Bitcoin (BTC) treasury companies reached a record holding of 840,000 BTC in August, but underlying data reveal weakening institutional demand.

According to a Sept. 5 report by CryptoQuant, purchase volumes and transaction sizes plummeted to multi-year lows.

Strategy led corporate Bitcoin accumulation with 637,000 BTC, representing 76% of total treasury holdings. At the same time, 32 other companies control the remaining 203,000 BTC.

Holdings surged following the November 2024 US Presidential Election, with Strategy more than doubling its position from 279,000 to 637,000 BTC and other companies expanding their holdings 13-fold from 15,000 to 203,000 BTC.

Declining purchase volumes

Strategy acquired 3,700 BTC in August, down dramatically from 134,000 BTC purchased in November 2024. Other treasury companies purchased 14,800 BTC, which is below the 2025 average of 24,000 BTC and significantly lower than their June peak of 66,000 BTC.

The average Bitcoin per transaction dropped to 1,200 for Strategy and 343 for other companies, down 86% from early 2025 highs. The report attributed the smaller transaction sizes to liquidity constraints or potential market hesitation among institutional buyers.

Monthly holdings growth decelerated sharply for Strategy, falling from 44% in December 2024 to just 5% in August. Other treasury companies experienced similar patterns, with monthly growth dropping from 163% in March to 8% in August.

Despite recording 53 purchase transactions in June and maintaining elevated activity through August with 46 transactions, the frequency masks declining institutional appetite. Treasury companies completed only 14 transactions in November 2024, making current levels appear robust by comparison.

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The report focused on pure-play, publicly-traded Bitcoin treasury companies holding 1,000 BTC or more, excluding mining companies and firms with substantial operating businesses like Tesla and Coinbase.

Regulatory and market pressures mount

The treasury market faces new regulatory headwinds as Nasdaq implements shareholder approval requirements for equity issuances used to purchase crypto.

The rule change targets the crypto-treasury playbook, where public companies sell equity or convertibles to fund token purchases. As a result, this change could slow the rapid capital deployment that characterized 2025.

In addition, Sequans Communications became the first Bitcoin treasury company to execute a reverse stock split, adjusting its American Depositary Shares structure to maintain NYSE listing requirements.

The company controls 3,205 BTC, valued at approximately $355 million, but its stock declined 75% this year, raising concerns about potential asset sales to defend share prices.

The report concluded by revealing patterns similar to the 2020-2021 cycle, when Strategy’s holdings growth peaked at 78% before declining to 6% a year later. The current setup suggests institutional Bitcoin accumulation may be entering a similar deceleration phase.

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Dogecoin, despite being held up around the $0.21 to $0.23 price zone, has seen its user base grow with adoption among crypto investors of all types. Notably, on-chain data shows that Dogecoin has now surpassed 8 million in terms of addresses holding a non-zero balance.

On‑chain analytics from Santiment reveal that Dogecoin has risen from approximately 6.9 million holders earlier in 2025 to the latest 8 million milestone. Only Ethereum and Bitcoin exceed Dogecoin when it comes to user base size.

Dogecoin Holder Count Keeps Surging

The momentum behind Dogecoin’s adoption shows no sign of slowing down, and the number of addresses holding the meme cryptocurrency is now above 8 million. This trend in Dogecoin holders stems from the cryptocurrency increasingly becoming the go-to asset for many retail traders. This, in turn, has seen the number of Dogecoin holders continue to surge this year, especially as retail investors start to transition from other large market-cap cryptocurrencies like Bitcoin, which many now argue is the crypto for institutions. 

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Although Dogecoin also saw a huge growth in the number of holders in 2024, the growth in 2025 is outpacing the trend seen in 2024,  To put this into perspective, it took the whole year to add 1 million new DOGE holders in 2024, whereas in 2025, the same milestone has taken less than eight months. This is a substantial increase from about 6.9 million holders in the beginning of 2025.

The latest figures place Dogecoin well ahead of other large market cap cryptocurrencies such as Cardano (ADA), Chainlink (LINK), and XRP, as well as major stablecoins including USDT and USDC, in terms of total holder count. Only Ethereum, with about 148 million addresses, and Bitcoin, with around 55 million, surpass Dogecoin’s adoption levels.

DOGE Whales Continue Accumulating

The steady increase in new Dogecoin addresses has been supported by a corresponding increase in whale accumulation. Trading data shows that large wallets have added more billions of Dogecoins in recent weeks. For instance, recent on-chain data shows that wallet addresses holding between 100 million and 1 billion Dogecoin recently added about 2 billion Dogecoin worth $448 million to their holdings within a week. At the institutional level, Bit Origin made headlines after committing $500 million to a Dogecoin treasury last month when the price was hovering around $0.24.

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Technical traders are also paying close attention. One analyst known as Trader Tardigrade pointed out that DOGE’s current chart setup is nearing the final stages of consolidation before a pump on the daily candlestick timeframe chart. If this pump were to manifest, the analyst projects a pump to $0.41 after breaking out of a triangular consolidation pattern. 

Interestingly, a longer-term analysis from the same analyst on the monthly candlestick timeframe chart shows that Dogecoin has built a support base and is ready for the next leg up that would take it to as high as $4.

At the time of writing, Dogecoin is trading at $0.222, up by 4.3% in the past 24 hours.

Featured image from Getty Images, chart from Tradingview.com

Bitcoin’s upward price trajectory has slightly cooled, with the asset now trading just below the $119,000 mark, reflecting a 3% decline over the past week.

The dip follows a sustained upward trend that has seen significant interest from both institutional and retail participants in recent months. The current pause in momentum may suggest a temporary rebalancing, with market participants potentially reassessing their positions.

As price movement stabilizes, on-chain analysts have begun to highlight deeper structural shifts within Bitcoin’s blockchain activity. According to CryptoQuant contributor Avocado onchain, one key trend gaining attention is the continued decline in Bitcoin’s Unspent Transaction Output (UTXO) count.

While at first glance this might seem related to falling transaction volumes, the underlying cause points to a more strategic restructuring by institutional participants.

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Institutional Consolidation Reshaping On-Chain Structure

Avocado explained that since December 2024, Bitcoin’s UTXO count has steadily decreased, a development he attributes to growing over-the-counter (OTC) activity and consolidation efforts by large holders.

These entities, primarily whales and institutional investors, are reportedly merging multiple UTXOs into fewer addresses, a process that increases on-chain efficiency and reflects a preference for long-term custody.

“The post-ETF approval environment has driven more assets into secure wallets, moving funds off exchanges into institutional-grade custody,” he wrote.

This structural shift suggests that long-term holders are preparing for extended exposure rather than immediate market participation.

Instead of dispersing funds for frequent trades, these institutions are consolidating their Bitcoin holdings into larger ones, indicating reduced near-term liquidity but possibly greater long-term market stability. The impact is visible in the on-chain footprint, where the number of active UTXOs has not kept pace with prior bull cycles.

Bitcoin Muted Retail Activity and Future Market Signals

While institutional activity appears to be solidifying, retail investor behavior remains subdued. Avocado noted that, unlike previous cycles where retail-driven volume increases contributed to UTXO growth, the current rally lacks that widespread grassroots engagement.

The number of newly created UTXOs has remained relatively flat, reinforcing the view that retail participation is yet to catch up. Looking ahead, the analyst suggests that any renewed wave of short-term speculation, often sparked by sharp price movements, could reignite retail interest.

This would be reflected in increased UTXO creation, exchange activity, and possibly greater volatility. Until then, the market appears to be led primarily by long-term strategic accumulation.

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Despite the current slowdown in price, underlying metrics remain constructive. Exchange inflows are moderate, long-term holders continue to accumulate, and institutional capital flows persist.

These factors suggest that the market is still in a consolidative phase, rather than signaling a reversal. Should retail participation return and on-chain activity broaden, Bitcoin could see renewed upside supported by both foundational demand and speculative inflows.

Featured image created with DALL-E, Chart from TradingView

Crypto analyst XForce has again alluded to the 5-Wave count to show when the XRP Price is likely to hit a new all-time high (ATH) above $5. As part of his analysis, the analyst also declared that there is no reason to be bearish on the altcoin at the moment. 

XRP To Rally Above $5 Based On 5-Wave Count

In an X post, XForce shared an accompanying chart that showed that XRP could rally above $5 on the Wave 3 impulsive move to the upside. The altcoin could even rally to double digits and touch $13 on this move. The chart also showed that XRP will reach this target by year-end or early next year.  

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Based on the 5-Wave count, XRP will then witness a price correction to around $5 on Wave 4 before it then rallies to around $25 on Wave 5, an impulsive move to the upside. XForce is confident that the current price action is going according to plan. He noted that the macro direction was met with very little margin of error. 

Furthermore, the crypto analyst remarked that everything from the Wave 4 triangle breakout to the anticipated 1 to 2 pullback following the 5-wave impulse followed the blueprint. In line with this, he declared that there is no valid reason to adopt a bearish stance unless the market invalidates the bullish case for XRP.

XForce also affirmed that XRP is within the bounds of the same two scenarios but that the ultra-bullish scenario of a rally to double digits is gaining more credibility by the day. The more conservative scenario for the altcoin is a rally to $4, which could still mark a new all-time high for XRP. The analyst earlier declared that all scenarios on the medium timeframe still show the altcoin reaching a new ATH in this market cycle. 

XRP Consolidation Has Reached Its Peak

In an X post, crypto analyst CasiTrades stated that the XRP consolidation has finally reached its apex and that something big is coming next. She remarked that the altcoin could either record an explosive breakout or see one final sharp drop to support that ignites a breakout. Either way, XRP looks likely to rally to the upside soon. 

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CasiTrades stated that the XRP price continues to struggle with the $2.25 level. As long as this level remains resistance, she claimed that it increases the likelihood of the altcoin dropping to support levels at $2.01, $1.90, and even $1.55. However, the analyst declared that these aren’t bearish targets but momentum zones, where the market grabs the liquidity it needs to build momentum for Wave 3. 

At the time of writing, the XRP price is trading at around $2.16, down in the last 24 hours, according to data from CoinMarketCap.

Featured image from Getty Images, chart from Tradingview.com

There is more than one success story where traders join new user programs and manage to turn small deposits and a couple of trades into enough capital to build a modest trading portfolio.

A lot of newbies get cold feet with these promo deals, tough; they think it’s too good to be true. But really, it’s just about following the rules: don’t rush, don’t pull your funds too soon, and use the bonus to try things out without putting more on the line.

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How to Invest in Crypto: 6 Rewarding Strategies (Animated)

If you play it smart, events like this can actually give you a solid head start. Think about it, why let your crypto sit idly somewhere doing nothing when it could be earning you bonuses?

That said, let’s talk about the event in more detail.

BingX and BitDegree will be holding this event until June 6, 2025. The system is straightforward: complete tasks, unlock bonus vouchers. New users can potentially get over 3,000 USDT in bonuses.

There are eight deposit-based tasks, each offering a larger reward depending on the amount deposited and locked.

Starting from a minimum of 30 USDT up to a maximum of 10,000 USDT (or more, of course), participants can unlock vouchers ranging from 10 USDT to 2,000 USDT.

For example, depositing and locking 100 USDT will yield a 20 USDT voucher, while locking 2,000 USDT grants a 500 USDT reward. The largest reward, 2,000 USDT, is reserved for users who deposit and lock at least 10,000 USDT.

There’s also a trading task: complete a total futures trading volume of at least 1,000 USDT (with positions held for more than one minute) and receive an additional 10 USDT voucher. The trade must be on either Standard Futures or Perpetual Futures contracts.

All bonus vouchers are distributed within 48 hours after each task is completed.

Eligibility and Rules

Only users who register via the official event page are eligible.

Each deposit must remain locked in your account for a minimum of two days. During this period, trading is allowed, but any withdrawal of the locked amount will make you ineligible for the reward. Deposit methods such as P2P, on-chain transfers, and card payments are eligible. Internal transfers, however, are excluded.

Rewards are only issued during the event window. Tasks completed after June 6 won’t count, and neither will any activity done before visiting the event page.

What Sets BingX Apart

BingX is built to be a beginner-friendly platform that also has enough tools for more advanced traders. You can copy top traders with one click, try out automated strategies like grid trading, or even use their AI bot that looks for price gaps to make small profits.

They offer up to 150x leverage if you’re into that, plus features like dual pricing to help avoid unfair liquidations.

On top of all that, BingX is licensed in Europe and Australia, so it’s not just some random offshore platform. It’s designed to work globally but still follow local rules where it operates.

With its growing global footprint, multiple trading modes, and now large-scale bonus events, BingX is aiming to attract users who are willing to engage beyond just a one-time signup.

Germany is storing over $109 billion worth of gold in the New York Federal Reserve’s vaults, but some officials in the country are beginning to call for less trust and more verification.

Michael Jäger of the European Taxpayers’ Association – a federation of 29 national taxpayers associations throughout Europe –  is urging Germany to immediately obtain its gold from the USA amid tention between the White House and the US, Bild reports.

Says Jäger,

“The Bundesbank and the German government must demonstrate foresight in this phase of global power shifts and immediately retrieve German gold from the USA. Especially at a time when Berlin and Brussels are discussing immense new debt, we need immediate access to all gold reserves in an emergency.”

Jäger says that at a minimum, Germany should at least be able to “physically inspect” the gold bars.

European Member of Parliament Markus Ferber echoes Jäger’s sentiments, telling Bild:

“I demand regular checks of Germany’s gold reserves. Official representatives of the Bundesbank must personally count the bars and document their results.”

Meanwhile, lawmaker Marco Wanderwitz says Germany’s CDU (Christian Democratic Union) is advocating that Germany needs to “either check regularly or retrieve the gold.”

The Germans’ calls for inspecting the gold reserves comes as Elon Musk, tech billionaire and close aid of President Trump, is suggesting that an audit of Fort Knox in Kentucky be “livestreamed.”

The last time Fort Knox was audited was in September of 1974.

In a statement to Bild, a spokseperson for Germany’s Bundesbank quoted and reiterated a Feburary statement from the bank’s President, Joachim Nagel.

“We have (…) absolutely no doubt that with the Fed in New York we have a trustworthy, reliable partner in the storage of our gold reserves.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Difficulty represents the number of hashes that are expected to minify the block, As a multiple The number of hashs expected for the least insufficient block.

Minimum difficulty block is required 2²⁵⁶ /(65535 * 2²⁰⁸ + 1)≈4295032833.000015… Hash on average. This corresponds to the internal target of 65535 * 2²⁰⁸ (A value that the block hash cannot exceed). This is a target for the Genesis block, and the Bitcoin consensus rules do not allow the target to be higher (or in other words, it does not allow the difficulty to drop below 1).

At the time of writing, the most recent block is block 885202. 110568428300952.69. This means that the average number of hashs per block is 474895029845799917243854.3. The value is approximately 2^78.652or 16^19.662so in reality it corresponds to about 20 hexadecimal zeros, or 80 bits of hash.

So:

• 1.a.No.
• 1.B. The difficulty is not the expected number of hash itself, but how many times a block is more difficult than the easiest block.
• 1.C. The number of hashes is rough 4295032833 Difficulty level.
• 2. The block header has a 32-bit Nonce, but it’s far from the only one that differs from miners. The header also has a timestamp (which can be incremented every second), and Coinbase transactions contain variable-sized “extra-nons”. Finally, miners can change the structure of transactions within a block. All of these aspects are hashed into blocks. Therefore, any of these variations is effectively equivalent to having more non-CE locations. The actual 32-bit block header Nonce will overflow more than once per millisecond in mining ASIC without these additional aspects.