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What fueled the rally in Bitcoin and crypto stocks?

Bitcoin’s move back above $80,000 showed that the recovery in crypto markets is increasingly tracking traditional capital markets. The U.S. Treasury Department’s plan to double some long-dated bond buybacks helped lower bond yields and support risk appetite, and that backdrop also sparked buying in crypto stocks.

Throughout the week, miners and digital asset treasury companies posted double-digit gains. Canaan, MARA Holdings and Strive were among the strongest performers, while Coinbase and Robinhood also advanced. According to CoinMarketCap data, Bitcoin’s weekly gain exceeded 23%, while Ether rose by about 30% to above $2,500.

Optimism was also fueled by expectations of crypto regulation in the U.S. President Donald Trump renewed his call for Congress to pass the CLARITY Act, but the bill remained stuck after lawmakers failed to make progress before the August recess.

  • Bitcoin rose more than 23% on the week.
  • Ether gained about 30% and moved above the $2,500 mark.
  • Mining stocks led the rally among crypto-linked shares.

What balance-sheet risks stand out for Circle and Strategy?

USDC growth gave Circle shares a boost

Bernstein analysts kept a positive view on Circle. In a research note, the firm said USDC supply rose by about $2 billion over seven days, ending a six-month stretch of stagnation or decline. Bernstein maintained its “Outperform” rating on Circle and set a $140 price target, implying about 60% upside.

Circle shares have risen roughly 40% over the past month. Analysts said the next growth phase could be supported by stronger momentum in crypto markets, clearer U.S. regulation, tokenized capital markets and broader payment adoption. USDC’s share of adjusted transaction volume was around 40% in 2025, but so far in 2026 it has climbed above 60%, surpassing Tether’s USDt on that measure.

For Strategy, the main issue is access to capital markets

A Regime Intelligence report said the key vulnerability for Strategy is not a sharp drop in Bitcoin, but a deterioration in access to capital markets. The report noted that the company’s 840,447 BTC holdings support $22 billion in debt and preferred claims, and that there is no Bitcoin-price-linked margin call.

Even so, Strategy faces annual obligations of $1.76 billion. Its cash reserves are 2.6 times that amount, but a prolonged period of Bitcoin weakness combined with a falling share price could make it harder to raise new capital. In that scenario, the company could be forced to use reserves or sell Bitcoin. Strategy sold BTC four times since May, but it also bought 25 times that amount during the same period and is said to plan a return to buying.

How did Solana data reflect market appetite?

Solana set a record in July with 4.2 billion on-chain transactions. The figure came just before SOL’s price rose 40% and pushed above $100 for the first time since February. Transaction volume increased 13.5% from June and 91% from December.

According to RWA.xyz data, the value of tokenized real-world assets on Solana also reached about $4 billion, up 11.8% in the past month. Across all tracked networks, distributed real-world assets topped $38 billion, while the U.S. Treasury’s plan for long-dated bond buybacks of at least $4 billion per auction was one of the key macro developments boosting risk appetite across crypto markets.

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