Fractal: Scale Bitcoin + Boost Miner Revenue.

Is Bitcoin’s most active scaling solution already here?

Fractal’s rapid hashrate growth and transaction growth suggest it might be.

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🔸 ~80%+ of Bitcoin’s hashrate via merged mining

🔸 11 M+ daily transactions (comparable to Solana & Base)

Powered by Cadence Mining, a novel hybrid block production model, and seamless onboarding via UniSat, Fractal is emerging as Bitcoin’s most used innovation layer.

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Bitcoin Rips on Powell’s Jackson Hole speech

Bitcoin soared from $111,700 to $115,951 on a dovish Fed speech this morning. Previously, crypto markets were on edge ahead of Jerome Powell’s Jackson Hole appearance, with traders weighing 75% odds of a September rate cut and Bitcoin down -10%.  - link

OUR TAKE: Aren’t you glad you didn’t hit the panic button? The Bitcoin drop to ~$112,000 was just a sign of pre-Jackson Hole Jitters.

10% weekly moves are commonplace for Bitcoin, and it’s not unexpected to see this kind of price action happen organically even without a FED meeting looming.

It’s no secret that Bitcoin is highly correlated with traditional markets. BTC is usually the first thing to move whenever global events occur (remember the Israel-Iran missile strikes?). It’s just a question of which direction. This time it was up.

Rate cuts are good for Bitcoin & other risk assets. Cooler inflation & lower unemployment mean the FED decides it’s time to be dovish.

This new FED-dependent paradigm is a double edged sword for Bitcoiners – we’ve spent the past 5 years hammering home bitcoin’s “uncorrelated asset” qualities and here we are looking at bitcoin as one of the most correlated short term risk assets.

As always, remember to zoom out.

-CBS

Kanye West launches memecoin

Controversial rapper and producer Kanye West launched a memecoin this week. The eponymous memecoin, Yeezy Money (YZY), takes its name from Kanye’s preferred sobriquet and trades on Solana. At the time of writing, YZY is down 60% since launch. — link

OUR TAKE: It was bound to happen, even though West himself swore he would never do it. 

To be honest, I’m surprised it took this long. One of the most prolific and popular rap artists of his age – since disgraced for his (what’s the polite way to put it?) troubling pivot to black Nazism – seems like candidate zero for a memecoin. 

So what’s the point of Yeezy Money? “YZY Money is a concept to put you in control, free from centralized authority,” apparently, according to the coin’s website.

Yeah, sure, but everyone knows it’s really about the money, honey. 

I mean, if you’re going to grift, Ye, at least do it with some chutzpah. Do it like The Donald with the TRUMP and MELANIA memecoins – as an unabashed, zero pretense, happy, in-your-lane, flourishing, brazen cash grab. 

After all, Kanye himself reportedly holds 70% of the token supply, and a professional memecoin huckster merchant that launched YZY was openly bragging on Instagram about dumping his share on the market. 

Everyone knows what’s going on here, so there’s not much more to add (as Solomon wrote in Ecclesiastes, “There’s nothing new under the sun”).

But if I were looking for top signals for the current bull market, this would certainly make the list. 

-CMH

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Bitcoin Hashrate nears 1 zetahash milestone 

Bitcoin’s network hashrate is on the verge of hitting 1 zettahash per second (ZH/s), having hit 973 EH/s on the 7-day average earlier this week. 1 zettahash equals one sextillion hashes every second (21 zeroes)  - link

Bitcoin transaction fees near all-time low

A Galaxy Digital report by Will Owens shows that Bitcoin’s on-chain fee market has all but died, with median daily fees down over 80% since April 2024 and nearly 15% of blocks now below 1 sat/vbyte (the minimum for Bitcoin Core). - link

KindlyMD acquires 5,744 BTC in its first Nakamoto bitcoin treasury purchase since merger

KindlyMD (NASDAQ: NAKA) acquired 5,743.91 BTC through its subsidiary Nakamoto Holdings, marking its first purchase since completing the merger that created its bitcoin treasury vehicle. The transaction raises the company’s total holdings to 5,764.91 BTC. – link

Strategy updates its MSTR 2.5x mNAV guidance after two weeks

In Strategy’s (MSTR) announcement of weekly bitcoin purchases on Monday, the company stated that it had updated its MSTR equity at-the-market offering guidance established during the Q2 earnings call on July 31. – link