Gate Research Institute: BTC hits a new high, breaking $124,000 | Tom Lee announces to raise $20 billion to increase ETH holdings

Summary

1. This week, BTC broke through $124,000, setting a new historical high, ETH rose by 12.02%, and mainstream altcoins showed a strong overall increase.
2. Chainlink has partnered with ICE to integrate high-quality data from the global foreign exchange and precious metals markets into on-chain applications.
3. The BitMine Immersion plan aims to raise $20 billion to increase holdings in ETH, with institutional investors having a long-term optimistic outlook on ETH.
4. The total market capitalization of cryptocurrencies reached a historic high of $4.21 trillion, with BTC's market cap surpassing Alphabet to rank 5th globally.
5. Ethereum's search popularity has reached a new high since 2021, with prices rising in resonance with on-chain activity.
6. Base's single-day DEX trading volume surpassed 2 billion USD, with on-chain activity reaching a phase high.

Market Interpretation

Market Commentary

• BTC Market —— This week, BTC rose by 3.61%. At the beginning of the week, the BTC price fluctuated upwards around $120,000, and continued to climb in the following trading days. A brief pullback occurred on August 12, with the price dropping from around $124,000 to below $118,000, and trading volume significantly increased, indicating some profit-taking pressure in the market. However, the bulls quickly counterattacked, and on August 14, BTC successfully broke through the previous high, reaching a maximum of $124,497, setting a new historical high. As of now, BTC is priced at $123,516.61, maintaining a strong overall performance.
• ETH Market — This week ETH rose by 12.02%. At the beginning of the week, ETH price fluctuated around $4,220. After a brief period of pressure, it experienced a strong surge on August 12, with a daily increase of nearly 8.7%, breaking through the $4,600 mark. Subsequently, bullish sentiment continued to be released, driving ETH to a new phase high of $4,783 this week, just about 3% away from its historical peak. Throughout the overall upward process, trading volume significantly increased, indicating an active influx of capital. Currently, ETH is priced at $4,750.92, demonstrating strong explosive potential.
• Altcoins —— This week, mainstream altcoins showed a strong upward trend overall, with the average increase of major public chain tokens exceeding 10%. In the past 7 days, among the top 100 cryptocurrencies by market capitalization, LDO rose by 60.34%, PENDLE rose by 40.06%, and ADA rose by 33.33%, attracting widespread attention from the market.
• Macroeconomic Data — The market generally expects the Federal Reserve to cut interest rates in September, focusing on whether the cut will be 25 basis points or 50 basis points. U.S. Treasury Secretary Scott Basset openly supports a radical rate cut of 50 basis points and suggests that further easing may be possible afterward. Driven by this news, global markets have seen a strong rebound, with U.S. stocks setting new highs; particularly, the S&P 500, Nasdaq, and Dow Jones have risen sharply.
• Stablecoins - The total market value of stablecoins is currently $26.95 billion, with stablecoins such as USD1 and USDE attracting significant market attention.
• Gas Fee —— This week, the Gas fee on the Ethereum network has shown a significant upward trend. As of August 14, the average Gas fee for the day was 0.649 Gwei.

Popular Concepts

This week, mainstream cryptocurrencies continue to rise, and market sentiment remains optimistic, with most altcoin sectors also experiencing gains. According to Coingecko data, the oracles, chain abstraction, and cross-chain communication protocol sectors have shown a significant upward trend this week, increasing by 39.3%, 38.3%, and 38.1% respectively over the past 7 days.

oracle

Oracles securely and reliably bring off-chain data into blockchain smart contracts, connecting real-world information with decentralized applications, providing a credible data foundation for digital economy scenarios such as DeFi and prediction markets, and enhancing the automation and transparency of contract execution. — Over the past 7 days, this sector has risen by 39.3%, with the leading oracle Chainlink increasing by 43.6%, and Nest Protocol rising by 142.2%.

Chain Abstraction

Chain abstraction unifies the underlying interfaces of different blockchains, allowing developers to build decentralized applications without worrying about the differences between chains, thereby achieving efficient interoperability in a multi-chain environment. Its core value lies in lowering the development threshold, enhancing application scalability, and providing a technical foundation for cross-chain asset and data circulation. — In the past 7 days, this sector has increased by 38.3%, with Near Protocol rising by 22.2%.

Cross-Chain Communication Protocol

Cross-chain communication enables high-speed and secure data and asset interaction between different blockchains. Its core value lies in enhancing the interoperability of multi-chain ecosystems, improving asset liquidity and application collaboration efficiency, and providing solid support for the seamless operation of decentralized applications in multi-chain environments. — Over the past 7 days, this sector has risen by 38.1%, with Soon and HyperSwap AI increasing by 116.2% and 75%, respectively.

Focus of the Week

BitMine Immersion plans to raise $20 billion to increase ETH holdings.

BitMine Immersion Technology (BMNR), a Bitcoin mining company led by Fundstrat co-founder Tom Lee, announced that it will raise up to $20 billion through a stock sale to purchase more ETH. As of August 10, the company held approximately $5 billion in ETH, accounting for nearly 5% of its total ETH supply target. Previously, BMNR completed approximately $4.5 billion in stock authorized sales through agreements with Cantor Fitzgerald and ThinkEquity, with the majority of shares sold and only $723 million remaining for sale. This increase in holdings marks BMNR's shift in digital asset strategy from Bitcoin mining to investing in ETH.

BitMine's action demonstrates that institutional investors remain optimistic about the long-term value of ETH. In the context of increasingly active institutional investment in crypto assets, BMNR's plan to increase its holdings not only reflects ETH's strategic position as a core digital asset but also indicates a new trend of raising funds through traditional capital markets to participate in the crypto market.

Grayscale registers Cardano and Hedera Trust in Delaware, which may drive the listing of the first altcoin ETFs.

The digital asset management company Grayscale has registered the Cardano Trust ETF and Hedera Trust ETF entities in Delaware, a move that is typically a precursor to submitting an S-1 filing to the SEC and launching ETF listings. This registration comes at a time when the altcoin ETF market is gaining traction, driven by the recent SEC's clarification on the classification of digital assets.

Grayscale has previously managed investment trusts for altcoins such as Dogecoin, Filecoin, and Avalanche, but these were all private placements. However, if the trusts for Cardano and Hedera submit S-1 filings and receive approval, they could become the first publicly traded altcoin ETFs. This not only expands Grayscale's investment product line but also provides more channels for institutional and retail investors. The current crypto ETF market is accelerating due to the success of Bitcoin and Ethereum spot ETFs, and Grayscale's actions indicate its desire to maintain a leading position in diversified asset allocation and to promote the maturation of regulated crypto investment products.

Chainlink collaborates with ICE to bring foreign exchange and precious metals data on-chain.

The blockchain oracle network Chainlink announced an important partnership with the Intercontinental Exchange (ICE) to integrate high-quality data from the global foreign exchange and precious metals markets into on-chain applications. As one of the core institutions of global finance, ICE operates multiple trading markets and clearing houses, and provides data services that support the global economy, including the New York Stock Exchange. Through this collaboration, Chainlink will integrate ICE's Consolidated Feed, allowing multi-asset class data from over 300 exchanges and markets to be securely and reliably used on the blockchain.

This collaboration will provide the same data quality as top banks and asset management institutions for DeFi, on-chain derivatives, and other blockchain financial applications, enhancing the reliability and efficiency of on-chain market data. Chainlink previously showcased its ecological expansion achievements in the Q2 2025 report, including Chainlink Reserve, LINK strategic reserves supported by on-chain and off-chain revenue, and the integration of the Cross-Chain Interoperability Protocol (CCIP) with Solana, demonstrating its continued leadership and market influence in the blockchain infrastructure space.

Highlight Data

The total market cap of cryptocurrencies reached a historic high of $4.21 trillion, with Bitcoin's market cap surging past Alphabet to rank 5th globally.

According to CoinGecko data, the total market capitalization of cryptocurrencies has surpassed $4.21 trillion, setting a new historical high, with a 24-hour increase of 3.5%. Meanwhile, the price of Bitcoin has reached a new high, with a market capitalization rising to $2.45 trillion, surpassing Alphabet (Google's parent company) and climbing to the 5th position in the 8marketcap global mainstream asset rankings. This milestone indicates that the weight of digital assets in the global asset landscape continues to increase, highlighting the driving effect of institutional capital and macro expectations resonating with the market.

The driving factors behind this round of price increase include Bitcoin reaching new highs, which has led to a rise in the overall beta coefficient, the continuous net inflow of funds attracted by compliant spot products, and the improvement in on-chain capital efficiency driven by increased activity in Ethereum and Layer 2. Looking ahead, it is crucial to pay close attention to the changes in net subscriptions and redemptions of spot ETFs, futures positions and funding rates, the scale of stablecoin inflows, and on-chain activity levels to assess the sustainability of the market trend and the health of the market structure.

Ethereum search popularity hits a new high since 2021, with prices rising in resonance with on-chain activities.

Google Trends data shows that the search popularity of "Ethereum" has risen to its highest level since 2021, while the search volume for "altcoin" has reached a five-year high, indicating that market attention has extended from mainstream assets to a broader range of crypto assets. After ETH's price broke through 4,300 USDT, it oscillated in the range of 4,500–4,670 and refreshed a nearly four-year high, with on-chain activity also continuing to rise, peaking at approximately 1.87 million transactions in a single day. Coupled with ETF holdings and institutional capital inflows, these factors provide solid funding and fundamental support for the price.

From a market interpretation perspective, a surge in search popularity often indicates a significant increase in retail participation willingness, while a new high in "altcoin" popularity reflects that funds and sentiment are accelerating towards small and medium market capitalization assets. Against this backdrop, Ethereum's demand in payments, DeFi, and application ecosystems is rising simultaneously, creating a two-way push on price and fundamentals; meanwhile, the broader altcoin sector is also expected to benefit from an increase in risk appetite, driving the continuation of structural market trends. Overall, the current market possesses two major drivers: retail enthusiasm and institutional accumulation, which may continue a strong pattern in the short term, building upward momentum for the mid-term market.

Base single-day DEX trading volume surpasses 2 billion USD, on-chain activity reaches a stage high.

According to Dune data, the daily trading volume of decentralized exchanges (DEX) on the Base chain has surpassed $2 billion for the first time, setting a new milestone and highlighting its trading activity and capital capacity in the Layer 2 sector. The current surge in trading volume not only reflects the warming market sentiment but also demonstrates Base's competitiveness in terms of fee advantages and execution efficiency.

From the perspective of trading volume composition, Aerodrome is the absolute leader in trading volume on the Base chain, with a trading volume of approximately $879 million in the past 24 hours, accounting for over 40%; Uniswap follows closely behind with a trading volume of about $626 million. Together, they contribute to over 70% of the Base chain's 24-hour trading volume, indicating a high concentration of funds in the leading protocols.

The rapid increase in trading volume may be related to the recent rise in trading activity of popular on-chain tokens, the continuous landing of ecological projects, and the inflow of cross-chain funds. With the support of a low-cost trading experience, Base is gradually attracting more high-frequency trading users and liquidity providers, promoting a simultaneous increase in trading depth and activity. If this trend continues, Base is expected to further consolidate its market share in the Ethereum Layer 2 ecosystem and have a lasting impact on the mainstream DEX landscape.

Financing Weekly Report

According to RootData, from August 8 to August 14, 2025, a total of 15 crypto and related projects announced the completion of financing or mergers and acquisitions, covering multiple sectors such as Ethereum treasury management, Web3 infrastructure, crypto payments, on-chain gaming, and AI applications. This reflects the market's ongoing investment and focus on asset allocation strategies, underlying capability building, and user ecosystem expansion. Below is a brief introduction to the top three projects ranked by financing scale this week:

180 Life Sciences Corp

Announced the completion of a $425 million PIPE (Private Investment in Public Equity) financing on August 11 to initiate its Ethereum treasury strategy.

180 Life Sciences focuses on building a long-term capital appreciation model through Ethereum asset allocation and on-chain yield management, covering diversified portfolio strategies such as staking, lending, and liquidity provision, aiming to achieve returns that exceed traditional ETH staking. The raised funds will be used to directly purchase Ethereum and entrust Electric Capital with managing the yield program.

SharpLink

Announced on August 11 that it has signed a securities purchase agreement with five global top institutional investors to complete a $400 million financing through registered direct issuance.

SharpLink focuses on building a long-term capital appreciation system through Ethereum asset allocation and treasury management, covering spot positions, on-chain yield strategies, and structured capital operations, aiming to provide institutional investors with high liquidity and diversified Ethereum capital solutions. As of August 10, the company holds approximately 598,800 ETH and retains about 200 million dollars in unallocated funds, with the total value of its ETH holdings expected to exceed 3 billion dollars.

Heritage Distilling

Announced on August 11 that it has completed a $220 million financing round, with investors including renowned institutions such as a16z crypto and Amber Group.

Heritage Distilling focuses on building a digital asset reserve and value management system centered around IP tokens, aiming to achieve long-term capital appreciation and the digital transformation of brand assets through the tokenization of intellectual property. The company plans to use $82 million for the direct purchase of IP tokens to establish strategic reserves and provide foundational support for subsequent on-chain ecosystem layout.

Focus Next Week

Token Unlock

According to data from Tokenomist, the market will experience significant unlocks of important tokens in the next 7 days (2025.8.15 - 2025.8.21). The top 3 unlocks are as follows:

• FTN will unlock approximately $91.5 million worth of tokens in the next 7 days, accounting for 2.08% of the circulating supply.
• ZRO will unlock approximately $59.9 million in the next 7 days, accounting for 8.53% of the circulating supply.
• CONX will unlock tokens worth approximately $58 million in the next 7 days, accounting for 3.10% of the circulating supply.
  Source Reference

• Gate, https://www.gate.com/trade/BTC_USDT
• Gate, https://www.gate.com/trade/ETH_USDT
• Coinmarketcap, https://coinmarketcap.com/
• Farside Investors, https://farside.co.uk/btc/
• Coinglass, https://www.coinglass.com/LiquidationData
• jin10, https://rili.jin10.com/
• Coinmarketcap, https://coinmarketcap.com/view/stablecoin/
• Coinmarketcap, https://coinmarketcap.com/community/articles/689c1ba16529dc757c160eb1/
• Coinmarketcap, https://coinmarketcap.com/community/articles/689c66c625f4777113d89d90/
• etherscan, https://etherscan.io/gastracker
• Coingecko, https://www.coingecko.com/en/categories
• X, https://x.com/MarcShawnBrown/status/1955507198814990404/photo/1
• CoinGecko, https://www.coingecko.com/en/global-charts
• 8marketcap, https://8marketcap.com/
• X, https://x.com/jessepollak/status/1955268199294849382
• Rootdata, https://www.rootdata.com/Fundraising
• Tokenomist, https://tokenomist.ai/
• Coindesk, https://www.coindesk.com/business/2025/08/12/tom-lee-s-bitmine-aims-to-raise-as-much-as-usd20b-for-more-eth-buys

Disclaimer Investing in the cryptocurrency market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate does not take responsibility for any losses or damages caused by such investment decisions.