Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | August 10 - August 16, 2025

Crypto Weekly Market Update

Table of Contents

Market Movements and Trends

• Crypto Weekly Recap
• Bitcoin Peaks at $124K Before Selloff; Ethereum Nears $4,800 on Whale Activity
• BitMine and SharpLink Lead Ethereum Accumulation, With Billions in Treasuries and Ambitious Growth Plans

Exchanges & Derivatives

• Coinbase Completes $2.9 Billion Acquisition of Deribit, Expanding Derivatives Offering with USDC-Settled Options
• Gemini Plans Nasdaq IPO as GEMI, Reports $282.5M Loss in H1 2025

Legal & Regulatory

• Do Kwon, Terraform Co-Founder, Pleads Guilty to Fraud in Terra Collapse Case
• U.S. Treasury Won't Buy Bitcoin, Focuses on Seized Assets for Strategic Reserve

Investments & ETFs

• Donald Trump Jr. Becomes Major Shareholder in Thumzup, Firm Raises $50M to Expand Crypto Mining
• Grayscale Registers Cardano and Hedera ETFs, Files for Dogecoin ETF 'GDOG' with SEC
• Ark Invest Invests $172M in Bullish as Stock Soars 83.8% on NYSE Debut

Crypto Weekly Recap

Total crypto market cap: 3.92T

Crypto Fear & Greed Index: 56 (Greed)

BTC.D: 59.84%

Bitcoin:

• Weekly performance: +0.94%
• US Spot BTC ETFs: +$547.82M
• Bitcoin edged up from $116,510 to $117,340, after printing a new all-time high above $124,000 on Aug 14 before fading back.
• The week began quietly near $116.5K, with Monday’s tone lifted by ETF inflows and anticipation of US inflation data.
• July CPI bolstered bets for a September Fed cut, driving BTC higher as Fed futures priced 94% odds by Aug 13.
• On Aug 14, BTC ripped through resistance to touch $124K, but the release of hot PPI reversed sentiment, knocking price back below $120K within hours.
• The sharp reversal sparked $577M in liquidations in one hour and nearly $1B over 24h, as leveraged longs were forced out, amplifying the drawdown.
• Despite the washout, BTC derivatives open interest held near $32.5B (Aug 15), showing traders kept risk on even as a CME gap near $119K attracted price late in the week.
• Fed rate-cut expectations remained anchored, with markets fully pricing a 25 bp cut in September, though officials warned on sticky services inflation.
• By week’s end, BTC steadied near $117–118K, showing that while PPI stopped the breakout, steady ETF demand and dovish policy bets underpinned support.
• Analysts framed $125K as the next inflection point, with IG’s Tony Sycamore noting on Aug 14 that a break above could project BTC toward $150K.

Ethereum:

• Weekly performance: +5.82%
• US Spot ETH ETFs: +$2.85B
• ETH started the week at $4,250, dipped to $4,163 before rallying. Price peaked at $4,787 (Aug 14), very close to its current all-time high.
• Large-cap alts (LINK, SOL, XRP, LTC, SUI) posted mid- to high-teens gains, driven by fundamentals and technical patterns, with SOL reclaiming $200.
• CPI relief on Aug 12 pushed ETH +8.7% daily to $4,633, but market flipped after PPI surprise.
• ETH pulled back ~4.9% to $4,415 (Aug 16) as open interest fell ~5.9%.
• Stablecoin supply grew $6.25B weekly, keeping dip-buy demand intact.
• Flows split: some whales staked and accumulated, others took profits, fueling swings.
  • Whales accumulated $435M ETH in 24h, including 60K ETH staked from Coinbase Prime.
  • Large wallets withdrew 124K+ ETH (~$572M) from Kraken in two days.
  • Ethereum Foundation sold 6,194 ETH (~$28M) near $4,578 average.
  • Hacker-linked wallet sold 4,958 ETH (~$22M) during volatility.
  • Whale group “7 Siblings” sold 19,461 ETH (~$88M) in 15 hours.
  • Dormant whale moved 334.7 ETH (~$1.48M) after ~10 years idle.
• Standard Chartered analysts raised ETH year-end price target to $7,500.

Others:

• OKB jumped after OKX unveiled a tokenomics upgrade with a 65M token burn.
• LayerZero and Stargate tokens rose on a planned $110M acquisition.
• Rumble, backed by Tether, pursued a $1.17B Northern Data acquisition.
• Circle announced plans for Arc, a Layer 1 blockchain focused on stablecoins.
• Monero faced chain reorg fears after Qubic claimed control of 51% of hashrate.
• Elon Musk’s SpaceX bitcoin holdings topped $1B.

Bitcoin Peaks at $124K Before Selloff; Ethereum Nears $4,800 on Whale Activity

Bitcoin reached a record high of over $124,000 on August 14, 2025, driven by optimism from Federal Reserve rate cuts and crypto-friendly policies, before a selloff dropped its price below $117,500, resulting in $227 million in liquidations. Ethereum saw significant whale accumulation, with large wallets adding over 1 million ETH, pushing prices to nearly $4,800. Despite this, profit-taking and market corrections followed, with Ethereum slipping below $4,500 and Bitcoin near $114,000. The broader market cap decreased by $80 billion, showcasing volatility in reaction to inflation pressures and changing macro conditions, affecting total crypto market valuation to around $4.05 trillion.

BitMine and SharpLink Lead Ethereum Accumulation, With Billions in Treasuries and Ambitious Growth Plans

BitMine Immersion Technologies has rapidly expanded its Ethereum holdings, acquiring 135,135 ETH for $600 million, boosting its total to 1.297 million ETH, valued at $5.77 billion. It plans a $24.5 billion stock offering, paralleling MicroStrategy's Bitcoin approach. SharpLink Gaming, the second-largest holder with 728,804 ETH valued at $3.3 billion, reported a $103.4 million net loss while raising $2.6 billion for ETH accumulation. Institutional momentum in Ethereum treasuries is surging, with executives aiming for significant stakes, driving optimism amid rising U.S. federal debt, while critics caution against potential valuation games in this expanding landscape.

Coinbase Completes $2.9 Billion Acquisition of Deribit, Expanding Derivatives Offering with USDC-Settled Options

Coinbase has finalized its $2.9 billion acquisition of Deribit, a significant move in the crypto landscape that enhances its derivatives offerings. The deal, completed on August 14, 2025, includes $700 million in cash and 11 million Class A shares, aimed at streamlining trading across various instruments. Deribit processed $1.185 trillion in trading volume for 2024, nearly doubling year-over-year, and recorded an open interest of $59 billion. On August 19, Deribit will introduce USDC-settled linear options and fixed futures, enhancing accessibility and capital efficiency for traders, while also allowing cross-portfolio margining to ease capital requirements.

Do Kwon, Terraform Co-Founder, Pleads Guilty to Fraud in Terra Collapse Case

Do Kwon, co-founder of Terraform Labs, pleaded guilty to conspiracy to defraud and wire fraud in a U.S. court, marking a significant turn in the Terra collapse aftermath. His admission comes after years of litigation following the 2022 fall of Terra USD, which wiped out billions and destabilized crypto markets. Kwon, facing up to 25 years in prison, initially pleaded not guilty to a range of charges, including fraud and money laundering, before reversing his decision. Additionally, he was found liable for civil fraud by a jury, reinforcing allegations of investor deception surrounding Terra USD.

U.S. Treasury Won't Buy Bitcoin, Focuses on Seized Assets for Strategic Reserve

U.S. Treasury Secretary Scott Bessent announced that the government will not purchase additional bitcoin for President Trump's strategic reserve. Instead, the focus will be on utilizing current seized assets, which will not be sold, to gradually build the reserve. Bessent estimates the value of the bitcoin reserve at $15 to $20 billion. Trump’s earlier executive orders established both a Strategic Bitcoin Reserve and a broader Digital Asset Stockpile, but no further acquisitions beyond confiscated assets are planned. Bessent emphasized the Treasury's commitment to explore budget-neutral methods for potentially expanding the reserve.

Donald Trump Jr. Becomes Major Shareholder in Thumzup, Firm Raises $50M to Expand Crypto Mining

Donald Trump Jr. is now a significant shareholder in Thumzup (ticker TZUP), a digital asset treasury firm that recently raised $50 million through a public offering to expand into crypto mining and acquire tokens like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Trump holds approximately 350,000 TZUP shares, potentially available in a secondary offering. Thumzup aims to enhance its operations by collaborating with leading mining technology providers. The Trump family has actively engaged in the crypto sector, reportedly profiting $620 million from various ventures. Eric Trump serves as chief strategy officer at American Bitcoin, highlighting their family's continued interest in digital assets.

Grayscale Registers Cardano and Hedera ETFs, Files for Dogecoin ETF 'GDOG' with SEC

Grayscale has registered Cardano Trust ETF and Hedera Trust ETF entities in Delaware, indicating potential forthcoming S-1 filings, as the SEC recognized NYSE Arca's and Nasdaq's filings for these ETFs. Concurrently, Grayscale launched investment trusts for DeepBook and Walrus, which offer exposure to tokens within the Sui blockchain ecosystem. Grayscale is also advancing its proposal to launch a Dogecoin ETF, set to trade under the ticker "GDOG," as detailed in a recent filing. The firm plans to rename its Grayscale Dogecoin Trust to the Grayscale Dogecoin Trust ETF, hoping for approval from the U.S. Securities and Exchange Commission (SEC). If sanctioned, the fund would trade on NYSE Arca.

Ark Invest Invests $172M in Bullish as Stock Soars 83.8% on NYSE Debut

Ark Invest purchased $172 million in Bullish shares during the crypto firm's debut on the NYSE. The ARK Innovation ETF (ARKK) was the primary buyer with 1.7 million shares, supported by smaller investments from ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF). Bullish's stock surged 83.8% to close at $68 on its first trading day, with an additional 9% increase recorded on Thursday. The company raised $1.1 billion in its IPO, pricing shares at $37, and plans to utilize the proceeds for operational support and potential acquisitions.

Gemini Plans Nasdaq IPO as GEMI, Reports $282.5M Loss in H1 2025

Cryptocurrency exchange Gemini plans to go public on Nasdaq under the ticker GEMI, as revealed in its S-1 filing published on August 15, 2025. The firm reported a significant net loss of $282.5 million in the first half of 2025, a sharp increase from $41.3 million in the same period of 2024. Gemini's adjusted EBITDA declined from a $32 million profit in 2024 to a $113.5 million loss. The company will transition most users to a Florida-based unit, Moonbase, while a new credit facility with Ripple worth up to $75 million will be settled in RLUSD stablecoin.