According to CMC: presentation of the August cryptography market

So why now? Three factors are distinguished. First of all, The accumulation of the treasure and the corporate assessment play Limed a fire under the exchange tokens, feeding the wider story of the treasure of the digital asset (DAT) which treats these parts as reserves. Second, ETH’s outperformance against BTC Historically, marked the start of the rotation phases. While institutions and funds diversify beyond Bitcoin, capital naturally spreads in other L1 and their ecosystems. And thirdly, Defi is redesigned as a yield engine Just as rates should soften, making the university again, the link and the suspension of institutions and retail investors in pursuit of income flows.

The involvement is that August can be more than one-off. If ETH continues to outperform, and if treasury bills continue to store exchange tokens, the Altcoin season index could push decisively above 60 in September. This would mark a solid transfer of a market led by Bitcoin to a large -based Altcoin cycle. In this environment, the following leg is likely to come from Defi liquidity tokens and smaller ecosystems gamesWhile Memecoins will remain the feeling barometers with high beta.

For the moment, August is less like a peak and more at the opening – the first notes of the Altcoin season building towards something stronger.

Top Gaires / Losers this month (from the 100 best CMC projects)

Speculative weakness: same, experiences and stagnant challenges August was marked by a clear retirement in speculative and lower stories. Same such as Bonk (-32%),, WIF (-20%)And Floki (-19%) All of them have corrected, pointing to a rotation far from the transactions focused on the beaten media towards tokens with a more structural value or linked to the treasury. This inversion follows months of disproportionate gains and suggests that the speculative excess is unrolled because investors require stronger foundations.

A similar story took place in Niche experiences as SPX6900 (-41%) And Fartcoin (-28%)which are strongly based on novelty and detail flows. With liquidity consolidating around more established parts, appetite for micro-narratives seems to fade.

Even among established challenge holders, weakness has persisted. DAO curve (CRV -20%) has extended its decline, strengthening skepticism as to whether the older protocols can remain competitive in a landscape increasingly dominated by more recent and optimized platforms.

Overall, the losers of the month illustrate a market that becomes more selective. Speculation is always present but losing domination while capital moves away from foam and experimental tokens focused on memes and grants a premium on utility, treasure strength and lasting yield.

THE GeniusAdopted by Congress and signed in July, pushed the stablecoins in a new growth phase, their total supply sitting at a highest time 270 billion dollars. The legislation not only unlocks new institutional entries, but also divides the market into two clear categories: the instruments bearing the yield and the rails focused on payment.

The winning winner is USDE D’Estheneadded $ 6.45 billion to its supply in circulation in just four weeks. By mixing neutral Delta’s term strategies, sealing loops and leverage, the USDE has become a return to return savings product, attracting capital that could have taken place in traditional obligations or monetary markets.

In the meantime, Tether usdt And USDC Circle The stablecoins remain at the heart of the account of payments, adding $ 5.9 billion And $ 1.3 billion, respectively. Tether continues to thrive on rooted liquidity and the effects of the network, while Circle’s strategy highlights the cost of the purchase distribution on major exchanges. New entrants like Sky Usds And Pyusd de Paypal Show that the challengers find their own niches to carve out market share, either by the native growth of ecosystems or fintech integration.

The result is a bifurcated market: Stablecoins as Silver rails in complete safety and liquid on the one hand and as compatible assets on the other. The two models evolve quickly, preparing the field for the next competitive phase of the domination of the stables.

BTC and ETH DATS have notable grip effects, with microstrategy (BTC) and Bitmin (ETH) showing a cliff track in market capitalization, cash navigation and trading volume. Wall Street spokesperson trusted Michael Saylor and Tom Lee lead their domination, while other crypto dates missing such figures are lagging behind.

Cash companies with digital active ingredients operate as hybrid vehicles between traditional actions and direct crypto holders. Their model is simple but powerful: by holding large quantities of cryptographic assets, they are negotiated with a market capitalization which often exceeds the value of their underlying treasure. This premium allows them to raise capital on public procurement and continuously accumulate more crypto.

For limited investors in direct exposure to digital assets, DATs provide a proxy, with the additional advantage that higher bonuses result in more power of purchase and an accumulation of faster cryptography by action.

Bitcoin dominance and market leadership

Bitcoin remains the cornerstone of the date market, representing roughly 84% of the total value of the crypto net asset (NAV). Commercial activity is highly concentrated in Strategy ($ MSTR)which represents the majority of Liquidity and Investors of BTC DAT.

• Scale effect: The treasure of the strategy alone is held 632,457 BTC (3.2% of the power supply of Bitcoin)Eclicing other BTC treasure vouchers such as Twenty One and Metaplanet.
• Premium dynamic: With $ MSTR merchant to an important bonus in its cash navigation, it actually acts as a leverage bitcoin vehicle, giving shareholders an amplified exposure.

This creates a “head effect” on the Bitcoin Dat market, where some dominant players concentrate most of value and liquidity, leaving smaller date with marginal influence.

Ethereum Dats: the emerging challenger

While the Bitcoins Dat dominate the size, The dat focused on ETH quickly gain ground::

• Trading volumes: Eth dats captured 37.2% of the total volume of trading DAT in JulyA significant increase in market share compared to previous months.

• Leaders: Players love Bind And Gaming Sharplink have emerged as flag bearers, showing an advance in the form of cliff in market capitalization, navigation navigation and liquidity compared to other ETH dats.
• Strategic advantage: Unlike Bitcoin, Ethereum offers yields (approximately 3%), allowing Dats to compose their treasury bills passively. This introduces a structural rear wind for DAT -centered ETH, which makes them attractive not only for directional exhibition but also for yield accumulation.

Beyond the BTC and the ETH: active proof of staging

Beyond ETH, other assets of proof of implementation (POS) also start to surface in business treasury bills:

• Solara: Sol currently explains a little 7% yield potentialAlthough DAT documents represent less than 1% of total soil supply.
• BNB and Tron: Likewise, the amount of BNB and TRX in Dat Holdings remains below 1% of their total suppliesreflecting an early stage of institutional adoption and businesses.
• Relative call: The POS yield yield mechanisms provide a different investment thesis from that of Bitcoin. Instead of acting only as a “digital gold” reserve, they align themselves more with income vouchers.

Absorption of the offer and impact on the market

DATs play an increasing role in the absorption of cryptographic assets:

• BTC: Data collectively 3.52% of the total offerA concentration that strengthens the Bitcoin thesis as an institutional reserve asset of choice.
• Ethn: The dat assets came to 2.52% of the offerWith clear growth dynamics, because more and more treasury vouchers adopt the milestone in the context of their accumulation strategy.
• Other active: Although always emerging, the accumulation of soil business, BNB and TRX signals the start of the diversification of the multi-active treasure.

The DAT ecosystem has become a two -level market: Bitcoin Dats Dominate on a absolute scale and remain the favorite choice for investors looking for a pure directional exhibition, with microstrateggie at the helm. On the other hand, Ethn dates are emerging as the history of growth, benefiting from the increase in trading volumes, yields of staggered and an extended investor base.

While other points of sale as a floor and BNB are always minor players, their characteristics generating yield position them as potential future inbounds under the DAT spotlights. But for the moment, the narrative of the market is defined by a BTC Fortress of Scale vs eth anid Momentum.