$190K Bitcoin? The data is pointing to a number that will shock even the most bullish traders. Global liquidity is at record highs. Institutions are buying harder than ever. On-chain signals look eerily similar to past run-ups but with one critical difference this time.

🟣 Omni Network is rebranded to Nomina, with a new logo, new visuals, updated product vision, and a token change: ~39.5M $OMNI.X ( ▼ 1.94% ) → 2.9B $NOM. After swap, total NOM supply = 7.5 billion. Swap is unlimited-time, no rush. But watch out, increasing circulating supply (1:75) may impact token price in short term.

🗳️ Hyperliquid ($HYPE.X ( ▲ 2.94% )) is not launching its own stablecoin. Instead, teams submit proposals, and validators vote to choose the USDH builder. This on-chain voting system kicks off after the next network upgrade. Proposals so far includes Paxos, Frax, Agora, Native Markets,... So… which proposal would you vote for?

🗣 Justin Sun is under fire after 545M $WLFI.X ( ▲ 1.36% ) tokens tied to him (worth $102M) were frozen. He denies any wrongdoing, saying the wallet only made test deposits and no selling took place. WLF responded, saying they froze 272 wallets, including Sun’s, due to suspicious activity. Some call it a scam. You'd better check your wallet.

🏛️ SEC + CFTC just announced a joint effort to explore bringing crypto derivatives, prediction markets, and DeFi products back onshore in the U.S. If this collaboration succeeds, it would usher in a new era of 24/7 U.S. financial markets, better aligned with the global crypto economy. It is scheduled for Sept 29 in Washington D.C.

☠️ Kinto, a KYC-first Ethereum Layer-2 for traders and financial institutions, will officially shut down, after a July hack that drained $1.55M. Token $K.X ( ▼ 5.43% ) has collapsed -94%. Despite recovery plans, founder personally repaying users + setting up CVRs. One of the year’s biggest post-hack shutdowns but with a rare transparent exit.

The U.S. is drowning in debt. Over $37 trillion and growing fast. As confidence in the dollar begins to shake, people are asking:

Will crypto finally have its moment?

1️⃣ Is a U.S. Debt Crisis Coming Soon?

Ray Dalio, billionaire investor worth $15B, just warned that America is heading toward a debt crisis, calling it a "economic heart attack."

Let’s look at the facts:

Because of Fed rate hikes, the average interest rate on U.S. debt jumped from 1.56% in 2022 to 3.35% in 2025

Imagine this: You're the U.S. government. You took a mortgage when interest rates were 1.5%, manageable.

Then suddenly, the rate jumps to 3.5%. Your monthly payments double, but your income stays the same.

You borrow more money just to pay the interest… but that new loan also has a high rate. That’s the U.S. right now:

More debt → higher interest payments → borrow more → even more debt.

A vicious cycle.

2️⃣ Why Could the U.S. Dollar Lose Value?

At a 3.35% interest rate on nearly $41T in debt, the U.S. would owe about $1.43T in interest payments every year, an enormous burden.

According to Fed data (April 2025), the U.S. is already paying $1.13T annually just in interest. Ray Dalio warns that if this continues, investors will doubt America’s ability to repay, leading to a crisis in the U.S. bond market:

Two ripple effects:

Both forces push the dollar’s value down. This is exactly the “debt heart attack” Ray Dalio describes, and he expects it could hit within 2–4 years.

3️⃣ How Will Crypto React?

According to Ray Dalio, when the USD weakens, capital flows into “hard assets” with limited supply like gold and Bitcoin (he specifically points to supply-capped crypto, not everything in the market).

In July 2025, Dalio even advised allocating 15% of a portfolio into gold and Bitcoin as protection against a weakening USD and fiat currencies in general.

In any U.S. bond crisis, the stock market would likely crash first, as investors scramble into cash.

Example: March 2020 (Covid crash)

This shows that in the short term, panic = everything sells off. Once the panic settles, investors typically move into hard assets as safe havens.

And if the U.S. government can’t cover its interest payments, the Fed will be forced to:

Both actions mean more USD injected into the system. That liquidity + lower rates = strong bullish fuel for gold and crypto.

Short-term pain, but once the Fed steps in, Bitcoin and gold could surge as the real winners of a U.S. debt crisis.

Everyone’s asking the same question: Where is Bitcoin heading next?
Will we see another explosive rally to six figures, or is a correction around the corner?

To cut through the noise, it helps to track the macro signals and on-chain data that actually drive BTC’s price. In this post, I’ll break down 5 key indicators that together give us a clearer roadmap for Bitcoin’s next big move:

Now let’s go deeper together!

1️⃣ What’s Happening With M2 Money Supply?

In every major Bitcoin bull cycle, global liquidity (M2) has been the key driver. When central banks pump money, M2 rises, and Bitcoin usually follows a few months later.

Right now, global M2 has crossed $95 trillion, an all-time high.

Gold has already reacted. But unlike gold, Bitcoin is both scarce and more accessible thanks to ETFs and open financial markets.

→ That means $BTC.X ( ▼ 1.07% ) is likely to keep attracting capital inflows.

2️⃣ Market Price vs. Average Cost Basis

The MVRV-Z ratio compares Bitcoin’s current price with the average cost basis of all investors. Right now, it’s at 2.16 (recently touched 2.7), a zone historically seen as “overbought.”

In plain terms: BTC is trading well above what the average investor paid. In past cycles, when MVRV-Z ran too high, the market usually needed a cool-off correction.

But here’s the difference: unlike 2018 or 2022, we now have steady institutional demand, especially through ETFs.

That stable buy pressure helps lower the risk of a sharp crash like in previous cycles.

3️⃣ aSOPR (Spent Output Profit Ratio)

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The Crypto Fire

This newsletter is for informational purposes only and should not be considered investment advice. Traders should conduct thorough research, understand the risks, and carefully evaluate their decisions before investing in cryptocurrency.