Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | August 17 - August 23, 2025

Crypto Weekly Market Update

Table of Contents

Market Movements and Trends

• Crypto Weekly Recap
• Ethereum Peaks at $4,885; BNB Soars to $900 and OKB Hits $255 Amid Crypto Surge
• Ethereum Treasuries Exceed 4.1 Million ETH, Valued at Nearly $20 Billion

Stablecoins and Wallet Innovations

• Wyoming Launches First U.S. State-Backed Stablecoin, Frontier Stable Token (FRNT)
• MetaMask Launches mUSD Stablecoin, Integrates with Linea and Plans for Debit Card by 2025

Corporate and Acquisition Moves

• Thumzup, Backed by Trump Jr., Acquires Dogecoin Miner Dogehash in All-Stock Deal

Regulatory and Policy Updates

• SEC Chair Atkins: "Very Few" Crypto Tokens Are Securities, Advocates for Regulatory Framework and Project Crypto
• CFTC Launches Next Phase of "Crypto Sprint," Seeks Public Feedback by Oct. 20
• SEC Delays Decisions on Key Crypto ETFs, Including XRP, Litecoin, and Dogecoin

ETF Developments and Proposals

• Asset Managers File Amendments for Spot XRP ETFs, Indicating SEC Approval Interest
• VanEck Proposes First Spot Solana ETF Backed by Liquid Staking Token JitoSOL

Banking and Institutional Adoption

• DBS Bank to Tokenize Structured Notes on Ethereum for Institutional Investors

Crypto Weekly Recap

Total crypto market cap: 3.93T

Crypto Fear & Greed Index: 60 (Greed)

BTC.D: 58.41%

Bitcoin:

• Weekly performance: -1.96%
• US Spot BTC ETFs: -$1.18B
• Bitcoin saw weekly high ~$118.6K (Aug 17) and low ~$111.7K (Aug 22).
• Intraday rebound Aug 22: BTC jumped from ~$111.7K to ~$117.4K post-Powell speech.
• Narrative: ETF outflows dragged prices midweek, but Powell’s dovish tilt restored bid.
• U.S. Spot BTC ETFs saw ~$1.18B net outflows Aug 18–22, worst week since early summer. Flows eased by Aug 22 with -$23.2M in redemptions, coinciding with price recovery.
• Powell’s Aug 22 Jackson Hole speech noted labor softening and tariff-driven inflation risk. Markets interpreted Powell as dovish; CME FedWatch cut odds spiked near 85% but then dropped to 75% at the time of writing.
• Polymarket priced 78% probability of a 25 bp cut by Sep 17 meeting.
• U.S. equities reacted: S&P 500 +1.5% Aug 22; Nasdaq +1.7%; Treasury yields fell. Gold gained ~1% Aug 22 but ended flat on the week; BTC tracked risk assets.
• Exchange BTC reserves near multi-year lows (~2.52M BTC Aug 17), limiting sell pressure, as per CryptoQuant data.
• Stablecoin supply fell ~$337.42M (-0.12%) over 7d to Aug 23, signaling muted rotation.
• Bitwise’s CIO previewed a 10-year outlook calling for a 28% annualized return for Bitcoin, with declining but still high volatility and low correlations versus major asset classes.

Ethereum:

• Weekly performance: +7.06%
• US Spot ETH ETFs: -$241.1M
• Ethereum is trading at ~$4.74K, an increase compared to $4.47K prior week.
• Weekly high $4.88K (Aug 22) also marked the asset's new all-time high; weekly low $4.08K (Aug 20).
• ETH rebounded ~16% intraday Aug 22, from ~$4.21K to ~$4.89K.
• U.S. spot ETH ETFs saw -$241.1M net outflows for the week.
• Largest daily outflow Aug 19 -$429.73M, deepening midweek slide.
• Powell’s Jackson Hole speech (Aug 22) signaled dovish bias.
• Sentiment flipped from mid-week risk-off to Friday risk-on surge, keeping $5K ETH in play.
• ETH has recently outperformed BTC, attributed to four key factors by JPMorgan analysts: expected SEC approval for staking ETFs, corporate treasury adoption, liquid staking token classification easing, and in-kind ETF redemption approvals.
• Bernstein analysts predict the current crypto bull market could extend through 2027, beyond the typical four-year cycle.
• Factors driving this include U.S. policy momentum, institutional support, and increased participation beyond bitcoin.

Others:

• Robinhood launched NFL and NCAA betting markets via Kalshi partnership
• SharpLink shares rose after Ethereum treasury firm approved $1.5B buyback
• Scaramucci’s SkyBridge planned to tokenize $300M on Avalanche blockchain
• Japan’s SBI Holdings partnered with Startale to launch tokenized stock trading
• US DOJ official said writing code without intent to commit crime was not illegal after Tornado Cash verdict
• Wormhole opposed LayerZero’s $110M Stargate bid and requested voting pause
• Nasdaq moved to delist BNB token treasury firm Windtree Therapeutics for noncompliance
• Pump.fun surpassed $800M in lifetime revenue as Solana memecoin launchpad rivalry intensified
• Kanye West’s YZY Solana token launched; first buyer had earned $100M trading TRUMP

Ethereum Peaks at $4,885; BNB Soars to $900 and OKB Hits $255 Amid Crypto Surge

On August 22, 2025, Ethereum surged to a record $4,885, driven by dovish comments from the Federal Reserve and a 14–15% spike in crypto prices. BNB briefly reached $900, supported by institutional investments and increasing on-chain activity, with daily transactions doubling to 13.8 million. OKB peaked at $255.5, buoyed by a significant token burn that reduced supply by 93%. Overall, weekly gains for these tokens exceeded 115%, with Ethereum liquidations surpassing $340 million and trading volumes soaring nearly 95%, showcasing the growing influence of institutional capital and supply mechanics in the crypto market's dynamics.

Ethereum Treasuries Exceed 4.1 Million ETH, Valued at Nearly $20 Billion

Ethereum treasuries have surpassed 4.1 million ETH, valued at approximately $19.97 billion, representing 3.39% of the circulating supply. Significant entities, led by BitMine Immersion Technologies with 1.5 million ETH, demonstrate growing institutional interest in Ethereum. Other major holders include SharpLink Gaming (740,800 ETH) and the Ethereum Foundation (231,600 ETH). Public companies account for 2.6 million ETH, worth $12.7 billion. Additionally, U.S. spot Ethereum exchange-traded funds hold about 6.42 million ETH, or 5.31% of the current supply, further solidifying Ethereum's role as a key asset in institutional digital finance strategies.

Wyoming Launches First U.S. State-Backed Stablecoin, Frontier Stable Token (FRNT)

Wyoming has launched the Frontier Stable Token (FRNT), the first state-backed stablecoin in the U.S., following President Trump’s federal stablecoin bill. Pegged to the U.S. dollar, FRNT aims to serve individuals and businesses globally, featuring overcollateralization with 102% in cash and U.S. Treasurys, enhancing stability. Operating on seven blockchains—Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana—interoperability is supported by LayerZero and Fireblocks. Trading starts soon via Kraken and Rain’s card platform. This initiative, following the 2023 Stable Token Act, positions Wyoming at the forefront of digital finance and regulatory innovation.

MetaMask Launches mUSD Stablecoin, Integrates with Linea and Plans for Debit Card by 2025

MetaMask has launched its first native stablecoin, MetaMask USD (mUSD), highlighting its integration within the wallet ecosystem. Announced on August 21, 2025, mUSD is fully compliant with the GENIUS Act and backed by dollar-equivalent assets, issued by Bridge under M^0 protocol with custody managed by Blackstone. Designed for seamless transfer between crypto and fiat, mUSD enhances user experience with lower costs and improved transaction flows. Furthermore, MetaMask plans to integrate mUSD into a Mastercard-powered debit card by 2025, bridging decentralized finance and real-world spending, positioning mUSD as a key player in the evolving stablecoin market.

Thumzup, Backed by Trump Jr., Acquires Dogecoin Miner Dogehash in All-Stock Deal

Thumzup, a social media marketing company backed by Donald Trump Jr., is acquiring Dogehash Technologies, an industrial-scale miner of Dogecoin and Litecoin, in an all-stock transaction. Dogehash shareholders will receive 30.7 million shares of Thumzup, after which the combined firm will be renamed Dogehash Technologies Holdings and listed on Nasdaq as “XDOG.” The acquisition is expected to close by year-end. In July, Thumzup raised $50 million through a common stock offering to acquire crypto assets like DOGE, BTC, ETH, LTC, and XRP, enhancing the Trump family's connections in the crypto sector.

SEC Chair Atkins: "Very Few" Crypto Tokens Are Securities, Advocates for Regulatory Framework and Project Crypto

SEC Chair Paul Atkins, speaking at the Wyoming Blockchain Symposium, asserted that "very few" crypto tokens qualify as securities, a significant shift from Gary Gensler's position. Atkins emphasized that classification relies on the token's packaging and sale rather than the asset itself. He advocated for a framework that protects crypto from “regulatory mischief” and highlighted the importance of collaboration with Congress and other agencies. Additionally, he introduced “Project Crypto,” aimed at modernizing securities laws and better integrating onchain markets, reflecting his commitment to adapt regulatory approaches to the evolving crypto landscape.

CFTC Launches Next Phase of "Crypto Sprint," Seeks Public Feedback by Oct. 20

The CFTC has launched the next phase of its "Crypto Sprint" initiative, following recommendations from the President's Working Group on Digital Asset Markets. Public feedback is being collected until October 20, 2025, focusing on topics such as retail trading on registered exchanges. Acting Chair Caroline Pham emphasized the urgency of enabling federal-level digital asset trading. The initiative aims to enhance coordination with the SEC, which recently initiated its own "Project Crypto" to modernize securities regulations. Key areas of focus include registration, custody, trading, and recordkeeping for digital assets as the U.S. regulatory landscape evolves.

SEC Delays Decisions on Key Crypto ETFs, Including XRP, Litecoin, and Dogecoin

The U.S. Securities and Exchange Commission (SEC) has delayed decisions on several crypto ETF proposals, including five spot XRP ETFs from Grayscale, 21Shares, Bitwise, CoinShares, and Canary, along with a spot Litecoin ETF by CoinShares and a Dogecoin ETF by Grayscale. Additionally, the SEC postponed a proposal from 21Shares allowing staking within its spot Ethereum ETF, and will address the Truth Social Bitcoin and Ethereum ETF tied to Donald Trump on Oct. 8. While these delays are procedural, they push critical altcoin ETF decisions into Q4 amidst growing industry momentum.

Asset Managers File Amendments for Spot XRP ETFs, Indicating SEC Approval Interest

On August 22, 2025, several asset managers, including Grayscale, Bitwise, and WisdomTree, filed S-1 amendments for proposed spot XRP ETFs, indicating strong interest in SEC approval. Analysts interpret the filings as a response to SEC feedback, with changes allowing cash or in-kind redemptions. Despite these developments, the SEC has yet to approve any spot XRP ETF, although other fund types have been suggested. Notably, BlackRock, which manages major spot ETFs, has not pursued an XRP fund. Following the news, XRP's price increased 7% to $3.08. The filings reflect a growing eagerness within the finance industry.

VanEck Proposes First Spot Solana ETF Backed by Liquid Staking Token JitoSOL

VanEck has to launch the JitoSOL ETF, a spot Solana fund fully backed by the liquid staking token JitoSOL, marking a significant development in staking-based ETFs. This initiative is supported by the Jito Foundation, highlighting it as the first of its kind for Solana. The SEC's recent clarification that certain liquid staking activities are not considered securities transactions facilitates this new ETF structure. This proposal follows the REX-Osprey Solana ETF, which also incorporated staking rewards through JitoSOL. The SEC is actively reviewing various crypto ETF applications amid a more favorable regulatory environment under the Trump administration.

DBS Bank to Tokenize Structured Notes on Ethereum for Institutional Investors

DBS Bank is set to tokenize structured notes on Ethereum for institutional and accredited investors through platforms like ADDX, DigiFT, and HydraX. Their first product, a crypto-linked structured note, offers cash payouts linked to rising crypto prices while providing downside protection. Each tokenized note will represent a $1,000 share, aiming to lower the high investment barrier typically associated with structured notes, which often require a minimum of $100,000. In H1 2025, DBS traded over $1 billion in crypto-linked structured notes and plans to diversify offerings, targeting equity-linked and credit-linked notes in the future.