CoinEx Research’s August 2025 Report: August 2025 marked a historic month for digital assets, with both Bitcoin and Ethereum reaching new all-time highs. Bitcoin climbed to $124,000 and Ethereum surged above $4,900, driven by powerful institutional demand, ETF inflows, and a wave of corporate adoption. Despite late-month corrections—Bitcoin closing at $108,000 and Ethereum at $4,300—the market’s bullish structure remains intact, supported by stablecoin inflows exceeding $10 billion. The rapid rise of Digital Asset Treasury (DAT) companies and the diversification of holdings beyond Bitcoin and Ethereum underscore the deepening integration between TradFi and crypto. However, declining market Net Asset Value (mNAV) multiples for some DATs highlight the possibility of an upcoming consolidation phase. With Federal Reserve rate cuts on the horizon, risk assets like cryptocurrencies remain well-positioned for continued momentum.
BTC and ETH Moon to New Highs
Bitcoin opened August at $115,000, carrying forward July’s bullish momentum before setting a new record high of $124,000 on August 14. Ethereum outperformed during the month, starting at $3,700 and shattering its previous 2021 record by rising above $4,900 on August 24. Institutional inflows played a major role, with Ethereum ETFs drawing $3.8 billion in August, following $5.4 billion in July.
Bitcoin ended the month at $108,000 and Ethereum at $4,300. Despite these pullbacks, the overarching bull market structure remains intact. Markets now focus on macro policy, with the CME FedWatch Tool assigning an 89.6% probability of a September Federal Reserve rate cut—a potential catalyst for renewed strength in risk assets.
Source: CME FedWatch; Data as of 01 Sep 2025
Technical Outlook: BTC Cooling, ETH Rotation to Solana
BTC’s upward momentum is weakening, and it is expected to enter a consolidation phase. In the near term, it may repeatedly test support around $10,800, though the overall bull market structure remains intact.
In the meantime, profits from ETH may rotate into SOL, with related narratives also gaining traction. Recently, the SOL/ETH ratio has rebounded strongly and shows potential to retest the 0.05716 resistance level.
Ethereum Crushes New ATH
This month, driven by both ETH treasury companies and ETF inflows, ETH broke above $4,900 to reach a new high. However, it is worth noting that ETF inflows have slowed, and ETH leverage in derivatives remains elevated, which may signal a period of consolidation before the next rally.
For a deep dive into the current round of Ethereum’s rally, please read our recent article “Ethereum Price Hits New All-Time High in 2025: Key Drivers and Future Outlook”.
The Proliferation of Digital Asset Treasury (DAT) Companies
In July, CoinEx Research noted the rise of Ethereum-focused Digital Asset Treasury (DAT) firms. By August, the sector had broadened rapidly, with companies like Pantera Capital and Galaxy Digital raising funds for Solana treasuries and others expanding into assets such as BNB, XRP, HYPE, and BABY. This diversification reflects growing appetite for altcoins and regional variations are expected as local firms adapt to market and regulatory conditions. However, declining market Net Asset Value (mNAV) multiples—from lucrative premiums to near 1.0x for some DATs—suggest valuations may face pressure as competition increases and sentiment normalizes.
Stablecoin Inflows Surpass $10 Billion
Stablecoin inflows, which exceeded $10 billion in August—the fastest pace in eight months. This surge reflects growing liquidity, increased capital deployment, and sustained investor engagement. CoinEx Research interprets this as confirmation that the bull market structure remains robust.
Looking Ahead: Consolidation Before Expansion
CoinEx Research concludes that August’s dual ATHs highlight both the strength and maturing complexity of today’s crypto market. Bitcoin and Ethereum continue to anchor institutional strategies, but their late-month corrections signal the need for consolidation before the next expansion.
Meanwhile, the rise of DAT companies and their diversification into altcoins underscores crypto’s deeper integration into traditional finance. Yet the compression of mNAV multiples suggests the market is beginning to differentiate between hype and sustainable models.
Stablecoin inflows, now above $10 billion, confirm that liquidity is flowing into the ecosystem at scale, ensuring that the structural foundation of the bull cycle remains strong. With macro policy shifts likely in September, the market may be poised for another wave of growth—though investors should remain mindful of leverage and valuation risks.
About CoinEx
Established in 2017, CoinEx is an award-winning cryptocurrency exchange designed with users in mind. Since its launch by the industry-leading mining pool ViaBTC, the platform has been one of the earliest crypto exchanges to release proof-of-reserves to protect 100% of user assets. CoinEx provides over 1400 coins, supported by professional-grade features and services, for its 10+ million users across 200+ countries and regions. CoinEx is also home to its native token, CET, incentivizing user activities while empowering its ecosystem.
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