Weekly market recap: 1) BTC had its best week since March 2023. BTC rose 24% to $77.7K and ETH 31% to $2.46K, while the S&P 500 fell 1.5% and the Nasdaq 2.3%. ZEC gained 75% and XRP 53%. 2) The Treasury doubled long-end buybacks, implementing yield curve control. Operations go from $2B to at least $4B, effective September 9. 3) Volatility broke out. BTC DVOL went from a 12-month low of 33.91 on August 17 to 43.57, moving from the 6.8th percentile to the 57th. August 19 was the eighth-largest liquidation event on record at $2.99B. 4) Regulation Crypto got proposed anyway. Four days after canceling the meeting, the SEC proposed the rule without one. 5) Open interest grew but little leverage growth. Aggregate OI rose 16.5% to $137.5B on flat coin-denominated OI. The froth is in the narrative coins. 6) ETFs saw $2.6B of inflows, their best combined week since October 2025. BTC took $1.9B and ETH $692.6M, both on five straight inflow days. BTC ETFs are still net negative $2.8B for 2026.