In partnership with

Was this newsletter forwarded to you? Sign up here

🏛️📈 Strategy nears S&P 500, what it could mean for BTC?

Hello there you embodiment of curiosity;

Welcome to today's edition of Osiris News, and happy Labor Day to those stateside. Crypto didn’t take the day off. The emotional weather is crisp and a little mean: Bitcoin is sulking near $109,000 after a 15% pullback from August’s highs; gold is strutting toward records; Ethereum keeps catching real bids while everyone argues about seasonality. You can feel the tension—less euphoria, more inventory. The market is counting chips, checking exits, listening for the first cough from macro. September has a reputation, and Bitcoin knows it.

The first fact to hold in your head: U.S. spot Bitcoin ETFs just put up their second-worst month on record, with $751 million in August outflows. That’s not the end of the world, but it’s a turn in the current. The second fact: corporate balance sheets and public companies are buying coins almost four times faster than miners produce them each day. Those two grooves cross like tire tracks in wet sand. One is impatient, the other is not. Over time, patient money usually wins.

🔍 Quick Overview

• Bitcoin's Crossroads: While spot ETFs saw outflows, corporate giants are scooping up Bitcoin four times faster than it's mined, with Strategy eyeing the S&P 500—a market tug-of-war.

• Ethereum's Ascent: ETH ETFs are pulling in billions, with a major Bitcoin whale even jumping ship, signaling Wall Street’s growing conviction that Ethereum is the new black.

• AI's Double-Edged Sword: AI agents are cutting thousands of jobs at Salesforce, even as OpenAI plans a massive 1-gigawatt data center, proving it's both a cost-saver and a colossal investment.

• Memecoin Mayhem: The memecoin market remains a rollercoaster, with Pump.fun's aggressive buybacks battling a $5.5 billion lawsuit—a true high-wire act for digital daredevils.

• Trump Token's Turbulence: The Trump-backed WLFI token launched with a bang and a $7.6 billion market cap, but political scrutiny and bearish prediction markets suggest its ride could be bumpier than a campaign trail.

Trending News

🌐🔍 Bitcoin ETFs See $751M Outflow as Ether ETFs Gain $3.9B

Bitcoin spot ETFs recorded $751 M in August outflows, signaling a shift in institutional capital. In contrast, Ethereum ETFs attracted $3.9 B during the same period, reflecting growing investor optimism for ETH. This divergence suggests a rebalancing of crypto investment strategies, with capital rotating towards Ethereum's perceived growth potential.

💰🚀 Dormant Bitcoin Whale Shifts $4B to Ethereum

A Bitcoin whale, dormant for seven years, moved over $5 B in Bitcoin and subsequently purchased nearly $4 B worth of Ethereum. This significant capital reallocation coincides with broader market trends of Bitcoin ETF outflows and Ethereum ETF inflows. The whale's move underscores a strong conviction in Ethereum's immediate growth catalysts among large institutional players.

🏛️🚀 Hundreds of Crypto ETFs Expected to Launch This Fall

Analysts anticipate a flood of new crypto ETFs this fall, with over 90 applications pending SEC review, following the success of Bitcoin and Ethereum funds. Investor demand will ultimately determine which of these new products, including those for Solana and XRP, will thrive. This influx could significantly broaden access to digital assets for traditional investors, intensifying competition among asset managers.

💰🚀 Metaplanet Expands Bitcoin Treasury to 20,000 BTC

Japanese firm Metaplanet acquired an additional 1,009 Bitcoin for $112 M, bringing its total holdings to 20,000 BTC and aiming for 30,000 BTC. The company plans to raise $880 M through a share offering to fund further Bitcoin acquisitions. This aggressive accumulation strategy highlights growing corporate conviction in Bitcoin's long-term value, potentially influencing other public companies.

This tiny pause brought to you by “please let this help pay the bills” 👀

Beyond the Noise

Bitcoin’s short-term ache sits on top of a long-term squeeze. Price tested the $107,270 to $109,000 band into the holiday, and September’s record, down eight of the past twelve, has people whispering about sub-$100,000. If we dip, expect forced selling and liquidations. What’s different is the plumbing: exchange reserves sit at multi-year lows, and the biggest buyers are soaking supply through OTC pipes. Strategy (the company once called MicroStrategy) now holds more than 632,000 BTC, just under 3% of circulating supply. It has met every S&P 500 criterion, with a committee decision due by September 5. If admitted, passive indexers get pulled into a Bitcoin-levered equity, like it or not.

Gold, not Bitcoin, is wearing the “digital gold” crown this week. With July core PCE at 2.9% and headline at 2.6%, the market is squinting at labor data and the next producer price prints to handicap Fed cuts. In that mood, traders chose the dull, heavy thing over the young, spicy one. If policy risk drives the tape, the less volatile haven wins. That can flip quickly if the path to easing steadies. For now, tidy your risk and remember that fundamentals do not care about pride.

Ethereum is having a different month. Spot ETH ETFs took in $3.87 billion in August, the second-best ever, pushing total inflows to $13.5 billion and AUM to $28.6 billion. ETH finished August up 18.8% while BTC slipped. That is not old-school “alt season,” it is allocators steering fresh dollars where they bite hardest. On chain, August volume topped roughly $320 billion, and corporate ETH treasuries >$12 billion alongside ETF demand. One $11 billion Bitcoin whale rotated $4 billion into ETH, nudging broader accumulation. The Ethereum Foundation’s proposed Interoperability Layer (EIL) aims to make the L2 archipelago feel like one chain again, fewer UX potholes and fewer bridge rituals. If it lands, it removes the bear case’s favorite crutch, fragmentation fatigue.

Treasury desks are rewriting the playbook. Strategy’s potential S&P entry would codify BTC exposure inside the broadest US equity benchmark. Metaplanet added 1,009 BTC, crossing 20,000 with a year-end target of 30,000 and plans to raise $880 million. An Arizona real-estate name ripped after adopting a LINK-based treasury strategy. El Salvador split national holdings across 14 addresses, boring but healthy hygiene. Microstructure note: big buyers route through OTC to avoid moving the tape, yet the cumulative effect tightens float and makes upside surprises brittle.

The carnival never leaves town. In memecoins, leaders bounced while others sagged, and FARTCOIN reminded everyone that gravity wins. Pump.fun still dominates Solana launches with about 73% share and roughly $4.5 billion weekly volume. It has funneled $62.6 million of platform revenue into buybacks for PUMP, steadying price and lifting its cap back above $1 billion. Fans call it savvy market-making; critics say lipstick on a roulette wheel. A $5.5 billion lawsuit over “casino-like” practices will test which story holds up.

Politics just moved to top of book. The Trump-backed World Liberty Financial (WLFI) token launched above a $7 billion market cap with a sky-high FDV. Presale wallets rushed to Binance and early backers printed paper gains while prediction markets leaned red for the first 69 hours. At the same time, Democratic lawmakers opened an inquiry into the president’s digital-asset ties. Whether WLFI is a real payments play or a heat-seeking headline almost misses the point. Tokens now ship with congressional letters attached, and that changes liquidity.

Regulation tightens edges and opens lanes elsewhere. Galaxy research suggests maybe a dozen of the top 100 assets, excluding BTC and ETH, fit the SEC’s fast-track ETF criteria. Translation: most tokens are not getting wrappers soon. The SEC still faces a backlog of 91 crypto ETF filings. Nike and StockX settled their NFT trademark fight, so every “digital twin” brainstorm needs counsel in the room. Hong Kong is prepping a local stablecoin regime, Bank of China (HK) sniffed opportunity, and licensed exchange OSL posted a 58% revenue jump. In India, a court issued 14 life sentences for a Bitcoin extortion ring. Compliance is a toll, not a moat, pay it and pass.

Security had its subplot. A Russian state unit, APT29, compromised legit sites and mimicked device-code flows to phish Microsoft credentials. Amazon isolated affected EC2 instances, Cloudflare helped burn the attacker’s domains, and Microsoft flagged downstream users. State actors are patient, and cloud providers are the new neighborhood watch. If your protocol or treasury policy assumes “we will spot the weird stuff,” assume harder.

And because it is Labor Day, a cultural note. Washington placed the holiday in September to avoid May Day’s baggage. Crypto’s spirit is not revolution by decree, it is exit by design. When voice stalls, exit disciplines. Forks happen, liquidity moves, users walk. Open source has no moat, only momentum. That truth annoys incumbents and protects participants, which is why this space keeps iterating even when prices sag and patience thins.

This Caught My Eye:

Here’s a breakdown of the chart:

• September’s reputation precedes it: Bitcoin has historically averaged a -3.77% return in September, the weakest month across the board, making traders extra cautious as the month begins.

• But Q4 is the sweet spot: October and November historically deliver +21.89% and +46.02% average gains, meaning September could serve as a last accumulation window before Bitcoin’s strongest seasonal rally phase kicks in.
  

Looking Ahead

The market is caught in a powerful crosscurrent. The immediate story is one of seasonal weakness, ETF outflows, and macroeconomic uncertainty. The longer story is one of relentless corporate accumulation and the steady integration of these assets into the core of the financial system. The S&P 500 committee’s decision on Strategy looms as the week’s biggest catalyst. Will the structural demand from the world’s largest index overwhelm the short-term bearish sentiment?

This divergence raises fundamental questions. We are watching Bitcoin’s narrative as a safe-haven asset get tested in real-time, especially as gold surges to new highs. We are seeing a powerful flow of institutional capital crown Ethereum as its preferred growth engine, at least for now. The old playbooks, the ones based on four-year halving cycles, feel increasingly outdated. The market is being reshaped not by retail hype, but by the deliberate, long-term decisions of corporate treasurers and the foundational work of developers. The lines are blurring, and we are all watching to see what new picture emerges.

Until tomorrow,
- Dr.P