Coin market cap
Coin market cap Retail leverage keeps getting flushed as ETFs log billion-dollar outflows, while whales and sovereign players quietly accumulate ETH and BTC into volatility.
Aug 26, 2025, 1:13 a.m.
Coin market cap Good Morning, Asia. Here’s what’s making news in the markets:
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.
Bitcoin is trading just below $110,000 after another failed bounce, down roughly 7% since peaking over $117,000 in the wake of Powell’s dovish Jackson Hole speech, according to CoinDesk market data. Ethereum, which briefly touched $4,900 before a sharp reversal, is holding above $4,300 but showing signs of exhaustion after weeks of outperformance.
The bull run is fraying, market observers say, as thinning liquidity, ETF outflows, and fragile onchain activity collide with whales rotating into ETH and retail longs getting liquidated. Yet beneath the surface, billion-dollar sovereign and institutional allocations are quietly scaling into volatility, creating a sharp divergence between weak short-term conviction and programmatic long-horizon buying.
Glassnode’s latest Market Pulse shows the cycle slipping from euphoria into fragility: spot momentum fading toward oversold territory, ETF flows swinging to a $1 billion outflow, and realized profits collapsing back to breakeven.
That fragility was underscored by QCP Capital, which traced this weekend’s crash to an early holder unloading 24,000 BTC into thin liquidity, a move that cascaded into $500 million in liquidations. QCP said the sale exposed just how brittle the market has become with ETFs bleeding $1.2 billion in outflows even as whales rotate into ETH, pushing the ETH/BTC cross through 0.04.
Singapore-based market maker Enflux picks up that thread, arguing that not all flows are created equal.
While retail longs were blown out, a $2.55 billion ETH stake routed through a single contract and the UAE royal family’s $700 million BTC exposure via Citadel Mining looks less like speculative punts and more like sovereign and institutional allocations.
In other words, even as Glassnode’s onchain data shows weakening address activity and fee volumes, there are counterparties deliberately using volatility to scale into size.
The result is a divergence: retail leverage continues to get flushed, while long-horizon allocators quietly accumulate.
But with transaction fees collapsing back toward decade lows and blocks clearing with little congestion, liquidity on the Bitcoin blockchain itself looks thin. That’s a problem for miners already squeezed by halved rewards, and it leaves the broader market bracing for consolidation, or deeper drawdowns into September, historically Bitcoin’s weakest month.
Coin market cap Market Movement
BTC: Bitcoin’s brief rebound from its weekend plunge failed Monday, with prices rejected at $113,000 before sliding to a seven-week low near $109,700, down 2.7% on the day and 7% from Friday’s post-Powell peak above $117,000.
ETH: Altcoins buckled Monday with ETH dropping nearly 8% below $4,400 and SOL, DOGE, ADA, and LINK sliding 6–8%, triggering $700 million in liquidations, mostly from over $627 million in long bets.
Gold: Gold is holding above $3,350 as Powell’s dovish Jackson Hole remarks boost rate-cut bets and geopolitical tensions sustain safe-haven demand, even as dollar strength and upcoming U.S. growth data loom as headwinds.
Nikkei 225: Asia-Pacific stocks fell Tuesday, with Japan’s Nikkei 225 and Topix down 0.54%, as investors weighed Trump’s China comments and U.S.–South Korea trade talks on planned 15% tariffs.
S&P 500: U.S. stocks pulled back Monday from a rate-cut-fueled rally, with the S&P 500 down 0.4% as focus turned to Nvidia’s upcoming earnings.
Coin market cap Elsewhere in Crypto:
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX’s collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
AI Boost
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
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Bitcoin Suffers Technical Setback, Loses 100-Day Average as XRP, ETH and SOL Hold Ground
Ether, solana, and XRP maintain relatively stronger positions.
What to know:
- Bitcoin’s price has fallen below the 100-day simple moving average for the first time since April, boltering the bearish outlook.
- The cryptocurrency’s technical outlook has worsened, with prices also dropping below the Ichimoku cloud.
- Ether, solana, and XRP maintain relatively stronger positions.
