The crypto market took a notable shift this week with leading cryptocurrencies taking a stiff downtrend. While the price of Bitcoin dropped to a monthly low of $108k, it led the rest of the market to a volatile ride. Keeping these market movements in the thick of it, here is the quick review, covering what happened in the cryptocurrency industry this week.
Top Headlines
Below are the top headlines of this week from the crypto industry;
Crypto Market Tumbles
Amid uncertainty in market sentiment, Bitcoin took a bearish turn and fell to monthly lows below $109K for the first time since 9th July. Following Bitcoin, the leading cryptocurrency, other altcoins, including Ether (ETH), Solana (SOL), and XRP, also witnessed remarkable volatility.
The primary reason behind this downtrend was waning investor confidence in a September Federal Reserve rate cut, triggering a risk-off sentiment and significant liquidations. Throughout the week, the crypto market also witnessed notable liquidations.
Bitcoin Whale Move Funds to Ethereum (ETH)
A massive Bitcoin whale, holding over $11 billion in BTC, made headlines by selling 22,769 Bitcoin worth $2.59 billion and rotating the funds into Ethereum, purchasing 472,920 ETH ($2.2 billion) and opening a $577 million Ether long position on Hyperliquid. This capital shift signals growing institutional confidence in Ethereum’s upside potential, potentially fueling an altcoin season.
Arthur Hayes Predict 126x Spike in HIKE Price
At the WebX 2025 conference in Tokyo, former BitMEX CEO Arthur Hayes made a bold prediction. He forecasted a 126x surge for Hyperliquid’s HYPE token, potentially reaching $5,000 by 2028. Speaking on August 25, Hayes attributed this massive upside to the expected $10 trillion stablecoin market, which he believes will drive Hyperliquid’s annualized fee revenue from $1.2 billion to $258 billion. This prediction has sparked significant investor interest for the HYPE token.
Altcoin Treasuries Continue Rising
The crypto market is witnessing a surge in corporate altcoin treasury strategies as companies diversify beyond Bitcoin. In recent moves, B Strategy, backed by YZi Labs, announced a $1 billion U.S.-listed BNB treasury firm to bolster the BNB ecosystem. Meanwhile, Canadian firm Luxxfolio filed a CAD $100 million (approximately $73 million) prospectus to expand its Litecoin treasury.
Besides, Trump Media, Crypto.com, and Yorkville Acquisition also launched Trump Media Group CRO Strategy Inc., a $6.42 billion CRO treasury venture, acquiring $1 billion in CRO tokens to integrate with Truth Social’s rewards system. Additionally, DeFi Dev Corp strengthened its Solana holdings with a $77 million purchase of 407,247 SOL, pushing its total to 1.83 million SOL.
Brazil and Philippines Plans Strategic Bitcoin Reserve
While Bitcoin is gaining ground as a leading store of value asset, Brazil and the Philippines are advancing bold initiatives to integrate Bitcoin into their national financial strategies. On August 25, the Chamber of Deputies in Brazil held a hearing for Bitcoin-linked legislation proposed by Federal Deputy Eros Biodini. The proposed bill considers an allocation of up to 5% of Brazil’s international reserves toward Bitcoin.
Meanwhile, in the Philippines, the Congress received a bill proposing a Bitcoin treasury to boost the nation’s financial stability, buying 10,000 Bitcoin (BTC) over a period of five years.
News You Might Have Missed
- MJ, Adele’s Instagram hacked in Crypto scam: Hackers hijacked Instagram accounts of Michael Jackson, Adele, and Future to promote a Solana-based FREEBANDZ memecoin.
- UAE Becomes 4th-Largest Bitcoin Holder: The UAE has emerged as the world’s fourth-largest Bitcoin holder, amassing over $740 million in strategic reserves to diversify its wealth portfolio.
- South Korea Busts Crypto Hacking Syndicate: South Korean police arrested 16 members of an international hacking syndicate, stealing $28.1 million from 258 wealthy individuals.
- US Commerce Dept. to Bring Data Onchain: The U.S. The Commerce Department has partnered with Chainlink to bring data on blockchain.
- Solana’s Alpenglow Proposal Hits Community Voting: Solana’s SIMD-0326 (Alpenglow) proposal, aimed at enhancing network scalability and performance, has entered the community voting phase.
Top Gainers and Losers this Week
As Bitcoin dipped nearly 6% from the weekly high, various altcoins saw huge sell-off. Meanwhile Cronos (CRO), the native token of Crypto.com exchange, surged a staggering 99% after Trump Media and Yorkville’s treasury announcement.
| Gainers | Losers |
|---|---|
| CRO (Cronos): +99% | AERO (Aerodrome Finance): -23% |
| PTYH (Pyth Network): +53% | PENDLE (Pendle): -20% |
| PUMP (PumpFun): +9% | LDO (Lido DAO): -18% |
| KCS (KuCoin Token): +8% | SPX (SPX6900): -17% |
| FORM (Four): +6% | PENGU (Pudgy Penguin): -16% |
What to expect next week?
All the predictions for the next week are on the edge due to the market’s volatility and sensitivity to macroeconomic factors, regulatory developments, and investor sentiment. The cryptocurrency markets may be influenced by key macroeconomic events such as the U.S. Weekly Jobless Claims on September 4 could signal labor market strength, potentially boosting risk assets like Bitcoin if positive. On September 5, the U.S. PCE Price Index, the Federal Reserve’s preferred inflation gauge, may also impact rate cut expectations, with higher readings potentially pressuring crypto prices.
Moreover, Global PMI data, particularly U.S. Services PMI, could further shape sentiment by reflecting economic resilience. These events may drive volatility, so investors should stay vigilant and conduct thorough research.
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