The bitcoin network split, Bybit's lawsuit against North Korea, and the decline of miners: key events of the week
The outgoing week was rich in events that could determine the medium-term trajectory of the industry. The Bitcoin network experienced a split due to the BIP-110 soft fork, Bybit filed an unprecedented lawsuit against North Korea, and the U.S. Senate postponed a fateful vote on the CLARITY Act. Let's break down the details.
Bitcoin recovered to $65,000
The week started with a continuation of the correction: on August 4, the leading cryptocurrency plunged below the $63,000 mark. However, the following days showed that sellers had run out of steam. On-chain analytics from Glassnode recorded a record-long capitulation phase, which, combined with low volatility, created the impression of a "calm before the storm." Nevertheless, the market chose a different scenario.
The reversal was driven by institutional money. Spot Bitcoin ETFs attracted $853 million over the week, while CryptoQuant analysts noted aggressive accumulation of BTC, ETH, and XRP by large holders. Wallets with balances ranging from 10 to 10,000 BTC have acquired more than 20,000 coins since July 29. Ethereum funds also posted their best weekly inflow since mid-April — $244 million. As a result, Bitcoin rose 3.4% to $65,200, while Ether gained 3.7%. The Fear and Greed Index remains in the "fear" zone at 31 points, which, in my view, points to sustained potential for further growth.
Split in the Bitcoin network: BIP-110 sets a precedent
On August 8, the leading cryptocurrency's network split at block #961,632. Nodes supporting BIP-110 rejected a block from AntPool that did not signal support for the proposal and switched to an alternative chain from the Ocean pool. Initial support for the soft fork was minimal — only 2.53% of blocks against the required 55%, so the separated branch is doomed. However, the very fact of the split is an important signal. Developer Kevin Loake rightly warned of the risk of losing real BTC when selling coins from the new network, since both branches accept identical transactions. This is a lesson for everyone: hard forks and soft forks always carry operational risks for careless users.
Bybit vs. North Korea: a legal move
Crypto exchange Bybit filed a civil lawsuit against North Korea, its intelligence agency, and the Lazarus Group in connection with the theft of $1.5 billion in February 2025. The documents were sealed since June 18 and have only now been unsealed. The claims include the return of assets, compensation for damages, and treble damages under the RICO statute. A key detail: by the time the lawsuit was filed, 90.2% of the stolen funds had passed through mixers and bridges, becoming untraceable. Only $75.5 million (5.3%) was frozen. This underscores the industry's main problem — the irreversibility of transactions and the limited effectiveness of even the most decisive legal measures.
Senate postpones CLARITY Act, but odds are rising
On August 6, the U.S. Senate postponed the procedural vote on the CLARITY Act bill to September 15. Republicans lack the votes to overcome the 60-vote threshold, and internal disagreements over stablecoin yields and ethical standards for the president remain unresolved. Nevertheless, Majority Leader John Thune has already filed a motion to end debate — a positive signal. Traders on Polymarket put the odds of the bill passing by year-end at 21%, notably higher than the previous 14%. Lobbyists are clearly working on a compromise.
Miners in the red, but competition for energy intensifies
MARA Holdings and CleanSpark reported quarterly losses of $611 million and $240 million, respectively, due to the decline in Bitcoin's price. At the same time, production metrics rose, pointing to structural efficiency. The industry is actively restructuring: Fortitude Mining purchased a site in Nebraska, and MARA is investing up to $600 million in Texas. However, competition with AI data centers is heating up. The Governor of Texas imposed a moratorium on connecting new centers to the grid, which could benefit miners with already approved contracts — their assets will only become more valuable.
My conclusion: the week showed that Bitcoin remains sensitive to institutional flows, while legal and regulatory risks are becoming the main theme of 2026. Bybit's lawsuit against North Korea is not just an attempt to recover funds, but a signal to the entire market of a willingness to use all available legal mechanisms. However, without solving the problem of tracking funds through mixers, such attacks will recur.