Bitcoin
Data: Over 32% of Bitcoin is produced by listed mining companies
Latest production data for the second quarter shows that listed and upcoming mining companies are consolidating their share of Bitcoin output. The total market share of these 18 companies has increased from 21.1% in the same period last year to 32.5% in the second quarter. However, this growth is not uniform. The rise in total market share is not comprehensive but is mainly driven by MARA, Cango, IRE, and CleanSpark, which have significantly increased their computing power, offsetting losses from miners who have shifted to HPC or faced stagnation in growth.
This week, the U.S. Bitcoin spot ETF experienced a net outflow of $1.178 billion.
According to monitoring from Farside Investors, this week saw a net outflow of $1.178 billion from U.S. Bitcoin spot ETFs, including: BlackRock IBIT: -$615 million; Fidelity FBTC: -$235.3 million; Bitwise BITB: -$60.8 million; ARK ARKB: -$182.3 million; CoinShares BRRR: -$4.3 million; Grayscale GBTC: -$118.1 million; Grayscale Mini BTC: -$2.5 million; Franklin EZBC: +$13.4 million; VanEck HODL: +$26.4 million.
The Philippines has proposed a bill aimed at establishing a strategic Bitcoin reserve.
According to @pete_rizzo_, the Philippines has just proposed a bill aimed at establishing a strategic Bitcoin reserve.
Spot Bitcoin ETF assets reached a record $134.6 billion by the end of the second quarter
According to a chart released by @cryptounfolded, spot Bitcoin ETF assets reached a record $134.6 billion by the end of the second quarter, thanks to price increases and new capital allocations. Institutional investors disclosed holdings of $33.6 billion through 13F filings, with market makers occupying a significant position among major holders.
Matrixport: The gap between short-term enthusiasm and long-term confidence is rapidly narrowing, and the coming weeks may become key nodes in determining Bitcoin's trend.
Matrixport published a weekly report stating that Bitcoin has reached a new historical high, but the overall momentum appears particularly weak. Key indicators that had been continuously rising have now shown clear divergence, raising doubts about the sustainability of this rally. Debt expansion, seasonal factors, and on-chain structural changes are all affecting the market. Some data reflects a tendency for profit-taking, while other indicators suggest that the core drivers of the bull market are still present. The gap between short-term enthusiasm and long-term confidence is rapidly narrowing, and the coming weeks may be critical in determining the trend. Over the past six weeks, we have maintained a relatively cautious trading stance due to the lack of confidence and follow-through momentum seen in Bitcoin's recent breakout attempts. The overall timing appears awkward, and key indicators that have consistently supported strong upward moves have not emerged in tandem. Therefore, it is not surprising that Bitcoin is currently maintaining a range-bound oscillation pattern. We believe it is necessary to reassess downside risk signals at this time to determine whether a shift to a more defensive position is warranted. Although Bitcoin reached a new historical high last week, on-chain data may reveal a more accurate picture of the market's internal health and momentum changes.
Ethereum
Ethereum released protocol update 002: Blob expansion plan.
The Ethereum Foundation has released protocol update 002, detailing the Blob data expansion roadmap. This plan aims to significantly enhance the data availability of Ethereum's L2 system, supporting scenarios such as real-time payments, DeFi, social media, and AI applications. Key updates include: The upcoming Fusaka upgrade will introduce PeerDAS architecture, increasing the number of Blobs in blocks from the current 6 to 48; Gradual growth of mainnet capacity through Blob parameter hard forks (BPO), theoretically achieving an 8-fold increase in throughput; Bandwidth optimization technologies such as 'unit-level messaging' to reduce network redundant communication; The Glamsterdam upgrade (expected mid-2026) will introduce PeerDAS v2, further expanding data availability; Ongoing research on Blob pool expansion and FullDAS technology to ensure core values such as Ethereum's resistance to censorship are maintained while scaling; This update marks Ethereum's shift from a 'fork-centric' philosophy to a more flexible incremental optimization strategy, aimed at accelerating the development of the L2 ecosystem.
Tom Lee: Ethereum's market capitalization has a high probability of surpassing Bitcoin
Tom Lee, the newly appointed chairman of BitMine's board, stated in an interview: 'I believe there is a very high probability, even as high as 50%, that Ethereum's market capitalization will surpass Bitcoin. It's like the U.S. dollar departing from the gold standard in 1971.'
The U.S. spot Ethereum ETF experienced a net outflow of $241 million this week.
According to monitoring from Farside Investors, the U.S. spot Ethereum ETF experienced a net outflow of $241 million this week, including: BlackRock ETHA: -$8.3 million; Fidelity FETH: -$79.7 million; Bitwise ETHW: +$2.9 million; VanEck ETHV: -$16 million; Invesco QETH: -$7.4 million; Franklin EZET: -$7.4 million; Grayscale ETHE: -$88.9 million; Grayscale Mini ETH: -$50.4 million.
Data: Ethereum ETF reserves have surpassed $30 billion, with 69 treasury companies' reserves approaching $20 billion
According to data from Strategicethreserve, 69 Ethereum treasury companies have accumulated a total of 4.1 million ETH in reserves, valued at nearly $20 billion, currently reaching $19.23 billion. Among these, the top three Ethereum treasury companies have exceeded $10 billion in ETH holdings, currently reaching $11.08 billion, accounting for 3.39% of Ethereum's circulating supply; Ethereum ETF reserves have reached 6.48 million ETH, with a reserve market value exceeding $30 billion, currently reaching $30.37 billion, accounting for 5.36% of Ethereum's circulating supply.
The European Central Bank is exploring running the digital euro on public chains such as Ethereum
According to a report by the Financial Times citing informed sources, the European Central Bank is considering running the digital euro on public chains such as Ethereum rather than private chains. Unlike private chains that strictly restrict data access to authorized entities, public chains like Ethereum or Solana are open to everyone. Given that the European Central Bank has not finalized the technical framework for the project, if confirmed, the EU's exploration of public chains will mark an important milestone in the development of the digital euro. Another source stated that a private form of the digital euro 'looks more like the approach of China's central bank rather than that of U.S. private enterprises.' This source specifically mentioned China's central bank digital currency (CBDC), which is privately deployed, contrasting it with publicly developed stablecoins like those from Circle. The European Central Bank has not publicly confirmed whether it is considering Ethereum or Solana.
Other projects
Ripple is collaborating with the SBI Group to launch the stablecoin RLUSD in Japan in the first quarter of 2026.
According to market news released by @cryptounfolded, Ripple is collaborating with Japan's SBI Group to launch the stablecoin RLUSD in Japan in the first quarter of 2026.
MetaMask has launched its native stablecoin mUSD.
MetaMask officially launched its native stablecoin MetaMask USD (mUSD). MetaMask stated on Thursday that mUSD will be issued by the stablecoin issuance platform Bridge under Stripe and minted through the decentralized infrastructure of M0.
Bank of America: The disruptive application of stablecoins in cross-border P2P payments could generate up to $75 billion in treasury demand annually.
Bank of America’s latest research report deeply analyzes the potential transformative power of stablecoins in the financial system, pointing out that although this digital asset faces regulatory controversies, it has already demonstrated unique advantages in cross-border transactions and retail settlements. The report clearly states that cross-border person-to-person (P2P) payments are the most disruptive application scenario for stablecoins—compared to traditional banking systems, their settlement efficiency and cost advantages are significant and may become an important channel for capital flows in emerging markets. Notably, Shopify’s allowance for merchants to accept USDC stablecoins has been seen as a landmark event for retail penetration, while the recent on-chain repurchase transaction of UST tokenized bonds further highlights institutional investors' recognition of stablecoin settlement functionalities. In terms of market demand, Bank of America estimates that the potential demand for stablecoins against U.S. treasuries could reach between $25 billion to $75 billion over the next 12 months, but in the short term, it is not sufficient to alter the supply-demand dynamics of the treasury market.
Vigil Labs AI completed $5.7 million in seed funding, led by Nova.
On August 20, news emerged that Vigil Labs AI completed $5.7 million in seed funding, led by Nova, with participation from several well-known institutions, including Lux Capital and Pantera Capital. The company, founded by Stanford dropout Kole Lee, is developing an AI trading platform that combines proprietary data sources and specialized reasoning systems, aimed at enhancing human traders' capabilities and creating what is called a 'bionic trader.'
Chamath's newly established SPAC will invest in four areas, including DeFi.
Chamath Palihapitiya, CEO of Social Capital, has established a new SPAC called 'American Exceptionalism' with a valuation of $250 million, issuing 25 million shares at $10 each. This SPAC will invest in four areas, including DeFi.
