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Bitcoin price is attempting to recover from $112,500. BTC is back above $114,000 but faces many hurdles on the way up to $120,000. Bitcoin started a recovery wave above the $113,500 zone. The price is trading below $115,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $114,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another increase if it clears the $115,000 resistance zone. Bitcoin Price Finds Support Bitcoin price started a fresh decline after a close below the $115,500 level. BTC gained bearish momentum and traded below the $113,500 support zone. There was a move below the $113,000 support zone and the 100 hourly Simple moving average. The pair tested the $112,500 zone. A low was formed at $112,400 and the price is now attempting to recover toward the 23.6% Fib retracement level of the recent decline from the $124,420 swing high to the $112,400 low. Bitcoin is now trading below $115,000 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $114,800 level. There is also a key bearish trend line forming with resistance at $114,800 on the hourly chart of the BTC/USD pair. The first key resistance is near the $115,000 level. The next resistance could be $115,500. A close above the $115,500 resistance might send the price further higher. In the stated case, the price could rise and test the $118,400 resistance level. It is close to the 50% Fib retracement level of the recent decline from the $124,420 swing high to the $112,400 low. Any more gains might send the price toward the $120,000 level. The main target could be $121,500. Another Decline In BTC? If Bitcoin fails to rise above the $115,000 resistance zone, it could start a fresh decline. Immediate support is near the $113,500 level. The first major support is near the $112,400 level. The next support is now near the $111,500 zone. Any more losses might send the price toward the $110,000 support in the near term. The main support sits at $108,000, below which BTC might take a major hit. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $113,500, followed by $111,500. Major Resistance Levels – $115,000 and $115,500.

Digital-asset investment products pulled in $3.75 billion last week, lifting assets under management to $244 billion on August 13. The total ranks among the largest weekly inflows seen recently, CoinShares data shows. Prices rose, but the main driver was money moving into funds rather than a broad retail rush. Concentrated Flows From A Single Product Based on reports from CoinShares, almost all of the inflows came through one provider. The US accounted for $3.73 billion, almost the entire week’s total. Canada added $33.7 million, Hong Kong close to $21 million, and Australia $12 million. By contrast, Brazil and Sweden recorded outflows of $10.6 million and $50 million. Market participants say the bulk of the cash was funneled into a single iShares product, which helps explain how a relatively narrow set of flows moved overall AUM so sharply. Ethereum Draws The Most Money Ethereum attracted the lion’s share of last week’s inflows at $2.87 billion, or 77% of the total. That brings year-to-date net inflows into ETH to about $11 billion. Ethereum now makes up nearly 30% of assets under management, versus Bitcoin’s 11.6%. Bitcoin’s weekly intake was $552 million. Other moves included Solana taking $176.5 million and XRP adding $126 million, while Litecoin and Ton showed small outflows of $0.4 million and $1 million, respectively. These numbers point to a clear shift in where institutional money is parked this week. Corporate Holdings And Supply Notes Reports have disclosed that more than 16 companies have added Ethereum to their balance sheets, according to CryptoQuant. Together they hold about 2.45 million ETH, valued at roughly $11 billion, and those coins are effectively out of circulation while locked in treasuries or cold storage. It’s worth noting that Ethereum does not have a fixed supply like Bitcoin; about one million ETH was added to supply last year, and supply dynamics can vary with network activity. Watch Futures And Large Holders Futures open interest sits near $38 billion, a sizeable figure that raises the chance of swift price moves when positions are closed. Large, concentrated holders and sudden shifts in futures positions have shown they can push prices sharply in either direction. For now, this is a flow-driven event more than a broad retail surge. If the same product keeps taking in large sums, it will keep adding upward pressure. At the same time, thin liquidity and big positions can flip gains into losses fast. Investors and traders should keep an eye on weekly fund flows, futures open interest, and on-chain movements to see whether the trend spreads beyond a few big buyers. Featured image from Meta, chart from TradingView

In a thread on August 19, analyst Miles Deutscher argued that MicroStrategy’s market-implied net asset value (mNAV) premium—the core gear in Michael Saylor’s Bitcoin acquisition flywheel—has compressed sharply, weakening the feedback loop that helped the company outpace Bitcoin through most of the cycle. “Michael Saylor built the craziest BTC flywheel in history. But his buying power is starting to fade. The market is now asking one question: ‘Is the BTC treasury bubble finally popping?’” MicroStrategy’s Bitcoin Premium Is Fading Deutscher grounds the discussion in how investors currently value MicroStrategy. “People often overlook that MicroStrategy has a legacy software business, which continues to generate revenue. However, MicroStrategy has essentially become a company whose valuation is primarily influenced by its BTC holdings. The entire system is powered by mNAV (Market-Implied NAV).” In practical terms, the mNAV multiple is the premium investors pay over the company’s look-through Bitcoin value to access leveraged BTC exposure via MSTR. “An mNAV of ~1.58x means the market is paying a 58% premium for their BTC.” According to Deutscher, that premium “was once a 3.4x mNAV” when Bitcoin was surging, but it has “now decreased to 1.58x. Demand is slowing down.” In other words, what had been a powerful flywheel—high premium enabling cheap equity issuance that funded more Bitcoin purchases, which in turn kept NAV rising and the premium elevated—now spins with much less torque. That shift intersected with a contentious corporate action. “Recently, Saylor sparked controversy by revealing that Strategy had revised its MSTR Equity ATM Guidance to offer greater ‘flexibility’ in executing its capital markets strategy.” The implication, Deutscher argues, is that greater issuance flexibility “may dilute shareholder value and increase financial risk tied to Bitcoin’s volatility.” He notes that “the market is quite divided” on the change. On the constructive side, he quotes @thedefivillain’s take—“Slower concentration of supply in Saylor’s hands,” “Greater leverage to justify mNAV,” and “Reduced buying pressure for BTC in dollar terms”—as reasons the revision could ultimately be benign. But critics worry about “the possibility of a ‘death spiral.’ The removal of the 2.5x mNAV safeguard for equity issuance may allow MicroStrategy to sell shares at lower valuations.” Reflexivity, in Deutscher’s telling, is the operative risk factor: “Reflexivity is a brutal force that operates in both directions.” A Hypothetical Scenario Deutscher then sets up a stress-test to illustrate how that reflexivity could bite if Bitcoin weakens and the premium compresses to parity. “If BTC’s price drops 20% and MicroStrategy’s mNAV multiple falls to 1.0x, the stock might plummet by 46.5%.” He walks through the arithmetic from a notional baseline of $115,000 per BTC, which on a 20% decline would fall to $92,000. On MicroStrategy’s “226,331 BTC,” he calculates that would put look-through NAV at $20.82 billion. To align an mNAV of exactly 1.0x, he backs into enterprise value and market cap under that scenario: “Starting with an enterprise value of $20.82 billion, we subtract MicroStrategy’s $2.2 billion in debt and add its $0.1 billion in cash. This calculation unveils the company’s market cap, hitting $18.72 billion, a significant pullback from its original $35 billion market cap.” The conclusion he draws from the modeled path—BTC −20% to ~$92,000, mNAV → 1.0x, MSTR market cap −46.5%—is that MicroStrategy’s equity remains a leveraged instrument with an outcome path that can be materially worse than Bitcoin itself when the premium compresses. Beyond the scenario math, Deutscher links recent spot price action to changing marginal demand. “I think BTC’s recent weakness can be attributed to the market starting to price in reduced Saylor demand/tail potential risk of the revised ATM guidance.” In parallel, he highlights how the proliferation of spot ETFs erodes the original rationale for paying a large listed-company premium to own BTC “beta”: “Spot Bitcoin ETFs are plentiful now. Why would you pay a 58% premium for MSTR’s leveraged exposure when you can grab IBIT at a clean ~1.0x NAV?” By his framing, the mNAV premium itself “was indicative of the market’s view that MSTR was going to outperform BTC.” With that view fading, the premium looks less like an enduring structural feature and more like a belief-sensitive variable. “In my opinion, the MSTR premium is essentially a gamble. You’re betting on three fragile things: unwavering market confidence, open capital markets, and Saylor’s leadership. If any of those pillars start to wobble, the premium collapses.” At press time, BTC traded at $113,624.

XRP slipped below the critical $3.00 level this week, extending its losing streak as whale sell-offs and regulatory uncertainty weighed heavily on the market. Currently trading at $2.8, XRP has made a 3.68% decline in the past 24 hours, with trading volume rising slightly by 0.82% to $6.85 billion. The latest downturn comes after on-chain data revealed that whales offloaded 470 million XRP tokens over the past 10 days, slashing their cumulative holdings to just 7.63 billion coins. Large-scale exits by wallets holding between 10 million and 100 million XRP suggest institutional desks and high-net-worth traders are taking profits after XRP’s recent rally to above $3.39 earlier this month. XRP Price Action: $2.85–$2.90 Becomes Key Battleground Price action data shows XRP’s sharpest drop occurred between 13:00 and 15:00 UTC on August 19, when it slid from $3.04 to $2.93 as volume spiked to 137 million, nearly double the daily average. Despite heavy selling, buyers repeatedly defended the $2.85–$2.88 zone, preventing further collapse. Currently, XRP is consolidating near $2.85–$2.90, a sign that short-term selling pressure may be easing. Still, resistance at $3.04 has been confirmed, making a bullish recovery difficult without stronger demand. Can Bulls Hold the Line at $2.8? For traders, the $2.8 level is now the most critical support to watch. A breakdown could open the door for a deeper decline, while reclaiming $3.00 would signal renewed buyer strength. Analysts note that a recovery above $3.19 is essential for momentum to shift back in favor of the bulls. Adding to the pressure, a security audit ranked the XRP Ledger lowest among 15 major blockchains, sparking concerns over long-term resilience. Meanwhile, the U.S. SEC has delayed decisions on several XRP ETF applications, including Nasdaq’s CoinShares filing, until October, deepening regulatory uncertainty. Until the SEC rules on ETF filings in October, XRP may remain volatile as whales continue to offload and institutional investors adjust their portfolios. Whether this dip is a healthy correction or the start of a broader downturn will depend on how well XRP can defend its current support levels in the days ahead. Cover image from ChatGPT, XRPUSD chart from Tradingview

Pump.fun, Solana’s premier memecoin launchpad, has stormed back to the top of the sector, reclaiming market share, revenue dominance, and developer loyalty after a brief but intense challenge from LetsBonk.fun. According to fresh Dune Analytics data, Pump has amassed over $800.6M in lifetime revenue, cementing its status as one of the most profitable platforms in crypto history. (Source) At its core, Pump monetizes through a 1% swap fee on token trades, a seemingly simple mechanism that has turned into an unstoppable cash engine as meme coin mania continues to rage across Solana. DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in 2025 What’s Driving Pump.Fun Revenue Recovery? The Exodus and Return of Top Builders The turnaround comes after several weeks of turbulence in July, when LetsBonk, a Bonk-backed launchpad with close ties to Raydium’s LaunchLab, briefly seized momentum. At one point, the platform captured over +70% market share, luring frustrated creators away with a revenue-sharing model and deeper liquidity pools. But the honeymoon proved short-lived. By mid-August, traders were reporting that the top 10 LetsBonk deployers had migrated back to Pump, bringing their projects and volumes with them. As one crypto analyst put it, “LetsBonk promised upside, but when liquidity thinned and token graduation slowed, developers defaulted to what works. That’s Pump.” The impact has been brutal. Pump is once again clearing more than $1M per day in revenue, while LetsBonk’s daily haul has collapsed below $30,000, a staggering reversal from the $1M peaks it touched just weeks ago. Token graduation stats underline the shift. In the last 24 hours alone, Pump graduated over 170 tokens, compared tojust five on LetsBonk. Its market share has rebounded above 70%, while the challenger is fading into near-irrelevance. Part of Pump’s resurgence lies in its willingness to evolve. Last month, it launched its own token (PUMP) via an explosive $600M ICO completed in just 12 minutes. Since then, a buyback program, offering a premium above market rates, has been rolled out to prop up the token’s value and reinforce community confidence. Pump has also pushed liquidity initiatives, including the “Glass Full Foundation,” aimed at stabilizing promising meme coins through direct support. This, coupled with a network effect of creators and traders, has reasserted Pump as the only launchpad with true staying power on Solana. DISCOVER: 20+ Next Crypto to Explode in 2025 The Bigger Picture: Solana vs. Base Yet, while Pump reasserts dominance on Solana, the battleground for meme coin supremacy is widening. The Coinbase-backed Base chain has recently overtaken Solana in overall meme coin volumes, thanks to its new Base App, which merges token trading with decentralized social features. Still, on Solana itself, Pump.fun remains the undisputed kingpin, thriving even amid a $5.5Bn class-action lawsuit that critics argue paints it as nothing more than a “crypto casino.” For now, the numbers tell the story: Pump.fun has reclaimed its place at the heart of Solana’s memecoin economy, and with nearly a billion dollars in revenue under its belt, the platform shows no sign of slowing. DISCOVER: Top Solana Meme Coins to Buy in 2025 The post Pump.fun Reclaims Dominance as Top Meme Coin Builders Flock Back appeared first on 99Bitcoins.

Platinum Price: What Moves It, How to Read the Chart, and Where It Fits You worked hard for your savings, Sir, and you deserve clarity, not noise. Platinum is rare, practical, and widely misunderstood. If you grasp what drives the platinum price, know how to read a chart without getting lost, and see how it differs from gold and palladium, you can make steadier decisions. This guide keeps the spin out and the common sense in. What Actually Moves the Platinum Price Platinum lives in two worlds: the jewelry case and the factory floor. Most demand comes from industry, especially emissions-control parts and chemical processes. That industrial pull, combined with a concentrated mining base, creates a tighter market than many expect. When factories hum, demand rises. When growth cools, demand eases. Supply is not a quick lever; mines cannot flip a switch to add ounces overnight. On top of that sits the investor layer. Retirement savers, funds, and dealers step in when they want diversification, an inflation hedge, or protection from currency weakness. That extra bid can push the platinum price higher when the market is already tight. On the flip side, when investors de-risk into cash, price can slip even if factories still need the metal. The lesson: watch industry, watch supply, and track sentiment. That trio usually explains more than any hot take. Headlines vs. reality News loves a simple story: platinum surged because of one event, or slumped because of another. Reality is a blend. A supply hiccup here, a production cut there, and suddenly the balance tilts. You do not need a PhD. Stick to the basics and the pattern shows up. Supply and Demand in Plain English Supply is concentrated, with a few regions producing most of the world’s primary platinum. Recycling adds a meaningful second stream, especially from spent catalytic converters and industrial equipment. Demand splits roughly into three lanes: automotive and industrial uses, jewelry, and investment products. When any one lane accelerates or slows, the platinum price responds. Industrial demand rises with manufacturing cycles and emissions standards. Jewelry demand is sensitive to consumer incomes and fashion trends. Investment demand swings with inflation, interest rates, and the dollar. How to Read a Platinum Price Chart Without Getting Lost Charts are road maps, not crystal balls. Start with time frame. A one-week chart is noise; a one- to five-year view shows the real terrain. Mark the big turns and ask what changed in industry, currency, and mining around those dates. Keep brief notes; history repeats more often than you think. Use simple checkpoints. Where is price relative to its recent average. Are highs pushing higher or stalling. Are lows rising or breaking down. You do not need fancy indicators; a clean chart and a steady routine beat a dozen blinking signals. Review two views: one year and five years. Short term plus long term keeps you grounded. Circle zones where buyers previously stepped in. Prior support often matters again. Write the basic catalyst at each major swing. A two-line note today becomes wisdom tomorrow. A quick chart story A retired firefighter stopped chasing headlines and checked one chart each Sunday. He circled three price zones and ignored everything else. His stress dropped. His decisions improved. That is not magic; that is discipline. Weights and Units: Grams, Ounces, and Kilograms Precious metals use the troy ounce, not the kitchen ounce. Get the unit right before you compare prices. One troy ounce equals about 31.1035 grams. A kilogram contains about 32.1507 troy ounces. That simple conversion lets you move between coins, bars, and industrial quotes without confusion. Small investors often prefer one-ounce coins or bars for simplicity. Jewelers and manufacturers talk in grams or kilograms. Both approaches are fine. The key is consistency. If a quote is per ounce and you hold grams, convert before you judge fairness. Precision is not fancy; it is practical. Durability and purity matter Platinum resists corrosion and oxidation, which is why it appears in rings, lab gear, and high-heat equipment. Investment-grade products are typically very pure, with fine platinum often listed around 0.9995. Bars and coins from established mints and refiners trade more easily because buyers trust the specs. Platinum vs. Gold and Palladium: Real Differences People love to compare platinum and gold. Historically, platinum sometimes traded above gold; at other times it traded below. Those flips reflect platinum’s industrial heartbeat. Gold is driven more by investors and central banks. Platinum responds more to factories and technology cycles. Neither is “better” in all seasons; they play different roles. Palladium is the other player in the family. Automakers have shifted demand between platinum and palladium over the years based on performance needs, regulation, and price. That tug-of-war matters because substitutions can push platinum demand up or down. Technology changes, the balance shifts, and the market reprices. You do not need to guess the winner every round—just understand that demand rotates. An expectation check A retired teacher once assumed platinum must always cost more than gold because of the name and jewelry ads. She looked at a long-term chart, saw the periods where that was not true, and laughed. Expectations are stubborn; facts are better. Platinum as an Investment: A Practical Framework Platinum is not a lottery ticket. It is a scarce industrial metal with investment appeal. Some retirees like that it does not move in lockstep with stocks. Others appreciate the inflation hedge across multi-year cycles. Start with purpose. Are you looking for diversification. Trying to reduce the sting when markets wobble. Clear goals help you decide how, or if, platinum belongs in the mix. Consider the vehicle. Physical products come with premiums, shipping, and storage. Market products have their own rules. Neither is always best. If you want something you can hold, you accept storage and spreads. If you want easy liquidity, you accept market mechanics. Write the plan down and follow it. Vehicle options at a glance Coins and bars: tangible, simple to understand, but include premiums and storage considerations. Exchange-traded products: convenient and liquid, but subject to fund structure and fees. Futures and options: efficient exposure, higher complexity, and require strict risk controls. Mining equities: leverage to price, but also company-specific risks and broader stock-market swings. Costs, Liquidity, and Storage With physical metal, look at the all-in cost: the buy premium, potential sales spread, and storage. Home safes, bank boxes, and professional depositories each have trade-offs. With market products, examine fees, bid-ask spreads, and how the product tracks the platinum price. Liquidity is generally solid during normal hours, but the market is smaller than gold, so swing risk can be higher. Why Prices Sometimes Surprise You Industrial headlines can move platinum fast. A plant shutdown, a change in emissions rules, or a technology update can reroute demand. When that happens, do not panic. Ask three questions: is the change temporary or structural, did supply adjust, and are investors exaggerating a short-term hiccup. Calm beats chaos every time. Is Platinum Attractive Right Now: A Sensible Approach Investors crave a yes or no. Real life is not that neat. Use a simple, repeatable approach. First, check the platinum price across multiple time frames. Second, read a couple of credible supply-demand summaries. Third, scan for near-term policy or technology shifts that could nudge demand. Put those together and decide whether current price looks stretched or fair without leaning on a guru. The next five years: what to watch Industrial adoption and manufacturing cycles. Mine output, recycling flows, and any supply disruptions. Interest rates and currency trends that influence investor appetite. Technology changes in transportation and energy that may affect catalyst or hydrogen-related uses. Simple Checklists for Retirees Who Want Clarity Complication is the enemy. Use short lists and stick to them. Price sanity check: compare today’s quote to the one-year and five-year ranges; note if price sits near the floor or ceiling of both. Unit check: confirm ounces, grams, or kilograms; convert confidently using 1 troy ounce ≈ 31.1035 grams and 1 kilogram ≈ 32.1507 troy ounces. Purpose check: write down why you are considering platinum—diversification, inflation defense, liquidity, or income balance. Logistics check: for physical, understand premiums, shipping, and storage; for market products, understand fees, tracking, and trading rules. Behavior check: promise not to react to a single scary headline; review monthly, not hourly. The calm notebook method A retired nurse kept a small notebook for each big purchase: the reason, the price range, and what would change her mind. Ten minutes of writing saved her from a dozen impulsive decisions. You can do the same with platinum. Risk Factors to Respect Every asset carries risk. With platinum, keep four in view. First, market size: smaller than gold, so swings can be sharper. Second, substitution risk: technology and price shifts can move demand between platinum and palladium. Third, supply concentration: a few regions and refiners matter a lot. Fourth, policy risk: emissions standards and energy policies can tilt demand faster than expected. None of these are deal-breakers; they are simply realities to manage. Platinum in Context: How It Complements Other Metals Gold is the classic store of value, driven by investors and central banks. Silver blends industry with investor appeal and can move faster in both directions. Platinum is more industrial, powered by technology and manufacturing, with investment demand as a second engine. Palladium crosses similar lanes and often trades based on automaker needs. Place platinum in that lineup and the role is clear. It can zig when stocks zag because its drivers differ. It can also surprise you with sharp moves because the market is smaller. Treat platinum like what it is—a scarce industrial precious metal with real-world utility—and the price action makes sense. Final Words: Steady Hands Win You do not need to predict the exact platinum price to be a responsible steward of your savings. You need a framework you trust. Understand the drivers, read the chart in context, keep your units straight, and respect the differences between metals. Use short checklists and write down your purpose. When the noise gets loud, return to your notes. Simple is the point. Steady hands win when you know what you own and why you own it. The post Platinum Price first appeared on American Bullion.

After hitting a new all-time high (ATH) of $124,474 on Binance on August 13, Bitcoin (BTC) has tumbled toward $113,000, with the next major support zone around $110,000. Analysts warn that more downside could still be ahead for the top cryptocurrency. Bitcoin To Fall More? Crowded Long Trade Gives Hint According to a CryptoQuant Quicktake post by contributor XWIN Research Japan, Bitcoin open interest across all exchanges has surged past $40 billion, nearing ATH territory. This rise shows both whales and short-term traders are piling into leveraged positions. The chart below highlights the recent spike in BTC open interest, now hovering at $40.6 billion. Compared to August 2024 levels of $15 billion, open interest has grown by more than 150%. The CryptoQuant contributor added that despite this surge, the funding rate has remained positive, showing a strong long bias. While this reflects market optimism, it also signals a crowded trade, with most participants betting on further BTC appreciation. As a result, the risk of a long squeeze – forced liquidations of long positions due to aggressive leverage – has risen. XWIN Research Japan explained in their analysis: A sudden price drop can trigger a cascade of forced selling, amplifying volatility. In other words, Bitcoin’s short-term moves remain at the mercy of speculative flows. BTC Fund Holding By Institutions Rises Despite speculative froth from excessive leverage in the market, BTC fund holdings by Bitcoin exchange-traded funds (ETFs) and institutional investors continue to surge, exceeding 1.3 million according to latest data. Spot ETFs and corporate treasuries absorbing BTC provides the digital asset a structural bid that steadily reduces its available supply. According to data from SoSoValue, US-based spot Bitcoin ETFs currently hold $146 billion in net assets – representing 6.47% of BTC’s market cap. That said, this week alone has seen more than $645 million in outflows from spot Bitcoin ETFs, following two consecutive weeks of inflows totaling nearly $800 million. Among the ETFs, BlackRock’s IBIT leads with $84.78 billion in net assets as of August 19. Still, not all signals are bearish. For instance, while BTC slipped below $115,000, its spot trading volume surged past $6 billion, giving bulls hope for a potential rebound. Similarly, technical analyst AO recently suggested that BTC could be mirroring gold’s trajectory, with an ambitious target of $600,000 by early 2026. At press time, BTC trades at $113,845, down 1.5% in the past 24 hours.

Ethereum (ETH) is struggling to hold above $4,200 after a sharp sell-off triggered widespread liquidations across the crypto market. It has dropped nearly 9% over the past week, with traders bracing for a potential retest of the $4,100 level. Data from CoinGlass shows that more than $178 million in positions were liquidated in the past 24 hours, with ETH long traders suffering the biggest blow, over $127 million wiped out. A notable case saw one Hyperliquid trader lose nearly $6.2 million after re-entering ETH longs too aggressively, turning months of gains into heavy losses within just two days. This volatility comes as Ethereum’s exit queue for staking withdrawals has surged to 910,461 ETH, worth about $3.91 billion, signaling an upcoming wave of supply that could pressure prices further. Institutional Investors Step in Despite Market Jitters Despite retail pain, large institutional players appear to be buying the dip. Bitmine Immersion, the biggest publicly traded ETH holder, recently added 52,475 ETH, bringing its holdings to nearly $6.6 billion. SharpLink followed suit, purchasing 143,593 ETH at $4,648, though its position is now underwater. Blockchain trackers also flagged new inflows from FalconX-linked wallets worth over $38 million. This suggests that while short-term sentiment remains shaky, big-money investors continue to accumulate ETH, betting on its long-term value. Ethereum (ETH) Analysts Warn of Deeper Losses Before Recovery Market experts caution that Ethereum may remain under pressure as macroeconomic uncertainty looms ahead of the U.S. Federal Reserve’s Jackson Hole meeting. Pessimistic tone from Fed Chair Jerome Powell could trigger further risk-off sentiment across crypto and equities. On-chain activity has also weakened. Active Ethereum addresses have dropped nearly 28% in August, signaling waning retail participation. Network growth has slowed as well, raising questions about near-term demand. Still, analysts see long-term upside once the market absorbs the $4B staking unlock. Some forecasts remain bullish, with Ethereum projected to reach between $6,000–$8,000 by year-end if institutional flows persist. For now, however, the critical question remains: can ETH defend $4,000, or will supply pressure drag it into a deeper correction? Cover image from ChatGPT, ETHUSD chart from Tradingview

The Securities and Exchange Commission is moving in a different direction on crypto. Chair Paul Atkins confirmed that the agency will launch the President’s Digital Assets Group, a step he says will open a new chapter in US regulation. White House Roadmap According to Atkins, the first objective of the new group will be to carry out recommendations from the President’s Digital Asset Markets Working Group. His remarks came during the Wyoming Blockchain Symposium, where he introduced what he called “Project Crypto” and promised to move away from regulation by enforcement. Atkins stated the SEC will not rely on old methods. Instead, the commission intends to create rules that prevent abuse but remain flexible enough for technology’s rapid development. Atkins said the effort is part of US President Donald Trump’s extensive push for a more transparent policy on digital assets. Investor Protection And Innovation Atkins praised the administration for supporting a plan that he says balances investor protection with space for innovation. He added that cooperation with Congress, the White House, and other agencies will help keep US policy consistent and aligned with international standards. This is a clear contrast to the approach of his predecessor, Gary Gensler, who frequently said most tokens were securities under existing rules. Critics of Gensler’s stance argued it drove innovation overseas and created a climate of uncertainty. Atkins rejected that argument, saying very few tokens meet the definition of securities. The way tokens are packaged, marketed, and sold matters more, he explained. Flexible Rules For Developers The shift could make it easier for crypto projects to operate in the US without immediately being treated as securities. Reports show that the President’s DAWG released a roadmap in July urging regulators to introduce rules that encourage businesses while maintaining investor safeguards. Atkins said the SEC will stick closely to that roadmap. Exemptions & Transparency He explained that the commission will provide exemptions, safe harbors, and new disclosure standards tailored for crypto companies. That would replace the “one-size-fits-all” system that has frustrated the industry for years. Activities such as ICOs, airdrops, network rewards, and building decentralized apps may be treated more flexibly under this plan. Atkins clarified that the new approach does not mean a free-for-all, but rather a structure designed to support responsible growth. Featured image from Meta, chart from TradingView

Log in to today's North American session Market wrap for August 20 Today's trading was a bit hectic, between a huge selloff in the Stocks that got met with some mean-reversion dip-buying (break-retest on the Nasdaq?), a dovish cut from the RBNZ sending the Kiwi slumping and some more turmoil at the Federal Reserve, Markets got some action. FED's Cook, one of the last reminder of Biden's appointee is being accused of Mortgage fraud, with US President Trump "gently" asking her to resign and is rumoured to be fired soon. Nasdaq 2H Chart, August 20, 2025 – Source: TradingView A break-retest from the longer-term upward channel could be into play, despite the Index closing above the psychological 23,000 level – We shall see tomorrow. Palantir is one of the biggest victims of this ongoing correction in tech stocks, down around 20% from peak to trough (but has rebounded a bit since to only down 15.40% in 5 days). Market participants seem to be cleaning their books in the anticipation of the Jackson Hole Symposium beginning tomorrow evening – The full agenda will be available here at 20:00 ET. For the FOMC Minutes, nothing new happened except for another mention of the FED's division – FED's Schmid pushed back against Bowman's "inflation ex-tariff's measure". You can access WSJ's amazing report on the (non-)event right here. He is always a person to follow when it comes to FED communication. Read More: Diplomatic advances fail to prevent Stocks correction— North American Mid-Week Market UpdateCross-Assets Daily Performance Cross-Asset Daily Performance, August 20, 2025 – Source: TradingView The timing for my morning Nasdaq/Tech drop article couldn't have been worse – (I did mention some oversold levels at least) A very interesting rebound happened in Ethereum which spreaded to the Nasdaq shortly after around 11:00 A.M. The outlook is still a bit mixed, with most commodities finishing the session higher. Interesting trading as markets brace for the upcoming Jackson Hole Symposium. A picture of today's performance for major currencies Currency Performance, August 20 – Source: OANDA Labs The NZD was really the outperformer (to the downside) in today's session. The CHF on the other hand held pretty strong – It seems that there is some work happening with the Swiss Tariffs but the story has to be confirmed. A look at Economic data releasing in tonight and tomorrow's sessions For all market-moving economic releases and events, see the MarketPulse Economic Calendar. This evening and tomorrow's session begin the huge number of PMI releases – Get ready! NZD traders should also brace for this evening's New Zealand Trade Balance at 6:45 P.M. Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Fed Independence Trump’s Pressure on the Fed: A Threat to Independence? For decades, the independence of the Federal Reserve has been considered a cornerstone of U.S. financial stability. The last major challenge to this independence dates back to the early 1970s when President Richard Nixon pressured Fed Chair Arthur Burns to cut interest rates before an election. Fast forward to today, and history appears to be repeating itself. President Donald Trump has launched a relentless campaign urging the Fed to lower interest rates, often criticizing Fed Chair Jerome Powell publicly. This persistent pressure raises serious questions: Can the Fed remain independent under such political fire? Trump’s Pressure on the Fed US President Trump’s post: Chould somebody please inform Jerome ”Too Late” Powell he is huting the Housing Induxtry very badly People cn’t get mortgage because of him… every sign is pointing to a major Rate Cut? “Too Late” isa disaster.” Political Pressure Meets Monetary Policy The situation has escalated beyond Trump’s tweets. Treasury Secretary Bessent has reiterated calls for lower interest rates, and even the FHA chairman recently joined the fray with comments Calling for lower interest rates and attacking Powell. Meanwhile, there have been Trump’s call for Fed Governor Lisa Cook to resign over an alleged mortgage scandal, whether true or not, critics argue it reflects an effort to shape a more dovish Fed board. Source Newsquawk.com The Tariff Effect: A Complicating Factor Adding to the uncertainty is the ongoing tariff war, which has yet to fully impact consumer prices. So far, many corporations, importers, exporters, and manufacturers have absorbed the costs. But this is not sustainable. At some point, higher tariffs will filter through to consumer prices, potentially sparking inflation risks. While some hope for only a temporary spike in inflation, the reality is we are in uncharted waters. No one can predict how these forces will play out, which explains the Fed’s cautious approach to cutting interest rates. Markets Eye Powell’s Jackson Hole Speech Global markets are laser-focused on Fed Chair Powell’s upcoming speech at the Jackson Hole symposium. The stakes could not be higher. If Powell signals a dovish shift, it may look like the Fed is caving to Trump’s demands for easier monetary policy. If he digs in his heels, citing recent reports of rising core inflation and producer prices, it will likely intensify Trump’s criticism. The Fed is truly caught between a rock and a hard place. Will Powell acknowledge signs of a slowing economy and labor market? Will he highlight the inflation risks from tariffs? Or will he take the central banker’s traditional route, emphasizing that the Fed remains data-dependent? What’s Next for Fed Independence? Markets are already pricing in a September rate cut, but beyond that, Powell has little incentive to telegraph further moves. For now, Fed independence appears intact, but with Trump’s pressure campaign showing no signs of easing, the battle may just be beginning especially as Powell’s term ends in April 2026. The post Trump’s Pressure on the Fed appeared first on Forex Trading Forum.

Ethereum is currently under pressure inside a falling channel, consolidating after its recent rally. With $4,150 acting as key support, ETH seems to be preparing for a bounce back toward the $4,788 resistance and all-time high zone. ETH Holds Steady Near $4,190 As $4,150 Support Faces Test Ash Crypto, in his recent Ethereum 4H chart analysis shared on X, pointed out that ETH is currently trading around $4,190, holding just above the key $4,150 support zone. This level has been acting as an important cushion for price action. He further noted that Ethereum’s price movement is unfolding within a falling channel, a pattern that typically reflects short-term corrective pressure. This comes after the strong upward rally seen earlier this month, suggesting that the market is currently pausing and consolidating gains before deciding its next major direction. According to the analyst, if buyers can defend the $4,150 support, ETH may gain sufficient strength to attempt a breakout from the channel. Such a move could pave the way for a retest of the $4,788 resistance level or the all-time high zone. A successful push above this area would likely ignite renewed bullish momentum and possibly extend the larger uptrend. On the other hand, if the $4,150 level gives way under sustained selling pressure, Ethereum could face a deeper retracement. The next strong support lies around $3,900, a level that aligns with higher-timeframe support zones. This makes it a crucial area for bulls to defend, as a failure to hold there could shift market sentiment and signal the start of a more extended correction. Ethereum’s Next Move Hinges On Key Price Levels In his analysis of Ethereum, Ash Crypto emphasized the importance of momentum and key levels to watch closely. He pointed out that ETH is currently trading within a short-term bearish structure, characterized by a series of lower highs and lower lows on the chart. Despite this temporary weakness, Ash highlighted that a breakout above the falling channel would be a major shift in momentum. Such a move would flip the current bearish outlook into a bullish one, signaling the possibility of renewed upside pressure and a potential continuation of the broader uptrend. On the downside, the most critical support remains at $4,150. If this level fails to hold, the next strong support can be found at $3,900. As for the upside, the resistance to watch is $4,788. A successful retest and breakout above this level would likely confirm a strong bullish reversal, opening the door for ETH to push into uncharted territory.

GoldMining (TSX: GOLD; NYSE American: GLDG) plans to leverage the antimony price’s strong rally into a new resource estimate after reviewing legacy drill results showing its Crucero project in Peru hosts significant amounts of the critical metal. The latest validation work highlights two long, higher-grade runs from legacy core, with hole DDH-43 cutting 93 metres grading 1.08 gram gold per tonne and 0.69% antimony from 71 metres depth, GoldMining said Wednesday. Hole DDH-37 returned 60 metres at 0.92 gram gold and 0.97% antimony, , from 244 metres depth. Crucero is in southeastern Peru’s Department of Puno. “We are very encouraged by the latest results that demonstrate the emerging opportunity to unlock additional value,” CEO Alastair Still said in a release. Antimony, included on the USGS’ list of critical metals, is used across many industries, including for making batteries, solar panels, flame retardants and ammunition. Over the past 12 months, antimony contracts in Shanghai had roughly tripled, rising from about $11,600 per tonne (C$16,000 per tonne) a year ago to around $55,000 per tonne today, near record highs. GoldMining’s Toronto-listed shares traded flat at C$1.10 on Tuesday afternoon and are down about 6% over the past 12 months. The company’s market capitalization is about C$219 million ($158m). A location map of the Crucero project, Peru. Credit: GoldMining Inc. Rising importance Prospectors first kicked rocks at Crucero in 1996 and soon identified antimony – mainly as stibnite – but didn’t pursue it while prices were low, Still said. With prices now near record highs and the metal increasingly seen as strategic, adding antimony to the gold models could improve the project’s economics, the executive said. However, the company didn’t specify when it would include the antimony results in a future resource estimate. Crucero holds a 2017 indicated resource of 30.6 million tonnes grading 1 gram gold for 993,000 oz. of metal. Another 35.8 million tonnes are inferred at 1 gram gold for 1.2 million contained ounces. Big hits, new math GoldMining’s gold-equivalent yardstick for this work uses $2,200 per oz. gold and $35,600 per tonne antimony – about 35% below the spot level the company cites – along with 100% assumed gold recovery and 70% for antimony. The antimony drift seems connected to later brittle deformation. This process remobilized gold with arsenopyrite and stibnite in the A1 zone. This zone is the main target, covering about 750 metres of strike and reaching a vertical depth of 400 metres, as noted in company documents. GoldMining says its Crucero database now includes 79 drillholes and 657 trench assays with more than 17,000 assay records, of which 13,296 have original lab certificates located. The team is working with labs to find the other archived certificates. Any expected project lift from antimony would depend on future work, including metallurgical performance and how antimony is incorporated in a new model. Crucero’s expected dual gold-antimony narrative dovetails with GoldMining’s broader push to surface value from copper within its Americas portfolio.

Shares of Excellon Resources (TSXV: EXN) rose on Wednesday after closing an offtake and financing agreement with Glencore to support the restart of its Mallay silver mine in Peru. The parties first entered into the agreement in late May, under which Glencore would provide up to $7.5 million in pre-export loan secured by concentrate production from the Mallay mine. The loan comprises an initial drawdown of up to $5 million, followed by a six-month grace period, and an optional second amount of $2.5 million available until March 2026. The Anglo-Swiss trading giant also committed to buy all of the mine’s zinc-lead production until 2028-2029. Shares of Excellon traded 5.5% higher at C$0.24 apiece on the announcement. This gives the Toronto-based silver miner a market capitalization of C$59.2 million. “The closing of our agreement with Glencore marks a major milestone in our journey to return Excellon to silver production,” stated Shawn Howarth, Excellon’s CEO. “With additional and flexible funding now secured, we continue to execute on our restart plan at Mallay — a project with exceptional infrastructure and near-term cash flow potential.” Past producer Mallay is the site of a former mine that was operated by Compañía de Minas Buenaventura between 2012 and 2018. During that period, it produced 6 million oz. silver, 45 million lb. zinc and 35 million lb. lead. The site, about 220 km north of the capital Lima, includes a 600-tonnes-per-day flotation plant, underground development, tailings facilities and grid power access. Excellon, which acquired the project in June, has sights on restarting the operation through rehabilitating the underground workings, conducting technical studies and completing near-mine drilling. Analysts at Red Cloud Securities have modeled a seven-year life for Mallay, producing 6.9 million silver oz. and 69,000 tonnes of base metals at an average all-in sustaining cost of $20.81 per oz. silver-equivalent. This is based on a JORC-compliant reserve estimate of 133 million tonnes grading 203 grams silver per tonne, 3.68% lead and 6.75% zinc. The company plans to release an NI 43-101-compliant resource update for Mallay some time this year.

Blue Moon Metals (TSXV: MOON), a Vancouver-based junior advancing the Nussir copper project in Norway, has secured at least $140 million in financing from Hartree Partners and Oaktree Capital to fund early works. The capital package comprises a $25 million bridge loan already in place, followed by a $50 million senior secured term loan, a $70 million precious metals stream, and up to $20 million in equity for further development and execution, Blue Moon said on Wednesday. The financing to cover engineering, long-lead equipment, underground development and working capital is spearheaded by Hartree, a global energy and commodities trading house, and Oaktree, a Los Angeles-based asset manager with $205 billion under management and a stake in Hartree. Nussir, which has been designated an EU strategic critical raw material project, is a rare new low-cost copper project under pre-construction targeting a September 2027 startup. “This partnership reflects the strength of our project, the ongoing support of our strategic partners, and the confidence in our team’s ability to deliver across the asset base,” CEO Christian Kargl-Simard said in a release. “We expect to announce at least one additional strategic financing package over the next two months covering investment over Blue Moon’s portfolio of assets.” Shares in Blue Moon Metals fell 4.2% to C$3.42 apiece in Toronto by Wednesday afternoon, as wider markets declined, for a company market value of C$180 million. Finnmark region Blue Moon is advancing an underground decline and early access blasting at Nussir in the rugged Finnmark region 1,370 km north of Oslo by air. Basic plant engineering is expected to be completed this year at the site. Detailed engineering is to follow in 2026. Nussir’s underground operation would cost about $330 million to build, according to a 2023 JORC (Australian rules) feasibility study. It shows a post-tax net present value of about $665 million at an 8% discount rate and outlines a 25-year mine life. Average annual production is expected to reach about 25,000 tonnes of copper concentrate with additional silver and gold by-products. The project would have C1 cash costs of about $1.38 per lb. of copper over the life of mine, placing it in the lower quartile of the industry cost curve, according to the JORC report. The all-in sustaining cost was estimated at about $1.60 per pound. The low costs reflect the project’s high copper grade, straightforward metallurgy and access to existing infrastructure in northern Norway. Nussir features a stratabound copper-silver-gold system along a nearly 9-km mineralized strike. The 2023 design calls for an initial 1.5-million-tonne-per-year throughput, expanding later to about 3 million tonnes per year. Metallurgical recoveries are expected to be in the 90% range for copper. Resource The Nussir deposit holds 28.7 million measured and indicated tonnes grading 1.02% copper, 12.3 grams silver per tonne and 0.12 gram gold for 292,000 tonnes copper, 11.4 million oz. silver and 108,000 oz. gold, according to an NI 43-101 (Canadian rules) report issued in January. Inferred resources add 32 million tonnes grading 1.01% copper, 14.6 grams silver and 0.14 gram gold for 324,000 tonnes copper, 15 million oz. silver and 143,000 oz. gold. Three km away, the Ulveryggen deposit hosts 4.05 million indicated tonnes grading 0.65% copper for 26,300 tonnes copper, and 3.7 million inferred tonnes at 0.68% copper for 25,000 tonnes of red metal, according to the same report. Norwegian company Alta Kobberverk mined around 500,000 to 600,000 tonnes grading about 1% copper from Ulveryggen, then known as Repparfjord, from 1972 to 1979 when it went out of business, according to the Geological Survey of Norway. Ore was shipped south to Sulitjelma for processing. Brownfield sites Blue Moon is also advancing two other polymetallic projects: the NSG copper-zinc-gold-silver deposit in Norway and the Blue Moon zinc-gold-silver-copper project in California. All three are being developed on brownfield sites with existing infrastructure. Kargl-Simard joined the company last November after leading Adventus Mining (now part of Silvercorp Metals (TSX, NYSE: SVM) in Ecuador. He said Nussir is unusual in being shovel-ready after 20 years of engineering, permitting and drilling work. “While many companies talk about building copper mines, very few are doing it – we’re one of them,” the CEO told The Northern Miner in July. “There are only a handful of new copper mines under construction globally right now, and Nussir positions us strongly in that rare category.”

Solana (SOL) has once again stepped into the spotlight as analysts weigh in on its potential price trajectory. Despite recent volatility and declines, a new technical analysis suggests that the altcoin could be gearing up for a major move that could see its price skyrocket to around $268. Ascending Triangle Reveals Solana Next Targets For months, the price of Solana has been trading sideways despite hitting an all-time high of $293 in January 2025. Due to the prolonged volatility and price fluctuations, many had presumed the popular altcoin dead. But the charts suggest otherwise. Jonathan Carter, a crypto market technician on X social media, has highlighted a compelling structure on the Solana daily chart, pointing out that the altcoin’s price is currently retesting the upper boundary of a long-formed Ascending Triangle. According to Carter, this retest comes after a previous false breakout, which initially trapped bulls and sent Solana back into consolidation. This time, however, the setup appears more promising, with SOL finding consistent support along its ascending trendline while gradually settling against resistance. Carter noted that Solana’s daily structure shows clear resistance zones around the $180 – $185 levels, which have capped price advances several times throughout the year. A confirmed bounce from the region could open the door for SOL to reclaim higher targets at $205 and $225, with an eventual breakout setting up a run toward $268. With the altcoin currently sitting at $181, a surge to these upper targets would represent a solid increase of 13.26%, 24.31%, and 48.07%, respectively. Based on the analyst’s chart, the presence of the 100-day Moving Average (MA) just below current levels provides additional confirmation for a potential bullish reversal. At the same time, volume patterns suggest growing interest in accumulation. For now, Carter highlights that Solana’s price remains range–bound between $165 and $190. However, the tightening structure of the Ascending Triangle signals that a breakout may be near. If buyers manage to defend the current zone, Solana’s recovery could become potentially stronger, particularly considering its history of sharp rallies once market conditions improve and resistance levels are cleared. Short-Term Pullback Before Rally? In other news, crypto analyst Ali Martinez has also shared insights on Solana’s price action, predicting that the altcoin may experience a temporary pullback before staging its next rally. His 8-hour chart, posted on X, suggests that SOL, currently trading above $181, could face downside pressure that brings the price closer to $160. This projected correction would not necessarily invalidate Solana’s bullish thesis; instead, Martinez asserts that it could present an opportunity for strategic buyers to accumulate before the next upward leg. The analyst identifies the $160 region as a key support area where buyers will likely prevent further price declines. In this context, Solana’s projected weakness could act as a springboard for a stronger rebound.

Most Read: WTI Oil Eyes a Bullish Bounce but Bearish Pressure Remains in Play Bitcoin (BTC/USD) found support today and bounced off a key area of support. The bounce comes as US Bitcoin and Ethereum ETFs face $1 billion in outflow. The fundamentals at this stage seem to hint at further downside, will Bitcoin be able to defy the odds and continue its move higher? Bitcoin ETF Flows Even though investors recently pulled close to $1 billion out of the main Bitcoin and Ethereum investment funds as prices dropped, the total amount of money in all crypto funds is higher than ever. This shows that people are still hopeful about crypto, especially with new investment options coming soon. Source: Farside Investors According to Glassnode On-Chain data, Bitcoin's price went up to over $124,000, but it has since dropped by almost 10%. This is because not enough new money is being invested. Investors seem to think the price is too high and are less willing to buy now compared to previous times when the price hit a new record. When we compare the current rate of capital inflows to the previous ATH breakouts, the realized cap has increased by a substantially smaller percentage than it did during the March and December ATHs in 2024. The initial $100k breakout in late-2024 saw the realized cap rate of increase hitting +13% per month, whilst the current environment peaked at a far more modest +6%/month. This is a clear sign that investor appetite is clearly lighter at this stage. Short-Term Holder Realized Price (STH RP) Looking at another angle, Bitcoin came close to the 108600 level which is the short-term holder realized price (STH RP). *The STH RP, which reflects the average acquisition price of coins moved within the past 155 days, is a key metric for gauging near-term investor positioning. Even though Bitcoin's price is dropping right now, there are good signs underneath. There's a key price level, based on the average price paid by recent buyers, that usually acts as a "floor" during a strong market. Bitcoin has stayed above this floor all year. The most recent test in April marked the cycle low at $76,000, a move that coincided with market stress following the announcement of President Trump's new tariffs. The fact that the average price people are paying for Bitcoin keeps rising shows that new investors are still confidently buying. This new money helps absorb the selling and keeps the long-term outlook positive. Technical Analysis - BTC/USD From a technical standpoint, there are conflicting views for Bitcoin as well. Looking at the daily chart and Bitcoin has broken the long-term ascending trendline that has been in play since the April lows around 75000. This trendline has held firm since then, and the break could lead to a bigger retracement with potential targets at 98200 and of course the 75000 handle. Bitcoin (BTC/USD) Daily Chart, August 20, 2025 Source: TradingView.com (click to enlarge) Dropping down to a four-hour chart and there is descending trendline in play. Earlier in the day Bitcoin tested the trendline but has since retreated looking like it may test the daily low at 112353. A break below this level could open up a retest of short-term holder realized price (STH RP) at 108600. If this level holds, we could be in for a new bullish run but if this level gives way we could be in for a longer term retracement. Bitcoin (BTC/USD) Four-Hour Chart, August 20, 2025 Source: TradingView.com (click to enlarge) Client Sentiment Data - BTC/USD Looking at OANDA client sentiment data, the majority of traders are long on Bitcoin with 98% of traders net-long. I prefer to take a contrarian view toward crowd sentiment, thus the fact that 98% of traders are net-long suggests a deeper pullback may be in play in the near-term. Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Ethereum is undergoing a correction after weeks of strong momentum, but institutional adoption is quietly reshaping the market’s long-term dynamics. According to CryptoQuant, the popular “Crypto Treasury Strategy,” long associated with Bitcoin, has now entered the Ethereum ecosystem. Over 16 companies have already adopted this approach, collectively holding 2,455,943 ETH worth nearly $11.0 billion. This significant allocation has effectively locked away a sizable portion of ETH, reducing available supply on the open market. The treasury movement mirrors Bitcoin’s playbook, where corporations strategically accumulated BTC as a reserve asset. However, Ethereum presents important differences. Unlike Bitcoin’s hard-capped supply of 21 million, ETH has no fixed maximum. Instead, its supply dynamics are shaped by network activity and the burn mechanism introduced with EIP-1559. While these mechanics can create deflationary periods, Ethereum’s total supply still increased by about 1 million ETH (~0.9%) over the last year. This duality presents both opportunity and risk. On one hand, institutional holdings reduce liquid supply and reinforce Ethereum’s role as a strategic asset. On the other hand, variable issuance means that during periods of low network activity, supply growth could accelerate, diluting scarcity effects. As Ethereum tests key demand levels, the treasury strategy may prove pivotal in shaping its next major trend. Ethereum: Treasury Concentration And Leverage Risks According to CryptoQuant’s analysis, Ethereum’s recent treasury adoption trend carries both opportunities and risks. On one hand, institutional treasuries have locked away billions in ETH, reducing available supply on the market. However, the structure of these holdings also presents concentration risks. For example, BitMine Immersion Technologies, which has openly stated its goal of controlling 5% of all ETH, currently holds just 0.7%. The next largest holder, SharpLink Gaming, manages only 0.6%. This means treasury adoption is still concentrated among a few players. If one or two large holders were to offload their reserves, the market could face sharp price shocks. Beyond spot accumulation, leverage is another growing factor. CryptoQuant highlights that ETH futures open interest has climbed to around $38 billion. This level of leverage means that large swings in price can trigger cascading liquidations. In crypto markets, leverage is synonymous with volatility. The fragility of this setup was evident on August 14, when a wipeout of just $2 billion in open interest led to $290 million in forced liquidations and a 7% drop in ETH’s price. This event underlines how quickly things can spiral when liquidity is thin and leverage is high. Spot selling alone isn’t driving volatility—leveraged positions magnify every move. In this context, Ethereum’s treasury adoption may secure long-term demand, but concentrated holdings and growing leverage remain key vulnerabilities. ETH Testing Critical Liquidity Levels Ethereum’s price action on the 3-day chart shows that after rallying to a local high near $4,790, ETH entered a correction phase but remains well above key moving averages. Currently trading around $4,227, the price has retraced from its peak but is still holding the broader bullish structure. The 50-day SMA ($2,687), 100-day SMA ($2,838), and 200-day SMA ($2,912) are all trending upward, reflecting strong underlying momentum. Importantly, ETH is trading significantly above these long-term averages, confirming that the bullish trend remains intact despite the pullback. The strong bounce from below $3,000 earlier in the summer marked a decisive reversal after months of consolidation, setting the foundation for the latest breakout. If bulls manage to hold the $4,200–$4,100 support zone, ETH could retest resistance near $4,790 and potentially move into price discovery. Conversely, failure to maintain this level could see a retest of the $3,800–$3,600 range. The coming sessions will be critical in confirming whether Ethereum resumes its uptrend or enters a deeper correction. Featured image from Dall-E, chart from TradingView

Log in to our mid-week North American Markets overview where we look at the NA Indices and currencies. This week has started on a decent geopolitical background: The war in Ukraine might be getting closer to a truce. Indeed, the US regained some strength and credibility on the diplomatic front after successively hosting Russia’s Putin, the Ukrainian President Zelenskyy, and a coalition of EU leaders on the same day. Donald Trump sent some contradicting diplomatic messages at the beginning of his mandate, but looking back, it seems that the publisher of “The Art of the Deal” had more in mind: The US President keeps surprising public opinion despite still making headlines on some controversies. However, the ongoing geopolitical progress has also been followed by some huge profit-taking in US Equities, particularly in the Tech sector. (This has also been seen in the well-performing Metals and Cryptocurrencies, but these are not the subject of today’s mid-week review.) We will look at the strength of North American currencies making a short-term comeback and how NA Indices have suffered from the ongoing profit-taking. With the ISM Services PMIs approaching fast, Markets will get further information on US data: The scary PPI data from last Thursday took some confidence from Markets, as participants started to believe that tariffs wouldn’t impact the data at all. Tuesday, August 12th’s CPI data created a feeling of complacency in the market, but all of this is being taken back. Read More: Nasdaq leads downside as US indices continue to slideNorth-American Indices Performance North American Top Indices performance since last Monday – August 20, 2025 – Source: TradingView Most indices and assets are unchanged except for the huge rebalancing seen from the Nasdaq towards the Dow Jones. You can access our latest Dow Analysis on that aspect right here. Dollar Index 8H Chart US Dollar Index 8H Chart, August 20, 2025 – Source: TradingView An invitation to check our latest analysis of the Dollar Index, currently consolidating and slowly grinding above the 98.00 handle. Read More: The US Dollar (DXY) pauses at 98.00 as markets await clarityUS Dollar Mid-Week Performance vs Majors USD vs other Majors, August 20, 2025 - Source: TradingView. Since last Monday, FX currencies have been very volatile, a normal phenomenon when we look back at all the major data that was released (particularly for the US) – This has led to some particular weakness in antipodean currencies (AUD and NZD). This follows a trend of the year with both Pacific currencies struggling a bit against their counterparts as their export-oriented economies tend to get hurt a bit more by tariffs. The US Dollar is also back to some decent performance since the beginning of the week. Only the CHF is up against the Dollar since Monday. The NZD is still the biggest lagger against the USD – You can access our latest analysis of the New Zealand Dollar against the Greenback right here. CAD Mid-Week Performance vs Majors CAD vs other Majors, August 6, 2025 - Source: TradingView. The Loonie is still struggling against most majors, appreciating only against the even weaker antipodean currencies. Canadian Dollar traders are still looking for good reasons to buy the CAD amid still weak Canadian data. Intraday Technical Levels for the USD/CAD USDCAD 4H Chart, August 20, 2025 – Source: TradingView The USD caught some decent momentum against its neighbour yet again, coming right back to its August 1st highs. Reactions here will be key to monitor, but with the momentum accumulated, there is a decent probability that Markets push the pair higher. If they fail to do so, the reversal should be pretty strong as that would imply the formation of a double top. Levels to place on your charts: Resistance Levels: Immediate resistance at Aug Highs (1.3870)1.3950 psychological level and Key pivotMay Highs 1.40185Support Levels: 1.38 Major resistance turned Pivot1.3740 Previous pivot turned SupportSupport Zone 1.3675 to 1.3686US and Canada Economic Calendar for the Rest of the Week US and Canadian Data for the rest of the week, MarketPulse Economic Calendar FED's Waller recently concluded his speech with no comments on the Economic outlook, so nothing really new – A reminder that he is trying to become the new FED Chair for Powell's replacement approaching in May 2026. You can access his key remarks right here. The FOMC Minutes are about to get released and are typically a non-event, but still, be cautious for any particular switch in Stance. Don't forget tomorrow's PMI data for the US releasing at 9:45 A.M. CAD traders will need to focus on the Retail Sales data at 8:30 on Friday. For the rest, the key Jackson Hole Symposium is about to begin, and with the much-anticipated Powell speech on Friday at 10:00 A.M. ET, traders are bracing strongly: Except for the struggling NZD, FX movement relatively subdued. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Bitcoin’s core promise of decentralization is facing a major test. Two pools now control a majority share of the network’s hashrate. This level of concentration challenges the very foundation of Bitcoin’s decentralized ethos. In an X post, Jacob King, the CEO of WhaleWire, stated that two mining pools now control more than 51% of the Bitcoin network’s computing power. He warns that the stage is set for a potential 51% attack, which could completely undermine the BTC security model and trigger catastrophic fallout across the crypto ecosystem. What This Means For Bitcoin’s Future Stability For context, the last time this occurred was in 2014 with mining pool GHash.io. The backlash was swift, while community panic spread, developers sounded alarms, and GHash was forced to voluntarily reduce its hashrate. Still, the damage was done, and BTC plunged over 87% in the months that followed, entering one of its deepest bear markets. Related Reading: Bitcoin Jackpot: Solo Bitcoin Miner Nets $360,000 To Beat 1 In 800 Odds Furthermore, GHash faced relentless DDoS attacks, intense scrutiny from maxis, and eventually shut down in 2015. King argues that history is repeating itself. While the firm tried to cover up centralization risks, the truth is back in plain sight. According to King, this brewing crisis could be the pin that pops what he calls BTC’s mega-bubble. OTC data shows that many large whales are already rotating out of BTC and preparing for an exit ahead of potential chaos. In his opinion, even Michael Saylor, long hailed as a BTC guru by maximalists, appears to be shifting his stance. King claims that Saylor has quietly prepared a strategy to dilute and dump his holdings and abandon his earlier promises of long-term conviction, as he knows exactly what’s coming. He also noted that the entire market structure rests on three fragile pillars: the fraudulent stablecoin inflows, retail-driven FOMO, and carefully engineered narratives pushed by the maxi cartel. Once reality pierces through these illusions and centralization risks are fully acknowledged, the collapse will be faster and more brutal than ever. BTC Price Action Fiege_max shared a bold assessment that there was an 85% chance that BTC had already peaked at $123,000. Currently, the analyst is increasingly confident that the top for BTC is indeed achieved. While BTC has had an incredible year of relentless uptrend, which is quite different from 2021, there was never truly a full-fledged altseason. However, the market still offered plenty of opportunities along the way. The analyst warned that traders should prepare for their exit and not let greed dictate their decisions, as the easy mode is behind us, and the market is entering a long period of hard mode. Fiege_max clarifies that this does not mean the market is finished or that prices will collapse in a straight line. Instead, he urges realistic targets. He frames his commentary as a matter of perspective and objectivity on his viewpoint as a trader, and hopes it pushes the idea that the market is drawing to a close.

Gold edged higher on Wednesday as investors await the minutes of the US Federal Reserve’s last policy meeting and upcoming Jackson Hole symposium for clues on future interest rate moves. Spot gold advanced 0.8% to $3,341.56 per ounce by 11:40 a.m. ET to erase most of this week’s losses. US gold futures also gained 0.8%, trading at $3,385.20 an ounce in New York. Click on chart for live prices. Gold surged above the $3,400 level earlier this month after the US central bank decided to hold interest rates steady in July, increasing the odds of a rate cut in September instead. Since then, the metal has gradually pulled back as mixed US economic data came out. All eyes this week are on the Fed’s July meeting minutes, which are due later this afternoon, followed by Chair Jerome Powell’s speech at the annual Jackson Hole economic symposium on Friday. “Gold prices fell yesterday, so now traders are looking at it as an opportunity to get into gold ahead of the Fed minutes,” said RJO Futures market strategist Bob Haberkorn. “If Powell is dovish, it’s bullish for gold, as it does not bear interest. It will need to break through $3,350/oz. and then ultimately retest $3,400/oz. if he’s dovish,” he added. Traders currently expect an 85% chance of a quarter-point rate cut in September, according to the CME FedWatch tool. Markets are also watching US efforts toward a landmark meeting between Russian President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelenskiy. Any signs of a ceasefire could ease demand for gold. Gold has climbed more than a quarter this year, as trade war fears and geopolitical tensions boosted its appeal as a safe asset, while central bank buying and inflows to exchange-traded funds also provided support. Though it has traded in a relatively tight range since reaching a record at roughly $3,500 in April, banks like UBS and Citigroup expect further gains. (With files from Bloomberg and Reuters)

The Sleeping Giant mill is turning again for the first time since 2014, says Abcourt Mines (TSXV: ABI). The company has invested approximately C$42 million in restarting the 950-tonne-per-day mill and the gold mine below it. About 98% of the estimated resources at the Sleeping Giant mine are at a depth accessible from the existing shaft. The measured and indicated resource is 755,000 tonnes grading 7.14 g/t gold, containing 173,330 oz., while the inferred resource is 884,000 tonnes grading 8.74 g/t gold, containing 248,300 oz. The company says the estimate is conservative as it does not include residual pillars or a five-metre buffer zone around existing infrastructure, the 50-metre crown pillar, or historical production. Development at the 100%-owned Sleeping Giant mine has already begun. A 20,000-metre underground drill program was initiated in December 2023, and the results are aimed at upsizing the resources. The mill and mine are located in the Abitibi greenstone belt, mid-way between Amos and Matagami, in Northern Quebec. The mine produced over 1 million oz. of gold from 1987 to 2014 from ore averaging 10.29 g/t gold. It treated ore from the Elder mine (2015-22) and a bulk sample from the Pershing-Manitou deposit (2024). “We are very pleased with the way operations are going so far. Having the mill out of its care and maintenance mode is a major milestone that shows the market our constant advancement,” said Pascal Hamelin, president and CEO of Abcourt, in a release. “We’ve operated this mill in the past, and we believe the ramp up and testing phase on the current material should be smooth and without major issues,” he added. The company also holds 13 gold exploration projects in the region, all of which are within trucking distanced of the Sleeping Giant mill. They include the Cartwright prospect discovered in 2024 and the Flordin deposit explored in the 1980s.

Dogecoin has been trading steadily over the past 48 hours by holding its ground around the $0.21 to $0.23 range. Although the meme coin leader is down by about 12.8% in the past seven days, it has managed to stay above $0.21. This resilience is highlighted as a higher low on the 5-day candlestick timeframe chart, and according to a technical analysis by crypto analyst Javon Marks, Dogecoin’s next major move may be far larger than most expect. Technical Setup Points To $0.6533 Breakout According to a technical analysis shared on the social media platform X by crypto analyst Javon Marks, Dogecoin’s price action has created another higher low on the 5-day candlestick timeframe. The most recent higher low is part of a trend that has created a series of higher lows since 2024. The pattern of higher lows suggests that buying pressure is outweighing selling pressure, even in times of market weakness. Furthermore, it means Dogecoin is creating new price floors after each rally and subsequent rally, which strengthens the case for a continuation rally. In this case, the two most recent rallies were in the middle of July when the Dogecoin price broke above $0.27, and another rally in August when it touched $0.25 very briefly. Despite the correction that followed both rallies, the candlestick chart indicates that these lows were higher than previous highs and corrections. Now, according to Javon Marks, the immediate breakout target has been identified at $0.6533, which would represent a gain of more than 170% from the current price level. This target is derived from the technical setup of the holding breakout structure that Dogecoin has been playing out for many months. $1.25 Comes Into Play After Breakout If Dogecoin were to reach the $0.6533 breakout target, it would be its strongest bullish rally since early 2021. However, it would still fall short of its all-time high of $0.7316. The analyst further predicted an even more ambitious scenario. Once the $0.6533 breakout target is achieved in this scenario, Dogecoin could extend its rally towards $1.25. Such a move would confirm a major shift in its long-term trend and create more consistent higher highs and higher lows across the 5-day candlestick timeframe chart and above the much-anticipated $1 price level. A rally of this magnitude would not only confirm Dogecoin’s standing as the leading meme cryptocurrency but also reintroduce its price action into breaking multiple all-time highs. It would also translate to a 490% surge from the current price level. Nonetheless, the first step is for Dogecoin bulls to convert its higher-low structure into a decisive breakout. At the time of writing, Dogecoin is trading at $0.2131, down by 2% in the past 24 hours.

Drilling by Emerita Resources (TSXV: EMO) at its El Cura deposit in southwest Spain shows its potential to add significant tonnage with high-grade gold and copper to the larger Iberian Belt West (IBW) project, the company said Wednesday. Drill hole EC067 returned 16.9 metres grading 1.4% copper, 2.1% zinc, 1% lead, 0.93 gram gold per tonne and 42.6 grams silver, as well as 3.1 metres at 1.1% copper, 1.5% lead, 3.5% zinc, 1.46 grams gold and 59.7 grams silver. IBW is near the border with Portugal, about 144 km west of Seville. “The ongoing success of the drill program at El Cura has led us to approve an additional 10,000 meters of drilling as the deposit remains open for expansion and continues to deliver intercepts of excellent thickness and grade,” Emerita President Joaquin Merino said in a release. “We are particularly interested in the improved understanding of the structural controls of the mineralization which suggest that previous investigators walked away without fully exploring the down plunge potential at El Cura.” Resource, status tailwinds Those results come several months after Emerita released an updated resource for IBW that boosted indicated tonnage by 35% over the initial resource from 2023. IBW, consisting of the El Cura, La Romanera and La Infanta deposits, sits on the Iberian Pyrite belt, known for its dozens of prolific volcanogenic massive sulphide deposits that have over centuries produced millions of tonnes of copper, zinc, silver and lead. And just over a year ago, the regional Andalusian government granted IBW strategic interest status which is expected to accelerate environmental reviews and economic initiatives. Emerita shares gained 2.9% to C$1.05 apiece on Wednesday morning in Toronto, for a market capitalization of C$276 million. The stock has traded in a 12-month range of C$0.55 to C$2.00. Strong grades Other notable intersections at El Cura include EC062, which cut 7.2 metres grading 1% copper, 1.4% lead, 1.9% zinc, 1.31 grams gold and 60.1 grams silver, from 309.8 metres depth; and EC059B that returned 6.3 metres at 0.5% copper, 1.5% lead, 0.8% zinc, 1.45 grams gold and 66.9 grams silver from 382.5 metres depth. IBW hosts 18.9 million indicated tonnes grading 2.8% zinc, 1.42% lead, 0.5% copper, 1.28 grams gold and 66 grams silver for 547,000 tonnes of contained zinc, 269,000 tonnes lead, 94,000 tonnes of copper, 783,000 oz. gold and 40.2 million oz. silver, according to this year’s update Inferred resources total 6.8 million tonnes at 3.25% zinc, 1.5% lead, 0.73% copper, 0.77 gram gold and 56.3 grams silver for 221,000 tonnes zinc, 102,000 tonnes lead, 49,000 tonnes copper, 168,000 oz. gold and 12.3 million oz. silver. Compared with other European polymetallic projects, IBW is mid-sized but boasts higher grade copper and gold compared to Boliden’s (STO: BOL) Zinkgruvan project in Sweden and is competitive on grade with that company’s Neves-Corvo site in Portugal. Emerita has approved another 10,000 metres of diamond drilling at El Cura, which is to focus on converting inferred resources to indicated.

Nexa Resources S.A. (NYSE: NEXA) has reinstated full-scale operations at its Cerro Pasco Complex following a temporary suspension at two of its Peruvian mines. Earlier in August, operations at Atacocha and El Porvenir—two of the underground mines at the Cerro Pasco Complex—were partially and temporarily suspended due to blockades by a small group from the San Juan de Milpo community, which prevented access to the sites. Nexa restricted operations to critical safety and maintenance activities only, temporarily reducing the mine’s full production capacity. Impact on production The temporary and partial disruption resulted in an estimated zinc production loss of approximately 1.2kt of zinc. This volume is expected to be recovered in the upcoming month Despite the interruption, the company reported no material impact on overall output, and production remained in line with 2025 guidance. Shares of Nexa were trading down 0.55% on Wednesday morning, giving the company a market capitalization of $643M.