Crypto Market Hits $3.72T: Ethereum, Bitcoin, and Stablecoins in Focus
The crypto market started August steady, with total market cap ranging between $3.6-$3.8 trillion and settling at $3.72 trillion...
Quick overview
- The crypto market remained steady in August, with a total market cap of $3.72 trillion, as investors take profits and prepare for a potential bull run.
- Large institutional investors are increasing their holdings in Bitcoin and Ethereum, with significant purchases like SharpLink's acquisition of 83,561 ETH valued at $264.5 million.
- The stablecoin market is experiencing significant growth, with Ethena Labs' USD becoming the third largest stablecoin, and the overall sector's capitalization nearing $275 billion.
- Regulatory developments are supporting the stablecoin market, with the CFTC advocating for legal spot trading and the SEC clarifying stablecoin accounting.
The crypto market started August steady, with total market cap ranging between $3.6-$3.8 trillion and settling at $3.72 trillion by Wednesday. This consolidation near previous December-January highs is a tactical pause – investors are taking profits and building liquidity before potentially entering a new bull run.
But this stagnation has driven many active traders to micro-cap tokens, looking for volatility in the lull. Bitcoin tested its 50-day moving average again on Tuesday. Testing this level again suggests the market is getting tired. Overall market cap is above its 50-day average of $3.57 trillion, so investors are still confident despite Bitcoin’s slow pace.
Institutions Buy Bitcoin and Ethereum
Large investors are doubling down on major assets, especially Ethereum and Bitcoin. SharpLink made headlines by buying 83,561 ETH (valued at $264.5 million) last week at an average price of $3,634. They now hold 522,000 ETH, worth almost $1.9 billion. But Bitmine Immersion Tech is still the largest institutional holder with 833,000 ETH – over $3 billion.
Across the corporate sector:
- 64 companies now own 2.96 million ETH, or 2.45% of the total Ethereum supply.
- Public and private firms hold 1.35 million BTC, worth $155 billion, or 6% of Bitcoin’s total supply.
- Strategy, a leading investor, added 21,021 BTC worth $2.46 billion last week.
This shows institutions are playing a bigger role in the crypto space and are long term believers in digital assets.
Stablecoin Market Surges with USD by Ethena Labs
Stablecoins are getting quiet strong. Ethena Labs’ stablecoin, USD, is now the 3rd largest in the world. Since mid-July, its market cap has grown 75% to $9.5 billion. This is partly due to attractive annual yields between 10-19% luring yield seekers.
Meanwhile, the entire stablecoin sector is on a roll. Capitalization has grown for 7 consecutive months and is now near $275 billion. Regulatory momentum is also building:
- CFTC is advocating for legal spot trading on registered exchanges.* SEC clarifies stablecoin accounting.
Stablecoins are more than just stable.
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