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Investors are flocking to gold and bitcoin simultaneously, driving a record $7 billion inflow into ETFs over the past five trading days amid concerns about US fiscal problems. State Street Investment Management's SPDR Gold Shares (GLD) attracted nearly $3.4 billion, while BlackRock's iShares Bitcoin Trust ETF (IBIT) received $1.5 billion. Both funds ranked among the top 10 US ETFs with the highest weekly inflows. The key catalyst is Treasury Secretary Scott Bessent's plan to at least double the size of long-term government bond buybacks, which has pushed bond yields and the dollar lower, while gold and bitcoin have surged. Gold prices have risen about 13% this month, breaking above $4,600 per ounce, and bitcoin has climbed above $80,000. Analysts see this trend as reflecting the "debasement trade," where investors turn to assets with limited supply. However, Hardika Singh, an economic strategist at Fundstrat, believes the trend may lose momentum and that stocks could be a more reliable hedge.

US research firm Bernstein has projected that Bitcoin will reach $150,000 by mid-2027 and approximately $300,000 by 2029, the peak of the next cycle. The outlook is underpinned by the view that the 'debasement trade,' driven by expanding government debt, will fuel inflows into Bitcoin as a scarce asset. Bernstein analysts point out that the roughly four-decade-long decline in interest rates has ended, and with US government debt reaching around $40 trillion, rising interest payments are creating a cycle that leads to fiscal deficits and additional borrowing. They analyze that policymakers may eventually tolerate currency debasement, boosting demand for Bitcoin, which has limited supply. This trend is beginning to show in the ETF market, with BlackRock's spot Bitcoin ETF 'IBIT' and the SPDR Gold ETF 'GLD' returning to the top 10 in trading volume. In the base case, BTC is expected to rise to $125,000 by end-2026, $150,000 by mid-2027, and $300,000 by 2029. In the bull case, it could reach $200,000 by mid-2027 and $500,000 by 2029, with a long-term forecast of $1 million by end-2033 maintained.

Nvidia has announced partnerships with Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs, and KKR to launch compute financing platforms aimed at raising over $500 billion for AI infrastructure, with CEO Jensen Huang saying Nvidia could backstop up to $125 billion, or 25%, of potential deals. Blackstone President Jon Gray said on CNBC that AI compute will be seen as a financeable asset class, similar to how mortgage lenders assess homes. The move comes amid rising skepticism about AI spending, and Nvidia shares fell after the deal was first reported, erasing more than $70 billion in market value. Blackstone, one of six partners, has seen AI compute demand across its portfolio companies surge sevenfold this year and has prior experience financing AI infrastructure for companies like Anthropic. BlackRock CEO Larry Fink compared this moment to the creation of mortgage-backed investments in the 1970s, but commentators have flagged circular financing concerns, and Moody's has warned that heavy capex is squeezing free cash flow and pushing tech giants toward more debt.

Bitwise CIO Matt Hougan warns that the traditional 60/40 portfolio is 100% exposed to fiat currency, as investors poured a record $7 billion into gold and Bitcoin funds in just five days. Bloomberg senior ETF analyst Eric Balchunas calls this the debasement trade, a bet on assets no government can print, which has now stolen the spotlight from AI funds. SPDR Gold Shares took in $3.4 billion in the week through August 21, while BlackRock's iShares Bitcoin Trust added over $1 billion, and the VanEck Semiconductor ETF bled $1.7 billion. The trigger is Washington's debt crossing $40 trillion and Treasury Secretary Scott Bessent's decision to double long-bond buybacks to at least $4 billion per operation starting September 9. Central banks have already shifted, with gold reaching 27% of their reserves, overtaking US Treasuries at 22%. Bitcoin trades near $79,144, up 0.55% in 24 hours, while IBIT is still down roughly 10% this year after nursing a 33% loss as recently as June.

BlackRock has helped move more than $5 billion of directly held Bitcoin into its iShares Bitcoin Trust (IBIT), strengthening Wall Street's grip on the cryptocurrency. The shift allows large holders to exchange BTC for ETF shares without first selling their coins for cash, with the total climbing from over $3 billion in October 2025 after BlackRock lowered the minimum transaction size from $25 million to $1 million in July. Bitcoin was trading near $79,000 on Wednesday after briefly reaching a three-month high above $81,000. BlackRock digital assets chief Robbie Mitchnick told Bloomberg that the growth will continue as access expands, noting that kidnappings and custody failures have made some large holders reconsider personal control. Industry commentators see the milestone as evidence that Bitcoin whales are moving into Wall Street without liquidating, while analysts predict Bitcoin could reach $100,000 or more if bullish catalysts persist, including historically strong fourth-quarter performance and capital rotation away from AI investments.

Wall Street is eagerly anticipating Nvidia Corp.'s earnings on Wednesday afternoon, not so much for the numbers but for what they signal about the AI trade and the broader market. Nvidia, the world's most valuable company with a market cap over $5 trillion, is up 14% in 2026, a far cry from its past performance, and its shares have been volatile, recently ending a seven-day losing streak that matched the longest since 2019. Investors are focused on CEO Jensen Huang's comments about capital spending by big customers, future demand, and new financing deals, including a $500 billion partnership with Goldman Sachs, BlackRock, and Apollo for AI infrastructure, and a $105 billion commitment to an Ohio data center campus leased by OpenAI. Analysts expect revenue to nearly double from a year ago, but the market is more concerned about the circularity of financing and whether Nvidia's own investments are driving demand. The options market is pricing a roughly 5% swing in either direction, and the stock is near its cheapest valuation since late 2018, trading at about 19 times forward earnings.

Data center deals pushed July commercial real estate transaction volume to its highest level since 2005, with total sales reaching $74.4 billion, according to MSCI's monthly Capital Trends report. BlackRock's acquisition of Aligned Data Centers and other data center transactions accounted for $33.8 billion of that total, while overall volume rose 78% year-over-year but only 1% excluding data centers. J.P. Morgan analysts noted that typical revisions add roughly 30% to monthly figures, pointing to strong momentum into the third quarter, though they flagged the 10-year Treasury yield above 4.5% as a concern. Data center volume surged 1,911% and portfolio deals rose 376%, while industrial was flat at $9 billion, apartments fell 16%, and retail dropped 13%. Office sales in urban cores jumped 48% to $2.2 billion, suburban offices rose 28% to $5.5 billion, hotels gained 61%, and senior housing increased 55%, with the average cap rate at 6.89%, up six basis points from June.

Call-option volume on BlackRock's iShares Bitcoin Trust hit a record 1.58 million contracts on Aug. 19, according to Goldman Sachs data highlighted by The Kobeissi Letter. IBIT call volume remained above one million contracts for three consecutive sessions, while its three-day call skew jumped 0.05, the largest increase in available data going back to January 2025. The options rush coincided with more than $1 billion of fresh inflows into IBIT between Aug. 19 and Aug. 21 as Bitcoin climbed toward $80,000.

U.S. spot Bitcoin and Ethereum ETFs added roughly $23 billion in total value last week, but only $2.6 billion of that came from new investor money. Bitcoin ETFs took in $1.92 billion in net inflows for the week ending August 21, while Ethereum funds added $697.2 million, the strongest combined week since October 2025. The rest of the asset growth came from price appreciation, with Bitcoin ETF assets climbing 25.4% to $96.1 billion and Ethereum ETF assets jumping 35.9% to $14.3 billion. Bitcoin rose about 24% to briefly top $79,000, and Ethereum gained about 30% to above $2,500, driven by the U.S. Treasury's expanded long-bond buyback program, President Donald Trump's meeting with crypto executives and push for the Clarity Act, and a short squeeze that liquidated roughly $4 billion in bearish positions over two days. BlackRock's IBIT captured the largest share of new money, while XRP funds drew $39.78 million in inflows and set a record weekly volume of $271.74 million. Despite the rally, Bitcoin and Ethereum ETFs remain in net outflows for 2026, with the combined year-to-date deficit narrowing from $5.7 billion to $3.1 billion.

BlackRock's iShares Bitcoin Premium Income ETF, trading as BITA, paid its first monthly distribution of $0.799235 on August 7, 2026, an annualized run rate of $9.59 per share. At the fund's price near the payment date, when Bitcoin was trading around $64,484, that worked out to an 18.49% annualized yield. BITA holds its Bitcoin exposure through Bitcoin Bloc at 68.44% and the iShares Bitcoin Trust at 21.91%, and writes covered calls against that exposure to generate income. The fund's assets have grown to $967.98 million since launch, and its current forward yield is about 16% with Bitcoin now at $78,144 and BITA trading at $59.38. The covered call strategy caps upside, as shown when Bitcoin rose 19.98% and IBIT rose 22.59% while BITA rose 17.43% in a recent week, and BITA charges a 0.65% expense ratio versus IBIT's 0.33%.

US spot Bitcoin ETFs recorded their highest weekly net inflows in 10 months at $1.92 billion, after Bitcoin's price surged 23% to around $77,000. Bloomberg data shows the 13 funds drew combined net inflows of $1.92 billion last week, the highest level since early October last year. BlackRock's iShares Bitcoin Trust attracted $1.3 billion, or more than two-thirds of total net inflows, supported by US Treasury buyback plans and a short squeeze. Gracie Lin, CEO of OKX SG, said the funds saw net inflows every trading day last week, but it remains to be seen whether the momentum can continue, as these Bitcoin ETFs have still posted combined net outflows of about $2.9 billion since the start of the year.

Bitcoin Spot ETFs recorded a net inflow of $1.92 billion over the past week, a clear rebound after stumbling in the previous week. BlackRock's IBIT fund led the inflows, while FBTC and GBTC played secondary roles. Analysts view the recovery in inflows as reflecting renewed strength in institutional investor confidence.

Actively managed exchange-traded funds now account for 42% of every dollar flowing into ETFs, up from 26% in 2024. In the first quarter, investors poured $245.2 billion into US-listed active ETFs, and last month they added nearly $63.6 billion, bringing the year-to-date total to $466.8 billion, well ahead of the $263 billion pace in the comparable 2025 period. BlackRock controlled $3.6 trillion in active assets under management as of the end of June, and actively managed ETF assets are expected to swell to $4.2 trillion globally by 2030. T. Rowe Price is leveraging its active mutual fund experience by introducing ETF versions of popular funds, while Franklin Templeton's pivot to ETFs has helped its stock rise 42.2% year to date.

The cryptocurrency market rallied sharply today, with Bitcoin climbing above 70,000 dollars and Ethereum gaining about 20 percent in a single day, while many other altcoins rose only around 5 to 7 percent. The move was driven by the liquidation of short positions worth 1.2 billion dollars within one hour, alongside a new measure from the U.S. Treasury to increase buybacks of long-term government bonds from 2 billion dollars to at least 4 billion dollars per month, starting from September 9 through November 4, to ease pressure on long-term yields. In addition, President Donald Trump met with major crypto executives at a White House summit and said the government is considering holding Bitcoin in a significant size, as well as bringing Hyperliquid into the United States legally, sending the HYPE token up about 11 percent. Meanwhile, Injective received SEC registration for transfer agent services, supporting its push into tokenized assets. U.S. spot Bitcoin ETFs recorded inflows for a third consecutive day, with more than 8,000 Bitcoin purchased through ETFs in the latest session, and BlackRock alone bought more than 4,000 Bitcoin. The next key price levels for Bitcoin are 73,000 to 75,000 dollars and 80,000 to 82,000 dollars, while Ethereum needs to clear 2,400 to 2,500 dollars to strengthen its recovery.

BlackRock began offering its first tokenized funds in Europe on August 4. The offering is based on the firm's money market fund, the BlackRock Institutional Cash Series, with 12 new on-chain share classes built on six underlying funds and rolled out across 15 markets including Europe. The classes include euro, British pound, and US dollar denominations, all of which are existing UCITS-compliant funds. The tokenization infrastructure is provided by Kinexys, the blockchain unit of JPMorgan, and the tokens are issued on Ethereum. Each token corresponds to one share of the underlying ICS fund, while the official shareholder register continues to be maintained by the fund's transfer agent as before. Investors can transfer assets between approved digital wallets around the clock, 365 days a year, via smart contracts. The six underlying funds have combined assets under management of 311 billion dollars, or roughly 49.76 trillion yen at an exchange rate of 160 yen to the dollar as of June 30, but that reflects the size of the funds and not the amount actually being moved on-chain. Kara Kennedy, global head of market development at Kinexys, said tokenization has moved from concept to execution. BlackRock also launched two tokenized money market funds in the United States on August 3.

Ken Fisher's Fisher Investments appears to be behind a record $4 billion influx of cash earlier this month into a BlackRock exchange-traded fund that invests in US Treasuries dated 20 years or longer, a contrarian bet that the longest-dated US bonds will rally. The move was accompanied by a similarly-sized outflow from a separate BlackRock Treasury fund with a shorter average maturity, suggesting a switch to further out the yield curve, according to analysts and data reviewed by Bloomberg. The shift came as US 30-year yields traded around their highest levels since 2007, and ahead of the US Treasury unexpectedly announcing Wednesday it was boosting buybacks of long-dated government debt, which sparked a rally in the long end and sent 30-year yields tumbling 10 basis points. Fisher Investments held around $15 billion worth of shares in the iShares 7-10 Year Treasury Bond fund as of end-June, making it by far the largest owner and the only firm capable of generating a $4 billion outflow, according to holdings data compiled by Bloomberg. A spokesperson for Fisher Investments said the firm cannot comment on individual securities due to its fiduciary duty to clients, while a BlackRock representative declined to comment.

NVIDIA announced a partnership with six financial institutions to secure $500 billion in third-party capital for AI infrastructure. The deal aims to fund data centers and other AI-related projects, with BlackRock CEO Larry Fink noting it will help deliver compute capacity and create jobs. However, public opposition to data centers is growing, with over 70% of Americans opposing local construction, and some states imposing moratoriums or taxes. AI-related companies now make up over half of the S&P 500 by weight, raising concerns about overconcentration in investor portfolios.

As long-term government bonds decline, major global asset managers such as BlackRock and Aviva Investors are shifting funds into short-term debt. James Turner, head of global bonds for the EMEA region at BlackRock, is moving investments into shorter-duration bonds and inflation-linked bonds, while Aviva Investors, Aegon Asset Management, and Allspring Global Investments are favoring short-term credit products including asset-backed securities and private debt. According to Morningstar data, the median effective duration of bonds held by UK multi-asset funds stood at 5.33 years at the end of June, down from 5.55 years at the end of December. A Bloomberg index tracking bonds with maturities of one to three years has risen 1% this year, while bonds with maturities of more than ten years have fallen 4%, and the 30-year US Treasury yield is well above 5%, its highest level since the financial crisis.

Bitcoin is trading sideways between $62,000 and $66,000, with the latest price at $64,595, amid buying from major financial institutions. Tudor Investment Corporation increased its holdings of BlackRock's spot Bitcoin ETF by 18.9% in the second quarter, while Jane Street added $630 million to its spot Bitcoin ETF holdings, bringing its total position to between $990 million and $1.06 billion. Metaplanet plans to bring its Bitcoin treasury model to the Nasdaq market through Super League Enterprise, investing with 2,100 Bitcoin and $2.5 million in cash. Meanwhile, China's Zhibao Technology became the 33rd listed company with a Bitcoin treasury after selling shares in exchange for 2,380 BTC. On the regulatory front, Kazakhstan announced a 0% tax for three years on individuals' crypto gains, and the Moscow Exchange will launch Bitcoin and Ethereum futures in February. BlackRock noted that a 1-2% allocation to Bitcoin provides the optimal risk-adjusted returns. In the short term, if Bitcoin holds above the median realized price of $63,200, it could test $65,000, but a break below this level would open the path to $62,000.

Bitcoin extended its gains and briefly touched $65,000. Last week's ETF flows showed an outflow of $389 million, but yesterday's ETF flows turned to an inflow of $297 million. Citi's announcement that it is entering crypto custody services was also well received. BlackRock recommended allocating 1 to 2 percent of portfolios to Bitcoin. Against a backdrop of rising global long-term interest rates and concerns about fiscal deterioration, some have pointed out that safe-haven demand for gold and Bitcoin could become the next theme.

Earn Your Leisure hosts Rashad Bilal and Troy Millings framed NVIDIA's $500 billion AI investment partnership with Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs and KKR as 'almost like a digital infrastructure bill,' signaling private capital now backs AI buildout. Jensen Huang cited $1 trillion in Blackwell and Rubin revenue visibility through 2027, and he projected AI infrastructure spending at $3 to $4 trillion annually by decade's end. NVDA carries 58 Buy ratings and an 85% Polymarket probability of a new all-time high, but 27 recent insider transactions trend toward net selling.

Quant trading giant Jane Street disclosed more than $1 billion in U.S. spot Bitcoin ETF holdings as of June 30, with the largest position in BlackRock's IBIT at $828 million. The firm also held stakes in Fidelity's FBTC and Grayscale's GBTC, though the filing reflects ETF shares rather than direct Bitcoin ownership. The disclosure comes after Jane Street took a $15 billion hit in July from exposure to AI-focused hedge fund Situational Awareness and other tech stocks, its first monthly downturn in a decade, according to a Bloomberg report.

Jane Street disclosed its second quarter investment portfolio through a 13F filing with the U.S. SEC, holding Bitcoin ETFs worth more than 1 billion dollars in total, reflecting increased institutional allocation to digital assets. The report shows holdings in several spot Bitcoin ETFs, including BlackRock's IBIT, Fidelity's FBTC, and Grayscale's GBTC. The disclosure comes amid growing interest in spot Bitcoin ETFs and applications for an XRP ETF with regulators.

BlackRock CEO Larry Fink said the US alone will need over 70 gigawatts of power to support the AI boom. Speaking on CNBC, Fink compared the moment to the birth of the mortgage-backed securities market in the 1970s, calling it the next chapter in financial engineering. He said the AI buildout is a fantastic investment that could draw growing capital allocation over time, positioning Nvidia's hardware at the center of what he framed as a genuinely new asset class. Fink said BlackRock already has some capital ready to deploy but plans to raise quite a bit more, and noted that even 100 megawatts of data center construction requires roughly 3 million hours of labor. He argued the money has to flow through American capital markets, the largest pool of capital in the world, and framed US leadership in AI as a national priority worth funding quickly.

The SEC has issued guidance that removes key risk-retention requirements from certain data center debt structures, supporting Nvidia's push to mobilize $500 billion in third-party capital for AI data center construction. The SEC sided with law firm Latham Watkins, concluding that data center securitizations fall outside Dodd-Frank risk-retention rules because data centers, unlike mortgages, do not qualify as self-liquidating assets. Attorneys said the guidance, while only a staff opinion, would open the door to more flexible and capital-efficient data center financing and attract more securitizations. Nvidia last week announced partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to assemble capital pools for AI compute hardware.

Nvidia CEO Jensen Huang unveiled a $500 billion AI data center financing plan on August 10, standing alongside leaders from Goldman Sachs, BlackRock, Blackstone, KKR, Apollo, and Brookfield. The group says it will raise the funds, and potentially more, from outside investors to build new AI data centers. KKR's head of digital infrastructure, Waldemar Szlezak, described the shift as a revenue stream. Nvidia previously announced a plan to invest up to $100 billion in OpenAI for data centers needing 10 gigawatts of power, but that investment never fully materialized. No money has been raised yet, only memos of understanding between the firms.

Nvidia's $500 billion infrastructure financing platform is set to support the AI investment boom. The deal involves Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR & Co. mobilizing over $500 billion of third-party capital for AI infrastructure buildout. Nvidia will act as a marketplace, helping customers access compute at scale and build DSX AI factories. Goldman Sachs notes corporate profit margins have climbed rather than eroded, distinguishing the current AI boom from the dotcom bubble. Nvidia reported FY26 revenue growth of 65% year-over-year to $215.9 billion and operating cash flow of $102.7 billion.

Intel priced an upsized $20 billion public stock offering this week, selling over 210 million shares at $95 each and expecting net proceeds of about $19.7 billion to fund AI-related growth opportunities. Super Micro Computer closed 19% higher on Wednesday after issuing fiscal first-quarter guidance well above Wall Street forecasts, while Lumentum rose 14% on strong fiscal fourth-quarter results and outlook. Workday jumped nearly 18% on Thursday after Reuters reported private equity firm Silver Lake is in talks to buy the software company, with Needham analysts estimating a potential takeover price of $240 to $250 per share. NVIDIA confirmed it is working with a consortium of lenders including Apollo Global Management, Blackstone, BlackRock, Brookfield, Goldman Sachs, and KKR to raise $500 billion for AI infrastructure, signing a memorandum of understanding to establish first-of-their-kind compute financing platforms at global scale. AMD filed a mixed shelf debt offering that could raise up to $5 billion in four tranches, and Argus upgraded Sandisk to Buy from Hold with a $1,600 price target.

Germany's private pension assets could double to about €500 billion ($577 billion) over the next decade as a major reform directs more retirement savings into capital markets, Bloomberg reported on Saturday. Asset managers including Deutsche Bank's DWS Group, JPMorgan Asset Management and Vanguard are preparing products for January 1, 2027, when the new system takes effect. The reform will replace Germany's Riester pension system, which has traditionally prioritised capital guarantees and conservative insurance products, with subsidised brokerage accounts holding investments such as index-tracking funds and private credit. The standard account will cap fees at 1%, which is expected to favour low-cost exchange-traded funds, while investors can pay more for products including European long-term investment funds that provide retail access to private equity, private credit and infrastructure. S&P Global Ratings estimates the changes could generate €26 billion to €56 billion in additional annual inflows into German private pensions following an onboarding period of up to two years, and consultancies Sirius Campus and Aeiforia estimate that more than a quarter of the roughly €225 billion held in existing Riester products could migrate to the new system.

Morgan Stanley and JPMorgan increased their holdings of cryptocurrency ETFs in the second quarter, adding Bitcoin and Ethereum exposure despite market volatility. Morgan Stanley raised its position in BlackRock's iShares Bitcoin Trust ETF by 23% to about 16.5 million shares, though its reported value fell to roughly $549 million from $667 million as Bitcoin's price declined. The bank also grew its Ether ETF holdings sharply, increasing its stake in BlackRock's iShares Ethereum Trust ETF by about 202% to 4.6 million shares, and opened new positions in two Solana funds. JPMorgan lifted its IBIT holdings to about 10.4 million shares from 8.3 million, worth roughly $356 million at the end of June, and more than quadrupled its position in BlackRock's Ether ETF to about 1.17 million shares.

BlackRock surpassed $15.3 trillion in assets under management in the second quarter, with AUM up 22% year over year. Revenue rose 31% to $7 billion, while adjusted operating income grew 42% to $2.92 billion, lifting adjusted operating margin to 45.9%, its highest in nearly five years. The company's shift toward higher-margin alternative and active strategies is paying off: private markets and alternatives account for only 3% of AUM but 15% of base fees, while active strategies represent 24% of AUM and 42% of total fees. Technology subscription revenue climbed 13% to $566 million, and BlackRock updated its share buyback target to $2 billion.

Crypto market maker Wintermute said in a market report dated August 10 that inflows into crypto asset ETFs are recovering, but it remains cautious. US spot Bitcoin ETFs saw total inflows of 853.5 million dollars over five consecutive business days last week, the largest weekly inflow since mid-April. Spot Ethereum ETFs also took in 244.9 million dollars, marking a fifth straight week of net inflows, with BlackRock accounting for more than 80 percent in both cases. Despite combined inflows of 1.1 billion dollars into Bitcoin and Ethereum, Bitcoin's weekly gain of 2.15 percent lagged the S&P 500's 3.51 percent, and Wintermute notes that selling pressure absorbing ETF buying remains. The firm indicated it will watch whether ETF buying demand and digital asset trading activity persist through the end of summer.

Circle has unveiled Arc, a new blockchain purpose-built for stablecoin transactions, cross-border settlements, and tokenized real-world assets, with major financial institutions including BlackRock, Visa, Mastercard, Standard Chartered, MoneyGram, and Intercontinental Exchange already lined up as backers. Arc, which launches in September, uses Circle's USDC stablecoin to fund transfers, avoiding the volatility of native tokens like Ether and Solana, and can move money in under half a second for a fraction of a cent. The blockchain is compatible with Ethereum's decentralized finance apps and is positioned to help Circle evolve from a stablecoin issuer into an infrastructure provider. Circle's stock has fallen nearly 60% over the past year, but the company expects Arc to draw investors back and counter competitive threats such as the Open USD stablecoin backed by over 140 companies.