August 2025 was a landmark month for the crypto market, with Bitcoin and Ethereum hitting new all-time highs of $124,000 and above $4,900, respectively, propelled by strong institutional demand and $3.8 billion in Ethereum ETF inflows. Despite late-month corrections, with BTC closing at $108,000 and ETH at $4,300, the bull market structure remains intact, underpinned by stablecoin inflows surpassing $10 billion, signaling vibrant market activity. Meanwhile, the proliferation of Digital Asset Treasury (DAT) companies, expanding beyond Bitcoin and Ethereum to include assets like Solana, XRP, and BABY, reveals deepening TradFi-crypto integration. However, declining mNAV multiples for some DATs suggest a potential consolidation phase looms. Looking ahead, the market is eyeing the 89.6% probability of a Federal Reserve rate cut in September.

BTC & ETH Moon to Fresh ATHs

Bitcoin opened August at $115,000, carrying forward July’s bullish momentum and hitting a new all-time high of $124,000 on August 14. Ethereum outperformed Bitcoin, starting at $3,700 and breaking its 2021 all-time high on August 24, peaking above $4,900, driven by strong institutional demand. Ethereum ETFs saw inflows of $3.8 billion in August, following July’s $5.4 billion. However, late-month profit-taking and liquidations caused a correction, with BTC closing at $108,000 and ETH at $4,300. From a macroeconomic perspective, markets are focused on a potential Federal Reserve rate cut in September, with the CME FedWatch Tool showing an 89.6% probability, which could support risk assets like cryptocurrencies.

Source: CME FedWatch; Data as of 01 Sep 2025

Charts You May Concern

BTC’s upward momentum is weakening, and it is expected to enter a consolidation phase. In the near term, it may repeatedly test support around $10,800, though the overall bull market structure remains intact.

In the meantime, profits from ETH may rotate into SOL, with related narratives also gaining traction. Recently, the SOL/ETH ratio has rebounded strongly and shows potential to retest the 0.05716 resistance level.

Ethereum Crushes New ATH

This month, driven by both ETH treasury companies and ETF inflows, ETH broke above $4,900 to reach a new high. However, it is worth noting that ETF inflows have slowed, and ETH leverage in derivatives remains elevated, which may signal a period of consolidation before the next rally.

For a deep dive into the current round of Ethereum’s rally, please read our recent article “Ethereum Price Hits New All-Time High in 2025: Key Drivers and Future Outlook”.

The Proliferation of Digital Asset Treasury (DAT) Companies

In our July Research Report, we highlighted the emerging trend of Ethereum Digital Asset Treasury companies, which focus on holding and managing digital assets. Building on this, we are now observing a significant expansion in the DAT landscape, with companies diversifying their holdings beyond Bitcoin and Ethereum. Notably, leading crypto firms such as Pantera Capital and Galaxy Digital are raising capital to establish Solana-focused treasury companies. Additionally, DAT companies are increasingly accumulating other tokens, including $BNB, $XRP, $HYPE and smaller-cap assets like $BABY.

We anticipate that the DAT trend will continue to gain momentum, encompassing a broader range of altcoins as investor interest in digital assets grows. Further, we expect various regions to develop their own DAT equivalents, akin to “Strategy” or “Bitmine,” tailoring their approaches to local market dynamics and regulatory frameworks. However, a critical factor to monitor is the premium on market Net Asset Value (mNAV), an important gauge of market sentiment and the investment thesis for DAT companies. While some DAT companies, such as Metaplanet and Strategy, have sustained relatively high mNAV multiples, others have seen their mNAV decline to approximately 1.0x by the end of August. This compression in mNAV multiples suggests that the premium valuations of DAT companies may not be sustainable in the long term, particularly as market dynamics evolve and competition intensifies.

Stablecoin Inflows Continue to Accelerate, Market Remains Highly Active

This month, stablecoin inflows surpassed $10 billion, marking the fastest pace in nearly eight months. With market sentiment staying at elevated levels, coupled with rate cut expectations becoming more stable and nearing realization, we remain optimistic about market performance in the coming months.

Economic Data & Events to Watch in September 2025

Disclaimer

The content provided in this report is for illustrative purposes only and is intended to offer insights into the cryptocurrency market. It is not, and should not be interpreted as, investment advice or recommendations. The information contained herein is based on sources believed to be reliable; however, we do not guarantee its accuracy, completeness, or suitability for any purpose, and it should not be relied upon as such. Any opinions expressed reflect a judgment at the date of publication and are subject to change without notice. Readers are advised to conduct their own research and due diligence and, where appropriate, seek professional advice before making any investment decisions. The authors and publishers of this report accept no liability for any loss or damage arising from the use of the information provided.

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CoinEx Monthly (August 2025)