Key takeaways from our latest Eyes on the Market:

1) BTC had its best week since March 2023. BTC rose 23.6% to $77.7K and ETH 31.31% to $2.46K, while the S&P 500 fell 1.49% and the Nasdaq 2.26%.

2) The Treasury doubled long-end buybacks and markets read it as yield curve control. Operations go from $2B to at least $4B, effective September 9.

3) Volatility broke out. BTC DVOL went from a 12-month low of 33.91 on August 17 to 43.57, moving from the 6.8th percentile to the 57th. August 19 was the eighth-largest liquidation event on record at $2.99B.

4) Open interest grew but little leverage growth. Aggregate OI rose 16.5% to $137.5B on flat coin-denominated OI. The froth is in the narrative coins.

5) ETFs saw $2.6B of inflows, their best combined week since October 2025. BTC took $1.9B and ETH $692.6M, both on five straight inflow days. BTC ETFs are still net negative $2.8B for 2026.

Full post here: https://x.com/DWFLabs/status/2091873796416520582?s=20