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CoinCatch Market Daily Report (August 29, 2025)
Beginner
2025-08-29 | 10m
The cryptocurrency market is exhibiting mixed signals as of August 29, 2025, with Bitcoin and Ethereum displaying some volatility, while altcoins show varying degrees of price movement.. Meanwhile, four cryptocurrency whales executed coordinated trades that generated $47.5 million in profits while causing widespread liquidations on the Hyperliquid decentralized exchange. Chainlink's LINK and Pyth's token surged after they announced that they will deliver official macroeconomic data feeds from the U.S. Commerce Department on blockchain. 21Shares filed an S-1 registration statement with the Securities and Exchange Commission on Thursday for a Sei ETF.
Crypto Market Overview
BTC (-2.68% | Current Price: 110,084.45 USDT)
Bitcoin dropped 2.68% today, reaching a low of $110,063. Bitcoin's price saw a slight dip of 0.93% on August 29, trading at $110,084.45. Over the past 24 hours, its price has fluctuated, showing a rebound from a previous drop but struggling to hold above the $110,000 mark. Global economic factors and Federal Reserve policies are contributing to short-term price volatility. The recent U.S. Q2 GDP surprise to the upside and investor focus on upcoming U.S. inflation data, particularly the Personal Consumption Expenditure (PCE) report, are likely influencing investor sentiment. Despite short-term volatility, institutional adoption remains a strong long-term driver for Bitcoin's value. Bitcoin is trading below both the 20-day ($115,587.18) and 50-day ($116,561.06) moving averages, suggesting short-term selling pressure. A bearish divergence is noted on the 14-month Relative Strength Index (RSI), signaling a potential early end to the bull market, despite bullish leanings in block flows.
On August 28, BTC ETFs saw a net inflow of $178.9 million, with $63.7 million inflow of BlackRock's IBIT and $4.9 million of Fidelity's FBTC.
ETH (-4.36% | Current Price: 4389.35 USDT)
Ethereum (ETH) is trading at $4,389.35, down 4.36% over the past day, the price has been fluctuating around $4,500 following a record high of $4,960 earlier in the week.
On-chain indicators suggest a surge in new contract creation, particularly as ETH rose beyond $4,500. This increased network activity, driven by interest in Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs), along with institutional adoption, historically correlates with long-term price increases. Institutional companies and treasuries are actively increasing their holdings in Ethereum. Record ETF inflows, increasing corporate adoption, and reduced liquid supply due to staking further indicate strong institutional momentum and potential for new highs within the next year. Ethereum faces resistance around the $5,000 mark. Breaking and securing this level as support is crucial for sustaining the rally.
Additionally,
on August 28, US-based spot Ethereum ETFs experienced net inflows totaling $39.1 million, with BlackRock's ETH(A) receiving $67.6million and $33.5 million flowing out from Fidelity's FETH.
Stablecoins
CryptoQuant reports a significant slowdown in stablecoin liquidity growth, with the market expanding by approximately $1.1 billion per week, down from $4–8 billion during the previous Bitcoin rally. This reduced liquidity could indicate a consolidation phase for the market.
Altcoins
The Fear & Greed Index displays a score of 47 (Neutral), with a slight leaning towards fear. This suggests that investors are not exhibiting extreme emotions of fear or greed, and the market could be in a state of consolidation. Altcoin Season Index is now at 57, indicating that the market is in a neutral or mixed state, not a full "altcoin season". While this score suggests a more balanced market compared to periods of Bitcoin dominance, it does not confirm a widespread and sustained altcoin rally.
Macro Data
On August 28, following an upward revision of Q2 GDP figures, the S&P 500 reached another record close. A faster-than-expected economic expansion helped lift Wall Street, though stock futures showed mixed performance afterward. The S&P 500 gained 0.32%, standing at 6,501.86, the Dow Jones Industrial Average increased by 0.16% to 45,636.90, and the Nasdaq gained 0.53% to 21,705.16. As of 8:00 AM (UTC), spot gold was valued at $3,412 per ounce, reflecting a decrease of 0.09% over the past 24 hours.
Trending Tokens
PYTH Pyth Network (+80.14%, Circulating Market Cap: $1.19 Billion)
PYTH is trading at $0.2111, up approximately 80.14% in the past 24 hours. The Pyth Network is the largest and fastest-growing first-party oracle network. Pyth delivers real-time market data to financial dApps across 40+ blockchains and provides 380+ low-latency price feeds across cryptocurrencies, equities, ETFs, FX pairs, and commodities. The U.S. Department of Commerce announced on August 28 it will publish Q2 2025 GDP data on-chain via Pyth Network and Chainlink. Data will be hashed to Bitcoin, Ethereum, Solana, and six other chains. This marks the first federal use of blockchain for official economic data, validating Pyth’s infrastructure for high-stakes applications. The partnership could drive institutional adoption of PYTH’s oracle services for real-world asset (RWA) tokenization and compliance-heavy use cases.
W Wormhole (+20.94%, Circulating Market Cap: $423.49 Million)
W is trading at $0.8919, with a 24-hour increase of approximately 20.94%. Since its inception in 2020, Wormhole (W) has stood as a core interoperability solution in the blockchain industry, offering a comprehensive platform that empowers multichain builders, applications, and users. Wormhole announced plans to outbid LayerZero’s $110M offer for Stargate, a cross-chain liquidity protocol, arguing the initial bid undervalues Stargate’s $345M TVL and $4B July bridging volume. W broke out from a multi-week descending trendline on 28 August, surpassing the $0.085–$0.088 resistance zone. It now trades above all key moving averages (7-day SMA: $0.0785, 200-day EMA: $0.1119).
MAV Maverick (+8.24%, Circulating Market Cap: $49.73 Million)
MAV is trading at $0.07210, with a 24-hour increase of approximately 8.24%. Maverick Protocol is a DeFi infrastructure provider focused on increasing industry efficiency, powered by Maverick AMM. Maverick is backed by Founders Fund, Pantera Capital, Coinbase Ventures, Binance Labs, Circle Ventures, Gemini, etc. MAV’s $57.7M FDV remains a focal point for traders, as it’s 96% below Ethereum’s DEX peers like Uniswap. This “undervalued” perception fueled retail speculation, amplified by MAV’s 91.6% whale concentration. Low FDV tokens often attract short-term momentum traders, but extreme whale dominance heightens volatility risk. The 24h volume spike (+46.6% to $91M) aligns with this pattern.
Market Insights
Whale Trading Activity Triggers $17 Million in Liquidations on Hyperliquid Platform
Four cryptocurrency whales executed coordinated trades that generated $47.5 million in profits while causing widespread liquidations on the Hyperliquid decentralized exchange. The trading activity centered around XPL, the token for the upcoming Plasma blockchain project. The largest whale wallet made over $15 million in profits by driving XPL prices from under $1 to $1.80 within minutes. Blockchain analyst Spot On Chain identified this wallet as the “main orchestrator” of the price movement.
The rapid price surge forced Hyperliquid’s systems to shift from standard liquidations to auto-deleveraging procedures. Over $17 million worth of trader positions were eliminated during the event, with most losses occurring in short positions. One trader suffered a $4.5 million loss on their XPL position. Another trader, known as CBB on social media, reported losing $2.5 million and stated they would avoid isolated markets in the future.
The whales cleared the entire order book for XPL perpetual contracts. This action triggered a chain reaction that liquidated multiple traders who had bet against the token’s price.
Chainlink and Pyth Selected to Deliver U.S. Economic Data on Blockchain
Chainlink's LINK and Pyth's token surged after they announced that they will deliver official macroeconomic data feeds from the U.S. Commerce Department on blockchain. Chainlink's LINK token surged over 5%, while Pyth's token rallied nearly 50% following a partnership with the U.S. Department of Commerce to bring government economic data onchain. Key economic statistics like GDP and the PCE Price Index are now available through Chainlink Data Feeds on ten blockchain networks.
Pyth will initially offer quarterly releases of the GDP going back 5 years. This initiative allows developers to create new blockchain applications, such as DeFi protocols that adjust based on economic trends. The native token of the Chainlink network, LINK, surged more than 5% after the network announced a partnership with the U.S. Department of Commerce to bring official government economic data onchain, marking a first-of-its-kind effort to bridge public data infrastructure with blockchain applications.
21Shares Files for Sei ETF With Possible Staking as SEC Reviews Altcoin Funds
21Shares filed an S-1 registration statement with the Securities and Exchange Commission on Thursday for a Sei ETF as the regulatory agency continues to review several applications for altcoin exchange-traded funds. The firm also said in its prospectus that it would like to explore a staking SEI. 21Shares said it aimed for the proposed ETF to "reflect rewards from staking a portion" of the fund's SEI tokens, although the SEC has largely yet to approve of staking for ETFs.
Other proposals to add staking to spot Ethereum ETFs issued by Grayscale, BlackRock, and 21Shares have yet to secure approval. On Thursday, the SEC delayed making a decision on Grayscale's request to add staking to its ETH fund. 21Shares' proposed fund, dubbed 21Shares Sei ETF, seeks to offer direct exposure to the price of SEI, the native cryptocurrency of the Sei network.
The number of applications for altcoin-based ETFs is piling up at the SEC with proposals for funds tracking Litecoin, Solana, Dogecoin, XRP, and others all awaiting approval.
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
Adams, R. (2025, August 28).
Whale trading activity triggers $17 million in liquidations on Hyperliquid platform. CoinCentral.
https://coincentral.com/whale-trading-activity-triggers-17-million-in-liquidations-on-hyperliquid-platform/
Sigalos, M. (2025, August 28).
21Shares files for Sei ETF with possible staking as SEC reviews altcoin funds. The Block.
https://www.theblock.co/post/368732/21shares-files-for-sei-etf-with-possible-staking-as-sec-reviews-altcoin-funds
Castillo, M. (2025, August 28).
Chainlink to provide U.S. Department of Commerce data on-chain for smart contract use. CoinDesk.
https://www.coindesk.com/business/2025/08/28/chainlink-to-provide-u-s-department-of-commerce-data-on-chain-for-smart-contract-use/
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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