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 balanced. The increase in total market share is not comprehensive, but 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 stagnated growth.
This week, the US Bitcoin spot ETF saw a net outflow of $1.178 billion.
According to monitoring by Farside Investors, the US spot Bitcoin ETF had a net outflow of $1.178 billion this week, 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 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.
The assets of the spot Bitcoin ETF reached a record $134.6 billion at the end of the second quarter.
According to a chart released by @cryptounfolded, the assets of the spot Bitcoin ETF reached a record $134.6 billion at 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 next few weeks could become a critical juncture for determining Bitcoin's trend.
Matrixport released a weekly report stating that Bitcoin has reached a new historical high, but overall momentum appears particularly weak. Key indicators that had been continuously rising have shown clear divergence, raising doubts about the sustainability of this round of increase. 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 show that the core driving forces of the bull market remain. The gap between short-term enthusiasm and long-term confidence is rapidly narrowing, and the next few weeks may become a critical juncture for determining trends. Over the past six weeks, we have maintained a relatively cautious trading stance. The reason is that Bitcoin's recent breakthrough attempts lack the confidence and subsequent momentum seen in past continuous increases. The overall timing seems awkward, and key indicators that consistently support strong upward movement have not appeared in sync. Therefore, it is not surprising that Bitcoin is currently maintaining a range-bound fluctuation pattern. We believe it is necessary to reassess downside risk signals and determine whether a shift to a more defensive position is required. Although Bitcoin reached a new historical high last week, on-chain data may more accurately reveal the internal health and momentum changes of the market.
Ethereum
Ethereum released protocol update 002: Blob expansion plan.
The Ethereum Foundation released protocol update 002, detailing the Blob data expansion roadmap. This plan aims to significantly enhance the data availability of the Ethereum L2 system, supporting scenarios such as real-time payments, DeFi, social media, and AI applications. Key updates include: The upcoming Fusaka upgrade will introduce the 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" will reduce network redundant communications; 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 that Ethereum's core values, such as resistance to censorship, are maintained during scaling; This update marks a shift in Ethereum from the idea of "fork centrality" to a more flexible incremental optimization strategy aimed at accelerating the development of the L2 ecosystem.
Tom Lee: There is a high probability that Ethereum's market value will surpass Bitcoin.
Tom Lee, the new chairman of BitMine's board, stated in an interview: "I think there is a very high probability, even up to 50%, that Ethereum's market value will surpass Bitcoin. It's like the US dollar breaking away from the gold standard in 1971."
The US spot Ethereum ETF saw a net outflow of $241 million this week.
According to monitoring by Farside Investors, the US spot Ethereum ETF saw 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: The scale of Ethereum ETF reserves has exceeded $30 billion, with 69 treasury companies' reserves approaching $20 billion.
According to data from Strategicethreserve, 69 Ethereum treasury companies hold reserves of 4.1 million ETH, worth nearly $20 billion, currently reaching $19.23 billion, with the top three Ethereum treasury companies' ETH holdings exceeding $10 billion, 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 a digital euro on public chains such as Ethereum.
According to a report by the Financial Times on Friday, the European Central Bank is considering running a digital euro on public chains such as Ethereum rather than private chains. Unlike private chains where data is strictly restricted to authorized entities, public chains like Ethereum or Solana are open to everyone. Given that the European Central Bank has not finalized the project's technical framework, if confirmed, the EU's exploration of public chains will become an important milestone in the development of the digital euro. Another source stated that the private form of digital euro "looks more like the approach of the People's Bank of China rather than that of US private enterprises." This source specifically mentioned the central bank digital currency (CBDC) in China, which is privately deployed, contrasting it with public stablecoins developed by companies like Circle. The European Central Bank has not publicly confirmed whether it is considering Ethereum or Solana.
Other projects
Ripple collaborates with SBI Group to launch the stablecoin RLUSD in Japan in Q1 2026.
According to a market news release from @cryptounfolded, Ripple has partnered with Japan's SBI Group to launch the stablecoin RLUSD in Japan in Q1 2026.
MetaMask launched its native stablecoin mUSD.
MetaMask officially launched its native stablecoin MetaMask USD (mUSD). MetaMask announced on Thursday that mUSD will be issued by Bridge, a stablecoin issuance platform 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 an annual demand of up to $75 billion for US Treasuries.
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, potentially becoming an important channel for capital flow in emerging markets. Notably, Shopify allowing merchants to accept USDC stablecoin 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 functions. In terms of market demand, Bank of America estimates that the potential demand for stablecoins against US Treasury bonds over the next 12 months could reach $25 billion to $75 billion, but in the short term, it is not enough to reverse the supply-demand pattern in the Treasury bond market.
Vigil Labs AI completed a $5.7 million seed round financing, led by Nova.
On August 20, Vigil Labs AI completed a $5.7 million seed round financing, 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 with specialized reasoning systems, aiming to enhance human traders' capabilities and create what is called "bionic traders."
Chamath's newly established SPAC will invest in four areas including DeFi.
Social Capital CEO Chamath Palihapitiya founded a new SPAC named 'American Exceptionalism,' valued at $250 million, issuing 25 million shares at $10 each. This SPAC will invest in four areas including DeFi.
