Corporate Developments
Nvidia is reportedly in advanced talks to acquire Hugging Face in a deal worth roughly $14 billion. Anthropic’s Claude Code was cited alongside Codex among agents compatible with Zhipu AI’s newly launched GLM Coding Plan storefront on Tmall. Physical AI company Lyte closed a $165 million Series C at a $1.6 billion valuation, and CZ said “hot money” is beginning to flow back from AI into crypto.
Related: UK Bond Yields Hit Multi-Decade Highs: What Does It Mean for Bitcoin and XRP?
Related: Top 3 Price Prediction: Bitcoin (BTC), Ethereum (ETH), and XRP (XRP)
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