Decentralized exchanges (DEX) recorded the second-largest trading volume on record in August. On the 8th (local time), Unfolded said on X (formerly Twitter), "Last August decentralized exchanges recorded the second-largest trading volume on record," and added, "this amounts to approximately $506.3 billion."
With growing expectations of approval for a spot XRP (XRP) exchange-traded fund (ETF), option traders are reportedly leaning toward a bullish outlook. On the 8 (local time), CoinDesk said, "Deribit XRP call options are trading at higher prices than put options across all expiries," adding, "in particular, December call options carry the largest premium over puts." It added, "This indicates traders expect an XRP rally by year-end." The possibility of a spot ETF approval was cited as the reason for the anticipated rally. The outlet reported, "Expectations for approval of a spot XRP ETF in the U.S. are on the rise," and said, "the U.S. Securities and Exchange Commission (SEC) could simultaneously approve multiple XRP ETFs around the end of October." A positive price outlook was also offered. Prominent XRP supporter Pimpious tweeted on X (formerly Twitter), "If an XRP ETF is approved, more than $5 billion could flow in during the first month," and predicted, "XRP price could reach $50 by year-end." As of 4:45 PM, on the Binance USDT market XRP is trading at $2.9, up 2.50% from 24 hours earlier.
The European Union (EU) is reportedly considering measures to sanction Russian virtual asset (cryptocurrency) exchanges to bring an end to the Russia-Ukraine war. On the 8th (local time), Bloomberg, citing informed sources, said, "The European Union is considering new sanctions targeting Russian banks and energy companies to bring an end to the Russia-Ukraine war," and added, "Sanctions on virtual asset exchanges, payment and credit card systems in Russia are also being considered." To this end, the EU delegation plans to hold talks with the U.S. side this week to discuss specific sanctions measures.
The supply of stablecoins on the Ethereum network reached an all-time high. On the 8th (local time), Token Terminal said on X(formerly Twitter), "About 5 billion dollars of new stablecoins were issued on the Ethereum network last week," and "Ethereum-based stablecoin supply reached an all-time high of 165 billion dollars," it said. Meanwhile, Ethereum's stablecoin market share is reported to be about 60%.
In the past 24 hours, the position liquidation size in the crypto assets (cryptocurrencies) perpetual futures market was $158,890,000. According to CoinGlass data on the 8th (local time), a total of $158,890,000 worth of futures positions were liquidated in the crypto market over the past 24 hours. Specifically, $65,820,000 of long positions were liquidated and $93,070,000 of short positions were liquidated. The asset with the largest liquidation was Ethereum (ETH). Ethereum saw $21,720,000 of positions liquidated over 24 hours, of which long and short positions were $11,720,000 and $10,000,000, respectively. Second was Somnia (SOMI). During the same period, Somnia had $17,990,000 of positions liquidated, of which long positions were $5,640,000 and short positions were $12,340,000. Bitcoin (BTC) saw $48,470,000 disappear. The liquidation sizes of long and short positions were $21,630,000 and $26,850,000, respectively.
Whales have sold more than 140 million Ethena (ENA). On the 8th (local time), crypto asset (cryptocurrency) analyst Ali Martinez said on X (formerly Twitter), "Last week whales sold 140 million Ethena." This is equivalent to $107,070,000 at current Ethena prices. As of 3:05 PM, Ethena on the Binance USDT market is trading at $0.7638, up 3.17% from 24 hours ago.
The probability of a rate cut in September rose to 96%. On the 3rd (local time), according to the Chicago Mercantile Exchange (CME) FedWatch, the likelihood that the U.S. Federal Reserve (Fed) will cut rates by 25bp in September rose to 96%. The U.S. July job openings and labor turnover report suggested a slowdown in employment, increasing the likelihood of a rate cut. Earlier, the U.S. Bureau of Labor Statistics (BLS) announced that July job openings decreased from 7.36 million (revised) to 7.18 million. Bitcoin is also on the rise. As of 12:04 PM, on the Binance USDT market, Bitcoin is trading at 112,260 dollars, up 0.81% from 24 hours earlier.
The United States' July job openings and quits (JOLTs) fell short of market expectations. On the 3rd (local time), according to the July JOLTs released by the U.S. Department of Labor, job openings in the U.S. market were 7.181 million, below both the expected 7.38 million and the revised prior month figure of 7.357 million. Job openings and quits are a gauge of labor market health, and typically, when job openings and quits increase, the labor market is judged to be operating healthily.
Bitcoin (BTC) exceeded 112,000 dollars. As of 11:40 PM, based on the Binance USDT market, Bitcoin is trading at 112,213 dollars, up 0.65% from 24 hours ago.
Claims have emerged that AI agents will become the largest users of stablecoins. On the 3rd (local time), Mike Novogratz, CEO of Galaxy Digital, said in an interview with Bloomberg, "AI agents could soon become the largest users of stablecoins," adding, "users will ask AI to buy groceries, and AI will independently handle the necessary transactions (using stablecoins)." He went on to say, "Stablecoin transaction volume will grow explosively."
Depending on macroeconomic variables, the price of Bitcoin (BTC) could fall below $100,000. On the 3rd (local time), The Block reported that Bettle Lunde, an analyst at K33 Research, said in a report, "The macro factors being overlooked could pull Bitcoin below $100,000," and "U.S. tariff pressure and slowing economic indicators will have a major impact on the downtrend." He pointed out that tariff risks still remain. Lunde said, "Before long, the effect of tariffs will be fully reflected in U.S. economic indicators," and "after the producer price index (PPI) and consumer price index (CPI) to be released in September, downward pressure on Bitcoin will increase." He added, "Currently, open interest (OI) in Bitcoin perpetual futures is at a year-to-date high, so declines could accelerate." Seasonal factors were also mentioned. He explained, "Since 2011, Bitcoin's average September return has been –4.6%," and "if seasonal effects coincide with macroeconomic conditions, the possibility of a decline becomes greater." He projected that an attractive entry range is $94,000~$101,000. Lunde said, "I already sold some of the Bitcoin I held in August," and "the attractive entry range is around $94,000~$101,000."
Nasdaq-listed Alphaton Capital plans to purchase $100 million worth of Toncoin (TON). On the 3rd (local time), according to GlobeNewswire, Alphaton said in a press release, "We plan to purchase $100 million worth of Toncoin," and stated, "This will expand accessibility to more than 1 billion Telegram users."
Opinions have emerged that the gap in fund inflows between gold exchange-traded funds (ETFs) and Bitcoin (BTC) spot ETFs is narrowing. On the 3rd (local time), Bloomberg ETF analyst Eric Balchunas said on X (formerly Twitter), "The gold ETF GLD had $3.3 billion in inflows this week alone, ranking first in overall ETF inflows." He added, "Year-to-date inflows are far ahead for the Bitcoin ETF," but "the gap is gradually narrowing."
The decentralized finance (DeFi) and real-world asset (RWA) sectors are said to be leading the virtual asset (cryptocurrency) market. On the 3rd (local time), Cointelegraph said via X (formerly Twitter), "The DeFi and real-world asset market sizes have risen by 44.6% and 38.7%, respectively, compared to the start of the year," adding, "They are leading the virtual asset market." Meanwhile, the market sizes of stablecoins and Layer 1 have grown by 38.6% and 24.6%, respectively.
Christopher Waller, a Federal Reserve (Fed) governor, again called for a rate cut. On the 3rd (local time), according to Walter Bloomberg, Waller said in an interview with CNBC, "Rates should be cut at the next Federal Open Market Committee (FOMC) meeting," saying "an economic slowdown is expected." He added, "Tariffs do not cause long-term inflation," and "they only have a temporary effect." Earlier, the Trump administration said it was considering Governor Waller as the next Fed chair.
Bloomberg survey "60% chance IEEPA-based tariffs may be illegal" Confident of victory under a Supreme Court with a Republican-appointed majority Some legal scholars predict "even the Supreme Court may not easily overturn on legal grounds" President Trump said he will promptly appeal the appeals court's tariff ruling to the Supreme Court, raising the prospect that whether reciprocal tariffs against trade partners such as South Korea, Japan and the European Union (EU) will remain in place could be decided as soon as early next year. According to foreign media on the 3rd (local time), President Trump said the administration would ask the Supreme Court for expedited review on the 3rd local time because a swift ruling is needed. Many U.S. legal and trade experts predicted the Supreme Court is somewhat more likely to overturn the lower court rulings and uphold the tariffs Trump imposed under the International Emergency Economic Powers Act (IEEPA). Some legal scholars, however, said that because the case involves assessing a president's exercise of powers not explicitly set out in the IEEPA, even a conservative-leaning Supreme Court might not easily rule as the Trump administration wishes. In a Bloomberg survey of experts, the IEEPA tariffs were assessed as having a 60% probability of ultimately being deemed illegal. Experts say this is because the U.S. Supreme Court is likely to find that "the imposition of tariffs under this law exceeded the president's authority." Of the nine justices on the U.S. Supreme Court, six were appointed by Republicans. Since Trump's inauguration, the Court has handed him several victories, including allowing the deportation of immigrants and permitting a ban on transgender military service. The U.S. federal circuit appeals court last Friday issued the same ruling as the lower court. It ruled that the IEEPA does not explicitly list tariffs among the regulatory authorities permitted in a national emergency, and therefore it did not grant the president unlimited authority to impose tariffs — that authority belongs to Congress. Senior administration officials, including Treasury Secretary Scott Bessent, nonetheless expect the Supreme Court to support imposing tariffs based on the IEEPA. They said that even if the appeals court decision is upheld, they will pursue other legal options. Current tariffs are scheduled to remain in place until October 14 under a stay imposed by the appeals court. Some U.S. legal scholars say the central issue before the Supreme Court will be how far an unenumerated informal regulatory authority for the president can extend. Therefore, even with a Court that leans conservative, they expect the Supreme Court may uphold the original trade court ruling regarding tariffs. John Verono, a former deputy U.S. trade representative appointed by Republicans and a partner at law firm Covington & Burling, told Reuters, "I do not believe the Supreme Court will so broadly interpret the IEEPA as to let the president rewrite tariff law as he wishes." Verono said the case will test the Supreme Court's "major questions doctrine." This principle holds that Congress must clearly authorize administrative agencies to make decisions of ‘vast economic and political significance.’ The principle was applied in 2023 in a case involving President Joe Biden. At that time the Supreme Court ruled 6-3 that Biden's cancellation of up to $400 billion in student loan debt exceeded his authority. The Court noted that the major questions doctrine had a major influence on that decision. Thus, a key question is whether the Supreme Court will apply the same standard to Trump's tariffs. The appeals court noted in its opinion that, compared with the student loan cancellation case, "the overall economic impact of tariffs imposed under the government's interpretation of the IEEPA is far greater." However, the current 6-3 conservative tilt of the Supreme Court could influence the ruling. Of the seven appeals court judges who voted against the IEEPA tariffs, six were appointed by Democratic presidents, though there were crossover votes among judges appointed by both parties. Ryan Majerus, a former senior Commerce Department official and partner at law firm King & Spalding, said, "The Supreme Court will ultimately have to decide whether the IEEPA allows the executive branch to impose tariffs (rather than Congress)." The Trump administration has already expanded tariff investigations under Section 232 of the Trade Expansion Act of 1962, which focuses on national security. Under that law it has imposed tariffs on steel, aluminum, automobiles and auto parts, and after semiconductors and pharmaceuticals it has recently begun an investigation into furniture imports. Treasury Secretary Bessent told Reuters that the 1930 Smoot-Hawley Tariff Act is another option. That law allowed the president to impose tariffs of up to 50% on imports from countries judged to be discriminating against U.S. commerce. Section 338 of that law has not been used for decades but could enable rapid imposition of tariffs. Trade lawyers say if the IEEPA tariffs are ultimately struck down, the Trump administration's biggest headache will be refunds of tariffs already paid. Majerus said importers can seek refunds by filing protests with U.S. Customs and Border Protection (CBP), and such disputes are likely to end up in litigation. As of August 25, CBP said tariffs imposed under the IEEPA totaled $65.8 billion (about 91 trillion won). This figure excludes tariffs imposed under Section 232 on steel and aluminum, and on automobiles and auto parts. Reuters reported that if the case is appealed to the Supreme Court this week, a final ruling is likely to be issued in early 2026. Contributing reporter Kim Jeong-ah kja@hankyung.com
A large amount of Ethena (ENA) has been deposited to exchanges. On the 3rd (local time), crypto asset (cryptocurrency) analyst Ali Martinez said on X (formerly Twitter), "Over the past two weeks, 80 million ENA have been deposited to exchanges." Typically, large coin deposits to exchanges can lead to increased selling pressure, which can be a cause of increased short-term volatility. As of 9:20 PM, ENA on the Binance USDT market is trading at $0.7227, up 5.31% from 24 hours ago.
Sweden-based health company 'H100 Group', which adopted a Bitcoin (BTC) accumulation strategy, has reportedly secured about 47BTC. On the 3rd (local time), 'H100 Group' said on X (formerly Twitter), "Today, as part of our Bitcoin accumulation strategy, we additionally acquired 47.17BTC," and, "Our total Bitcoin holdings currently amount to 1004."
Last week, 500,000 Ethereum (ETH) were withdrawn from exchanges. On the 3rd (local time), Ali Martinez, a cryptoasset (cryptocurrency) analyst, said on X (formerly Twitter), "Over the past week, 500,000 ETH left cryptoasset exchanges," adding, "This is about $2.1 billion." Generally, when a specific coin is withdrawn more from cryptoasset exchanges, that coin is known to be more likely to rise in value.
The total value locked (TVL) of decentralized finance (DeFi) lending protocols has grown 72% compared to the start of the year ($52 billion). On the 3rd (local time), Cointelegraph reported that Binance Research said in a report, "The TVL of DeFi lending protocols has exceeded $127 billion," adding, "this represents a 72% surge compared to the start of the year." The outlet said, "Institutional investors have actively entered the stablecoin and real-world asset (RWA) markets, causing lending TVL to rise significantly." In particular, Maple Finance (SYRUP) and Euler (EUL) led the growth of lending protocols. Maple Finance's and Euler's TVLs rose 586% and 1466% respectively over the same period.
Ethereum (ETH) options implied volatility fell, and it was claimed that this reflected investors' expectations of a price rise. On the 3rd (local time), according to The Block, on-chain options exchange Derive said, "Ethereum options short-term implied volatility fell from 75% to 63% over the past week," and "investors still anticipate a steady rise in Ethereum," it said. He also said, "Ethereum reserve companies increase the potential for additional gains." He continued, "Ethereum reserve companies account for 4% of the total ETH supply, and this ratio is expected to increase to 10% in the future," he said.
Global virtual asset (cryptocurrency) exchange Binance will list perpetual futures for AriaAI (ARIA) and Overtake (TAKE). On the 3rd (local time), Binance said on its official website, "Today at 20:00 (KST) we will list the AriaAI perpetual futures," and "At 20:15 (KST) the Overtake perpetual futures will be listed." Each supports up to 50x leverage.
Amsterdam Stock Exchange-listed 'Treasury' has made its first Bitcoin (BTC) purchase. It was about 1000BTC. On the 3rd (local time), Bitcoin Treasury said via X (formerly Twitter) "Treasury aims to become Europe's largest Bitcoin reserve company," and "By buying 1000BTC, the accumulation has now begun in earnest," it said. This purchase ranked Treasury 45th among listed companies by Bitcoin reserves. Previously, Treasury received a $147 million investment from Winklevoss Capital and Nakamoto Holdings.
Strategy raised the annual dividend rate of the preferred stock 'STRC' to 10%. The previous annual dividend rate was 9%. On the 3rd (local time), CoinDesk reported that Strategy raised STRC's annual dividend rate to 10%. Starting in September, 0.8333 dollars per share will be paid as a dividend. This is interpreted as part of a strategy to purchase Bitcoin. CoinDesk explained, "This is Strategy's strategy to raise the price of STRC to 100 dollars," adding, "If STRC continues to trade below 100 dollars, purchasing Bitcoin through additional ATM share issuance will become difficult." Currently, STRC is trading around 97 dollars.
Bitcoin (BTC) whales (holding 100~10,000 BTC) have seen a sharp decrease in their average holdings. This refers to wallets holding 100~10,000 BTC. On the 3rd (local time), Glassnode said on X (formerly Twitter) that "the average holdings of Bitcoin whale addresses have been steadily declining since last November," adding "they currently hold an average of 488BTC." It added, "this is the lowest level since December 2018." Meanwhile, crypto asset analyst Ali Martinez analyzed that "whales' Bitcoin holdings decreased by 10,000 last week."
Bitcoin (BTC)-holding company Treasury is set to list on the Amsterdam stock exchange. According to Reuters on the 3rd (local time), Treasury will list on the Amsterdam stock exchange through a reverse merger with Dutch investment firm 'MKB NedSense'. Through the listing, it intends to actively secure Bitcoin investors within the Netherlands. Earlier, Treasury received an investment of $147 million from Winklevoss Capital and Nakamoto Holdings.
Last week, whales' Bitcoin (BTC) holdings decreased by 10,000. On the 3rd (local time), Ali Martinez, a digital asset (cryptocurrency) analyst, said on X (formerly Twitter), "Last week, whales' Bitcoin holdings decreased by 10,000." At 5:11 PM, on the Binance USDT market, Bitcoin was trading at $111,215, up 1.02% from 24 hours earlier.
Last month, spot trading volumes on centralized exchanges (CEXs) and decentralized exchanges (DEXs) for virtual assets (cryptocurrencies) recorded their highest levels in seven months. On the 3rd (local time), The Block reported that last month's centralized exchange spot trading volume was 1.86 trillion dollars, the largest since January. During the same period, decentralized exchange trading volume also rose to 368.8 billion dollars, marking a seven-month high. Binance ranked first in centralized exchange spot trading volume. Last month, Binance's spot trading volume was 737.1 billion dollars. Bybit and Bitget followed with 126.5 billion dollars and 126.1 billion dollars, respectively. On decentralized exchanges, Uniswap (UNI) ranked first, with trading volume of about 143 billion dollars. PancakeSwap (CAKE) came in second with 58.7 billion dollars. The outlet analyzed, "Interest in Ethereum (ETH) has increased, causing a surge in exchange spot trading volumes," and added, "Last month, U.S. spot Ethereum exchange-traded funds (ETFs) saw inflows of 3.87 billion dollars."
The top 100 companies by Bitcoin (BTC) holdings are close to holding 1,000,000 units. On the 3rd (local time), Hodl15 Capital wrote on X (formerly Twitter), "The top 100 companies by Bitcoin holdings hold a total of 995,031 BTC," and added, "The total holdings could soon surpass 1,000,000." It also noted, "This week alone, 19 companies bought 6760BTC." As of 4:20 PM, Bitcoin on the Binance USDT market is trading at 110,583 dollars, up 0.36% from 24 hours earlier.
Gold price gains are leading to analysis that Bitcoin (BTC) is also expected to rise. On the 3rd (local time), Matrixport said in a report, "Gold has broken the $3400 resistance for the first time in 4 months," and "Bitcoin, the 'digital gold', is also expected to be bullish in the long term," it said. It specifically noted that, despite uncertainty over interest rate cut policies, gold is rising toward $4000. The report added, "Some investors appear to be buying gold and Bitcoin at the same time," and "This high correlation between the two assets is likely to be positive for price increases," it elaborated. Earlier, JPMorgan also released a similar analysis. JPMorgan said in a report, "Bitcoin is excessively undervalued compared to gold," and "Bitcoin's market capitalization would need to rise by about 13% from its current level," it projected.