Happy Friday! Welcome to the 32th instalment of the Coinbyte Weekly Wrap.

The market traded with strong upward momentum this week, with BTC rising from around US$63,000 to US$75,544, posting a weekly gain of approximately 18.30%. Price action showed a sharp midweek breakout, with Bitcoin briefly moving above US$75,500 before extending its gains.

Major altcoins also closed sharply higher, with Ether up 24.04%, Solana gaining 16.05%, Dogecoin rising 15.73%, and Cardano advancing 9.65%. BNB climbed 7.74%, while TRX posted a more modest 1.29% weekly gain.

Institutional activity remained strong. BitMine increased its holdings by 9,926 ETH, bringing the total value of its Ethereum holdings to approximately US$11 billion. Harvard University maintained its Bitcoin ETF holdings in the second quarter after reducing its position by 43% in the previous quarter. On August 19, Bitcoin ETFs attracted US$517 million in daily inflows, marking their largest single-day inflow since May.

Trading activity also remained elevated: BTC average daily volume reached roughly US$25.9bn over the past seven days, USDT turnover stood at around US$53.9bn, while ETH and SOL recorded approximately US$12.1bn and US$2.1bn respectively.

Overall, this week’s market action reflected a broad-based recovery, led by strong gains in Bitcoin and major altcoins, alongside renewed institutional activity and stronger capital flows.

Beyond price action, institutional participation remained a key theme this week. Bitcoin climbed above US$74,000, while U.S. spot Bitcoin ETFs recorded continued inflows, with August’s total reaching approximately US$951 million. Citi also announced plans to launch digital asset custody later this year, expanding institutional access to crypto through its traditional custody infrastructure. Meanwhile, Strategy raised US$334 million through MSTR share sales while maintaining its 840,447 BTC holdings, reinforcing its continued commitment to its Bitcoin treasury strategy.

Regulatory progress also remained in focus. The U.S. SEC proposed a draft crypto framework that would introduce new exemption paths for certain crypto offerings and a potential safe harbor for some digital assets, marking a significant step toward clearer rules for the industry. Meanwhile, U.S. regulators signaled efforts to bring crypto derivatives and platforms such as Hyperliquid into a more regulated framework, although no formal approval has been announced.

The broader crypto infrastructure continued to develop, with Tether completing its first full independent financial statement audit and reporting reserves exceeding liabilities by US$6.8 billion at the end of 2025. Japan's Metaplanet also expanded its Bitcoin strategy into the U.S. through a planned acquisition of Super League Entertainment, while growing attention to DeFi revenue and token buybacks pointed to a broader shift in how crypto assets may be valued.

Overall, this week's market reflected a combination of stronger market momentum and continued industry maturation. Rising Bitcoin prices, renewed ETF inflows, expanding institutional infrastructure, clearer regulatory frameworks, and greater transparency around stablecoin reserves all reinforced the broader trend of digital assets becoming increasingly integrated into the global financial system.

Performance

Newsflow

Market | Bitcoin Rises Above US$75K

Bitcoin climbed above US$75,500 while Ether jumped 24% to US$2,350, as major cryptocurrencies rallied broadly. The move triggered nearly US$3 billion in crypto liquidations over 24 hours, with short positions accounting for a record US$2.74 billion, marking the largest wave of forced short closures since 2021. link

Regulation | SEC Proposes Draft Crypto Rules

The U.S. SEC has proposed its first major crypto rule under Chairman Paul Atkins, introducing two exemption paths for crypto offerings of up to US$5 million over four years or US$75 million per year, with different disclosure requirements. The proposal also includes a safe harbor that could allow certain crypto assets to no longer be treated as investment contracts after issuers complete their promised managerial efforts. The SEC is accepting public comments for 60 days before working toward a final rule.  link

More News

ETF | U.S. spot Bitcoin ETFs recorded US$189.3 million in net inflows on Aug. 19, bringing August’s total to approximately US$951 million. BlackRock’s iShares Bitcoin Trust led the inflows with US$143.6 million, while Fidelity’s Wise Origin Bitcoin Fund added US$23.9 million. Bitcoin also rose more than 6% to above US$68,000, as the market responded to improved liquidity conditions following the U.S. Treasury’s decision to double its long-term bond buyback operations. link

Regulation | President Donald Trump said CFTC Chairman Michael Selig is working to bring Hyperliquid into the U.S. in a “fully compliant and legal fashion,” as the derivatives-focused platform gains traction among traders. Trump also said the CFTC is working to bring perpetual futures markets onshore. The comments came as U.S. regulators move to expand regulated access to crypto derivatives, but no formal approval for Hyperliquid has been announced.  link

Market | VanEck says Bitcoin’s nearly 11-month correction may be nearing an end, with 8 of its 12 capitulation signals currently flashing. Long-term holders have sold around 356,000 BTC over the past 30 days, while Bitcoin has traded between US$58,000 and US$66,500 since June. Based on historical cycles, VanEck sees a potential transition toward accumulation between September and November, although the firm cautions that capitulation signals are not a reliable short-term timing tool. link

Institution | Citigroup plans to launch digital asset custody later this year, starting with Bitcoin, through its new Custody+ platform. The service will allow institutional clients to access traditional and crypto custody within the same framework, using Citi’s common digital asset architecture. The platform also includes near-real-time settlement, liquidity tools and other custody services, expanding Citi’s digital asset infrastructure for institutional clients.  link

USDT | Tether has completed its first full independent financial statement audit, with KPMG U.S. issuing an unqualified opinion on Tether International’s 2025 financial statements. The audit covered the issuer’s complete balance sheet, including assets backing USDT and token liabilities, as well as its income statement, equity changes and cash flows. Tether reported that reserves exceeded liabilities by US$6.8 billion at the end of 2025, marking a major step beyond its previous quarterly reserve attestations. link

Market | Bitwise CIO Matt Hougan said crypto assets could see a major market repricing as investors increasingly focus on revenue generated by decentralized finance protocols. He argued that tokens with growing fee income and buyback mechanisms are beginning to resemble traditional cash-generating assets, potentially supporting significantly higher valuations as the market adjusts to the shift.  link

Institution | Japan-listed Metaplanet plans to acquire 95.7% of Nasdaq-listed Super League Entertainment for 2,100 BTC and US$2.5 million in cash. The company plans to rename it Superplanet and use the U.S.-listed entity as its Bitcoin treasury arm, marking its first expansion outside Japan.  link

Institution | Strategy raised US$334 million by selling 3.46 million MSTR shares last week while leaving its Bitcoin holdings unchanged at 840,447 BTC. The proceeds were used for preferred-stock dividends, buybacks and cash reserves, showing the company continues to strengthen its balance sheet without reducing its BTC position.  link

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