Your day-ahead look for Aug. 13, 2026
By Omkar Godbole|Edited by Sheldon RebackUpdated 10 min agoPublished 25 min ago3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on (Brian A Jackson/Shutterstock)SummaryShowThis is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
The concentration of risk in cryptocurrency is becoming increasingly evident.
The two largest publicly traded firms holding bitcoin treasuries are facing substantial unrealized losses that could match the market caps of significant cryptocurrencies with established applications.
On Thursday morning, Tokyo-listed Metaplanet (3350) disclosed a staggering paper loss of $1.5 billion on its 43,000 BTC holdings as of the end of June. In the previous month, Strategy (MSTR), recognized as the largest public digital asset treasury firm, reported a similar paper loss amounting to $8.2 billion. Together, these losses exceed $9 billion.
To illustrate the magnitude of these losses: If they were converted into a digital asset, this hypothetical “Loss Token” would rank as the 11th largest cryptocurrency by market capitalization, just behind dogecoin DOGE$0.06997 and significantly ahead of privacy coins like ZEC and DeFi tokens such as AAVE.
This scenario highlights the heavy financialization of bitcoin and the risks associated with relying on a single asset.
Moreover, many digital asset treasury firms have increasingly opted for debt financing to acquire BTC, raising concerns about their financial strategies. This approach parallels governments that borrow extensively for investments yielding inadequate returns, leading to high levels of debt compared to income. Bitcoin, as noted previously, does not provide inherent yield, cash flow, or returns.
Despite these issues, the market seems unfazed. Bitcoin has been trading in a narrow range between $62,000 and $66,000 for several weeks, with today's prices mostly below $64,000.
Some analysts maintain a positive outlook, suggesting the bear market may have reached its end, as the current price levels align with previous bull market highs.
“The peaks of the 2021 bull market were close to these levels,” stated Alex Kuptsikevich, chief analyst at FxPro, in an email. “Three years ago, Bitcoin’s decline generally halted around $20K, near the peak of the previous bull market at the end of 2017. This supports our view that the decline may have run its course, with bearish momentum fading as Bitcoin approaches the 200-week moving average.”
Other analysts are focusing on the upcoming Jackson Hole symposium and economic data releases for potential trading signals. Remain vigilant!
Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today. For a comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead."
What’s trending
- Bitcoin treasury company Metaplanet unveils BitBonds with $1.3 million private debt sale (CoinDesk): Japanese bitcoin treasury company Metaplanet (3350) has launched a continuous bond-issuance program called “BitBonds,” completing its initial sale with four privately placed series totaling about $1.3 million.
- Bitcoin firms ask AI labs for same tools attackers already have (CoinDesk): Companies like Coinbase, Block, and BitGo, among others, have signed a letter requesting that safety protocols on advanced AI models should not hinder legitimate security efforts while attackers face no such restrictions.
- Stocks edge up with oil price below $90, dollar at 2-week high, Iran in focus (Reuters): Stock prices increased while oil remained under $90, as investors shifted their attention back to Iran following U.S. inflation data that was softer than anticipated, supporting expectations that the Federal Reserve will maintain interest rates next month.
Today’s signal
S&P 500 has left BTC far behind. (CoinDesk)The chart illustrates the price movements of bitcoin compared to the S&P 500 since October last year.
While the S&P 500 has reached record highs, bitcoin's price has remained volatile, sticking to the low $60,000 range.
Many analysts foresee a shift of capital into BTC once stock prices begin to decline. However, it is worth noting that bitcoin has already faced challenges over the past year, dropping from its peak of $126,000 despite a favorable stock market environment.
Crypto Daybook AmericasRelated AssetsBitcoin$63,412.551.21%Dogecoin$0.0692.73%Latest Crypto News- 1Bitcoin holds steady near $64,000 as monero, hyperliquid outperform58 min ago
- 2MUFG to test real-time blockchain settlement for Japanese government bond trades1 hr ago
- 3Brazil’s largest bitcoin treasury firm plans ETF with 95% allocation to Strategy's STRC2 hrs ago
- 4Live updates: U.S. inflation is stickier than July’s mild CPI reading suggests2 hrs ago
- 5Bitcoin treasury company Metaplanet unveils BitBonds with $1.3 million private debt sale2 hrs ago
- 6Metaplanet denies selling bitcoin worth $320 million 6 hrs ago
- 7Bitcoin firms ask AI labs for same tools attackers already have6 hrs ago
- 8Speculation on dogecoin is back to October 2025 levels. The price is down 70%7 hrs ago
- 9Bitcoin slips near $63,500 as traders look past CPI to Fed’s next tests8 hrs ago
- 10Prediction markets should dial back faulty filings for incentives to boost trading: CFTC12 hrs ago
Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
By CoinDesk ResearchJun 30, 2026Commissioned byGenZcashZcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
View Full ReportMore From Crypto Daybook Americas