1. Bitcoin Market

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

This week, after a rapid surge, Bitcoin prices entered a period of correction and consolidation, stabilizing around $110,000. Prices gradually recovered in the latter part of the week, showing an overall phased pattern of “surge—correction—bottoming—recovery.” Market sentiment remained cautious amid fluctuations, while support levels were gradually confirmed.

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

On the evening of August 22, Bitcoin prices surged quickly from $111,678 to $117,370, a single-day increase of approximately 5.10%. The main driver was the speech by Federal Reserve Chairman Powell at the Jackson Hole Global Central Bank Policy Symposium. The market interpreted his remarks as dovish, improving short-term liquidity expectations, which triggered a rapid rise in Bitcoin and other risk assets.

However, after the surge, profit-taking sentiment emerged. From the evening of August 23 to August 24, Bitcoin consolidated around $115,000. The short-term pullback was mainly due to the inability of trading volume to sustain growth and uncertainty from macro risk events, prompting funds to take a wait-and-see approach.

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

On the morning of August 25, Bitcoin prices dropped rapidly from $114,664 to $112,153. Although a technical rebound followed, it failed to hold, continuing down to $110,917. On August 26, prices briefly rebounded to $112,737 but quickly fell again, reaching a low of $109,237, entering a short-term oversold condition.

The decline during this phase was mainly constrained by the rebound of the U.S. dollar index and the strengthening of some macroeconomic data, prompting funds to reassess risk exposure. In addition, forced liquidation of high-leverage positions in the derivatives market further amplified the downward movement.

On August 26, Bitcoin prices stabilized around the $110,000 level, and the market gradually entered a bottoming phase.

Gradual Recovery Phase (August 27–August 29)

From August 27 to 29, Bitcoin prices gradually recovered. Prices rose consecutively to $112,169, $112,601, and $113,335. At the same time, the lows of each pullback were gradually rising, indicating continued strengthening of market buying power. As of the time of writing on August 29, Bitcoin prices were reported at $112,503.

The main drivers of this recovery include:

• Gradual strengthening of spot market buying, with some long-term funds entering at lower levels;
• Funding rates in the derivatives market returning to balance, relieving short-selling pressure;
• Market expectations that the Fed’s rate hike cycle may be nearing its end this year, providing some macro support for Bitcoin.

Outlook

In the short term, the $110,000 level has become a phase support. If prices can maintain stability above $112,000, there is potential to further challenge resistance between $115,000 and $117,000. Conversely, if trading volume fails to increase effectively, a retest of $110,000 cannot be ruled out.

In the medium term, with macro policy expectations stabilizing and continued institutional interest, Bitcoin’s overall bullish structure remains intact. Investors should pay attention to the U.S. dollar trend, Fed policy statements, and global risk sentiment, as these will continue to be key variables affecting Bitcoin prices.

2.Market Dynamics and Macro Background

Capital Flows

1. ETF Capital Dynamics

This week’s spot Bitcoin ETF capital inflows were as follows:

• 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

Although recent days have shown signs of capital returning, monthly data indicates that Bitcoin ETFs may record a net outflow of approximately $1.2 billion in August, the second highest on record, only behind February’s $3.5 billion. Notably, this marks the fifth consecutive month of net outflows for Bitcoin ETFs, while Ethereum ETFs have continued to attract funds, reflecting a divergence in institutional allocation preferences.

From a market analysis perspective, ETH’s upward momentum has slowed recently, and it is expected to consolidate 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 ETH inflows now approaching Bitcoin levels. This further illustrates the trend of capital diversion: on one hand, confidence in the Bitcoin market remains insufficient, keeping ETF capital under pressure; on the other hand, Ethereum, supported by narrative expectations and strong fund absorption, has become a short-term hedge choice for some institutions.

2. Capital Diversion: BTC → ETH

On August 27, crypto analyst Willy Woo noted that funds are flowing from Bitcoin to Ethereum. Currently, Ethereum’s daily capital inflow is close to $900 million, nearly matching Bitcoin’s inflow levels. This inflow wave coincides with large-scale ETH accumulation by Tom Lee’s BitMine, further reinforcing Ethereum’s relative strength in recent times.

Capital Flow Data Image

3. On-Chain Liquidity Recovery

On August 24, Bitcoin Vector reported that on-chain liquidity for Bitcoin rebounded. Historically, every liquidity recovery has been accompanied by sustained Bitcoin price increases. Swissblock has adjusted its strategy to aggressive allocation and believes current liquidity characteristics closely resemble the early stages of previous bull markets.

BTC On-Chain Liquidity Data Image

4. Bitcoin Market Dominance and Altcoin Performance

As of August 28, Bitcoin market dominance (BTC.D) fell 1.85% this week to 58.23%, briefly dipping below 58%. Compared to previous lows under 40%, BTC.D remains relatively high, but the market is paying close attention to the capital diversion pattern.

During the same period, total crypto market capitalization fell 2.28%, while altcoin market capitalization increased from $1.57 trillion to $1.64 trillion, a 4.46% weekly rise. The trend of capital migrating from Bitcoin to altcoins is gradually emerging, suggesting the market may be entering a phase of “relative strength in Ethereum and altcoins.”

Bitcoin Market Dominance Data Image

5. On-Chain Indicators and Derivatives Market Risks

• CryptoQuant data: Bitcoin’s 30-day moving average of filled buy orders dropped to the lowest level since May 2018, indicating weak buying momentum and potential short-term selling pressure.
• K33 Research report: Open interest in Bitcoin perpetual futures rose to 310,000 BTC (approximately $34 billion), a two-year high. In the past two months, 41,607 BTC were added, with a weekly surge of 13,472 BTC last weekend. Meanwhile, annualized funding rates increased from 3% to nearly 11%, reflecting excessive leverage accumulation.Vetle Lunde, Head of Research, warns that such high leverage accumulation closely resembles historical market conditions before large corrections, signaling potential short-term downside risks.

BTC Perpetual Futures Open Interest Data Image

6. Stablecoin Liquidity Changes

On August 28, CryptoQuant reported that stablecoin liquidity growth has slowed, with weekly market expansion dropping to approximately $1.1 billion, significantly lower than the $4–8 billion per week seen during Bitcoin’s rise at the end of 2024.

Additionally, USDT’s 60-day growth was around $10 billion, below the previous peak of over $21 billion. Although issuance has slowed, total stablecoin reserves on exchanges reached a historic high of $68 billion on August 22, with USDT accounting for $53 billion and USDC $13 billion. Stablecoin market capitalization growth remains positive, but the slower pace indicates weaker liquidity support, suggesting the market may be entering a consolidation phase rather than a continued parabolic upward trend.

Technical Indicator Analysis

1. Relative Strength Index (RSI 14)

According to Investing.com data, as of August 29, 2025, Bitcoin’s 14-day RSI stands at 52.242. This value falls within the neutral range of 50–55, indicating that current buying and selling forces in the market are relatively balanced. The RSI does not provide clear overbought or oversold signals, suggesting that investors are in a wait-and-see mode and that the market lacks short-term extreme sentiment. If the RSI continues to rise over the next few days and breaks above 60–65, it may indicate strengthening market momentum with bulls taking the lead. Conversely, a drop below 45 would imply increasing bearish pressure and higher short-term correction risk. Currently, the Bitcoin market maintains a mildly bullish balance, with investors 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 short-term pressure. If the price cannot quickly rebound above MA5, further downside may occur. Both MA20 and MA50 are above the current price, suggesting strong resistance near mid-term moving averages; breaking through the $115,000–$116,000 range is needed to open further upside potential. MA100 and MA200 remain below the current price and are steadily rising, indicating that the long-term trend continues to maintain a healthy upward structure.

Overall, short-term moving averages (5-day and 20-day) show market pressure, while medium- to long-term moving averages (100-day and 200-day) remain upward, implying that the market is undergoing short-term adjustment while the long-term bullish structure remains intact.

3. Key Support and Resistance Levels

• Support Levels:Short-term key support areas are at $110,000 and $111,000. On August 26, Bitcoin prices dropped to a temporary low but stabilized and oscillated around $110,000 without breaking further, indicating strong buying support. During the pullback on August 28, the $111,000 level was repeatedly tested, effectively halting downward momentum. If this area fails, a further retest of the $109,000 round number is possible.
• Resistance Levels: Short-term resistance is concentrated in the $112,000–$113,000 range. If prices can break through and stabilize above $112,000, further upside space would open, targeting $114,000–$115,000. This range, combined with dense trading activity reflecting both bulls and bears, is expected to serve as a strong short-term resistance zone.

Comprehensive Analysis

Overall, Bitcoin remains in a consolidation and upward phase, with bulls and bears engaged in intense competition in key ranges. The support zone at $110,000–$111,000 has held firm, showing clear signs of short-term capital inflows, while resistance at $112,000–$113,000 has yet to be broken, indicating that the market still needs to accumulate momentum. If bulls later break through and stabilize above $113,000, market confidence would be significantly boosted, potentially pushing prices toward $115,000 or higher. Conversely, if the $110,000 support fails, a short-term pullback may occur, and attention should focus on the $109,000 level. Overall, the current market is at a critical range for directional choice, and whether it breaks through or holds will determine the continuity and strength of the subsequent trend.

Market Sentiment Analysis

As of August 29, the Fear & Greed Index stood at 47 points, within the “Neutral” range, indicating that market sentiment is slightly cautious amid fluctuations. Overall, investors remain in a wait-and-see mode, lacking clear directional signals.

Reviewing this week (August 23–August 28), the daily Fear & Greed Index values were: 56 (Neutral), 53 (Neutral), 50 (Neutral), 43 (Neutral), 47 (Neutral), and 45 (Neutral). The overall range was 43–56 points, consistently remaining in the “Neutral” zone. The trend shows that the first half of the week operated in a neutral-to-slightly-optimistic range, followed by a noticeable decline reaching the week’s low of 43 on August 26, then gradually recovering from August 27 to 28.

Overall, this week Bitcoin market sentiment fluctuated within the “Neutral” zone, with investors adopting a cautious stance. There was a lack of sufficient bullish or bearish signals to drive sentiment toward extreme directions. In the short term, market sentiment is primarily influenced by macro policy signals. If the macro environment remains relatively moderate, the market is expected to consolidate at neutral levels; however, in the event of sudden policy tightening or external risk events, the index could again dip into the “Fear” zone.

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 increase of 2.9%, roughly in line with last month’s 2.8% or slightly higher. If the data comes in above expectations, it could weaken market bets on a September rate cut.

If core inflation rises, the market may worry that the Federal Reserve will delay rate cuts, putting pressure on risk assets such as Bitcoin. Conversely, if the data meets or falls below expectations, it would be positive for Bitcoin prices.

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2. Slight Decline in Consumer Confidence Index

In August, the U.S. Conference Board Consumer Confidence Index fell from 98.7 in July to 97.4, with the expected index dropping to 74.8 (below the 80 recession-risk line), indicating continued concern about the economic outlook over the next six months.

The decline in confidence suggests slower consumption and weaker risk appetite, prompting investors to adopt a more cautious allocation toward high-volatility assets, which may put some pressure on Bitcoin.

3. Trump Attempts to Remove Fed Governor Lisa Cook

Trump announced the removal of Federal Reserve Governor Lisa Cook, citing alleged mortgage fraud, but the Fed emphasized that the removal lacks legal basis, and Cook plans to file a lawsuit. This incident undermines market trust in the Fed’s independence, causing the U.S. dollar to fall and gold and the Japanese yen to rise.

Political interference in the central bank increases policy uncertainty. In the short term, safe-haven funds may flow to gold, but in the medium to long term, it could enhance Bitcoin’s appeal as a “decentralized alternative asset.”

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4. SEC Roundtable Meeting

The U.S. SEC will hold a roundtable on September 18 in Washington regarding the “trade-through ban,” inviting institutions such as Goldman Sachs, JPMorgan, and Nasdaq to discuss the market implications and future path of the policy.

The SEC’s strengthened market oversight and transparency indicate a tightening regulatory environment. In the short term, this may increase compliance pressure on cryptocurrencies, but it also indirectly underscores the necessity for compliant platforms and institutional participation, which is beneficial for the industry’s formalization in the medium to long term.

3. Hashrate Changes

This week, Bitcoin network hashrate showed significant wide-range fluctuations.

From August 23 to 24, hashrate oscillated upward, steadily rising from 897.09 EH/s to 1.1034 ZH/s, indicating a rapid short-term consolidation of miner computing power. However, on August 25, the network hashrate dropped sharply, reaching as low as 888.675 EH/s, suggesting that part of the computing power quickly exited at high levels, potentially related to Bitcoin price volatility, mining rig allocation, or regional hashrate fluctuations.

From August 26 to 29, hashrate remained in wide-range oscillation, operating between 880 EH/s and 1.06 ZH/s, showing frequent in-and-out movements and large amplitude fluctuations. Such substantial swings may indicate that miners are dynamically adjusting between different electricity price environments and mining profitability.

Overall, although Bitcoin network hashrate retreated this week, it still remained at high levels above 900 EH/s. This not only reflects the network’s continued security and resilience against attacks but also indicates that global computing power resources remain strong after short-term fluctuations.

Weekly Bitcoin Network Hashrate Data

Long-Term Trend

From 2018 to 2025, Bitcoin network hashrate has experienced exponential growth: rising from approximately 15.42 EH/s in early 2018 to about 1.1 ZH/s today, achieving nearly a 70-fold increase over seven years. This growth reflects both the continuous advancement in mining hardware and energy efficiency, as well as the rapid expansion of the Bitcoin ecosystem driven by price cycles and industrial capital investment.

Considering the current trend, it can be concluded that Bitcoin network hashrate has entered a stage of structural fluctuation at ultra-high levels: the long-term trend remains steadily upward, but in the short term, significant oscillations occur due to alternating effects of energy prices, regulatory policies, and mining rig deployment or decommissioning cycles.

2018–2025 Bitcoin Network Hashrate 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 detailed below:

• 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 fluctuation pattern of “rising first, then falling, followed by a slight recovery.” This trend was mainly driven by fluctuations in Bitcoin spot prices, changes in network hashrate, and transaction fee levels. On August 24, revenue reached the week’s high of $61.89 million, then dropped sharply to $51.12 million on August 25, indicating a short-term synchronous contraction in both price and fees. Toward the weekend, mining revenue partially recovered, reflecting a certain resilience in miner earnings after short-term adjustments.

From the perspective of daily revenue per unit of hashrate (Hashprice), Hashrate Index data shows that as of August 29, 2025, Hashprice stood at $54.45/PH/s/day. This week, Hashprice largely followed Bitcoin’s price trend, showing a drop from high levels followed by gradual recovery:

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

Hashprice fluctuations are primarily driven by Bitcoin price and transaction demand, while dynamic adjustments in total network hashrate also dampen miners’ marginal revenue.

Multi-Dimensional Range Performance:

• Monthly: Hashprice is at the lower end of the past 30-day range, indicating that per-machine miner revenue has noticeably declined compared to early August.
• Quarterly: It remains around the median of the three-month range, showing balanced performance within the quarterly cycle.
• Yearly: Hashprice is still in the mid-to-high range for the year, indicating that miner revenue remains competitive compared to the start of the year.

Hashprice Data

In summary, although Bitcoin mining revenue declined noticeably over the past week due to price and fee fluctuations, it gradually recovered toward the weekend, showing a degree of resilience. Observing Hashprice trends, miner earnings experienced short-term volatility but overall remained at a mid-to-high annual level, with profitability staying within a relatively healthy range.

5. Energy Costs and Mining Efficiency

According to CloverPool data, as of August 29, 2025, Bitcoin’s total network hashrate reached 974.88 EH/s, with a mining difficulty of 129.70 T. The next difficulty adjustment is expected on September 5, 2025, with an estimated increase of approximately 3.40%, resulting in an adjusted difficulty of around 134.11 T. This trend indicates that total network hashrate continues to rise, intensifying competition among miners. The growth rate of hashrate exceeds the natural increase in block output efficiency, meaning miners need to invest more computing power and energy to maintain the same Bitcoin production. Under this context, only mining rigs with superior energy efficiency (J/TH) or miners with low electricity costs can sustain profitability amid fierce competition.

Bitcoin Mining Difficulty Data

According to Digiconomist data, since August 2025, Bitcoin’s energy consumption index has continued to rise, increasing from 175.91 TWh/year on July 27 to 185.17 TWh/year on August 27. This indicates that the increased mining difficulty driven by hashrate growth is continuously pushing up the network’s energy demand. Although some mining farms reduce costs and carbon emissions through high-efficiency cooling, hydropower, wind, solar, and other renewable energy sources, the overall trend remains that hashrate growth is positively correlated with energy consumption. The continuous increase in energy consumption also imposes higher operational cost requirements on miners, making electricity cost a key determinant of profitability.

Bitcoin Energy Consumption Data

Overall, the rise in Bitcoin mining difficulty and energy consumption shows a synchronized trend, reflecting an industry in a high-competition and high-cost cycle. With Bitcoin prices fluctuating between $110,000–$114,000, miners in regions with high electricity costs or using inefficient rigs are gradually being eliminated, while large-scale, low-electricity-cost, and high-efficiency mining farms gain a relative advantage. This dynamic is driving the industry toward further scale and specialization.

It is worth noting that mining efficiency does not solely depend on total energy consumption but on improvements in hashrate efficiency (TH/kWh). If ASIC miner efficiency continues to improve, and more mining farms adopt renewable energy and demand response mechanisms, it could help mitigate the impact of rising energy costs on miner profitability while maintaining network security.

In summary, Bitcoin mining is entering a stage of “concentrated hashrate and efficiency supremacy.” Energy costs will remain the industry’s core competitive barrier, and only participants with advantages in hardware, energy structure, and large-scale operations will be able to dominate future cycles.

6. Policy and Regulatory News

Hong Kong to Implement Basel Crypto Asset Capital Rules on January 1, 2026; Stablecoins May Be Affected

On August 23, Caixin reported that the Hong Kong Monetary Authority (HKMA) recently issued a circular confirming that, starting January 1, 2026, Hong Kong will fully implement new bank capital regulations based on the Basel Committee on Banking Supervision’s crypto asset regulatory standards. This applies not only to Bitcoin, Ethereum, and other crypto assets defined by the Basel Committee, but also to RWA (Real World Assets) and stablecoins.

Industry insiders noted 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. With expectations that the new regulations will be implemented on schedule, Hong Kong banks’ willingness to hold such stablecoins or RWAs is likely to be affected.

However, both the Basel Committee and HKMA have clarified that the Basel crypto asset regulatory standards generally do not impose credit risk or market risk regulatory capital requirements on crypto assets custodied by banks for clients, provided that clients’ crypto assets are segregated from the bank’s own assets.

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Former Thai Prime Minister Proposes Positioning Thailand as ASEAN Digital Asset Hub and Establishing Sovereign Strategic Reserve
On August 28, Decrypt reported that former Thai Prime Minister Thaksin Shinawatra met with global digital asset investors in Bangkok on August 26 to discuss a proposal to position Thailand as the ASEAN digital asset hub.

The meeting proposed the establishment of a sovereign strategic reserve to enhance the long-term resilience of Thailand’s financial system and economy, gaining support from multiple international firms, including Metaplanet and UTXO Management. Attendees also included Nakamoto Holdings, Sora Ventures, and AsiaStrategy.

Kip Tiaviwat, founder of Kliff Capital, stated that this move is an important step toward realizing Thailand’s vision of becoming the ASEAN Bitcoin and digital asset hub. Previous reports indicated that the Thai Ministry of Finance had selected KuCoin to participate in its first globally issued tokenized government bond project.

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7. Mining News

Bitcoin Miner Hut 8 Launches $1 Billion Financing Plan to Expand High-Performance Computing and AI Data Centers

On August 24, The Miner Mag reported that Bitcoin miner Hut 8 announced a new At-the-Market (ATM) stock issuance program of up to $1 billion, replacing its 2024 $500 million plan (of which approximately $300 million has been issued). The funds are intended for expanding high-performance computing and AI data centers.

Perspective: Bitcoin Mining Faces an “Extremely Tough” Market; Electricity Becomes Key Currency

On August 25, CoinDesk reported that at the SALT conference in Jackson Hole, Bitcoin mining executives stated that the traditional Bitcoin halving cycle is having a diminishing impact on mining operations, while institutional demand and power infrastructure are reshaping the industry. With growing hashrate and tightening mining profit margins, access to low-cost energy has become crucial for profitability.

For example, Cleanspark is expanding beyond Bitcoin mining, using its energy infrastructure to support AI and data center services. Terawulf has signed a $6.7 billion lease support agreement with Google, converting its hundreds of megawatts of mining infrastructure into data center space.

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Bitcoin Miner Hyperscale Data Will Retain All Mined BTC and Cease Sales

On August 25, PR Newswire reported that NYSE-listed Hyperscale Data announced it will retain all mined Bitcoin, effective immediately, and will no longer sell any Bitcoin. Bitcoin will become a key component of the company’s balance sheet.

Additionally, Hyperscale Data plans to increase its XRP holdings and will begin publishing weekly reports of its Bitcoin and Ripple positions starting September 2.

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Trump’s Sons-Backed Bitcoin Miner American Bitcoin to List on Nasdaq in September

On August 28, Jin10 reported that American Bitcoin, a Bitcoin miner supported by the two sons of former U.S. President Trump, has secured both crypto and traditional investors and plans an all-stock merger, with trading on Nasdaq expected to begin in early September.

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

8. Bitcoin News

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

1.El Salvador Increases Holdings by 8 BTC
On August 23, it was reported that El Salvador acquired 8 additional Bitcoin over the past 7 days, bringing its total holdings to 6,277.18 BTC.

2.Strategy Purchases 3,081 BTC Last Week
On August 25, Strategy purchased 3,081 BTC for $356.9 million, bringing its total holdings to 632,457 BTC.

3.LM Funding America Increases Holdings by 164 BTC
On August 25, LM Funding America announced the purchase of 164 BTC, bringing its total holdings to approximately 311 BTC as of August 22.

4.BOXABL Increases Holdings by 10 BTC
On August 25, Las Vegas-based construction tech company BOXABL announced an increase of 10 BTC as part of its corporate treasury strategy.

5.Boyaa Interactive Purchases 290 BTC
On August 25, Boyaa Interactive announced that it purchased 290 BTC from August 5 to 25 using its own funds.

6.Sequans Launches $200 Million Equity Plan
On August 26, French semiconductor company Sequans Communications announced an ATM equity issuance plan, primarily to continue increasing Bitcoin holdings. The company currently holds over 3,000 BTC, with a target of 100,000 BTC by 2030.

7.KindlyMD Plans $5 Billion Fundraising to Advance Bitcoin Strategy
On August 27, KindlyMD filed an S-3 registration statement with the U.S. SEC, planning to raise up to $5 billion through stock issuance to continue implementing its Bitcoin treasury strategy.

8.Metaplanet Plans to Raise Over $880 Million to Increase Bitcoin Holdings
On August 27, Metaplanet announced plans to issue new shares in overseas markets to raise approximately $887 million, of which around $830 million will be used to purchase Bitcoin.

9.H100 Group Increases Holdings by 46 BTC
On August 27, Swedish company H100 Group announced an increase of 46 BTC, bringing its total holdings to 957.5 BTC.

10.DDC Enterprise Purchases an Additional 120 BTC
On August 27, U.S.-listed company DDC Enterprise announced the purchase of 120 BTC, bringing its total holdings to 1,008 BTC. Previously, on August 25, DDC Enterprise announced an additional purchase of 200 BTC.

11.CIMG Raises $55 Million via Rights Issue to Acquire 500 BTC
On August 28, Nasdaq-listed digital health company CIMG Inc. announced a rights issue to raise $55 million and plans to purchase 500 BTC, with the transaction expected to complete in early September.

12.Nakiki SE Evaluates Rights Issue to Purchase Bitcoin
On August 28, German-listed Nakiki SE is evaluating a securities issuance to raise tens of millions of euros for strategic Bitcoin purchases, planning to fully implement a Bitcoin treasury strategy.

13.Bitplanet to Establish Bitcoin Treasury Company to Acquire $40 Million in BTC
On August 28, Bitplanet announced the establishment of a Bitcoin treasury company, planning to purchase $40 million in Bitcoin for the company’s long-term reserve strategy.

14.Hut 8 Secures $330 Million Credit Support, Holdings Exceed 10,000 BTC
On August 28, crypto miner Hut 8 announced it received $330 million in credit support, with current holdings exceeding 10,000 BTC as a liquidity reserve.

15.GOAT Network Purchases 34 BTC to Launch Ecosystem Fund
On August 28, GOAT Network announced cumulative purchases of 34 BTC and the establishment of an Ecosystem Pilot Fund to incentivize Bitcoin Layer 2 ecosystem development and community growth.

16.Strive Funds CEO: Post-IPO Purchase of Over $700 Million in BTC
On August 28, the CEO of Strive Funds stated that the company plans to purchase over $700 million worth of Bitcoin after going public.

17.Shuntai Holdings Announces HKD 70 Million Investment in Crypto
On August 28, Shuntai Holdings announced an allocation of HKD 70 million for investment in cryptocurrencies, including Bitcoin, Ethereum, Binance Coin, and Filecoin.

18.LiveOne Increases Bitcoin Holdings to 34.2 BTC
On August 28, LiveOne announced an increase of over $2 million in Bitcoin holdings, bringing the total to approximately 34.2 BTC.

19.Refine Group AB Purchases 1.84 BTC
On August 28, Swedish company Refine Group AB announced the purchase of 1.84 BTC for its Bitcoin reserve plan.

20.BitStrat Subsidiary Purchases 10 BTC
On August 28, BitStrat’s wholly-owned subsidiary, BitNewStar Limited, purchased 10 BTC on the open market.

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

On August 23, Coindesk reported that a Bitwise analyst forecasted in a report that Bitcoin could become the best-performing institutional asset over the next 10 years, with its price rising to $1.3 million by 2035. Bitwise’s new price projection implies a compound annual growth rate of 28.3%, with returns surpassing most traditional assets. However, the firm warned that even if volatility trends are lower than in past cycles, volatility will remain a defining feature of the market.

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

Bitwise also noted that the “historical four-year cycle” theory for Bitcoin no longer holds practical relevance. Nevertheless, the firm cautioned investors to expect significant drawdowns. The largest risks include regulatory changes, legislative changes in major markets, and challenges related to Bitcoin being a relatively new asset with limited historical data. Additionally, quantum computing and other technological threats have attracted attention, though Bitwise considers them secondary concerns.

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

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

“This process has officially begun, and we haven’t even captured 0.01% of the total market size yet. Bitcoin’s price will go even higher,” he said.

QCP: Structural View on Bitcoin Unchanged, Expect Institutions to Buy on Pullbacks

On August 25, QCP published an analysis stating, “Bitcoin’s rebound momentum weakened after the Jackson Hole meeting, as an early holder sold approximately 24,000 BTC (~$2.7 billion) during low liquidity on Sunday, triggering around $500 million in forced liquidations.

Ethereum reached new highs, and the Ethereum/Bitcoin ratio broke 0.04. Amid six consecutive trading days of ETF outflows (~$1.2 billion), Bitcoin’s market dominance fell to about 57%, while institutional investors continued to increase Ethereum holdings.

In the short term, Bitcoin seems to be ceding momentum to Ethereum, but our structural view on Bitcoin remains unchanged. As the market absorbed approximately 80,000 BTC of traditional supply in July, we expect institutions to selectively buy on pullbacks.”

Analysis: If BTC Maintains Historical Q4 Average Rebounds, Price Could Reach $160,000 Before Christmas

On August 27, analysis indicated that Bitcoin’s weak performance is very likely to turn into a “positive but low-volatility” trend over the next few months. Based on historical performance, Bitcoin could reverse its recent decline and reach record highs within the next four months, presenting an optimistic outlook from now until Christmas.

Analyst Timothy Peterson noted that in the four months leading up to Christmas in previous years, Bitcoin has risen 70% of the time, with an average gain of +44%. This average upside would bring Bitcoin’s price to $160,000.

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

On August 28, financefeeds reported that Falconedge, a new hedge fund advisory company spun off from UK-based Falcon Investment Management, has completed pre-IPO financing and plans to implement an ambitious Bitcoin treasury strategy, allocating nearly 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 is betting that BTC will become the cornerstone of institutional finance for the next decade.” Falconedge’s IPO is expected in September.

Tiger Research: Bitcoin Q3 Target Price $190,000, Short-Term Pullback Possible

On August 28, Tiger Research released its 2025 Q3 Bitcoin valuation report, predicting a target price of $190,000, representing a 67% upside from current levels.

The report highlighted that accelerated institutional adoption, record-high global liquidity, and the opening of U.S. 401(k) retirement accounts to Bitcoin investments are the main driving factors. Additionally, institutional holdings continue to rise, with ETFs holding 1.3 million BTC, accounting for about 6% of total supply. Although on-chain indicators suggest a potential short-term pullback, institutional buying provides strong price support, and the long-term trend remains positive.

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Tom Lee: Bitcoin to Reach $1 Million, ETH Target Price $60,000

On August 28, Fundstrat founder Tom Lee stated that cryptocurrencies will become the core of the new financial system and predicted that Bitcoin will reach $1 million, with an ETH target price of $60,000. He believes the influx of institutional and sovereign funds will support the market and suggested that stablecoins could provide long-term fiscal support through U.S. Treasury purchases.

Furthermore, Tom Lee noted that Bitcoin and Ethereum have become examples akin to a “Universal Basic Income” (UBI), where early investors can gain economic benefits without additional work. He also mentioned that the combination of AI and financial innovation will drive cryptocurrencies into broader real-world applications, reshaping traditional market cycles.