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BIP-110 Split Farce Comes to an End: A High-Profile “Bitcoin Fork” Ultimately Became an Ignored Orphan Chain

August 8, early morning.

Bitcoin block height 961,632.

A small number of nodes decided to leave the mainnet and implement the BIP-110 rules.

The media began hyping it: “Bitcoin has split in two!”

Are you panicking?

Don’t. Let’s see how this “forked chain” is doing now—

While the Bitcoin main chain had advanced to block 961,651, the BIP-110 fork chain had mined only two blocks, remaining at 961,633.

It was 18 to 20 blocks behind the main chain.

And the gap is still growing.

This fork farce, portrayed as “the biggest governance crisis in Bitcoin’s history,” went from launch to complete irrelevance in less than 48 hours.

Let’s go through it from the beginning.

In December 2025, a developer using the pseudonym Dathon Ohm proposed BIP-110. Bitcoin Core developer Luke Dashjr provided the original draft proposal.

The proposal: Restrict the inclusion of non-financial data such as Ordinals inscriptions in Bitcoin blocks within one year.

Supporters said: Inscriptions are “spam transactions” that consume block space and drive up fees; Bitcoin should focus on being money.

Sounds pretty reasonable, right?

But the problem is—nobody agreed.

Let’s see how this turned into a “farce.”

In July, Michael Saylor published a 10,000-word article listing 110 reasons for opposition. He said BIP-110 was an “iatrogenic proposal for Bitcoin”—a treatment that could cause new harm.

That same month, Blockstream CEO Adam Back directly lashed out, calling it “Idiocracy.” He said the essence of BIP-110 was an attempt to constrain others’ behavior through the consensus layer, which runs completely counter to Bitcoin’s core attributes of decentralization and permissionlessness.

On August 4, Saylor publicly refused to support it, citing a miner support rate of only 2.7% and saying the 55% threshold was “mathematically impossible to reach.”

On August 8, at block 961,632, the fork occurred.

And then?

Then nothing happened.

Data showed that BIP-110 miner signaling support fluctuated between just 0.3% and 2.6%.

No major mining pool publicly supported it. Foundry, AntPool, F2Pool, ViaBTC—all remained silent.

Over the past two weeks, only 2.53% of blocks signaled support.

The 55% threshold? It did not even come close.

The nodes supporting BIP-110 mainly came from users running Bitcoin Knots. The only mining pool to publicly support BIP-110 was Ocean, owned by Luke Dashjr.

One mining pool holding up an entire chain.

Even more absurdly—this fork lacked even basic security protection.

Ledger issued a warning: BIP-110 has no built-in replay protection.

What does that mean?

If you recklessly transfer or trade assets on the fork chain, the real BTC on the main chain could also be transferred away.

Developer Kevin Loaec also warned that selling the forked coins could result in real BTC being stolen.

A forked chain that cannot even guarantee security—and you’re telling me this is “the future of Bitcoin”?

Here’s the painful truth—

BIP-110 went from a “groundbreaking proposal” to being ignored in just 8 months.

Even at its peak, support was below 3%.

A high-profile “Bitcoin fork crisis” ultimately ended with virtually zero support.

Bitcoin was not “split in two”; on the contrary, this proved its ability to “remain united.”

This shows that Bitcoin’s governance mechanism is more robust than anyone imagined.

The dual thresholds of miner signaling and community consensus worked perfectly in this incident.

What is the outcome when a proposal without broad support forcibly forks?

An orphan chain 20 blocks behind the main chain, with only two blocks, that could stop producing blocks at any time.

Because Bitcoin’s difficulty adjustment mechanism depends on stable hashing power, when a minority chain loses sufficient miner support, block generation times can stretch from 10 minutes to several hours or even several days.

This is not a fork. It is a slow death.

Bitcoin was not “split in two”; on the contrary, this proved its ability to “remain united.”#非农爆雷降息预期逆转 #周末行情分析 #CLARITY法案投票窗口即将关闭 $BTC $ETH $SOL

$TAO Technical analysis (Chart 1) Assuming this breakout is genuine rather than a fakeout, it is recommended that: 1. The 1x upside target of the small-scale inverse head-and-shoulders pattern is around 219. Reaching this level would be the most typical outcome, and it is also a minor resistance level—the upper boundary of the previous consolidation range;

An Ethereum ICO investment address participated in the Ethereum ICO in 2015 at $0.311 per ETH and received 2,000 ETH, worth $622 at the time. These 2,000 ETH remained untouched for the next 11 years, until 40 minutes ago, when the address test-transferred 0.1 ETH to Coinbase. After appreciating 6,150-fold over 11 years, the holder plans to sell.
Address:

Discussing Practical Ways to Spend Crypto Assets in Everyday Life After being in the industry for so long, one very practical question has always been right in front of me: How can crypto assets stored in wallets be conveniently used for offline and online purchases?

$850 million flowed in, yet BTC is still hovering around $65k: This ETF cycle is “different”

From August 3 to 7, U.S. spot Bitcoin ETFs saw net inflows of $853 million.

The highest in 15 weeks. The third-highest weekly record of the year.

A few months ago, that would have been the script for a straight run to $70k.

But what happened? BTC hovered below $65k all week.

On August 9, BTC was trading at $64,808.

$850 million poured in, yet the price barely moved.

Are you confused?

Ethereum spot ETFs also saw $245 million in inflows over the same period.

Bitcoin plus Ethereum: nearly $1.1 billion in one week.

But what happened? ETH rebounded from $1,800 to $1,920, gaining less than 3%.

In the past, this data would have sent the market straight into FOMO.

What is different this time?

The first difference: selling pressure is different.

As BTC rebounded from $62k to $65k in July, profit-taking and positions looking to break even were released at the same time.

A large amount of trapped supply had accumulated around $65k.

Every time the price approaches this area, someone sells.

Not to mention—Strategy, the largest corporate holder, sold 1,638 BTC from late July to early August, worth about $104 million.

Some are buying, and some are selling. If both buying and selling are heavy, how can the price rise?

The second difference: the macro backdrop is different.

The Federal Reserve had just concluded its meeting on July 29, keeping the interest rate unchanged at 3.50%-3.75%.

But the FOMC was unusually divided: 9 votes favored holding steady, while 3 opposed and leaned toward a 25-basis-point hike.

The market is not discussing “when will rates be cut” anymore, but “should rates be raised again?”

Bitcoin’s correlation with the S&P 500 is as high as 83.6%.

What does this mean?

This round of ETF inflows is largely “hedging macro uncertainty”—weak employment data has boosted rate-cut expectations, bringing in funds for safety rather than to bet on a major bull market.

Two completely different logics.

The third difference: the fund structure is different.

Of the $853 million in inflows, BlackRock’s IBIT alone contributed $693 million.

That is 81%.

Fidelity’s FBTC ranked second, adding only $40.95 million over the entire week.

Bitwise’s BITB and ARK’s ARKB added only $2.11 million and $1.94 million, respectively.

This is not market-wide FOMO; it is IBIT alone holding up the show.

It looks more like a tactical allocation by specific institutional clients than the entire market rushing in.

Here is the painful truth:

ETF inflows are a signal that buying has recovered, not confirmation that the bull market has restarted.

A Wintermute trader put it bluntly: ETF buying entered the market but failed to push prices higher, indicating that marginal buyers in the spot market are not genuine one-way bulls.

If $850 million cannot move it, what do you expect to?

Even more unsettling is that market sentiment has not followed the money in at all.

The “Crypto Fear & Greed Index” remains below 40, in the “Fear” zone.

Trading volume continues to shrink, with 24-hour spot trading volume down about 16%—a typical case of “rising prices on falling volume.”

A rebound with low participation and low conviction is the most likely to suddenly die.

Is $65k the new equilibrium point, or a continuation pattern in the uptrend?

The answer is not in the ETF data, but in the Federal Reserve’s next move.

A genuine breakout requires three conditions to be met at the same time: sustained ETF inflows, cooling U.S. Treasury yields, and confirmation from the Federal Reserve that it will not raise rates.

The first two are happening. The third?

The Federal Reserve itself is still arguing. #非农爆雷降息预期逆转 #股票交易分享挑战 #周末行情分析 $BTC $SOL $ETH

When the last wisp of starlight extinguishes ten trillion years from now, all the passion and tenderness we once pursued, and all the stocks and coins we traded, will vanish into the void of the universe. So, sincerely enjoying the present is the best moment.

Yesterday, I basically called it before takeoff, and it has now broken out technically. The structure and moving-average resonance suggest there was probably some news catalyst, right? I don't know—I only look at the K-line. If you're chasing the breakout on the right side: 1. Look at the moving averages on the daily chart; 2. Look at the two 1-hour candles with increased volume during takeoff. As long as these two levels don't break down, it's basically a genuine breakout.

$TUT Absolutely insane, absolutely insane—there’s no arguing with it. With this level of capital momentum, the previous high of 0.18 should be reached steadily; this move is truly impeccable.
The previous BROCCOLI714 rally was already outrageous, and now TUT has gone up tenfold in just three days, with a 200%+ gain in 24 hours. Capital is flooding in, and activity in the perpetuals market has reached a fever pitch.
The market is completely dominated by bulls, and short-term sentiment has been fully ignited. But one reminder: meme coins can also see terrifying pullbacks after explosive rallies. Never chase heavily at the highs, and be sure to keep leverage under control.

$TUT

On Wednesday, the shorts were still counting their money; by Friday, their phones were ringing off the hook—SpaceX wiped out $327 billion in two days in a textbook short squeeze

On Wednesday, those shorting SpaceX were still popping champagne.

The earnings report showed revenue of $7.8 billion, up 92% year over year and above expectations. But AI capital expenditures were $18.3 billion, 2.35 times revenue.

The stock plunged 14%, hitting a new post-listing low.

The short interest ratio surged to 36%. Shorts had more than $9 billion in paper profits.

They thought they had won.

Two days later, some of them may have been taking calls demanding additional margin.

On Thursday, 911.5 million lock-up shares were unlocked.

The float surged from 639 million to 1.55 billion shares—more than doubling.

$100 billion in potential selling pressure.

Everyone thought a stampede was coming. Analysts warned that insiders were preparing to flee and the stock was about to collapse.

But what happened?

The stock rose 6%.

On Friday, it rose another 16%.

It gained 23% over the two days. Its market cap increased by $327 billion.

It shot from $108 to $128, just one step away from the $135 IPO offering price.

Miller Tabak chief strategist said bluntly: “I’m sure some bearish bets had to be covered today.”

This was not a fundamentals-driven rally.

It was a trading-structure-driven short squeeze.

Before the unlock, short positions accounted for 36% of the float. After the unlock, the float doubled, diluting the ratio to 16%.

But what about the absolute number?

More than 250 million shares are still sold short.

The co-founder of Ortex Technologies said something that really hit home: “There is no sign whatsoever of shorts taking profits. If anything has changed, it’s that they’ve increased their bets.”

95% of the lendable shares have already been borrowed to short.

In other words—

Almost everything available to borrow has been borrowed.

The options market is adding fuel to the fire.

On Friday, SpaceX options volume reached 2.24 million contracts, including 1.3 million calls—a record high.

Money is betting with real capital that the short squeeze is not over yet.

Data from Vanda Research showed that even after the post-earnings plunge, SpaceX remained the most purchased individual stock among U.S. retail investors.

Are retail investors catching the falling knife? No, they are adding fuel to the fire.

What about Musk?

He posted on X: “I tried to warn them, but all they do is double down.”

A month earlier, he had said something even harsher: “Institutions holding large SpaceX short positions for the long term have an extremely low probability of survival.”

No one believed him at the time.

What about now?

But things are not that simple.

The unlock is only the first wave. SpaceX uses a nine-stage phased unlock mechanism. August was just the beginning, with multiple additional batches of shares to be unlocked over time.

Moreover, based on Friday’s closing price of $128, the stock remains just short of the $135 IPO offering price.

Once it breaks above $135, that will be another psychological threshold.

Shorts now face a classic dilemma—

If they close their positions, they not only give up $9 billion in paper profits but may also push the stock even higher.

If they do not close, losses have no limit if the stock continues to rise.

That is the cruelty of shorting: potential losses are unlimited because the stock has no ceiling.

Here is the painful truth:

On Wednesday, the shorts thought they were the hunters. By Friday, they realized they were the prey.

The 250 million shorted shares are a sword of Damocles hanging over the shorts.

For every $1 the stock rises, shorts lose more than $300 million.

This is not an ordinary rebound.

It is a trading-structure-driven short squeeze—the longer shorts hold out, the stronger the rebound; the stronger the rebound, the less able shorts are to hold out.

Once this positive feedback loop starts, it is difficult to stop.

What happens next?

Two things to watch:

First, can the stock hold above $135 at Monday’s open? Breaking above it would reclaim the IPO offering price and completely shatter the shorts’ psychological defenses.

Second, will options volume continue to expand? The 1.3 million call contracts may not be the end; they may be the beginning.

This is not a fundamentals-driven rally; it is a trading-structure-driven short squeeze.

The 250 million shorted shares are a sword of Damocles hanging over the shorts.

Do you think SPCX can break above $135 next week? Will the shorts be completely blown out?#非农爆雷降息预期逆转 #股票交易分享挑战 #美国ADP就业仅增4.4万 $BTC $SPCX $TSLA

How did this frog accumulate 13m SOL in just 2h: A13oRB9FFaiUjfi6LdCg6p9ka1u8SfGkUFs4SKvPpump Find an entry and trade the swing.

ADA is finally recovering! The veteran public chain is slowly getting back on its feet Recently, the market has shown a clear broad-based recovery among major public chains, and ADA, which had been dormant for a very long time, is finally seeing capital return. Those familiar with the crypto market know that ADA is a veteran, steady public chain that does not rely on hype. For years, it has steadily upgraded its technology and built out its ecosystem without chasing every short-term trend. After staying quiet for quite some time, capital is now flowing back into the public-chain sector, and its popularity has returned along with it.

Looking at the July performance of exchange tokens, most exchange tokens rose, with HTX standing out in particular. Comparing the trends, it is clear that HTX has always maintained a steady trajectory, steadily building momentum through ongoing burns and ecosystem operations rather than blindly chasing hype. With a solid focus on long-term development, I am highly optimistic about the overall value of $HTX going forward.

$1.4B worth of $USDC has left circulation over the past 30 days.
That’s a noticeable liquidity contraction.
For me, the key is whether this continues, because shrinking stablecoin supply can mean less fresh capital available to move into crypto markets.

GIGGLE at $33.21—would you bet on it? First, the surface: emotions are running hot and FOMO is spreading. It surged over 60% in a single day on July 30–31, briefly broke above $50, and its market cap climbed past $50 million, with 24-hour trading volume reaching tens of millions, directly decoupling from BTC to chart an independent trend. The daily chart strongly broke out of the $25–30 consolidation range, while RSI once exceeded 80 in overbought territory. It is currently consolidating at elevated levels: the story remains, but chasing the rally no longer offers an attractive risk-reward ratio.

ZEC's pit has been filled

Look at the surface first: the bearish catalyst has been eliminated, and the price is no longer falling.

It rose 11% over the past week, 9% over the past month, more than doubled in six months, and gained over 1000% in a year—you read that right, four digits. It is consolidating in the 500-520 range, is only 40% away from the ATH of 744, technical indicators are neutral to bullish, the upgrade has been implemented, confidence is recovering, and a major move is brewing.

First: "that pit" from June has been filled.

ZEC plunged in June after a potential forgery vulnerability was exposed in the Orchard shielded pool, triggering panic selling across the market. Retail investors capitulated in tears: "Privacy coins are finished; the technology has a backdoor!"

On July 28, the Ironwood upgrade officially went live.

The new shielded pool launched, a verifiable supply mechanism was introduced, and funds began migrating to the new pool. The vulnerability has been fixed, and confidence has returned.

Second: supply is tightening, while you are still hesitating.

30-35% of ZEC's supply is locked in the shielded pool—including holdings from institutions such as Grayscale and Cypherpunk. The tradable float is shrinking rapidly.

Fortitude (DCG-affiliated) is expanding its mining capacity and acquiring facilities in Nebraska. Barry Silbert is increasing his holdings, institutions are positioning themselves, and retail investors are watching the chart.

Third: voting begins on August 25, and ZEC is about to undergo a governance upgrade.

The NU7 coinholder vote will begin on August 25 and last for 18 days. Only holders of Ironwood-shielded ZEC can vote, meaning more people will lock ZEC in the new pool.

The vote covers network mechanisms and the upgrade timeline. Every governance action is a reassessment of the network's value.

Bull vs. bear—you be the judge

On one side:

The Ironwood upgrade is live, and the critical vulnerability has been fixed

30-35% of the supply is locked, sharply reducing the tradable float

Institutions are expanding mining capacity and increasing their holdings

The August 25 governance vote is about to provide a catalyst

Up over 1000% in a year, outperforming BTC by 17x

On the other side:

Privacy coins are sensitive to regulation and could face policy risks at any time

It will take time for confidence to recover after the upgrade, and the fund migration is not yet complete

520-530 has been rejected three times, leaving short-term profit-taking pressure

Key levels

Resistance above: 520-530 → 550-570 → 600+

Support below: 500 → 480-490 → 450-460

Trading strategy

Short-term traders:

Open a small long position around 504, set a stop-loss at 480-485, and target 520-530 (take profit in batches); if 530 breaks, look toward 550-600.

Swing traders:

Add to positions when a pullback to 500-510 stabilizes; after a sustained breakout above 520, go long toward 550-600. Exit first if 480 breaks, then look to buy back at 450-460.

Long-term believers:

Build a position in batches around 500 and hold for at least six months. Ironwood is only the beginning, and the NU7 vote is merely the sequel. The real privacy bull market has yet to arrive. Target: 744 (ATH) → 1000+.

ZEC's script is written in history: Every panic-driven vulnerability sell-off is a golden pit.

ZEC now resembles SOL at the end of 2023—

Back then, people also said, "The technology is no good anymore" and "The ecosystem is going to die," yet it rose from 20 to 200.

On the day 520 breaks, you will realize:

It was never that ZEC was weak—you were just scared into selling at a loss by negative news every time.

What is your ZEC cost basis?

At 504, are you willing to get on board, or will you keep waiting for a pullback?#非农爆雷降息预期逆转 #股票交易分享挑战 #周末行情分析 $BTC $ETH $ZEC

The real buying point always feels unbearably painful.
The real selling point always leaves you deeply reluctant to let go.
When you’re panicking and want to get out, it’s often precisely the right time to buy.
When you feel the market can keep rising, it’s probably nearing the top.
The market seems determined to go against human intuition.

Goldman Sachs publicly bought 23.11 million shares of $NBIS for its high-net-worth individual family-office clients, representing 10.5% of the total shares outstanding.
Michael Burry of *The Big Short* just publicly shorted at $211, openly admitting that the position is very large. Could this also be his downfall?
Whether the Missouri data center has signed $33 billion, five-year bare-metal contracts with Google and Meta will also be revealed on Wednesday as earnings season unfolds!
Where there’s smoke, there’s fire—that’s extremely bullish!

Everyone, let’s follow each other if you have Blue V verification!
Genuine mutual follows—follow me and I’ll follow back!
The platform’s new rules took effect this weekend, and completing Blue V verification is now required to activate creator monetization.
Many creators in the space are stuck at the monetization threshold, and relying solely on organic follower growth is simply too slow, so I’m gathering everyone together.
Sincerely looking for mutual follows with Blue V creators in the same niche. New and established creators are all welcome—let’s keep the interaction reciprocal and never leave anyone hanging.
We’ll maintain only high-quality, consistent interaction and reject ineffective engagement farming. Let’s support one another as Chinese-language creators and weather the traffic winter together.
#蓝V # Blue V mutual follows #mutualfollows

Crypto is now the worst-performing major asset class since January 2025.
Meanwhile:
Silver: +107%
Copper: +66%
Gold: +60%
Nasdaq: +38%
Russell 2000: +31%
And crypto?
$BTC: -35%
$ETH: -47%
Altcoins: -57%
After such a wide performance gap, crypto is starting to look increasingly undervalued relative to other major asset classes.
The question is whether capital eventually rotates back into the sector.