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Texas judge backs Logan Paul’s bid to escape CryptoZoo lawsuit
YouTuber Logan Paul’s bid to dismiss a proposed class-action lawsuit over his defunct non-fungible token (NFT) project CryptoZoo should be allowed, says a Texas magistrate judge.
Magistrate Judge Ronald Griffin advised an Austin federal court on Thursday that the class group had not sufficiently tied Paul to their claims that they lost money by buying into the CryptoZoo project.
The recommendation could see a federal judge drop the suit unless the class updates it.
The group is made up of CryptoZoo buyers who first sued Paul and others allegedly tied to the project in February 2023, alleging it was a “rug pull” that promised perks which never materialized.
However, Griffin said the class should be allowed to amend all but one of their 27 claims against Paul, but said a claim alleging he committed commodity pool fraud should be permanently dismissed.
“Mental gymnastics” needed for commodity pool fraud claim
Judge Griffin said in his 75-page report that his recommendation to dismiss the lawsuit’s commodity pool fraud claim came as the court “does not follow Plaintiffs’ logic.”
The class argued that CryptoZoo NFTs were an option contract as they started as “eggs” that “hatch” into animals, which then can be bred with others to create hybrid animals that could be traded.
An example of a CryptoZoo NFT hybrid animal that is a cross between an elephant and a shark. Source: CryptoZoo
“In other words, because purchasers buy CZ [CryptoZoo] NFTs unaware of their value until they hatch, and because the CZ NFT animals can be bred with others to create hybrid NFTs, an option contract is thereby formed,” Judge Griffin wrote.
“The mental gymnastics required to come to this conclusion are truly dizzying,” he added. “Plaintiffs do not explain—nor can the Court understand—how their purchases of CZ NFTs create option contracts or contracts for future delivery.”
Other claims fail to tie in Paul
Judge Griffin said that the lawsuit failed to properly connect Paul to the 26 other claims made against him, saying they hadn’t yet shown evidence that he directly and personally benefited from CryptoZoo’s collapse.
The lawsuit brought claims of fraud, unjust enrichment, negligence, breach of contract, fraud conspiracy, aiding and abetting fraud and breaches of consumer law in multiple states, among others.
Judge Griffin said in some cases the complaint gave “only fragments of facts accompanied by vague attributions of conduct to ‘Defendants’” or looked to “jam together two pieces of different puzzles in the vain hope of producing a final, cohesive product.”
“Unfortunately, the caselaw does not support this tactic.”
Paul refunded CryptoZoo buyers
The class group sued Paul and CryptoZoo co-founders Eduardo Ibanez and Jake Greenbaum in 2021, and Paul alleged in January 2024 that the duo conned him, causing CryptoZoo’s collapse, which Judge Griffin urged the court in July to rebuff.
In January 2023, Paul promised to make a plan for CryptoZoo and put aside $2.3 million for refunds for CryptoZoo buyers a year later under the condition that claimants agreed not to sue over the project.
Buyers were refunded 0.1 Ether (ETH), the same amount the CryptoZoo NFTs were originally sold for in 2021.
Magazine: Influencers shilling memecoin scams face severe legal consequences
Magistrate Judge Ronald Griffin advised an Austin federal court on Thursday that the class group had not sufficiently tied Paul to their claims that they lost money by buying into the CryptoZoo project.
The recommendation could see a federal judge drop the suit unless the class updates it.
The group is made up of CryptoZoo buyers who first sued Paul and others allegedly tied to the project in February 2023, alleging it was a “rug pull” that promised perks which never materialized.
However, Griffin said the class should be allowed to amend all but one of their 27 claims against Paul, but said a claim alleging he committed commodity pool fraud should be permanently dismissed.
“Mental gymnastics” needed for commodity pool fraud claim
Judge Griffin said in his 75-page report that his recommendation to dismiss the lawsuit’s commodity pool fraud claim came as the court “does not follow Plaintiffs’ logic.”
The class argued that CryptoZoo NFTs were an option contract as they started as “eggs” that “hatch” into animals, which then can be bred with others to create hybrid animals that could be traded.
An example of a CryptoZoo NFT hybrid animal that is a cross between an elephant and a shark. Source: CryptoZoo
“In other words, because purchasers buy CZ [CryptoZoo] NFTs unaware of their value until they hatch, and because the CZ NFT animals can be bred with others to create hybrid NFTs, an option contract is thereby formed,” Judge Griffin wrote.
“The mental gymnastics required to come to this conclusion are truly dizzying,” he added. “Plaintiffs do not explain—nor can the Court understand—how their purchases of CZ NFTs create option contracts or contracts for future delivery.”
Other claims fail to tie in Paul
Judge Griffin said that the lawsuit failed to properly connect Paul to the 26 other claims made against him, saying they hadn’t yet shown evidence that he directly and personally benefited from CryptoZoo’s collapse.
The lawsuit brought claims of fraud, unjust enrichment, negligence, breach of contract, fraud conspiracy, aiding and abetting fraud and breaches of consumer law in multiple states, among others.
Judge Griffin said in some cases the complaint gave “only fragments of facts accompanied by vague attributions of conduct to ‘Defendants’” or looked to “jam together two pieces of different puzzles in the vain hope of producing a final, cohesive product.”
“Unfortunately, the caselaw does not support this tactic.”
Paul refunded CryptoZoo buyers
The class group sued Paul and CryptoZoo co-founders Eduardo Ibanez and Jake Greenbaum in 2021, and Paul alleged in January 2024 that the duo conned him, causing CryptoZoo’s collapse, which Judge Griffin urged the court in July to rebuff.
In January 2023, Paul promised to make a plan for CryptoZoo and put aside $2.3 million for refunds for CryptoZoo buyers a year later under the condition that claimants agreed not to sue over the project.
Buyers were refunded 0.1 Ether (ETH), the same amount the CryptoZoo NFTs were originally sold for in 2021.
Magazine: Influencers shilling memecoin scams face severe legal consequences
Google increases TeraWulf stake to 14%, becoming largest shareholder
Tech giant Google has become the largest shareholder of TeraWulf, holding 14% of shares, after receiving more stock in exchange for increasing its backstop in the lease deal between the Bitcoin miner and AI infrastructure provider Fluidstack.
TeraWulf disclosed in a shareholder call on Thursday that it inked a 10-year colocation lease agreement with Fluidstack. Google is supporting the lease obligations through a financial guarantee known as a backstop and receiving warrants to purchase shares in return.
Speaking to Cointelegraph, Kerri Langlais, the chief strategy officer of TeraWulf, said Google’s backstop in the agreement has now increased to $3.2 billion total in return for warrants to purchase over 73 million shares in TeraWulf, representing a 14% stake in the company.
Source: TeraWulf
Langlais added that Google’s new equity makes it TeraWulf’s largest shareholder, providing a “powerful validation from one of the world’s leading technology companies,” and highlighting “the strength of our zero-carbon infrastructure and the scale of the opportunity ahead.”
Google’s backstop safeguards the deal
TerraWulf said in a statement on Monday that Fluidstack exercised an option in the deal to expand at TeraWulf’s Lake Mariner data center campus in New York with a new purpose-built data center, due to start operation in the second half of 2026.
Langlais told Cointelegraph the financial backstop supports Fluidstack’s long-term lease commitments at Lake Mariner, and if the AI company could not meet its financial obligations, Google would step in with the $3.2 billion.
“This is not a guarantee of TeraWulf’s corporate debt, nor do we have access to those funds,” she said.
“The backstop is tied exclusively to contracted AI and high-powered computing lease revenues and is unrelated to our Bitcoin mining operations.”
TeraWulf plans to maintain Bitcoin mining platform
A growing number of Bitcoin (BTC) miners have been diversifying income streams by shifting their energy capacity toward AI and high-power computing (HPC) hosting services after the April 2024 halving cut mining rewards to 3.125 Bitcoin, hurting overall profitability.
Langlais said in the future, TeraWulf plans to maintain, but not expand, its Bitcoin mining platform at Lake Mariner, with a focus on “execution: building, hosting, and delivering for our partners and our shareholders.”
“In the near term, mining generates cash flow and provides a valuable resource to the electrical grid, as its flexible load can be rapidly adjusted to support stability and reliability.”
However, over the medium to long term, the firm sees “greater value in transitioning those megawatts” to AI and HPC workloads, where long-term contracted revenues with blue-chip partners such as Fluidstack and Google “will drive growth and value creation.”
In an August 2024 report, asset manager VanEck estimated that if publicly traded Bitcoin mining companies shifted 20% of their energy capacity to AI and HPC by 2027, they could increase additional yearly profits by $13.9 billion over 13 years.
TeraWulf has projected its agreement with Fluidstack to generate $6.7 billion in revenue, potentially reaching $16 billion through lease extensions.
TeraWulf stock price on the rise
In the Monday trading session, TeraWulf’s stock (WULF) staged a rally to $10.57, representing a 17% increase over the previous close of $8.97.
However, by the end of the session, the miners’ share price had settled at $9.38 and lost a further 1.28% after the bell.
TeraWulf’s stock staged a rally early in the trading session on Monday, but had settled by the close of business. Source: Google Finance
Since TeraWulf first announced its agreement with Fluidstack on Thursday, its stock price has registered a more than 72% gain in the last five days.
Magazine: Coinbase calls for ‘full-scale’ alt season, Ether eyes $6K: Hodler’s Digest, Aug. 10 – 16
TeraWulf disclosed in a shareholder call on Thursday that it inked a 10-year colocation lease agreement with Fluidstack. Google is supporting the lease obligations through a financial guarantee known as a backstop and receiving warrants to purchase shares in return.
Speaking to Cointelegraph, Kerri Langlais, the chief strategy officer of TeraWulf, said Google’s backstop in the agreement has now increased to $3.2 billion total in return for warrants to purchase over 73 million shares in TeraWulf, representing a 14% stake in the company.
Source: TeraWulf
Langlais added that Google’s new equity makes it TeraWulf’s largest shareholder, providing a “powerful validation from one of the world’s leading technology companies,” and highlighting “the strength of our zero-carbon infrastructure and the scale of the opportunity ahead.”
Google’s backstop safeguards the deal
TerraWulf said in a statement on Monday that Fluidstack exercised an option in the deal to expand at TeraWulf’s Lake Mariner data center campus in New York with a new purpose-built data center, due to start operation in the second half of 2026.
Langlais told Cointelegraph the financial backstop supports Fluidstack’s long-term lease commitments at Lake Mariner, and if the AI company could not meet its financial obligations, Google would step in with the $3.2 billion.
“This is not a guarantee of TeraWulf’s corporate debt, nor do we have access to those funds,” she said.
“The backstop is tied exclusively to contracted AI and high-powered computing lease revenues and is unrelated to our Bitcoin mining operations.”
TeraWulf plans to maintain Bitcoin mining platform
A growing number of Bitcoin (BTC) miners have been diversifying income streams by shifting their energy capacity toward AI and high-power computing (HPC) hosting services after the April 2024 halving cut mining rewards to 3.125 Bitcoin, hurting overall profitability.
Langlais said in the future, TeraWulf plans to maintain, but not expand, its Bitcoin mining platform at Lake Mariner, with a focus on “execution: building, hosting, and delivering for our partners and our shareholders.”
“In the near term, mining generates cash flow and provides a valuable resource to the electrical grid, as its flexible load can be rapidly adjusted to support stability and reliability.”
However, over the medium to long term, the firm sees “greater value in transitioning those megawatts” to AI and HPC workloads, where long-term contracted revenues with blue-chip partners such as Fluidstack and Google “will drive growth and value creation.”
In an August 2024 report, asset manager VanEck estimated that if publicly traded Bitcoin mining companies shifted 20% of their energy capacity to AI and HPC by 2027, they could increase additional yearly profits by $13.9 billion over 13 years.
TeraWulf has projected its agreement with Fluidstack to generate $6.7 billion in revenue, potentially reaching $16 billion through lease extensions.
TeraWulf stock price on the rise
In the Monday trading session, TeraWulf’s stock (WULF) staged a rally to $10.57, representing a 17% increase over the previous close of $8.97.
However, by the end of the session, the miners’ share price had settled at $9.38 and lost a further 1.28% after the bell.
TeraWulf’s stock staged a rally early in the trading session on Monday, but had settled by the close of business. Source: Google Finance
Since TeraWulf first announced its agreement with Fluidstack on Thursday, its stock price has registered a more than 72% gain in the last five days.
Magazine: Coinbase calls for ‘full-scale’ alt season, Ether eyes $6K: Hodler’s Digest, Aug. 10 – 16
Illinois governor blasts Trump's ‘crypto bros’ in new bill signing
Illinois Governor JB Pritzker took a swipe at US President Donald Trump for allowing “crypto bros” to guide policy as he signed two new bills to regulate crypto in the state on Monday.
“While the Trump Administration is letting crypto bros write federal policy, Illinois is implementing common-sense protections for investors and consumers,” said Governor Pritzker on Monday while approving the legislation.
Crypto policy has become divisive on a state level since the Republicans won in a landslide election in November, with some states such as Texas and Arizona fully embracing the industry while others, such as Democrat stronghold Illinois, taking a more cautious stance.
The first bill, The Digital Assets and Consumer Protection Act (SB 1797), grants the Illinois Department of Financial and Professional Regulation authority to oversee digital asset exchanges and businesses. It passed the Illinois Senate in April.
The legislation requires crypto companies and exchanges to maintain adequate financial resources, implement cybersecurity and anti-fraud measures, provide investment disclosures, and follow customer service standards similar to traditional financial services.
“At a time when fraudsters continue to evolve, and consumer protections are being eroded at the federal level, Illinois is sending a clear message that we won’t tolerate taking advantage of our people and their hard-earned assets,” Pritzker said.
Source: Governor JB Pritzker
Crypto ATM regulations signed
The Illinois governor also signed The Digital Asset Kiosk Act (SB 2319), which specifically targets cryptocurrency kiosks or ATMs by requiring operators to register with state regulators, provide full refunds to scam victims, cap transaction fees at 18%, and limit daily transactions to $2,500 for new customers.
“The people of Illinois deserve reliable, consistent safeguards, no matter the financial service they utilize for their hard-earned money,” said Representative Edgar Gonzalez Jr.
Around $272 million was lost in crypto fraud cases in 2024, making Illinois the fifth-highest state nationwide for losses, according to the FBI.
Trump tirade continues
The governor’s office continued to attack Donald Trump’s crypto policies, stating that the Trump Administration has “actively deregulated the crypto industry at a time when consumers are increasingly at risk of fraud.”
They specifically cited Trump’s April signing of a bill that overturned a revised rule from the Internal Revenue Service that expanded the definition of a broker to include decentralized finance exchanges.
Illinois strategic Bitcoin reserve axed
The state is not the most pro-crypto in America, having quickly quashed a bill suggesting it invest in Bitcoin (BTC).
Illinois representative John Cabello introduced House Bill 1844 in January with the purpose of creating a strategic Bitcoin reserve for the state treasury to buy and hold the asset for five years.
However, the bill failed to pass voting at the Committee level, according to Bitcoin Laws.
Magazine: Coinbase calls for ‘full-scale’ alt season, Ether eyes $6K: Hodler’s Digest
“While the Trump Administration is letting crypto bros write federal policy, Illinois is implementing common-sense protections for investors and consumers,” said Governor Pritzker on Monday while approving the legislation.
Crypto policy has become divisive on a state level since the Republicans won in a landslide election in November, with some states such as Texas and Arizona fully embracing the industry while others, such as Democrat stronghold Illinois, taking a more cautious stance.
The first bill, The Digital Assets and Consumer Protection Act (SB 1797), grants the Illinois Department of Financial and Professional Regulation authority to oversee digital asset exchanges and businesses. It passed the Illinois Senate in April.
The legislation requires crypto companies and exchanges to maintain adequate financial resources, implement cybersecurity and anti-fraud measures, provide investment disclosures, and follow customer service standards similar to traditional financial services.
“At a time when fraudsters continue to evolve, and consumer protections are being eroded at the federal level, Illinois is sending a clear message that we won’t tolerate taking advantage of our people and their hard-earned assets,” Pritzker said.
Source: Governor JB Pritzker
Crypto ATM regulations signed
The Illinois governor also signed The Digital Asset Kiosk Act (SB 2319), which specifically targets cryptocurrency kiosks or ATMs by requiring operators to register with state regulators, provide full refunds to scam victims, cap transaction fees at 18%, and limit daily transactions to $2,500 for new customers.
“The people of Illinois deserve reliable, consistent safeguards, no matter the financial service they utilize for their hard-earned money,” said Representative Edgar Gonzalez Jr.
Around $272 million was lost in crypto fraud cases in 2024, making Illinois the fifth-highest state nationwide for losses, according to the FBI.
Trump tirade continues
The governor’s office continued to attack Donald Trump’s crypto policies, stating that the Trump Administration has “actively deregulated the crypto industry at a time when consumers are increasingly at risk of fraud.”
They specifically cited Trump’s April signing of a bill that overturned a revised rule from the Internal Revenue Service that expanded the definition of a broker to include decentralized finance exchanges.
Illinois strategic Bitcoin reserve axed
The state is not the most pro-crypto in America, having quickly quashed a bill suggesting it invest in Bitcoin (BTC).
Illinois representative John Cabello introduced House Bill 1844 in January with the purpose of creating a strategic Bitcoin reserve for the state treasury to buy and hold the asset for five years.
However, the bill failed to pass voting at the Committee level, according to Bitcoin Laws.
Magazine: Coinbase calls for ‘full-scale’ alt season, Ether eyes $6K: Hodler’s Digest
Bitcoin at ‘mild danger zone’ as BTC investors eye profit-taking
Bitcoin could be set for more sideways movement in the near term as an overvaluation metric is currently flashing red, signaling a higher likelihood of profit-taking among Bitcoin holders.
Bitcoin’s (BTC) Market Value to Realized Value (MVRV) ratio, an indicator that measures whether the asset is overvalued or not, currently stands at +21%, indicating that the average investor who purchased Bitcoin over the past year is comfortably in profit, sentiment platform Santiment said in a report published on Monday.
Bitcoin may experience sideways price action
“While not at extreme historical highs, this is considered a mild danger zone, as it increases the risk of profit-taking,” Santiment explained.
Bitcoin is trading at $115,800 at the time of publication, according to CoinMarketCap, approximately 6% below its all-time high of $124,128 reached on Wednesday.
Bitcoin is down 1.71% over the past 30 days. Source: CoinMarketCap
Bitcoin saw a 10% price rally in the nine days leading up to the new high, but Bitfinex analysts said in a markets report on the day that the “rally quickly fizzled out” due to the lack of macroeconomic catalysts needed to sustain the price.
Typically, when Bitcoin has reached new all-time highs and starts to consolidate or trend downward, investors have been more inclined to take profits, fearing that the asset has reached a local price top.
The Bitfinex analysts added that Bitcoin may experience sideways price action in the near term.
“The market is now firmly in a consolidation phase, adopting a wait-and-watch stance as investors weigh upcoming macro catalysts,” the analysts said.
Source: Mags
One macro catalyst that many market participants are closely watching is the US Federal Reserve’s rate cut decision on Sept. 17, with 83.6% anticipating the long-awaited cut, according to the CME FedWatch Tool.
Many Bitcoin traders are not expecting upside in the near term
Bitcoin shorts have been piling up as well, with roughly $2.2 billion in short positions at risk of liquidation if Bitcoin climbs back to its $124,128 all-time high, according to CoinGlass.
However, Santiment says the Bitcoin whales are confident in higher price levels.
“Bitcoin's largest holders are not selling into this rally,” Santiment said.
“Wallets holding between 10 and 10,000 BTC have continued to accumulate aggressively, even after the all-time high,” Santiment added.
Magazine: Everybody hates GPT-5, AI shows social media can’t be fixed: AI Eye
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin’s (BTC) Market Value to Realized Value (MVRV) ratio, an indicator that measures whether the asset is overvalued or not, currently stands at +21%, indicating that the average investor who purchased Bitcoin over the past year is comfortably in profit, sentiment platform Santiment said in a report published on Monday.
Bitcoin may experience sideways price action
“While not at extreme historical highs, this is considered a mild danger zone, as it increases the risk of profit-taking,” Santiment explained.
Bitcoin is trading at $115,800 at the time of publication, according to CoinMarketCap, approximately 6% below its all-time high of $124,128 reached on Wednesday.
Bitcoin is down 1.71% over the past 30 days. Source: CoinMarketCap
Bitcoin saw a 10% price rally in the nine days leading up to the new high, but Bitfinex analysts said in a markets report on the day that the “rally quickly fizzled out” due to the lack of macroeconomic catalysts needed to sustain the price.
Typically, when Bitcoin has reached new all-time highs and starts to consolidate or trend downward, investors have been more inclined to take profits, fearing that the asset has reached a local price top.
The Bitfinex analysts added that Bitcoin may experience sideways price action in the near term.
“The market is now firmly in a consolidation phase, adopting a wait-and-watch stance as investors weigh upcoming macro catalysts,” the analysts said.
Source: Mags
One macro catalyst that many market participants are closely watching is the US Federal Reserve’s rate cut decision on Sept. 17, with 83.6% anticipating the long-awaited cut, according to the CME FedWatch Tool.
Many Bitcoin traders are not expecting upside in the near term
Bitcoin shorts have been piling up as well, with roughly $2.2 billion in short positions at risk of liquidation if Bitcoin climbs back to its $124,128 all-time high, according to CoinGlass.
However, Santiment says the Bitcoin whales are confident in higher price levels.
“Bitcoin's largest holders are not selling into this rally,” Santiment said.
“Wallets holding between 10 and 10,000 BTC have continued to accumulate aggressively, even after the all-time high,” Santiment added.
Magazine: Everybody hates GPT-5, AI shows social media can’t be fixed: AI Eye
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin ‘liquidity zones swept’ but uptick in open interest hints at BTC recovery
Key points:
Profit-taking near Bitcoin’s range highs aligns with traders’ previous reaction to new all-time highs.
Dip-buying near key liquidation zones and consistent institutional investor demand suggest the sell-pressure won’t last long.
Bitcoin’s (BTC) abrupt sell-off from its $124,474 all-time high seemed like a routine outcome at first, especially considering that a portion of traders will always take profit at new highs, and a separate group will choose to open shorts at the same time.
Bitcoin realized profit. Source: Andre Dragosch / Glassnode
Addressing the recent sell-off, Bitwise European Head of Research, Andre Dragosch, posted the above chart and said,
“NOTE: Yes - we have seen increased profit-taking (by short-term holders) lately. But they have become smaller over time, too.”
That said, the 6.72% correction below $115,000 is perhaps a bit deeper than most anticipated, leading some analysts to predict further decline to $110,000 and below.
In comments to Cointelegraph, Hyblock co-founder and CEO Shubh Varma explained that:
“Over the past week, we’ve seen a clear pattern of liquidity dynamics driving Bitcoin’s weekend price action. Going into the weekend, liquidity built up on the downside (Image 1), creating visible pools of potential liquidation targets. As the weekend wrapped up, that liquidity was swept (Image 2), reinforcing the recurring theme of thin weekend markets being more vulnerable to liquidity grabs.”
Bitcoin liquidation heatmap (Image 1). Source: Hyblock
Varma said that at the same time that these “liquidity grabs” took place, “supply started to emerge in the orderbook and onchain.”
Bitcoin downside liquidity sweep (Image 2). Source: Hyblock
“Large ETH unstaking events have added to available supply. Yet, during the weekdays, demand from digital asset treasuries (DATs) has remained strong. Several institutions announced major BTC and ETH purchases last week, with demand not only meeting this supply but far exceeding it, helping fuel the upside move.”
The catch is Wall Street closes shop for the weekend, and according to Varma, “institutional demand appeared to dry up, leaving orderflow imbalances exposed.”
“We saw this in both the orderbook and slippage metrics (Image 3). Liquidity sat below, slippage spiked, and both 1% and 2% bid-ask depth flipped bearish. This combination triggered a cascade that swept the highlighted liquidation zones.”
Bitcoin order book slippage (Image 3). Source: Hyblock
When asked how Bitcoin fared during Monday’s surprise drop below $115,000 and whether the chance of additional downside was high, Varma shared the following chart and said,
“Massive amounts of open interest opened up around that same time as where liquidity was swept. It will serve as good support, because both longs and shorts opened there, and shorts are currently trapped.”
Bitcoin open interest. Source: Hyblock
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Profit-taking near Bitcoin’s range highs aligns with traders’ previous reaction to new all-time highs.
Dip-buying near key liquidation zones and consistent institutional investor demand suggest the sell-pressure won’t last long.
Bitcoin’s (BTC) abrupt sell-off from its $124,474 all-time high seemed like a routine outcome at first, especially considering that a portion of traders will always take profit at new highs, and a separate group will choose to open shorts at the same time.
Bitcoin realized profit. Source: Andre Dragosch / Glassnode
Addressing the recent sell-off, Bitwise European Head of Research, Andre Dragosch, posted the above chart and said,
“NOTE: Yes - we have seen increased profit-taking (by short-term holders) lately. But they have become smaller over time, too.”
That said, the 6.72% correction below $115,000 is perhaps a bit deeper than most anticipated, leading some analysts to predict further decline to $110,000 and below.
In comments to Cointelegraph, Hyblock co-founder and CEO Shubh Varma explained that:
“Over the past week, we’ve seen a clear pattern of liquidity dynamics driving Bitcoin’s weekend price action. Going into the weekend, liquidity built up on the downside (Image 1), creating visible pools of potential liquidation targets. As the weekend wrapped up, that liquidity was swept (Image 2), reinforcing the recurring theme of thin weekend markets being more vulnerable to liquidity grabs.”
Bitcoin liquidation heatmap (Image 1). Source: Hyblock
Varma said that at the same time that these “liquidity grabs” took place, “supply started to emerge in the orderbook and onchain.”
Bitcoin downside liquidity sweep (Image 2). Source: Hyblock
“Large ETH unstaking events have added to available supply. Yet, during the weekdays, demand from digital asset treasuries (DATs) has remained strong. Several institutions announced major BTC and ETH purchases last week, with demand not only meeting this supply but far exceeding it, helping fuel the upside move.”
The catch is Wall Street closes shop for the weekend, and according to Varma, “institutional demand appeared to dry up, leaving orderflow imbalances exposed.”
“We saw this in both the orderbook and slippage metrics (Image 3). Liquidity sat below, slippage spiked, and both 1% and 2% bid-ask depth flipped bearish. This combination triggered a cascade that swept the highlighted liquidation zones.”
Bitcoin order book slippage (Image 3). Source: Hyblock
When asked how Bitcoin fared during Monday’s surprise drop below $115,000 and whether the chance of additional downside was high, Varma shared the following chart and said,
“Massive amounts of open interest opened up around that same time as where liquidity was swept. It will serve as good support, because both longs and shorts opened there, and shorts are currently trapped.”
Bitcoin open interest. Source: Hyblock
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
BTCS to pay out loyalty in ETH to deter ‘predatory short-sellers’
Ethereum treasury firm BTCS Inc. will issue a one-time Ether dividend payment and a loyalty payment, totaling $0.40 per share in ETH, to reward shareholders and limit “predatory short-selling.”
“These payments are designed to reward our long-term shareholders and empower them to take control of their investment by reducing the ability of their shares to be lent to predatory short-sellers,” the Bitcoin mining-turned Ethereum firm said on Monday.
BTCS says it would be the first publicly traded company to issue a dividend in ETH — a move seemingly received well by investors as BTCS shares rose 10.4% on the day.
ETH “Bividend” to be paid in September
The ETH dividend — dubbed the “Bividend” — of $0.05 per share will be paid on Sept. 26, while the $0.35 per share “Loyalty Payment” will be paid in ETH to those holding the shares until Jan. 26, 2026. The loyalty payment will be offered to all shareholders except officers, directors and employees, the company noted.
Source: Benjamin Hunter
The former Bitcoin mining firm is looking to stand out amid a crowded field of 69 ETH treasury entities competing to amass the largest ETH holdings.
Ether treasury firms have been a key catalyst behind Ether’s price rally from around $1,465 to $4,775 over the past four months.
BTCS eyes top 10 in ETH treasury race
Bitmine Immersion Tech and SharpLink Gaming lead the race, with 1.5 million ETH and 728,800 ETH, respectively, while BTCS sits 11th at 70,000 ETH worth over $303 million, StrategicETHReserve data shows.
Top 15 largest entities by ETH holdings. Source: StrategicETHReserve.xyz
BTCS has been leveraging decentralized finance — such as borrowing on Aave — and staking since at least 2022, but only started aggressively accumulating ETH over the last few months.
It has funded purchases through at-the-market equity offerings and issuing convertible notes, similar to strategies adopted by its competitors.
BTCS partially recovers after tumbling from July high
BTCS shares rose 10.4% on the news to $4.87 on Monday, clawing back some lost ground since reaching a 2025 high of $6.57 on July 18, Google Finance data shows.
The Nasdaq-listed firm now boasts a market cap of $233 million.
Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0’
“These payments are designed to reward our long-term shareholders and empower them to take control of their investment by reducing the ability of their shares to be lent to predatory short-sellers,” the Bitcoin mining-turned Ethereum firm said on Monday.
BTCS says it would be the first publicly traded company to issue a dividend in ETH — a move seemingly received well by investors as BTCS shares rose 10.4% on the day.
ETH “Bividend” to be paid in September
The ETH dividend — dubbed the “Bividend” — of $0.05 per share will be paid on Sept. 26, while the $0.35 per share “Loyalty Payment” will be paid in ETH to those holding the shares until Jan. 26, 2026. The loyalty payment will be offered to all shareholders except officers, directors and employees, the company noted.
Source: Benjamin Hunter
The former Bitcoin mining firm is looking to stand out amid a crowded field of 69 ETH treasury entities competing to amass the largest ETH holdings.
Ether treasury firms have been a key catalyst behind Ether’s price rally from around $1,465 to $4,775 over the past four months.
BTCS eyes top 10 in ETH treasury race
Bitmine Immersion Tech and SharpLink Gaming lead the race, with 1.5 million ETH and 728,800 ETH, respectively, while BTCS sits 11th at 70,000 ETH worth over $303 million, StrategicETHReserve data shows.
Top 15 largest entities by ETH holdings. Source: StrategicETHReserve.xyz
BTCS has been leveraging decentralized finance — such as borrowing on Aave — and staking since at least 2022, but only started aggressively accumulating ETH over the last few months.
It has funded purchases through at-the-market equity offerings and issuing convertible notes, similar to strategies adopted by its competitors.
BTCS partially recovers after tumbling from July high
BTCS shares rose 10.4% on the news to $4.87 on Monday, clawing back some lost ground since reaching a 2025 high of $6.57 on July 18, Google Finance data shows.
The Nasdaq-listed firm now boasts a market cap of $233 million.
Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0’
SEC pushes back decisions on Truth Social, Solana, XRP crypto ETFs
The US Securities and Exchange Commission (SEC) has delayed rulings on three high-profile crypto exchange-traded funds (ETFs), extending review deadlines into October.
In notices filed Aug. 18, the agency set new decision dates of Oct. 8 for NYSE Arca’s Truth Social Bitcoin and Ethereum ETF, Oct. 16 for 21Shares’ and Bitwise’s Solana ETFs, and Oct. 19 for the 21Shares Core XRP Trust.
The Truth Social Bitcoin and Ethereum ETF, submitted on June 24, is structured as a commodity-based trust holding Bitcoin (BTC) and Ether (ETH) directly and issuing shares backed by those assets. While branded under US President Donald Trump’s Truth Social platform, it functions like other spot Bitcoin and Ether ETFs already on the market.
Cboe BZX also seeks approval for the first US spot Solana ETFs through filings from 21Shares and Bitwise. These products would hold Solana (SOL) tokens and give investors a secure way to gain exposure to Solana’s price performance.
A separate application from 21Shares aims to launch the Core XRP Trust, designed to hold XRP and track its market value. First filed in February and later amended, the trust was approaching its 180-day deadline on Wednesday before the SEC granted itself an additional 60 days to review.
Related: US regulator considers simplified path to market for crypto ETFs
October shaping up as a big month for ETF rulings
The most recent ETF extensions are not out of the ordinary. The SEC has been filing ETF extensions all summer, and many of them are shaping up to be decided on this fall.
In March, Cointelegraph reported that the SEC had delayed decisions on multiple altcoin ETF proposals, including products tied to XRP, Litecoin and Dogecoin.
Among them was CoinShares’ application for a spot Litecoin ETF, which would hold (LTC) directly and issue shares backed by the token. Cointelegraph noted that the SEC’s extension placed its deadline in the same cluster of fall reviews as other altcoin filings.
Separately, the SEC extended its review of Bitwise’s request to allow in-kind creations and redemptions for its spot Bitcoin and Ethereum ETFs. Now slated for September, that decision would determine whether investors can exchange ETF shares directly for the underlying crypto rather than cash.
The SEC often uses its full extension periods to evaluate new products and collect public feedback. Bloomberg ETF analyst James Seyffart wrote in a post on X on May 20 that the SEC “typically takes the full time to respond to a 19b‑4 filing.” He added that “almost all of these filings have final due dates in October,” and an early decision would be “out of the norm.”
Ether ETFs smash records as crypto products see $3.75B inflows
BlackRock dominates as ETF funds grow in popularity
The US market now counts a dozen spot Bitcoin ETFs, several Ether products, and a growing roster of applications for Solana, XRP and other tokens. Globally, over a hundred crypto-related ETFs are listed.
BlackRock’s iShares Bitcoin Trust dominates the field, with more than $87 billion in assets under management (AUM). Its scale, liquidity and brand strength have set it apart, drawing the bulk of flows while rivals remain far smaller.
US spot Bitcoin ETF assets. Source: CoinMarketCap
Magazine: Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments: Trezor CEO
In notices filed Aug. 18, the agency set new decision dates of Oct. 8 for NYSE Arca’s Truth Social Bitcoin and Ethereum ETF, Oct. 16 for 21Shares’ and Bitwise’s Solana ETFs, and Oct. 19 for the 21Shares Core XRP Trust.
The Truth Social Bitcoin and Ethereum ETF, submitted on June 24, is structured as a commodity-based trust holding Bitcoin (BTC) and Ether (ETH) directly and issuing shares backed by those assets. While branded under US President Donald Trump’s Truth Social platform, it functions like other spot Bitcoin and Ether ETFs already on the market.
Cboe BZX also seeks approval for the first US spot Solana ETFs through filings from 21Shares and Bitwise. These products would hold Solana (SOL) tokens and give investors a secure way to gain exposure to Solana’s price performance.
A separate application from 21Shares aims to launch the Core XRP Trust, designed to hold XRP and track its market value. First filed in February and later amended, the trust was approaching its 180-day deadline on Wednesday before the SEC granted itself an additional 60 days to review.
Related: US regulator considers simplified path to market for crypto ETFs
October shaping up as a big month for ETF rulings
The most recent ETF extensions are not out of the ordinary. The SEC has been filing ETF extensions all summer, and many of them are shaping up to be decided on this fall.
In March, Cointelegraph reported that the SEC had delayed decisions on multiple altcoin ETF proposals, including products tied to XRP, Litecoin and Dogecoin.
Among them was CoinShares’ application for a spot Litecoin ETF, which would hold (LTC) directly and issue shares backed by the token. Cointelegraph noted that the SEC’s extension placed its deadline in the same cluster of fall reviews as other altcoin filings.
Separately, the SEC extended its review of Bitwise’s request to allow in-kind creations and redemptions for its spot Bitcoin and Ethereum ETFs. Now slated for September, that decision would determine whether investors can exchange ETF shares directly for the underlying crypto rather than cash.
The SEC often uses its full extension periods to evaluate new products and collect public feedback. Bloomberg ETF analyst James Seyffart wrote in a post on X on May 20 that the SEC “typically takes the full time to respond to a 19b‑4 filing.” He added that “almost all of these filings have final due dates in October,” and an early decision would be “out of the norm.”
Ether ETFs smash records as crypto products see $3.75B inflows
BlackRock dominates as ETF funds grow in popularity
The US market now counts a dozen spot Bitcoin ETFs, several Ether products, and a growing roster of applications for Solana, XRP and other tokens. Globally, over a hundred crypto-related ETFs are listed.
BlackRock’s iShares Bitcoin Trust dominates the field, with more than $87 billion in assets under management (AUM). Its scale, liquidity and brand strength have set it apart, drawing the bulk of flows while rivals remain far smaller.
US spot Bitcoin ETF assets. Source: CoinMarketCap
Magazine: Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments: Trezor CEO
57% of Kalshi bettors predict Gemini will emerge as top AI text model in 2025
Bettors on Kalshi, a prediction market, forecast that Google’s Gemini will emerge as the top artificial intelligence text model by the end of 2025. The positions reflect the ongoing developments of Gemini’s competitors as the large language model (LLM) race heats up.
Since Tuesday, Gemini has taken a commanding lead with 57% of users betting on the model, up from 48.1% on the previous date. During that same time, OpenAI’s ChatGPT model has fallen to 20% from 25.4%, and xAI’s Grok odds have decreased to 15% from 18.8%.
This particular Kalshi prediction scenario will resolve on Dec. 31, with bettors of the winning model receiving their allotted amount. The LM Arena Leaderboard, “an open platform where everyone can [...] access, explore and interact with the world’s leading AI models,” will verify the outcome. Currently, $7.4 million in volume has been seen on this prediction scenario.
Kalshi’s best AI model of 2025 prediction scenario. Source: Kalshi
On Aug. 15, Google announced a series of updates for Gemini, including a storybook mode, an improved reasoning model and temporary chats that aren’t saved in the user’s history. Meanwhile, OpenAI has suffered missteps, including a rollout of ChatGPT-5, which users panned and the company CEO, Sam Altman, had to take to X to defend.
XAI’s Grok has had well-publicized problems as well, with users accusing the model of being either biased to the right wing or left wing of politics, depending on the user. The company was forced to delete certain Grok posts after the model allegedly praised Adolf Hitler.
LLM race heats up
The pursuit to become the world’s top large language model has heated up in recent months as the industry vies for position in various domains.
One of those domains is internet search, where many AI models draw their information and sources. Last Tuesday, AI company Perplexity made a $34.5 billion unsolicited cash offer to purchase Google’s Chrome browser, which holds the majority share in the internet browser market. OpenAI is reportedly interested in buying the browser as well.
DeepSeek, an AI company based in China, has gained market share. In April, it released a new model called Prover 2, which is advanced in mathematics.
However, there could be barriers to AI development through anti-trust actions. In October 2024, G7 nations’ anti-trust authorities indicated that they might take action to protect competition in the AI field. Both Google and Meta, players in the AI industry, are facing antitrust lawsuits — Google from a US District Court and Meta from the Federal Trade Commission. These lawsuits could affect AI development.
Magazine: AI Eye: Everybody hates GPT-5, AI shows social media can’t be fixed
Since Tuesday, Gemini has taken a commanding lead with 57% of users betting on the model, up from 48.1% on the previous date. During that same time, OpenAI’s ChatGPT model has fallen to 20% from 25.4%, and xAI’s Grok odds have decreased to 15% from 18.8%.
This particular Kalshi prediction scenario will resolve on Dec. 31, with bettors of the winning model receiving their allotted amount. The LM Arena Leaderboard, “an open platform where everyone can [...] access, explore and interact with the world’s leading AI models,” will verify the outcome. Currently, $7.4 million in volume has been seen on this prediction scenario.
Kalshi’s best AI model of 2025 prediction scenario. Source: Kalshi
On Aug. 15, Google announced a series of updates for Gemini, including a storybook mode, an improved reasoning model and temporary chats that aren’t saved in the user’s history. Meanwhile, OpenAI has suffered missteps, including a rollout of ChatGPT-5, which users panned and the company CEO, Sam Altman, had to take to X to defend.
XAI’s Grok has had well-publicized problems as well, with users accusing the model of being either biased to the right wing or left wing of politics, depending on the user. The company was forced to delete certain Grok posts after the model allegedly praised Adolf Hitler.
LLM race heats up
The pursuit to become the world’s top large language model has heated up in recent months as the industry vies for position in various domains.
One of those domains is internet search, where many AI models draw their information and sources. Last Tuesday, AI company Perplexity made a $34.5 billion unsolicited cash offer to purchase Google’s Chrome browser, which holds the majority share in the internet browser market. OpenAI is reportedly interested in buying the browser as well.
DeepSeek, an AI company based in China, has gained market share. In April, it released a new model called Prover 2, which is advanced in mathematics.
However, there could be barriers to AI development through anti-trust actions. In October 2024, G7 nations’ anti-trust authorities indicated that they might take action to protect competition in the AI field. Both Google and Meta, players in the AI industry, are facing antitrust lawsuits — Google from a US District Court and Meta from the Federal Trade Commission. These lawsuits could affect AI development.
Magazine: AI Eye: Everybody hates GPT-5, AI shows social media can’t be fixed
Was the Bitcoin price bottom $114.7K?: Data suggests it's time for a reversal
Key takeaways:
The Bitcoin options skew and stablecoin activity show fear remains contained, pointing to limited downside pressure.
Spot BTC ETF flows and top trader positioning confirm liquidity and resilience, signaling recovery potential above $120K.
Bitcoin (BTC) fell to an 11-day low of $114,755 on Monday, igniting debate over whether last Thursday’s record high signaled the end of the current bull run. Yet four distinct indicators suggest the correction is only temporary and that Bitcoin may soon reclaim the $120,000 mark.
The Bitcoin options skew metric climbed to its highest point in four months, highlighting sudden and excessive fear. In balanced conditions, the skew should move between -6% and +6%. When demand for protective put options increases, the indicator jumps above the neutral band, while periods of FOMO push it below.
Bitcoin 30-day options delta skew (put-call). Source: Laevitas.ch
History shows such events often create strong buying opportunities. On Aug. 5, a similar skew jump was followed by a $9,657 rally within six days. Likewise, when Bitcoin plunged to $74,587 on April 9, the skew touched 13%, setting the stage for a double bottom and an $11,474 recovery in just four days.
Some investors are now afraid that outflows from spot Bitcoin exchange-traded funds (ETFs) could begin, especially after a seven-day inflow streak ended on Friday. Yet the panic seems misplaced. Between July 31 and Aug. 5, the ETFs registered $1.45 billion in net outflows, which translated into only a modest 6% correction to $112,000.
Spot Bitcoin ETF net flows, USD. Source: CoinGlass
Spot Bitcoin ETFs represent a $152 billion market, meaning 1% inflows or outflows over a short span should be considered normal. Given the lower volatility in recent months, liquidity remains strong enough to absorb large ETF redemptions. Notably, the last time Bitcoin moved more than 12% within 72 hours was April 7.
Bitcoin top traders did not reduce their longs, reinforcing the bullish thesis
Positions from top traders at OKX and Binance show little reaction to the latest price drop. These data cover spot, margin and futures markets, offering a broader view of how professional players are positioned.
OKX and Binance top trader BTC long-to-short ratio. Source: CoinGlass
Although top traders reduced longs between Thursday and Friday, the long-to-short ratio has since stabilized. While some may argue these traders hesitate to buy the dip at $115,000, it is equally possible they are waiting for a potential retest of $112,000 before deploying additional capital.
Stablecoin demand in China offers further perspective. Strong retail-driven activity usually pushes stablecoins to trade at a 2% premium against the official US dollar rate. By contrast, a discount above 0.5% often reflects fear, as traders exit crypto holdings.
Tether (USDT/CNY) vs. US dollar/CNY. Source: OKX
At present, Tether (USDT) trades at a 0.8% discount in China, indicating mild pressure to leave crypto markets. Still, the figure has remained steady since Friday evening, suggesting no worsening sentiment.
Taken together, these four metrics—options skew, ETF flows, top trader positioning, and stablecoin demand—suggest Bitcoin’s pullback was a temporary setback and point to $114,755 being the likely bottom of this correction.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
The Bitcoin options skew and stablecoin activity show fear remains contained, pointing to limited downside pressure.
Spot BTC ETF flows and top trader positioning confirm liquidity and resilience, signaling recovery potential above $120K.
Bitcoin (BTC) fell to an 11-day low of $114,755 on Monday, igniting debate over whether last Thursday’s record high signaled the end of the current bull run. Yet four distinct indicators suggest the correction is only temporary and that Bitcoin may soon reclaim the $120,000 mark.
The Bitcoin options skew metric climbed to its highest point in four months, highlighting sudden and excessive fear. In balanced conditions, the skew should move between -6% and +6%. When demand for protective put options increases, the indicator jumps above the neutral band, while periods of FOMO push it below.
Bitcoin 30-day options delta skew (put-call). Source: Laevitas.ch
History shows such events often create strong buying opportunities. On Aug. 5, a similar skew jump was followed by a $9,657 rally within six days. Likewise, when Bitcoin plunged to $74,587 on April 9, the skew touched 13%, setting the stage for a double bottom and an $11,474 recovery in just four days.
Some investors are now afraid that outflows from spot Bitcoin exchange-traded funds (ETFs) could begin, especially after a seven-day inflow streak ended on Friday. Yet the panic seems misplaced. Between July 31 and Aug. 5, the ETFs registered $1.45 billion in net outflows, which translated into only a modest 6% correction to $112,000.
Spot Bitcoin ETF net flows, USD. Source: CoinGlass
Spot Bitcoin ETFs represent a $152 billion market, meaning 1% inflows or outflows over a short span should be considered normal. Given the lower volatility in recent months, liquidity remains strong enough to absorb large ETF redemptions. Notably, the last time Bitcoin moved more than 12% within 72 hours was April 7.
Bitcoin top traders did not reduce their longs, reinforcing the bullish thesis
Positions from top traders at OKX and Binance show little reaction to the latest price drop. These data cover spot, margin and futures markets, offering a broader view of how professional players are positioned.
OKX and Binance top trader BTC long-to-short ratio. Source: CoinGlass
Although top traders reduced longs between Thursday and Friday, the long-to-short ratio has since stabilized. While some may argue these traders hesitate to buy the dip at $115,000, it is equally possible they are waiting for a potential retest of $112,000 before deploying additional capital.
Stablecoin demand in China offers further perspective. Strong retail-driven activity usually pushes stablecoins to trade at a 2% premium against the official US dollar rate. By contrast, a discount above 0.5% often reflects fear, as traders exit crypto holdings.
Tether (USDT/CNY) vs. US dollar/CNY. Source: OKX
At present, Tether (USDT) trades at a 0.8% discount in China, indicating mild pressure to leave crypto markets. Still, the figure has remained steady since Friday evening, suggesting no worsening sentiment.
Taken together, these four metrics—options skew, ETF flows, top trader positioning, and stablecoin demand—suggest Bitcoin’s pullback was a temporary setback and point to $114,755 being the likely bottom of this correction.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
US Treasury calls for public comment on GENIUS stablecoin bill
The US Treasury Department has issued a call for comments related to the passage of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, signed into law by President Donald Trump in July.
In a Monday notice, the Treasury said “interested individuals and organizations” could provide feedback to the government department on “innovative or novel methods, techniques, or strategies to detect and mitigate illicit finance risks involving digital assets.” Treasury officials said the call for comments by Oct. 17 was part of the requirements under the GENIUS Act.
In a Monday X post, Treasury Secretary Scott Bessent called the move “essential” for implementing the law to “[secure] American leadership in digital assets.” After receiving comments from the public, the Treasury will research the methods proposed and submit reports to the Senate Banking Committee and House Financial Services Committee.
The bill to regulate payment stablecoins is expected to go into effect 18 months after it was signed into law on July 18 or 120 days after the US Treasury and Federal Reserve finalize regulations.
The timing of the implementation suggested that the bill, one of the first crypto-related laws passed under the Trump administration, would be less likely to be used as a campaign issue for candidates potentially running on crypto policies in the 2026 midterm elections.
Among the potential uses for “illicit activity” for which Treasury requested comments was money laundering with crypto. The GENIUS Act also specified that the department seek feedback on application programming interfaces (APIs), AI, digital identity verification, and “use of blockchain technology and monitoring.”
Congress moves forward on crypto bills
The passage of the GENIUS Act, one of the first crypto-related bills to move out of the Republican-controlled Congress under Trump, was just one of three pieces of legislation under consideration.
As part of Republicans’ “crypto week” plans in July, the House of Representatives passed the GENIUS Act, the Digital Asset Market Clarity (CLARITY) Act and the Anti-CBDC [Central Bank Digital Currency] Surveillance State Act with bipartisan support.
The CLARITY Act and CBDC bills have been sent to the Senate, which will remain in recess until September. Leadership at the Senate Banking Committee has suggested it intends to prioritize crypto market structure, passing its own version of the CLARITY Act by October.
Magazine: GENIUS Act reopens the door for a Meta stablecoin, but will it work?
In a Monday notice, the Treasury said “interested individuals and organizations” could provide feedback to the government department on “innovative or novel methods, techniques, or strategies to detect and mitigate illicit finance risks involving digital assets.” Treasury officials said the call for comments by Oct. 17 was part of the requirements under the GENIUS Act.
In a Monday X post, Treasury Secretary Scott Bessent called the move “essential” for implementing the law to “[secure] American leadership in digital assets.” After receiving comments from the public, the Treasury will research the methods proposed and submit reports to the Senate Banking Committee and House Financial Services Committee.
The bill to regulate payment stablecoins is expected to go into effect 18 months after it was signed into law on July 18 or 120 days after the US Treasury and Federal Reserve finalize regulations.
The timing of the implementation suggested that the bill, one of the first crypto-related laws passed under the Trump administration, would be less likely to be used as a campaign issue for candidates potentially running on crypto policies in the 2026 midterm elections.
Among the potential uses for “illicit activity” for which Treasury requested comments was money laundering with crypto. The GENIUS Act also specified that the department seek feedback on application programming interfaces (APIs), AI, digital identity verification, and “use of blockchain technology and monitoring.”
Congress moves forward on crypto bills
The passage of the GENIUS Act, one of the first crypto-related bills to move out of the Republican-controlled Congress under Trump, was just one of three pieces of legislation under consideration.
As part of Republicans’ “crypto week” plans in July, the House of Representatives passed the GENIUS Act, the Digital Asset Market Clarity (CLARITY) Act and the Anti-CBDC [Central Bank Digital Currency] Surveillance State Act with bipartisan support.
The CLARITY Act and CBDC bills have been sent to the Senate, which will remain in recess until September. Leadership at the Senate Banking Committee has suggested it intends to prioritize crypto market structure, passing its own version of the CLARITY Act by October.
Magazine: GENIUS Act reopens the door for a Meta stablecoin, but will it work?
ETH charts predict $3.9K retest, then a 100% rally to new highs
Key takeaways:
Ether faces a liquidity battle between the $3,900 support and $4,400 resistance.
Record ETF inflows of 649,000 ETH highlight sustained institutional demand.
Long-term projections remain bullish, with dips toward $3,000 to $3,500 seen as setups for a rally toward $8,000.
Ether (ETH) is entering a decisive trading week after recording its highest weekly candle close in over four years, with the price action currently caught between two critical liquidity zones, driving price fluctuations of more than 11%.
On the downside, ETH established a Monday low at $4,224, placing immediate focus on the $4,150 level, a support zone reinforced by multiple liquidity lows. Just beneath lies a fair value gap around $4,000, aligning with the 0.50–0.618 Fibonacci retracement range between $4,100 and $3,900. This confluence suggests an attractive area for swing traders to establish bids.
Trading platform Kiyotaka highlights this zone as a “giant cluster of resting bids stacked all the way down to $3.9K,” making it a critical range to watch for liquidity-driven stop hunts and potential reversals.
Ether buy bids under $4,000. Source: Kiyotaka/X
To the upside, Ether faces an immediate liquidity cluster near $4,400, the imbalance formed during the Monday lows, which may act as a near-term magnet before a potential retracement. A sustained bullish reaction at this level could propel ETH toward $4,583, a higher time-frame resistance.
A confirmed break and stabilization above this level would strengthen the case for a new all-time high in the days ahead, extending the coin’s multi-week bullish momentum.
Ether four-hour chart. Source: Cointelegraph/TradingView
From a structural standpoint, a deeper retest near $3,900 may be the more constructive scenario for bulls, as it would flush out early long positions and fuel liquidity for a stronger recovery toward $4,500 and new highs in Q4.
Meanwhile, the four-hour relative strength index (RSI) remains below 50, suggesting room for further downside before ETH enters oversold territory and sets up for a potential bullish breakout.
Related: Bitcoin, Ether set for squeeze as traders go record short ETH at $4.3K
Institutional flows and long-term setup keep Ether outlook bullish
Despite short-term liquidity battles, the broader outlook for Ether remains firmly bullish, supported by record institutional inflows and a favorable technical backdrop.
Last week, US-listed spot Ether ETFs recorded nearly 649,000 ETH in net inflows, the largest weekly haul on record. While ETH briefly touched $4,740 before a weekend pullback, the inflow momentum highlights deep institutional demand.
US spot ETH ETFs net flows. Source: Glassnode/X
Market analysts have also turned increasingly positive on Ether’s positioning relative to Bitcoin. Senior ETF analyst at Bloomberg, Eric Balchunas, describes Ether ETFs as turning Bitcoin into the “second best” crypto asset in July, awarding the category ETF of the Month after unprecedented investor interest.
On the technical front, traders point to Ether’s multi-year bullish pennant, a “sleeper setup” now nearing breakout territory.
According to prominent trader Merlijn, every dip has been met with smart money accumulation, with weak hands flushed out during prior consolidations.
ETH’s long-term projection envisions a pullback toward the $3,000–$3,500 range before ETH embarks on a rally past $8,000, marking what could be the beginning of a new chapter in Ether’s price history.
Ether one-month analysis by Merlijn. Source: X
Related: Ethereum sets highest weekly close in 4 years: Watch these ETH price levels
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Ether faces a liquidity battle between the $3,900 support and $4,400 resistance.
Record ETF inflows of 649,000 ETH highlight sustained institutional demand.
Long-term projections remain bullish, with dips toward $3,000 to $3,500 seen as setups for a rally toward $8,000.
Ether (ETH) is entering a decisive trading week after recording its highest weekly candle close in over four years, with the price action currently caught between two critical liquidity zones, driving price fluctuations of more than 11%.
On the downside, ETH established a Monday low at $4,224, placing immediate focus on the $4,150 level, a support zone reinforced by multiple liquidity lows. Just beneath lies a fair value gap around $4,000, aligning with the 0.50–0.618 Fibonacci retracement range between $4,100 and $3,900. This confluence suggests an attractive area for swing traders to establish bids.
Trading platform Kiyotaka highlights this zone as a “giant cluster of resting bids stacked all the way down to $3.9K,” making it a critical range to watch for liquidity-driven stop hunts and potential reversals.
Ether buy bids under $4,000. Source: Kiyotaka/X
To the upside, Ether faces an immediate liquidity cluster near $4,400, the imbalance formed during the Monday lows, which may act as a near-term magnet before a potential retracement. A sustained bullish reaction at this level could propel ETH toward $4,583, a higher time-frame resistance.
A confirmed break and stabilization above this level would strengthen the case for a new all-time high in the days ahead, extending the coin’s multi-week bullish momentum.
Ether four-hour chart. Source: Cointelegraph/TradingView
From a structural standpoint, a deeper retest near $3,900 may be the more constructive scenario for bulls, as it would flush out early long positions and fuel liquidity for a stronger recovery toward $4,500 and new highs in Q4.
Meanwhile, the four-hour relative strength index (RSI) remains below 50, suggesting room for further downside before ETH enters oversold territory and sets up for a potential bullish breakout.
Related: Bitcoin, Ether set for squeeze as traders go record short ETH at $4.3K
Institutional flows and long-term setup keep Ether outlook bullish
Despite short-term liquidity battles, the broader outlook for Ether remains firmly bullish, supported by record institutional inflows and a favorable technical backdrop.
Last week, US-listed spot Ether ETFs recorded nearly 649,000 ETH in net inflows, the largest weekly haul on record. While ETH briefly touched $4,740 before a weekend pullback, the inflow momentum highlights deep institutional demand.
US spot ETH ETFs net flows. Source: Glassnode/X
Market analysts have also turned increasingly positive on Ether’s positioning relative to Bitcoin. Senior ETF analyst at Bloomberg, Eric Balchunas, describes Ether ETFs as turning Bitcoin into the “second best” crypto asset in July, awarding the category ETF of the Month after unprecedented investor interest.
On the technical front, traders point to Ether’s multi-year bullish pennant, a “sleeper setup” now nearing breakout territory.
According to prominent trader Merlijn, every dip has been met with smart money accumulation, with weak hands flushed out during prior consolidations.
ETH’s long-term projection envisions a pullback toward the $3,000–$3,500 range before ETH embarks on a rally past $8,000, marking what could be the beginning of a new chapter in Ether’s price history.
Ether one-month analysis by Merlijn. Source: X
Related: Ethereum sets highest weekly close in 4 years: Watch these ETH price levels
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Sherrod Brown, targeted by crypto PAC in 2024, to run for US Senate again
Former Ohio Senator Sherrod Brown, who lost his US Senate seat in 2024 to Republican Bernie Moreno amid more than $40 million in spending backed by the crypto industry, has launched an election bid for 2026.
In a Saturday notice, Brown said he will run for Republican Senator Jon Husted’s seat in the 2026 US midterm elections — Moreno, who defeated Brown in 2024, won’t be up for reelection until 2030.
The former senator, who was one of the more outspoken voices on crypto in the previous session of Congress, lost to Moreno with more than 46% of the vote after a digital asset-backed political action committee (PAC) spent more than $40 million in media buys.
“I never planned to run for office again,” Brown wrote in a Saturday X post. “But I see what’s happening in Washington, and I can’t stand on the sidelines. It’s a government for the rich and powerful at the expense of everyday workers. I’m fighting to change that.”
While serving in Congress as one of two senators from Ohio from 2007 to 2025, Brown was the chair of the Senate Banking Committee for four years and one of the more outspoken voices calling for comprehensive crypto legislation “in the wake of FTX’s implosion” in 2022.
Though many experts have speculated that Republicans will maintain majority control of the Senate after 2026, Brown’s potential return to the chamber could suggest that Ohio voters are dissatisfied with their current representation.
What happened during the 2024 election in Ohio?
Defend American Jobs, a PAC affiliated with Fairshake, a committee largely backed with contributions from cryptocurrency companies Coinbase and Ripple Labs, spent more than $40 million on media buys to support Moreno. Altogether, the Ohio Senate race was one of the most expensive in the state’s history, with reports suggesting that entities had spent more than $480 million on both sides.
Fairshake, whose affiliates Defend American Jobs largely supported Republican candidates and Protect Progress Democratic ones, spent a reported $131 million to support and oppose candidates in the 2024 congressional elections. The result was that about 270 lawmakers who were considered to be “pro-crypto” by the Coinbase-affiliated advocacy organization Stand With Crypto won election or reelection.
In July, Fairshake reported holding about $141 million in assets to be used to influence the 2026 midterm elections. The PAC and its two affiliates spent more than $2 million to support candidates in special congressional elections in 2025 for three House seats in Virginia and Florida.
“Last year, voters sent a clear message that the Sherrod Brown and Elizabeth Warren agenda were deeply out of touch with Ohio values,” Fairshake spokesperson Josh Vlasto told Cointelegraph. ”We will continue to support pro-crypto candidates and oppose anti crypto candidates, in Ohio and nationwide.”
Will the former senator change any of his policy positions after his 2024 loss?
In Brown’s absence, under a Republican majority in both the House of Representatives and Senate and backing from US President Donald Trump, Congress moved forward with the passage of the GENIUS Act to regulate payment stablecoins in 2025.
Trump signed the bill into law in July, and the House sent bills for consideration on crypto market structure and central bank digital currencies to the Senate, which will be in recess until September.
In one of his last messages to the Senate Banking Committee in December before leaving office, Brown warned that Trump was “opening up our government to the highest corporate bidder” and encouraged the body to be prepared to address challenges on AI and crypto.
His initial campaign message, released on Monday, focused on “standing up for workers,” concerns over healthcare costs and the current direction of the government under the Trump administration.
“Cryptocurrency is a part of America’s economy, and becoming more commonplace in Ohio and throughout the country,” Brown told Cointelegraph. “Just like what guides all my work, my goal is to make sure that as more people use cryptocurrency, it expands opportunity and lifts up Ohioans and they are not put at risk.”
A Bowling Green State University Democracy and Public Policy Research Network poll released in February gave Husted a six-point lead in a hypothetical race against Brown, who had not announced his Senate run at the time.
Husted, appointed by Ohio Governor Mike DeWine to fill then-Senator JD Vance’s seat following his resignation after being elected US vice president, will be allowed to serve until a special election in November 2026. Of the Senate’s 100 seats, 35 will be up for grabs in the midterms.
Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0’
In a Saturday notice, Brown said he will run for Republican Senator Jon Husted’s seat in the 2026 US midterm elections — Moreno, who defeated Brown in 2024, won’t be up for reelection until 2030.
The former senator, who was one of the more outspoken voices on crypto in the previous session of Congress, lost to Moreno with more than 46% of the vote after a digital asset-backed political action committee (PAC) spent more than $40 million in media buys.
“I never planned to run for office again,” Brown wrote in a Saturday X post. “But I see what’s happening in Washington, and I can’t stand on the sidelines. It’s a government for the rich and powerful at the expense of everyday workers. I’m fighting to change that.”
While serving in Congress as one of two senators from Ohio from 2007 to 2025, Brown was the chair of the Senate Banking Committee for four years and one of the more outspoken voices calling for comprehensive crypto legislation “in the wake of FTX’s implosion” in 2022.
Though many experts have speculated that Republicans will maintain majority control of the Senate after 2026, Brown’s potential return to the chamber could suggest that Ohio voters are dissatisfied with their current representation.
What happened during the 2024 election in Ohio?
Defend American Jobs, a PAC affiliated with Fairshake, a committee largely backed with contributions from cryptocurrency companies Coinbase and Ripple Labs, spent more than $40 million on media buys to support Moreno. Altogether, the Ohio Senate race was one of the most expensive in the state’s history, with reports suggesting that entities had spent more than $480 million on both sides.
Fairshake, whose affiliates Defend American Jobs largely supported Republican candidates and Protect Progress Democratic ones, spent a reported $131 million to support and oppose candidates in the 2024 congressional elections. The result was that about 270 lawmakers who were considered to be “pro-crypto” by the Coinbase-affiliated advocacy organization Stand With Crypto won election or reelection.
In July, Fairshake reported holding about $141 million in assets to be used to influence the 2026 midterm elections. The PAC and its two affiliates spent more than $2 million to support candidates in special congressional elections in 2025 for three House seats in Virginia and Florida.
“Last year, voters sent a clear message that the Sherrod Brown and Elizabeth Warren agenda were deeply out of touch with Ohio values,” Fairshake spokesperson Josh Vlasto told Cointelegraph. ”We will continue to support pro-crypto candidates and oppose anti crypto candidates, in Ohio and nationwide.”
Will the former senator change any of his policy positions after his 2024 loss?
In Brown’s absence, under a Republican majority in both the House of Representatives and Senate and backing from US President Donald Trump, Congress moved forward with the passage of the GENIUS Act to regulate payment stablecoins in 2025.
Trump signed the bill into law in July, and the House sent bills for consideration on crypto market structure and central bank digital currencies to the Senate, which will be in recess until September.
In one of his last messages to the Senate Banking Committee in December before leaving office, Brown warned that Trump was “opening up our government to the highest corporate bidder” and encouraged the body to be prepared to address challenges on AI and crypto.
His initial campaign message, released on Monday, focused on “standing up for workers,” concerns over healthcare costs and the current direction of the government under the Trump administration.
“Cryptocurrency is a part of America’s economy, and becoming more commonplace in Ohio and throughout the country,” Brown told Cointelegraph. “Just like what guides all my work, my goal is to make sure that as more people use cryptocurrency, it expands opportunity and lifts up Ohioans and they are not put at risk.”
A Bowling Green State University Democracy and Public Policy Research Network poll released in February gave Husted a six-point lead in a hypothetical race against Brown, who had not announced his Senate run at the time.
Husted, appointed by Ohio Governor Mike DeWine to fill then-Senator JD Vance’s seat following his resignation after being elected US vice president, will be allowed to serve until a special election in November 2026. Of the Senate’s 100 seats, 35 will be up for grabs in the midterms.
Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0’
Circle’s Arc blockchain to debut with institutional access via Fireblocks
Circle’s new layer-1 blockchain Arc will integrate with Fireblocks, a New York–based digital asset custody and tokenization platform serving more than 2,400 banks, asset managers and fintechs. Arc is not yet live, but Circle plans to roll out a public testnet this fall ahead of a full launch by year-end.
Fireblocks said it prepares custody and compliance support so clients can transact on Arc once the network launches. Its platform supports over 120 blockchains and facilitates settlement for institutions across global markets.
Source: Fireblocks
The unusually early integration drew some criticism on X. Solana, for example, launched in 2020, but wasn’t added to Fireblocks until late 2021, after its ecosystem reached critical mass. Arc will instead debut with Fireblocks integration, giving banks and asset managers “day one” access.
Moving along with US stablecoin regulations
While US regulators advanced clarity around stablecoins with the GENIUS Act signed on July 18, Circle has been expanding its footprint.
On June 5, Circle raised $1.05 billion in the first IPO by a stablecoin issuer. Shares opened at $69, climbed as high as $103.75, and closed at $83.23 — a gain of 168% from the IPO price. The stock reached as high as $298.99 on July 23, and is currently trading around $145.
The company’s first earnings report since going public was released on Tuesday, reporting $658 million in Q2 revenue, a 53% increase year-over-year. It said circulation of USDC grew 90% over the same period, reaching $61.3 billion by June 30 and climbing above $65 billion in early August.
That same day, Circle moved to expand its payments infrastructure with the launch of the Circle Payments Network, and announced Arc — describing it as a layer 1 purpose-built chain for “stablecoin finance.”
While Circle was ahead of the curve with its IPO, the Arc announcement comes amid a broader wave of new blockchain launches, including Stripe developing Tempo with Paradigm and Robinhood rolling out a tokenization-focused L2 in June.
Related: USDC stablecoin launches on XRP Ledger
Stablecoin rivals drive market growth
The stablecoin market cap now stands at roughly $277.16 billion, up from $253.87 billion on July 1, according to data from DefiLlama. While Circle’s USDC accounts for about a quarter of the fiat-backed stablecoin market, Tether continues to dominate globally with around 60% market share.
Tether reported $4.9 billion in profit in Q2 2025, a 277% increase compared with the same period a year earlier. Most of that profit came from Treasury yields, with the company’s $127 billion short-term US debt generating steady income.
Tether has now become one of the largest non-sovereign holders of US Treasurys, surpassing countries such as South Korea and the UAE, an unprecedented position for a private company.
Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears
Fireblocks said it prepares custody and compliance support so clients can transact on Arc once the network launches. Its platform supports over 120 blockchains and facilitates settlement for institutions across global markets.
Source: Fireblocks
The unusually early integration drew some criticism on X. Solana, for example, launched in 2020, but wasn’t added to Fireblocks until late 2021, after its ecosystem reached critical mass. Arc will instead debut with Fireblocks integration, giving banks and asset managers “day one” access.
Moving along with US stablecoin regulations
While US regulators advanced clarity around stablecoins with the GENIUS Act signed on July 18, Circle has been expanding its footprint.
On June 5, Circle raised $1.05 billion in the first IPO by a stablecoin issuer. Shares opened at $69, climbed as high as $103.75, and closed at $83.23 — a gain of 168% from the IPO price. The stock reached as high as $298.99 on July 23, and is currently trading around $145.
The company’s first earnings report since going public was released on Tuesday, reporting $658 million in Q2 revenue, a 53% increase year-over-year. It said circulation of USDC grew 90% over the same period, reaching $61.3 billion by June 30 and climbing above $65 billion in early August.
That same day, Circle moved to expand its payments infrastructure with the launch of the Circle Payments Network, and announced Arc — describing it as a layer 1 purpose-built chain for “stablecoin finance.”
While Circle was ahead of the curve with its IPO, the Arc announcement comes amid a broader wave of new blockchain launches, including Stripe developing Tempo with Paradigm and Robinhood rolling out a tokenization-focused L2 in June.
Related: USDC stablecoin launches on XRP Ledger
Stablecoin rivals drive market growth
The stablecoin market cap now stands at roughly $277.16 billion, up from $253.87 billion on July 1, according to data from DefiLlama. While Circle’s USDC accounts for about a quarter of the fiat-backed stablecoin market, Tether continues to dominate globally with around 60% market share.
Tether reported $4.9 billion in profit in Q2 2025, a 277% increase compared with the same period a year earlier. Most of that profit came from Treasury yields, with the company’s $127 billion short-term US debt generating steady income.
Tether has now become one of the largest non-sovereign holders of US Treasurys, surpassing countries such as South Korea and the UAE, an unprecedented position for a private company.
Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears
Time for a Web3 reality check: Which altcoin sectors are really delivering?
Key takeaways:
Web3 daily activity held steady at 24 million in Q2 2025, but sector composition is shifting.
DeFi leads transaction counts with 240 million weekly, yet Ethereum gas usage is now dominated by the RWA, DePIN and AI.
Smart contract platforms’ coins and yield-generating DeFi and RWA tokens outperform the market, while AI and DePIN lag despite strong narratives.
Altcoins are more than speculative bets on coins outside Bitcoin. In most cases, they represent — or aim to represent — specific activity sectors within Web3, a decentralized alternative to the legacy internet and its services.
Assessing the state and potential of the altcoin market means looking beyond prices. Key indicators such as gas usage, transaction counts, and unique active wallets (UAW) help gauge activity and adoption, while coin price performance reveals whether markets follow onchain trends.
AI and social DApps gain adoption
UAW counts distinct addresses interacting with DApps, offering a proxy for adoption breadth, though multiple wallets per user and automated activity can skew results.
DappRadar’s Q2 2025 report shows steady daily wallet activity at around 24 million. Yet a shift in sector dominance is emerging. Crypto gaming remains the largest category, with over 20% market share, though down from Q1. DeFi has also slipped, falling from over 26% to below 19%. In contrast, Social and AI-related DApps are gaining traction. Farcaster leads Social with roughly 40,000 daily UAW, while in AI, agent-based protocols like Virtuals Protocol (VIRTUAL) are standing out, attracting 1,900 weekly UAW.
DApp industry dominance by UAW. Source: DappRadar
DeFi attracts big players
Transaction counts show how often smart contracts are triggered, but can be inflated by bots or automation.
DeFi’s transaction footprint is paradoxical. Its user base has declined, yet it still generates over 240 million weekly transactions — more than any other Web3 category. Exchange-related activity (can overlap with DeFi) adds to this dominance, with crypto gaming trailing at 100 million weekly transactions and the “Other” category (excluding Social but including AI) at 57 million.
DApps transaction per category. Source: DappRadar
Total value locked (TVL) tells an even stronger story. According to DefiLlama, DeFi TVL has reached $137 billion — up 150% since January 2024, though still below its $177 billion peak in late 2021. The divergence between rising TVL and falling UAW reflects a key theme of this crypto cycle: institutionalization. Capital is concentrating in fewer, larger wallets, which now also include funds. This trend is still young, as DeFi faces regulatory uncertainty in many jurisdictions. Still, institutions are testing the waters by providing liquidity to permissioned pools, lending against tokenized treasuries from platforms like Ondo Finance (ONDO) and Maple (SYROP), the latter also known for its partnership with the investment bank Cantor Fitzgerald.
Meanwhile, protocol-level automation offered by DeFi services like Lido (LIDO) or EigenLayer (EIGEN) further dampens wallet activity, as DeFi evolves into a capital-efficient layer geared toward large-scale yield generation rather than retail participation.
Other use cases dominate gas
Transaction data alone doesn’t capture the complete Web3 picture. Ethereum gas usage can show where economic and computational weight truly lies.
Glassnode data reveals that DeFi, despite being Ethereum’s key sector, now accounts for just 11% of its gas consumption. NFTs, which used a sizeable share of gas back in 2022, have now fallen to 4%. The “Other” category, however, has surged from about 25% in 2022 to over 58% today. This category covers emerging areas such as real-world asset tokenization (RWA), decentralized physical infrastructure (DePIN), AI-based DApps, and other more or less novel services that may define Web3’s next growth phase.
Ethereum gas usage by category. Source: Glassnode
RWA, in particular, is often referred to as one of the most promising crypto sectors. Excluding stablecoins, total RWA value has surged from $15.8 billion at the start of 2024 to $25.4 billion today, with an estimated 346,250 tokenholders.
Do prices follow Web3 narratives?
Asset prices rarely move in lockstep with onchain activity. While hype can drive short-term spikes, sustained gains tend to align with sectors delivering tangible utility and adoption. Over the past year, this has meant infrastructure and yield-focused projects outpacing narrative-driven plays.
Smart contract platform coins posted the strongest gains, with the top 10 up an unweighted 142% on average, led by HBAR (+360%) and XLM (+334%). As the foundational layer of Web3, their price growth signals investor confidence in the sector’s long-term development. DeFi tokens also fared well, averaging 77% YoY, with Curve DAO (CRV) up 308% and Pendle (PENDLE) up 110%.
The top 10 RWA tokens gained 65% on average, driven by XDC (+237%) and OUSG (+137%). DePIN’s top performers, JasmyCoin (JASMY) at +72% and Aethir (ATH) at +39%, could not prevent the sector’s average from hovering around +10%.
AI tokens have been the clear laggards: the top 10 strictly AI-focused projects are down 25% YoY, with Bittensor (TAO) the only standout at +34%. Gaming tokens mostly posted losses, with only SuperVerse (SUPER) gaining 750% in the past 12 months. Social tokens remain largely absent in the crypto space, as leading protocols still lack native assets.
Overall, Web3 investment remains concentrated in mature sectors, driving up the native currencies of leading smart contract platforms. Yield-focused DeFi and RWA tokens have also delivered solid returns. In contrast, the sectors behind the most hyped narratives — AI, DePIN, and Social — have yet to translate attention into meaningful token gains. As adoption deepens and more sectors mature, the gap between narrative and performance may narrow — but for now, investor confidence is clearly rooted in the building blocks of the decentralized economy.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Web3 daily activity held steady at 24 million in Q2 2025, but sector composition is shifting.
DeFi leads transaction counts with 240 million weekly, yet Ethereum gas usage is now dominated by the RWA, DePIN and AI.
Smart contract platforms’ coins and yield-generating DeFi and RWA tokens outperform the market, while AI and DePIN lag despite strong narratives.
Altcoins are more than speculative bets on coins outside Bitcoin. In most cases, they represent — or aim to represent — specific activity sectors within Web3, a decentralized alternative to the legacy internet and its services.
Assessing the state and potential of the altcoin market means looking beyond prices. Key indicators such as gas usage, transaction counts, and unique active wallets (UAW) help gauge activity and adoption, while coin price performance reveals whether markets follow onchain trends.
AI and social DApps gain adoption
UAW counts distinct addresses interacting with DApps, offering a proxy for adoption breadth, though multiple wallets per user and automated activity can skew results.
DappRadar’s Q2 2025 report shows steady daily wallet activity at around 24 million. Yet a shift in sector dominance is emerging. Crypto gaming remains the largest category, with over 20% market share, though down from Q1. DeFi has also slipped, falling from over 26% to below 19%. In contrast, Social and AI-related DApps are gaining traction. Farcaster leads Social with roughly 40,000 daily UAW, while in AI, agent-based protocols like Virtuals Protocol (VIRTUAL) are standing out, attracting 1,900 weekly UAW.
DApp industry dominance by UAW. Source: DappRadar
DeFi attracts big players
Transaction counts show how often smart contracts are triggered, but can be inflated by bots or automation.
DeFi’s transaction footprint is paradoxical. Its user base has declined, yet it still generates over 240 million weekly transactions — more than any other Web3 category. Exchange-related activity (can overlap with DeFi) adds to this dominance, with crypto gaming trailing at 100 million weekly transactions and the “Other” category (excluding Social but including AI) at 57 million.
DApps transaction per category. Source: DappRadar
Total value locked (TVL) tells an even stronger story. According to DefiLlama, DeFi TVL has reached $137 billion — up 150% since January 2024, though still below its $177 billion peak in late 2021. The divergence between rising TVL and falling UAW reflects a key theme of this crypto cycle: institutionalization. Capital is concentrating in fewer, larger wallets, which now also include funds. This trend is still young, as DeFi faces regulatory uncertainty in many jurisdictions. Still, institutions are testing the waters by providing liquidity to permissioned pools, lending against tokenized treasuries from platforms like Ondo Finance (ONDO) and Maple (SYROP), the latter also known for its partnership with the investment bank Cantor Fitzgerald.
Meanwhile, protocol-level automation offered by DeFi services like Lido (LIDO) or EigenLayer (EIGEN) further dampens wallet activity, as DeFi evolves into a capital-efficient layer geared toward large-scale yield generation rather than retail participation.
Other use cases dominate gas
Transaction data alone doesn’t capture the complete Web3 picture. Ethereum gas usage can show where economic and computational weight truly lies.
Glassnode data reveals that DeFi, despite being Ethereum’s key sector, now accounts for just 11% of its gas consumption. NFTs, which used a sizeable share of gas back in 2022, have now fallen to 4%. The “Other” category, however, has surged from about 25% in 2022 to over 58% today. This category covers emerging areas such as real-world asset tokenization (RWA), decentralized physical infrastructure (DePIN), AI-based DApps, and other more or less novel services that may define Web3’s next growth phase.
Ethereum gas usage by category. Source: Glassnode
RWA, in particular, is often referred to as one of the most promising crypto sectors. Excluding stablecoins, total RWA value has surged from $15.8 billion at the start of 2024 to $25.4 billion today, with an estimated 346,250 tokenholders.
Do prices follow Web3 narratives?
Asset prices rarely move in lockstep with onchain activity. While hype can drive short-term spikes, sustained gains tend to align with sectors delivering tangible utility and adoption. Over the past year, this has meant infrastructure and yield-focused projects outpacing narrative-driven plays.
Smart contract platform coins posted the strongest gains, with the top 10 up an unweighted 142% on average, led by HBAR (+360%) and XLM (+334%). As the foundational layer of Web3, their price growth signals investor confidence in the sector’s long-term development. DeFi tokens also fared well, averaging 77% YoY, with Curve DAO (CRV) up 308% and Pendle (PENDLE) up 110%.
The top 10 RWA tokens gained 65% on average, driven by XDC (+237%) and OUSG (+137%). DePIN’s top performers, JasmyCoin (JASMY) at +72% and Aethir (ATH) at +39%, could not prevent the sector’s average from hovering around +10%.
AI tokens have been the clear laggards: the top 10 strictly AI-focused projects are down 25% YoY, with Bittensor (TAO) the only standout at +34%. Gaming tokens mostly posted losses, with only SuperVerse (SUPER) gaining 750% in the past 12 months. Social tokens remain largely absent in the crypto space, as leading protocols still lack native assets.
Overall, Web3 investment remains concentrated in mature sectors, driving up the native currencies of leading smart contract platforms. Yield-focused DeFi and RWA tokens have also delivered solid returns. In contrast, the sectors behind the most hyped narratives — AI, DePIN, and Social — have yet to translate attention into meaningful token gains. As adoption deepens and more sectors mature, the gap between narrative and performance may narrow — but for now, investor confidence is clearly rooted in the building blocks of the decentralized economy.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Price predictions 8/18: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK
Key points:
Bitcoin is showing a negative divergence on the charts, signaling a weakening in bullish momentum.
Buyers need to maintain Ether above $4,094 to retain the upper hand.
Bitcoin (BTC) extended its pullback on Monday, suggesting profit booking by short-term traders. Analyst Captain Faibik said in a post on X that BTC could drop to the key $98,000–$100,000 psychological zone in case of an “extreme bearish flush.”
Despite the correction, analysts expect Bitcoin to trade higher over the next few months. Canary Capital CEO Steven McClurg said in a CNBC interview that there is a greater than 50% chance of BTC reaching the $140,000 to $150,000 zone this year before the bear market next year.
Crypto market data daily view. Source: Coin360
The retail crowd has been bullish on BTC but has not shown the same enthusiasm for Ether (ETH) despite the strong performance over the past 30 days, according to sentiment platform Santiment. As the markets generally move opposite to retail’s expectations, Santiment believes ETH has a “slightly more bullish path” compared to BTC.
Could BTC form a higher low, signaling strength? Will altcoins follow BTC higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) remains in a strong uptrend, indicating that the buyers are in command.
SPX daily chart. Source: Cointelegraph/TradingView
A minor negative is that the relative strength index (RSI) is forming a negative divergence pattern. That suggests a pullback or consolidation in the near term. A break and close below the 20-day exponential moving average (6,370) could accelerate selling. The index may then plummet to the 50-day simple moving average (6,237).
Contrary to this assumption, if buyers thrust the price above 6,500, the index could start the next leg of the uptrend to 6,696.
US Dollar Index price prediction
The US Dollar Index (DXY) has been witnessing a tough battle between the bulls and the bears at the moving averages.
DXY daily chart. Source: Cointelegraph/TradingView
The marginally downsloping 20-day EMA (98.23) and the RSI just below the midpoint indicate a minor advantage to the bears. If the price breaks below 97.62, the index could tumble to 97.10.
Conversely, a break and close above the 20-day EMA shows demand at lower levels. The bulls will then try to push the price to 99.32 and subsequently to 100.25. Such a move suggests the index could swing between 96.37 and 102 for some time.
Bitcoin price prediction
BTC fell below the 50-day SMA ($115,702) on Monday, but the price is finding support at the neckline of the inverse head-and-shoulders pattern.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
There is minor resistance at $118,575, but if the level is crossed, the BTC/USDT pair could rally to $120,000 and then challenge the all-time high of $124,474.
However, a word of caution for the bulls is that the RSI has formed a negative divergence. That signals the bulls are losing their grip. If the price breaks below the neckline, the Bitcoin price could slump to $110,530. This is a critical support to watch out for because a break below $110,530 opens the gates for a collapse to $105,000 and then to $100,000.
Ether price prediction
ETH extended its pullback on Monday after breaking below the immediate support at $4,368. That suggests profit booking by the short-term buyers.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
The breakout level of $4,094 is an essential support to watch out for. If the price rebounds off $4,094 with strength, it suggests the bulls are trying to flip the level into support. The ETH/USDT pair could then again rally toward $4,788. A break above $4,788 clears the path for a rally to $5,000.
On the contrary, a break and close below $4,094 signals the start of a deeper correction. The Ether price could plummet toward $3,745 and then to the 50-day SMA ($3,523).
XRP price prediction
Buyers could not push XRP (XRP) back above the 20-day EMA ($3.10) in the past few days, indicating a lack of demand at higher levels.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
The price has slipped to the 50-day SMA ($2.94), which may act as a solid support. If the price rebounds off the 50-day SMA, the bulls will try to drive the XRP/USDT pair above the downtrend line. If they do that, the XRP price could rally to $3.40 and then to $3.66.
Conversely, a break below the 50-day SMA could sink the pair to the $2.73 support. A solid bounce off the $2.73 level could reach the downtrend line. A break above the downtrend line suggests the XRP price could range between $2.73 and $3.66 for a while.
BNB price prediction
The repeated failure of the bulls to sustain BNB (BNB) above $861 may tempt short-term buyers to book profits.
BNB/USDT daily chart. Source: Cointelegraph/TradingView
The BNB/USDT pair could slide to the 20-day EMA ($808), which is a critical support to watch out for. If the price rebounds off the 20-day EMA with strength, it enhances the prospects of a break above $861. If that happens, the BNB price could soar toward the psychological level of $1,000.
Contrary to this assumption, a break and close below $794 suggests the pair may form a range between $732 and $861 for some time.
Solana price prediction
Solana (SOL) bounced off the $185 level on Saturday, but the bulls could not sustain the higher levels.
SOL/USDT daily chart. Source: Cointelegraph/TradingView
The price has declined to the 20-day EMA ($182), which is likely to attract strong buying by the bulls. If the price rebounds off the moving averages, the bulls will again try to push the SOL/USDT pair toward the overhead resistance of $210. If the $210 level is crossed, the rally could reach $240.
Instead, if Solana’s price continues lower and breaks below the 50-day SMA ($172), the next stop could be the uptrend line.
Dogecoin price prediction
Dogecoin (DOGE) has been stuck inside a narrow range between $0.26 and $0.21 for a few days.
DOGE/USDT daily chart. Source: Cointelegraph/TradingView
The flattish 20-day EMA ($0.22) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price skids below the $0.21 support, the DOGE/USDT pair could tumble to $0.19 and then to $0.16.
On the upside, the bulls will have to drive the Dogecoin price above $0.26 to signal strength. The pair may then challenge the stiff overhead resistance of $0.29. A break and close above $0.29 opens the doors for a rally to $0.35.
Cardano price prediction
Buyers have maintained Cardano (ADA) above the $0.90 level but are struggling to push the price above the $1.02 resistance.
ADA/USDT daily chart. Source: Cointelegraph/TradingView
Both moving averages are sloping up, indicating an advantage to buyers, but the negative divergence on the RSI suggests the upside momentum is slowing down. If the $0.90 support cracks, the ADA/USDT pair could slide to the 20-day EMA ($0.84). Buyers are expected to defend the 20-day EMA because a break below it may sink the Cardano price to the 50-day SMA ($0.75).
If the price rebounds off the 20-day EMA, it signals buying at lower levels. The bulls will then try to resume the up move by pushing the price above $1.02. If they do that, the pair could skyrocket to $1.17.
Chainlink price prediction
Chainlink (LINK) has been in an uptrend for the past few days, but the bears are trying to stall the up move at $27.
LINK/USDT daily chart. Source: Cointelegraph/TradingView
The upsloping moving averages indicate an advantage to buyers, but the negative divergence on the RSI suggests the bullish momentum is weakening. Sellers will have to yank the price below the 20-day EMA ($21.13) to gain the upper hand.
The first support on the downside is at $24.31 and then at the 20-day EMA. If the price rebounds off the 20-day EMA, the bulls will again try to drive the LINK/USDT pair above $27. If they manage to do that, the Chainlink price could soar to $31.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin is showing a negative divergence on the charts, signaling a weakening in bullish momentum.
Buyers need to maintain Ether above $4,094 to retain the upper hand.
Bitcoin (BTC) extended its pullback on Monday, suggesting profit booking by short-term traders. Analyst Captain Faibik said in a post on X that BTC could drop to the key $98,000–$100,000 psychological zone in case of an “extreme bearish flush.”
Despite the correction, analysts expect Bitcoin to trade higher over the next few months. Canary Capital CEO Steven McClurg said in a CNBC interview that there is a greater than 50% chance of BTC reaching the $140,000 to $150,000 zone this year before the bear market next year.
Crypto market data daily view. Source: Coin360
The retail crowd has been bullish on BTC but has not shown the same enthusiasm for Ether (ETH) despite the strong performance over the past 30 days, according to sentiment platform Santiment. As the markets generally move opposite to retail’s expectations, Santiment believes ETH has a “slightly more bullish path” compared to BTC.
Could BTC form a higher low, signaling strength? Will altcoins follow BTC higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) remains in a strong uptrend, indicating that the buyers are in command.
SPX daily chart. Source: Cointelegraph/TradingView
A minor negative is that the relative strength index (RSI) is forming a negative divergence pattern. That suggests a pullback or consolidation in the near term. A break and close below the 20-day exponential moving average (6,370) could accelerate selling. The index may then plummet to the 50-day simple moving average (6,237).
Contrary to this assumption, if buyers thrust the price above 6,500, the index could start the next leg of the uptrend to 6,696.
US Dollar Index price prediction
The US Dollar Index (DXY) has been witnessing a tough battle between the bulls and the bears at the moving averages.
DXY daily chart. Source: Cointelegraph/TradingView
The marginally downsloping 20-day EMA (98.23) and the RSI just below the midpoint indicate a minor advantage to the bears. If the price breaks below 97.62, the index could tumble to 97.10.
Conversely, a break and close above the 20-day EMA shows demand at lower levels. The bulls will then try to push the price to 99.32 and subsequently to 100.25. Such a move suggests the index could swing between 96.37 and 102 for some time.
Bitcoin price prediction
BTC fell below the 50-day SMA ($115,702) on Monday, but the price is finding support at the neckline of the inverse head-and-shoulders pattern.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
There is minor resistance at $118,575, but if the level is crossed, the BTC/USDT pair could rally to $120,000 and then challenge the all-time high of $124,474.
However, a word of caution for the bulls is that the RSI has formed a negative divergence. That signals the bulls are losing their grip. If the price breaks below the neckline, the Bitcoin price could slump to $110,530. This is a critical support to watch out for because a break below $110,530 opens the gates for a collapse to $105,000 and then to $100,000.
Ether price prediction
ETH extended its pullback on Monday after breaking below the immediate support at $4,368. That suggests profit booking by the short-term buyers.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
The breakout level of $4,094 is an essential support to watch out for. If the price rebounds off $4,094 with strength, it suggests the bulls are trying to flip the level into support. The ETH/USDT pair could then again rally toward $4,788. A break above $4,788 clears the path for a rally to $5,000.
On the contrary, a break and close below $4,094 signals the start of a deeper correction. The Ether price could plummet toward $3,745 and then to the 50-day SMA ($3,523).
XRP price prediction
Buyers could not push XRP (XRP) back above the 20-day EMA ($3.10) in the past few days, indicating a lack of demand at higher levels.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
The price has slipped to the 50-day SMA ($2.94), which may act as a solid support. If the price rebounds off the 50-day SMA, the bulls will try to drive the XRP/USDT pair above the downtrend line. If they do that, the XRP price could rally to $3.40 and then to $3.66.
Conversely, a break below the 50-day SMA could sink the pair to the $2.73 support. A solid bounce off the $2.73 level could reach the downtrend line. A break above the downtrend line suggests the XRP price could range between $2.73 and $3.66 for a while.
BNB price prediction
The repeated failure of the bulls to sustain BNB (BNB) above $861 may tempt short-term buyers to book profits.
BNB/USDT daily chart. Source: Cointelegraph/TradingView
The BNB/USDT pair could slide to the 20-day EMA ($808), which is a critical support to watch out for. If the price rebounds off the 20-day EMA with strength, it enhances the prospects of a break above $861. If that happens, the BNB price could soar toward the psychological level of $1,000.
Contrary to this assumption, a break and close below $794 suggests the pair may form a range between $732 and $861 for some time.
Solana price prediction
Solana (SOL) bounced off the $185 level on Saturday, but the bulls could not sustain the higher levels.
SOL/USDT daily chart. Source: Cointelegraph/TradingView
The price has declined to the 20-day EMA ($182), which is likely to attract strong buying by the bulls. If the price rebounds off the moving averages, the bulls will again try to push the SOL/USDT pair toward the overhead resistance of $210. If the $210 level is crossed, the rally could reach $240.
Instead, if Solana’s price continues lower and breaks below the 50-day SMA ($172), the next stop could be the uptrend line.
Dogecoin price prediction
Dogecoin (DOGE) has been stuck inside a narrow range between $0.26 and $0.21 for a few days.
DOGE/USDT daily chart. Source: Cointelegraph/TradingView
The flattish 20-day EMA ($0.22) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price skids below the $0.21 support, the DOGE/USDT pair could tumble to $0.19 and then to $0.16.
On the upside, the bulls will have to drive the Dogecoin price above $0.26 to signal strength. The pair may then challenge the stiff overhead resistance of $0.29. A break and close above $0.29 opens the doors for a rally to $0.35.
Cardano price prediction
Buyers have maintained Cardano (ADA) above the $0.90 level but are struggling to push the price above the $1.02 resistance.
ADA/USDT daily chart. Source: Cointelegraph/TradingView
Both moving averages are sloping up, indicating an advantage to buyers, but the negative divergence on the RSI suggests the upside momentum is slowing down. If the $0.90 support cracks, the ADA/USDT pair could slide to the 20-day EMA ($0.84). Buyers are expected to defend the 20-day EMA because a break below it may sink the Cardano price to the 50-day SMA ($0.75).
If the price rebounds off the 20-day EMA, it signals buying at lower levels. The bulls will then try to resume the up move by pushing the price above $1.02. If they do that, the pair could skyrocket to $1.17.
Chainlink price prediction
Chainlink (LINK) has been in an uptrend for the past few days, but the bears are trying to stall the up move at $27.
LINK/USDT daily chart. Source: Cointelegraph/TradingView
The upsloping moving averages indicate an advantage to buyers, but the negative divergence on the RSI suggests the bullish momentum is weakening. Sellers will have to yank the price below the 20-day EMA ($21.13) to gain the upper hand.
The first support on the downside is at $24.31 and then at the 20-day EMA. If the price rebounds off the 20-day EMA, the bulls will again try to drive the LINK/USDT pair above $27. If they manage to do that, the Chainlink price could soar to $31.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Next Bitcoin buy signal could come from bond market stress: Analyst
Key takeaways:
Bond market stress has historically aligned with Bitcoin cycle bottoms and could signal new buy opportunities.
US debt surpassing $37 trillion and elevated 10-year yields point to macroeconomic pressures that may favor Bitcoin in Q4.
A buying opportunity in Bitcoin (BTC) may emerge before a strong rally in Q4, and the bond markets could play a key role.
According to Alphractal founder Joao Wedson, one of the most reliable indicators to watch is the ICE BofA Option-Adjusted Spread (OAS). This measures the extra yield investors demand to hold risky corporate bonds over safe US Treasurys. When OAS spikes, it signals fear in credit markets. Historically, those stress points have often marked local bottoms for Bitcoin.
Currently, OAS remains relatively calm, suggesting markets haven’t fully priced in the next wave of stress. But if credit spreads widen in the coming quarter, a common outcome when liquidity tightens, it could set the stage for another Bitcoin accumulation phase.
ICE BofA US High Yield Option-Adjusted Spread vs. BTC price. Source: Joao Wedson/X
The broader macro backdrop reinforces this view. The US national debt has surged past $37 trillion, requiring more than $2.6 billion in daily interest payments. A recent US credit downgrade reflects concern over this fiscal path. Meanwhile, the 10-year Treasury yield is at 4.3%, up from 3.9% a year ago, raising borrowing costs across the economy.
Wedson believes this combination of fiscal stress and rising yields could eventually shake traditional markets, with Bitcoin benefiting as an alternative asset. “An aggressive bear market will happen sooner or later,” Wedson said. “But before it occurs, euphoria is the most likely scenario. I believe much of 2026 and onward will be very bad for the US economy.”
Related: Bitcoin price rising wedge breakdown: How low can BTC go?
Strategy buys $54 million in Bitcoin, but whales hint at deeper dips
Institutional demand for Bitcoin remains steady, highlighted by Strategy’s latest purchase on Aug. 17. The firm acquired 430 BTC for about $51.4 million at an average price of $119,666 per coin. This brings its total holdings to 629,376 BTC.
However, onchain data points to growing selling pressure among Bitcoin’s largest holders. Cointelegraph reported that the number of mega whale addresses holding over 10,000 BTC has dropped to its lowest level in 2025, with a consistent negative 30-day trend since mid-July. Similarly, whale wallets in the 1,000–10,000 BTC range have declined, suggesting profit-taking after recent highs.
Adding to market volatility, nearly 32,000 dormant BTC (3–5 years old), worth about $3.78 billion, was moved in a single transfer, the largest shift from this age band in over a year.
📊MARKET UPDATE: Nearly 32K dormant BTC (3–5y old) worth ~$3.78B was moved, the largest transfer from this age band in over a year. 👀
(h/t: @JA_Maartun) pic.twitter.com/DfQLabFRKR
— Cointelegraph Markets & Research (@CointelegraphMT) August 17, 2025
Together, these signals suggest that while institutional buyers continue to accumulate, broader whale activity and revived dormant supply may fuel short-term corrections, keeping volatility elevated.
Related: Dip buyers ‘stopped the train,' 5 things to know in Bitcoin this week
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bond market stress has historically aligned with Bitcoin cycle bottoms and could signal new buy opportunities.
US debt surpassing $37 trillion and elevated 10-year yields point to macroeconomic pressures that may favor Bitcoin in Q4.
A buying opportunity in Bitcoin (BTC) may emerge before a strong rally in Q4, and the bond markets could play a key role.
According to Alphractal founder Joao Wedson, one of the most reliable indicators to watch is the ICE BofA Option-Adjusted Spread (OAS). This measures the extra yield investors demand to hold risky corporate bonds over safe US Treasurys. When OAS spikes, it signals fear in credit markets. Historically, those stress points have often marked local bottoms for Bitcoin.
Currently, OAS remains relatively calm, suggesting markets haven’t fully priced in the next wave of stress. But if credit spreads widen in the coming quarter, a common outcome when liquidity tightens, it could set the stage for another Bitcoin accumulation phase.
ICE BofA US High Yield Option-Adjusted Spread vs. BTC price. Source: Joao Wedson/X
The broader macro backdrop reinforces this view. The US national debt has surged past $37 trillion, requiring more than $2.6 billion in daily interest payments. A recent US credit downgrade reflects concern over this fiscal path. Meanwhile, the 10-year Treasury yield is at 4.3%, up from 3.9% a year ago, raising borrowing costs across the economy.
Wedson believes this combination of fiscal stress and rising yields could eventually shake traditional markets, with Bitcoin benefiting as an alternative asset. “An aggressive bear market will happen sooner or later,” Wedson said. “But before it occurs, euphoria is the most likely scenario. I believe much of 2026 and onward will be very bad for the US economy.”
Related: Bitcoin price rising wedge breakdown: How low can BTC go?
Strategy buys $54 million in Bitcoin, but whales hint at deeper dips
Institutional demand for Bitcoin remains steady, highlighted by Strategy’s latest purchase on Aug. 17. The firm acquired 430 BTC for about $51.4 million at an average price of $119,666 per coin. This brings its total holdings to 629,376 BTC.
However, onchain data points to growing selling pressure among Bitcoin’s largest holders. Cointelegraph reported that the number of mega whale addresses holding over 10,000 BTC has dropped to its lowest level in 2025, with a consistent negative 30-day trend since mid-July. Similarly, whale wallets in the 1,000–10,000 BTC range have declined, suggesting profit-taking after recent highs.
Adding to market volatility, nearly 32,000 dormant BTC (3–5 years old), worth about $3.78 billion, was moved in a single transfer, the largest shift from this age band in over a year.
📊MARKET UPDATE: Nearly 32K dormant BTC (3–5y old) worth ~$3.78B was moved, the largest transfer from this age band in over a year. 👀
(h/t: @JA_Maartun) pic.twitter.com/DfQLabFRKR
— Cointelegraph Markets & Research (@CointelegraphMT) August 17, 2025
Together, these signals suggest that while institutional buyers continue to accumulate, broader whale activity and revived dormant supply may fuel short-term corrections, keeping volatility elevated.
Related: Dip buyers ‘stopped the train,' 5 things to know in Bitcoin this week
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
BitMine ETH holdings reach $6.6B as share price tumbles 14% in one week
BitMine Immersion Technologies, a publicly traded Bitcoin (BTC) mining company, has added 373,000 Ether (ETH) tokens to its treasury in the past week, bringing its holdings of the world’s second-largest cryptocurrency to 1.52 million tokens worth $6.6 billion. The move comes as the Ethereum ecosystem has seen renewed interest.
However, BitMine’s share price has suffered as the company has added more ETH to its treasury. According to Google Finance, BitMine shares have dropped 14.2% since Aug. 11, the same period during which it has bolstered its Ether holdings.
BitMain share price since Aug. 12. Source: Google Finance
BitMine Chairman Thomas Lee said in a statement that the company increased its Ether holdings as “institutional investors have expressed interest” in its ETH accumulation strategy. This strategy is known as the “alchemy of 5%” in which BitMine hopes to acquire 5% of the circulating Ethereum supply.
“BitMine has benefitted from incoming institutional investor interest in the company, as Ethereum is seen as the place where Wall Street is building the 21st-century banking and payment rails and as AI builds the token economy on Ethereum,” company spokesperson Marcy Simon told Cointelegraph.
According to the industry tracker Strategic ETH Reserve, BitMine is the largest corporate holder of Ether, controlling 1.3% of the overall coin supply. SharpLink Gaming is the second-larges, with 729,000 ETH worth approximately $3.2 billion. The Ether Machine comes in third with 345,000 ETH worth around $1.5 billion.
Over the past two months, BitMine and SharpLink Gaming have been racing to add Ether to their treasuries. BitMine on Friday said it planned to raise $24.5 billion through an at-the-market stock sale to acquire more Ether. SharpLink has completed a $389 million capital raise to buy more Ether.
Ethereum interest coincides with ETF inflows, higher price prediction
Ether treasury companies are just one investment vehicle that has contributed to an upsurge in the ETH spot price. Ether exchange-traded funds (ETFs) have captured investor interest, with the ETFs seeing around $17 billion in trading volume last week, according to Bloomberg ETP analyst Eric Balchunas.
The renewed interest in Ethereum has led to a new price prediction by multinational bank Standard Chartered: a $7,500 price point for ETH in 2025, up from a prior forecast of $4,000. The reason for the bullish price prediction is two-fold: increased institutional buying and adoption of stablecoins due to US regulatory clarity.
Ethereum’s Pectra upgrade — designed to improve user experience, introduce new validator upgrades for staking and increase data throughput for layer-2 transactions —may have affected the ETH spot price as well. Since the upgrade on May 7, ETH’s spot price has increased from $1,812 to its current price of $4,332, a rise of 139%.
Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0’
However, BitMine’s share price has suffered as the company has added more ETH to its treasury. According to Google Finance, BitMine shares have dropped 14.2% since Aug. 11, the same period during which it has bolstered its Ether holdings.
BitMain share price since Aug. 12. Source: Google Finance
BitMine Chairman Thomas Lee said in a statement that the company increased its Ether holdings as “institutional investors have expressed interest” in its ETH accumulation strategy. This strategy is known as the “alchemy of 5%” in which BitMine hopes to acquire 5% of the circulating Ethereum supply.
“BitMine has benefitted from incoming institutional investor interest in the company, as Ethereum is seen as the place where Wall Street is building the 21st-century banking and payment rails and as AI builds the token economy on Ethereum,” company spokesperson Marcy Simon told Cointelegraph.
According to the industry tracker Strategic ETH Reserve, BitMine is the largest corporate holder of Ether, controlling 1.3% of the overall coin supply. SharpLink Gaming is the second-larges, with 729,000 ETH worth approximately $3.2 billion. The Ether Machine comes in third with 345,000 ETH worth around $1.5 billion.
Over the past two months, BitMine and SharpLink Gaming have been racing to add Ether to their treasuries. BitMine on Friday said it planned to raise $24.5 billion through an at-the-market stock sale to acquire more Ether. SharpLink has completed a $389 million capital raise to buy more Ether.
Ethereum interest coincides with ETF inflows, higher price prediction
Ether treasury companies are just one investment vehicle that has contributed to an upsurge in the ETH spot price. Ether exchange-traded funds (ETFs) have captured investor interest, with the ETFs seeing around $17 billion in trading volume last week, according to Bloomberg ETP analyst Eric Balchunas.
The renewed interest in Ethereum has led to a new price prediction by multinational bank Standard Chartered: a $7,500 price point for ETH in 2025, up from a prior forecast of $4,000. The reason for the bullish price prediction is two-fold: increased institutional buying and adoption of stablecoins due to US regulatory clarity.
Ethereum’s Pectra upgrade — designed to improve user experience, introduce new validator upgrades for staking and increase data throughput for layer-2 transactions —may have affected the ETH spot price as well. Since the upgrade on May 7, ETH’s spot price has increased from $1,812 to its current price of $4,332, a rise of 139%.
Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0’
Bitcoin, Ether set for squeeze as traders go record short ETH at $4.3K
Key points:
Bitcoin attempts a rebound into a cluster of shorts as market expectations flip bearish on BTC and altcoins.
Speculative ETH traders form the largest-ever leveraged short postion, per data from CME Group.
Crypto traders could be de-risking ahead of the US Federal Reserve’s Jackson Hole symposium.
Bitcoin (BTC) returned to $116,000 after Monday’s Wall Street open as bulls fought to set off a short squeeze.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
BTC, ETH price charts show shorts now at risk
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD stemming overnight losses, which saw a retreat to near $115,000.
The cross-crypto sell-off had liquidated around $500 million in long positions in 24 hours at the time of writing, per data from CoinGlass.
Crypto liquidations (screenshot). Source: CoinGlass
Traders, already wary of market weakness, continued to forecast fresh lows for Bitcoin and altcoins.
“This is probably the worst case scenario for $BTC now. It'll continue to consolidate between $112K-$120K in Q3, while alts will head higher,” popular trader BitBull wrote in part of his latest X analysis.
“We could even see a capitulation wick below $112K, just like we had a pump above $124K.”
BTC/USDT one-day chart. Source: BitBull/X
Crypto trader, analyst and entrepreneur Michaël van de Poppe agreed.
“If Bitcoin doesn't break $116.8K, I assume we'll see a sweep of the lows, and that's going to be the moment that everyone says 'start of bear market', then you buy,” he summarized.
BTC/USDT six-hour chart. Source: Michaël van de Poppe/X
Exchange order books nonetheless revealed that many traders held a more categorical view of short-term price action.
Speculative Ether (ETH) traders, finance and trading resource Barchart noted on the day, had now built the largest-ever leveraged short position on the altcoin.
Speculators have now built the largest leveraged Ethereum $ETH short position in history 🚨🚨 pic.twitter.com/CRKS2YgZAk
— Barchart (@Barchart) August 18, 2025
Some saw the potential for a short squeeze to come next, with X analytics accounts focusing on both BTC and a “cluster” of ETH shorts.
CoinGlass confirmed that a key short liquidation level for BTC/USD was at $116,500.
BTC liquidation heatmap. Source: CoinGlass
Jackson Hole tipped for Fed rate-cut hints
Considering the reasons for the drawdown, trading firm QCP Capital pointed to macroeconomic factors.
The US Federal Reserve’s annual Jackson Hole symposium this week is a classic de-risking event for traders, it said, while inflation remains a hot topic.
“Sideways trade seems likely, with dips near 112k attracting buyers and rallies toward 120k meeting supply, at least until Friday when Fed Chair Jerome Powell takes the stage,” it forecast in its latest “Asia Color” post.
“Thursday’s higher‑than‑expected PPI numbers (producer prices jumped 0.9% month‑on‑month against a 0.2% forecast) have complicated the Fed’s policy framework, so the market will be looking for hints on the Fed’s thinking ahead of its September policy meeting.”
QCP added that Powell’s 2024 Jackson Hole speech had contained useful points for future policy easing.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin attempts a rebound into a cluster of shorts as market expectations flip bearish on BTC and altcoins.
Speculative ETH traders form the largest-ever leveraged short postion, per data from CME Group.
Crypto traders could be de-risking ahead of the US Federal Reserve’s Jackson Hole symposium.
Bitcoin (BTC) returned to $116,000 after Monday’s Wall Street open as bulls fought to set off a short squeeze.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
BTC, ETH price charts show shorts now at risk
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD stemming overnight losses, which saw a retreat to near $115,000.
The cross-crypto sell-off had liquidated around $500 million in long positions in 24 hours at the time of writing, per data from CoinGlass.
Crypto liquidations (screenshot). Source: CoinGlass
Traders, already wary of market weakness, continued to forecast fresh lows for Bitcoin and altcoins.
“This is probably the worst case scenario for $BTC now. It'll continue to consolidate between $112K-$120K in Q3, while alts will head higher,” popular trader BitBull wrote in part of his latest X analysis.
“We could even see a capitulation wick below $112K, just like we had a pump above $124K.”
BTC/USDT one-day chart. Source: BitBull/X
Crypto trader, analyst and entrepreneur Michaël van de Poppe agreed.
“If Bitcoin doesn't break $116.8K, I assume we'll see a sweep of the lows, and that's going to be the moment that everyone says 'start of bear market', then you buy,” he summarized.
BTC/USDT six-hour chart. Source: Michaël van de Poppe/X
Exchange order books nonetheless revealed that many traders held a more categorical view of short-term price action.
Speculative Ether (ETH) traders, finance and trading resource Barchart noted on the day, had now built the largest-ever leveraged short position on the altcoin.
Speculators have now built the largest leveraged Ethereum $ETH short position in history 🚨🚨 pic.twitter.com/CRKS2YgZAk
— Barchart (@Barchart) August 18, 2025
Some saw the potential for a short squeeze to come next, with X analytics accounts focusing on both BTC and a “cluster” of ETH shorts.
CoinGlass confirmed that a key short liquidation level for BTC/USD was at $116,500.
BTC liquidation heatmap. Source: CoinGlass
Jackson Hole tipped for Fed rate-cut hints
Considering the reasons for the drawdown, trading firm QCP Capital pointed to macroeconomic factors.
The US Federal Reserve’s annual Jackson Hole symposium this week is a classic de-risking event for traders, it said, while inflation remains a hot topic.
“Sideways trade seems likely, with dips near 112k attracting buyers and rallies toward 120k meeting supply, at least until Friday when Fed Chair Jerome Powell takes the stage,” it forecast in its latest “Asia Color” post.
“Thursday’s higher‑than‑expected PPI numbers (producer prices jumped 0.9% month‑on‑month against a 0.2% forecast) have complicated the Fed’s policy framework, so the market will be looking for hints on the Fed’s thinking ahead of its September policy meeting.”
QCP added that Powell’s 2024 Jackson Hole speech had contained useful points for future policy easing.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Ethereum sets highest weekly close in 4 years: Watch these ETH price levels
Key takeaways:
ETH price hit a 4-year high weekly close at $4,475, driven by ETF inflows and high network activity.
A key support zone for Ether sits between support at $4,000 and $4,150.
Ether (ETH) price hit another milestone this cycle after the ETH/USD trading pair achieved its highest weekly close since November 2021.
ETH/USD weekly chart. Source: Cointelegraph/TradingView
Ether completes best week in four years
Ether closed the week at $4,475 on Aug. 13, according to data from Cointelegraph Markets Pro and TradingView confirms.
This significant milestone follows a breakout above the $4,000 resistance level, which had been in place since 2021, signaling strong bullish momentum.
One of the reasons are spot Ethereum ETFs with massive inflows over the last month, and a record $1.02 billion on Aug. 11 alone. These inflows are led by BlackRock’s ETHA, now totaling over $12.6 billion, per data from Farside Investors.
BlackRock now holds more than half of all ETH ETF holdings, according to data from CryptoQuant.
“BlackRock’s ETHA now makes up 58.03% of all Ethereum ETFs, holding a massive 3,490,450 ETH in its wallets,” said CryptoQuant analyst Burakkesmeci in a Monday Quicktake analysis, adding:
“This momentum shows a clear ETF-driven rally in Ethereum, led by BlackRock’s dominance in the market.”
Ethereum ETF holdings, amount and percentage. Source: CryptoQuant
Ether continued dominating capital inflows into exchange-traded products (ETPs) last week, according to CoinShares. Inflows into ETH investment products totaled $2.9 billion, marking strong institutional investor appetite for the top altcoin.
Crypto ETP flows by asset. Source: CoinShares
Corporate treasuries, with 69 entities holding $17.3 billion in ETH (3.4% of supply), also add to the buy pressure.
Demand for ETH is also reflected in high network activity, with transaction volume hitting a record 1.74 million daily transactions on Aug. 5, according to data from Nansen.
More than 46.67 million transactions were recorded in July, fueled by stablecoin transfers, DeFi, and layer 2 growth.
Ethereum: Daily transaction count. Source: Nansen
ETH price levels to watch this week
As ETH trades at $4,300, several key price levels warrant extra close attention, based on technical analysis and market dynamics.
The immediate support zone lies around $4,100 to $4,000, a range that previously acted as a stubborn resistance in 2021 but has now flipped to a critical support area.
ETH/USD daily chart. Source: Cointelegraph/TradingView
This level aligns with the 20-day exponential moving average (EMA) at $4,140, and $4,150 is key support, where 341,000 ETH tokens were accumulated, per Glassnode’s Cost basis distribution heatmap.
ETH: Cost basis distribution heatmap. Source: Glassnode
“As long as the weekly close holds the $4K–$4.25K region, I treat dips as consolidation,” said popular analyst Demi-Defi in an Aug. 18 post on X, adding that a weekly close below $4,150 could trigger a “deeper drop” to the $3,650–$3,750 region.
On the upside, the analyst said a weekly close above $4,550 could confirm a breakout into new all-time highs with targets set between $5,000 and $5,800.
”I remain bullish while $4.15K+ holds weekly.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
ETH price hit a 4-year high weekly close at $4,475, driven by ETF inflows and high network activity.
A key support zone for Ether sits between support at $4,000 and $4,150.
Ether (ETH) price hit another milestone this cycle after the ETH/USD trading pair achieved its highest weekly close since November 2021.
ETH/USD weekly chart. Source: Cointelegraph/TradingView
Ether completes best week in four years
Ether closed the week at $4,475 on Aug. 13, according to data from Cointelegraph Markets Pro and TradingView confirms.
This significant milestone follows a breakout above the $4,000 resistance level, which had been in place since 2021, signaling strong bullish momentum.
One of the reasons are spot Ethereum ETFs with massive inflows over the last month, and a record $1.02 billion on Aug. 11 alone. These inflows are led by BlackRock’s ETHA, now totaling over $12.6 billion, per data from Farside Investors.
BlackRock now holds more than half of all ETH ETF holdings, according to data from CryptoQuant.
“BlackRock’s ETHA now makes up 58.03% of all Ethereum ETFs, holding a massive 3,490,450 ETH in its wallets,” said CryptoQuant analyst Burakkesmeci in a Monday Quicktake analysis, adding:
“This momentum shows a clear ETF-driven rally in Ethereum, led by BlackRock’s dominance in the market.”
Ethereum ETF holdings, amount and percentage. Source: CryptoQuant
Ether continued dominating capital inflows into exchange-traded products (ETPs) last week, according to CoinShares. Inflows into ETH investment products totaled $2.9 billion, marking strong institutional investor appetite for the top altcoin.
Crypto ETP flows by asset. Source: CoinShares
Corporate treasuries, with 69 entities holding $17.3 billion in ETH (3.4% of supply), also add to the buy pressure.
Demand for ETH is also reflected in high network activity, with transaction volume hitting a record 1.74 million daily transactions on Aug. 5, according to data from Nansen.
More than 46.67 million transactions were recorded in July, fueled by stablecoin transfers, DeFi, and layer 2 growth.
Ethereum: Daily transaction count. Source: Nansen
ETH price levels to watch this week
As ETH trades at $4,300, several key price levels warrant extra close attention, based on technical analysis and market dynamics.
The immediate support zone lies around $4,100 to $4,000, a range that previously acted as a stubborn resistance in 2021 but has now flipped to a critical support area.
ETH/USD daily chart. Source: Cointelegraph/TradingView
This level aligns with the 20-day exponential moving average (EMA) at $4,140, and $4,150 is key support, where 341,000 ETH tokens were accumulated, per Glassnode’s Cost basis distribution heatmap.
ETH: Cost basis distribution heatmap. Source: Glassnode
“As long as the weekly close holds the $4K–$4.25K region, I treat dips as consolidation,” said popular analyst Demi-Defi in an Aug. 18 post on X, adding that a weekly close below $4,150 could trigger a “deeper drop” to the $3,650–$3,750 region.
On the upside, the analyst said a weekly close above $4,550 could confirm a breakout into new all-time highs with targets set between $5,000 and $5,800.
”I remain bullish while $4.15K+ holds weekly.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
China Merchants Bank subsidiary launches crypto exchange in Hong Kong
CMB International Securities Limited, a subsidiary of the China Merchants Bank (CMB) — one of China’s top banks — has launched a cryptocurrency exchange in Hong Kong.
According to a Monday CMB WeChat announcement, the bank has started offering virtual asset trading services. The launch comes after the Hong Kong Securities and Futures Commission approved the bank’s application for a virtual asset service provider license in mid-July.
CMB’s Hong Kong-based crypto exchange allows for 24/7 trading of Bitcoin (BTC), Ether (ETH) and Tether’s USDt (USDT) for eligible investors. Documentation provided by the bank clarified that only professional investors are eligible for crypto trading services.
China Merchants Bank is one of the country’s largest banks, managing over $1.7 trillion worth of assets as of the end of March, according to Macrotrends data. The bank’s ordinary class A shares also have a market capitalization of $153.16 billion.
China Merchants Bank Tower. Source: Wikimedia
Mainland China’s ban on crypto persists
CMB said it is the first Chinese bank–affiliated broker in Hong Kong to secure licenses tied to virtual asset trading services. The bank also noted plans to further integrate traditional stock trading with digital assets and fintech applications.
Still, in Shenzhen, China — where the bank’s headquarters are located — such a service would be illegal. The Chinese government banned crypto trading in 2017, resulting in major sell-offs at the time.
Since then, Chinese authorities have continued to treat crypto trading as illegal in mainland China, leading some market participants to devise creative solutions. Still, Hong Kong operates under its own rules within China’s “one country, two systems” policy, and is increasingly emerging as a local crypto hub.
Hong Kong: an emerging crypto hub
Hong Kong authorities appear to have made crypto regulation a high-priority element on their agenda. On the first day of this month, the Hong Kong Monetary Authority (HKMA) finalized its regulatory framework for stablecoin issuers.
The introduction of the new rules led to stablecoin companies operating in Hong Kong posting double-digit losses on Aug. 1 just after they came into force. Analysts at the time described the sell-off as a healthy correction, as the requirements for stablecoin issuers proved to be more stringent than expected.
The new rules will be rolled out in a six-month transition period starting from Aug. 1. The new Stablecoin Ordinance effectively criminalizes the offering or promotion of unlicensed fiat-referenced stablecoins to retail investors. Local authorities also launched a dedicated public license registry before the rules coming into effect.
The Hong Kong Securities and Futures Commission has warned that the introduction of the new local stablecoin regulatory framework has increased the risk of fraud. Last week, the SFC also issued immediate guidance on cryptocurrency custody standards, introducing sweeping security requirements and a ban on smart contracts in cold wallet implementations — a rule that conflicts with current practices at several leading firms.
Magazine: China to ban owning Bitcoin? Gate.io to pay $30M over liquidations: Asia Express
According to a Monday CMB WeChat announcement, the bank has started offering virtual asset trading services. The launch comes after the Hong Kong Securities and Futures Commission approved the bank’s application for a virtual asset service provider license in mid-July.
CMB’s Hong Kong-based crypto exchange allows for 24/7 trading of Bitcoin (BTC), Ether (ETH) and Tether’s USDt (USDT) for eligible investors. Documentation provided by the bank clarified that only professional investors are eligible for crypto trading services.
China Merchants Bank is one of the country’s largest banks, managing over $1.7 trillion worth of assets as of the end of March, according to Macrotrends data. The bank’s ordinary class A shares also have a market capitalization of $153.16 billion.
China Merchants Bank Tower. Source: Wikimedia
Mainland China’s ban on crypto persists
CMB said it is the first Chinese bank–affiliated broker in Hong Kong to secure licenses tied to virtual asset trading services. The bank also noted plans to further integrate traditional stock trading with digital assets and fintech applications.
Still, in Shenzhen, China — where the bank’s headquarters are located — such a service would be illegal. The Chinese government banned crypto trading in 2017, resulting in major sell-offs at the time.
Since then, Chinese authorities have continued to treat crypto trading as illegal in mainland China, leading some market participants to devise creative solutions. Still, Hong Kong operates under its own rules within China’s “one country, two systems” policy, and is increasingly emerging as a local crypto hub.
Hong Kong: an emerging crypto hub
Hong Kong authorities appear to have made crypto regulation a high-priority element on their agenda. On the first day of this month, the Hong Kong Monetary Authority (HKMA) finalized its regulatory framework for stablecoin issuers.
The introduction of the new rules led to stablecoin companies operating in Hong Kong posting double-digit losses on Aug. 1 just after they came into force. Analysts at the time described the sell-off as a healthy correction, as the requirements for stablecoin issuers proved to be more stringent than expected.
The new rules will be rolled out in a six-month transition period starting from Aug. 1. The new Stablecoin Ordinance effectively criminalizes the offering or promotion of unlicensed fiat-referenced stablecoins to retail investors. Local authorities also launched a dedicated public license registry before the rules coming into effect.
The Hong Kong Securities and Futures Commission has warned that the introduction of the new local stablecoin regulatory framework has increased the risk of fraud. Last week, the SFC also issued immediate guidance on cryptocurrency custody standards, introducing sweeping security requirements and a ban on smart contracts in cold wallet implementations — a rule that conflicts with current practices at several leading firms.
Magazine: China to ban owning Bitcoin? Gate.io to pay $30M over liquidations: Asia Express
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