Volatility Continues Despite Ethereum All-Time High

It was a notable week for digital assets, marked by both optimism and volatility. Ethereum surged to a new all-time high after Federal Reserve Chair Jerome Powell delivered a bullish message that the Fed is actively considering rate cuts. The market reacted positively, with the probability of a September cut now sitting at 83%, a sharp pivot from the uncertainty that followed the earlier release of the Producer Price Index (PPI). However, the initial strength soon gave way to a broad market pullback with Bitcoin briefly going under $110K.

ETF flows turned positive this week after a stretch of sustained Bitcoin outflows and volatile Ethereum flows, while Michael Saylor reaffirmed his long-term conviction with another $300M BTC purchase, extending his strategy of steady accumulation.

Bitcoin Dominance Chart

Weekly Price Update

Solana and Sui Treasuries

The success of Ethereum treasuries has been undeniable. ETH has seen heavy accumulation, and its price has surged as more public companies adopt treasury strategies.Traditionally, investors have looked for the next ETH beta play within the Ethereum ecosystem, but a growing case can be made that the beta trade may be shifting toward Solana and Sui. With institutional capital leading the way and both assets carrying far less liquidity than ETH and BTC, sustained treasury accumulation could become a powerful catalyst for these networks.

Just this week we have seen emerging headlines surrounding this narrative. Galaxy Digital, Jump Crypto, and Multicoin Capital are reportedly raising $1 billion to buy Solana. Pantera Capital is seeking to raise up to $1.25 billion to convert a Nasdaq-listed company into Solana Co, a public firm dedicated to accumulating SOL as a treasury asset. Meanwhile, Mill City Ventures has completed a $450 million private placement to implement its SUI treasury strategy, and has officially rebranded as SUI Group Holdings. The firm has also updated its Nasdaq ticker to $SUIG.

BTC $110k and ETH $4K Support Holds

Only 48 hours after the market pump following Jerome Powell’s speech, we saw a sharp reversal. On 25 August, a Bitcoin whale sold over 24,000 BTC worth more than $2.7 billion, triggering a crash that contributed towards more than $300M in leveraged longs being liquidated. Despite the volatility, $110K held as firm support, a level we had been watching closely, and the market bounced strongly from there. Bitcoin is also approaching the bull market support band, which has historically acted as a key level during September pullbacks, often providing the base for the next leg higher.

BTC Price Chart

For Ethereum, after its initial move to new highs, it was natural to see some volatility set in. While many in the market turned fearful, we remained confident that $4K would act as support, and that level held strongly before ETH rallied once again to fresh all-time highs. The resilience of both BTC and ETH at these critical levels highlights just how important these support zones are in the current cycle.

ETH Price Chart

DeFi Momentum Surges

Hyperliquid has pushed to a fresh all-time high, breaking through the strong resistance at $50. The exchange recorded $330.8B in trading volume in July, surpassing Robinhood, the largest U.S. online trading platform. Just yesterday, Hyperliquid announced an upcoming network upgrade, raising the share of fees directed toward token buybacks from 97% to 99%. With the protocol averaging $4–5M in daily revenue, these buybacks have already absorbed 8% of total supply.

Hyperliquid now ranks third among all protocols in revenue, behind only Circle and Tether, and accounts for a staggering 36% of all blockchain revenue. This dominance is highly bullish as it shows Hyperliquid is not just competing within DeFi, but increasingly shaping the broader crypto economy through consistent profitability and deep, recurring cash flows.

Network Revenue

At the same time, the past two weeks have highlighted strong performance across the Base ecosystem, most notably with Aerodrome. We previously covered the integration of Aerodrome’s DEX trading into Coinbase wallets, and since going live on 8 August with access limited to only 5% of Coinbase users, Aerodrome has already delivered impressive results. Trading volumes climbed from $8.7B to $11.3B in just two weeks — a 30% increase in a very short window. This momentum reflects a broader market rotation toward utility-driven, revenue-generating protocols, and with ETH approaching $5,000, capital inflows into sustainable DeFi projects like Aerodrome are becoming increasingly clear, potentially marking the start of a broader DeFi revival.

Aerodrome Volume Before and After Coinbase Integration

Philippines Proposes 10,000 BTC Strategic Reserve

The Philippines has introduced a bold proposal to establish a Strategic Bitcoin Reserve, directing its central bank to accumulate 10,000 BTC over five years under a 20-year lockup period. Filed as House Bill 421 by Congressman Miguel Luis Villafuerte, the bill mandates yearly purchases of 2,000 BTC, with sales permitted only after two decades and exclusively to service government debt. Villafuerte argued it is “vital that the Philippines stockpile strategic assets such as Bitcoin” to support national interests and strengthen financial stability.

While there is scepticism about whether the bill will be enacted, the proposal itself is significant. It highlights Bitcoin’s evolving role from a speculative asset to a potential sovereign reserve instrument, and positions the Philippines at the forefront of this conversation in Asia. It also reflects a broader trajectory that now feels inevitable — countries and states will begin adopting Bitcoin reserves, and the global accumulation race is heating up. All it may take is a handful of public moves to kick-start a new wave of adoption.

Another Celebrity Pump and Dump

On 21 August, Kanye West announced the token $YZY, which within an hour reached a $3B fully diluted valuation. No surprise the token has since fallen over 80%, now sitting around $570M. While the launch was framed as a cultural project for fans, the reality was clear — a scripted pump and dump, with insiders offloading into retail.

Over 90% of supply was concentrated in insider hands, with 70% supposedly vested over the next 12 months. By manipulating liquidity adds and removals, insiders were able to systematically dump tokens and extract profits. This structure is nothing new and highlights the ongoing risk of celebrity tokens, where retail participants consistently end up as exit liquidity.

We’ve seen this pattern play out repeatedly. $HAWK, launched by Hailey Welch, ran to a $500M market cap before collapsing to $25M within hours. $MOTHER by Iggy Azalea promised utility but saw 97% of supply sniped and dumped by insiders, leaving the token down over 95%. $DADDY from Andrew Tate saw insiders control 30% of supply before promotion, and the token is now down over 85%.The $YZY token is just the latest reminder that celebrity-backed coins are almost always cash grabs, built for insiders to win.

$YZY Price Chart