Crypto corrects while US stocks remain stable, awaiting a key speech from the Fed Chair. The market is still holding out for positive signals regarding interest rates.

Market Overview

US equities closed with little movement across all three major indices on Monday (August 18th, US). Stock futures followed a similar trend. Gold saw a slight increase to $3382 per ounce. Oil hovered around $63 per barrel.

Fed Chairman Jerome Powell is scheduled to deliver his most important policy speech of the year this Friday at the annual Jackson Hole Economic Symposium in Jackson Hole, Wyoming. The market is watching closely for any signals that the Fed is ready to cut interest rates in September. If President Trump nominates a new Fed chair for the next term, this could be Chairman Powell's final speech in this capacity.

Bitcoin saw a correction yesterday, falling to $114,000 before recovering to $115,000. Most altcoins declined. The overall crypto market capitalization fell to $3.9 trillion.

US BTC spot ETFs saw outflows on Monday (August 18th, US), totaling $121 million. ETH spot ETFs also experienced outflows of $196 million.

The drop in BTC was not directly tied to macroeconomic factors but was influenced by a large volume of leveraged positions being liquidated during a period of price volatility. Additionally, Coin Bureau reported that 31,968 BTC (approximately $3.78 billion) was moved after 3–5 years of inactivity. This isn't necessarily considered a "Satoshi-era whale waking up" because 3–5 years ago was the 2022 crypto winter. It's more likely these Bitcoin belong to holders from the 2021 cycle. However, it could indicate that some whales are beginning to take profits rather than waiting for higher BTC prices.

Bitcoin's Recent Correction: Cause and Accumulation

This selling pressure has created additional BTC supply on the market. However, looking at the demand side, institutions continue to accumulate BTC, including Strategy, Metaplanet, and BTC spot ETFs. Specifically, Strategy announced yesterday that it bought an additional 430 BTC for a total of approximately $55.4 million at an average price of $119,666 per BTC. With this transaction, the company's total Bitcoin holdings have reached 629,376 BTC, equivalent to about $72 billion at the current price. Metaplanet also bought an additional 775 BTC, raising its total holdings to 18,888 BTC.

Over the past week, the wave of global corporate Bitcoin accumulation has continued to accelerate. In the Netherlands, Amdax launched AMBTS with the long-term goal of holding 1% of the total BTC supply, equivalent to 210,000 BTC, making it the country's first publicly traded Bitcoin treasury. In France, Capital B raised 2.2 million euros (approximately $2.6 million) to invest in Bitcoin, while in Sweden, B Treasury Capital AB raised 209 million SEK ($21.9 million) for the same purpose. Japan also saw a move from Lib Work Co., which plans to purchase 500 million yen ($3.4 million) worth of Bitcoin in 2025. In the US, Reborn Coffee is considering implementing a Bitcoin accumulation strategy.

A summary for the week of August 11th-17th shows:

• 62 announcements related to Bitcoin purchases, totaling approximately 3,900 BTC.
• 2 new companies joined, including a tobacco company.
• 10 future accumulation plans, valued at about $105 million.
• 29 companies added 3,859.5 BTC.
• 12 fundraising rounds, totaling over $219 million to buy more BTC.
• 10 additional disclosures related to Bitcoin treasuries.

Ethereum Faces Unstake Pressure, But Institutions Remain Bullish

Ethereum is currently facing a large wave of unstaking. According to data from the Ethereum Validator Queue, there are 909,788 ETH waiting to be withdrawn, with an average wait time of about 15 days. This indicates that many investors want to remove their ETH from staking, possibly to sell due to ETH's recent price surge. This poses a potential selling pressure on the market.

Additionally, data from CryptoQuant shows an increase in the amount of ETH deposited onto exchanges, further supporting the possibility of profit-taking. On the CME exchange, the number of institutional ETH short positions is at a record high. However, it's possible this is simply a risk-hedging strategy, as in the past (February), when ETH shorts spiked, the price continued to climb from $2,700 to its current level of over $4,300.

From another perspective, institutional capital continues to flow into Ethereum. BitMine now holds 1.52 million ETH (approximately $6.61 billion) and aims to own 5% of the total ETH supply. This is the largest Ethereum treasury company in the world, second only to Strategy Inc. in the scale of its crypto treasury. The company has an ambitious strategic goal: to hold 5% of the total circulating ETH supply. In addition, many other companies and ETFs are also actively accumulating ETH.

Overall, Ethereum is in a state of equilibrium between supply pressure (from unstaking and exchange deposits) and demand (from institutions, funds, and ETFs). The future price trend will depend on the development of these two factors, along with the impact of the Fed's interest rate policy and other macroeconomic factors.

Other Key Crypto & Market Updates

Thailand will launch a sandbox trial for crypto payments for foreign tourists in Q4/2025 for 18 months. The TouristDigiPay project will allow tourists to convert crypto to baht and make electronic payments via e-money providers, but not use crypto directly for purchases. The goal is to stimulate Thai tourism, which has seen a decline in visitors, particularly from China. Previously, Thailand had trialed crypto payments in Phuket and consulted the public on digital assets.

Crypto exchange Gemini has filed for an IPO to list on the Nasdaq with the expected ticker symbol GEMI. The offering price and number of shares to be issued have not yet been announced. Since its founding, Gemini has recorded a total trading volume of over $285 billion and is a custodian for approximately $18 billion in digital assets for clients as of June 30th.

China Merchants Bank (CMB), through its subsidiary MB International Securities, has launched a cryptocurrency exchange in Hong Kong after being licensed by regulators in mid-July. The exchange allows 24/7 trading of Bitcoin, Ether, and USDT, exclusively for professional investors. While mainland China still bans crypto, Hong Kong is strengthening its role as a digital asset hub with a new legal framework for stablecoins and stricter regulations to control the market.

Japan is expected to approve the first yen-pegged stablecoin this fall, issued by fintech company JPYC. The JPYC token will be pegged 1:1 with the yen, backed by bank deposits and government bonds, and distributed directly via digital wallets. This is a significant step, marking Japan's first domestic stablecoin, which promises to expand digital asset applications and could increase demand for government bonds, similar to the role of USD stablecoins in the global market.

The Trump administration is considering acquiring a 10% stake in Intel, a rare instance of the US government directly holding a large share in a private company. The goal is to ensure the security of the domestic chip supply and increase competitiveness against Samsung and TSMC. However, this move runs counter to the traditional US anti-monopoly stance, and a final decision has not yet been made.

The US Securities and Exchange Commission (SEC) has delayed its decisions on three crypto ETFs, pushing the review deadlines to October. Specifically, the Truth Social Bitcoin and Ethereum ETF will receive a ruling on October 8th, the 21Shares and Bitwise Solana ETF on October 16th, and the 21Shares XRP Core Trust on October 19th. October is predicted to be a critical period for these rulings.

Sources

• Bloomberg
• CoinDesk
• U.S. Treasury
• TradingView
• Reuters
• SEC
• White House Press Office
• CryptoQuant
• Coin Bureau
• The New York Times
• Fox Business
• The Wall Street Journal
• Gemini Exchange
• China Merchants Bank (CMB)
• JPYC
• SEC Filings

Disclaimer

This article is for informational purposes only and should not be considered financial advice. Please do your own research before making investment decisions.

‍