Bitcoin Near $78K as Strategy Restarts Bitcoin Accumulation

Oil prices surged Monday as renewed U.S.-Iran military action raised fresh concerns about crude supply disruptions. President Donald Trump also described the latest developments as another victory, adding to an already uncertain market backdrop.

Traders Increase Fed Rate-Hike Expectations

Treasury Secretary Scott Bessent and Federal Reserve Chair Kevin Warsh traveled together to the G20 gathering in Asheville, North Carolina, over the weekend, potentially signaling closer alignment on the economic outlook.

The Treasury has spent the past two weeks attempting to push longer-term interest rates lower through public remarks. Warsh, meanwhile, emphasized Friday that inflation remains too high and that the Fed still has work to do. His comments prompted yields to move higher across the Treasury curve.

The 30-year Treasury yield rose 5.2 basis points Monday to 5.26%, while the 10-year yield increased 4.1 basis points to 4.763%, its highest level in three years.

Expectations for a September rate move also climbed. CME FedWatch data showed a 64% probability of a Fed rate hike at the September meeting, compared with 57% on Friday and roughly 40% before Warsh’s Jackson Hole remarks.

By December 2026, traders were pricing in about a 90% chance of at least one rate increase, while the probability of cumulative hikes totaling 75 basis points was near 10%.

Iran Escalation Lifts Oil Prices

Crude markets rallied after overnight attacks involving Iran. Trump said Monday that Iran was an “officially failed nation,” pointing to its military strength, economy and political leadership.

Brent crude gained 5.9% to $91.18 a barrel, while WTI advanced 3.7% to $86.47. Front-month WTI futures were more than 3% higher at roughly $86.63.

Concerns over potential disruptions to tanker traffic through the Strait of Hormuz provided additional support for crude prices.

Bitcoin’s reaction was comparatively limited, with BTC trading around $78,400 and up roughly 1% from midnight levels.

Strategy Resumes Bitcoin Accumulation

Strategy returned to the bitcoin market after its last purchase in late June. The company acquired 4,603 BTC for $369.7 million, paying an average of $80,318 per coin.

The purchase was financed through $602.8 million in common-stock sales. Strategy also allocated $151.8 million toward buying back STRC preferred shares, with part of the remaining proceeds added to its cash reserves.

The latest acquisition lifted Strategy’s total bitcoin holdings to 845,050 BTC. The company has spent approximately $63.73 billion on its bitcoin position, giving it an average acquisition price of $75,412 per BTC.

MSTR shares gained 1.65% in premarket trading as bitcoin remained near $78,400.

Ether Posts a Golden Cross

Ether has formed a golden cross on its daily chart, a technical signal frequently interpreted as evidence of strengthening long-term momentum.

The pattern occurs when the 50-day simple moving average crosses above the 200-day average. Although it can signal a potential bullish trend, the formation alone does not guarantee additional gains.

BUIDL Returns to No. 1

BlackRock’s BUIDL has reclaimed the largest share of the tokenized U.S. Treasury market, with around $2.8 billion in assets, according to Token Terminal. Circle’s USYC holds a similar amount, leaving the two funds effectively level after rounding.

Tokenized Treasury funds hold short-duration U.S. government debt while issuing blockchain-based tokens linked to the underlying assets. This gives crypto companies a way to maintain yield-generating exposure without leaving the blockchain. Securitize provides tokenization and transfer-agent services for BUIDL.

BUIDL topped $3 billion in early 2025 before losing more than $1 billion. It subsequently recovered, dropped toward $1.5 billion around mid-2026 and then climbed again through August.

USYC followed a more consistent growth path and moved ahead of BUIDL earlier in 2026.

The broader tokenized Treasury market has grown more than 15,000% since 2024 and remains around $15 billion despite the recent crypto sell-off. Ondo’s USDY and Franklin Templeton’s iBENJI have approximately $2.1 billion and $1.7 billion, respectively.

Yen Weakness Keeps Pressure on Risk Assets

Bessent said recent movements in the yen were contained and did not justify another coordinated intervention from the U.S. and Japan.

He had warned Friday that disorderly yen trading could contribute to higher U.S. interest rates.

The yen is widely used as a funding currency for positions in U.S. equities and Treasury securities. Significant volatility could therefore push bond yields higher and tighten financial conditions, potentially weighing on bitcoin.

BTC traded just below $78,000 during Asian hours Monday, down less than 1% over 24 hours while remaining around 1% higher for the week.

Solana and Dogecoin fell about 3% each, while Hyperliquid and XRP also declined. Ether, BNB, Zcash and Tron remained within roughly 2% of flat.

Solana was still up around 8% over the week, while Dogecoin was down about 10%.

The yen moved above 160 per dollar in Tokyo, a level closely watched for potential intervention. Some strategists see 161 as an initial threshold, followed by the 162-163 range.

The dollar’s advance Friday reflected expectations for tighter U.S. monetary policy after Warsh’s Jackson Hole remarks. The resulting shift in rate expectations had previously contributed to institutional bitcoin ETF outflows in May and June.

As August’s final trading session comes to a close, investors will focus on the month’s bitcoin ETF flows to determine whether the recent eight-day inflow streak survived the renewed expectations for higher interest rates.