Crypto protocols raised $1.9 billion in August, down 30% from July’s $2.67 billion, according to DefiLlama data.

Despite the monthly drop, August numbers for raises from venture capital funds align with the numbers recorded in July, with $600 million captured from PUMP’s public sale last month.

DeFi protocols dominated August funding with multiple major raises, including Portal’s $50 million round, M0’s $40 million Series B, and aPriori’s $20 million strategic investment.

The sector attracted consistent institutional capital across infrastructure and trading platforms.

Additionally, the third quarter already surpassed the second quarter’s $4.54 billion totals with $4.57 billion captured in just two months.

AI and infrastructure growth

AI protocols secured substantial funding, with Everlyn raising $15 million and multiple AI-focused projects completing seed rounds.

The convergence of crypto and AI continues attracting venture interest as protocols develop decentralized computing and data solutions. Cybersecurity emerged as another major category with IVIX completing a $60 million Series B, the month’s largest traditional venture round.

Stablecoin infrastructure also drew capital, with Rain securing $58 million in Series B funding.

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Payment infrastructure attracted diverse funding. OrangeX completed a $20 million Series B and multiple smaller rounds supporting cross-border and merchant payment solutions. The category benefits from increasing crypto adoption in commercial applications.

Gaming protocols also received some attention, such as Overtake’s $7 million round and continued development funding across multiple projects.

The sector benefits from increased adoption of blockchain-based gaming mechanics and token economies.

Public token sales lose ground

Without a high-profile token sale, such as Pump.fun’s, public token sales represented only $30.7 million across seven projects, including Lombard’s $6.75 million and Almanak’s dual raises totaling nearly $11 million.

Public token sales provide direct community participation while reducing dependence on institutional venture capital.

Layer-2 solutions secured strategic investments with Bitlayer raising $5 million through public token sales and Hemi Labs completing a $15 million growth round.

The third quarter’s performance demonstrates sustained institutional interest despite monthly fluctuations.

Mentioned in this article

The crypto market succumbed to a substantial amount of bear pressure that began on Thursday, August 28th, with most of the big assets falling to a new low on Friday, August 29th.

Naturally, the latest data suggests that this latest price drop, seen across the digital asset market, may have been predicted. This conclusion is based on recent cryptographic activity at Google, the world’s largest search engine.

Is Crypto Bull Cycle over?

In a post on August 29th on social media platform X, Alphractal founder and CEO Joao Wedson revealed that crypto-related searches on Google have been surged to new highs recently. This recent surge in Google searches suggests that Bitcoin and the broader crypto market may have reached a new local top, according to on-chain data experts.

Related readings

This revelation is based on the Google Trends chart. This allows investors to assess the social engagement of a variety of crypto-related topics on search engines. As shown in the chart below, metrics compare a variety of subjects, including cryptocurrencies, Bitcoin, altcoin, centralized exchange, and data aggregation platforms.

As observed in the highlighted chart, Google Trends metrics have recently witnessed a significant surge, suggesting an increase in public attention across multiple crypto topics. According to Wedson, this type of spike has historically coincided with whales entering the market to sell while “everyone is obsessed.”

Furthermore, cryptocurrency markets have often shown a trend in the past to move in the opposite direction of crowds. These trends explain the price drops seen by most digital assets in the past few days as the market appears to have reached the new local top.

However, Wedson pointed out that other on-chain signals say the market slump, led by the latest well-being, does not necessarily spell the end of the current bull cycle. “Look back to BTC hitting $124K. Euphoria peaked online, whales actively sold, and we’ve been shortened,” the founder of Alfractal added.

Wedson then advised investors to take caution when Euphoria hits the crypto market, as it could suggest that Euphoria is imminent from the local top. Analysts at Crypto said a better strategy is to exit the market wisely at a higher price and then re-enter at a cheaper rate.

The total crypto market capitalization is $3.7 trillion

At the time of writing, Crypto’s total market capitalization was just above $3.7 trillion, reflecting a nearly 4% decline over the past day. Over $142 billion has been released from the crypto market in the last 24 hours, according to TradingView data.

Related readings

ShutterStock featured images, TradingView charts

• Doge Price has begun a new decline below the $0.2420 level.
• The price is below the $0.2320 level and a simple moving average of 100 hours.
• On the hourly chart of the Doge/USD pair (Kraken’s data source), there was a break under the key-rising channel with $0.2295 support.
• Prices could begin a new upward movement if they exceed the $0.2165 zone.

Dogecoin Price drops again

DogeCoin Price has been newly increased, surpassing the $0.240 resistance zone, including Bitcoin and Ethereum. Doge even spiked over $0.2420 before the bear appeared.

The high formed at $0.2430, and prices began to decline new. There was a move below the $0.240 and $0.2350 levels. The price fell below the 50% FIB retracement level of an upward movement from a swing low of $0.2163 to a swing low of $0.2430.

Plus, the Doge/USD pair hourly wage chart had a break under the main rising channels at $0.2295 support. DogeCoin Price is currently below the $0.2320 level and a simple moving average of 100 hours.

The Bulls currently protect the upward movement from $0.2163 Swing Low to $0.2430 with a 76.4% FIB retracement level. If there is a recovery wave, the immediate resistance of the benefit is close to the $0.2295 level. The Bulls’ first major resistance could be close to the $0.2320 level.

The next major resistance is close to the $0.2420 level. If the resistance exceeds $0.2420, the price may be sent towards a $0.250 resistance. Any further profit could potentially send the price to the $0.2650 level. The Bulls’ next major stop may be $0.2780.

Doge’s more loss?

If the Doge price does not rise above the $0.2320 level, it could continue to fall. The initial support for the downside is close to the $0.2220 level. The next major support is close to the $0.2165 level.

The main support is $0.2150. If there is a negative side break below the $0.2150 support, the price could drop even further. If stated, the price could drop to a level of $0.2050 or, in the short term, $0.2020.

Technical indicators

HOURLY MACD – Doge/USD’s MACD is gaining momentum in the bear zone.

Hourly RSI (Relative Strength Index) – DOGE/USD’s RSI is below 50 level.

Key support levels – $0.2165 and $0.2150.

Major resistance levels – $0.2320 and $0.2420.

Solana (SOL) trading activity contracted sharply in the second quarter while the network’s core infrastructure metrics strengthened across multiple dimensions.

According to an Aug. 15 report by Messari, the total application revenue generated on the network fell 44.2% quarter-over-quarter to $576.4 million from $1.0 billion. 

Furthermore, average daily spot decentralized exchange (DEX) volume dropped 45.4% to $2.5 billion, with perpetual trading volumes declining 28.5% to $879.9 million daily. The revenue decline stems from reduced memecoin speculation that drove record trading volumes in the first quarter. 

Applications dependent on trading fees, including most DEX platforms, posted lower quarterly revenues as market participants scaled back speculative activity.

Network fundamentals show resilience

Despite the drop in speculative activity, different on-chain metrics signal strong fundamentals for Solana. 

The total value locked (TVL) in DeFi protocols on the network grew 30.4% quarter-over-quarter to $8.6 billion, maintaining Solana’s position as the second-largest network by TVL after surpassing Tron in November 2024. 

The App Revenue Capture Ratio increased to 211.6% from 126.5%, indicating applications captured $211.60 in revenue for every $100 spent in transaction fees.

Liquid staking penetration rose to 12.2% of SOL supply from 10.4%, enabling expanded DeFi applications built on yield-bearing SOL. Total staked value increased 25.2% to $60 billion, with validator decentralization improving modestly as the Nakamoto coefficient reached 21.

The Nakamoto coefficient measures blockchain decentralization by calculating the minimum number of entities needed to control over 50% of network resources and compromise security.

Furthermore, Anza announced Alpenglow, a consensus protocol redesign targeting sub-150 millisecond finality. The proposal represents a 100-fold improvement over the current 12.8-second confirmation times. 

The upgrade eliminates vote transaction fees and streamlines client operations for smaller validators.

Institutional adoption accelerates

The SEC approved Rex Osprey’s Solana Staking ETF (SSK) on June 27, marking the first U.S.-approved staking crypto exchange-traded fund (ETF). 

However, the product functions outside traditional SEC-registered spot ETF structures, providing SOL exposure through derivative instruments instead of holding the digital asset directly. Nine other firms have filed applications to launch spot Solana ETFs, with approval decisions expected by October 2025.

Network usage remained stable with non-vote transactions increasing 4% to 99.1 million daily, while fee payers declined 1.4% to 3.9 million. 

SOL’s market capitalization grew 29.8% to $82.8 billion, maintaining its sixth-place ranking among cryptocurrencies.

The report concluded that the quarter demonstrated Solana’s capacity to sustain infrastructure development and institutional interest independent of speculative trading cycles.

Mentioned in this article

Ministry of Digital Assets Treasury (that) Companies considered high beta play on Friday were sold sharply on Friday as they showed signs of fatigue at the August crypto rallies.

strategy (MSTR) It fell another 3% on Friday, down 20% since its July high, and 33% from its history high in November 2024. The MSTR/IBIT ratio fell to 5.43, the lowest since March, and Signaling continued to slow performance against BlackRock’s iShares Bitcoin Trust (go) And then he returned to the level he was last seen at the beginning of the year.

Other Bitcoin Treasury Ministry also fell along with Metaplanet (3350) 9% decline and Nakamoto (turn) After the merger with KindlyMD was completed, 12% off formed a new Bitcoin Treasury entity.

Kulr Technology, breaking from trends (kulr) It won over 5% after reporting its second-quarter revenue growth rate of 63% year-on-year, driven by the Bitcoin First Balance Sheet Strategy.

Companies with high ETH portfolios suffered sharp losses.

Early in the session, two of the most well-known Ethereum strategy companies, Bitmine Immersion Technologies and Sharplink Gaming, reduced by 7% and 14%, respectively.

The Solana focused companies were also inevitable. Upexi (upxi) Over 9% during Defi Development (DFDV) It was 5% lower.

BTC, ETH, SOL RALLY COOLS

This move coincided with Bitcoin

It extended the reversal from Thursday’s short-lived spike to $124,000, sliding it to a new all-time high of $124,000. ether (eth) He fell after challenging a record high of over $4,800.

DATS pursues a strategy of raising funds by selling stocks and debts to accumulate cryptocurrency, a playbook pioneered by Michael Saylor’s strategy. They are considered beta play at crypto prices, and rises even further when the underlying assets gather, but suffers from a major drawdown as the market cools.

Most crypto stocks traded low during the session. Bitcoin Minor Riot Platform and Digital Asset Conglomerate Galaxy (glxy) It’s about 8% lower. Coinbase (coin) A modest 1.6% decrease during the circle (CRCL) We won 3.5% after successfully completing the secondary share offering.

Read more: Bitcoin Rally inflation in the US, policy whipping: Crypto Daybook Americas

Bitcoin fell below $115,000 on August 1, reaching its lowest level since July 11 after a sustained period of volatility. The drop marked a retracement from the asset’s July 14 peak, when it hit an all-time high of $123,000. The retreat to $114,000 punctuates a 7% pullback from the July high and reflects the broader instability characterizing the crypto market’s late July performance.

The early July period had been marked by aggressive upward momentum. Between July 10 and 11, Bitcoin surged from $110,000 to $118,000 in under 24 hours. That spike represented a 7.2% single-day jump, coinciding with a rush of leveraged short liquidations across derivatives markets and fueling speculation around increased institutional interest.

Following the July 11 surge, BTC rallied further and recorded its all-time high of $123,000 on July 14. However, that level proved to be a temporary ceiling. Despite multiple consolidation attempts above $118,000 throughout the second half of July, Bitcoin repeatedly failed to regain bullish momentum.

This plateau phase saw intraday fluctuations compress into a narrowing range, indicating weakening buying pressure. Per CryptoSlate’s earlier reporting, some traders attributed the stall to profit-taking from early entrants and cautious positioning ahead of the FOMC’s inflation guidance this week, which held rates at 4.4%.

The correction that followed today was exacerbated by over-leveraged positioning in perpetual contracts.

According to liquidation data, more than $705 million in long positions were wiped out across major exchanges in the past 24 hours, with Binance and Bybit accounting for over 67% of the total.

These liquidations coincided with Bitcoin’s slide below $115,000, accelerating downside momentum and pushing the price to levels not seen since the July 10 rally. Market data also shows that more than $12 million in BTC-specific liquidations occurred in the past hour alone, further confirming cascading leverage unwinds.

Despite the sell-off, Bitcoin’s price is still up over 8% since the start of July. Should BTC break below the $113,500-$114,000 support region, there’s a risk of a revisit to early July consolidation zones near $110,000. On-chain metrics, including declining active addresses and dropping exchange outflows, have also supported a short-term bearish outlook, according to data from Glassnode.

The broader altcoin market mirrored Bitcoin’s losses. Ethereum dropped 6.4% to $3,611, while Solana and XRP fell over 7% each in the same 24-hour window. Market-wide long liquidations amounted to over $680 million, accounting for more than 93% of total liquidations, illustrating an overwhelmingly long-heavy derivatives landscape prior to the correction. This uneven leverage skew likely contributed to the sharp cascade, as high beta assets amplified losses amid falling BTC prices.

However, it is also possible that Bitcoin followed altcoins for once, with overleveraged alts retracing after July’s ‘alt season’ rally.

Bitcoin’s drop to $114,000 caused a drop in the fear and greed index, with the metric falling to ‘neutral’ after a period of ‘greed’.

Though the recent decline has rattled short-term sentiment, BTC’s price remains well above its June consolidation range near $100,000 and its 4-month low of $74,000, reflecting a longer-term bullish structure despite the current turbulence.

Mentioned in this article

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.

Related Reading

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.

Related Reading

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

At the beginning of July, you could see the target price of Solana, which was over $200 by August. After a strong start to see Sol Sursuge from $145 to over $167 +10%, many predictions showed that Solana (SOL) could reach its target price of over $200 by August.

However, a sharp overnight sale brought the sixth largest digital asset by market capitalization down 4%, bringing prices below $160.

(sauce))

$160 Sol Weekly Support – Bullish momentum could continue if recovered

Solana is below the weekly support level of $160, but is currently trading at $159.9, just a few pennies from regaining that critical level.

The key Solana price target from traders and analysts is overwhelmingly $200 by August, and if Sol can support $160, this goal remains a realistic possibility.

$160 is an important level for Sol, but $155 currently represents a strong support zone. This should serve as a safety blanket for Solana, looking to regain bullish momentum from the past three weeks.

By the end of this cycle, Solana’s price target is expected to range from $500 to $1,000, but a lot of work will be done for the assets to achieve that target, and it is a top priority to clear $200 in the short term.

Sol is down just 45% from its all-time high of $293 reached this January. Flip $200 and you’ll get a backboard that’s perfect for driving towards $300.

Technical metrics to note in SOL include hourly MACDs gaining momentum in the bear zone of the Sol/USD pair. The SOL’s RSI (Relative Strength Index) sits at 55.42, firmly placed in the neutral zone.

The main support levels are $158 and $155. Daily closures below $155 could be showing a bigger move towards the downside. Meanwhile, the main resistance levels are $162 and $168 over the one-day time frame, making these barriers more difficult as the sol ranges here become longer.

Discovery: Next 1000x Ciphers: 10+ Ciphers tokens that could hit 1000X in 2025

Solana thrives in the Bonque Ecosystem and shines a spotlight with pump firing spikesol volume

Let’s see how this goes with it $PumpThe fingers crossed these low holds. Overall, I still have a long time (although underwater) fundraising that looks healthier pic.twitter.com/4kmgkvmdct

– altcoin sherpa (@altcoinsherpa) July 15th, 2025

Whether positive or negative, Solana is currently in the spotlight, with the continued success of the Bonk Ecosystem and the recent launch of Pump.Fun’s Pump Token.

Since its launch yesterday (July 14th), the pump has been trading within a tough range between $0.0051 and $0.006, and is still calm before a clear direction is established.

Pump prices haven’t happened in either direction yet, but more than $1.2 billion in trading volumes are processed in about 18 hours, highlighting the demand and hype surrounding the token.

This level of attention to the pump and the Bonque Ecosystem is positive for Solana as it attracts new fluidity to the network.

Sol Spot ETF decision looms: This could drive Solana price targets to $200+

(sauce)

The Rex-Sosprey Sol Staking ETF was the first of its kind for a US-based company earlier this month. Since then, it has accumulated over $73 million in assets under management, and its daily routine is $10 million, earning a daily volume of over $19 million.

These numbers are bullish and show demand for regulated Solana products. If SEC approvals exceed 10 SOPS SOL ETFs, which are currently pending, a series of approvals could provide a catalyst that will bring SOLs to over $200 in the short term.

Currently, there are several small staking solana ETFs in the market, but pure spot ETFs from companies like BlackRock, Fidelity, 21Share and Franklin Templeton.

At the end of June it was announced that Vaneck’s Sol Sol Spot ETF had been listed by Deposit Trust and Clearing Corporation (DTCC). This move usually indicates backend preparation in anticipation of green light from the SEC, and immediately points to approval of the Spotsol ETF.

Bloomberg analysts predict the 90% chance of approval for Spot Sol ETF in 2025, and the forecast market platform Polymarket has been approved for the “Solana ETF” market with a 99% chance of approval in 2025.

Explore: Best Meme Coin ICO for Investing in 2025

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Dogecoin’s recent market performance has added to growing concerns about the fading strength of the meme coin sector. Over the past 24 hours, the meme coin has plunged by nearly 4%, pushing its price below $0.16 for the first time since April. This slide now extends a month-long downtrend, during which Dogecoin has been dropping from $0.23 up until the time of writing. 

Dogecoin Price Slips Below $0.16

Multiple support levels have been breached along the way to Dogecoin’s recent crash below $0.16, including $0.21 and $0.18. Notably, Dogecoin’s price decline has intensified in the past two days, which has caused it to fall in market cap rankings and become overtaken by Tron. At the time of writing, DOGE is posting losses of about 36% in a 30-day timeframe.

This latest correction is not just a Dogecoin-specific event but reflects a broader decline in the entire crypto industry. Bitcoin’s sideways trading near the $104,000 to $106,000 range has weighed heavily on altcoins, and Dogecoin has proven particularly vulnerable. Furthermore, fading meme coin enthusiasm has also played a role, with other meme coins like Shiba Inu and PEPE down by around 30% in the past 30 days.

What’s Next For DOGE?

Now that Dogecoin is officially trading below $0.16 again, the outlook is increasingly turning bearish. Technical analyst Ali Martinez, posting on social platform X, had previously pointed out the importance of Dogecoin’s previous price range between $0.16 and $0.22. 

As noted by the analyst, a daily close outside this price range would signal the next major directional move, which could be as much as 60% in either direction. That signal has now been triggered into a downside movement. According to Martinez, this breakdown could pave the way for a sharp 60% correction if selling pressure increases. The symmetrical triangle pattern visible on the daily chart, once a sign of neutral consolidation, has now tipped bearish.

From a technical perspective, this breach invalidates the previous range-bound support and opens up downside targets as low as $0.088, a level not seen since the early stages of DOGE’s rally in August 2021. The Fibonacci levels also reinforce this outlook, with the next significant support sitting around $0.13. Unless Dogecoin can witness a rapid recovery above $0.16 in the coming days, its price may be heading toward a much deeper retracement, one that could redefine its position in the current market cycle.

Image From X: @ali_charts

Nonetheless, hopes for a Dogecoin ETF are still active, but they have failed so far to offset the weight of the bearish price action. According to Bloomberg Intelligence analyst James Seyffart, the odds of the SEC approving a Spot Dogecoin ETF are now about 90%. Only Litecoin, Solana, and XRP have a higher approval chance of 95%. At the time of writing, DOGE is trading at $0.1565. 

Featured image from Dall.E, chart from TradingView.com

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