Bitcoin Clears $80,000 as Schwab Adds Solana and Other Tokens
Bitcoin Breaks $80,000 Barrier Amid Brokerage Expansion
Bitcoin traded above $80,000 on Thursday as major retail broker Charles Schwab announced it will add Solana, Avalanche, and Chainlink to its crypto platform.
The news came as part of a broader market rally that saw the total cryptocurrency market value reach $2.79 trillion. The move by Schwab marks a significant expansion for the brokerage, which has only offered Bitcoin and Ether to retail clients since launching its crypto service in May.
Key Market Movements
- Bitcoin rose 2.1% to trade around $80,020, marking its highest level in five sessions.
- Solana surged 12.9% to $109.13, leading the top ten tokens.
- Chainlink gained 5.5% while Avalanche rose 3.6%.
- Ethena's ENA token jumped 21.9% after a proposal to direct most revenue toward token buybacks.
- VeChain was the largest gainer among the top 100 tokens, rising 24.1% without any announced news.
What Charles Schwab Is Adding
Charles Schwab confirmed in a press release that Solana, Avalanche, and Chainlink will become available in Schwab Crypto accounts in the coming months. The platform has carried Bitcoin and Ether since its rollout in May.
"These additions are consistent with our approach to provide clients with access to familiar cryptocurrencies backed by an ecosystem of education, tools, resources, and support," said Joe Vietri, Head of Digital Assets at Charles Schwab.
The release did not provide specific dates for the new listings or client participation figures. Schwab has previously told advisors it is targeting mid-2027 for spot trading and custody in its registered investment advisor channel.
Ethena Proposal Drives ENA Rally
Ethena's research team posted a proposal on Thursday to activate its fee switch, which would direct revenue toward buying back ENA tokens. The proposal suggests that once certain supply milestones are met, 95% of net revenue from USDe savings, whitelabel stablecoins, and a third business line would fund buybacks.
ENA rose 21.9% to $0.1669, posting its largest one-day gain among the top 150 tokens. However, buybacks would not begin immediately even if approved. The proposal requires an ENA tokenholder vote, and no vote link had been posted as of Thursday afternoon.
Current USDe circulating supply stands at $4.05 billion, below the $6 billion threshold mentioned in the proposal. Ethena holds $4.49 billion in total value locked and generates $310 million in annualized fees, with $5.3 million currently reaching the protocol as revenue.
Bitcoin ETF Inflows Continue
U.S. spot Bitcoin ETFs brought in $232.2 million on Wednesday, according to Farside Investors. BlackRock's IBIT accounted for $200.8 million of that total, while Grayscale's GBTC lost $50.4 million.
Spot Solana ETFs took in $3.6 million on Wednesday, bringing cumulative net flows into the six funds to $1.23 billion since launch. Spot Ether ETFs collected $192.4 million on Wednesday.
Still Unclear
The exact timeline for Schwab's new token listings remains unconfirmed. No specific dates were provided in the press release.
Additionally, The Defiant could not independently confirm claims about $6.4 billion in Bitcoin options expiring on Deribit or hedging activity adding to price momentum. A partial read of Deribit's order book showed larger open interest in puts than calls for the August 28 expiry.
Why This Matters
Schwab's expansion into additional cryptocurrencies represents a significant shift for retail crypto access through traditional brokerage channels. With over 3,000 financial advisors in its network, the move could expose millions of retail investors to assets beyond Bitcoin and Ether.
The broader market sentiment remains positive, with the Crypto Fear & Greed Index reading 71, indicating "greed." This follows a period of more cautious sentiment that saw the index drop to 41 in mid-August.
What Happens Next
Schwab has indicated that Solana, Avalanche, and Chainlink will be available in the coming months, though no specific date was set.
Ethena tokenholders will need to vote on the fee switch proposal before any buyback activity begins.
Bitcoin options expire on Deribit on Friday, with the September quarterly contract carrying significantly more open interest. That expiration coincides with a Senate procedural vote on market structure legislation and a Federal Reserve decision.
