CoinEx Research's August 2025 Report - August Ascension: Reaching New Heights Twice
In August 2025, the cryptocurrency market experienced a series of significant events that shaped its landscape.
CoinEx, an award-winning cryptocurrency exchange established in 2017, continued to grow, providing access to over 1400 coins for its 10+ million users across 200+ countries and regions.
The month saw a surge in institutional inflows, playing a major role in the rise of Bitcoin and Ethereum. Bitcoin reached a new all-time high of $124,000, before ending August at $108,000, while Ethereum broke its previous 2021 record, reaching above $4,900 and ending the month at $4,300.
The compression of mNAV multiples suggests the market is beginning to differentiate between hype and sustainable models. This was evident in the declining market Net Asset Value (mNAV) multiples for some Digital Asset Treasury (DAT) firms, which indicates that valuations may face pressure as competition increases and sentiment normalizes.
Stablecoin inflows exceeded $10 billion in August, marking the fastest pace in eight months. CoinEx Research interprets this as confirmation that the bull market structure remains robust.
The rise of Ethereum-focused DAT firms was noted in July, 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. The diversification of DAT firms reflects growing appetite for altcoins and regional variations are expected as local firms adapt to market and regulatory conditions.
Ethereum ETFs drew $3.8 billion in August, while ETH profits may rotate into Solana in the near term. The rise of DAT firms and their diversification into altcoins underscores crypto's deeper integration into traditional finance.
Interestingly, the search results do not provide information about a company that raised funds for Solana treasuries in August.
CoinEx Research predicts that Bitcoin and Ethereum may need to consolidate before the next expansion, following their late-month corrections. The CME FedWatch Tool assigns an 89.6% probability of a September Federal Reserve rate cut, which could potentially impact the market's direction.
As we move forward, it will be interesting to see how these trends and predictions unfold in the world of cryptocurrencies.
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