Bitcoin Data: Over 32% of Bitcoin Production Comes from Publicly Listed Mining Companies. Newly released Q2 production data shows that publicly listed and soon-to-be-listed mining companies are consolidating their share of Bitcoin output. The combined market share of these 18 companies increased from 21.1% in the same period last year to 32.5% in the second quarter. However, this growth was uneven. The increase in market share was not across the board, but was primarily driven by MARA, Cango, IRE, and CleanSpark, which significantly increased their hashrate, offsetting losses at miners that shifted to HPC or experienced stagnant growth. US Bitcoin spot ETFs saw net outflows of $1.178 billion this week. According to Farside Investors, US Bitcoin spot ETFs saw net outflows of $1.178 billion this week, including:
BlackRock IBIT: -$615 million;
Fidelity FBTC: -$235.3 million;
Bitwise BITB: -$60.8 million;
ARK ARKB: -$182.3 million;
CoinShares BRRR: -$4.3 million;
Grayscale GBTC: -$118.1 million;
Grayscale Mini BTC: -$2.5 million;
Franklin EZBC: +$13.4 million;
VanEck HODL: +$26.4 million. According to @pete_rizzo_, the Philippines has just introduced a bill to establish a strategic Bitcoin reserve. Spot Bitcoin ETF assets reached a record high of $134.6 billion at the end of the second quarter, according to a chart published by @cryptounfolded. Spot Bitcoin ETF assets reached a record high of $134.6 billion at the end of the second quarter, driven by rising prices and new capital allocations.
Institutional investors disclosed $33.6 billion in holdings through 13F filings, with market makers prominent among the major holders. Matrixport: The gap between short-term enthusiasm and long-term confidence is rapidly narrowing, and the coming weeks may be a key turning point in determining Bitcoin's trajectory. Matrixport released its weekly report stating that Bitcoin has reached a new all-time high, but overall momentum appears particularly fragile. Key indicators that had previously shown sustained growth are now diverging, raising doubts about the sustainability of this rally. Debt expansion, seasonal factors, and structural shifts in the on-chain structure are all contributing to the market. Some data points reflect a tendency to take profits, while other indicators suggest the core drivers of the bull market remain. The gap between short-term enthusiasm and long-term confidence is rapidly narrowing, and the coming weeks may be a key turning point in determining Bitcoin's trajectory.
Over the past six weeks, we have maintained a relatively cautious trading stance. This is because Bitcoin's recent breakout attempt lacks the confidence and follow-through momentum that have characterized previous sustained rallies. The overall timing is somewhat awkward, and key indicators that typically support strong upward movements have not coincided. Therefore, it is not surprising that Bitcoin is currently range-bound. We believe it's essential to reassess downside risk signals and determine whether a shift to a more defensive position is necessary. Although Bitcoin hit a new all-time high last week, on-chain data may offer a more accurate picture of the market's internal health and momentum. Ethereum Releases Protocol Update 002: Blob Scaling Plan The Ethereum Foundation released Protocol Update 002, detailing the Blob data scaling roadmap. This plan aims to significantly improve data availability in Ethereum's Layer 2 system, supporting scenarios such as real-time payments, DeFi, social media, and AI applications.
Key updates include:
The upcoming Fusaka upgrade will introduce the PeerDAS architecture, increasing the number of blobs in a block from the current 6 to 48;
The Blob Parameters Hard Fork (BPO) will enable incremental increases in mainnet capacity, theoretically increasing throughput by 8x;
Bandwidth optimization technologies such as "unit-level messaging" will reduce redundant network communication;
The Glamsterdam upgrade (expected for mid-2026) will introduce PeerDAS v2, further expanding data availability;
Ongoing research on Blob pool expansion and FullDAS technology will ensure that Ethereum's core values, such as censorship resistance, are maintained while scaling.
This update marks a shift from Ethereum's "fork-centric" philosophy to a more flexible, incremental optimization strategy, designed to accelerate the development of the L2 ecosystem. Tom Lee: Ethereum's Market Cap Has a High Probability of Surpassing Bitcoin's. BitMine's new chairman, Tom Lee, said in an interview, "I think there's a very high probability, perhaps even as high as 50%, that Ethereum's market capitalization will surpass Bitcoin. It's like the dollar's departure from the gold standard in 1971." US spot Ethereum ETFs saw net outflows of $241 million this week, according to Farside Investors. The net outflows included:
BlackRock ETHA: -$8.3 million;
Fidelity FETH: -$79.7 million;
Bitwise ETHW: +$2.9 million;
VanEck ETHV: -$1.6 million;
Invesco QETH: -$ $7.4 million;
Franklin EZET: -$7.4 million;
Grayscale ETHE: -$88.9 million;
Grayscale Mini ETH: -$50.4 million. Data: Ethereum ETF reserves exceed $30 billion, 69 treasury companies approach $20 billion. According to data from StrategyEthreserve, 69 Ethereum treasury companies hold 4.1 million ETH in reserves, valued at nearly $20 billion, currently at $19.23 billion. The top three Ethereum treasury companies hold ETH with a market value exceeding $10 billion, currently at $11.08 billion, representing 3.39% of Ethereum's circulating supply. Ethereum ETF reserves have reached 6.48 million ETH, with a market value exceeding $30 billion, currently at $30.37 billion, representing 5.36% of Ethereum's circulating supply. The European Central Bank is exploring running a digital euro on public blockchains like Ethereum. The Financial Times reported on Friday, citing people familiar with the matter, that the European Central Bank is considering running a digital euro on public blockchains like Ethereum, rather than private ones. Unlike private blockchains, where data is strictly restricted to authorized entities, public blockchains like Ethereum or Solana are open to everyone. Given that the ECB has yet to finalize the project's technical framework, if confirmed, the EU's exploration of public blockchains would represent a significant milestone in the development of the digital euro.
Another person stated that a private form of the digital euro "looks more like what the People's Bank of China is doing than what private companies in the United States are doing." This person specifically mentioned China's central bank digital currency (CBDC), which is privately deployed, in contrast to public stablecoins developed by companies like Circle. The ECB has not publicly confirmed whether it is considering Ethereum or Solana.
Other projects
Ripple partners with SBI Group and plans to launch the stablecoin RLUSD in Japan in the first quarter of 2026
According to market news released by @cryptounfolded, Ripple has partnered with Japan's SBI Group and plans to launch the stablecoin RLUSD in Japan in the first quarter of 2026.
MetaMask launches its native stablecoin mUSD
MetaMask officially launched its native stablecoin MetaMask USD (mUSD). MetaMask said on Thursday that mUSD will be issued by Bridge, a stablecoin issuance platform under Stripe, and minted through M0's decentralized infrastructure. Bank of America: Stablecoins' disruptive applications in cross-border P2P payments could generate up to $75 billion in annualized demand for US Treasury bonds. Bank of America's latest research report provides an in-depth analysis of the transformative potential of stablecoins in the financial system, noting that despite regulatory controversy, this digital asset has demonstrated unique advantages in cross-border transactions and retail settlement. The report identifies cross-border person-to-person (P2P) payments as the most disruptive application for stablecoins. Compared to traditional banking systems, their settlement efficiency and cost advantages significantly enhance their potential to become a crucial channel for capital flows in emerging markets. Notably, Shopify's move to allow merchants to accept the USDC stablecoin has been seen as a landmark step in retail penetration, while the recent on-chain repo transaction of UST tokenized bonds further underscores institutional investors' recognition of the stablecoin settlement capabilities. Regarding market demand, Bank of America estimates the potential demand for US Treasury bonds from stablecoins to be between $25 billion and $75 billion over the next 12 months, but this is insufficient to shift the supply and demand dynamics in the Treasury market in the short term. Vigil Labs AI Completes $5.7 Million Seed Round Led by Nova On August 20th, Vigil Labs AI completed a $5.7 million seed round led by Nova, with participation from several well-known institutions, including Lux Capital and Pantera Capital. Founded by Stanford dropout Kole Lee, the company is developing an AI trading platform that combines proprietary data sources and specialized reasoning systems to enhance the capabilities of human traders, creating so-called "bionic traders." Chamath's Newly Established SPAC Will Invest in Four Sectors, Including DeFi. Social Capital CEO Chamath Palihapitiya has established a new SPAC called "American Exceptionalism," with a valuation of $250 million and an offering of 25 million shares at $10 per share. The SPAC will invest in four sectors, including DeFi.
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