Binance Becomes First Exchange to List Trump-Linked WLFI Token

Binance is the first crypto exchange to list World Liberty Financial (WLFI), the Trump-family-linked decentralized finance (DeFI) project, with trading set to begin Monday afternoon UTC time, according to a recent announcement.

Deposits are already live, while withdrawals are scheduled to begin Tuesday. Binance will apply its “seed tag” designation, a label reserved for innovative but high-risk tokens.

Until now, WLFI tokens were non-transferable by design, a compliance-driven restriction meant to keep the presale tokens from being freely traded, and Binance’s listing marks the shift to allowing transfers and opening markets on a centralized exchange for the first time.

Following the Binance announcement, South Korean exchange Upbit also said it will list WLFI.

On Binance, to access WLFI trading, users must complete quizzes acknowledging heightened volatility and risk disclosures. The token will launch on three blockchains simultaneously: Ethereum, Binance Smart Chain, and Solana.

WLFI futures launched last week on the Hyperliquid decentralized exchange, where traders rushed to short the token, driving its implied valuation down to $24 billion from $44 billion within hours.

The debut on Binance provides the first spot market for WLFI itself, marking a turning point from its non-transferable token phase to full tradability.

Eric Trump and Binance founder Changpeng 'CZ' Zhao both recently spoke at BTC Asia in Hong Kong.

source https://www.coindesk.com/markets/2025/09/01/binance-becomes-first-exchange-to-list-trump-linked-wlfi-token

Red September? Bitcoin Risks Sliding to $100K After 6% Monthly Drop

This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

Bitcoin (BTC) has breached key support levels in a sign of increasing bearish momentum that suggests a risk of a slide to $100,000.

The leading cryptocurrency by market value fell 6.5% in August, ending the four-month winning streak as the U.S.-listed spot exchange-traded funds (ETFs) bled $751 million, according to data source SoSoValue.

The recent price drop saw bitcoin break below several key support levels, including the Ichimoku cloud, and the 50-day and 100-day simple moving averages (SMAs). It also pierced crucial horizontal support zones formed by the May high of $111,965 and the December high of $109,364, according to the daily chart sourced from TradingView.

These breakdowns underscore growing market weakness, confirming a bearish shift in key momentum indicators such as the Guppy Multiple Moving Average (GMMA) and the MACD histogram.

The short-term exponential moving average (EMA) band of the GMMA (green) has crossed below the longer-term band (red), signaling a clear bearish momentum shift. Meanwhile, the weekly MACD histogram has dropped below zero, indicating a transition from a bullish to a bearish trend.

Together, these signals indicate a likelihood of a sustained sell-off, potentially driving the price down to the 200-day simple moving average (SMA) at $101,366, and possibly to the $100,000 mark.

The negative technical outlook aligns with seasonal trends, which show September historically as a bearish month for bitcoin. Since 2013, BTC has delivered an average return of -3.49%, closing lower in eight of the past 12 September months, according to data from Coinglass.

As for bulls, overcoming the lower high of $113,510 set on Aug. 28 is crucial to negating the bearish outlook.

• Support: $105,240 (the 38.2% Fib retracement of the April-August rally), $101,366 (the 200-day SMA), $100,000.
• Resistance: $110,756 (the lower end of the Ichimoku cloud), $113,510 (the lower high), $115,938 (the 50-day SMA).

source https://www.coindesk.com/markets/2025/09/01/red-september-bitcoin-risks-sliding-to-usd100k-after-8-monthly-drop

Asia Morning Briefing: August ETF Flows Show the Massive Scale of BTC to ETH Rotation

Good Morning, Asia. Here's what's making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.

August delivered a rare reversal in the ETF tide: Bitcoin spot funds shed $751 million in net outflows just weeks after powering the asset to a $124,000 all-time high, while Ethereum ETFs quietly absorbed $3.9 billion, according to market data.

The divergence is striking because it marks the first time since both products launched that BTC ETFs have lost ground, while Ethereum ETFs have posted strong inflows in the same month, suggesting that institutional investors may be rebalancing their exposure.

On-chain data underscores Bitcoin’s fragility. A recent report from Glassnode shows BTC slipping below the cost basis of 1- and 3-month holders, leaving short-term investors under water and raising the risk of deeper retracement. A sustained move beneath the six-month cost basis near $107,000 could accelerate losses toward the $93,000–$95,000 support zone, where a dense cluster of long-term holders last accumulated.

Prediction markets are echoing that caution. Polymarket traders now assign a 65% chance that BTC revisits $100,000 before $130,000, while only 24% expect it to hit $150,000 by year-end. That shift suggests investors see the July rally as overextended without renewed ETF demand to back it.

Ethereum, meanwhile, has benefited from steadier inflows. ETH ETFs have logged positive net subscriptions in 10 of the last 12 months, and August’s $3.9 billion haul helped the token notch a 25% gain over 30 days despite a rough week.

With Bitcoin’s ETF tide flowing out, Ethereum’s steadier institutional bid may be emerging as a quiet ballast and perhaps the start of a rotation story heading into year-end.

Market Movements:

BTC: Market observers say crypto charts look so bearish they could be bullish, according to prior CoinDesk reporting, as BTC trades below 108k, with forced liquidations clearing leverage and a rebound likely after the Fed’s Sept. 17 decision.

ETH: Polymarket traders see Ethereum holding above $3,800 into September 5 with over 90% odds, while longer-term bets give it a 71% chance of finishing 2025 above $5,000 and slimmer odds of $10,000 or higher.

Gold: Gold climbed toward record highs as traders priced in Fed rate cuts, a weaker dollar, and political uncertainty following challenges to the central bank’s independence.

Nikkei 225: The Nikkei 225 looked set to open lower as investors weighed a U.S. court ruling against Trump’s tariffs, China-India ties, and upcoming manufacturing data.

Elsewhere in Crypto:

• Justin Sun eyes ‘Swift’ for virtual asset sector, praises Hong Kong crypto moves (SCMP)
• Trump-Backed USD1 to Supplant Tether, USDC as Top Stablecoin by 2028: Blockstreet (Decrypt)
• WLFI derivatives volume jumps 400% ahead of World Liberty’s first token unlock on Monday (The Block)

source https://www.coindesk.com/policy/2025/09/01/asia-morning-briefing-august-etf-flows-show-the-massive-scale-of-btc-to-eth-rotation

Rich Bitcoiners Are Reportedly Spending BTC on Luxury Holidays: Does This Really Make Sense?

Bitcoin’s latest rally is spilling over into the luxury holiday market.

The Financial Times (FT) reported earlier today that private jet firms, cruise lines and boutique hotels are increasingly accepting crypto payments.

Flexjet-owned FXAIR, for instance, now takes tokens for transatlantic trips costing about $80,000, while cruise operator Virgin Voyages sells annual passes worth $120,000.

SeaDream Yacht Club and boutique hotel groups including The Kessler Collection have also added crypto checkout options, according to the FT.

High-end travel is a natural niche for crypto spending. On six-figure invoices, fees and volatility matter less, and merchants can instantly convert payments into fiat.

For customers, paying in bitcoin carries status value, echoing earlier bull-market splurges on Lamborghinis and watches. This time, the indulgence is time-saving private jets and one-of-a-kind cruises.

Still, whether it makes financial sense is another matter. Bitcoin’s most famous cautionary tale comes from 2010, when Florida programmer Laszlo Hanyecz spent 10,000 BTC on two pizzas, a purchase now worth over $1 billion in hindsight. Today’s jet bookings could invite the same regret if bitcoin keeps climbing.

Yet others see logic in cashing in.

With bitcoin recently hitting a record $124,128 on Aug. 14, some wealthy holders may view the present rally as a window to lock in gains before macro shocks send prices lower.

Inflationary pressures tied to the new U.S. import tariffs, along with wider economic uncertainty, could easily knock BTC back below $100,000, turning today’s holiday splurges into a rational hedge.

There are also tax complications.

The U.S. Internal Revenue Service (IRS), for instance, treats crypto as property, meaning that spending BTC counts as a taxable disposal and can trigger capital-gains liabilities. The U.K.’s HMRC applies the same principle, taxing disposals when coins are sold, swapped or spent.

The bigger backdrop, according to McKinsey data cited by the FT, is that younger affluent travelers are driving a luxury travel boom projected to nearly double spending between 2023 and 2028. For that generation, crypto is not just an investment vehicle but also a way to pay for experiences that promise freedom and exclusivity.

Bottom line: Crypto hasn’t taken over coffee shops, but at the top end of the market it is showing up. Whether that’s smart wealth management or another billion-dollar pizza mistake depends on how long this bull cycle lasts.

source https://www.coindesk.com/markets/2025/08/31/rich-bitcoiners-are-reportedly-spending-btc-on-luxury-holidays-does-this-really-make-sense

DOGE Rebounds From $0.21 Floor, Cup-and-Handle Pattern Targets $0.30

News Background

• Dogecoin fell 5% in the 24-hour period from Aug. 28 at 09:00 to Aug. 29 at 08:00, tracking broader risk-asset weakness.
• Between Aug. 24–25, an unknown whale shifted 900 million DOGE (~$200 million) to Binance wallets, fueling concerns of distribution and triggering market volatility.
• Open interest in DOGE futures slipped 8% after the inflows, reflecting lighter speculative positioning.
• On-chain data shows whales continue to build exposure, with 680 million DOGE accumulated in August, signaling institutional demand despite retail selling.
• Dogecoin’s network fundamentals remain firm, with hashrate climbing above 2.9 petahashes per second, underscoring mining security at record levels.

Price Action Summary

• DOGE dropped from $0.22 to $0.21 in the 24-hour trading window, a 5% decline across a $0.011 (≈3%) range between $0.23 and $0.21.
• The sharpest move occurred at 07:24–08:23 GMT on Aug. 29, when DOGE fell 0.57% from $0.22 to $0.21 on a 27.36 million volume spike at 08:20.
• Mid-session flows of 626.3 million tokens coincided with the $0.22 breakdown, cementing $0.21 as immediate support.
• Despite pressure, the token consolidated near $0.21 into session close, suggesting stabilization after heavy liquidation.

Technical Analysis

• Support: $0.21 holds as the primary floor; breach risks extension to $0.20.
• Resistance: $0.23 remains the short-term ceiling after repeated rejections.
• Momentum: RSI hovers near mid-40s, reflecting neutral-to-bearish bias.
• MACD: Bearish divergence persists, with no confirmed crossover yet.
• Patterns: Tight $0.21–$0.23 consolidation suggests compression phase; direction will hinge on resolution of whale flows.
• Volume: Elevated 626.3 million during the $0.22 breakdown signals continued institutional distribution.

What Traders Are Watching

• Whether $0.21 support can hold under ongoing whale selling.
• Breakout above $0.23 could open path toward $0.25–$0.30.
• Signs of renewed institutional accumulation as whales move supply onto exchanges.
• Futures open interest trends after the 8% drop, a key signal for leveraged demand.

source https://www.coindesk.com/markets/2025/08/31/doge-rebounds-from-usd0-21-floor-cup-and-handle-pattern-targets-usd0-30

XRP Bullish Patterns Point to $5 as Korean Buyers Start to Accumulate

News Background

• XRP fell sharply alongside broader market weakness, retreating 4.3% in the 24-hour session from August 28 at 13:00 to August 29 at 12:00.
• On-chain data showed Korean exchanges absorbing 16 million XRP (≈$45.5 million) during the selloff, pointing to regional institutional demand even as retail wallets reduced exposure.
• South Korea has historically been a driver of speculative crypto trading, often leading price action in certain altcoins (sometimes called the “Kimchi Premium” effect).
• If large wallets associated with Korean exchanges or institutions are accumulating at support, it suggests regional demand is stepping in to absorb retail selling pressure, effectively putting a floor under XRP.
• For global traders, that sets up a narrative of distribution vs. accumulation: while some whales were moving $200 million in DOGE to Binance (a distribution signal), Korean desks were adding XRP exposure (an accumulation signal).
• XRP Ledger activity picked up, with active addresses climbing 20% in three days ahead of the Sept. 12 Decentralized Media launch.
• Chinese fintech firm Linklogis integrated its trillion-dollar supply-chain financing platform with XRP Ledger, boosting its equity 23% and underscoring enterprise adoption.

Price Action Summary

• XRP slid from $3.02 to $2.89 in the 24-hour window, a 4.30% decline across a $0.17 (5.75%) range between $3.02 peak and $2.85 low.
• Heavy selling at 15:00 GMT on Aug. 28 drove prices down to $2.77 on 96.19 million volume, more than double the 24-hour average of 43.48 million.
• Buying support emerged at $2.85–$2.86, with volumes above baseline during the 07:00–09:00 GMT recovery push on Aug. 29.
• In the final hour (11:56–12:55 GMT), XRP bounced from $2.87 to $2.89, touching $2.91 at 12:31 on a 19.6 million spike.

Technical Analysis

• Support: Key base at $2.77, reinforced by strong volume absorption; $2.85–$2.86 now acting as an accumulation zone.
• Resistance: $2.91 short-term cap; $3.02 remains the dominant ceiling from repeated rejection.
• Momentum: RSI lifted from 42 (oversold) into the mid-50s, showing recovery momentum.
• MACD: Histogram tightening toward a bullish crossover, indicative of potential upside if buyers sustain pressure.
• Patterns: Symmetrical triangles and double-bottom setups align with a broader cup-and-handle formation that some analysts see extending toward $5–$13 targets.

What Traders Are Watching

• Whether $2.85–$2.86 support continues to hold against renewed selling.
• A confirmed break above $3.02–$3.04 resistance as the first trigger for a run toward $3.20.
• Downside risks open if $2.77 fails, with $2.70 as the next support.
• Institutional accumulation on Korean exchanges and corporate flows remain the key driver for sustaining momentum into September’s event calendar.

source https://www.coindesk.com/markets/2025/08/31/xrp-bullish-patterns-point-to-usd5-as-korean-buyers-start-to-accumulate

Crypto Charts Look 'So Broken and Bearish They’re Bullish' Ahead of Fed Meeting, Says Analyst

Crypto analyst and macroeconomist Alex Krüger thinks the market looks ugly enough to turn bullish.

On Saturday, Krüger wrote on X, that “most crypto charts now look so broken and bearish that it’s bullish.” He argued that when price action looks this bad, the panic has usually gone far enough that a reversal may not be far behind.

The bearish charts

Krüger attached a series of charts from Binance and derivatives dashboards.

They included bitcoin (BTC) and ether (ETH) spot price charts, both of which had fallen below short-term upward trendlines, creating a technically bearish picture. He also posted a solana (SOL) chart that showed relative resilience compared with BTC and ETH.

Alongside those, he shared BTC-USDT and ETH-USDT derivatives charts, which combined futures indicators — such as funding rates and long liquidations — with options metrics like skew. Together, they showed traders had turned heavily defensive.

Liquidations and leverage reset

In his post, Krüger said long liquidations had been “significant,” especially in “the last two rounds after the close today.”

In futures markets, traders can borrow to take bullish bets. When prices fall, their collateral gets wiped out and exchanges automatically close positions. This kind of forced selling pushes prices down further in a cascade. Once it’s over, however, markets can stabilize because the excess leverage has already been flushed out.

Majors under pressure, alts steadier

The analyst also highlighted that bitcoin and ether absorbed most of the selling, while many altcoins had already stopped crashing earlier in the day. Normally, smaller tokens collapse after majors, not before them.

For Krüger, that divergence is “often a sign of upcoming strength,” suggesting panic selling may be winding down.

Krüger told followers to “check the skew,” noting that puts were much more expensive than calls. In options markets, that imbalance signals defensive positioning and heightened fear.

For contrarians like Krüger, one-sided fear often precedes a rebound, because if everyone is already hedging, there are fewer sellers left to push prices lower.

The FOMC catalyst

While he is “bullish into next week,” Krüger said he doesn’t expect strong trends to develop until after the Federal Reserve’s next policy meeting.

The Federal Open Market Committee (FOMC) meets Sept. 16–17, with a rate decision and press conference at the conclusion on Sept. 17.

He expects the Fed to cut interest rates, which he argues is “not fully priced in.”

Lower rates reduce the cost of borrowing and often add liquidity, which can boost demand for risk assets like crypto.

The cycle view

Krüger emphasized that this is not the end of the cycle, even if prices fall further in the short term. At the same time, he does not expect the kind of euphoric “blow-off top” that has marked past crypto bull markets.

The one exception, he said, could be SOL, which continues to attract inflows from new decentralized treasuries deploying capital on the network.

For Krüger, the setup is straightforward: charts look ugly, liquidations are behind, options pricing screams fear, and the Fed decision looms. His message was simple — the time to bet on upside is when panic is loudest, not when celebrations begin.

source https://www.coindesk.com/markets/2025/08/30/crypto-charts-look-so-broken-and-bearish-they-re-bullish-ahead-of-fed-meeting-says-analyst

Web3 Funding Hit $9.6B in Q2 Despite Fewer Deals

Web3 startups raised $9.6 billion in venture funding during the second quarter of 2025, making it the second-largest quarter on record, even as the number of deals fell to multi-year lows, according to a new report by Outlier Ventures.

The research by the London-based venture capital firm could present a maturing market in which investors are putting more money into fewer projects.

The findings suggest that Web3 fundraising is evolving from hype-driven activity toward targeted, durability-focused investment, with investors favoring foundational infrastructure and proven teams over volume.

Only 306 deals were disclosed in the quarter, the lowest since mid-2023, but the median deal size rose across every stage. Outlier said this reflects a shift from broad, speculative investing to strategic, high-conviction allocations.

Series A funding, which had slowed sharply during the bear market, staged a comeback. The median Series A round grew to $17.6 million, with 27 deals totaling $420 million, the largest since 2022. Seed funding also picked up, with a median size of $6.6 million.

Token fundraising painted a split picture. Private token sales raised $410 million across just 15 deals—their strongest showing since 2021, while public token sales slumped 83% to $134 million, underscoring waning appetite for retail-focused offerings.

Sectors such as cryptocurrency infrastructure, mining and validation, and compute networks saw the largest rounds, with medians ranging between $70 million and $112 million. Consumer-facing sectors, such as marketplaces, trailed significantly.

“Capital is consolidating around the projects that can provide the rails for the next phase of adoption,” Outlier wrote, adding that infrastructure-first bets are viewed as “indispensable” to Web3’s long-term growth.

source https://www.coindesk.com/business/2025/08/29/web3-funding-hit-usd9-6b-in-q2-despite-fewer-deals

Pump.fun Buybacks Fuel PUMP Token Revival Amid Broader Crypto Downturn

Pump.fun’s native token, PUMP, has bucked the market-wide downturn this week, rising by 17% as the protocol leverages platform fees to repurchase tokens.

The buybacks are designed to support holders by reducing circulating supply and absorbing sell pressure, a model increasingly common across crypto projects.

At the time of publishing, PUMP is trading at $0.0035, about 40% higher than a month ago but still down 50% from its July debut, when it quickly fell from $0.007 to $0.0024 in just 10 days.

The sharp post-launch decline reflected the fading of initial hype, but recent momentum suggests buybacks are helping stabilize the token’s market.

The driver is Pump.fun’s revenue engine. The platform earns fees on every token created through its service, a model that has generated $734 million over the past year, with volumes peaking in January during the boom in celebrity-driven meme coins like TRUMP and MELANIA, along with thousands of copycat tokens that followed.

Since inception, more than 12.5 million tokens have been launched and 23 million wallets have interacted with the site, establishing a strong user base.

Those flows have translated into meaningful token support: Pump.fun has directed $59 million toward buybacks, according to Dune dashboards, helping to underpin PUMP’s rebound.

The timing could be fortuitous. Autumn has historically been a stronger season for digital assets after the summer lull, suggesting conditions could align for further upside.

Still, PUMP remains far from its launch highs, and its trajectory will depend on whether fee revenue can remain consistent in a slowing market.

Meanwhile, the majors remain under pressure: bitcoin is trading at $108,500 and ether at $4,337, both down between 6% and 7% this week.

source https://www.coindesk.com/business/2025/08/29/pump-fun-buybacks-fuel-pump-token-revival-amid-broader-crypto-downturn

Strategy’s Preferred Shares Form a Bullish Circle Around Bitcoin

Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR).

Microstrategy, now known as Strategy (MSTR), has reshaped U.S. capital markets in 2025 by issuing a series of preferred stock under tickers STRK, STRF, STRD and STRC.

Collectively, these offerings raised about $5.6 billion year-to-date, making up for 12% of all U.S. IPO issuance (preferred or common) , according to Strategy. That scale alone underscores both investor appetite and the company’s role as the most visible corporate proxy for bitcoin (BTC).

Performance across the preferreds has varied. STRF leads with a lifetime return of 31%, followed by STRK at 19% and STRC at 8%, while STRD has lagged with a negative 6% return. Still, the circle of financing vehicles has given Strategy a diversified base to fund its treasury. As of August, the company holds 632,457 BTC, cementing its position as the world’s largest corporate holder of the asset.

The firm’s enterprise value relative to bitcoin NAV stands at 1.60, with NAV calculated by dividing enterprise value, including preferreds and convertible debt, by the company’s bitcoin holdings but has declined over the past month as the stock has fallen over 25% from its July high.

So far in 2025, MSTR shares are up 13% year-to-date, compared to an 18% gain in bitcoin. That gap highlights both the company’s leverage to BTC and the market’s pricing of its debt and preferred stock obligations.

Alongside Strategy’s bold circle of offerings, other U.S. IPOs have also shone in 2025, making up the remaining $42 billion, including Bullish (BLSH) and Circle (CRCL), reinforcing a year defined by renewed risk appetite and crypto-linked capital market innovation.

source https://www.coindesk.com/markets/2025/08/29/strategy-s-preferred-shares-form-a-bullish-circle-around-bitcoin

Public Token Treasuries and Tokenization are Fantastic for Crypto, But Risks Remain, Binance's CZ Says

HONG KONG — Binance founder Changpeng “CZ” Zhao believes the convergence of equity markets and crypto is ushering in a new era for digital assets, one that expands access to institutional capital and broadens crypto’s global reach.

But he cautions that the sector still faces significant risks, especially as it enters its first major bull cycle since these structures gained traction.

Speaking at BTC Asia in Hong Kong, CZ said moves by public companies to hold bitcoin (BTC) and other cryptocurrencies on their balance sheets — following the example set by MicroStrategy — mark a breakthrough moment.

“In the world’s largest economy, 90%-95% of the money is managed by institutions,” he noted. “Until ETFs and treasury companies, those guys couldn’t participate in crypto in a large way.”

By bringing crypto exposure to equity markets in the U.S., Hong Kong, Japan and beyond, CZ said the industry is effectively “bringing the equity markets to crypto, or bringing crypto to them — depending how you look at it.”

Tokenization Push

Beyond bitcoin treasuries and ETFs, Zhao pointed to the surge in tokenization of real-world assets (RWAs) as another transformative trend. Stablecoins, treasury bills, commodities, real estate and even personal income streams are being tokenized, funneling “hundreds of millions and billions” into the crypto economy.

“We’re going both ways,” CZ said. “Equity markets now have access to crypto, and we’re bringing real-world assets into crypto. This is fantastic.”

Risks of Overreach

Despite his enthusiasm, CZ warned that not every company pursuing this strategy will succeed.

Some firms may use crypto treasuries as a way to “pump up their stock price,” while others lack the expertise to manage complex baskets of digital assets or investments in crypto startups. Failures are inevitable, he said, especially when markets turn.

“Right now we’re in a bull market,” Zhao said. “But eventually there will be a winter, there will be a bear market. Treasury companies will have to go through at least one cycle.”

MicroStrategy (MSTR), he noted, endured a painful first cycle but benefited later as its average bitcoin cost basis dropped.

Stability vs Speculation

CZ argued that in the long run, larger inflows of capital from institutional and equity markets should reduce volatility.

“Basically, the larger the market cap, the less volatility it has,” he said. “It’s just physics. A bigger ship is more stable.”

But he acknowledged that equity markets are full of speculative traders, meaning short-term volatility could increase even as the overall asset class stabilizes over time.

Beyond bitcoin

While bitcoin remains the centerpiece of most treasury strategies, CZ noted that other tokens are being adopted too — including a recently launched BNB treasury company.

For smaller and newer tokens, however, the risks are magnified. “The more mature the ecosystem, the less risk,” Zhao said. “Newer ones may have higher risk and higher returns, but the established ones are safer bets.”re

For CZ, the fusion of crypto with traditional markets — through bitcoin treasuries, ETFs and tokenized RWAs — is overwhelmingly positive. Still, he urged caution.

“Not every treasury company is going to multiply in value,” he said. “Investors need to evaluate them carefully, understand the risks, and be prepared for cycles.”

Read more: Bitcoin Remains Under Pressure as Gold Quietly Targets New Record High

source https://www.coindesk.com/markets/2025/08/29/public-token-treasuries-and-tokenization-are-fantastic-for-crypto-but-risks-remain-binance-s-cz-says

Bitcoin Remains Under Pressure as Gold Quietly Targets New Record High

An attempted rally in crypto earlier on Thursday was met by steady selling throughout the U.S. afternoon hours.

After rising above $113,000 level at one point, bitcoin (BTC) retreated to $111,800 late in the session, down about 0.7% over the past 24 hours. The selling in ether (ETH) and XRP (XRP) was a bit more sizable, with those tokens lower by 2.1% and 1.4%, respectively.

Outperforming among the majors was Solana's SOL (SOL), which rose 3.1% over the past day.

Quietly on the rise even as bitcoin struggled mightily over the past two weeks is gold. The yellow metal was higher by another 0.8% on Thursday to $3,477 per ounce.

For the month of August, gold's outperformance is even more stark — a rise of nearly 4% as bitcoin slid 5.2%.

At $3,477, gold now sits only a few dollars below its record high of $3,534 hit earlier this month on fears (now allayed) that Swiss gold bars would fall under punitive White House tariffs against Switzerland.

For whatever reason, the macro developments — lower interest rates and weaker U.S. dollar — giving a boost to gold over the past weeks are failing to ignite a bid for digital gold, aka bitcoin.

On tap for September appears to be the resumption of Federal Reserve rate cuts and one or possibly two new (likely dovish) Fed members appointed by President Trump. The year's final four months could get interesting.

source https://www.coindesk.com/markets/2025/08/28/bitcoin-remains-under-pressure-as-gold-quietly-targets-news-record-high

Polkadot's DOT Returns to $3.90 Support After Earlier Gain

Polkadot's DOT earlier Thurwday rose more than 2%, with institutional volume patterns suggesting professional participation, according to CoinDesk Research's technical analysis model.

The model showed the digital asset demonstrating textbook institutional accumulation behavior, initially testing support at $3.81 before executing a measured advance to $4.02 accompanied by substantial volume of 4.6 million units.

Trading volumes exceeding 320,000 units during the initial decline phase indicate institutional repositioning rather than retail panic, with subsequent buying interest establishing clear support levels around $3.90-$3.91, according to the model.

The move higher in Polkadot reversed though, with the price slipping back to that $3.90 support.

On the news front, the Republic of Paraguay has committed $6 million to a Polkadot-based tokenization initiative, according to a post on X , a landmark government endorsement of blockchain technology for sovereign infrastructure development.

Technical Analysis:

• DOT established a trading range of $0.21 representing 5.2% volatility between $3.81 floor and $4.02 ceiling during 24-hour session
• Professional support formation confirmed at $3.90-$3.91 levels with institutional buying interest
• Resistance threshold identified at $4.02 with volume-driven price discovery mechanisms
• Institutional volume patterns exceeding 320,000 units indicate sophisticated market participation
• Recovery trajectory from $3.81 to $4.02 supported by 4.6 million trading units demonstrating market depth
• Consolidation range between $3.91-$3.95 suggests institutional accumulation during market weakness

.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

source https://www.coindesk.com/markets/2025/08/28/polkadot-s-dot-returns-to-usd3-90-support-after-earlier-gain

CFTC: Crypto Firms That Left U.S. Can Open Doors Here as Foreign Boards of Trade

The Commodity Futures Trading Commission — under its ongoing "crypto sprint" to open a wider path for U.S. crypto business — issued an advisory on Thursday that firms residing outside the U.S. that are willing to register with the agency as foreign boards of trade can deal directly with U.S. customers.

"American companies that were forced to set up shop in foreign jurisdictions to facilitate crypto asset trading now have a path back to U.S. markets," said CFTC Acting Chairman Caroline Pham in a statement with the advisory, which didn't make any changes to agency policy but was meant to serve as a "reminder" of a possible approach for such companies.

"Since the 1990s, Americans have been able to trade on non-U.S. exchanges that are registered with the CFTC as FBOTs. Starting now, the CFTC welcomes back Americans that want to trade efficiently and safely under CFTC regulations, and opens up U.S. markets to the rest of the world," said Pham, who is holding the regulator's leadership spot until a permanent replacement selected by President Donald Trump can be confirmed by the Senate.

She called the advisory, which was issued by the CFTC’s Division of Market Oversight, "another example of how the CFTC will continue to deliver wins for President Trump as part of our crypto sprint.”

The agency has been receiving increased interest in such registrations, the statement said, and the CFTC aims to make clear that firms eligible for FBOT status don't have to register as U.S. designated contract markets (DCMs) in order to let U.S. clients directly access their electronic trading services. The firms do have to be rigorously regulated on their home turf, according to the CFTC regulations.

Trump had nominated Brian Quintenz, a former CFTC commissioner, to take over the chairman spot, but the White House paused his confirmation process before the Senate's summer recess. He's expected to return to that process as soon as next week, but if he's confirmed, he'll be the only member of what's meant to be a five-person commission. Republican Pham has said she's set to leave, and the commission's only Democrat, Kristin Johnson, is exiting next week.

Meanwhile, Pham has been using much of her time atop the commission to pursue crypto-friendly initiatives.

Read More: While CFTC Awaits New Chairman, Acting Chief Pham Gets Rolling on Crypto

source https://www.coindesk.com/policy/2025/08/28/cftc-crypto-firms-that-left-u-s-can-open-doors-here-as-foreign-boards-of-trade

VersaBank Tests Tokenized Deposits on Algorand, Ethereum and Stellar in U.S. Pilot

VersaBank, a Canadian digital bank with a focus on business clients, has started testing a tokenized deposit that the bank says provide a safer and more compliant alternative to stablecoins.

The pilot, run through the bank's U.S. subsidiary VersaBank USA, will trial a U.S. dollar version of the bank's blockchain-based Digital Deposit Receipts (DDRs) tech. Each token, branded USDVB, represents one U.S. dollar held on deposit at VersaBank USA.

The program will simulate thousands of transactions of small value, first internally and then with select external partners. Tokens will be managed through the bank’s digital vault and e-wallet platforms and issued on the Ethereum (ETH), Algorand (ALGO) and Stellar (XLM) blockchains.

While stablecoins, crypto tokens with prices tied to fiat currencies like the U.S. dollar, have captured most of the attention, banks are also exploring tokenized deposits to make money transfers more efficient using blockchain rails. A stablecoin, like Circle's USDC or Tether's USDT, is typically issued by a private company and backs the tokens' value with reserves held at a third-party custodian. Meanwhile, a tokenized deposit is a liability of a regulated bank and subject to banking rules.

Earlier this year, Custodia and Vantage Bank tokenized U.S. dollar demand deposits on Ethereum, while JPMorgan tested its deposit token on Coinbase’s layer-2 network Base.

Unlike most stablecoins, VersaBank said its tokens are federally insured and can earn interest, making them functionally similar to traditional deposits but with the added efficiency of blockchain-based settlement.

The bank said it expects to finish the pilot by the end of 2025 and will seek approval from the Office of the Comptroller of the Currency (OCC) before any public launch.

Read more: Stablecoins, Tokenization Put Pressure on Money Market Funds: Bank of America

source https://www.coindesk.com/business/2025/08/27/versabank-tests-tokenized-deposits-on-algorand-ethereum-and-stellar-in-u-s-pilot

If You Missed ETH at $1,400, SOL Is the Next Big Bet: Analyst Explains His Bullishness

Solana's SOL outperformed the broader crypto market on Wednesday, climbing 7.68% in 24 hours to trade at $208.24, according to CoinDesk Data. By comparison, the CoinDesk 20 Index (CD20) rose 2.89% and the total crypto market cap gained just 1.6% during the same period.

Analysts said Solana’s strong performance reflects a combination of technical momentum and structural demand.

Scott Melker, a trader known as the “Wolf of All Streets,” argued that Solana is now at a critical level against bitcoin. He said a breakout here could make SOL the “darling” of the next altcoin cycle. His chart showed SOL pressing into resistance against BTC, a pairing that often signals whether a token can outperform the broader market.

Another analyst, Lark Davis, was more direct, calling Solana the “catch-up trade” for investors who missed ether’s (ETH) breakout from $1,400 during the last cycle.

Davis cited three drivers: the rise of SOL-based treasury companies modeled on bitcoin accumulation firms, the prospect of a spot SOL ETF getting approved in the near future by the U.S. SEC and growing institutional interest. These factors could push billions of dollars into SOL, he noted.

However, Altcoin Sherpa, another widely followed analyst on X, cautioned against chasing the rally. He described SOL's strength as unusual but advised traders to consider taking profits between $205 and $215 or waiting for more clarity before entering. His view reflects the risk that weekend or short-term rallies often retrace once liquidity normalizes.

Meanwhile, DeFi asset management firm Sentora added another perspective, noting that more than $820 million in SOL is already held in corporate treasuries. The number is worth noting as ETH treasury holdings stood at a similar level in April before expanding to nearly $20 billion. The firm said that the SOL corporate holding trajectory suggests the token could follow a similar path if adoption accelerates.

Adding to the positive sentiments of some analysts, Solana is also seeing institutional adoption grow. Earlier today, staking service provider Chorus One announced the launch of a new Solana validator in partnership with Delphi Consulting, part of Delphi Digital.

The firms said the move reflects a belief that institutions should contribute not just capital but also infrastructure to the networks they back. Chorus One described the validator as institutional-grade infrastructure, positioning it as part of Solana’s growing base of serious, long-term participants.

Technical Analysis Highlights

• According to CoinDesk Research's technical analysis data model, between Aug. 26 at 15:00 UTC and Aug. 27 at 14:00 UTC, SOL rose from $191.67 to $204.62, a 7% gain, with a trading range of $190.11–$205.65.
• Heavy volume at $193.92 during the early rebound (986,571 tokens traded) established this level as strong support.
• Resistance formed near $205.65, with repeated rejections around that corridor. Sustained price action above $202.00 suggests institutional buying.
• In the final hour of trading, SOL dipped to $202.95 before surging to an intraday high of $205.84 on strong volume.
• Key support is now near $202.82, while resistance is around $205.84. Bullish momentum points toward the $210.00 psychological barrier.

source https://www.coindesk.com/markets/2025/08/27/if-you-missed-eth-at-usd1-400-sol-is-the-next-big-bet-analyst-explains-why

Asia Morning Briefing: ETH Bulls Eyeing $5K as Flows Strengthen

Good Morning, Asia. Here's what's making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.

ETH's chances of hitting $5,000 this month climbed to 26% on Polymarket, up from 16% just a few days ago, as traders priced in momentum from institutional accumulation and shifting BTC-ETH flows.

“Ethereum’s recent strength is mainly showcased by the level of flows into it, where a major liquidity floor has been built by institutions,” said March Zheng, General Partner at Bizantine Capital in a note to CoinDesk.

He added that the ETH/BTC ratio had been sitting at a localized low, making a rebound overdue, and that this cycle is supported by stronger fundamentals such as global stablecoin adoption and clearer regulation.

Market rotation added further color to the rally, Enflux, a market maker, wrote to CoinDesk in a note. XRP joined ETH in leading the majors, while capital chased new narratives, such as CRO, following Trump Media’s “Cronos Treasury” initiative.

Hyperliquid’s surge in trading volume, surpassing Robinhood in July, highlighted how retail speculation is tilting toward native infrastructure, with its $HYPE token gaining double digits. These undercurrents suggest that what matters most is not the day’s closing print but the structural reallocation of liquidity across the crypto landscape, Enflux noted.

Liquidity is being redistributed across the crypto landscape, market observers say, but ETH’s role at the center is reinforced by institutional conviction.

“Markets react to headlines, but longer-term value is driven by fundamentals," Gracie Lin, CEO of OKX Singapore, told CoinDesk in a note.

"This is why Ethereum continues to show strength through real utility — even as prices pull back, big institutional moves like BitMine’s ETH accumulation prove there’s deep conviction in its role at the core of crypto," Lin continued. "With new macro data like the US PCE coming in later this week, we’re about to see how that conviction holds up amidst volatility.”

ETH has outpaced BTC by a wide margin, gaining 20% over the past 30 days compared to bitcoin’s 6% decline, market data shows, and trading volumes show ETH commanding more liquidity than BTC despite its smaller market cap.

Market Movements

BTC: Bitcoin is trading at $111,733.63, but weak on-chain activity and $940M in liquidations signal fading momentum.

ETH: Ether is trading at $4,598.67, below its recent all-time high of $4,946, as institutional inflows power the rally while DeFi activity and TVL remain weaker than in past cycles.

Gold: Gold is trading at $3,410.80, holding above $3,400 as Powell’s rate-cut hints, Trump’s Fed shake-up, and record central bank buying fuel safe-haven demand with traders eyeing a run toward $3,500.

Nikkei 225: Asia-Pacific markets mostly fell Wednesday despite Wall Street’s overnight gains, with Japan’s Nikkei 225 down 0.17%.

S&P 500: The S&P 500 rose 0.41% to 6,465.94 on Tuesday as investors looked past Trump’s removal of Fed Governor Lisa Cook and awaited Nvidia’s earnings.

Elsewhere in Crypto:

• Trump-backed World Liberty Token Could Decimate Retail Investors, Compass Point Warns (Decrypt)
• U.S. CFTC, a Top Crypto Watchdog, Is About to Shrink Commission to Only One Member (CoinDesk)
• Bitcoin Miner Hut 8 Surges 10% on 1.5GW Expansion Plans (CoinDesk)

source https://www.coindesk.com/markets/2025/08/27/asia-morning-briefing-eth-bulls-eyeing-usd5k-as-flows-strengthen

U.S. CFTC, a Top Crypto Watchdog, Is About to Shrink Commission to Only One Member

The U.S. Commodity Futures Trading Commission is about to drop to a single commissioner when Democrat Kristin Johnson leaves the agency next week, and the only other person waiting in the wings to join the regulator is President Donald Trump's chairman nominee, Brian Quintenz.

As of Sept. 3, the five-member commission will drop to one, because that's when Johnson will exit, she said in a Tuesday announcement.

"In advancing an agenda in the name of growth, it is critical not to dismantle the foundational resilience that supports financial stability and protects the broader economy," she said in a farewell statement encouraging the agency to stick to the fundamentals as new technologies come on board.

Alone at the commissioner level will be Acting Chairman Caroline Pham, a crypto advocate who Trump appointed to run the agency while he sought a permanent chair. Trump's pick was ultimately former Commissioner Brian Quintenz, who has worked as a policy chief at a16z and for prediction market firm Kalshi. But the White House delayed Quintenz's confirmation process, leaving it in some uncertainty as the Senate returns from its summer recess next week.

The nominee has been openly opposed by Tyler Winklevoss, the CEO of crypto exchange Gemini and one of Trump's favored crypto insiders, but much of the industry recently petitioned Trump to speed Quintenz toward a confirmation.

The CFTC is the U.S. regulator of derivatives markets, though it's awaiting congressional action to give it the power to police the spot market in crypto commodities, such as bitcoin (BTC). The agency has already been a major player in U.S. crypto oversight, having pushed a number of major enforcement actions and led discussions on how to incorporate the crypto sector's innovations into the massive global commodities markets.

If Quintenz replaces Pham atop the agency, she's said she intends to leave and return to the private sector.

That'll mean Quintenz would helm the commission solo, short four members, and Trump has so far shown no signs of nominating others. The president's administration has been characterized by a campaign to cut Democrats away from regulatory commissions, abandoning the tradition — and legal mandate — of having both parties involved in decisions at federal agencies. Quintenz has said he'll move forward with whatever choices Trump makes.

Though some have argued that letting a five-person commission drop to one could make it vulnerable to legal challenges on its policy moves, there's nothing specific in the law that prohibits the regulator from continuing on that basis. It arguably streamlines the review of new rules to a single office rather than five, but the work of writing the eventual crypto regulations could already be hampered by the significant staff cuts seen since the Trump administration began reducing the federal workforce.

Read More: While CFTC Awaits New Chairman, Acting Chief Pham Gets Rolling on Crypto

source https://www.coindesk.com/policy/2025/08/26/u-s-cftc-democrat-johnson-to-exit-next-week-leaving-shorthanded-commission

Crypto's U.S. Policy Aims May Pivot on Resistance from Democratic Senator Warner

One of the crypto industry's central lobbying aims — to protect software developers from being held legally responsible when criminals abuse their technology — may be in jeopardy from Democrats led by U.S. Senator Mark Warner, according to people familiar with legislative negotiations.

The Senate is set to return to work in Washington next week, with the completion of a crypto market structure bill as one of its top agenda items. In the bipartisan talks over that bill, Warner is said to have held reservations about the approach in the U.S. House of Representatives’ version of the bill known as the Digital Asset Market Clarity Act, which gave developers legal cover, according to three people with knowledge of the negotiation.

Warner, a Virginia Democrat who is the vice chairman of the Senate Select Committee on Intelligence, maintains a close focus on national security issues, and he's said to have balked at the rampant hacks and money laundering concerns that he's associated with the decentralized finance (DeFi) end of the crypto sector. In the past, he's raised objections over reports that cryptocurrency may have been used to move assets to terrorist groups, and he pushed a bill in 2023 that looked to saddle DeFi platforms with the same anti-money laundering (AML) requirements that traditional finance firms must meet — a potentially existential threat to the way the decentralized projects operate without core management.

Back then, Warner said such an effort would "help maintain the robust AML and sanctions enforcement we need to protect our national security, while allowing participants who play by the rules to continue to take advantage of the potential of distributed ledger technologies," additionally noting his views that "criminals and rogue states continue to use crypto to launder money, evade sanctions, and conceal illicit activity."

Then he pursued an appropriations provision last year that would have automated a process to sanction "foreign digital asset transaction facilitators" – including crypto exchanges – linked to users who support terrorism groups. So he has a background in seeking to hold digital assets insiders responsible for the illicit use of their products.

A spokesperson for the senator didn't immediately respond to a request for comment on his position in the latest negotiations, but Republican senators have been seeking to fast-track the Senate's market structure bill, trying to follow the House in a wide, bipartisan approval.

Warner is among the Democrats on the Senate Banking Committee — one of the two panels that needs to come to agreement on the crypto legislation before it can move on to a floor vote.

Unlike with the more aggressive stance of fellow Democrat Senator Elizabeth Warren, the industry generally sees Warner as a member with a balanced view on crypto issues, having supported the sector in previous votes, such as in the recent passage of the bill to regulate U.S. stablecoin issuers — still standing as the industry's biggest achievement in Washington. Digital assets political organization Stand With Crypto gives him an "A" grade as a lawmaker who "strongly supports crypto."

When the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was still moving through the Senate before its passage by a wide margin in June, some Democrats had halted the process on that bill to object to security and illicit-finance aspects of the industry (in addition to the potential conflicts posed by President Donald Trump's own stablecoin business interests.) The disagreements were kicked down the road in favor of an easy passage of that earlier bill, with the knowledge that this market structure legislation would be a better place to hash out those concerns.

That debate is now arriving for the bill that's the lynchpin of the digital assets sector's Washington plans. This legislation to set out tailored regulations for U.S. crypto transactions is seen as necessary for the industry to come into its own and to bring remaining institutional players and hesitant retail investors into the realm of digital tokens.

Behind closed doors, crypto lobbyists are wondering if Warner's background in venture-capital work for technology firms will help them make a case for protecting software-writing innovators from legal liability. In light of cases such as Tornado Cash developer Roman Storm's recent criminal conviction, the urgency to establish a shield is amplifying.

Read More: Roman Storm Guilty of Unlicensed Money Transmitting Conspiracy in Partial Verdict

source https://www.coindesk.com/policy/2025/08/26/crypto-s-u-s-policy-aims-may-pivot-on-resistance-from-democratic-senator-warner

Polymarket Bettors Doubt Trump Can Topple Jerome Powell or Lisa Cook This Year

Prediction markets are signaling skepticism that Donald Trump will be able to bend the Federal Reserve to his will this year, even as the U.S. President moves to fire a Fed Governor for what he believes is just cause.

On Polymarket, bettors put the chance of Jerome Powell being forced out as Fed Chair in 2025 at just 10%, suggesting investors don’t believe Trump can override the central bank’s independence before Powell’s term expires in May 2026.

Trump’s push to fire Fed Governor Lisa Cook tells a different story. He wants her removed over allegations of mortgage fraud, per a letter posted on Truth Social, making her the first sitting governor ever targeted by a presidential dismissal.

Cook, however, has refused to step down, arguing that “for cause” removals must apply to misconduct in office, not private financial dealings predating her appointment.

Markets are pricing a 27% chance of Cook's ouster by December 31, indicating some risk of legal or political fallout but still a strong expectation she survives the challenge.

History shows that previous Presidents have also pressured the Fed, with the Cato Institute pointing out in an October 2024 piece that it's more common than some would lead you to believe.

Harry Truman pushed out Chairman Thomas McCabe in 1951 to secure wartime debt financing, Lyndon Johnson famously berated William McChesney Martin at his Texas ranch for raising rates during the Vietnam War, and Richard Nixon leaned heavily on Arthur Burns in the early 1970s a campaign economists later tied to runaway inflation.

A 2013 Cato study by Thomas F. Cargill and Gerald P. O’Driscoll Jr. argues that Federal Reserve independence is more myth than reality, noting that both parties have interfered when politically expedient.

If Trump were to remove Powell, it would be certainly controversial, but markets might welcome it if seen as clearing the way for easier monetary policy. A Fed more aligned with the White House could cut rates faster, weaken the dollar, and lift risk assets broadly creating a supportive backdrop for bitcoin (BTC).

Beyond the near-term rally, Powell’s firing would underscore one of crypto’s core arguments: that fiat systems are inherently political and subject to capture, while bitcoin remains outside those pressures.

For bitcoin, that combination looser liquidity conditions plus a reinforced “hard money” narrative could be a powerful catalyst for adoption.

A changing of the guard at the Fed would obviously be a bullish narrative for bitcoin, which is why the market's reaction to Trump's move on Cook reflects a consensus that this is largely hot air.

Bitcoin barely moved on the news, up 0.3% in the immediate aftermath, with the largest digital asset still down 2.6% on-day according to CoinDesk market data.

The CoinDesk 20, an index tracking the performance of the largest crypto assets, is trading below 4,000, down 5.3% by mid-day Hong Kong time.

source https://www.coindesk.com/markets/2025/08/26/polymarket-bettors-doubt-trump-can-topple-jerome-powell-or-lisa-cook-this-year

Asia Morning Briefing: BTC Fragility and ETH Rotation Signal Market Bracing for Consolidation Without New Liquidity

Good Morning, Asia. Here's what's making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.

Bitcoin is trading just below $110,000 after another failed bounce, down roughly 7% since peaking over $117,000 in the wake of Powell’s dovish Jackson Hole speech, according to CoinDesk market data. Ethereum, which briefly touched $4,900 before a sharp reversal, is holding above $4,300 but showing signs of exhaustion after weeks of outperformance.

The bull run is fraying, market observers say, as thinning liquidity, ETF outflows, and fragile onchain activity collide with whales rotating into ETH and retail longs getting liquidated. Yet beneath the surface, billion-dollar sovereign and institutional allocations are quietly scaling into volatility, creating a sharp divergence between weak short-term conviction and programmatic long-horizon buying.

Glassnode’s latest Market Pulse shows the cycle slipping from euphoria into fragility: spot momentum fading toward oversold territory, ETF flows swinging to a $1 billion outflow, and realized profits collapsing back to breakeven.

That fragility was underscored by QCP Capital, which traced this weekend’s crash to an early holder unloading 24,000 BTC into thin liquidity, a move that cascaded into $500 million in liquidations. QCP said the sale exposed just how brittle the market has become with ETFs bleeding $1.2 billion in outflows even as whales rotate into ETH, pushing the ETH/BTC cross through 0.04.

Singapore-based market maker Enflux picks up that thread, arguing that not all flows are created equal.

While retail longs were blown out, a $2.55 billion ETH stake routed through a single contract and the UAE royal family’s $700 million BTC exposure via Citadel Mining looks less like speculative punts and more like sovereign and institutional allocations.

In other words, even as Glassnode’s onchain data shows weakening address activity and fee volumes, there are counterparties deliberately using volatility to scale into size.

The result is a divergence: retail leverage continues to get flushed, while long-horizon allocators quietly accumulate.

But with transaction fees collapsing back toward decade lows and blocks clearing with little congestion, liquidity on the Bitcoin blockchain itself looks thin. That’s a problem for miners already squeezed by halved rewards, and it leaves the broader market bracing for consolidation, or deeper drawdowns into September, historically Bitcoin’s weakest month.

Market Movement

BTC: Bitcoin’s brief rebound from its weekend plunge failed Monday, with prices rejected at $113,000 before sliding to a seven-week low near $109,700, down 2.7% on the day and 7% from Friday’s post-Powell peak above $117,000.

ETH: Altcoins buckled Monday with ETH dropping nearly 8% below $4,400 and SOL, DOGE, ADA, and LINK sliding 6–8%, triggering $700 million in liquidations, mostly from over $627 million in long bets.

Gold: Gold is holding above $3,350 as Powell’s dovish Jackson Hole remarks boost rate-cut bets and geopolitical tensions sustain safe-haven demand, even as dollar strength and upcoming U.S. growth data loom as headwinds.

Nikkei 225: Asia-Pacific stocks fell Tuesday, with Japan’s Nikkei 225 and Topix down 0.54%, as investors weighed Trump’s China comments and U.S.–South Korea trade talks on planned 15% tariffs.

S&P 500: U.S. stocks pulled back Monday from a rate-cut-fueled rally, with the S&P 500 down 0.4% as focus turned to Nvidia’s upcoming earnings.

Elsewhere in Crypto:

• Grayscale Files to Convert Avalanche Trust to ETF (Decrypt)
• Japan's Finance Minister Says Crypto Assets Can be Part of Diversified Portfolio (CoinDesk)
• Venture trends, regulatory wins, and consumer innovation: Tom Schmidt and Alok Vasudev on crypto’s new era (The Block)

source https://www.coindesk.com/markets/2025/08/26/asia-morning-briefing-btc-fragility-and-eth-rotation-signal-market-bracing-for-consolidation-without-new-liquidity

Bitcoin Tumbles Back Below $110K as Crypto Bounce Fails, Ether Plunges 8%

Hopes for a quick reversal from the weekend crypto plunge faltered on Monday with bitcoin (BTC) slipping all the way back below $110,000, just barely ahead of its then-euphoric price of $109,400 touched ahead of President Trump's Jan. 20 inauguration.

The largest crypto's recovery attempt was quickly rejected at $113,000 during the U.S. session, and it fell precipitously to a seven-week low, CoinDesk price data shows. Recently, BTC traded at $109,700, down 2.7% over the past 24 hours and lower by about 7% since soaring above $117,000 in wake of Fed Chair Jay Powell's dovish Friday Jackson Hole speech.

While major altcoins held up relatively well during the Sunday crash, they succumbed to the market weakness on Monday. Ethereum's ether (ETH) plummeted nearly 8% over the past 24 hours below $4,400. Solana's SOL (SOL), dogecoin (DOGE), Cardano (ADA), Chainlink (LINK) also declined 6%-8%.

Today's price swing liquidated nearly $700 million in leveraged trading positions across all crypto derivatives, surpassing the Sunday flush, CoinGlass data shows. Some $627 million of the liquidated trades were longs anticipating higher prices.

What may further spook traders is weak seasonality as the end of August nears. September has brought historically the weakest returns for BTC and ETH with 3.77% and 6.42% losses on average for the month, respectively, per CoinGlass data.

UPDATE (Aug. 25, 20:28 UTC): Adds liquidation data by CoinGlass.

source https://www.coindesk.com/markets/2025/08/25/bitcoin-tumbles-back-to-usd110k-as-crypto-bounce-fails-ether-plunges-8

Bitcoin Reverses Powell Spike With a Flash Crash as Options Market Signals Jitters Ahead

Bitcoin (BTC) fell below $111,000 during the overnight trade, reversing Friday's spike caused by Fed Chair Powell's dovish speech, as a whale sold into illiquid market conditions.

The cryptocurrency's price fell by over 2% from $114,666 to $112,546 in under ten minutes to 07:40 UTC. The so-called flash crash occurred when a single whale sold 24,000 BTC, worth over $300 million, according to blockchain data firm Timechainindex.com.

"This entity liquidated their entire 24,000 balance, sending all of it to Hyperunite. They transferred 12,000 just today and are still actively selling, which is likely contributing to the ongoing price drop," the firm's researcher Sani said on X, adding that the whale still holds a total of 152,874 BTC across all associated addresses, including 5,266 BTC.

"The funds originally came from HTX about six years ago and had remained inactive until recent transactions involving one of their addresses containing approximately 24,000 BTC," Sani noted.

Prices eventually hit lows under $111,000 before recovering to trade near $112,800 as of writing, according to CoinDesk data.

Powel spike reversed

The price drop has erased gains seen after Friday, after the Fed Chair Jerome Powell appeared to support the idea of rate cuts, while playing down the long-term inflationary impact of President Trump's tariffs during his annual speech at Jackson Hole.

The so-called dovish speech saw BTC rally nearly 4% from $112,500 to $116,900 alongside a risk-on rally in U.S. stocks and the decline in the dollar index.

Over the weekend, the analyst community expressed confidence that a rate cut would occur in September, potentially leading to new all-time highs in bitcoin and ether.

Options disagree

The Deribit-listed bitcoin options reveal a lingering risk aversion, according to data tracked by Amberdata.

Specifically, the 25-delta risk reversals, a measure of investor sentiment comparing calls to puts, continue to trade in the negative territory through the December expiry, reflecting hedging activity and a bearish title.

A negative risk reversal means that put options, which offer insurance against price declines, are more expensive than call options.

In other words, despite the so-called dovish pivot by Powell, BTC options traders continue to price in uncertainty, bracing for a potential downside volatility.

Read more: Asia Morning Briefing: Bitcoin’s ETFs Kill the Transaction Fees, Punishing the Miners More

source https://www.coindesk.com/markets/2025/08/25/bitcoin-reverses-powell-spike-with-a-flash-crash-as-options-market-signals-jitters-ahead

Asia Morning Briefing: Bitcoin’s ETFs Kill the Transaction Fees, Punishing the Miners More

Good Morning, Asia. Here's what's making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.

Bitcoin’s price is holding near records, but the chain itself is quiet. Glassnode data shows transaction fees have collapsed back toward decade lows, even as BTC flirts with six figures.

In past cycles, fee spikes tracked bull markets as traders bid for blockspace. This year, the fee curve is flat while price rises, a clear sign that onchain demand is no longer driving the market.

A new report from Galaxy Research shows median daily fees have fallen more than 80% since April 2024, with as much as 15% of daily blocks now clearing at just 1 satoshi per vbyte. Nearly half of recent blocks are not full, signaling weak demand for blockspace and a dormant mempool.

This is a sharp contrast to prior bull cycles, where price rallies translated into congestion and fee spikes.

The data confirms a structural shift: spot ETFs and custodians now hold more than 1.3 million BTC, and coins parked in those wrappers rarely touch the chain again.

At the same time, retail activity that once clogged the Bitcoin blockchain has migrated to Solana, where memecoins and NFTs benefit from cheaper and faster execution. The result, Galaxy notes, is that the bitcoin price is being set by custodial inflows while the network's onchain demand – once a proxy for price movement – has slowed down.

For miners, this dynamic is particularly punishing. With rewards halved to 3.125 BTC and fees contributing less than 1% of block revenue in July, profitability is under strain. That stress is pushing listed miners to diversify into AI and HPC hosting.

Read more: Bitcoin Mining Faces 'Incredibly Difficult' Market as Power Becomes the Real Currency

A report from earlier this year by Rittenhouse Research argues that Galaxy Digital’s move out of mining altogether could be the model for the sector.

This move has been applauded by the equity markets. While BTC is down more than 3% on-year, the CoinShares Bitcoin Mining ETF has gained nearly 22%. Investors are rewarding firms that have leaned into diversification rather than relying on block rewards alone.

Listed miners tell a similar story. Hive, Core Scientific, and TeraWulf all reported Q2 results padded by HPC and AI hosting revenues.

Those with no diversification, like Bitdeer and BitFuFu, remain deeply exposed to electricity costs, equipment depreciation, and a fee market that Galaxy warns in its report is “anything but robust.”

The juxtaposition is telling: Galaxy’s own research warns that the Bitcoin blockchain's settlement role is stagnating, while Galaxy's balance sheet is being repositioned for growth in AI data centers.

Onchain data makes the point: without organic demand for blockspace, fees can’t fund security. And if fees stay low, equity markets are painting a clear picture that mining sector’s best future returns may come from AI, not Bitcoin.

Market Movements

BTC: Bitcoin traded at $113,286.95, down 1.79%, after briefly plunging to a six-week low near $110,600, with the broader crypto market facing heavy liquidations and volatility.

ETH: Ether traded flat at $4,779 as Jerome Powell’s dovish Jackson Hole remarks boosted expectations of a September rate cut, with asset managers predicting new highs for bitcoin and an ETH breakout above $5,000 despite risks from treasury adoption and equity volatility.

Gold: Gold closed at $3,371 after Powell’s dovish Jackson Hole remarks boosted September rate-cut odds.

Nikkei 225: Asia-Pacific stocks climbed Monday, with Japan’s Nikkei 225 up 1.08%, after Powell signaled potential Fed rate cuts in September during his Jackson Hole speech.

Elsewhere in Crypto

• The Funding: Why raising a crypto VC fund is harder now — even in a bull market (The Block)
• Why Luca Netz Will Be 'Disappointed' If Pudgy Penguins Doesn't IPO Within 2 Years (Decrypt)
• KPMG Says Investor Interest in Digital Assets Will Drive Strong Second Half for Canadian Fintechs (CoinDesk)

source https://www.coindesk.com/markets/2025/08/25/asia-morning-briefing-bitcoin-s-etfs-kill-the-transaction-fees-punishing-the-miners-more

As ETH Breaks Above $4,900, Analyst Sums Up Crypto Market: ‘BTC Is Exhausted, ETH Isn’t’

Ether (ETH) pushed into uncharted territory Sunday, clearing $4,900 on Coinbase at 5:40 p.m. UTC and surpassing its prior record of $4,867 set on Nov. 8, 2021.

The five-year ETH-USD price chart from TradingView shows a clean, multi-year breakout: ETH has finally vaulted the 2021 high after a long consolidation, leaving no historical overhead levels to lean on.

This is what traders call price discovery — the market is printing new highs with only psychology and order flow to guide it rather than prior chart resistance.

The 5-day view fills in the tape action. After a fast run from the mid-$4,700s, ETH pushed through $4,900 and reached an intraday high around $4,946.90. At the time of the chart snapshot — 6:48 p.m. UTC — the last price was about $4,941.57. That sequence signals buyers absorbed supply near the old ceiling and then forced a fresh high, a classic breakout pattern.

Analyst Miles Deutsher summed up the leadership shift as “BTC is exhausted, ETH isn’t.” In plain English, he is flagging relative momentum: bitcoin’s rallies have stalled near recent highs while ether just broke into price discovery.

When a market says one asset is “exhausted,” it usually means upside attempts are fading, follow-through is weak, and sellers keep meeting pushes higher; “isn’t” means the opposite — stronger follow-through, fresh highs, and active dip-buying. Traders often rotate toward the asset showing higher relative strength when the other leader tires.

Crypto Rover focused on supply on exchanges. “Exchange reserves” refers to coins held in wallets controlled by centralized trading venues.

When those balances trend down, fewer coins are immediately available to sell. If demand rises as liquid supply thins, price can accelerate because buyers must bid higher to coax coins off-exchange back into circulation. That is the mechanic behind his “supply shock” phrasing — not a guarantee of straight-up prices, but a setup where scarcity can magnify moves once momentum starts.

Michaël van de Poppe offered a risk check. He highlighted the unusually large weekly candle and cautioned that weekend breakouts often retrace when liquidity normalizes early in the week.

The idea is simple: weekend order books can be thinner, so moves extend more easily; when fuller participation returns on Monday, prices sometimes retest the breakout area to confirm it as support before trending again. In practice, that means a pullback toward the breakout zone would not, by itself, negate the larger bullish break you see on the 5-year chart.

While short-term volatility remains possible, ether’s break into price discovery underscores its growing role as a core crypto asset. With exchange supply thinning and institutional participation rising, how the market absorbs this rally will help determine whether ether can sustain momentum toward the ambitious year-end forecasts some strategists have outlined.

source https://www.coindesk.com/markets/2025/08/24/as-eth-breaks-above-usd4-900-analyst-sums-up-crypto-market-btc-is-exhausted-eth-isn-t

Getting ETH Exposure in 2025: Ether Near Record Highs, Tom Lee Can See $15K by Year End

Ether (ETH) is trading near record highs and bullish forecasts like Tom Lee’s $15,000 year-end target have put a spotlight on how investors can best gain exposure to ETH.

Market Context

According to CoinDesk Data, ether, the second-largest cryptocurrency, is trading at about $4,783 at the time of writing, near its all-time highs, reflecting strong investor demand amid growing institutional adoption.

Tom Lee, head of research at Fundstrat, CIO of Fundstrat Capital and chairman of BitMine Immersion Technologies (BMNR), told CoinDesk last month that ETH could reach $15,000 by the end of 2025. His comments highlight renewed optimism around Ethereum's growing importance for stablecoins, decentralized finance (DeFi) and real-world asset (RWA) tokenization.

Direct ETH ownership: the purest play

Owning ETH outright is the most straightforward way to participate. Holders gain full control of the asset and direct access to Ethereum’s decentralized finance (DeFi), NFT and staking ecosystems. ETH trades 24/7 across global markets, but investors must manage custody and security — whether through self custody wallets or third party custodians — and contend with evolving regulations. Costs are generally limited to exchange fees and gas.

Spot ETH ETFs: regulated simplicity, with staking proposals pending

Spot ether ETFs have made it possible for traditional investors to gain regulated ETH exposure through brokerage accounts. Some issuers are now seeking permission from the U.S. Securities and Exchange Commission (SEC) to add staking to their products.

If approved, staking would allow funds to earn additional yield by securing Ethereum’s proof-of-stake network and pass that income to shareholders. That would represent a first for U.S. crypto ETFs.

Prominent ETF analyst Nate Geraci said on July 30 that staking-enabled ether ETFs are likely to be “the SEC’s next hit list” before it takes up applications for other spot crypto products.

His point reflects a broader expectation that regulators will scrutinize staking first, since it blends DeFi-native mechanics with traditional fund structures. For investors, that means staking-enabled ETFs could reshape exposure by adding income streams beyond price appreciation — but only if regulators are satisfied that custody, transparency and market manipulation concerns are addressed.

For now, the SEC has acknowledged amendments to allow staking but has not yet granted approval, leaving timing uncertain.

Corporate treasuries: equity exposure with added volatility

Another path is investing in shares of publicly-traded companies that hold ether in their treasuries. BitMine Immersion Technologies, for example, disclosed on Aug. 18 holdings over 1.5 million ETH currently worth around $7.3 billion.

This approach ties shareholder value to ETH price movements and, potentially, corporate staking income. But equity exposure adds new risks:

• Capital raising risk: Companies need strong share prices to issue new equity for ETH purchases. A weak stock price directly limits their ability to grow treasuries.
• Double volatility: Even if ETH rises, the company’s stock might fall due to unrelated factors (earnings, sentiment, governance), meaning investors face risks beyond ETH’s price swings.

Comparing the options

Direct ETH

• Pros: Full control, access to DeFi/NFTs, 24/7 liquidity
• Cons: Custody and security risks, regulatory uncertainty
• Best for: Hands on investors comfortable with wallets

Spot ETH ETFs

• Pros: Regulated, simple brokerage access, potential staking yield (if approved)
• Cons: Fees, SEC hurdles, no DeFi access
• Best for: Traditional investors seeking simplicity

Corporate Treasuries

• Pros: Exposure to ETH plus potential corporate growth/staking returns
• Cons: Double volatility, dilution risk, governance exposure
• Best for: Equity investors looking for a hybrid play

Choosing a path

With ETH near record highs and bold forecasts fueling investor interest, the question for 2025 is less about whether to own ether and more about which vehicle best fits each investor’s risk appetite.

source https://www.coindesk.com/markets/2025/08/24/getting-eth-exposure-in-2025-ether-near-record-highs-tom-lee-can-see-usd15k-by-year-end

KPMG Says Investor Interest in Digital Assets Will Drive Strong Second Half for Canadian Fintechs

Canadian fintech companies raised $1.62 billion in the first half of 2025, with digital assets and artificial intelligence (AI) startups taking the lion's share of fresh funding, according to KPMG Canada’s Pulse of Fintech report.

While fintech funding slowed globally, Canadian investors maintained steady support for ventures at the intersection of finance and emerging technology. The report singled out companies building blockchain-based infrastructure and AI-driven financial tools as leading growth areas.

"If we look at the first half of 2025, it's clear that digital assets have re-emerged as a magnet for investor interest, despite the broader contraction in venture investment values," said Edith Hitt, a partner at KPMG Canada.

AI investments aren't surprising, given its monumental expansion in recent years. However, Canadian investors turning to digital assets funding might catch some off guard, as the risk factor of the crypto market has always been up for debate among investors.

However, with more pro-crypto regulations in the U.S. and further institutional push legitimizing certain parts of the digital assets sector, the conversation has clearly started to shift.

"Crypto's resurgence coming out of 2024 was reinforced by a more constructive regulatory tone in the U.S., the dismissal of the Coinbase lawsuit, and tangible mainstream adoption in stablecoin use cases," Hitt added.

Cautious investors

While the $1.6 billion number may seem big, zooming out, the numbers have actually dropped year-over-year due to macro events such as tariffs and higher interest rates. The report said the first half of 2025 data is lower than $2.4 billion invested in the Canadian fintech industry in the same time period last year, and $7.5 billion invested in the second half of 2024.

This doesn't mean investors are shying away from fintech funding; rather, there is a lot of 'dry powder' waiting to be deployed, said Dubie Cunningham, a Partner in KPMG in Canada's Banking and Capital Markets Practice. Investors are looking for more "quality companies" and appetite for "maturing mid-to-large stage private equity deals," she added.

'Strong' second half

In fact, KPMG Canada's report explained that this trend of investing in AI and digital assets is likely to continue into the latter half of 2025.

"Investor interest in digital will remain strong in the second half of the year and into 2026, driven by the U.S. administration's bullish view and lighter regulatory touch on cryptoassets, said Hitt.

"The focus will be on infrastructure, payments rails, and tokenization platforms that can scale in compliant, integrated ways," she added.

Hitt said things will only heat up more on the AI side, "as more fintechs increasingly adopt and deploy agentic AI solutions across areas like personal finance, investment management, fraud detection and lending."

source https://www.coindesk.com/business/2025/08/23/kpmg-sees-strong-second-half-for-canadian-fintechs-after-crypto-ai-raked-in-billions

Ether Likely to Top $5K, BTC Eyes Record High as Powell Sparks Rally; Watch for DAT Deal Risks: Asset Managers

Cryptocurrencies surged late Friday after Federal Reserve President Jerome Powell struck a dovish tone at the Jackson Hole economic symposium, defying market expectations for a more hawkish stance. That has prompted asset managers to call for new all-time highs for bitcoin (BTC), ether (ETH) and select altcoins.

What Powell said?

In one of his most important speeches, Powell suggested that the labor market could benefit from lower borrowing costs, having held the benchmark interest rate steady at 4.25% for eight months.

“Downside risks to employment are rising,” Powell said in prepared remarks for his keynote speech at the Jackson Hole Symposium, adding that the possibility of President Donald Trump’s tariffs having only a short-lived effect on inflation is “reasonable.”

“With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” he noted.

Cryptocurrencies and stocks soared, and the probability of the September Fed rate cut jumped to 90% following the speech. Most analysts expect the momentum to continue in the days ahead.

Analysts see new highs for BTC and ETH above $5K

Analysts at Monarq Asset Management anticipate that ether's price will rise above $5,000 in the coming days.

"We maintain our overall bullish stance. Market internals remain constructive, with few signs of overheating and, as you point out, a clear path to new all-time highs in both BTC and ETH," Sam Gaer, chief investment officer of Monarq Asset Management's Directional Fund, told CoinDesk.

"Our house view is that Powell’s dovish pivot has cleared the way for $5,000+ in the near term (also not the hardest call to make). Demand from treasury vehicles should increase into the fall as many of the deals announced this summer close or de-SPAC, in addition to ongoing institutional and retail inflows," Gaer added.

Ethereum's native token ether has already gained nearly 10% in 24 hours, hitting record highs above $4,800. As of writing, it changed hands at $4,700, according to CoinDesk data. Meanwhile, market leader bitcoin traded near $115,600, slightly down from the overnight high of $117,400.

Data from Deribit-listed options shows that ether's rally has sparked renewed demand for upside bets, or call options. At press time, risk reversals were positive across all tenors, implying relative richness of calls. The sentiment wasn't so bullish in BTC options.

Gaer stated that over-the-counter desks and market makers are experiencing stronger demand for ETH compared to BTC, suggesting that ether may outperform ahead.

That said, BTC looked strong on its own too. "The BTC pullback from ATH was ~9.6%—far less than earlier drawdowns this year—indicating strong demand, as evidenced by whale wallet accumulation around the $113k level," Gaer said.

Spencer Yang, managing partner at BlockSpaceForce, a crypto treasury advisory firm, said more rate cuts could happen after September, ensuring the momentum extends well into the year-end.

"We’re now fully expecting rate cuts to happen in September. It will be the first cut since Trump became President this year. This is significant, and many more will come," Yang said, calling new highs in the crypto market.

"The major 5 that we pay attention to: BTC, ETH, BNB, SOL, LINK. These will do well given the various parts of the crypto industry they impact," Yang added.

Focus on ETF flows

Steve Lee, co-founder and managing partner at Neoclassic Capital and investor in BlockTower Capital, called Powell's dovish turn a short-term constructive development for cryptocurrencies while stressing the importance of continued inflows into bitcoin and ether spot ETFs.

"I see this as constructive in the short term, and it may help reverse this week’s sell-off. The key question is whether this momentum holds beyond the low-liquidity weekend. Since BTC and ETH price action is increasingly institutionally driven, spot ETF flows today and Monday will be a strong indicator of whether we are set for another leg higher," Lee told CoinDesk.

Lee highlighted Base, Monad, Story, and SUI as key projects of interest that he is closely monitoring in his capacity as an early-stage venture capitalist.

Gaer, meanwhile, favored Solana and the SOL ecosystem, including high-beta SOL tokens such as JITO and JUP. Raydium and PUMP on both a "fundamental and forward-demand basis."

Potential headwinds

While Powell’s dovish stance has set the stage for a rally, traders should remain cautious about potential pitfalls from corporate treasury cryptocurrency adoption and volatility in equity markets.

"Digital asset treasuries (DAT) are an innovative vehicle for public market investors to gain exposure to the digital asset space. However, we have started to see the quality of DAT deals – from banking relationships, compliance, management team, and deal structure perspectives — dropping, which shows early signs of a 'bubble," Lee said.

Naqsdaq-listed Strategy started this trend of corporate BTC adoption in 2020. Since then, more than 100 publicly-listed firms have accumulated a total of 984,971 BTC, according to data source Bitcoin Treasuries.

"The trend may continue, but it is obvious that the risks associated with this are not ignorable," Lee added.

Gaer called for closely tracking risks from an overheated equity market and "potential for macro or geopolitical shocks."

source https://www.coindesk.com/markets/2025/08/23/ether-likely-to-top-usd5k-btc-eyes-record-high-as-powell-sparks-rally-watch-for-dat-deal-risks-asset-managers