Bitcoin Whales Sell, Ethena Expands Treasury, and Solana Gears Up

Bitcoin Whales Dump 115,000 BTC in Largest Sell-Off Since 2022

• $12.7B worth of BTC offloaded in the last 30 days
• Largest whale distribution since July 2022
• Price pressured below $108K but institutional demand offsets risks

Bitcoin whales have sold nearly 115,000 BTC, worth $12.7 billion, in the past month — the heaviest distribution since mid-2022. Analysts see this as a sign of “intense risk aversion” among large holders, temporarily pushing prices below $108K. However, institutional accumulation and ETF inflows have provided a counterbalance, softening the impact. While short-term volatility persists, Bitcoin’s longer-term trend remains strong, with only a 13% correction from its all-time high.

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Trump Family’s Net Worth Jumps $1.3B After ABTC and WLFI Debuts

• Eric Trump’s ABTC stake valued at $500M+
• WLFI tokens added $670M to family fortune
• Tokens remain volatile with steep retracements

The Trump family’s wealth surged by $1.3 billion following the trading debuts of American Bitcoin (ABTC) and World Liberty Financial (WLFI). Eric Trump’s stake in ABTC was valued at more than $500M, while WLFI added $670M. However, both assets quickly saw sharp price retracements, with ABTC falling over 50% and WLFI dropping more than 40%. Despite this volatility, the Trump family’s growing involvement in crypto has fueled both industry legitimacy and political scrutiny in Washington.

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Phishing Scams Cost Users $12M in August

• Losses up 72% from July, hitting 15,230 victims
• $3M stolen in a single largest incident
• EIP-7702 signature scams drained $5.6M

Crypto phishing attacks caused over $12 million in user losses during August, marking a sharp 72% monthly increase. Scam Sniffer reported a surge in EIP-7702 scams, which exploit Ethereum wallet functionalities, leading to millions in stolen funds. With scams targeting users through fake exchange websites and phishing messages, experts urge crypto holders to verify links, avoid sharing seed phrases, and enable 2FA. The rise underscores growing sophistication of attacks and the urgent need for stronger security practices.

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StablecoinX Expands Financing to $890M for Ethena’s ENA Treasury

• $530M PIPE raises total financing to $890M
• Holdings to exceed 3B ENA tokens
• Ethena stablecoin USDe reaches $12.6B supply

StablecoinX and TLGY expanded their financing to $890 million through a PIPE deal, reinforcing Ethena’s ENA treasury ahead of a SPAC merger and Nasdaq debut. The company will control over 3 billion ENA tokens, supporting Ethena’s ecosystem of synthetic stablecoins USDe and USDtb. Backed by major investors like Brevan Howard and Dragonfly, the funding strengthens liquidity and protocol resilience. Ethena’s USDe has grown into the world’s third-largest stablecoin in under a year, highlighting surging demand for yield-backed stablecoins.

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SOL Strategies Approved for Nasdaq Listing

• Trading to begin Sept. 9 under ticker STKE
• Ends OTCQB listing while keeping Canadian exchange presence
• Raised $500M in notes to buy SOL earlier this year

SOL Strategies, a Canadian blockchain firm, will list its shares on Nasdaq starting Sept. 9 under ticker STKE, marking its transition from OTCQB trading. The firm offers exposure to Solana through validator operations and staking, having previously raised $500M in convertible notes to buy SOL. The Nasdaq listing boosts liquidity and access to capital markets as the company scales. Meanwhile, Solana itself is preparing its “Alpenglow” upgrade, expected to reduce transaction finality and unlock Web2-level responsiveness for blockchain applications.

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Nasdaq Listing Overhaul Raises Bar for Shell Firms and Crypto Treasuries

• Minimum public float raised to $15M
• Faster delistings for non-compliance
• $25M minimum offering for China-based companies

Nasdaq’s proposed listing rule changes could reshape digital asset treasury strategies by tightening entry requirements for shell companies, a common vehicle for crypto firms. The new rules include raising the minimum public float to $15M, accelerating delistings for compliance failures, and stricter thresholds for China-based issuers. Analysts say the reforms will benefit established DAT firms by granting them trading premiums while raising barriers for smaller or newer entrants. If approved by the SEC, the rules would significantly increase the costs of using shell companies such as SPACs in crypto-related deals.

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Whales Lose Millions on WLFI’s 40% Post-Launch Crash

• WLFI down 41% despite 47M token burn
• Whale investors lost $1.6M–$2.2M each on leveraged longs
• WLFI now among top 10 most bearish tokens

Whale investors have suffered millions in losses as the Trump-linked WLFI token fell more than 40% after launch, despite a 47M token burn aimed at tightening supply. One major whale lost $1.6M after re-entering a leveraged long, while others saw losses exceeding $2M. Short sellers, however, profited from the crash. Investor sentiment has turned sharply bearish, with WLFI ranked as the ninth-most negative token by sentiment data. The sharp decline highlights the risks of hype-driven crypto launches tied to political branding.

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Looking Ahead – Important Dates (Week of September 8, 2025)

Relatively light calendar this week, while next week we have the Fed decision. Markets are pricing 90% chance of a 0.25% cut and 10% probability of a 0.25% cut. It is likely to be supportive of crypto prices, and given market consensus, decision to hold would be a major upset to the markets.