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After facing rejection at $1.30 days ago, LayerZero has faced strong downward pressure. In fact, $ZRO dropped below the long-term moving average 200-day EMA, hitting a low of $1.04.

At press time, LayerZero was trading around $1.80, up 1.48% on the daily charts. Over the same period, the altcoin’s trading volume plunged 35% to $38 million.

Amid these losses, LayerZero [$ZRO] has underperformed all other major crypto assets. According to CMC data, $ZRO is the worst performing asset among top 100 tokens , plunging 13% on weekly charts.

Selini Capital deposits 2 million $ZRO worth $2.18 million

Interestingly, even with the market leaning to the downside, institutional investors have increased spending substantially. Nazoku reported that Selini Capital deposited 2 million $ZRO worth $2.18 million to Binance.

2d ago, Selini Capital received 2.1 million $ZRO from the multisig wallet 0x907. This multisig wallet had received 8.5 million $ZRO from LayerZero two years ago.

These deposits to exchanges could mean several things. Firstly, Nazoku observed that the deposit could mean that these tokens finished the lock up period and deposited to Binance to sell.

So far, the wall has deposited well over 4 million $ZRO to exchanges to sell and still holds another 4 million tokens.

Can LayerZero whales come to the rescue?

Interestingly, although LayerZero has seen some losses, traders on the spot are holding firmly. According to Coinglass data, Spot netflow has remained positive for four consecutive days.

At press time, Netflow was around -$203k, suggesting more $ZRO have left exchanges the past 24 hours. However, most of those buys came from whales.

In fact, Spot Average Order Size data from CryptoQuant showed big whale orders emerging between $1.1 and $1.0, making these price levels key whale zones.

With the Spot netflow holding negative while whale orders are visible, it suggests these whales have been mostly accumulating. Historically, when whale demand holds steady, it has strengthened market structure, clearing a way for some gains.

Can $1 support hold?

$ZRO is currently facing intense bearish pressure. In fact, the altcoin’s Relative Strength Index (RSI) formed a bearish crossover and fell to 58.

While RSI made a bearish move, it still holds within bullish zone , suggesting that bears are yet to fully retake the market. If the pressure persist, the RSI will drop below 50, thus confirming this bearish trend.

Currently, LayerZero is testing the $1 support level, and trend continuation will see this level lost. In doing so, the altcoin will likely drop to EMA20 around $0.94.

To invalidate this bearish outlook, LayerZero must close above its long-term moving average around $1.2.

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Final Summary

• Selini Capital deposited 2 million $ZRO worth $2.18 million to Binance.
• LayerZero dropped 13% on weekly charts becoming worst performing token among top 100 on CMC, as bears eye a drop below $1.

Geopolitical stress is back in the market, lifting oil higher. Still, bitcoin $BTC$77,528.67 is trading steadily during Asian hours, showing resilience and outperforming gold and stocks, a recurring theme through August.

Oil prices rose on both sides of the Atlantic after the U.S. attacked an Iranian island in the Strait of Hormuz, a major oil tanker route that has been disrupted since the conflict began six months ago. The attack drew retaliatory action from Iran.

WTI crude futures jumped nearly 2% to $85.10, with Brent rising 1.9% to $92.39, according to TradingView. Gold fell 0.8% to $4,418 per ounce, and futures tied to the Nasdaq slipped 0.5% alongside losses in Asian equity markets.

Bitcoin, however, traded near $77,580, largely unchanged since midnight UTC, according to CoinDesk. $BTC’s price has surged 23% this month versus gold’s 9% gain and the Nasdaq’s 4% rise. Other major tokens, however, traded slightly lower. Payments-focused $XRP ($XRP) fell by 0.8% with solana (SOL) down 0.6%.

Bitcoin’s continued outperformance could be linked to strong inflows into spot ETFs and hopes for aggressive intervention by the Fed in the wake of the Treasury’s bond buyback program.

Cronos stopped its entire blockchain on Sunday after an attacker exploited Tectonic, its biggest lending platform, in an attack estimated at roughly $75 million.

Cronos is a blockchain launched by Crypto.com in 2021 and closely tied to the exchange, which uses it to run cheaper transactions for its own products. Its CRO token is the one Crypto.com holds up as the centre of its ecosystem, and the chain hosts a small set of lending and trading apps, of which Tectonic is the largest.

Tectonic lets users deposit crypto and borrow other assets against it, much like putting up a house as collateral for a loan.

One of the assets it accepted as collateral was TONIC, its own token, which had about $1.34 million of liquidity and roughly $11,000 of daily trading volume. Tectonic’s own documentation warns that low-liquidity assets can be particularly susceptible to price manipulation.

That appears to have provided the opening, blockchain data shows, as an attacker pushed TONIC’s price up roughly 100-fold in about 20 minutes, deposited the suddenly much more valuable tokens into Tectonic and borrowed real assets against them.

Why Steak ‘n Shake Now Calls Itself a Bitcoin Company

A burger chain founded in 1934 has redefined itself around bitcoin, Steak ‘n Shake shared Aug. 30 on X, more than 15 months after it began letting customers pay in the cryptocurrency at its restaurants. The declaration follows an Aug. 7 filing in which its parent company put a number on the chain’s sales growth.

“From the moment we started accepting bitcoin payments, Steak n Shake has produced the best same-store sales in the fast food industry,” the company summarized. “Bitcoiners continue to help our business. We have never seen an allegiance as strong as Bitcoin holders. The increased business and savings have helped us reinvest in food quality.”

The restaurant chain remarked:

“Steak n Shake is a Bitcoin company.”

Biglari Holdings Inc. (NYSE: BH), which owns the chain, reported a 13.8% same-store sales increase for domestic company-operated and franchise-partner-operated restaurants in the second quarter of 2026.

How Bitcoin Moved From the Register to the Balance Sheet

Payments came first, when Steak ‘n Shake started taking bitcoin in May 2025 over the Bitcoin Lightning Network, a second layer that settles small transfers faster and more cheaply than the base blockchain.

Those cheaper transactions sit behind the operating savings the chain describes. Rather than cashing out the proceeds, Steak ‘n Shake routes customer bitcoin payments into a Strategic Bitcoin Reserve instead of treating the cryptocurrency as a checkout feature.

Steak ‘n Shake then increased its bitcoin exposure twice in January, first by $10 million and then by $5 million in notional value. Separately, Steak ‘n Shake partnered with Fold on its employee bitcoin bonus program.

What Bitcoin Pays Workers and Diners

Hourly employees at company-operated restaurants have earned a bitcoin bonus on top of wages since March 1, set at 21 cents for every hour worked and payable after a two-year vesting period.

Customers got their own entry point on Oct. 31, 2025, when Fold Holdings, Inc. (Nasdaq: FLD) and Steak ‘n Shake launched a limited-time $5 bitcoin promotion at roughly 400 U.S. locations. Diners who bought a Bitcoin Steakburger or Bitcoin Meal uploaded the receipt for a code redeemable through the Fold app.

The company posted pretax operating earnings of $6.3 million for the second quarter, against $3.7 million a year earlier, across insurance and reinsurance, licensing and media, restaurants, and oil and gas. Across the first six months of 2026, those earnings came to $2.1 million, down from $13.7 million in the same stretch of 2025.

Lookonchain reported on Aug. 29 that 15 newly created wallets linked by the tracker to the GOLD token team sold 224.5 million tokens for 3,178 $SOL, worth about $330,000. The sale reportedly generated a profit of roughly $312,000. The original data post is available on X.

The Data Point

The report gives a narrow snapshot rather than a promise about future prices. Its figures describe the wallets, products or market segment identified in the post, and the timing matters because crypto activity can change quickly. For the Aster move, the reported return was unrealized. For the GOLD sale, the wallet attribution came from on-chain tracking. For the $SOL withdrawals, the transactions show movement from named exchanges but do not reveal the owners’ plans. For the ETF, exchange-balance and volume items, the figures are measurements from the named data providers, not official statements from every market participant.

Why It Matters

These developments matter because they show how trading activity, custody decisions and liquidity can affect digital-asset markets. A new perpetual listing can attract leverage as well as attention. A coordinated-looking token sale can raise questions about concentration and disclosure. Large withdrawals may reduce immediately visible exchange balances, but they do not automatically indicate accumulation. ETF inflows can broaden regulated access, while exchange outflows can reflect many motives, including self-custody, staking or transfers between venues. Volume dominance likewise measures participation, not the quality or durability of the assets being traded.

What the Report Does Not Show

The posts do not establish that any reported move will continue. They also do not, by themselves, prove intent, ownership or a completed change in market structure. Readers should distinguish realized gains from unrealized positions, observed transfers from wallet labels and>Next Indicators

Follow-up evidence will include whether the activity persists after the initial move, whether additional wallets or filings clarify attribution, and whether liquidity remains available across venues. In the ETF and exchange-balance cases, subsequent daily flows will show whether the reported direction was temporary or part of a longer trend. Until that evidence arrives, the developments remain dated market observations. BlockchainReporter will continue to separate sourced on-chain data from interpretation and avoid turning a single reading into a forecast. Context is available in earlier market coverage.