Author & Editor: Monkey, HashWhale

1. Bitcoin Market

Bitcoin Price Trend (2025/08/23-2025/08/29)

This week, after a rapid surge, Bitcoin's price entered a phase of correction and consolidation, subsequently stabilizing around $110,000, and gradually rebounding mid-week, overall showing a phased trend of "surge---correction---bottoming---repair." Market sentiment has become cautious amid fluctuations, but the support below is gradually being confirmed.

High-Level Correction Phase (August 23 - August 24)

On the evening of August 22, Bitcoin's price rapidly surged from $111,678 to $117,370, with a daily increase of about 5.10%. The driving factor mainly came from Federal Reserve Chairman Powell's speech at the Jackson Hole Global Central Bank Policy Symposium, which the market interpreted as dovish, improving short-term liquidity expectations and triggering a rapid rise in Bitcoin and other risk assets.

However, after the surge, profit-taking sentiment emerged in the market. From the evening of August 23 to August 24, Bitcoin oscillated around $115,000. The main reason for the short-term pullback was the inability of trading volume to sustain its increase, along with uncertainties surrounding macro risk events, leading funds to choose a phase of observation.

Downward Adjustment and Bottoming Phase (August 25 - August 26)

On the morning of August 25, Bitcoin's price quickly dipped from $114,664 to $112,153. Although a technical rebound occurred, it failed to stabilize effectively and continued to decline to $110,917. On August 26, the price rebounded to $112,737 but quickly fell again, reaching a low of $109,237, putting the market into a short-term oversold state.

The decline during this phase was mainly constrained by the rebound of the US dollar index and the strengthening of some macroeconomic data, prompting funds to reassess their risk exposure. Additionally, the high-leverage positions in the derivatives market were passively liquidated, exacerbating the downward movement.

On August 26, Bitcoin's price oscillated around the $110,000 level, and the market gradually entered a bottoming phase.

Gradual Repair Phase (August 27 - August 29)

From August 27 to August 29, Bitcoin's price gradually rebounded. The price rose consecutively to $112,169, $112,601, and $113,335. Meanwhile, the low points of the phase's pullbacks were also gradually elevated, indicating a sustained increase in market buying power. As of the time of writing on the 29th, Bitcoin's price was reported at $112,503.

The main drivers of this round of repair came from:

1. Gradually increasing buying power in the spot market, with some long-term funds entering at low levels;
2. The funding rates in the derivatives market returning to balance, alleviating short pressure;
3. Market expectations that the Federal Reserve's interest rate hike cycle may be nearing its end this year, providing certain support for Bitcoin in the macro environment.

Outlook

In the short term, the $110,000 level has become a phase support. If the price can continue to stabilize and remain above $112,000, it is expected to further challenge the resistance levels in the $115,000 to $117,000 range. Conversely, if trading volume fails to effectively increase, the possibility of retesting $110,000 cannot be ruled out.

In the medium term, as macro policy expectations stabilize and institutional funds continue to pay attention, the overall bullish structure of Bitcoin remains intact. Investors need to focus on the trends of the US dollar, the Federal Reserve's policy statements, and changes in global risk sentiment, as these will still be core variables affecting Bitcoin's price.

2. Market Dynamics and Macro Background

Capital Flow

1. ETF Capital Dynamics

This week, the inflow trend of spot Bitcoin ETFs:

• August 25: +$219.1 million
• August 26: +$88.1 million
• August 27: +$81.4 million
• August 28: +$110.3 million

ETF Inflow / Outflow Data Image

Despite signs of capital inflow in recent days, from a monthly perspective, the overall Bitcoin ETF in August is expected to record a net outflow of about $1.2 billion, the second highest in history, only behind February's $3.5 billion this year. Notably, this marks the fifth consecutive month of net outflows for Bitcoin ETFs, while Ethereum ETFs have maintained a trend of attracting capital, indicating a divergence in institutional allocation preferences.

From a market analysis perspective, the upward momentum of ETH has recently slowed, and it is expected to oscillate in the $4,355--$4,958 range in the short term. Meanwhile, on-chain analyst Willy Woo pointed out that capital is shifting from BTC to ETH, with the inflow scale of ETH nearing that of Bitcoin. This phenomenon further illustrates the trend of capital diversion: on one hand, confidence in the Bitcoin market remains insufficient, and ETF capital continues to be under pressure; on the other hand, Ethereum, with its narrative expectations and strong capital support capability, has become a short-term hedging choice for some institutions.

2. Capital Diversion: BTC → ETH

On August 27, crypto analyst Willy Woo pointed out that capital is flowing from Bitcoin to Ethereum. Currently, Ethereum's daily capital inflow is close to $900 million, nearing Bitcoin's inflow level. This inflow wave coincides with Tom Lee's BitMine significantly increasing its ETH holdings, further reinforcing Ethereum's relative strength recently.

Capital Flow Data Image

3. On-Chain Liquidity Recovery

On August 24, Bitcoin Vector reported that on-chain liquidity for Bitcoin has shown signs of recovery. Historically, every liquidity recovery has been accompanied by a sustained increase in Bitcoin's price. Swissblock has adjusted its strategy to an aggressive allocation, believing that the current liquidity characteristics are highly similar to the early stages of past bull markets.

BTC On-Chain Liquidity Data Image

4. Bitcoin Market Share and Altcoin Trends

• August 28 data shows that Bitcoin's market share (BTC.D) fell by 1.85% to 58.23%, briefly dropping below 58%.
• Compared to the previous low of less than 40%, BTC.D remains at a high level, but the market is highly focused on the capital diversion pattern.
• During the same period, the total market capitalization of cryptocurrencies fell by 2.28%, while the market capitalization of altcoins increased from $1.57 trillion to $1.64 trillion, a weekly increase of 4.46%. The trend of capital migrating from Bitcoin to altcoins has gradually emerged, and the market may be entering a "relatively strong Ethereum and altcoin" cycle.

Bitcoin Market Share Data Image

5. On-Chain Indicators and Derivatives Market Risks

• CryptoQuant Data: The 30-day moving average eating single ratio for Bitcoin has fallen to its lowest level since May 2018, indicating insufficient buying momentum and potentially facing greater selling pressure in the short term.
• K33 Research Report: The open interest of Bitcoin perpetual futures has climbed to 310,000 BTC (approximately $34 billion), reaching a two-year high. In the past two months, an additional 41,607 BTC has been added, with a single-week surge of 13,472 BTC last weekend. Meanwhile, the annualized funding rate has risen from 3% to nearly 11%, indicating excessive accumulation of leverage.

Research director Vetle Lunde warned that this high leverage accumulation is highly similar to market characteristics before several historical significant corrections, necessitating caution regarding potential short-term downside risks.

BTC Perpetual Futures Open Interest Data Image

6. Stablecoin Liquidity Changes

On August 28, news from CryptoQuant indicated that the growth of stablecoin liquidity has slowed, with the market capitalization expanding by about $1.1 billion weekly, significantly reduced from the $4 to $8 billion weekly during the Bitcoin price increase period at the end of 2024.

Additionally, USDT's 60-day growth is about $10 billion, down from previous peaks of over $21 billion. Although the issuance speed has slowed, the total reserves of stablecoins on exchanges reached a historical high of $68 billion on August 22, with USDT accounting for $53 billion and USDC for $13 billion. The growth of stablecoin market capitalization remains positive, but the slowdown in growth indicates weakened market liquidity support, which may be more inclined toward a consolidation phase rather than a sustained parabolic rise.

Technical Indicator Analysis

1. Relative Strength Index (RSI 14)

According to Investing.com data, as of August 29, 2025, Bitcoin's 14-day RSI is 52.242. This value is in the neutral range of 50 to 55, indicating that the current buying and selling power in the market is relatively balanced. The RSI does not show clear overbought or oversold signals, suggesting that investors are in a wait-and-see phase, and the market lacks short-term extreme sentiment. If the RSI continues to rise and breaks through 60 to 65 in the coming days, it may indicate that market momentum is strengthening, with bulls taking the lead; conversely, if it falls below 45, it would mean increased bearish pressure and a higher risk of short-term pullbacks. Currently, the Bitcoin market maintains a moderately strong balance, with investors still waiting for a clearer trend direction to emerge.

2. Moving Average (MA) Analysis

MA5 (5-day moving average): $112,467

MA20 (20-day moving average): $116,282

MA50 (50-day moving average): $115,457

MA100 (100-day moving average): $108,612

MA200 (200-day moving average): $104,113

Current price: $112,258

MA5, MA20, MA50, MA100 Data Image

In the short term, the current price is slightly below MA5, indicating signs of short-term pressure. If it cannot quickly rebound above MA5, further declines may occur. Both MA20 and MA50 are above the current price, indicating that there is strong resistance near the mid-term moving averages, and a breakthrough in the $115,000-$116,000 range is needed to open up further upward space. MA100 and MA200 remain below the current price and show a steady upward trend, indicating that the long-term trend still maintains a healthy upward structure.

Overall, the short-term (5-day, 20-day) moving averages show market pressure, while the medium to long-term (100-day, 200-day) moving averages remain upward, indicating that the market is in a state of short-term adjustment, while the long-term bullish pattern remains unchanged.

3. Key Support and Resistance Levels

Support Levels: The key short-term support areas are at $110,000 and $111,000. On August 26, Bitcoin's price briefly fell to a phase low, stabilizing and oscillating around the $110,000 level, showing strong buying support at this position. Subsequently, during the pullback on August 28, the $111,000 level was also repeatedly validated, effectively curbing the downward momentum. If this area is lost, further retests may occur at the $109,000 integer level.

Resistance Levels: Short-term resistance is mainly concentrated in the $112,000 -- $113,000 range. If the price can effectively break through and stabilize above $112,000, it will further open up upward space, targeting the $114,000 -- $115,000 area. This range overlaps with a dense trading area of long and short divergences, which is expected to become strong resistance for the short-term market.

Comprehensive Analysis

Overall, Bitcoin is currently still in a phase of oscillating upward, with both bulls and bears engaged in intense competition in key areas. The support in the $110,000 -- $111,000 range shows resilience, indicating clear signs of short-term capital inflow; while the resistance at $112,000 -- $113,000 has yet to be broken, suggesting that the market still needs to accumulate more momentum. If the bulls can break through and stabilize above $113,000, it will significantly boost market confidence and push the price towards $115,000 or even higher; conversely, if the $110,000 support is broken, it may trigger a short-term pullback, and the market needs to closely monitor the gains and losses at $109,000. Overall, the current market is in a critical phase of directional choice within key ranges, and the outcomes of breakthroughs and stabilization will determine the continuity and strength of subsequent trends.

Market Sentiment Analysis

As of August 29, the Fear & Greed Index reported 47 points, in the "neutral" range, indicating that market sentiment is slightly cautious within the oscillating pattern, with investors overall remaining in a wait-and-see mode, lacking clear directional signals.

Looking back at the week (August 23 - August 28), the daily values of the Fear & Greed Index were: 56 (neutral), 53 (neutral), 50 (neutral), 43 (neutral), 47 (neutral), 45 (neutral). The overall range operated between 43 and 56 points, remaining within the "neutral" range. The trend showed that the first half of the week operated in a neutral to optimistic range, but then a noticeable pullback occurred, reaching this week's low of 43 on August 26, followed by a gradual recovery from the 27th to the 28th.

Overall, Bitcoin market sentiment maintained fluctuations within the "neutral" range this week, with investor attitudes becoming cautious, lacking sufficient positive or negative signals to push sentiment toward extreme directions. In the short term, market sentiment is more influenced by macro policy signals. If the macro environment continues to remain relatively mild, the market is expected to maintain consolidation at neutral levels; however, if sudden policy tightening or external risk events occur, the possibility of the index dipping back into the "fear" range cannot be ruled out.

Fear & Greed Index Data Image

Macro Economic Background

1. Core PCE Inflation and CPI

The upcoming July core PCE data is expected to show a year-on-year 2.9%, flat or slightly up from last month's 2.8%. If the data exceeds expectations, it may weaken market bets on a rate cut in September.

If core inflation rises, the market may worry about the Federal Reserve delaying rate cuts, which would suppress Bitcoin and other risk assets; if it meets or falls below expectations, it would be favorable for Bitcoin's price.

Related Image

2. Consumer Confidence Index Slightly Declines

In August, the US Conference Board Consumer Confidence Index fell from 98.7 in July to 97.4, with the expectations index dropping to 74.8 (below the 80 recession risk line), indicating ongoing concerns about the economic outlook for the next six months.

The decline in confidence suggests a slowdown in consumption and a weakening risk appetite, which may lead investors to be more cautious in allocating high-volatility assets, putting certain pressure on Bitcoin.

3. Trump Attempts to Dismiss Federal Reserve Governor Lisa Cook

Trump announced the dismissal of Federal Reserve Governor Lisa Cook on the grounds of alleged mortgage fraud, but the Federal Reserve emphasized that the dismissal lacks legal basis, and Cook plans to file a lawsuit. This event impacts market trust in the Federal Reserve's independence, leading to a decline in the dollar and increases in gold and yen.

Political interference in central banks increases policy uncertainty, and short-term safe-haven funds may flow into gold, but in the medium to long term, it may enhance Bitcoin's appeal as a "decentralized alternative asset."

Related Image

4. SEC Roundtable

The US SEC will hold a roundtable on "Transaction Penetration Ban" in Washington on September 18, inviting institutions such as Goldman Sachs, JPMorgan, and Nasdaq to discuss the market significance and future path of this system.

The SEC's strengthening of market regulation and transparency indicates a tightening regulatory environment, which may increase compliance pressure on cryptocurrencies in the short term, but also indirectly enhances the necessity for compliant platforms and institutions to enter the market, benefiting the industry's formal development in the medium to long term.

3. Hash Rate Changes

This week, Bitcoin's network hash rate exhibited a significant wide-range oscillation pattern.

From August 23 to 24, the hash rate fluctuated upward, steadily rising from 897.09 EH/s to 1.1034 ZH/s, indicating a rapid gathering of miner computing power in the short term. However, on August 25, the network hash rate experienced a sharp decline, dipping to 888.675 EH/s, suggesting that some computing power quickly exited at high levels, possibly related to Bitcoin's price fluctuations, miner adjustments, or regional computing power variations.

From August 26 to 29, the hash rate maintained a wide oscillation, operating between 880 EH/s and 1.06 ZH/s, displaying characteristics of frequent inflow and outflow of computing power with significant volatility. This large oscillation may indicate that miners are dynamically adjusting between different electricity price environments and mining profitability.

Overall, although Bitcoin's network hash rate has declined this week, it still remains above the high level of 900 EH/s. This not only reflects that the security and attack resistance of the Bitcoin network remain solid, but also indicates that global computing power resources, after short-term fluctuations, still maintain strength.

Weekly Bitcoin Network Hash Rate Data

Long-Term Trend

From 2018 to 2025, Bitcoin's network hash rate has experienced exponential growth: from about 15.42 EH/s at the beginning of 2018, it has steadily risen to about 1.1 ZH/s, achieving nearly a 70-fold increase over seven years. This growth reflects the continuous push of miner hardware iteration and energy efficiency improvements, as well as the rapid expansion of the Bitcoin ecosystem driven by price cycles and industrial capital investment.

Combining the current trend, it can be judged that Bitcoin's network hash rate has entered a structural oscillation phase under a super high base: that is, the long-term trend remains steadily upward, but in the short term, due to the alternating impacts of energy prices, policy regulations, and the cycles of miner onboarding/offboarding, significant oscillations will still occur.

2018-2025 Bitcoin Network Hash Rate Data

4. Mining Revenue

According to YCharts data, over the past week, Bitcoin miners' daily total revenue (including block rewards and transaction fees) fluctuated between $51.12 million and $61.89 million, as follows:

August 23: $55.28 million

August 24: $61.89 million

August 25: $51.12 million

August 26: $56.30 million

August 27: $54.20 million

Bitcoin Miners Daily Revenue Data

Overall, Bitcoin mining revenue this week showed a "rise followed by a decline, then a slight recovery" trend. This trend is mainly driven by fluctuations in Bitcoin's spot price, changes in network computing power, and transaction fee levels. Notably, on August 24, revenue reached a weekly high of $61.89 million, followed by a significant drop to $51.12 million on August 25, indicating a simultaneous contraction of price and fees in the market in the short term. As the weekend approached, mining revenue showed some recovery, reflecting a certain resilience in miner earnings after short-term adjustments.

From the perspective of daily earnings per unit of computing power (Hashprice), Hashrate Index data shows that as of August 29, 2025, Hashprice is $54.45 /PH/s/day. This week, Hashprice's trend has been largely consistent with Bitcoin's price movements, showing a gradual recovery after a high-level pullback:

• August 23: Weekly high of $57.19 /PH/s/day
• August 26: Weekly low of $53.44 /PH/s/day

The volatility of Hashprice is primarily driven by Bitcoin's price and transaction demand, while the dynamic adjustment of total network computing power is also weakening miners' marginal earnings.

Multi-Dimensional Range Performance:

Monthly Dimension: Hashprice is at the lower edge of the recent 30-day range, indicating that miners' single-machine earnings have significantly declined compared to the beginning of the month.

Quarterly Dimension: Overall, it is at the median level of the three-month range, showing that it still maintains a balanced state within the quarterly cycle.

Annual Dimension: Hashprice levels remain in the mid-high range for the year, indicating that compared to the beginning of the year, miners' earnings are still quite competitive.

Hashprice Data

Overall, although Bitcoin mining revenue has significantly declined due to price and fee fluctuations over the past week, it has gradually recovered before the weekend, demonstrating a certain resilience. Considering the trend of Hashprice, miners' earnings are subject to significant short-term fluctuations, but overall they remain at a mid-high level for the year, and miners' profitability is still in a relatively healthy range.

5. Energy Costs and Mining Efficiency

According to CloverPool data, as of August 29, 2025, Bitcoin's total network computing power reached 974.88 EH/s, with mining difficulty at 129.70 T. The next difficulty adjustment is expected to occur on September 5, 2025, with an estimated increase of about 3.40%, bringing the difficulty to approximately 134.11 T. This trend indicates that total network computing power is continuously rising, intensifying competition among miners, and the growth rate of computing power is exceeding the natural increase in block output efficiency, meaning miners need to invest more computing power and energy to maintain the same Bitcoin output. In this context, only miners with better energy efficiency ratios (J/TH) or those with low electricity costs can maintain profitability in fierce competition.

Bitcoin Mining Difficulty Data

According to Digiconomist data, since August 2025, the Bitcoin energy consumption index has been steadily rising: from 175.91 TWh/year on July 27 to 185.17 TWh/year on August 27. This indicates that the increase in mining difficulty due to the growth of computing power is driving the overall energy demand of the Bitcoin network higher. Although some mining farms are reducing costs and carbon emissions by adopting efficient cooling, using hydropower, wind energy, solar energy, and other renewable energy sources, the overall trend still shows a positive correlation between computing power and energy consumption. The continuous rise in energy consumption also places higher demands on miners' operating costs, with electricity costs becoming a key variable determining profitability.

Bitcoin Energy Consumption Data

Overall, the rising difficulty of Bitcoin mining and the increasing energy consumption show a synchronous trend, indicating that the industry is in a cycle of high competition and high costs. As Bitcoin prices fluctuate in the $110,000--$114,000 range, some high electricity price areas or inefficient miners have gradually been eliminated, while large-scale, low electricity price, and efficient miners have gained relative advantages. This dynamic is driving the industry further towards scale and specialization.

It is worth noting that the efficiency of the mining industry does not solely depend on the total amount of energy consumed, but rather on the improvement of computing power efficiency (TH/kWh). If future ASIC miner efficiency continues to improve, and more mining farms introduce renewable energy and demand response mechanisms, it may alleviate the pressure of rising energy costs on miners' profitability while maintaining the security of the Bitcoin network.

Overall, Bitcoin mining is entering a phase of "computing power concentration, efficiency is king." Energy costs will continue to be the industry's core competitive barrier, and only participants with advantages in hardware, energy structure, and large-scale operations will dominate in future cycles.

6. Policy and Regulatory News

Hong Kong plans to implement Basel's new capital requirements for crypto assets on January 1, 2026, which may affect stablecoins.

On August 23, news from Caixin reported that the Hong Kong Monetary Authority recently issued a circular confirming that it will fully implement the new banking capital requirements based on the Basel Committee's regulatory standards for crypto assets in Hong Kong starting January 1, 2026. This includes not only Bitcoin and Ethereum, which are defined as crypto assets by the Basel Committee, but also RWA and stablecoins.

Industry insiders pointed out that Ethereum is a typical representative of permissionless blockchain technology, and almost all mainstream stablecoins and an increasing number of RWAs are generally issued on public chains. Under the expectation of the new regulations being implemented as scheduled, the willingness of the Hong Kong banking system to hold such stablecoins or RWAs will inevitably be affected.

However, both the Basel Committee and the Hong Kong Monetary Authority have made it clear that the Basel crypto asset regulatory standards generally will not impose credit risk or market risk capital requirements on banks for crypto assets held in custody for clients, provided that the clients' crypto assets are isolated from the bank's own assets.

Related Image

Former Thai Prime Minister Proposes Positioning Thailand as ASEAN Digital Asset Center, Establishing Sovereign Strategic Reserves

On August 28, news from Decrypt reported that former Thai Prime Minister Thaksin Shinawatra met with global digital asset investors in Bangkok on August 26 to discuss the proposal of positioning Thailand as the ASEAN digital asset center.

The meeting proposed establishing sovereign strategic reserves to enhance the long-term resilience of Thailand's financial system and economy, receiving support from several international companies, including Metaplanet and UTXO Management. Participants also included companies like Nakamoto Holdings, Sora Ventures, and AsiaStrategy.

Kliff Capital founder Kip Tiaviwat stated that this move is an important step towards realizing Thailand's vision of becoming the ASEAN Bitcoin digital asset center. Previous news indicated that the Thai Ministry of Finance has chosen KuCoin to participate in its globally first publicly issued tokenized government bond project.

Related Image

7. Mining News

Bitcoin mining company Hut 8 launches a $1 billion financing plan to expand high-performance computing and AI data centers.

On August 24, news from The Miner Mag reported that Bitcoin mining company Hut 8 announced the launch of a new At-the-Market (ATM) stock issuance plan of up to $1 billion, replacing the previous $500 million plan for 2024 (about $300 million has been issued), intended for expanding high-performance computing and AI data centers.

Viewpoint: Bitcoin mining faces an "extremely difficult" market, with electricity becoming a key currency.

On August 25, news from CoinDesk reported that executives from Bitcoin mining companies stated at the SALT conference in Jackson Hole that the traditional Bitcoin halving cycle's impact on mining operations is diminishing, and institutional demand and electricity infrastructure are reshaping the industry. As computing power grows and mining profit margins tighten, acquiring low-cost energy has become key to profitability.

For example, Cleanspark is expanding its business beyond Bitcoin mining, utilizing its energy infrastructure to serve AI and data centers. Terawulf has reached a $6.7 billion leasing support agreement with Google to convert its hundreds of megawatts of mining infrastructure into data center space.

Related Image

Bitcoin mining company Hyperscale Data will retain all mined BTC and will no longer sell.

On August 25, news from PR Newswire reported that NYSE-listed company Hyperscale Data announced that it will retain all mined Bitcoin, effective immediately, and will no longer sell any Bitcoin, making Bitcoin an important part of the company's balance sheet.

Additionally, Hyperscale Data will begin accumulating XRP and will release weekly reports on Bitcoin and Ripple holdings starting September 2.

Related Image

American Bitcoin, a Bitcoin miner supported by Trump's sons, plans to list on Nasdaq in September.

On August 28, news from Jinshi reported that American Bitcoin, a Bitcoin miner supported by two sons of former President Trump, has locked in cryptocurrency and traditional investors and plans to conduct a full stock merger, expected to begin trading on Nasdaq in early September.

Hut 8 CEO Asher Genoot stated that the merger with Gryphon Digital Mining is nearing completion, with Hut 8 holding 80% of American Bitcoin. The newly formed company will retain the name American Bitcoin and trade under the stock code ABTC.

8. Bitcoin News

Global Corporate and National Bitcoin Holdings (This Week's Statistics)

1. El Salvador Increases Holdings by 8 Bitcoins

On August 23, news reported that El Salvador added 8 Bitcoins in the past 7 days, bringing its total holdings to 6,277.18 Bitcoins.

2. Strategy Purchased 3,081 Bitcoins Last Week

On August 25, news reported that Strategy purchased 3,081 Bitcoins for $356.9 million, bringing its total holdings to 632,457 Bitcoins.

3. LM Funding America Increases Holdings by 164 Bitcoins

On August 25, news reported that LM Funding America announced the purchase of 164 Bitcoins, bringing its total holdings to approximately 311 Bitcoins as of August 22.

4. BOXABL Increases Holdings by 10 Bitcoins

On August 25, news reported that Las Vegas construction technology company BOXABL announced the purchase of 10 Bitcoins as part of its capital reserve strategy.

5. Boyaa Interactive Purchased 290 Bitcoins

On August 25, news reported that Boyaa Interactive announced that it purchased 290 Bitcoins between August 5 and 25, using its own funds for this acquisition.

6. Sequans Launches $200 Million Equity Plan

On August 26, news reported that French semiconductor company Sequans Communications announced the establishment of an ATM equity issuance plan, with funds primarily aimed at continuing to increase Bitcoin holdings. The company currently holds over 3,000 Bitcoins, with a target of holding 100,000 by 2030.

7. KindlyMD Plans to Raise $5 Billion to Advance Bitcoin Strategy

On August 27, news reported that KindlyMD submitted an S-3 registration statement to the SEC, planning to raise up to $5 billion through stock issuance to continue implementing its Bitcoin treasury strategy.

8. Metaplanet Plans to Raise Over $800 Million to Increase Bitcoin Holdings

On August 27, news reported that Metaplanet announced plans to issue new shares in overseas markets, expecting to raise about $887 million, of which approximately $830 million will be used to purchase Bitcoin.

9. H100 Group Increases Holdings by 46 Bitcoins

On August 27, news reported that Swedish company H100 Group announced the purchase of 46 Bitcoins, bringing its total holdings to 957.5 Bitcoins.

10. DDC Enterprise Increases Holdings by 120 Bitcoins

On August 27, news reported that US-listed company DDC Enterprise announced the purchase of an additional 120 Bitcoins, bringing its total holdings to 1,008 Bitcoins. Previously, on August 25, DDC Enterprise announced the purchase of an additional 200 Bitcoins.

11. CIMG Raises $55 Million in Equity and Acquires 500 Bitcoins

On August 28, news reported that Nasdaq-listed digital health company CIMG Inc. announced plans to raise $55 million through equity issuance and intends to purchase 500 Bitcoins, with the transaction expected to be completed in early September.

12. Nakiki SE Evaluates Equity Issuance to Purchase Bitcoin

On August 28, news reported that German-listed company Nakiki SE is evaluating raising tens of millions of euros through securities issuance for strategic Bitcoin purchases, with plans to fully implement a Bitcoin treasury strategy.

13. Bitplanet Plans to Establish a Bitcoin Treasury Company to Purchase $40 Million in Bitcoin

On August 28, news reported that Bitplanet announced plans to establish a Bitcoin treasury company, intending to purchase $40 million in Bitcoin for the company's long-term reserve strategy.

14. Hut 8 Secures $330 Million in Credit Support, Holding Over 10,000 Bitcoins

On August 28, news reported that crypto mining company Hut 8 announced it has secured $330 million in credit support, currently holding over 10,000 Bitcoins as liquidity reserves.

15. GOAT Network Accumulates 34 Bitcoins to Launch Ecosystem Fund

On August 28, news reported that GOAT Network announced it has accumulated 34 Bitcoins and established an Ecosystem Pilot Fund for Bitcoin Layer 2 ecosystem incentives and community development.

16. Strive Funds CEO: Plans to Purchase Over $700 Million in Bitcoin After Listing

On August 28, news reported that the CEO of Strive Funds stated that the company plans to purchase over $700 million in Bitcoin after its listing.

17. Shun Tai Holdings Announces HK$70 Million Investment in Cryptocurrencies

On August 28, news reported that Shun Tai Holdings announced it will allocate HK$70 million to invest in cryptocurrencies, including Bitcoin, Ethereum, Binance Coin, and Filecoin.

18. LiveOne Increases Bitcoin Holdings to 34.2 Bitcoins

On August 28, news reported that LiveOne announced it has increased its Bitcoin holdings to approximately 34.2 Bitcoins, investing over $2 million.

19. Refine Group AB Purchases 1.84 Bitcoins

On August 28, news reported that Swedish company Refine Group AB announced the purchase of 1.84 Bitcoins for its Bitcoin reserve plan.

20. BitStrat Subsidiary Purchases 10 Bitcoins

On August 28, news reported that Hong Kong-listed company BitStrat's wholly-owned subsidiary Bitcoin Star Limited purchased 10 Bitcoins through the open market.

Bitwise Analyst: Bitcoin May Rise to $1.3 Million by 2035

On August 23, news reported that according to a report by Bitwise analysts, Bitcoin could become the best-performing institutional asset over the next decade, with a price expected to rise to $1.3 million by 2035. Bitwise's new price forecast implies a compound annual growth rate of 28.3%, with returns exceeding most traditional assets, but the company warns that even if volatility trends are lower than in past cycles, volatility will remain a decisive feature of the market.

Analysts led by Matt Hougan stated that three forces will drive adoption and price increases. The first catalyst is the continued rise of Bitcoin as an institutional-grade asset. The second catalyst is the growing demand for exposure to hard assets in an inflationary environment, and the third catalyst is the fixed nature of its new supply.

Bitwise also stated that the "historic four-year cycle" theory for Bitcoin is no longer realistic. Nevertheless, the institution still warns investors to expect significant pullbacks. The biggest risks include regulatory changes, legislative changes in major markets, and challenges posed by relatively new assets with limited historical data. Additionally, quantum computing and other technological threats have raised concerns, but Bitwise considers them secondary issues.

Related Image

Bitcoin Magazine CEO: No More Bitcoin Bear Markets in the Coming Years

On August 24, news reported that Bitcoin Magazine CEO David Bailey stated on social media that there will be no more Bitcoin bear markets in the coming years. Every sovereign nation, bank, insurance company, corporation, and pension fund will eventually hold Bitcoin.

This process has officially begun, and we have not even captured 0.01% of the total market size. Bitcoin's price will rise even higher.

QCP: Structural View on Bitcoin Remains Unchanged, Expecting Institutions to Buy on Dips

On August 25, news reported that QCP analyzed that "Bitcoin's rebound momentum weakened after the Jackson Hole meeting, with an early holder selling about 24,000 Bitcoins (approximately $2.7 billion) during low liquidity on Sunday, triggering about $500 million in forced liquidations.

Ethereum hit a new high, with the Ethereum/Bitcoin ratio breaking through 0.04; despite continuous outflows of ETF funds (about $1.2 billion) over six trading days, Bitcoin's market dominance has slipped to about 57%, while institutional investors continue to increase their Ethereum holdings.

In the short term, Bitcoin seems to be ceding momentum to Ethereum, but our structural view on Bitcoin remains unchanged. Just as the market absorbed about 80,000 Bitcoins of traditional supply in July, we expect institutions to selectively buy on dips."

Analysis: If BTC Maintains Average Q4 Rebound Levels, It May Reach $160,000 Before Christmas

On August 27, news reported that analysis indicates that Bitcoin's price weakness is likely to turn into "positive but less volatile" in the coming months. Based on historical performance, Bitcoin can reverse its recent decline and set a new all-time high within the next four months, with a more optimistic outlook for Bitcoin from now until Christmas.

Analyst Timothy Peterson pointed out that Bitcoin has been rising 70% of the time in the four months leading up to Christmas in previous years, with an average increase of +44%, which would push Bitcoin's price to $160,000.

Related Image

Falconedge Bets on BTC as the Cornerstone of Institutional Finance for the Next Decade, Plans to Use IPO Proceeds to Build Bitcoin Treasury

On August 28, news reported that Falconedge, a new hedge fund consulting company spun off from the UK hedge fund Falcon Investment Management, has completed pre-IPO financing and plans to implement an ambitious Bitcoin treasury strategy, using almost all upcoming IPO proceeds to build a Bitcoin treasury.

Falconedge CEO Roy Kashi stated, "By adopting Bitcoin as the company's primary reserve asset, Falconedge bets that BTC will become the cornerstone of institutional finance in the next decade." Falconedge's IPO is expected in September.