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Bitcoin
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Affairs
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No. 124 · 28 Sept 2026
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In partnership with
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MARKET SNAPSHOT
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BTC / USD
$83,753
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24H CHANGE
-1.3%
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ALL-TIME HIGH
$124,749
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FROM ATH
-32.9%
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US and China detail tariff cuts, extending truce across $60 billion
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The U.S. and China agreed to cut tariffs on roughly $30 billion of imports in each direction, extend their trade truce and open a channel for AI incident talks. The move eases one global macro overhang, even if the goods covered remain only a slice of total bilateral trade.
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| Macro Geopolitics |
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Bitcoin shorts pay up as futures open interest sinks toward yearly lows
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Perpetual funding rates turned negative and open interest fell to about 652,000 BTC, one of the lowest readings of the year, showing traders are pulling leverage and paying to stay short. The shift highlights how rising Treasury yields and a firmer dollar are feeding directly into bitcoin derivatives sentiment.
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| On-chain Macro |
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≡
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COMMENTARY
VOICE FROM THE NETWORK
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Why Most AI Tools Fail at B2B Customer Service
B2B customer issues rarely resolve in a single interaction. They move across teams, systems, and account history that most AI tools were never designed to track.
A new briefing paper from Harvard Business Review Analytic Services, sponsored by Front, looks at why AI built for high-volume consumer support creates new coordination gaps when it meets the multi-team reality of B2B service, and what leaders should ask before investing in their next AI tool.
Get the free briefing paper to see the three questions that separate tools built for your environment from tools that will create more work.
🪙BITCOIN: The US has a Strategic Bitcoin Reserve.
But it has never bought a single Bitcoin.
18 months after Trump signed the order, the reserve still holds only BTC the government seized in criminal and civil cases.
The order never required any purchases, only asking officials to look for ways to buy more without using taxpayer money.
68 reposts 58 replies 338 likes
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We still haven’t seen any improvement in demand.
If anything, it’s the opposite: futures demand has just dropped from 164,000 bitcoin:native to only 3,000.
Spot demand remains just as negative at -174,000 BTC, despite strong ETF inflows.
This pushes the total demand estimate down to -171,000 BTC (30d sum), even though Bitcoin has kept climbing over the last 15 days, going from $74,000 to $84,000.
8 reposts 16 replies 78 likes
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$BTC
Be careful with this dump.
This is no classic long squeeze.
Even though this move is also driven by spot selling aggressively, you can see that funding turned negative while Open Interest is surging, showing perp shorts are massively entering the market.
That is usually not what you want to see during a clean long squeeze.
As this move is happening right at the weekly open, I expect this just to be manipulation.
With this dump we already took out massive amounts of long liquidity and by looking at the data behind it, it looks we are close to a LTF bottom.
Be careful, because this move might get retraced soon.
29 reposts 32 replies 566 likes
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🚨 UPDATE: Bitget says 4,098 $BTC withdrawals have been processed, with user funds fully covered.
CEO Gracy Chen confirms Protection Fund will be restored above $300M within a week. https://t.co/n3lWBfqMy0
63 reposts 56 replies 706 likes
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🚨BULLISH: Binance records its BIGGEST single-day Bitcoin net outflow since 2023, with over 13,800 BTC leaving the exchange, per CryptoQuant.
Binance holds around 30% of BTC on platforms accessible to investors.
Its reserves dropped by 20,000 BTC in just FOUR DAYS, from 705,000 to 685,000 BTC.
The withdrawals suggest more investors are moving BTC into self-custody, a pattern associated with long-term holding and reduced potential selling pressure.
They also suggest latecomers who were waiting for lower prices could now be feeling FOMO.
43 reposts 40 replies 374 likes
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