Welcome to our 235th issue of State of the Market, where we provide an overview of crypto market activity from August 21-27, 2025.
This week in crypto markets:
- Digital asset markets were range-bound, with Bitcoin trading between $110K and $116K and total market cap holding near $3.86T. Bitcoin dominance slipped to 57.2% as smart contract platforms and application tokens gained momentum.
- Pantera Capital announced plans for a $1.25B Solana digital asset treasury (DAT) vehicle, while Galaxy Digital, Jump Crypto, and Multicoin Capital are raising $1B for a consortium DAT to accumulate SOL reserves.
- Google Cloud unveiled plans for the Google Cloud Universal Ledger (GCUL), a Layer-1 blockchain for institutional finance supporting Python-based smart contracts.
- Aave Labs launched Horizon, a permissioned lending market on Ethereum enabling institutions to borrow stablecoins against tokenized RWAs from partners including Superstate, Circle, VanEck, and WisdomTree.
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