Summary
gm, Gemini had a successful IPO, which surged 45% on its Nasdaq debut, reaching a $4.4 billion valuation. Meanwhile, Solana continued its remarkable rally, climbing above $240 (its highest price since January) following Galaxy Digital's substantial purchase of over $700 million in SOL tokens for Forward Industries. In other developments, Polymarket strengthened its prediction market infrastructure by integrating Chainlink as its primary oracle for more accurate market resolutions, while Coinbase escalated its legal battle with the SEC by filing a motion over deleted text messages from former Chair Gary Gensler's communications. Additionally, WisdomTree launched a tokenized private credit fund, representing broader institutional adoption of blockchain technology in traditional finance.

News Headlines
🔄 Ethereum's Paradox: Usage at All-Time Highs as Fees Plummet

  • Ethereum monthly transactions have exceeded 50 million with unique active addresses at multi-year highs, while transaction fees have significantly decreased compared to 2021-2022 levels.
  • Base fees have compressed to around 1-3 gwei, with priority fees recently dominating the fee structure, reflecting a fundamental change in how users interact with the network.

💹 TON Strategy Launches $250M Buyback While Shares Drop 7.5%

  • TON Strategy Company announced a buyback of 250,000 shares under a $250 million agreement, purchasing shares at $8.32 each, well below their treasury asset value of $12.18 per share.
  • The announcement comes as the company's share price has decreased by over 21% since its pivot to focus on a TON treasury, while the overall sentiment towards crypto treasury companies is waning, with Toncoin down 40.7% year-to-date.

⚠️ DeFi Whale Loses $40M as Kinto Winds Down and SwissBorg Suffers Hack

  • A trader on Hyperliquid has reportedly lost over $40 million within a month through high-leverage trading, making them the platform's largest losing whale with significant losses on various positions, particularly in HYPE and Ether.
  • Kinto Network's token price plummeted over 80% after announcing it would cease operations following a $1.6 million hack and inability to secure funding, with contributors citing unsustainable high yields as a potential cause.

📈 Esports Firm's Stock Price Doubles After Bitcoin, Ethereum Treasury Investment

  • Allied Gaming & Entertainment (AGAE) saw its stock price surge by 105% after announcing Bitcoin and Ethereum investments as part of its new corporate treasury management strategy.
  • CEO Yangyang James Li stated that the company views cryptocurrency not only as a store of value but as a strategic building block for the business's future, marking the first step in AGAE's plans to incorporate crypto into its financial strategy.

📊 Solana vs. Base: How Ethereum's Most Active L2 Compares Against Solana

  • In a direct comparison, Solana outperformed Base (Ethereum's most active L2) in August with $77.8 million in total fees versus Base's $6.2 million, and generated $136 million in application revenues compared to Base's $21 million.
  • Solana's stablecoin supply of $11.2 billion significantly exceeds Base's $4.3 billion, though Base had a higher transfer volume at $1.5 trillion compared to Solana's $292 billion.

Market Metrics

Fundraising & VC
No fundraising data today.

Regulatory
🔄 White House Pushes for Crypto Market Structure Legislation

  • Patrick Witt, executive director of the President's Council of Digital Assets, emphasized finalizing crypto market structure legislation as a priority, as Senate Republicans and Democrats introduce competing bills.
  • Democratic proposals include stricter stablecoin regulations beyond the GENIUS Act, facing opposition from the crypto industry which argues these restrictions would limit consumer choices in the $251 billion stablecoin market.

🔒 Ethereum Foundation Launches Privacy Initiative

  • The Ethereum Foundation has rebranded its privacy initiative to "Privacy Stewards of Ethereum" (PSE) with a roadmap focusing on private transactions and decentralized identity solutions over the next 3-6 months.
  • Key goals include enabling private transfers via the PlasmaFold layer-2 network, implementing confidential voting solutions, and addressing personal data exposure through RPC services using zero-knowledge proofs.

📊 Memecoin Surge Tied to Rate Cut Expectations and Altcoin ETF Hopes

  • Memecoins are experiencing significant price increases as Bitcoin's market dominance has declined by 3.5% over the past month, fueling discussions of an approaching "altcoin season."
  • The rally is driven by anticipated Federal Reserve rate cuts and growing expectations for regulatory approval of altcoin ETFs, which could provide institutional investors with broader access to these alternative cryptocurrencies.

🏛️ SEC Chair Atkins Unveils Vision for On-Chain Capital Markets

  • SEC Chair Paul Atkins announced plans to modernize U.S. securities regulations with "Project Crypto," shifting from enforcement-based policies to clear rules for digital assets, tokens, and trading platforms.
  • Atkins stated most tokens should not be considered securities and promised a streamlined capital-raising process on-chain, signaling a major policy shift toward embracing cryptocurrency innovation.

💰 Galaxy Research: Strategic Bitcoin Reserve Likely by Year End

  • Alex Thorn of Galaxy Digital predicts a high probability that the U.S. government will establish a Strategic Bitcoin Reserve by the end of 2025, citing recent legislative progress toward assessing its feasibility.
  • Industry leaders express concern about potential delays giving other countries an advantage in Bitcoin accumulation, with some urging the U.S. to begin acquiring Bitcoin this year to maintain competitive positioning.

Technical Analysis
Bitcoin - Bitcoin is in a rising trend channel in the short term. This signals increasing optimism among investors and indicates continued rise. The currency has support at points 113500 and resistance at points 117400. Volume tops and volume bottoms correspond well with tops and bottoms in the price. This strengthens the trend. RSI is above 70 after a good price increase the past weeks. The currency has strong positive momentum and further increase is indicated. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The currency is overall assessed as technically positive for the short term.

Ethereum - Ethereum shows strong development within a rising trend channel in the short term. Rising trends indicate that the currency experiences positive development and that buy interest among investors is increasing. The currency is approaching resistance at 4800 points, which may give a negative reaction. However, a break upwards through 4800 points will be a positive signal. Volume tops and volume bottoms correspond well with tops and bottoms in the price. This strengthens the trend. The currency is overall assessed as technically positive for the short term.