Bitcoin & Ethereum Celebrate Record Highs

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Bitcoin Makes Another All-Time High

Last Wednesday, Bitcoin’s price climbed to a new all-time high of approximately $193,500 ($124,500 USD), continuing its long-term trend. However, this milestone was short-lived.

On Thursday, the broader market sold off after the release of stronger-than-expected U.S. producer price index (PPI) data. In general, this data release lowered the market’s expectations that the U.S. central bank would cut rates in September. (While a rate cut remains highly likely next month, according to the CME FedWatch Tool and various commentators, the likelihood fell after last week’s PPI data.)

Ethereum Core Metrics Hit All-Time Highs

Ethereum (ETH) daily transactions hit a new record of 175M, based on a seven-day moving average (7DMA), surpassing the longstanding record of 166M set in May 2021.

Similarly, active addresses (7DMA) on the Ethereum mainnet have hovered between 650,000 and 680,000 for most of August. While this remains below the all-time high of 750,000 active addresses set in May 2021, adoption of Ethereum layer-two (L2) networks has increased substantially since then.

Companies Keep Buying ETH

Corporate demand for cryptocurrencies continues to be one of the key themes of 2025. For ETH in particular, the pace with which publicly listed treasury companies—led by Bitmine Immersion (BMNR) and Sharplink Gaming (SBET)—are accumulating is worth noting.

At the start of June, treasury companies held just 0.03% of ETH’s supply, as per data from Blockworks. Two months later, that percentage has grown to 2.4%. Should this level of demand persist, it won’t be long until ETH flips BTC in terms of the share of supply held by treasury companies—something that was unimaginable a few months ago.

This accumulation has come at a time when ETH has recorded new all-time highs against the Australian dollar (AUD). Last week, ETH’s price climbed above $7,200 for the first time before retracing amid a broader market pullback.

Cardano, XRP Whale Activity Hits Multi-Month High

Demand for XRP (XRP) and Cardano (ADA) remains strong among large holders (aka ‘whales’), according to onchain data from Santiment. The 50-day average of transactions worth at least $155,000 ($100,000 USD) hit a five-month high for both cryptocurrencies in August.

Specifically, the cohort of XRP addresses holding between 1M and 10M XRP recently added 300M XRP tokens, bringing their total holdings to 6.72B as of August 18. For ADA, the same whale cohort added 30M ADA tokens over the same period, bringing their total holdings to 5.55B as of August 18.

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