India’s top tax authority is actively engaging crypto platforms on tax rules, 
signaling momentum toward a potential dedicated framework that could redefine 
taxation, oversight, and market competitiveness. India Evaluates Crypto Market 
Taxation Amid Industry Demands for Policy Reform The Central Board of Direct 
Taxes (CBDT), India’s top direct tax authority, reportedly reached out to 
domestic […]

India Seeks Crypto Industry Feedback on Tax Policy, TDS Burden, Offshore Shift

In a thread on August 19, analyst Miles Deutscher argued that MicroStrategy’s 
market-implied net asset value (mNAV) premium—the core gear in Michael 
Saylor’s Bitcoin acquisition flywheel—has compressed sharply, weakening the 
feedback loop that helped the company outpace Bitcoin through most of the 
cycle. “Michael Saylor built the craziest BTC flywheel in history. But his 
buying power is starting to fade. The market is now asking one question: ‘Is 
the BTC treasury bubble finally popping?’” MicroStrategy’s Bitcoin Premium Is 
Fading Deutscher grounds the discussion in how investors currently value 
MicroStrategy. “People often overlook that MicroStrategy has a legacy software 
business, which continues to generate revenue. However, MicroStrategy has 
essentially become a company whose valuation is primarily influenced by its 
BTC holdings. The entire system is powered by mNAV (Market-Implied NAV).” In 
practical terms, the mNAV multiple is the premium investors pay over the 
company’s look-through Bitcoin value to access leveraged BTC exposure via 
MSTR. “An mNAV of ~1.58x means the market is paying a 58% premium for their 
BTC.” According to Deutscher, that premium “was once a 3.4x mNAV” when Bitcoin 
was surging, but it has “now decreased to 1.58x. Demand is slowing down.” In 
other words, what had been a powerful flywheel—high premium enabling cheap 
equity issuance that funded more Bitcoin purchases, which in turn kept NAV 
rising and the premium elevated—now spins with much less torque. Related 
Reading: Crypto Founder Predicts The Collapse Of Bitcoin In This Timeframe 
That shift intersected with a contentious corporate action. “Recently, Saylor 
sparked controversy by revealing that Strategy had revised its MSTR Equity ATM 
Guidance to offer greater ‘flexibility’ in executing its capital markets 
strategy.” The implication, Deutscher argues, is that greater issuance 
flexibility “may dilute shareholder value and increase financial risk tied to 
Bitcoin’s volatility.” He notes that “the market is quite divided” on the 
change. On the constructive side, he quotes @thedefivillain’s take—“Slower 
concentration of supply in Saylor’s hands,” “Greater leverage to justify 
mNAV,” and “Reduced buying pressure for BTC in dollar terms”—as reasons the 
revision could ultimately be benign. But critics worry about “the possibility 
of a ‘death spiral.’ The removal of the 2.5x mNAV safeguard for equity 
issuance may allow MicroStrategy to sell shares at lower valuations.” 
Reflexivity, in Deutscher’s telling, is the operative risk factor: 
“Reflexivity is a brutal force that operates in both directions.” A 
Hypothetical Scenario Deutscher then sets up a stress-test to illustrate how 
that reflexivity could bite if Bitcoin weakens and the premium compresses to 
parity. “If BTC’s price drops 20% and MicroStrategy’s mNAV multiple falls to 
1.0x, the stock might plummet by 46.5%.” He walks through the arithmetic from 
a notional baseline of $115,000 per BTC, which on a 20% decline would fall to 
$92,000. On MicroStrategy’s “226,331 BTC,” he calculates that would put look- 
through NAV at $20.82 billion. To align an mNAV of exactly 1.0x, he backs into 
enterprise value and market cap under that scenario: “Starting with an 
enterprise value of $20.82 billion, we subtract MicroStrategy’s $2.2 billion 
in debt and add its $0.1 billion in cash. This calculation unveils the 
company’s market cap, hitting $18.72 billion, a significant pullback from its 
original $35 billion market cap.” Related Reading: Bitcoin Bull Run Hinges On 
Trump’s Pick For Fed Chair: Analyst The conclusion he draws from the modeled 
path—BTC −20% to ~$92,000, mNAV → 1.0x, MSTR market cap −46.5%—is that 
MicroStrategy’s equity remains a leveraged instrument with an outcome path 
that can be materially worse than Bitcoin itself when the premium compresses. 
Beyond the scenario math, Deutscher links recent spot price action to changing 
marginal demand. “I think BTC’s recent weakness can be attributed to the 
market starting to price in reduced Saylor demand/tail potential risk of the 
revised ATM guidance.” In parallel, he highlights how the proliferation of 
spot ETFs erodes the original rationale for paying a large listed-company 
premium to own BTC “beta”: “Spot Bitcoin ETFs are plentiful now. Why would you 
pay a 58% premium for MSTR’s leveraged exposure when you can grab IBIT at a 
clean ~1.0x NAV?” By his framing, the mNAV premium itself “was indicative of 
the market’s view that MSTR was going to outperform BTC.” With that view 
fading, the premium looks less like an enduring structural feature and more 
like a belief-sensitive variable. “In my opinion, the MSTR premium is 
essentially a gamble. You’re betting on three fragile things: unwavering 
market confidence, open capital markets, and Saylor’s leadership. If any of 
those pillars start to wobble, the premium collapses.” At press time, BTC 
traded at $113,624. Featured image created with DALL.E, chart from 
TradingView.com

Is The Bitcoin Treasury Bubble Popping? Expert Answers

Federal Reserve Governor Christopher Waller urged policymakers and bankers to 
stop fearing DeFi and stablecoins, saying they will drive the next wave of 
innovation in the US payments system.

Fed governor tells bankers DeFi is ‘nothing to be afraid of’

Bitcoin’s explosive ascent defies past predictions as U.S. regulators pivot 
toward institutional adoption—forcing even a top Harvard economist to 
completely reassess his early outlook. Harvard Professor Admits Bitcoin 
Miscalculation—Key Drivers Still Loading Cryptocurrency’s durability continues 
to challenge critics, including leading economists who once doubted its 
staying power. Kenneth Rogoff, Maurits C. Boas Professor at Harvard […]

Harvard Economist Got Bitcoin Wrong—Now Traders Eye Crypto’s True Drivers

XRP slipped below the critical $3.00 level this week, extending its losing 
streak as whale sell-offs and regulatory uncertainty weighed heavily on the 
market. Currently trading at $2.8, XRP has made a 3.68% decline in the past 24 
hours, with trading volume rising slightly by 0.82% to $6.85 billion. Related 
Reading: Panic Or Profit? Analyst Says XRP Below $3 Is A ‘Massive Blessing’ 
The latest downturn comes after on-chain data revealed that whales offloaded 
470 million XRP tokens over the past 10 days, slashing their cumulative 
holdings to just 7.63 billion coins. Large-scale exits by wallets holding 
between 10 million and 100 million XRP suggest institutional desks and high- 
net-worth traders are taking profits after XRP’s recent rally to above $3.39 
earlier this month. XRP Price Action: $2.85–$2.90 Becomes Key Battleground 
Price action data shows XRP’s sharpest drop occurred between 13:00 and 15:00 
UTC on August 19, when it slid from $3.04 to $2.93 as volume spiked to 137 
million, nearly double the daily average. Despite heavy selling, buyers 
repeatedly defended the $2.85–$2.88 zone, preventing further collapse. 
Currently, XRP is consolidating near $2.85–$2.90, a sign that short-term 
selling pressure may be easing. Still, resistance at $3.04 has been confirmed, 
making a bullish recovery difficult without stronger demand. XRP&#8217;s price 
trends to the downside on the daily chart. Source: XRPUSD on Tradingview Can 
Bulls Hold the Line at $2.8? For traders, the $2.8 level is now the most 
critical support to watch. A breakdown could open the door for a deeper 
decline, while reclaiming $3.00 would signal renewed buyer strength. Analysts 
note that a recovery above $3.19 is essential for momentum to shift back in 
favor of the bulls. Adding to the pressure, a security audit ranked the XRP 
Ledger lowest among 15 major blockchains, sparking concerns over long-term 
resilience. Meanwhile, the U.S. SEC has delayed decisions on several XRP ETF 
applications, including Nasdaq’s CoinShares filing, until October, deepening 
regulatory uncertainty. Related Reading: Ripple Enters Agreement With Gemini 
Ahead Of IPO — Here’s What We Know Until the SEC rules on ETF filings in 
October, XRP may remain volatile as whales continue to offload and 
institutional investors adjust their portfolios. Whether this dip is a healthy 
correction or the start of a broader downturn will depend on how well XRP can 
defend its current support levels in the days ahead. Cover image from ChatGPT, 
XRPUSD chart from Tradingview

Cryptocurrency price in UAH