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CoinCatch Market Daily Report (August 22, 2025)
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2025-08-22 | 10m
On August 22, Bitcoin fell 0.74% to $112,977 over the past 24h; Ethereum gained 0.34% in the past 24 hours to maintain under $4,300. Meanwhile, The X Layer testnet has officially gone live, marking a pivotal step in OKX’s blockchain infrastructure evolution; Powell's speech is scheduled for 10:00 a.m. ET on Friday; U.S. hiphop artist Ye, better known by his previous name Kanye West, has apparently launched his own Solana cryptocurrency named Yeezy Money (YZY).
Crypto Market Overview
BTC (-0.74% | Current Price: 112,977.27 USDT)
Bitcoin dropped 0.74% today, reaching a low of $111,986. Bitcoin failed to hold the $118,200 support (23.6% Fibonacci level), triggering cascading liquidations totaling $44.75M in BTC longs. The MACD histogram at -746 signals strong bearish momentum, while the RSI-7 at 32 nears oversold territory. Breakdowns below key technical levels often activate algorithmic trading strategies, exacerbating downside moves. The $113,069 pivot point now acts as immediate support – a sustained breach could accelerate selling toward $111,000.
On August 21, BTC ETFs saw a net outflow of $194.4 million, with $127.5 million flowing out BlackRock's IBIT and $31.8 million flowing out Fidelity's FBTC.
ETH (+0.32% | Current Price: 4320.74 USDT)
After breaking through the key resistance level of $4,300, the price is now trading at $4,320.74, up 0.32% in the past 24 hours. Ethereum (ETH) is showing signs of stabilization and a rebound, with its price performance and capital flows appearing more positive than those of Bitcoin (BTC). The accumulation of whale (large) addresses and the Pectra upgrade (including EIP-7702 and EIP-7251, aimed at increasing staking efficiency and validator caps) are also viewed positively by the market, enhancing network functionality and institutional appeal. Yesterday (August 21st), US
spot Ethereum ETFs saw net inflows of $287.6 million, with 233.6 million inflow of BlackRock's ETHA and 28.5 million inflow of Fidelity's FETH,
ending a four-day streak of net outflows.
Altcoins
The current cryptocurrency market Fear & Greed Index stands at 46, falling between "fear" and "neutral." This value suggests that market participants are cautious, not completely dominated by excessive greed or fear. On the one hand, a value below 50 reflects investors' vigilance against potential downside risks, possibly due to recent market volatility. For example, the price fluctuations of some major cryptocurrencies have raised concerns about future market trends.
Macro Data
On August 21, the S&P 500 dropped 0.40% to 6,370.17, the Dow Jones dropped 0.34% to 44,785.50, while the Nasdaq dropped 0.34% to 21,100.31. As of 7:15 AM (UTC), spot gold was trading at $3333.02 per ounce, dropping 0.17% in 24 hours.
Trending Tokens
RATS rats(Ordinals) (+14.29%, Circulating Market Cap: $19.61 Million)
1000RATS is trading at $0.00001962, with a 24-hour increase of approximately 14.29%. Ordinal RATS" refers to RATS, a meme coin operating on the Bitcoin blockchain using the Ordinals protocol and the BRC-20 standard. The Ordinals protocol allows for the inscription of data onto individual satoshis (the smallest unit of Bitcoin), and RATS uses this to create unique digital artifacts. As a BRC-20 token, RATS is a type of cryptocurrency that leverages the Ordinals system for its existence and operation within the Bitcoin ecosystem. RATS breached its 7-day SMA ($0.0000175) and 30-day SMA ($0.000017777), with the MACD histogram turning positive (+0.00000015266) for the first time since August 15. Crossovers above short-term moving averages often attract algorithmic traders, while the MACD shift hints at waning bearish momentum. The price now tests the 38.2% Fibonacci retracement level ($0.00001962), a key resistance-turned-support zone.
SKL Skale (+12.04%, Circulating Market Cap: $199.23 Million)
SKL is trading at $0.03352, up approximately 12.04% in the past 24 hours. SKALE is a blockchain network designed to power decentralized applications (dApps) with zero gas fees, high performance, and limitless scalability. SKALE operates as a network of EVM compatible, interconnected Layer 1 blockchains, referred to as SKALE Chains. SKALE processed over 1.5B transactions as of August 20, with 3.9M monthly active wallets across 129 dApps like gaming title It Remains. Daily transactions hit record highs, per DappRadar. High throughput (zero gas fees, EVM compatibility) is attracting Web3 projects, directly increasing utility demand for SKL tokens. The 24h trading volume spikes to $198M (+286%) confirms speculative interest in these metrics.
Gork New XAI gork (+8.43%, Circulating Market Cap: $9.58 Million)
GORK is trading at $0.009587, with a 24-hour increase of approximately 65.49%. New XAI Gork (GORK) is a community-driven meme coin built on Base, Ethereum’s layer-2 blockchain, leveraging low fees and fast transactions while tapping into AI-themed narratives. GORK is designed as a lighthearted, speculative asset within the Base ecosystem, targeting traders seeking low-cost meme coin exposure. Unlike utility-focused tokens, its value hinges on community engagement and viral trends rather than technical use cases. The “XAI” in its name nods to AI-driven narratives, though no concrete AI functionality exists yet. Crypto markets remain neutral (Fear/Greed Index: 46), but the Altcoin Season Index rose 2.38% to 43, hinting at selective capital rotation. GORK’s 24h outperformance (+8.43% vs. BTC -0.01%) aligns with this trend.
Market Insights
OKX Launches X Layer Testnet Migrating to Cost-Efficient Blockchain Infrastructure
The X Layer testnet has officially gone live, marking a pivotal step in OKX’s blockchain infrastructure evolution. With OKB, the native token of the OKX ecosystem, now serving as the primary gas token for the X Layer, the platform is transitioning away from Ethereum-based operations to a more cost-efficient and scalable blockchain solution. This migration is expected to streamline transaction costs and consolidate OKX’s blockchain activities onto a single, unified network, improving operational efficiency and user experience. Users are already able to interact with the testnet by obtaining testnet tokens via a faucet and executing cross-chain transactions on Sepolia. The activation of the testnet is part of a broader strategy by OKX to optimize its decentralized services and enhance its blockchain infrastructure. The X Layer is now positioned as the primary layer for OKX’s decentralized operations, effectively phrasing out the Ethereum Layer-1 version.
The market has responded positively to development. On August 21, OKB experienced a significant price increase, rising more than 55% to nearly $200, driven by growing investor expectations around the migration to X Layer and the increased utility of OKB within the ecosystem. Analysts have linked this price action to increased confidence in the platform’s long-term scalability and the evolving role of OKB as a core utility token.
Powell's Speech at the Jackson Hole Conference Will Begin at 10:00 a.m. ET Today
Market participants were keeping an eye on a handful of economic reports this morning. The big event, though, is the
Jackson Hole Economic Policy Symposium, a gathering of central bankers from around the world that kicked off in earnest today. Several Fed officials were slated to speak at the event Thursday, but investors are most focused on Powell's speech, which is scheduled for 10:00 a.m. ET on Friday.
Powell will provide his assessment of the economy and what that means for interest rates at a time when markets are pricing in the likelihood that the Fed will start cutting rates at its next policy meeting in September. After the Fed stood pat on rates in July, Powell said that officials needed to see more data on how
tariffs are affecting the economy, notably inflation, before adjusting policy. If Powell maintains that cautious stance and fails to signal that rate cuts are coming, investors will be disappointed.
Kanye West Launched 'YZY' Solana Cryptocurrency on X, Sparking Doubts on Legitimacy
U.S. hiphop artist Ye, better known by his previous name Kanye West, has apparently launched his own Solana cryptocurrency named Yeezy Money (YZY).
"Yeezy Money is here … A new economy, built on chain," said a Wednesday post on West's X.
His social media post also attached an image showing what appears to be the address for his cryptocurrency, and a link to a website that allows people to buy, sell and send the cryptocurrency. According to data from the GMGN.Ai analytics platform, the token's market capitalization currently stands at around $2 billion.
"YZY Money is a concept to put you in control, free from centralized authority," the website said. It also said the YZY ecosystem includes Ye Pay, a crypto payments processor that allows merchants to accept credit and crypto payments at a lower fee, and a YZY credit card.
Meanwhile, in its disclosure, the website states that YZY is intended to function as an "expression of support for and engagement with" the ideals embodied by the symbol, and is not intended to be an investment opportunity.
Reference:
CoinMarketCap. (n.d.). CoinMarketCap.
https://coinmarketcap.com
Farside Investors. (n.d.-a). Bitcoin.
https://farside.co.uk/btc/
Farside Investors. (n.d.-b). Ethereum.
https://farside.co.uk/eth/
Investing.com. (n.d.-a). USA Indices.
https://investing.com/indices/usa-indices
GoldPrice.org. (n.d.).
Spot gold price today. Retrieved August 11, 2025, from
https://goldprice.org/spot-gold.html
AInvest. (2025, August 20).
Ethereum news today: OKX launches Layer testnet, migrating cost-efficient blockchain infrastructure. AInvest.
https://www.ainvest.com/news/ethereum-news-today-okx-launches-layer-testnet-migrating-cost-efficient-blockchain-infrastructure-2508/
Investopedia. (2025, August 21).
Dow Jones today: 08212025. Investopedia.
https://www.investopedia.com/dow-jones-today-08212025-11794991
The Block. (2025, August 21).
Kanye West apparently launches YZY Solana crypto. The Block.
https://www.theblock.co/post/367739/kanye-west-apparently-launches-yzy-solana-crypto
CoinCatch Team
Disclaimer:
Digital asset prices carry high market risk and price volatility. You should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance. CoinCatch is not responsible for any losses that may occur. This article should not be considered financial advice.
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