On August 19, 2025, Bitcoin and Ether briefly tested recent lows before bouncing back. The CoinDesk 20 Index modestly increased by 0.5% while the CoinDesk 80 Index showed minimal movement, reflecting a generally stagnant altcoin market. Notably, Mantle Network's MNT and HASH tokens experienced double-digit gains. In derivative markets, Bitcoin's cumulative open interest in USDT perpetual futures declined significantly, indicating a reduction in long positions, while Ethereum's open interest rose, signaling new short positions. Starknet's recent upgrade aims to decentralize sequencing, potentially affecting its STRK token. Meanwhile, Solana's DeFi TVL surged by 30.4%, bolstered by significant contributions from Kamino, though its spot DEX volumes decreased sharply as excitement over memecoins diminished. The rising liquid staking participation highlights growing DeFi yields within the Solana ecosystem. The overall sentiment across derivatives suggests cautious optimism, with some bearish indicators in options trading.

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