Decentralized exchanges (DEX) processed a combined $1.15 trillion in spot and perpetual contract volumes during August, marking the first time monthly DEX activity surpassed the $1 trillion threshold.

According to DefiLlama data, spot DEX volumes reached $506.3 billion in August, falling just $1.5 billion short of the all-time high of $507.8 billion recorded in January.

The August figure represents an 18.4% increase from July’s trading activity, demonstrating sustained growth in on-chain spot trading.

Perpetual contract volumes drove the record-breaking performance, reaching $648.6 billion in August, a 31.3% jump from July and an absolute all-time high for the derivative product category.

The perpetuals surge accounted for 56.4% of total DEX volume during the month.

Ethereum reclaims spot leadership

August marked the first time since March that Ethereum overtook Solana and BNB Chain in spot on-chain trading volume.

Ethereum processed $140.4 billion in monthly spot volume, while Solana registered nearly $120 billion. BNB Chain rounded out the top three with approximately $60 billion in spot trading activity.

Uniswap maintained its position as the dominant spot DEX protocol, capturing 28.2% of total volumes with over $143 billion processed in August. PancakeSwap secured second place with $56.6 billion, while Hyperliquid completed the top three with $21.7 billion in spot volume.

The perpetual landscape showed even greater concentration, with Hyperliquid establishing absolute dominance by capturing 62.5% of the market through its $405.8 billion in monthly volume.

Ethereum-based perpetual protocols processed $72.5 billion, securing second place, while BNB Chain platforms generated $55.1 billion.

Among other perpetual protocols, edgeX captured $43.6 billion in trading volume, while Orderly processed $23.7 billion during August.

The spot volume increase drove the DEX-to-CEX trading ratio up by 0.7% to 17.2% in August. Throughout 2025, this ratio has consistently remained above 10%, indicating sustained adoption of on-chain trading infrastructure.

These numbers indicate a growing acceptance of decentralized trading venues, potentially driven by improved user experience across major DEX platforms.

The $1.1 trillion monthly volume achievement positions decentralized exchanges as a permanent fixture in the cryptocurrency market structure, with perpetuals trading finally receiving attention similar to that of their centralized counterparts.

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Bitcoin’s red month is almost here, and as we approach yet another September, is it inevitable that prices will dwindle? Let’s take a look at some of the reasons the ninth month of the year is historically bad for Bitcoin.

Why September is historically Bitcoin’s red month

Since 2013, September has proven to be a challenging month for Bitcoin, with losses in eight of the last 11 years. That could be because retail investors typically take profits after summer rallies or even crypto to cover their fall expenses, like tuition fees and tax planning.

Bitcoin’s red month may also be something of a self-fulfilling prophecy as traders expect red candles and act more defensively, pulling the market down further. Perspective here is important, as most September pullbacks have been modest.

The month typically marks a local bottom, after which Bitcoin often rebounds strongly into ‘Uptober’ as Q4 historically brings recovery and, in even massive rallies. In October 2020, for example, Bitcoin surged from around $10,800 at the start of the month to over $13,800 by the end, marking a gain of more than 27%.

August recap: all-time highs and whale sightings

August 2025 was dramatic by any measure. Bitcoin surged to an all-time high of $124,533 on August 14, only to tumble 11% to lows hovering around $110,000 just two weeks later.

Nearly $200 billion in market value evaporated, with a single event triggering the drop: a previously dormant whale that sold ~24,000 BTC, pushing the spot price below $109,000 and sparking the largest liquidation cascade of the year.

Almost $900 million in derivative positions were wiped out, 90% being bullish longs, with $150 million in BTC and $320M in ETH liquidated. Ethereum showed relative strength, remaining above its 100-day moving average even with an 8% decline.

The recent weakness wasn’t just about technicals or sentiment. Spot and derivatives market order books remained thin, so any major sell (like the whale dump) was enough to amplify price volatility.

Meanwhile, on-chain data in late August showed tepid activity and reduced inflows, further weakening bid support.

Macroeconomic uncertainty also continues to be a headwind. With the U.S. Federal Reserve’s September policy moves in focus, traders are pricing in both risk of erratic moves and potential for renewed optimism if macro signals, like a rate cut, turn favorable.

Preparing for September: scenarios and signals

Crypto trader Cas Abbé outlined three possible scenarios for Bitcoin as September approaches. In his primary “Range & Repair” scenario (40% probability), Bitcoin is expected to trade sideways between $110K and $120K for most of the month, as excess leverage is reduced and institutional investors gradually step in to accumulate. Such a consolidation would create a healthier base for a potential Q4 rally.

In the “Second Flush” case (35% probability), if Bitcoin drops below $110K, a further wave of liquidations could ensue, driving the price into the high $100Ks and erasing leftover leveraged positions. Historically, these kinds of corrections often precede a strong bottom.

Conversely, the “Quick Reclaim” scenario (25% probability) envisions institutions buying aggressively, enabling BTC to rapidly reclaim the $117K–$118K range and triggering an earlier return of bullish sentiment.

Throughout September, Abbé suggests traders closely monitor several on-chain and macro signals; notably, options market activity leading up to the September 27 expiry could offer valuable insights into positioning and sentiment.

Whether Bitcoin’s red month will turn green this year remains to be seen, but with thin liquidity, heightened volatility, and institutional buyers waiting in the wings, September may offer both risks and opportunities this year.

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Ethereum (ETH) exchange-traded funds (ETFs) are set to close August 2025 with total net inflows exceeding $4 billion, significantly outpacing their Bitcoin (BTC) counterparts, which recorded more than $600 million in outflows during the same period.

Ethereum ETFs Outshine Bitcoin ETFs

According to data from SoSoValue, spot Ethereum ETFs have attracted $4.04 billion in net inflows so far this month. In contrast, spot Bitcoin ETFs saw $628 million in net outflows in August.

Among Ethereum-focused funds, BlackRock’s ETHA ETF leads the market with $16.88 billion in net assets as of August 28. Grayscale’s ETHE follows with $4.80 billion, while Fidelity’s FETH holds $3.56 billion. 

The total net assets tied in spot ETH ETFs currently stands slightly above $29.5 billion. This figure represents almost 5.5% of Ethereum’s total market cap.

On the Bitcoin side, BlackRock’s IBIT remains the leader with $83.8 billion in net assets, followed by Fidelity’s FBTC at $22.45 billion and Grayscale’s GBTC at $20.01 billion.

Although BTC ETFs still dominate in overall value, the latest data suggests the gap between Bitcoin and Ethereum investment products is narrowing. If the current momentum continues, August 2025 could mark the month when ETH ETFs outperformed BTC ETFs by their widest margin yet.

One of the major factors driving Ethereum ETF inflows is ETH’s growing appeal as a balance sheet asset. Corporate adoption of ETH has accelerated this year, bolstering confidence in its long-term role in institutional portfolios.

This year, several notable companies announced plans to add ETH to their balance sheets. For instance, SharpLink Gaming recently doubled down on its ETH bet, adding another 56,533 ETH to enhance its ETH reserves.

Similarly, ETHZilla – an Ethereum treasury company – recently increased its total ETH holdings to more than 102,000 ETH. Data from CoinGecko shows that, currently, BitMine is the leading publicly-listed company with the largest ETH reserves – holding over 1.7 million ETH.

Will ETH Surge Past $5,000?

Institutional sentiment toward ETH continues to strengthen. VanEck CEO Jan van Eck recently described ETH as “the Wall Street token,” highlighting its growing role in enabling stablecoin transfers across financial institutions.

Despite its recent rejection from close to $5,000, the overall demand for ETH remains vehemently strong. As a result, ETH reserves on exchange continue to dwindle at a rapid pace, which may lead to quick price appreciation for the digital asset in the near-term. At press time, ETH trades at $4,340, down 4% in the past 24 hours.

Featured image from Unsplash.com, charts from SoSoValue, CoinGecko and TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Institutional investors have taken center stage in crypto discussions in recent weeks, with emerging treasury companies being the talk of the town. Ethereum—behind only Bitcoin— is one of the cryptocurrencies being accumulated by the new market entrants (mostly institutional players). Interestingly, the latest on-chain data shows that this relevant class of investors has stepped up their purchases in recent weeks, purchasing billions of Ethereum tokens in the past 30 days.

Are Institutions Behind Ethereum’s Recent Price Surge?

In a recent post on the X platform, EmberCN revealed that multiple unknown whales or institutions have accumulated more than 1.035 million ETH tokens (worth around $4.167 billion) since July 10, 2025. According to the on-chain analytics firm, this buying spree occurred through exchanges or institutional trading platforms, including Kraken, FalconX, Galaxy Digital, Binance, and Coinbase.

EmberCN, in the post on X, postulated that most of the addresses that amassed these substantial amounts of Ethereum tokens are likely owned by institutions or US-based public companies building ETH reserves. The analytics, however, excluded SBET (SharpLink Gaming), as its addresses are known and identifiable.

SharpLink’s Ethereum accumulation spree has been well documented over the past month, acquiring hundreds of thousands of Ether tokens in the space of a month. As Bitcoinist reported, the marketing company expects to expand its ETH-focused treasury to up to $5 billion.

Source: @EmberCN on X

This accumulation trend correlates with a period of positive price action, with Ethereum surging from $2,600 to over $4,000—more than a 45% increase in the last 30 days. Nevertheless, it is worth noting that the average acquisition price for these institutional purchases is pegged at around $3,546.

As of this writing, the Ethereum token is valued at around $4,260, reflecting an over 5% increase in the past 24 hours. Data from CoinGecko shows that the second-largest cryptocurrency has increased in value by more than 25% in the last seven days.

Arthur Hayes Re-Acquires ETH Token At Higher Prices

BitMEX co-founder Arthur Hayes revealed that he has bought back all of his Ethereum tokens after a significant sell-off last week. According to on-chain data, Hayes sold 2,373 ETH tokens (equivalent to $8.32 million at the time of sale) at around $3,507.

The price of ETH has increased by more than 20% since then, prompting the BitMEX co-founder to “undo” his trade. On Saturday, August 9, Hayes used $10.5 million worth of USDC to purchase fresh Ethereum tokens at around $4,150.

Hayes said on X:

Had to buy it all back, do you forgive me @fundstrat? (referring to Tom Lee, the chief investment officer at Fundstrat Capital and head of research at FS Insight). I pinky swear, I’ll never take profit again.

The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView

Featured image from iStock, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Ethereum (ETH) surged past the $4,000 mark on Aug. 8, hitting its highest level this year after a sustained market rally that saw it gain nearly 50% in the past month.

Data from CryptoSlate shows the asset peaked at $4,047 during US trading hours. Notably, the last time ETH traded above $4,000 was in December 2024, when optimism around Donald Trump’s election victory fueled a wave of pro-crypto sentiment in the US.

Meanwhile, CoinGlass data reveals the latest rally caught bearish traders off guard. Short positions against ETH suffered losses totaling $134 million in the past 24 hours as prices defied expectations.

Institutional demand drives ETH

Ethereum’s breakout comes amid a surge in institutional interest in the digital asset for their treasury reserves.

Over the past month, major firms such as SharpLink and BitMine have accumulated significant ETH holdings and announced multi-billion-dollar purchase plans.

According to Strategic ETH Reserve data, these entities collectively hold over 3 million ETH—about 2.5% of the total supply—valued at more than $12 billion. BitMine leads with 833,100 ETH, worth approximately $5.2 billion.

Vitalik Buterin, the co-founder of Ethereum, has expressed a cautious optimism regarding the increasing corporate interest in ETH.

While he welcomed the adoption, Buterin cautioned firms against overleveraging their ETH holdings.

According to Buterin:

“If you woke me up 3 years from now and told me that treasuries led to the downfall of ETH… my guess would be that they turned into an overleveraged game.”

In addition to these firms, the Ethereum network has also seen a surge in adoption via exchange-traded funds (ETFs), with a record $5 billion in inflows recorded in July.

According to SoSo Value data, the trend has continued into the new month, with the nine funds registering just two days of outflows in August compared to four days of outflows experienced by their Bitcoin counterparts.

Additionally, traditional financial powerhouses like BlackRock and Robinhood have expanded their activities around Ethereum, focusing on real-world asset (RWA) tokenization.

What’s next for Ethereum price?

Looking ahead, market optimism continues to rise along with expectations of Ethereum’s continued price growth.

Crypto bettors on Polymarket, the leading decentralized prediction platform, believe there is a 60% chance that ETH will exceed $5,000 by the end of the year. Meanwhile, 36% of traders believe it could reach $6,000, and 24% predict a rise to $7,000.

Notably, BitMEX co-founder Arthur Hayes is more bullish about Ethereum’s price hitting $10,000 by the end of the year.

Meanwhile, BitMine’s projections suggest a much higher potential, estimating ETH’s implied price at $60,000.

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The digital asset management giant Grayscale has launched a new trust for a mid-cap altcoin that has doubled its value in the past month.

Grayscale’s new Story Trust provides accredited investors with exposure to Story (IP), a layer-1 blockchain network focused on intellectual property.

Story launched in February and aims to provide a scalable intellectual property solution on a blockchain where rights holders can upload IP, set the terms of use and monetize it throughout the protocol’s application ecosystem. The project also brings real-world data to artificial intelligence (AI) systems, including robots, surgical assistants and autonomous vehicles.

Story’s native asset, IP, is trading at $5.95 at time of writing. The 69th-ranked crypto asset by market cap is down more than 2% in the past 24 hours but up more than 8% in the past seven days and more than 100% in the past month.

Rayhaneh Sharif-Askary, Grayscale’s head of product and research, says the asset manager’s new trust reflects Story’s technological potential.

“Grayscale Story Trust gives investors exposure to a protocol shaping the foundational intellectual property layer for the information and AI era. That includes not just creative content, but real-world data  – the force powering one of today’s most advanced intelligent systems.” 

The trust is solely invested in the IP token.

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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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