Welcome to our 233rd issue of State of the Market, where we provide an overview of crypto market activity from August 7- 13, 2025.
This week in crypto markets:
- BTC hit a new all-time high above $124K, while ETH neared its 2021 peak and SOL topped $200, before markets pulled back on higher-than-expected PPI data.
- BitMine Immersion Technologies announced plans to raise an additional $20B to acquire ETH, with corporate treasuries now holding about 2% of total ETH supply.
- Stripe is reportedly developing “Tempo,” an EVM-compatible Layer-1 for payments, while Circle announced “Arc,” a USDC-powered Layer-1, joining a broader trend of stablecoin-focused chains.
- Crypto exchange Bullish debuted on the NYSE at a $5.4B IPO valuation before closing its first day valued above $10B.
- Qubic mining pool briefly gained majority control of Monero’s hashrate, triggering a 51% attack.
Brought to you by coinmetrics.io
