Cryptoccino — Tuesday 25 August 2026

Ether outperforms bitcoin with a golden cross in view. ETH has been the stronger performer across the recovery week and its daily chart has printed a golden cross, a signal that has historically preceded extended uptrends. Bitmine’s continued accumulation, now above 4.8% of circulating supply, is structurally reducing float. coindesk

Zcash prints an eight-year high as futures open interest nearly doubles. ZEC broke above $880 while perpetual futures open interest climbed to $1.8 billion, suggesting leveraged conviction rather than quiet spot accumulation. Privacy-coin demand often spikes during geopolitical stress cycles; the Iran sanctions backdrop is plausibly a factor. decrypt

Hyperliquid token hits an all-time high ahead of a $1.2 billion unlock. HYPE is trading at record levels even as its largest remaining supply release approaches, a setup where the float expansion could absorb or overwhelm current momentum. The Hyperliquid Policy Center separately filed with the SEC and CFTC this week arguing for harmonised rules on perpetual contracts. decrypt theblock

Bitwise’s Solana staking ETF approaches $1 billion in cumulative inflows. The product is among the fastest ETF ramp-ups in the current cycle, driven by the yield component that pure-exposure funds cannot offer. It adds pressure on issuers still waiting for staking-enabled approvals in other jurisdictions. cryptobriefing

Coinbase launches tokenised equities on Base, positioning for 24/7 stock trading. The tokens are backed by shares held at regulated custodian Alpaca and can be deployed in DeFi applications on Base from day one. It joins a growing field: Bloomberg’s $500 billion on-chain markets feature ran the same week, underlining that this is becoming a competitive race rather than an experiment. coindesk decrypt

Strategy raises $2 billion via MSTR share sales and parks it in a new USD cash pool. The firm has not bought bitcoin since June and now holds a $1.6 billion liquidity reserve it says may eventually fund further purchases. Total BTC holdings represent roughly 4% of the hard-capped supply, worth around $66 billion at current prices. coindesk theblock decrypt

Solana governance proposal would burn up to $800,000 of SOL daily and throttle new token issuance. If passed, the mechanism would represent a meaningful shift in Solana’s token economics, reducing inflationary pressure while also slowing the memecoin factory that has driven much of recent fee revenue. The vote is live and contested. coindesk

Standard Chartered becomes the first bank to distribute a Hong Kong dollar stablecoin. The product is AnchorPoint’s HKD-pegged token, making StanChart the distribution layer for what could become a template for regulated bank-issued or bank-distributed stablecoins in Asia. The timing aligns with Hong Kong’s push to cement its position as the region’s primary digital-asset hub. coindesk

Term Finance drained of $8.5 million via governance token purchase. An attacker bought sufficient voting power to push through a malicious proposal and extract funds from the Ethereum lending protocol. The incident is a reminder that governance attack surfaces scale directly with token liquidity, and that low-participation votes are structurally exploitable. coindesk

US sanctions package targets crypto addresses tied to Iran’s Mabna Institute. TRM Labs found the group moved $16.8 million through tracked crypto addresses since 2018; the Treasury’s broader ‘economic D-Day’ package also hit aviation, shipping, and gold channels. The crypto-specific designations extend OFAC’s on-chain enforcement reach and will push exchanges to update screening lists immediately. theblock cryptobriefing

Stand With Crypto backs 32 House candidates in its midterm push. The advocacy group is deploying its Coinbase-linked political infrastructure ahead of the midterms, targeting races where crypto policy positions are considered winnable differentiators. It is the clearest signal yet that the industry intends to convert last cycle’s momentum into durable legislative influence. theblock coindesk

CFTC and a US soldier are at odds over prediction market rules in the Polymarket case. A judge stayed the regulator’s civil action against a soldier accused of trading on non-public information via Polymarket, but the CFTC is now seeking to intervene in the parallel criminal case. The dispute is forcing courts to define whether prediction market contracts are regulated instruments, a question with wide implications for the sector. cointelegraph_regulation

Pakistan sets a 5 September deadline for crypto firms to register or shut down. Any virtual asset service provider that has served Pakistani users since March must submit a no-objection certificate application by the deadline, then follow up with local incorporation. The move formalises a licensing regime that had been telegraphed for months and brings Pakistan into line with the broader regional push for regulated frameworks. coindesk cointelegraph_regulation decrypt

Illinois crypto tax faces a second legal challenge from advocacy groups. Two digital asset organisations filed suit against the state’s 0.2% tax on constitutional and due process grounds, following a similar challenge by the Digital Chamber in July. The coordinated legal pressure suggests the industry is treating state-level transaction taxes as a fight worth pursuing to the courts. cointelegraph_regulation

What else is grinding?

• Bernstein initiated coverage of Circle with a 59% upside target, arguing USDC growth can continue regardless of whether the Clarity Act passes. theblock
• Stablecoin neobank Fasset reached a $1 billion valuation after closing a $68 million Series C led by SBI Group, focused on cross-border stablecoin payments across emerging markets. theblock coindesk
• Germany now leads the EU on MiCA authorisations with 79 licensed crypto asset service providers after six more banks were added to the register this week. cointelegraph_regulation
• Gemini struck a deal with Apex to handle execution and clearing for crypto prediction market contracts offered through Apex’s brokerage network. theblock coindesk
• Binance US added Apple Pay and Google Pay as deposit rails, covering purchases across more than 190 digital assets without waiting on ACH settlement. cryptobriefing
• Zondacrypto’s CEO is reportedly seeking leniency in exchange for testimony about the exchange’s political connections, as estimated customer losses from the case reach $650 million. cointelegraph_regulation

Last sip. Warsh speaks at Jackson Hole this week, and nobody’s quite sure whether the Fed chair who got the job by being hawkish will give the market the pivot it has already priced in.