U.S. spot Bitcoin ETFs bought about 1,620 BTC on Aug. 28, roughly 3.6 times the approximately 450 BTC miners create each day.

Per Farside Investors, net inflows totaled $178.9 million, the fourth consecutive positive session into Aug. 28. The supply side is fixed by protocol changes made in April 2024, when the block subsidy fell to 3.125 BTC, or about 450 BTC per day at an average 10-minute block time.

The demand impulse is directly measurable in coins. Using prices near recent trading levels, the Aug. 28 net dollar flow equates to around 1,600 BTC purchased by ETF vehicles in a single day, while new issuance remains near 450 BTC.

If that demand repeats over a span of sessions, it draws directly on the tradable float because ETF creations are backed by spot holdings in custody. Aug. 25 through Aug. 28 all printed positive totals, a sequence that coincided with a post Jackson Hole reset in rate expectations after Chair Jerome Powell said policy conditions may warrant easing, as shown in the Federal Reserve’s posted remarks.

Positioning through the fourth quarter centers on two linked variables, flow persistence and price elasticity. A simple translation of daily dollars into coins shows the scale.

At $50 million in average daily net creations, ETFs would absorb roughly 13,600 BTC over 30 trading days, 27,100 BTC over 60, and 40,700 BTC over 90.

At $100 million, the draw becomes about 27,100 BTC, 54,200 BTC, and 81,300 BTC over the same intervals.

At $150 million, the totals reach about 40,700 BTC, 81,300 BTC, and 121,900 BTC. A second lens fixes demand in issuance multiples, where one, two, and three times daily issuance over 60 trading days align to about 27,000 BTC, 54,000 BTC, and 81,000 BTC, respectively.

None of these figures embed a flow-to-price coefficient; they map the potential coin withdrawal relative to the steady 450 BTC of new supply.

Holdings data frame the available float. Trackers show roughly 1.292 million BTC now sit inside U.S. spot ETFs across issuers, led by IBIT, which holds about 747,000 BTC, according to WalletPilot’s ETF dashboard.

As creations accumulate shares, the underlying coins consolidate at custodians, which can amplify spot price sensitivity when order books are thin. The effect toggles with flows, and recent months have seen alternating streaks of creations and redemptions, a pattern visible in the rolling tables on Farside Investors.

Macro policy remains the background variable. Powell’s Aug. 22 Jackson Hole speech outlined a willingness to adjust rates as labor conditions evolve, which markets read as a higher probability of near-term easing.

Lower policy rates can recalibrate relative demand for duration and hedge assets, a channel that has historically supported gold and, by extension, spot-backed bitcoin funds when allocations are flowing.

The limits of this setup are straightforward. Dollar flows are volatile by day, creation mechanics vary by issuer, and price changes modify the BTC per dollar translation. Still, the arithmetic of the past week isolates the core dynamic.

On Aug. 28, U.S. spot funds added $178.9 million, about 1,620 BTC at recent prices, against roughly 450 BTC of new issuance. Aug. 28 was the fourth consecutive inflow day for the group.

Mentioned in this article

With September just around the corner, Ethereum bulls are jittery, since the ninth month of the calendar year has typically been associated with weakness by the number-two coin. With an average loss of -6.42% since 2016, September is the single worst-performing month for Ethereum over most cycles.

Ethereum has been on a tear, fueled by institutions

Ethereum has been on a tear lately, closing in on all-time highs and breathing new life into the ETH community and beyond. As of mid-August 2025, ETH is trading above $4,700, up roughly 76% year-to-date and about 25% just since the start of August, marking its best price performance since the 2021 bull run.

Institutional inflows have been a major driver of Ethereum’s rally, as spot ETH ETFs attracted nearly $3 billion in net inflows throughout August, propelling prices higher and revealing new trends among institutional buyers.

Corporate treasury adoption is also ballooning, with companies collectively amassing over $17 billion in ETH reserves this year alone, locking up supply and intensifying price momentum.

Fundstrat co-founder and current chairman of BitMINE Immersion Technologies, Tom Lee, has made headlines this year with his company’s strategic pivot to Ethereum.

In just over a month, BitMINE accumulated the world’s largest corporate Ethereum treasury, boasting over $6.6 billion in ETH to become the largest ETH holder, surpassing even major investment and tech firms, such as ConsenSys.

Macro conditions have remained favorable as well, as dovish signals from the U.S. Federal Reserve and improving global risk sentiment contributed to deeper institutional interest.

On-chain factors like DeFi activity, and protocol upgrades like Pectra have further reduced liquid supply and incentivized longer-term holding, creating powerful tailwinds for ETH’s price performance.

ETH’s notorious September weakness, bull run over?

However, as September approaches, portfolio rebalancing after summer runs, and tax-related selling could serve to damper the flames of a hot summer. Bitcoin and crypto trader Crypto Rover questioned Ethereum’s curious seasonality, posting:

“SEPTEMBER IS USUALLY A BEARISH MONTH FOR $ETH

Not just in general, but especially in post-halving years.
2017: -21.65%
2021: -12.55%
2025: ???
What’s your prediction?”

ETH’s price history reveals a persistent and often brutal September pattern. Since 2016, ETH gains in August are regularly wiped out in September. In 2017, ETH rallied 92% in August, then dropped -21.65% in September, after China announced a ban on ICOs.

In 2020, the Eth price was up around 25%, followed by a 17% pullback in September, and in August 2021, ETH found itself up some 35% only to retrace by 12% in September.

Not everyone is bearish on Eth

Despite the undeniable pattern, not all analysts are bearish. Standard Chartered Bank recently forecast ETH price to reach $7,500 by year-end 2025, with a longer-term target of $12,000 in 2026 and $18,000 by 2027.

On August 13, 2025, Tom Lee told CNBC that he expects Ethereum to “keep charging ahead” with upside propelled by ETF inflows and institutional adoption pushing the price above $7,000 a coin.

While the data suggests ETH faces a seasonal headwind in September, especially after a strong August, if ETH can buck its September curse, a bullish Q4 awaits.

Mentioned in this article

Bitcoin closed Aug. 20 at $113,599, marking a 7.9% drop in the past week, a 3.3% decline over 30 days, but still a 1.7% gain across 90 days. Spot turnover has cooled: notional volume averaged $2.68 billion per day over the past week, below the 30-day average of $2.88 billion. The moderation in activity follows weaker weekly performance but doesn’t necessarily reflect panic selling, as on-chain flows suggest orderly profit realization rather than stress.

The realized cap, a measure of the aggregate cost basis of all coins in circulation, stands at $1.04 trillion. Over the last seven days, it added $8.98 billion; across the past 30 days, it rose by $34.85 billion. These gains line up almost exactly with net realized profit and loss.

NRPL shows a seven-day sum of $8.59 billion and a 30-day sum of $33.25 billion. The small residual gaps ($0.39 billion over 7 days and $1.60 billion over 30 days) match the dollar value of new issuance from block rewards.

At current subsidy rates of 3.125 BTC per block, roughly 450 BTC enter circulation daily, worth about $366 million across 7 days and $1.58 billion across 30 days at recent prices. This reconciliation shows that realized-cap growth is explained entirely by realized gains and miner issuance, with no unexplained distortions in the ledger.

SOPR metrics confirm the picture of steady profit-taking without signs of distress. Adjusted SOPR is at 1.028; its seven-day average is 1.033. Across the last 30 days, it closed above 1 every single day, meaning aggregate spending consistently happened in profit.

Short-term holder SOPR sits at 0.995, with a seven-day average at 1.002 and 24 of the last 30 days closing above 1. This reflects marginal breakeven conditions for recent buyers, some selling at cost and some at a small gain.

In contrast, the long-term holder SOPR is far higher at 1.718, with all 30 of the last 30 days above 1 and an average of 2.21. The long-term supply that does move is doing so at very high profit multiples, consistent with periodic trimming rather than broad exits.

Spent output age band data shows the dominance of young coin churn. On Aug. 19, 94.95% of all spent outputs came from coins younger than three months. Within that, same-day churn was the largest component, with 0–1 day coins making up 83.27% of the total, followed by 1–7 day coins at 7.49%. The 1–3 month band contributed only 1.42%. Coins between three and twelve months old made up 2.97% of spent supply, while coins older than one year accounted for just 2.08%. Over the past seven days, the younger-than-three-month share averaged 95.98%, with older-than-one-year coins averaging 1.95%. Over the past 30 days, the split was even more tilted, with young coins averaging 97.14% and older supply just 1.41%. The implication is that nearly all turnover comes from highly liquid recent supply, not long-dormant coins.

The lack of long-term holder distribution is reinforced by coin days destroyed. CDD stands near 15.6 million, in line with its 30-day mean, with no outlier spikes exceeding two standard deviations over the past 180 days. Historically, large bursts of CDD signal movement of very old supply into the market, often preceding distribution phases. Their absence suggests older coins remain dormant despite profitable conditions.

NUPL, at 0.537, with a 30-day average of 0.561, continues to place the market in the Belief/Denial zone. This means a large share of supply is held in profit, consistent with ongoing profit-taking and supply turnover without broad capitulation. The 30-day data for NUPL is low frequency, so it is better treated as a regime gauge than a short-term oscillator. Still, the reading signals that most coins are comfortably in the money.

Correlation analysis sharpens the distinction between flows. Over the past 90 days, the strongest link to returns is short-term holder SOPR, with a correlation of +0.36. Adjusted SOPR shows only a weak positive link at +0.05, while long-term holder SOPR is nearly uncorrelated at +0.01.

This matches the age-band data: short-term cost bases are where price action is most sensitive. Older supply moves have been marginal and not price-determining in recent months. Analysis showed similarly weak correlations between returns and NRPL (+0.08), CDD (−0.03), and spot volume (−0.13), reinforcing the conclusion that short-term profitability dominates marginal flows.

The data shows a market in distribution without stress. Price performance has cooled, and volume is down slightly, but realized cap is rising in line with issuance-adjusted realized profits. Profit-taking is steady, STH SOPR balances near breakeven, and long-term SOPR shows occasional high-profit sales without broad exits. Nearly all activity is driven by recent coins, with old supply quiet and no spikes in CDD. This combination points to rotation within the active float rather than a structural exit of deep supply.

In the next few days, the focal point will be whether the short-term holder SOPR maintains its delicate balance above 1. A decisive shift below 1 across several consecutive days would signal that recent buyers are capitulating, which historically accelerates drawdowns. As of now, the data shows stability: new supply is digested, profits are crystallized, but stress is absent.

The post Bitcoin SOPR shows consistent profit realization despite price pullback appeared first on CryptoSlate.

Bitcoin (BTC) is trying to regain its critical level of support after it fell below the recent $115,000. Nevertheless, some analysts warned that cryptocurrency is in the correction phase with a potential 15%-25% drop.

Related readings

Bitcoin risk is below $110,000

On Monday, Bitcoin fell below the $115,000 level for the first time in nearly two weeks, retesting support of $114,500 before bounce. The flagship cipher has been hovering between local price ranges since August 7th, reaching its latest all-time high (ATH) of $124,200 before it was eventually rejected from the range high.

Currently, some market watchers have confirmed that BTC is in the corrective phase and may send cryptocurrencies below other important levels of support. Ali Martinez noted that recent rejections “came in the form of deviation, but often show weakness and open doors for a deeper pullback.”

Analysts say Bitcoin is trading in the price range of $112,000-122,000, suggesting that the local bottom is the next important level of support to see momentum fading.

Notably, cryptocurrency quickly bounced back from today’s decline, regaining its recently lost $116,500 breakout level and once again approaching the $117,000 area. For analysts, the confirmed rebounds reset bullish momentum and allowed prices to be sent to highs in the range.

However, if BTC prices drop again and $112,000 in support is not retained, the cryptocurrency risk will cause a $4,000 drop in the $108,000 area. Martinez emphasized that on-chain data shows a grasp of fluidity between these two levels.

Furthermore, the accumulation propensity score, which dropped to 0.20, indicates that holders are “redistributed Bitcoin, rather than accumulating at these levels.”

Has the price discovery been revised?

Analyst Rekt Capital pointed out that BTC failed to hold its significant $119,000 level in support on the weekly charts, closing on Sundays below the weekly bull flag pattern that had been developing since early July.

According to previous analysis, turning the bottom of the pattern into a resistance would be a bearish retest that could confirm a failure from the pattern and lead to a new retest of the $112,000 area.

In his recent performance, he claimed that Bitcoin has entered a second price discovery revision that has historically tracked the uptrend peak of the second price discovery during the fifth and seventh week.

“Interestingly, the risers formed last week quickly developed at the finish line in Week 6, as this risers saved the historical circularity that tends to be seen in price action throughout the cycle,” the analyst explained.

Related readings

Rekt Capital suggested that Bitcoin could transition into a revision period. Nevertheless, he noted that at this moment in the 2017 and 2021 cycle, the BTC pullbacks are 1-3 weeks, respectively, and 25% and 29% deep, so this revision may not last as long as the previous revisions.

“In both cases, these pullbacks were short and shallow due to the criteria for previous revisions in each cycle,” he detailed, and concluded that the BTC “should ideally resolve this pullback over the next few weeks, with a relatively shallow pullback of -15% to -25%.”

Unsplash.com featured images, tradingView.com charts

After hitting a new multi-month high, Cardano (ADA) has retraced alongside the rest of the market. Some analysts suggest that the cryptocurrency is ready to reclaim crucial resistance levels and hit new highs in the coming months.

Related Reading

Cardano Holds Crucial Support Despite Pullback

On Thursday, Cardano experienced an 11% drop after surpassing the $1.00 barrier for the first time since March. ADA’s retracement was fueled by the crypto market’s pullback, which saw massive liquidations throughout the day.

According to CoinGlass data, the crypto market saw over $1.05 billion in liquidations over the last 24 hours, driven by higher-than-expected macroeconomic signals. Notably, the PPI number revealed an annual headline inflation of 3.3%, way higher than the 2.5% forecast.

Additionally, the US Treasury Secretary Scott Bessent revealed that the US government will not be purchasing additional Bitcoin for its Strategic Bitcoin Reserve (SBR), established by President Trump in March 2025. Instead, the US will stop selling its BTC holdings and continue to build up the reserve’s stash through confiscated assets.

As a result, Bitcoin, which hit a new all-time high (ATH) of $124,128 on Wednesday night, retraced to the $117,000-$118,000 support zone, while the rest of the market turned red.

Nonetheless, Cardano has gone against the current, becoming the only cryptocurrency in the top 50 list to remain in green despite the broader market pullback, with a 3.5% increase in the daily timeframe.

In the last 24 hours, ADA has broken out of its local range, hitting a five-month high of $1.02 on Thursday morning. Amid the market drop, ADA held above its breakout level, hovering between the $0.89-$0.91 range over the past few hours, and it’s attempting to break out of its current levels.

ADA To Repeat Last Cycle’s Playbook?

Analyst Ali Martinez noted that ADA has been trading within a descending channel since the Q4 2024 rally, which saw the cryptocurrency hit its multi-year high of $1.32 in December.

During this period, Cardano has attempted to break out of the descending resistance twice, finally passing this barrier after surging above the $0.84 mark. To the analyst, a confirmed breakout from this level targets a 70% run to $1.50.

Previously, Martinez suggested that ADA is showing the same price structure as the last cycle, but it’s more gradual. Other analysts have also noted that the altcoin appears to be repeating its 2020-2021 playbook.

Crypto Yhodda highlighted that after hitting its 2018 high, Cardano saw an ABC corrective wave before consolidating within an ascending broadening wedge formation for two years.

The cryptocurrency consolidated near the range-high after rejection from the pattern’s resistance in 2020, and before breaking out to its 2021 ATH of $3.09.

This cycle, the altcoin has repeated the same movements, accumulating within the same pattern since 2022. Since being rejected from the ascending resistance in late 2024, ADA has been trading between the mid and high zones of this pattern.

Related Reading

To the analyst, Cardano is ready to climb again to the formation’s resistance, around the $1.80 area, and break out to new highs.

As of this writing, ADA is trading at $0.90, a 20% increase in the weekly timeframe.

Featured Image from Unsplash.com, Chart from TradingView.com

Crypto prices slipped Thursday after an unexpectedly hot PPI inflation print, but analysts said it’s just a pullback within the rally.

The CoinDesk 20 Index of largest cryptocurrencies fell 2.1% over the past 24 hours, with bitcoin

dropping 2.3%. XRP lost 4.6% with ether (ETH) outperforming by edging down 0.7%.

“The pullback is, in my view, simply a recalibration in an otherwise bullish trend,” said David Siemer, co-founder and CEO of Wave Digital Assets. “Bitcoin remains firmly entrenched as the anchor of institutional crypto strategies.”

Bitcoin’s (BTC) rush to new all-time highs over $124,000 was fueled by rising expectations for Federal Reserve interest-rate cuts in September coupled with surging ETF inflows and institutional adoption.

The Thursday reversal to as low as $118,000 was “equally normal,” he said.

“After such a sharp rally, profit-taking tends to set in, and we saw short-term traders liquidate their positions and take gains,” Siemer said. “In addition, higher-than-expected inflation data, particularly around core consumer prices, has tempered some of the Fed optimism that drove the rally.

“It’s a healthy consolidation rather than a reversal,” he concluded.

Joel Kruger, market strategist of LMAX Group shared a similar view.

“It comes as no surprise to see a round of profit taking kick in following some impressive moves in crypto markets this week,” Kruger wrote in a morning note. “But overall, the outlook remains highly constructive and dips should be well supported.”

Looking ahead, key risks for crypto prices are potential overextension of valuations, geopolitical turbulence or economic data that could recalibrate Fed projections, Kruger added.

Still, late bulls were punished for their exuberance. The shakeout triggered a massive leverage flush, liquidating over $1 billion in leveraged trading positions across all crypto derivatives over the past 24 hours, mostly longs betting on rising prices, CoinGlass data shows.

That’s the largest long liquidation since at least the late July-early August plunge. That time, BTC dipped below $112,000 and many altcoins saw double-digit pullbacks, eventually carving out the local bottom for most of the digital asset market.

“The ‘I guess opening a 50x long after a 7-day 50% move was not the best idea’ type of shakeout here,” well-followed trader Bob Loukas said in an X post.

Read more: Bitcoin Hits $124K Record as 4 Tailwinds Align: Crypto Daybook Americas

As Bitcoin (BTC) continues to hover just below the $120,000 level, miners have increased transfers to Binance crypto exchange. According to analysts, elevated BTC transfers to Binance could signal an upcoming price correction for the top cryptocurrency.

Bitcoin Price Correction Upcoming?

According to a CryptoQuant Quicktake post by contributor Arab Chain, there was a significant spike in BTC transfers from miners to Binance crypto exchange in late July – shown in the form of double tops in the following chart.

These spikes were followed by several days of above-average flows to the exchange. Early August saw another surge, with transfers ranging from several thousand BTC to more than 10,000 BTC at their peak.

Related Reading

This activity suggests that miners are continuing to distribute BTC to the exchange. The selling comes as the asset’s price remains close to its all-time high (ATH) of nearly $120,000.

Arab Chain noted that compared to the April–June period, the current miner activity resembles “stockpiling or hedging behavior” rather than typical low-noise patterns. The analyst shared several behavioral indicators to support this view.

For instance, sustained high inflows during elevated price levels suggest that miners are taking advantage of the rally to secure liquidity, cover operational costs, or manage post-halving treasury needs.

However, such large inflows are often linked to short-term resistance. The market must have sufficient buying liquidity to absorb this supply and prevent it from triggering a sharp price decline.

The high frequency of peaks over the past two weeks also indicates that this is not a one-off occurrence. Instead, it marks a phase of heightened activity among Binance miners, which increases Bitcoin’s price sensitivity to any drop in demand.

According to Arab Chain, if daily flows remain above the recent weekly average – roughly 5,000 to 7,000 BTC per day – it would point to ongoing supply pressure. Conversely, a rapid drop back to lower levels would suggest that the distribution wave was temporary and has already been absorbed.

BTC May Be Preparing For A New ATH

Despite consolidating just under $120,000, recent on-chain data shows few signs of the Bitcoin market overheating. In addition, the average executed order size in the Bitcoin futures market has been steadily declining, indicating greater retail participation in the rally.

Related Reading

That said, a significant portion of short-term BTC holders have moved into profit, which could set the stage for a sell-off. At press time, BTC trades at $118,970, down 0.6% over the past 24 hours.

Featured image from Unsplash, charts from CryptoQuant and TradingView.com

Ethereum price found support near the $3,400 zone and recovered. ETH is struggling to settle above $3,700 and might dip once again.

• Ethereum started a fresh increase above the $3,440 and $3,500 levels.
• The price is trading below $3,620 and the 100-hourly Simple Moving Average.
• There was a break below a key bullish trend line with support at $3,620 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it remains supported above the $3,500 zone in the near term.

Ethereum Price Dips Below $3,600

Ethereum price started a fresh increase from the $3,365 support zone, beating Bitcoin. ETH price was able to recover above the $3,400 and $3,500 resistance levels.

There was a move above the 50% Fib retracement level of the downward move from the $3,877 swing high to the $3,369 low. The bulls even pushed the price above the $3,700 resistance zone. However, the bears remained active near the $3,750 zone.

The 61.8% Fib retracement level of the downward move from the $3,877 swing high to the $3,369 low acted as a resistance. The price started another decline below $3,700. There was a break below a key bullish trend line with support at $3,620 on the hourly chart of ETH/USD.

Ethereum price is now trading below $3,600 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $3,620 level. The next key resistance is near the $3,700 level.

The first major resistance is near the $3,750 level. A clear move above the $3,750 resistance might send the price toward the $3,820 resistance. An upside break above the $3,820 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,000 resistance zone or even $4,120 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $3,620 resistance, it could start a fresh decline. Initial support on the downside is near the $3,550 level. The first major support sits near the $3,510 zone.

A clear move below the $3,510 support might push the price toward the $3,420 support. Any more losses might send the price toward the $3,350 support level in the near term. The next key support sits at $3,220.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,550

Major Resistance Level – $3,750

Integration signals in the Bitcoin mining landscape

The difficulty of Bitcoin mining has risen by 0.5% since June 1, indicating an extraordinary slowdown in network expansion. Mining difficulty has increased by just 16% since the start of the year, according to a post on the Mining Infrastructure Firm Blockware’s X. “2025 is paced to see the slowest growth in BTC history,” added Blockware.

Mining growth continues to slow down due to the following reasons: Mining hardware is at the limits of Moore’s law. This approaches the physical and economic limits of chip miniaturization, making new generations of miners slightly more efficient.

Physical infrastructure and energy production is a bottleneck for growth and to promote scaling of mining and ordering machines. Finally, data center operators are diversifying into AI and high performance computing (HPC).

However, this is bullish for BTC minors. This is because there is less competition for 450 BTC mined daily. As BTC trends are steadily moving towards the six-person figure, miners are positioned in arbitrage energy and calculations, producing BTC at a significant discount on their market value.

Currently hosted on a blockware mining site, the Bitmain S21 XP produces 1 BTC for just $55,000 in electricity costs. This is a huge discount on the market price of BTC. The advantage of BTC mining is its ability to depreciate 100% of hardware costs and create a strong tax offset. When combined with tax benefits and accumulation of BTC, this is how generational wealth is born.

Shift to cleaner energy and sustainable mining

SustainableBTC highlighted X that a Newsweek article in 2017 warned that by 2020 Bitcoin was on track to consume global energy. Furthermore, in 2019, an academic paper reported that emissions from BTC mining alone exceeded global temperatures of 2°C.

Since then, there has been a widespread belief that BTC mining is environmentally harmful. But in reality, BTC mining is a powerful tool in the transition to clean energy and could be a force for climate justice.

In the midst of this broad view, SustainableBTC noted that awareness and advocacy alone is not enough to change the deeply rooted perceptions of BTC mining and sustainability. Moving the industry requires transparent, auditable data, market-based incentives that are consistent with economic performance, and environmental responsibility.