Overnight Developments
Bitcoin tops $79,000 as another $1B of shorts gets wiped out — CoinDesk
Bitcoin ran to $79,241 overnight — its highest since June — before easing back to roughly $77,650, up 6.3% from Thursday’s close and about 20% on the week. The move is mechanical as much as fundamental: short liquidations hit roughly $3 billion over 24 hours against just $264 million on the long side, the largest short-liquidation event since at least 2021 per CoinGlass. Spot ETF inflows accelerated for a second day.
Affected sectors: Crypto, Fintech, Risk assets
Treasury buyback expansion revives the dollar-debasement trade — Crypto Briefing
The proximate catalyst is the August 19 Treasury decision to at least double liquidity-support buybacks of 10- to 30-year paper, from $2 billion to $4 billion minimum per operation. That came a day after the 30-year yield touched its highest level since 2007. The buyback pulled long yields back, and the “debasement” bid has broadened well beyond crypto: gold +2.9%, silver +2.2%, and copper +2.0% overnight, with the dollar index down 0.26%.
Affected sectors: Precious metals, Miners, Crypto, Rate-sensitives
Futures & Pre-Market
| Index | Futures | Change |
|---|---|---|
| S&P 500 | 7,687.25 | +0.32% |
| NASDAQ | 29,477.25 | +0.60% |
| DOW | 53,025.00 | +0.33% |
Equity futures are repairing part of Thursday’s rates-led selloff, with NASDAQ leading. But bonds are not confirming the bounce — the 10-year sits at 4.70% and the 30-year at 5.24%. VIX is 15.70, down about 2%.
| Asset | Level | Change |
|---|---|---|
| Gold | 4,647.60 | +2.91% |
| Silver | 69.53 | +2.20% |
| Copper | 6.586 | +1.95% |
| WTI Crude | 86.97 | -0.98% |
| Dollar Index | 98.66 | -0.26% |
| Bitcoin | ~77,650 | +6.3% |
Watchlist Movers
No watchlist name has printed meaningful pre-market volume yet, so there are no verified pre-market moves to report. The setup worth carrying into the open comes from Thursday’s session, where the crypto-levered names went one way and the rest of the tape went the other:
- MSTR closed +7.8% at $112.39 — up 21% over two sessions on the Bitcoin move
- CRCL closed +6.45% at $83.66
- TEM closed +8.82% at $66.65 — the day’s best watchlist performer
- Against that, NNE -4.8%, RKLB -3.8%, OKLO -3.0%, SOFI -2.7%, COST -2.5% and AMZN -2.2% all fell as yields bit
With Bitcoin up another 6% overnight, MSTR and CRCL are the two watchlist names most likely to gap at the open.
International Markets
Asia was mixed with a strong Hong Kong session: Hang Seng +1.21%, Nikkei -0.30%, Shanghai flat. Europe is barely moving — FTSE +0.06%, DAX +0.13% — leaving the US session to set the tone.
What to Watch at Open
The debasement trade is the whole story this morning: gold, silver and Bitcoin all bid together while the dollar slips, which is a very different signal than a normal risk-on bounce. Watch whether the NASDAQ’s +0.6% futures gain holds with the 10-year still at 4.70% — if long yields resume climbing, Thursday’s rates-led selling picks right back up and this bounce fails.
This alert is for informational purposes only and does not constitute financial advice.