Bitcoin ended August sluggish, weighed down by a late-month flash crash, even as corporate treasuries continued to accumulate. Strategy and Tokyo-listed Metaplanet collectively purchased 5,370 BTC in August, underscoring the continued buildup of institutional reserves despite price pressure.
Bitcoin traded down more than 5% over the past 30 days, slipping to $108,775, after a whale sale of 24,000 BTC — worth $2.7 billion — on Aug. 24 triggered a rapid selloff and wiped out an estimated $500 million in leveraged positions.
Treasury accumulation has been a key theme of 2025, with firms like Strategy and Metaplanet issuing debt and equity to fund purchases. But while corporate demand is strong, broader market sentiment has cooled. Bitcoin dominance fell from 60% to 57% during August, raising speculation that Ethereum could start to outperform if staking ETFs secure approval.
Ethereum’s network activity has surged to levels not seen in over a year. On Aug. 5, the blockchain processed 1.8 million transactions in a single day, the highest since 2024.
Nearly 30% of ETH’s circulating supply is now staked, signaling that long-term investors are locking up tokens to earn yield rather than selling into the market.
The SEC added fuel to this trend with new guidance clarifying its views on liquid staking. Analysts interpreted the move as opening the door for Ether ETFs with staking, potentially strengthening ETH’s institutional appeal.
While Ethereum is flashing bullish signals, U.S. regulators are tightening scrutiny in other corners of the market. Rhode Island and Wisconsin became the latest states to introduce legislation on crypto ATMs, bringing the total to 13 states with regulatory frameworks. Several municipalities, including Stillwater, Minnesota, and Spokane, Washington, have gone further with outright bans.
Lawmakers say the measures are aimed at protecting senior citizens, a demographic often targeted in crypto ATM scams, with groups like AARP backing the legislation.
