Bitcoin briefly traded above $80,000 early Monday before retreating to roughly $79,700, while Solana climbed more than 7% in 24 hours to about $101, extending a rally that pushed the token back above the $100 mark.
The move came alongside signs of increasingly aggressive positioning across the altcoin market. Blockchain analytics firm Glassnode reported that 85% of altcoins had funding rates above their own historical average, the highest share since Bitcoin last traded near record levels. Funding rates are periodic payments between long and short positions in perpetual futures markets; elevated positive rates generally indicate that traders are paying to maintain bullish leveraged bets.
Glassnode said those conditions can remain in place for weeks during sustained altcoin rallies. They can also make markets more sensitive to a rapid reversal if heavily leveraged long positions are forced to close.
Bitcoin rose 2.87% over the preceding 24 hours, while Ethereum added 1.38%, according to the market data provided. Solana’s 7.35% gain placed it among the strongest large-cap moves, ahead of XRP, which rose 0.96%, BNB, up 1.18%, and ZEC, up 1.09%. Dogecoin fell 0.59%, SUI lost 2.82%, Ethena’s ENA declined 4.66%, and the TRUMP token slipped 3.91%.
Solana leads liquid-token advance
Solana’s return above $100 was accompanied by gains in several assets associated with its trading and application ecosystem. Raydium’s RAY rose 8%, while the Solana-based token SOL recorded gains of about 7% on lists of the day’s best-performing liquid assets.
Outside the largest tokens, ARG rose 28.42%, Casper’s CSPR gained 14.79%, and VELODROME advanced 9.75%. VIRTUAL and VINE were also among the stronger 24-hour performers, rising 9.44% and 8.97%, respectively.
Meme-token activity remained fragmented across several chains. On-chain trend data identified CVXV666 on Solana and Basecat on Base among the most actively followed tokens, while MARTIANS appeared on Robinhood Chain. Sue and BNBCAT were listed on BNB Smart Chain.
Such moves are often driven by shallow liquidity and fast-changing social attention rather than developments comparable to those affecting Bitcoin or the largest smart-contract networks. The broader pattern nevertheless shows capital rotating beyond the two largest cryptocurrencies as Bitcoin holds near a major round-number threshold.
Ethereum sale adds supply during recovery
A wallet linked by on-chain monitors to Wang, co-founder of mining pool F2Pool, sold 6,609 ETH valued at about $16.63 million roughly 10 hours before the data was reported.
The address has sold 23,378 ETH worth approximately $55.06 million since the current market upswing began, according to the monitoring data. Its average sale price was about $2,355 per ETH.
The transactions represent activity from one identified wallet rather than a measure of Ethereum-wide demand. Yet they add visible spot supply during a period when perpetual-futures positioning has been rising across the altcoin market. Ethereum traded higher over the day despite the reported sale, suggesting that buyers absorbed the disclosed transactions in the near term.
Stablecoin rules move toward larger payments in Japan
Japan’s Financial Services Agency is preparing measures that would loosen rules for stablecoins issued by trust banks, including the removal of document-submission procedures, according to the proposal described in the supplied material.
The changes would permit single stablecoin payments above 1 million yen and are aimed at large-value transactions such as automobile and real-estate purchases. The measures are expected to be included in upcoming tax reform requests.
Japan has taken a more structured approach than many jurisdictions toward stablecoin issuance, with rules centered on regulated issuers such as banks, trust companies and licensed money-transfer businesses. Allowing larger transfers would give compliant yen-linked stablecoins a clearer route into commercial settlement, where the existing 1 million yen limit restricted their use for high-value purchases.
China, meanwhile, has opened a public consultation on revisions to its outbound investment rules. China’s National Development and Reform Commission said the consultation runs from Aug. 21 through Sept. 20, 2026. The draft would expand coverage to individual residents and require approval documents or filing notices before outbound investments are carried out. Provincial authorities would handle filings based on an individual’s registered residence or regular place of living.
The proposal concerns outbound investment rather than a cryptocurrency-specific rule, but it could affect the channels through which Chinese residents move capital into overseas assets.
Political and product developments reshape market access
Stand With Crypto, the U.S. advocacy organization associated with Coinbase, said it has endorsed 32 House candidates from both major parties, including Tom Emmer, Bill Huizenga, Ritchie Torres and Josh Gottheimer. The organization plans to release Senate endorsements closer to the midterm elections.
The announcement arrives before the Senate’s expected return next month, when lawmakers are expected to hold an initial vote on the CLARITY Act. The bill would define a division of digital-asset oversight responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Elsewhere, Phantom and Sui said Phantom will end support for Sui on Sept. 24. Users can migrate to another Sui-compatible wallet or exchange Sui assets for tokens supported by Phantom before the deadline. The companies said the listed swaps would carry no fee.
EntropyIO also said it raised $14 million in a round led by Ribbit Capital and received $40 million in HYPE staking support. The company said it has launched initial markets on Hyperliquid, including a liquid trading market tied to Anthropic, and plans to expand into pre-IPO companies, computing resources, listed equities and global indexes. The plan reflects growing efforts to package exposure to private companies and non-crypto assets into continuously traded on-chain markets, though the liquidity and structure of those products will determine whether they develop beyond specialist trading venues.
BTC just breached $80K and altcoins are heating up—dive deeper into the outlook in this analysis now.
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