Crypto markets are holding on to recent gains, but high leverage and rising geopolitical tension are keeping prices choppy. Phantom is ending support for Sui, the US is tightening financial pressure on Iran, and Bitcoin remains below a technical level that could help confirm whether the recent rally is broadening beyond a short-term rebound.

Phantom to End Sui Support on September 24

Phantom will stop supporting the Sui network on September 24, 2026, following a decision made with the Sui team. Users will not lose access to their funds, but they will need to move Sui assets to another compatible wallet or swap them for assets supported by Phantom before the deadline. Phantom is also offering fee-free swaps and in-app migration guidance.

Phantom said on X:

Phantom and Sui have decided to end Sui support on Phantom on September 24, and leave open the opportunity to explore other collaborations in the future. Your funds remain safe and fully under your control. Before 9/24, you can move your wallet to another app that supports Sui,… — Phantom (@phantom) August 24, 2026

Phantom and Sui have decided to end Sui support on Phantom on September 24, and leave open the opportunity to explore other collaborations in the future. Your funds remain safe and fully under your control. Before 9/24, you can move your wallet to another app that supports Sui,…

The decision comes about 20 months after Phantom added Sui support in January 2025. It also follows the wallet’s recent move to drop Monad, suggesting Phantom may be narrowing the list of networks it supports. For users, the practical issue is not fund safety but making sure assets are moved or swapped before support ends, which is the kind of wallet-level change that can matter to chain access even when token ownership itself is unaffected.

US-Iran Tensions Add Another Risk Factor

US Treasury Secretary Scott Bessent has announced an aggressive new financial campaign against Iran, targeting the country’s economic lifelines. He also warned nations that continue doing business with Tehran that they could face isolation. Iran has responded by warning Gulf countries against cooperating with Washington.

A post on X shared the following description of the escalation:

BREAKING: US Treasury Secretary Bessent announces the US is launching "the single greatest financial offensive ever marshalled against an adversary" against Iran, per FT. Bessent implies the US will directly target China and Gulf states, saying "any nation that serves as a… — The Hormuz Letter (@HormuzLetter) August 24, 2026

BREAKING: US Treasury Secretary Bessent announces the US is launching "the single greatest financial offensive ever marshalled against an adversary" against Iran, per FT. Bessent implies the US will directly target China and Gulf states, saying "any nation that serves as a…

For crypto markets, the main concern is the possible impact on oil prices, inflation, and global risk sentiment. Any further escalation around the Strait of Hormuz could increase volatility and make investors more cautious toward risk assets, especially in a market where recent gains are already trading alongside elevated leverage.

Bitcoin Still Needs to Reclaim a Major Level

The broader crypto market is currently valued at around $2.7 trillion and is up about 0.9% over the past 24 hours. Bitcoin dominance is around 59.3%.

Analyst VirtualBacon said Bitcoin’s recent move has been strong, but the trend has not yet been fully confirmed. In a post on X, he pointed to the 50-week average at $81,822 as the level Bitcoin needs to reclaim on a weekly closing basis before the broader trend can be called decisively bullish.

Best week since March 2023, up 23.6%. And bitcoin is still under the 50 week average at 81,822. Last Sunday I said I wanted a close above that line before calling the trend turned. Not yet. pic.twitter.com/HXozAZszxC — VirtualBacon (@virtualbacon) August 24, 2026

Best week since March 2023, up 23.6%. And bitcoin is still under the 50 week average at 81,822. Last Sunday I said I wanted a close above that line before calling the trend turned. Not yet. pic.twitter.com/HXozAZszxC

Bitcoin is currently trading around $77,030, with 24-hour trading volume at about $33.98 billion. That leaves traders watching whether the market can hold recent gains while moving back above the weekly level that many chart watchers are using as a confirmation point.

Hyperliquid Shorts Add a New Volatility Point

Wintermute has reportedly increased its Hyperliquid short exposure from $146.19 million to $190.77 million, with positions in $ETH, $BTC, SOL, HYPE, and XRP. That could become another source of volatility if prices move sharply against those positions.

Onchain Lens wrote on X:

WINTERMUTE IS DOUBLING DOWN ON SHORTS WHILE MOVING HUGE FUNDS TO BINANCE 🐻 They have deposited millions more into Hyperliquid and increased their short exposure from $146.19M to $190.77M, adding ~$44.58M in shorts since our last update. Top 5 short positions: • $ETH : $53.02M… pic.twitter.com/Z79o7Fbj76 — Onchain Lens (@OnchainLens) August 23, 2026

WINTERMUTE IS DOUBLING DOWN ON SHORTS WHILE MOVING HUGE FUNDS TO BINANCE 🐻 They have deposited millions more into Hyperliquid and increased their short exposure from $146.19M to $190.77M, adding ~$44.58M in shorts since our last update. Top 5 short positions: • $ETH : $53.02M… pic.twitter.com/Z79o7Fbj76

Hyperliquid remains one of the market’s strongest performers and recently reached new highs. The project has also drawn attention after Trump backed efforts to make Hyperliquid available legally in the US. Its HyperEVM adds an Ethereum-compatible layer to its derivatives-focused ecosystem, though the network is still waiting for more meaningful on-chain applications. In that context, large directional positioning from a major market maker is another data point traders are likely to monitor alongside price action, liquidity, and open interest.