Bitcoin rebounds after Wall Street completes key regulatory documents

Bitcoin's return to above US$80,000 led to a rebound in crypto stocks, causing macro positive returns.

Bitcoin prices have rebounded to above US$80,000, and their impact goes far beyond boosting the currency itself-it has rekindled the widespread rebound in cryptocurrency-related stocks and refocused investors 'attention on how digital asset companies can raise funds, be regulated, and integrate with traditional capital markets. The rally coincides with the U.S. Treasury's plan to increase certain long-term bond buybacks, a macro positive factor that has driven risk appetite across financial markets.

This week's "Crypto Business" column focuses on three major clues that investors are paying close attention to: the growing momentum of stablecoin issuance, the structural financing risks faced by institutional Bitcoin holders, and the accelerating growth of on-chain activity related to real-world assets on Solana.

Core Points

·According to market trends tracked by CoinMarketCap and related reports, Bitcoin's breakthrough of US$80,000 led to a rise in crypto stocks, with mining companies and crypto asset libraries/digital asset platforms becoming the biggest gainers this week.

·Bernstein said Circle's USDC supply increased by about $2 billion in seven days, ending a six-month period of stagnation or decline and potentially ushering in a new 12-month growth cycle.

· Regime Intelligence believes that Strategy's main vulnerability lies in its ability to access capital markets, rather than a direct collapse in the price of Bitcoin-given its huge debt burden and reliance on continued financing conditions.

· Solana set a record of 4.2 billion on-chain transactions in July, and SOL prices rebounded by about 40%; tokenized real-world assets also continued to grow on the chain.

Bitcoin broke through US$80,000, macro positive returns, and crypto stocks rose accordingly.

Bitcoin's weekly rise pushed its price above US$80,000, driving a series of cryptocurrency-related stocks higher. Cointelegraph's market report attributed the rise to broader equity-based risk-appetite behavior, noting in particular that mining companies and digital asset library companies achieved double-digit gains. Canaan, MARA Holdings and Strive were the most prominent performers over the past week, while Coinbase and Robinhood also posted gains. CoinMarketCap data quoted in relevant reports shows that Bitcoin's weekly increase has exceeded 23%, Ethereum has risen nearly 30%, and the trading price has exceeded $2,500.

Macroeconomic factors are also said to have played a role. The rally coincides with the U.S. Treasury's plan to double the size of certain long-term bond repurchases-a move designed to support bond market dynamics that in turn affect broader liquidity and risk appetite. At the same time, regulatory expectations remain an important factor driving the market narrative: President Trump has again called on Congress to pass the CLARITY Act, but it remains stalled because lawmakers failed to advance it before the August recess. Trump also resurfaced the idea of a government purchase of bitcoin, but neither proposal received a clear path forward.

The practical significance for investors is that crypto stocks seem to be becoming more sensitive not only to specific headlines in the cryptocurrency space, but also to the conditions governing traditional markets-especially financing, yields and liquidity. When these factors shift, correlations can tighten quickly.

Circle's USDC growth momentum becomes core equity narrative

While market attention is usually focused on price movements, Bernstein's latest assessment of Circle focuses on the growth dynamics of stablecoins, especially the USDC supply trajectory. In a research note Monday, the company believes that USDC's new growth cycle could provide significant positive factors over the next 12 months as supply growth accelerates again. Bernstein reported that USDC supply increased by approximately $2 billion in seven days, ending a six-month period of stagnation or decline. The company maintains its "outperform" rating on Circle and puts a price target of $140, which means there is about 60% room to rise under its framework. According to relevant reports, before the report was released, Circle's share price had risen by about 40% in the past month.

In addition to growth in total supply, Bernstein also links potential future growth to a series of mutually reinforcing drivers: the resurgence of momentum in the crypto market, growing clarity in U.S. regulations, expanding tokenized capital markets, and wider adoption in the payments space. The report also mentioned early demand signals from "AI agents", but the original report did not specify what measurable indicators these needs were reflected in.

The perspective of stablecoin market share is equally important. Relevant reports pointed out that USDC's share of adjusted trading volume has increased from approximately 40% in 2025 to more than 60% so far in 2026, surpassing Tether's USDt on this indicator. This shift is important because stablecoin activity is increasingly seen as an on-chain indicator to determine where settlement and payment traffic are actually concentrated.

Circle's share price has fluctuated sharply since its initial public offering at $31 in June 2025. After an initial surge, its share price fell back to near IPO levels as the broader crypto market began to slump in November 2025. Bernstein's view essentially suggests that if USDC's supply growth and trading dominance continue, its equity narrative may shift again-from "stablecoins as infrastructure" to "stablecoins as measurable growth engines."

Strategy's exposure lies more in financing than in falling Bitcoin prices

Institutional bitcoin holders have long been evaluated through the lens of bitcoin price sensitivity, but a report from Regime Intelligence believes that Strategy's real vulnerability may lie in its ability to enter capital markets. According to the report, losing this ability could threaten Strategy's ability to meet its annual debt without necessarily requiring an immediate sale of BTC. The relevant background is worthy of attention. According to relevant reports, Strategy holds 840,447 BTC, corresponding to approximately US$22 billion in debt and senior claims. The report pointed out that there are no margin calls directly linked to the price of Bitcoin. Its stress tests showed that Bitcoin needed to fall 96% before Strategy's holdings were insufficient to cover its convertible bonds-meaning that the most immediate pressure would not come from a short-term, mild correction, but extreme circumstances. Regime Intelligence also highlighted the buffers Strategy has maintained: cash reserves of 2.6 times its annual debt, and valuation/cost comparisons of its BTC holdings. Related reports also quoted Kadan Stadelmann, co-founder of Komodo Platform, who believes Strategy holds far more bitcoin than its annual cash debt, putting it "in a good position to withstand most storms," even as the stock market weakens.

However, the report's core warning lies in financing mechanisms. If the financing environment deteriorates-especially in the context of a prolonged downturn in Bitcoin and pressure on Strategy's share price and mNAV-raising new capital could become more difficult. In this case, the company may face two options: draw on reserves, or sell some of its BTC in its operating structure. The contradiction here is obvious: Strategy may be structurally immune to simple price shocks, but not to liquidity and market access risks. Relevant reports pointed out that Strategy has sold BTC four times since May. However, CEO Phong Le said the company had accumulated 25 times the amount of BTC sold during the same period and planned to resume buying-an important detail that suggests the sale may be more as a financing tool than a strategic retreat.

Solana's record activity and growth in tokenized RWA provide support for rebound

Solana's online activity provides another big support for the market's broad rebound. Related reports cited online data provided by The Kobeissi Letter, pointing out that Solana processed a record 4.2 billion online transactions in July. This activity preceded a gain of about 40%, with SOL prices exceeding $100 for the first time since February. According to the same report, trading volume increased 13.5% from June and 91% from December-about 2 billion transactions were added during the period. These indicators are crucial to traders and developers because they show that price momentum is accompanied by measurable actual usage, rather than driven purely by speculation. Tokenization also occupies an important position. The Kobeissi Letter cited data from RWA.xyz and showed that the value of real-world assets currently tokenized on Solana is nearly US$4 billion, an increase of 11.8% from the previous month. Across all tracked networks, distributed RWA has reportedly exceeded $38 billion-once again positioning tokenized assets as a key narrative, indicating where capital is expected to flow as settlements increasingly move on-chain.

According to reports, the rally gained additional momentum after the U.S. Treasury Department announced plans to double the size of certain long-term bond repurchases to at least $4 billion per round. Lower yields and improved liquidity can broadly boost risk appetite, but SOL's increase still depends on whether network usage continues to grow, especially whether RWA adoption expands and attracts more capital and application-level demand. Looking to the future, the market may pay close attention to two things: first, whether the macro-driven background of risk appetite can continue; and second, whether the growth of stablecoin supply, institutional financing conditions and on-chain activity indicators continue to be consistent with price performance. The next set of signals will determine whether the rally is limited to short-term gains or can consolidate into a more lasting trend.