Signs of a Bitcoin Bottom, Vault Adoption & The Fed's September Meeting

Has Bitcoin bottomed and what could determine its next move?

Recorded live on August 6, 2026, this episode of CF Benchmarks X Space examines Bitcoin’s performance relative to gold and the Nasdaq, the growing adoption of on-chain asset-management vaults, and the outlook for the Federal Reserve’s September meeting.

CF Benchmarks Head of Research Gabe Selby, CFA, is joined by Research Analyst Mark Pilipczuk; Kraken Chief Economist Thomas Perfumo, CFA; CF Benchmarks Senior Product Manager James Flamant; Head of Business Development Peter Stern; and special guest André Dragosch, PhD, Director and Head of Research for Europe at Bitwise.

The panel begins with Bitcoin near $64,000, Brent crude below $80 and a softer-than-expected ADP employment report. They assess whether Bitcoin has formed a bottom, what market breadth and return dispersion suggest about the broader cycle, and which indicators they are watching next.

The conversation then turns to on-chain asset-management vaults: how they work, where they sit on the adoption curve, and why curation, valuation and round-the-clock creation and redemption introduce risks that investors must understand. The episode closes with a discussion of oracle reliability, the safeguards needed for on-chain derivatives, and whether a September rate hike is now off the table.

Chapters:

01:38 – Meet André Dragosch: Bitwise Europe's Research Chief

06:45 – Market Snapshot: Bitcoin at $64K, Brent Below $80 & a Soft ADP Print

08:34 – Has Bitcoin Bottomed? The Relative-Value Case vs Gold & the Nasdaq

13:32 – CFB's Market Cycle Engine: Market Breadth, Return Dispersion & a Still-Bearish Structure

17:41 – What Thomas Perfumo is Watching

23:00 – James Shares What's on His Watchlist