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CoinCatch Market Daily Report (August 19, 2025)
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2025-08-19 | 10m
On August 19, Bitcoin fell 0.28% over the past 24h to $115,060, extending its 7-day decline to 3.2%; Ethereum fell 1.9% in 24h, underperforming the broader crypto market (-0.63%). Meanwhile, the total application revenue generated on Solana plunged 44.2% quarter-over-quarter (QoQ), from $1.0 billion to $576.4 million; The Bitcoin network’s computing power recorded an impressive rebound this August, after a significant drop, reaching 966.08 EH/s on August 18; The Jerome Powell speech comes as markets seek clarity on the central bank’s next moves on interest rates on Friday.
Crypto Market Overview
BTC (-0.28% | Current Price: 115,060,40 USDT)
Bitcoin continued its decline below $116,000 today, reaching a low of $114,470.98. Investors are pricing in uncertainty ahead of Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Summit on August 22. Markets anticipate clarity on interest rate policy, with a 25-basis-point cut priced in for September. Bitcoin broke below the $118,200 support level (23.6% Fibonacci retracement), activating automated sell orders. The RSI-14 at 47.85 signals weakening momentum, while the MACD histogram (-226) confirms bearish pressure. The breakdown invalidated the bullish structure that had held since July. Traders are now eyeing the 200-day moving average ($100,344) as critical support. Over $66M in BTC long positions were liquidated in 24h, amplifying downward pressure. On August 18, BTC ETFs saw a net outflow of $121.7 million, with $68.7 million flowing out BlackRock's IBIT.
ETH (-0.63% | Current Price: 4246.03 USDT)
ETH is at $4,205–$4,270, down 0.63% today after briefly crashing below $4,200. It faces rejection near $4,480 (yearly high), now consolidating near key support. U.S. Treasury tightening policies triggered $500M liquidations, amplifying bearish pressure. ETH broke below an ascending triangle on 4H charts, signaling fading momentum. 30-minute RSI hit 22.7 (extremely oversold), suggesting potential oversold signals (if buyers defend $4,200) and traders should monitor volume spikes and macro news (Fed/Treasury signals) for breakout confirmation. On August 18, ETH ETFs recorded a net daily outflow of $196.6 million, including a $87.2 million outflow of BlackRock's ETHA and a 78.4 million outflow of Fidelity’s FETH.
Altcoins
The Fear and Greed Index has edged down from 56 to 53 today, reflecting a subtle shift from mild greed to neutral sentiment in the cryptocurrency market. This adjustment suggests investors are becoming more cautious after recent optimism, possibly due to profit-taking following Bitcoin and Ethereum's pullback from their all-time highs.
Macro Data
On August 19, the S&P 500 dropped 0.01% to 6,449.15, the Dow Jones gained 0.08% to 44,911.82, while the Nasdaq increased 0.03% to 21,629.77. As of 6:50 AM (UTC), spot gold was trading at $3336.28 per ounce, up 0.01% in 24 hours.
Trending Tokens
WAVES Waves (+24.82%, Circulating Market Cap: $177.8 Million)
WAVES is trading at $1.50, with a 24-hour increase of approximately 24.82%. Waves is a multi-purpose blockchain platform which supports various use cases including decentralized applications (DApps) and
smart contracts. Launched in June 2016 following one of the cryptocurrency industry’s earliest initial coin offerings (ICO), Waves initially set out to improve on the first blockchain platforms by increasing speed, utility and user-friendliness. Waves announced the launch of its AI Launchpad and AI Liquidity Manager, alongside a $10M funding round for its Ethereum-compatible L2, Units Network (Waves Protocol). These tools aim to streamline smart contract deployment and optimize cross-chain liquidity. WAVES broke above its 200-day moving average ($1.18) and Fibonacci extension level ($1.56), with RSI (7-day) at 75.74 (overbought). Volume surged 399% to $258M, confirming buyer conviction.
ACA Acala Token (+14.79%, Circulating Market Cap: $38.45 Million)
ACA is trading at $0.03295, with a 24-hour increase of approximately 14.79%. Acala is building the liquidity layer for web3 finance that is captive and sustainable. It aims to provide infrastructures for HyFi (DeFi+CeFi) solutions with crypto and real-world assets. ACA broke above its 50-day SMA ($0.0293) and pivot point ($0.0306) on August 18, with RSI14 rising to 55.28 from oversold levels. The MACD histogram turned positive (+0.00018), confirming upward momentum. Multiple community proposals went live in August 2025, including V3 of the Acala Ambassador Program and LDOT validator elections offering ACA rewards for participation. While governance activity signals long-term ecosystem development, the immediate price impact is mixed – these programs could either lock up ACA (reducing sell pressure) or dilute value if participation lags. Current on-chain data shows record aUSD minting, suggesting DeFi activity is rising.
XCN Onyxcoin (+11.52%, Circulating Market Cap: $464.34 Million)
XCN is trading at $0.01335, up approximately 11.52% in the past 24 hours. Onyx is an infrastructure for a multi-asset, scalable, and cryptographically secure ledger. Onyx functions as a blockchain-based technology that enhances financial ecosystems by enabling a more efficient and interconnected economy, with a mission to develop cryptographic ledgers that optimize security, scalability, and usability. The Onyx Smart Wallet, approved via DAO governance, launched on August 10, 2025, offering gas-free transactions and non-custodial security. This follows a historical pattern where major protocol upgrades (e.g., Goliath’s 2024 launch) triggered 125%+ price surges. The July 15 activation of Onyx Points rewards for XCN stakers introduced a 40% APR boost, retroactively rewarding participants. Over 368 million XCN (~$4.9M) were accumulated by whales ahead of the upgrade. Staking reduces circulating supply and incentivizes long-term holding. The retroactive airdrop mechanism may have spurred buying pressure, as seen in the 155% derivatives volume spike post-announcement.
Market Insights
Solana App Revenue Plunges 44% in Q2 Despite Efficiency Gains
According to the latest Messari report, the total application revenue generated on Solana plunged 44.2% quarter-over-quarter (QoQ), from $1.0 billion to $576.4 million. Pump.fun accounted for more than 25% of this, with $156.9 million, a decrease of approximately 40% from the preceding quarter. There were also notable revenue drops for Jupiter, which fell 15.6% to $66.4 million, Phantom 65.4% to $53.5 million and Photon 72.4% to $32.5 million.
Despite seeing a significant drop in the Chain GDP, Solana’s application revenue capture ratio (ARCR) grew from 126.5% to 211.6% during the quarter. According to the report, this means that “when $100 is spent in transaction fees (and/or Jito tips) to interact with Solana, applications earn $211.60 in revenue.”
During the period, the decentralized finance (DeFi) total value locked (TVL) on Solana went up by 30.4% in the quarter to $8.6 billion. This performance allowed Solana to maintain its number two spot among networks in DeFi TVL after surpassing TRON in November 2024. As noted in the report, Kamino retained its lead in TVL, ending the quarter with $2.1 billion and a market share of 25.3%, with its TVL growing 33.9%. Raydium reclaimed the second spot after its TVL grew by 53.5% to $1.8 billion, while Jupiter was in the third spot with TVL of $1.6 billion, which translated to a market share of 19.4%.
Hashrate Approaches The 976 EH/s Peak Set This Year
The Bitcoin network’s computing power recorded an impressive rebound this August, after a significant drop, reaching 966.08 EH/s on August 18, according to HashrateIndex data.
This is a notable performance, especially since it occurred just four days after a temporary dip below 900 EH/s. The network is now less than 10 EH/s away from its absolute peak of 976 EH/s, set earlier this year.
This comeback, even as the bitcoin price fluctuates around $116,000, seems to reflect a massive mobilization of hardware and energy resources by mining players. Indeed, this rebound is explained by a series of cyclical and structural factors: The quick restart of some mining farms, probably after summer maintenance or energy adjustments; The ongoing improvement of next-generation ASICs, more efficient and less energy-consuming; An effective adaptation to market conditions despite the fall in hashprice; Relative stability of the average block validation time, around 10 minutes, allowing a difficulty adjustment estimated at +0.13 % for August 22.
Beyond the network’s technical performance, the economic situation of mining specialists has significantly deteriorated in recent days. The hashprice, a key indicator representing the estimated revenue per petahash per second (PH/s) per day, dropped by 7% in just five days.
On August 13, it stood at $60.61/PH/s/day. It has now fallen back to $56.37. This drop directly affects the margins of mining companies, already strained by lower transaction fees, which now represent only 0.54 % of block rewards over the last 24 hours. Such revenue compression occurs in an environment where the flagship crypto price stagnates, while fixed costs (electricity, hardware, maintenance) continue to rise. In this context, only the most efficient operators, equipped with the latest generation machines or located in low energy cost regions, still seem able to maintain their profitability.
Bitcoin Market Awaits Fed Chair Powell's Speech Amid Economic Uncertainty
Federal Reserve Chair Jerome Powell takes center stage this week as investors await his Friday remarks at the annual Jackson Hole Economic Policy Symposium. The speech comes as markets seek clarity on the central bank’s next moves on interest rates.
Powell faces pressure from President Trump’s administration to cut borrowing costs when the Fed meets in September. The central bank hasn’t lowered rates since December and finds itself balancing inflation concerns with a weakening job market.
Digital asset markets dropped Monday morning in Asia after falling late last week. Total market capitalization returned to $4 trillion, down 6% from recent all-time highs. Bitcoin led losses with a fall to $115,000, shedding 2.5% and now 6.9% down from its peak price. Ethereum dropped to its lowest point in a week at $4,345, still 10% below its 2021 high. Altcoins showed mixed performance with losses for XRP, Solana, Hyperliquid, and Sui. Chainlink and Monero moved higher against the trend.
The pullback comes ahead of key economic events this week. Powell’s speech on Friday could provide direction for risk assets including cryptocurrencies. A dovish tone from the Fed chair could boost crypto markets. A hawkish stance highlighting inflation risks could trigger more volatility. Trump meets with Ukrainian President Volodymyr Zelensky on Monday. The president said Zelensky “can end the war with Russia almost immediately if he wants to.” Any progress toward conflict resolution would boost investor confidence.
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
Bitcoin.com. (n.d.).
Solana app revenue plunges 44% in Q2 despite efficiency gains. Retrieved August 19, 2025.
https://news.bitcoin.com/solana-app-revenue-plunges-44-in-q2-despite-efficiency-gains/
Cointribune. (n.d.).
Hashrate approaches the 976 EH/s peak set this year. Retrieved August 19, 2025.
https://www.cointribune.com/en/hashrate-approaches-the-976-eh-s-peak-set-this-year/
CoinCentral. (2025, August 18).
The week ahead: Markets brace for Powell’s Jackson Hole speech as crypto tumbles. Retrieved August 19, 2025.
https://coincentral.com/the-week-ahead-markets-brace-for-powells-jackson-hole-speech-as-crypto-tumbles/
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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