June Weekly Update #3

June 16th to 22nd Recap

▫️Strategy acquired an additional 10,100 BTC for $1.05B at $104,080 per BTC

▫️US Senate passed stablecoin bill “The GENIUS Act” 68-32, advances to House

▫️Thailand approved tax exemption on crypto capital gains until 2029

▫️Texas officially opened state-managed fund for BTC reserves

▫️DDC Enterprise announced up to $528M raise to accelerate BTC Treasury strategy

▫️Singapore BTC miner Bitdeer announced $330M convertible notes offering

▫️BTC rewards firm Fold secured $250M facility to expand BTC holdings

▫️JP Morgan filed 'JPMD' trademark hinting at stablecoin development

▫️Crypto group Tron to go public after US pauses probe into Justin Sun

▫️Trump's Truth Social filed for a dual BTC & ETH ETF

▫️Iranian crypto exchange Nobitex exploited for over $90M

▫️TAC raised $11.5M to bring DeFi to Telegram’s ecosystem

▫️Total stablecoin market cap hit a new ATH of $250B, up 55% over the past year

▫️ETH surpassed 35 million ETH staked, a new high for the network

▫️DeFi lending TVL surpassed $56B & hit a new ATH

▫️Active loans on Base surpassed $1B

▫️ETH revealed to have around $20B in tokenized BTC on-chain

▫️USDC on ARB hit $5.2B Market Cap, with 70% being used to fuel Hyperliquid

⏫ Bitcoin Weekly High: $108,822
⬇️ Bitcoin Weekly Low: $98,467

⏫ Ethereum Weekly High: $2,671
⬇️ Ethereum Weekly Low: $2,142


June 23rd to 29th Upcoming Events

June 24 - VENOM, $10M token unlock 🔓
June 24 to 26 - Permissionless conference in NYC 🇺🇸

*Nota Bene

Markets were rocked towards the end of the week as the Israel-Iran conflict escalated with the US becoming involved. Markets dropped over the weekend as news of the developments spread despite trading sideways for most of the week (BTC briefly dropped to below $100k before recovering back to $101k at the time of writing).

In other macro news, the Fed held interest rates steady but kept the door open to two rate cuts in 2025 pending promising data. Despite a shortened US trading week BTC ETFs gained $1.05B while ETH ETFs amassed $40M over the week.

Globally, digital asset investment products saw a total of $1.24B worth of inflows, which marked a 10th consecutive week of inflows, bringing the YTD inflows to a record $15.1B.
Looking forward, in the week ahead geopolitics will once again most likely be the key catalyst that moves the markets in either direction, it may prove wisest to be prepared & positioned for sudden spikes or dips as a result of geopolitical news announcements.

June Weekly Update #4

June 23rd to 29th Recap

▫️Strategy acquired an additional 245 BTC for $26 million at $105,856 per BTC

▫️FHFA directed Fannie Mae & Freddie Mac to consider crypto assets in mortgage assessments

▫️Anthony Pompliano closed $1B merger to create ProCap Financial; raised over $750M for public BTC treasury company & acquired 3,724 BTC for $386.5M & 1,208 BTC for $129M

▫️US spot BTC ETFs hit $1T cumulative trading volume in under 18 months since launch

▫️Metaplanet raised $515M through new stock issuance & bought an additional 1,234 BTC for $133M

▫️Cardone Capital bought 1,000 BTC for $101M & announced 3,000 BTC strategy

▫️Norwegian deep-sea mining firm Green Minerals AS announced $1.2B BTC treasury plan

▫️UAE based fund purchased $100M of Trump-backed WLFI

▫️IoT firm Sequans announced $385M raise via debt & equity offering to acquire BTC

▫️Nasdaq-listed Nano Labs announced $500M convertible note sale plan to fund BNB treasury

▫️Trump's Truth Social filed for BTC & ETH ETF with NYSE

▫️SEC cleared REX-Osprey to launch SOL, ETH staking ETFs

▫️Bit Digital wound down BTC mining operations, & switched to ETH staking & plans

▫️SharpLink Gaming expanded ETH treasury to 188,478 ETH with $30M purchase

▫️Crypto giant Galaxy raised $175M for premier Galaxy Ventures Fund

▫️Canton blockchain builder Digital Asset raised $135M

▫️DeFi vault project Veda raised $18M from backers including Coinbase Ventures & Animoca Ventures

▫️Hyperliquid revealed to have generated $305.9M in cumulative revenue since Dec 2024, with over $51.6M in June

▫️Active loans on Euler hit $1B, up from $100M in early February

⏫ Bitcoin Weekly High: $108,432
⬇️ Bitcoin Weekly Low: $98,914

⏫ Ethereum Weekly High: $2,501
⬇️ Ethereum Weekly Low: $2,172


June 30th to July 6th Upcoming Events

June 30 - SUI, $126M token unlock 🔓
July 2 - ENA, $11M token unlock 🔓
July 3 - US unemployment announcement 🇺🇸

*Nota Bene

Markets recovered over the course of the week as the Israel-Iran ceasefire appeared to remain intact. BTC is trading 7% higher WoW at the time of writing while the S&P500 has hit all-time highs.

ETF flows also highlighted the general optimism as US BTC ETFs amassed a whooping $2.2B while ETH ETFs drew in $172M worth of inflows. Globally, digital asset investment products saw over $2.5B worth of inflows last week, which also marked 11 weeks of consecutive inflows.

Looking forward, the positive momentum will likely continue in the week ahead with geopolitics once again most likely to be the biggest risk to upward moves. This could be either in the form of negative news around the US-Canada trade war or a flare up in the conflict in the middle east.

July Weekly Update #1

June 30th to July 6th Recap

▫️Strategy acquired an additional 4,980 BTC for $531.9M at $106,801 per BTC

▫️Robinhood launched stock tokens, & revealed layer 2 blockchain based on ARB

▫️Supreme Court rejected bid to protect Coinbase user data from IRS

▫️Kazakhstan announced national cryptocurrency reserve plan using state-mined coins

▫️Metaplanet bought 1,005 BTC to reach 13,350 BTC in total holdings & issued $208M in bonds for further purchases

▫️Russian state giant Rostec announced ruble-pegged stablecoin, payment platform on Tron plan

▫️NY bankruptcy judge gave Celsius the green light to pursue $4.3B lawsuit against Tether

▫️Circle applied for US National Trust Bank license

▫️Public companies bought more BTC than ETFs did for the 3rd consecutive quarter

▫️First spot SOL staking ETF, $SSK, ended 1st day with $33M in volume & 12M in inflows

▫️Coinbase bought token manager Liquifi in 4th acquisition YTD

▫️Trump-backed American Bitcoin raised $220M for BTC mining

▫️SEC approved conversion of Grayscale Digital Large Cap Fund into BTC, ETH, XRP, SOL & ADA ETF

▫️Bit Digital raised $163M from share offering to fund ETH treasury

▫️BitMine Immersion Technologies announced $250M private placement to initiate ETH treasury strategy

▫️DeFi Development announced $112M convertible note plan to acquire SOL & repurchase shares

▫️SOL CME Futures volume hit a new ATH of 1.75M contracts

▫️Base revealed to have accounted for 67% of L2 fees in 2025

⏫ Bitcoin Weekly High: $110,498
⬇️ Bitcoin Weekly Low: $105, 404

⏫ Ethereum Weekly High: $2,631
⬇️ Ethereum Weekly Low: $2,396


July 7th to 13th Upcoming Events

June 11 - IMX, $10M token unlock 🔓
July 12 - APT, $50M token unlock 🔓


*Nota Bene

The passing of Trump's landmark 'big beautiful bill' was the most noteworthy news in the week as BTC traded 1% higher WoW. In addition, the market's reaction to the news of massive government spending was displayed as US BTC ETFs amassed $1.01B in the 2 trading days after the bill passed. This was also during a shortened US trading week due to July 4th holiday with BTC ETFs recording $769.5M net inflows for week.

ETH ETFs attracted another $219M amid a slew of positive announcements at EthCC with arguably the biggest being Robinhood launching tokenized equities for EU investors on Arbitrum. Globally, digital asset products saw $1.03B in weekly inflows, marking a 12th week of consecutive inflows.

With the Trump administration moving the July 9th tariff deadline to August 1st, prior expectations of a volatile week due to tariff announcements/misses have now shifted to expectations of sideways moves in the week ahead. It remains to be seen if institutional BTC buying continues in the week due to US fiscal spending fears. We will also be looking out for any US policy developments as the 14th July commences the House Committee on Financial Services' Crypto Week.

July Weekly Update #2

July 7th to 13th Recap

▫️Close to $1B of shorts liquidated on Thursday as BTC broke past $115k

▫️CoreWeave announced acquisition of crypto miner Core Scientific with $9B all-stock deal

▫️Nasdaq-listed BioSig merged with Streamex & arranged $1.1B in financing to tokenize commodities

▫️Metaplanet bought an additional 2,205 BTC for almost $239M, taking total holdings to 15,555 BTC

▫️Pump. fun confirmed $600M sale & token airdrop, however EU residents barred

▫️BTC ETF dominance hit a new ATH of just over 30%

▫️Sequans closed $384M strategic investment to launch BTC treasury

▫️Onchain perpetuals exchange GMX suffered $42M exploit, hacker then agreed to return funds for $5M bounty

▫️Japan's Remixpoint raised $215M to expand BTC treasury

▫️Bit Digital swapped entire treasury into ETH, now a top public ETH holder after $172M raise

▫️Crypto miner BIT Mining announced pivot to Solana & plan to raise $300M for SOL treasury

▫️Percentage of long-term holders hit a 15-year high at 74% of the total BTC supply

▫️Trump's Truth Social filed S-1 for Crypto Blue Chip ETF, assets include BTC, ETH, SOL, XRP & CRO

▫️SharpLink Gaming completed direct purchase of 10,000 ETH from the Ethereum Foundation for $25.7M

▫️Stablecoin startup Agora raised $50M, Series A led by Paradigm & Dragonfly

▫️Percentage of total ETH supply staked hit a new ATH of 29%

▫️Usage of CoWSwap on ETH & Gnosis chain hit a new ATH

▫️Stablecoins revealed to be used for around $800B in tx volume per month

▫️ETH devs announced Layer 1 zkEVM rollout plan

⏫ Bitcoin Weekly High: $119,089
⬇️ Bitcoin Weekly Low: $107,746

⏫ Ethereum Weekly High: $3,025
⬇️ Ethereum Weekly Low: $2,505


July 14th to 20th Upcoming Events

July 14 - US House Crypto Week 🇺🇸
July 15 - US CPI announcement 🇺🇸
June 15 - STRK, $17.5M token unlock 🔓
July 15 - SEI, $18.3M token unlock 🔓
June 16 - ARB, $37.7M token unlock 🔓
July 18 - TRUMP, $846M token unlock 🔓
June 18 - FTN, $90M token unlock 🔓
July 20 - ZRO, $55.5M token unlock 🔓


*Nota Bene

The last seven days saw generally positive price action as the S&P 500 hit a new all time high & BTC traded 8.6% higher WoW. This was in spite of Trump announcing a spate of new tariffs on countries such as Japan, South Korea, & Mexico. The EU was also hit with a 30% tariff on exports to the US.

Despite this, US BTC ETFs amassed a whopping $2.7B in inflows, while ETH recorded $990M worth of inflows. Globally, digital asset investment products saw inflows worth $3.7B, making last week's total the 2nd largest ever. In addition, July 10th recorded the 3rd highest daily inflow ever with the positive flow of funds also marking the 13th consecutive week of inflows, bringing year-to-date (YTD) inflows to $22.7B.

Looking forward, there could be a slew of significant announcements this week as the 14th of July commences the House Committee on Financial Services' Crypto Week. Further announcements regarding stablecoins could be on the table as well as advances regarding digital asset regulatory enforcement.

Looking beyond crypto, several large companies are set to produce earnings reports this week, with BlackRock, JPMorgan Chase, Citigroup, Wells Fargo, Bank of America, Goldman Sachs, Morgan Stanley, General Electric, Netflix, & Taiwan Semiconductor Manufacturing Company all set to provide stakeholders with deeper insight into their current financial makeup.

As a result, the right mix of positive announcements could see markets maintain the upward trend, while the possibility for adverse moves in reaction to "negative" news from the White House remains a possibility.

July Weekly Update #3

July 14th to 20th Recap

▫️Strategy acquired an additional 4,225 BTC for $472.5M at $111,827 per BTC

▫️Trump signed stablecoin GENIUS Act & US House of Representatives passed the Clarity Act

▫️Nasdaq filed application to allow staking for iShares ETH Trust

▫️The US DOJ & CFTC ended Polymarket investigations

▫️Trump commenced preparation to open $9T US retirement market to crypto investments

▫️Strategy revealed to hold 3% of all BTC in circulation

▫️Coinbase launched Base App, an all-in-one social & trading platform

▫️Sonnet BioTherapeutics agreed to $888M merger, become Hyperliquid Strategies, & launch HYPE treasury

▫️ETH surpassed BTC in global perps volume, in 1st with $90.82B, BTC in 2nd with $82.93B

▫️BitMine Immersion acquired 163,000 ETH after $250M raise

▫️Bit Digital acquired 19,683 ETH, growing treasury to over 120,000 ETH

▫️BTC treasury companies reached holdings over 50% of the amount of supply held in all ETFs combined

▫️Trump Jr.-backed Thumzup Media received board approval for $250M treasury in BTC, XRP, & DOGE

▫️SharpLink Gaming acquired $73M, $68M, & $118M worth of ETH via various purchases & filed for $5B share offering

▫️ Aave surpassed $50B in net deposits

▫️DEX volume revealed to be tied 50/50 between SOL & ETH/rollup stack

▫️Total DeFi TVL hit $138.5B, the highest level since May 2022

▫️US-listed miners' share of BTC hashrate reached a new ATH

⏫ Bitcoin Weekly High: $122,776
⬇️ Bitcoin Weekly Low: $116,131

⏫ Ethereum Weekly High: $3,815
⬇️ Ethereum Weekly Low: $2,945


July 21st to 27th Upcoming Events

July 21 - Coinbase launches Perpetual Futures in the US 🇺🇸
June 25 - VENOM, $13M token unlock 🔓


*Nota Bene

The signing of the Genius Act & further positive developments in US crypto legislation & market structure led the way in terms of industry news during a positive week for global crypto markets. Significantly, markets remained resistant to US trade tariff announcements and escalations in the Middle East.

ETH proved to be the big winner trading 25% up WoW at the time of writing. US BTC ETFs amassed $2.4B in inflows with ETH ETFs a close 2nd with $2.1B worth of inflows.

ETH's 2025 inflows have already surpassed the total for 2024 at $6.2B & last week's inflows were close to double the amount of any previous week on record.

Globally, digital asset investment products recorded their largest weekly inflows on record, totalling $4.39B, beating the post-US election peak of $4.27B set in December 2024.

ETH's positive price action continues to benefit from a growing number of corporations opting for an ETH corporate treasury strategy with most also planning to stake their acquired ETH. Additionally basis trades (currently long spot, short futures) on ETH continue to be profitable for hedge funds further stimulating the positive trend.

With Trump possibly reiterating his calling for Fed Chair Powell's removal over rate-cut disagreements, markets might consolidate over the next few days as a wait-and-see posture ahead of the interest rate announcement scheduled for the following week.

As a result, the right mix of positive announcements could see markets maintain the upward trend, while the possibility for adverse moves in reaction to "negative" news from the White House remains a possibility.

July Weekly Update #4

July 21st to 27th Recap

▫️Strategy acquired an additional 6,220 BTC for $739.8M at $118,940 per BTC

▫️Strategy announced IPO of 5 million shares of STRC stock

▫️Trump Media announced its BTC treasury purchases reached $2B

▫️Galaxy completed an 80,000 BTC sale (worth over $9B) belonging to an investor from the Satoshi era

▫️FBI ended investigation of Kraken founder Jesse Powell

▫️FTX announced the record date for the Next Distribution is September 30, 2025

▫️Over 30% of the BTC supply revealed to have not moved in over five years

▫️Coinbase made “perpetual-style” futures contracts available to US retail investors

▫️Global liquidity relative to BTC supply hit a 12-year high, with $5.7M in global M2 supply per BTC in circulation

▫️Pantera backed Ether Machine raised $1.5B for ETH investment company

▫️Weekly trading volume on crypto treasury vehicles (US public) hit a 7 month high at $41.1B

▫️BitMine Immersion’s ETH holdings doubled to more than $2B

▫️Corporate treasuries revealed to have added 825k ETH ($3B) & 2.95M SOL ($531M) in 2025

▫️Nasdaq-listed electric car maker Volcon closed $500M raise for BTC treasury strategy

▫️SharpLink purchased 79,949 ETH between Jul 14 - Jul 20 at an average of $3,238 (total: $258M)

▫️Ethena Foundation announced intention to complete $260M open market purchase of ENA, around 8% of circulating supply

▫️ cbBTC hit $6B Market Cap, 39.5% of WBTC's Market Cap

▫️Ethena's USDe supply hit a new ATH high of 6.12B

▫️ETH hit a new ATH in daily gas usage

▫️USDC on Hyperliquid doubled to hit $4.9B

⏫ Bitcoin Weekly High: $119,997
⬇️ Bitcoin Weekly Low: $115,145

⏫ Ethereum Weekly High: $3,843
⬇️ Ethereum Weekly Low: $3,523


July 28th to August 3rd Upcoming Events

July 30 - US interest rate decision 🇺🇸
July 30 - US Crypto working group 180-day report released🇺🇸
July 30 - Ethereum's 10th Anniversary Livestream at 2:30 UTC🦄
July 31 - OP, $23M token unlock 🔓
August 1 - SUI, $170M token unlock 🔓
August 2 - ENA, $23M token unlock 🔓


*Nota Bene

As suggested in our last summary, after a steep rally upwards markets consolidated over the past week with BTC trading at $119k at the time of writing. This consolidation trend was also mirrored by BTC ETF flows as US BTC ETFs amassed just $73M in inflows. However, ETH ETFs continued to go on a tear with another week of massive inflows with US ETFs attracting $1.8B worth of inflows.

Globally, digital asset investment products saw around $1.9B worth of inflows last week, with ETH doing most of the heavy lifting. This came off the back of Ether Machine among other corporations announcing ETH-backed treasury strategies.

Looking forward, while most experts expect US interest rates to be held steady in the July 30th meeting, expect volatility around the announcement as the Fed Chair sheds light on the rest of the year plans.

August Weekly Update #1

July 28th to August 3rd Recap

▫️Strategy acquired an additional 21,021 BTC for $2.46B at $117,256 per BTC

▫️Strategy filed for $4,2B STRC offering to fund BTC purchases

▫️SEC launched Project Crypto initiative to modernize securities rules & enable American leadership in digital finance

▫️Over $1B worth of liquidations on Friday as BTC fell below $115k

▫️SEC permitted in-kind creations & redemptions for crypto ETPs

▫️US appeals court overturned ex-OpenSea product manager's NFT insider trading conviction

▫️PayPal opened up service to let U.S. merchants accept payment in more than 100 cryptos

▫️Coinbase disclosed 2,509 BTC acquisition in Q2, & plan to offer tokenized stocks & prediction markets for U.S. users

▫️Tron Inc. files for issuance of up to $1B in mixed securities

▫️Tether reported a $4.9B net profit for Q2 & $127B worth of US Treasuries holdings

▫️Metaplanet bought 780 BTC for $92.5M & announced $3.7B stock offering

▫️New Ether treasury firm 'ETHZilla' emerged with $425M funding

▫️SOL treasury company Upexi entered into $500M credit agreement to fund additional SOL buys

▫️SharpLink Gaming bought $295M of ETH, moved total holdings to over 438,000 ETH

▫️Mill City bought 76.3 million SUI after closing $450 million private placement & planned additional $500M raise

▫️ 10X Capital & YZi Labs led $500M offering to establish BNB treasury

▫️DeFi sector TVL hit a 3-year high of $153B, with ETH leading nearly 60% of the market share

▫️ETH validator exit queue reached highest point ever at 744k validators

▫️Ethereum Foundation announced 10 year plan, aiming for 10K TPS & quantum resistance

⏫ Bitcoin Weekly High: $119,479
⬇️ Bitcoin Weekly Low: $112,158

⏫ Ethereum Weekly High: $3,915
⬇️ Ethereum Weekly Low: $3,372


August 4th to 10th Upcoming Events

August 8 - IMX, $12.5M token unlock 🔓

*Nota Bene

At the time of writing, BTC trades at $114k, down 4% WoW as Trump's latest round of global tariff announcements spooked investors in both traditional & crypto markets.

The tariff news alongside a weak US jobs report showed in ETF flows as US ETFs lost $926M on Thursday & Friday. This was despite inflows of $284M up until Wednesday. Over the course of the week US BTC ETFs recorded $642.9M worth of outflows while US ETH ETFs drew in $154M. Globally, digital asset investment products saw $223M in outflows as close to $200M worth of buying in Hong Kong brought the outflow total down.

With regards to macro, as expected, despite criticism from the White House, the Fed kept rates steady while keeping the door open to 2 rate cuts for the remainder of the year. On the regulatory front, both the 180-day report from the White House working group & the SEC Chair Atkins' letter are bullish for crypto & promise unprecedented support to further develop the US crypto sector.

With no known significant catalysts in the week ahead, any dramatic trade tariff related news ahead of tariffs taking effect on August 7th could swing prices in either direction.

August Weekly Update #2

August 4th to 10th Recap

▫️Strategy made no additional BTC purchases with its total holdings standing at 628,791 BTC, acquired for $46.8B, at an average price of $73,227 per BTC

▫️Fundamental Global Inc filed $5B shelf offering, intends to use proceeds to acquire ETH

▫️President Trump signed an executive order allowing 401(k) investors to access digital assets, & an order to stop 'unfair banking' of crypto industry

▫️Digital assets revealed to be the fastest-growing alternative asset sector, with $60B of cash injection up to the end of July 22

▫️SEC declared liquid staking to be outside of securities laws in guidance update following ‘Project Crypto’ initiative

▫️Tornado Cash creator Roman Storm found guilty on money transmitting charge

▫️El Salvador passed new legislation which legalized BTC Banks

▫️UK BTC treasury firm Satsuma raised $218M in convertible note round backed by Kraken

▫️Chainlink announced plan to use revenue to form LINK token reserve, with tokens bought off market

▫️Verb Technology Co. announced $558M private placement with Kingsway Capital to form 1st publicly traded TON treasury company

▫️Nasdaq-listed Cosmos Health entered $300M facility for ETH treasury strategy

▫️Ripple announced $200M acquisition of stablecoin platform Rail

▫️SharpLink acquired 83,561 ETH for $264.5M at an average price of $3,634

▫️Base’s daily token issuances outpaced SOL fueled by surge in Zora creator coins

▫️ 40% of all blockchain fees revealed to be paid to send USDT across nine chains

▫️Ethena’s USDe jumped to 3rd largest stablecoin as market cap surged 75% to $9.3B since July

▫️SOL DApps generated $1.6B in revenue in H1 of 2025, 4x higher than H1 2024

▫️Hyperliquid recorded its highest-ever monthly trade volume in July

▫️ETH's daily transactions reach new ATH of 1.74M, surpassing 2021 peak

⏫ Bitcoin Weekly High: $118,994
⬇️ Bitcoin Weekly Low: $112,790

⏫ Ethereum Weekly High: $4,319
⬇️ Ethereum Weekly Low: $3,560


August 11th to 17th Upcoming Events

August 12 - US CPI announcement 🇺🇸
August 12 - APT, $52.7M token unlock 🔓
August 15 - AVAX, $40M token unlock 🔓
August 15 - STRK, $17M token unlock 🔓
August 15 - SEI, $17.5M token unlock 🔓
August 15 - FTX creditor distribution 🪂
August 16 - ARB, $43M token unlock 🔓
August 17 - APE, $10M token unlock 🔓

*Nota Bene

The last 7 days were generally a great week for crypto as the total market cap crossed $4T. ETH was a big winner gaining a whooping 21% WoW & crossing the $4300 mark. This rebound mostly came towards the end of the week in a positive response to Trump's global tariff announcements spooking both tradfi & crypto markets the week prior.

US ETF flows reflected the sentiment shift as BTC ETFs drew in $253M while US ETH ETFs recorded $327M worth of inflows over the week. This was despite significant outflows on both Monday & Tuesday & globally digital asset products saw over $570M worth of inflows.

Aside from the US-China tariff relief deadline looming, the US inflation announcement on Tuesday is the macro indicator to watch out for as a cool report could result in both higher crypto & equity markets prices. But with a lack of any crypto-specific catalysts in the week ahead, investors should also be cautious of potential downside risk.

August Weekly Update #3

August 11th to 17th Recap

▫️Strategy acquired an additional 155 BTC for $18.0M at $116,401 per BTC

▫️Bitmine Immersion expanded its offering by $20B to acquire more ETH

▫️US Treasury Secretary Bessent stated govt won't buy BTC for strategic reserve but will retain seized assets

▫️Crypto firm Bullish raised $1.1B in IPO priced over range

▫️CME ETH futures volume shown to have hit a record $118B in July

▫️Circle announced plan to launch Layer 1 blockchain Arc using USDC as native gas token

▫️Do Kwon pled guilty to US fraud charges in $40B Terra collapse

▫️Paxos announced it's applying for trust bank license with U.S. OCC

▫️Stripe revealed to be building Tempo blockchain with crypto VC Paradigm

▫️Digital Currency Group filed lawsuit against subsidiary Genesis over $1.1B promissory note

▫️Bank of America, Citadel, Société Générale & DTCC collaborated on 1st US treasury financing against USDC on Canton Network

▫️CEA Industries bought $160M in BNB, to become largest publicly listed company by holdings

▫️Coinbase relaunched Bootstrap Fund to boost stablecoin liquidity on Aave, Morpho, Kamino, & Jupiter

▫️OKX exchange burnt 279M OKB tokens worth $26B

▫️25% of all staked ETH revealed to be controlled by Lido

▫️Total deposits into lending protocols hit a new ATH of $100B

▫️Hyperliquid revealed to have earned 35% of all blockchain revenue in July 2025

▫️TVL on ETH passed $95B for the first time since Jan 2022

⏫ Bitcoin Weekly High: $124,210
⬇️ Bitcoin Weekly Low: $116,910

⏫ Ethereum Weekly High: $4,776
⬇️ Ethereum Weekly Low: $4,203


August 18th to 24th Upcoming Events

August 18 to 21 - Wyoming Blockchain Symposium 🇺🇸
August 20 - KAITO, $26M token unlock 🔓

*Nota Bene

After a bullish start to the week which saw the total market cap cross $4.2T, the market retraced to hover around $4T on Sunday evening.

With regards to ETFs, while US BTC ETFs amassed "only" $548M in inflows, ETH ETFs were on a tear, collecting over $1B worth of inflows on Aug 11 alone. This led to a stunning weekly total inflow of $2.85B. These figures came on the back of repeated ETH Treasury allocation announcements, the largest coming from Bitmine who revealed an intention to hold up to 5% of the total ETH supply. Amidst these positive announcements ETH currently trades over $4500 (6.7% up WoW). Globally, digital asset investment products saw inflows worth over $3.5B, the fourth largest on record.

With bullish momentum in traditional markets on the back of strong earnings announcements it seems likely that crypto markets will continue trading higher in the week ahead. However, the possibility remains that shorter term market participants may take the opportunity to lock in profits.

August Weekly Update #4

August 18th to 24th Recap

▫️Strategy acquired an additional 430 BTC for $51.4M at $119,666 per BTC

▫️Wyoming state debuted U.S. dollar stablecoin on 7 blockchains

▫️SharpLink authorised $1.5B stock buy back program

▫️Tether appointed ex White House crypto council executive director Bo Hines as strategic advisor

▫️KindlyMD acquired 5,744 BTC for $679M to expand Nakamoto BTC treasury

▫️DBS launched tokenized structured notes on ETH

▫️Spot BTC ETF assets shown to have ended Q2 at a record $134.6B

▫️US DOJ official declared 'Writing code without ill intent is not a crime,' following Tornado Cash verdict

▫️MetaMask announced mUSD stablecoin on ETH & Linea, issued by Stripe-owned Bridge

▫️VanEck proposed JitoSOL ETF, potentially premiering crypto staking fund

▫️Hong Kong construction company Ming Shing entered $483M agreement to buy 4,250 BTC

▫️SharpLink acquired 143,593 ETH for $667.4M at $4,648, taking total holdings to 740,760 ETH

▫️Verb Technology, (Ton Strategy Company), acquired $713M worth of TON

▫️Digital asset treasuries (DATs) revealed to control over 2% of the total ETH supply

▫️Global perps open interest reached a new ATH of $125.51B with ETH holding a 34.35% share, while the altcoin share hit 55%

▫️50% of all USDC transfers revealed to occur on SOL

▫️Aave surpassed $69B in total market size with ETH holding 90% of liquidity

▫️Base reached new ATHs in TVL ($5B) & Stablecoin market cap (~$4B)

▫️Ethena crossed $500M in cumulative gross interest revenue

⏫ Bitcoin Weekly High: $117,370
⬇️ Bitcoin Weekly Low: $112,024

⏫ Ethereum Weekly High: $4,873
⬇️ Ethereum Weekly Low: $4,073


August 25th to 31st Upcoming Events

August 26 - VENOM, $9M token unlock 🔓
August 28 - JUP, $25M token unlock🔓
August 31 - OP, $22M token unlock🔓

*Nota Bene

The market fluctuated around the $4T mark last week, as Fed Chairman Powell hinted at an interest rate-cut during the upcoming September 17-18 meeting. Despite this, US BTC ETFs experienced significant sell offs and lost a cumulative $1.18B which was also reflected in the spot BTC price as it closed out 4% lower WoW.

Conversely, US ETH ETFs lost $241M over the course of the week, however, ETH continued it's strong run going on to surpass its 2021 ATH price of $4,884, & close out 7% up WoW. Globally, digital asset investment products saw over $1.4B in outflows, with ETP trading volumes spiking at $38B.

The discrepancy in price action between the top 2 digital assets could be due to ETF & spot investors rotating from BTC to ETH & others in anticipation of an altcoin season. As Powell's address was on Friday, it's likely that traditional markets continue to trade up at the start of next week & crypto follows suit once sellers have been exhausted.