CoinEx Research August 2025 Monthly Report: Double All-Time High
August 2025 was a historic month for digital assets, with Bitcoin and Ethereum both reaching new all-time highs. Bitcoin rose to $124,000 and Ethereum surpassed $4,900, driven by strong institutional demand, ETF inflows, and mass corporate adoption. Despite the month-end pullback – Bitcoin closed at $108,000 and Ethereum at $4,300 – the overall market's bullish structure remained solid, with over $10 billion in stablecoin inflows providing strong support. At the same time, the rapid rise of Digital Asset Treasury (DAT) companies and the gradual surpassing of Bitcoin and Ethereum in asset allocation highlight the deepening integration of traditional finance and the crypto industry. However, the market net asset value (mNAV) multiple of some DATs has declined, indicating that the market may enter a round of consolidation. As the Fed's rate cut is approaching, crypto assets are still expected to maintain momentum as risk assets.