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Welcome to the September edition of the Xapo Bank Member's Newsletter.
For anyone who spent the summer watching Bitcoin drift sideways, August was the reward. A surprise move from the US Treasury sent liquidity flooding back into speculative assets, over a billion dollars of bets against Bitcoin unravelled in a single hour, and BTC surged more than 25% to close the month knocking on $80K. In this edition, we break down the full move, and what our own platform data says about how members responded.
The rally arrives with a caveat: the new Fed chair used his first major speech to hint that interest rates may yet rise. Our headlines this month cover both sides of that story, from the White House's push to finally pass the CLARITY Act to the question mark Jackson Hole left hanging over September. We also share our latest Xapo Talks session on the importance of Bitcoin security by design.
Navigating markets is easier with the right tools, and this month delivers two: automated limit orders and stop-loss, now live for every member, and a fully rebuilt Trade Hub, a single view of everything you hold, with smarter ways to browse, compare, and act on the whole market. And to make sure every part of your balance is working as hard as it can, join our team's AMA on 16 September: Activating capital: your stablecoins and USD could be working for you. We hope to see you there.
August BTC Market Update
Following nearly three months of range-bound price action, Bitcoin recorded an impressive breakout in August. Having shaken off June’s sub-$60K lows with a decisive rally that saw the leading digital asset rise more than 26% in barely a week, BTC closed out the month on the precipice of $80K.
BTC:USD, 1D (Coinbase). Accessed 02.09.26.
The sudden reversal was sparked by unexpected macro tailwinds, as the US Treasury announced it would double buybacks of long-term government bonds in a bid to lower yields and increase investment appetite. Investors didn’t have to wait to see the impact: Bitcoin rallied 8% on the day amid surging ETF inflows.
In fact, August’s $3.52B net inflows were the largest recorded since BTC reached its all-time-high in October 2025, underlining a major shift in market sentiment.
BTC Spot ETF Net Flows, 1M (SoSoValue). Accessed 02.09.26.
Our view
Member trading activity spiked in August. After July marked the quietest month of the year on our platform, BTC trading volume on Xapo nearly tripled in August, up 175% month-on-month.
Xapo Member BTC Trading Volume, YTD The more telling story is in the direction of flow. Members turned net buyers in July, while the wider market was still hesitant and ETF flows were barely positive, and remained net buyers through August's surge.
Xapo Member Net Buys/Sells, YTD
Xapo Bank Product Offering Update
A resurgent market rewards being ready. Here's what's new this month: sharper tools for trading, a smoother way to manage your holdings, and an extended cashback offer for Xapo Metal cardholders.
Limit orders and stop-loss: now live for all members
August’s rollout is complete. Set the USD price you want to buy or sell BTC at once, and your order executes automatically the moment the market reaches it, with stop-loss orders available to help with managing downside risk. You'll find them in the Trade screen in your app.
A smarter Trade Hub
We've rebuilt the trading experience around how you actually invest. A new hub view brings all your market investments together in one place, with asset logos and richer market data on every asset page. Assets are now ordered by a range of parameters rather than alphabetically: ETFs by expense ratio, stocks by market cap and dividend yield. New collections, including Top Movers and assets relevant to Bitcoin holders, make it easier to find what you're looking for, and you can now browse the full range of stocks and ETFs before completing securities onboarding.
Summer Cashback, extended
Good news for Metal cardholders: our 3% cashback on taxi and ridesharing services worldwide, including Uber and Lyft, has been extended to 30 September. There's nothing to activate; as long as you hold an activated Metal card, qualifying rides earn automatically. Not yet carrying Metal? Cards are currently free to order in the app.
Bitcoin Headlines
The White House throws its weight behind crypto's rulebook
President Trump hosted crypto executives at the White House on August 19 and publicly pressed the Senate to pass the CLARITY Act, the regulation bill that stalled before the summer recess. Markets took it as a sign clear rules are finally coming; the vote is expected in September. Read more at Quartz
$1 billion of bets against Bitcoin evaporate in an hour
Traders had spent the summer betting Bitcoin would stay stuck in its range. When the Treasury's buyback announcement hit, those bets unravelled at record speed. Over $1 billion in short positions were forcibly closed in a single hour, and that forced buying poured fuel on the rally. Read more at Fortune
The Fed's new chair hints rates may rise
In his first Jackson Hole keynote, new Federal Reserve Chair Kevin Warsh said inflation remains too high and signalled that rate hikes may be on the table in the coming months. According to Polymarket, markets now put the odds of a 2026 rate hike at better than even, the key question hanging over the rally as autumn begins. Read more at PBS.
A word on security
If the past week is any guide, security never takes time off. Within days of each other, serial incidents rocked the industry. A flaw on the Liquid Network sidechain allowed self-described white-hat hackers to withdraw roughly $320 million in Bitcoin from its reserves. Meanwhile, Trezor disclosed that a breach at its shipping partner had exposed the personal details of tens of thousands more customers than originally thought. Neither Bitcoin itself, nor any device was compromised in either case, but both are reminders that risk lives in every layer around your coins: the software bridges, the vendors, the data trails.
That is exactly the thinking behind Xapo Talks: Security by Design, recorded live on 4 September. Moderated by our Head of Content Robert Baggs, Executive Director Joey Garcia and VP of Product Ashley Pope explore why lasting Bitcoin security is a system rather than a single device or seed phrase. The discussion also details why governance and regulation matter as additional security layers, as much as the underlying technology, and where self-custody fits for holders who want to keep part of the job themselves. Watch the full session on YouTube
Meet The Team
September
AMA: Activating capital: Your stablecoins and USD could be working for you
Date: 16 September, 2026
Time: 16:00 (UTC+1)
Location: Zoom
Xapo Speakers: Piotr Bedkowski (Product Manager, Wealth) and Andrew Whitbread (Head of Product, Payments)
RegSymp, Palma De Mallorca
Date: 14-15 September, 2026
Location: Palma De Mallorca, Spain
Xapo Attendees: Joey Garcia (Executive Director)
Freedom Tech DC, Washington DC
Date: 22-24 September, 2026
Location: National Press Club, PubKey DC, United States Capitol
Xapo Attendees: Joey Garcia (Executive Director)
Bitcoin Treasuries Conference, New York City
Date: 28 September, 2026
Location: Second, Midtown Manhattan
Xapo Attendees: Joey Garcia (Executive Director), Pablo Magro (Global Head of CCG)
Our full calendar of upcoming member events is always available on our Events page. Make sure to bookmark it so you never miss a session.
Events recap: Where we met members in August
Our Client Coverage Group travelled to three continents this month to meet our global community of members.
Blockchain Rio, Brazil
Mariana Methol (Sr Relationship Manager) and Pablo Magro (Head of CCG) connected with members and regional leaders from major digital asset platforms on where Latin American crypto adoption is headed next.
Accelerating Bitcoin, Paraguay
Ximena Matos was on the ground meeting members and prospects across Paraguay's growing Bitcoin community.
BTC Asia, Hong Kong
Our APAC Regional Head of CCG, Belle Leung, met with members and institutional partners in Hong Kong at BTC Asia. The team also attended Aston Villa’s Asia tour, cheering on our partners at AVFC during a preseason friendly against FC Bayern Munich.
Want to meet your coverage team in person next time we're in your region? Reach out to your RM.
Recommended Reading
You asked, we answered.
Thank you to the hundreds of members who completed our Making the Most of Xapo survey last month. One finding stood out: more than half of respondents didn't know they can automate their Bitcoin purchases on a schedule. With limit orders now live for every member too, there has never been a better time to get familiar with the tools available on Xapo. This month's reading list covers exactly that: how different order types work, and how to tell apart the platforms you interact with. Read: The limit order at Xapo Bank: same order, greater peace of mind
Market, limit, or stop-loss? Each order type makes a different promise. A plain-language guide to which one fits your strategy, now that automated orders are live in your app.
Read: Differentiating types of platforms in the crypto transaction pipeline
Exchange, e-money provider, or bank? Your protections change at every stop your money makes. A detailed overview of different providers and the nuances of digital asset transacting.
An update to your BTC Savings yield
The annual yield on BTC Savings has been adjusted to 0.25%. What doesn't change: your Bitcoin is never lent out or put to use anywhere. Xapo funds the yield from its own reserves, and payouts continue daily, in Bitcoin, with no lock-ins.
