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Ether (ETH) May Outperform Bitcoin (BTC) If PCE Inflation Report Is Soft: Crypto Daybook Americas
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Ether (ETH) May Outperform Bitcoin (BTC) If PCE Inflation Report Is Soft: Crypto Daybook Americas

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Crypto Daybook Americas will not be published on Monday due to the Labor Day holiday. It will return on Tuesday.

By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin BTC$110,163.05 has dropped nearly 3% to $109,800 in the past 24 hours, pulling the broader market, including ether (ETH), down with it. But those losses are nothing out of the ordinary, meaning major tokens are trading near recent valuations.

What’s new today is that BTC’s volatility is bouncing from recent multiyear lows (See Chart of the Day). The 30-day implied volatility, as represented by Volmex’s BVIV and Deribit’s DVOL indices, has surged above the 100-day simple moving average for the first time since mid-June. Perhaps the price turbulence that some traders predicted for August may unfold in September.

The increase could be noteworthy for stock traders as an early indicator of a potential uptick in Wall Street’s VIX. The VIX is inversely correlated with stocks, suggesting there’s of a rough day ahead on Wall Street, a possibility underlined by fiat liquidity dynamics.

“Market liquidity pressures are mounting as reserve balances decline and large Treasury settlements approach, leaving equities vulnerable despite lower volatility,” Michael Kramer, the founder of Mott Capital Management, wrote in the latest edition of the firm’s markets update.

One piece of data to keep an eye on is the U.S. core PCE release, due later today.

“This PCE release will shape the Fed’s future easing path rather than the September decision itself,” analysts from crypto exchange Bitunix wrote in an email. “If data comes in at or below expectations, risk sentiment can hold; but if significantly hotter, the Fed’s forward guidance may shift toward a ‘one-and-wait’ stance. Investors should focus on core services and wage trends, alongside U.S. Treasury yields and the DXY as key drivers of risk appetite.”

In the event of a soft CPI, ether may outperform because traders have been increasingly focusing on Ethereum’s native token. That’s evident from the ETF flows. This week, the U.S.-listed ETH ETFs have registered a net inflow of over $1 billion, SoSoValue data show. That’s close to double the $567 million entering the bitcoin ETFs.

In traditional markets, the spread between the U.S. 10- and two-year Treasury yields has risen to the highest since September 2022. The so-called curve steepening supports the bullish case in gold and bitcoin. Stay alert!

What to Watch

  • Crypto
    • Aug. 29, 2 p.m.: The Stellar Development Foundation will host a livestream on X to discuss how NEAR Intents will enable new DeFi use cases on the Stellar blockchain.
    • Aug. 30: Conflux (CFX), a layer-1 blockchain focused on high throughput and Ethereum compatibility, will activate its v3.0.1 hard fork network upgrade at epoch 129,680,000 introducing 8 enhancements to improve EVM compatibility, fix bugs and optimize performance. Node operators must upgrade before Sept. 1 to ensure network compatibility.
    • Sept. 1: Starknet (STRK), a layer-2 scaling product for Ethereum, will introduce its v0.14.0 mainnet upgrade featuring decentralized sequencing, subsecond transaction pre-confirmations and an EIP-1559 fee market to improve speed and decentralization.
    • Sept. 3, 10:15 a.m.: Tellor (TRB), a decentralized oracle network that operates as an Ethereum layer-2 blockchain, will upgrade its mainnet to version 5.1.1. The upgrade improves network performance and node operation, enhancing Tellor’s role in providing off-chain data to Ethereum smart contracts.
    • Sept. 4: Polygon will switch its mainnet token to POL from MATIC. Holders of MATIC on Ethereum, Polygon zkEVM or centralized exchanges may need to take action.
  • Macro
    • Aug. 29, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases July consumer income and expenditure data.
      • Core PCE Price Index MoM Est. 0.3% vs. Prev. 0.3%
      • Core PCE Price Index YoY Est. 2.9% vs. Prev. 2.8%
      • PCE Price Index MoM Est. 0.2% vs. Prev. 0.3%
      • PCE Price Index YoY Est. 2.6% vs. Prev. 2.6%
      • Personal Income MoM Est. 0.4% vs. Prev. 0.3%
      • Personal Spending MoM Est. 0.5% vs. Prev. 0.3%
    • Aug. 29, 11 a.m.: Colombia’s National Administrative Department of Statistics (DANE) releases July unemployment rate data.
      • Unemployment Rate Est. 8.9% vs. Prev. 8.6%
    • Aug. 30 – Sept. 1: The Shanghai Cooperation Organization (SCO) — a Eurasian intergovernmental alliance focused on regional security, economic cooperation, and political coordination — holds its 25th annual summit in Tianjin, China.
    • Sept. 1, 9 a.m.: S&P Global releases August Brazil data on manufacturing and services activity.
      • Manufacturing PMI Prev. 48.2
    • Sept. 1, 11 a.m.: S&P Global releases August Mexico data on manufacturing and services activity.
      • Manufacturing PMI Prev. 49.10
    • Sept. 1, 11 a.m.: Peru’s National Institute of Statistics and Informatics releases August consumer price inflation data.
      • Inflation Rate MoM Prev. 0.23%
      • Inflation Rate YoY Prev. 1.69%
  • Earnings (Estimates based on FactSet data)

Token Events

  • Governance votes & calls
  • Unlocks
    • Sept. 1: Sui SUI$3.3094 to release 1.25% of its circulating supply worth $153.1 million.
    • Sept. 2: Ethena ENA$0.6470 to release 0.64% of its circulating supply worth $25.64 million.
    • Sept. 5: Immutable (IMX) to unlock 1.27% of its circulating supply worth $13.26 million.
    • Sept. 11: Aptos APT$4.2801 to unlock 2.2% of its circulating supply worth $48.18 million.
  • Token Launches
    • Aug. 29: CeluvPlay (CELB) to list on KuCoin, Gate and MEXC.
    • Aug. 29: Camp Network (CAMP) to list on Bithumb.
    • Aug. 29: Kori (KORI) to list on KuCoin.

Conferences

The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB15 for 15% off your registration through Sept. 1.

Token Talk

By Shaurya Malwa

  • Solana (SOL) posted a 44% drop in second-quarter application revenue, sliding to to $576.4 million from $1 billion in the first quarter even as its DeFi sector expanded, according to Messari.
  • The downturn reflects weaker profitability across key decentralized apps. Pump.fun (PUMP) still led with $156.9 million, but was still down 44% as memecoin frenzy cooled.
  • Axiom was the outlier, surging 641% to $126.6 million, showing how fast protocol-specific growth can offset broader ecosystem weakness. Jupiter JUP$0.5124 earned $66.4 million (–16%), while Phantom and Photon were hit hardest with declines of 65% and 72%, respectively.
  • Despite revenue losses, DeFi TVL on Solana climbed 30% to $8.6 billion in the quarter and has since crossed $11 billion, cementing the chain as the largest DeFi network behind Ethereum.
  • Kamino Finance drove TVL growth, up 34% to $2.1 billion after introducing Kamino Lend V2, which attracted $200 million in deposits and $80 million in loans within three weeks. Kamino now controls 25% of Solana’s market share.
  • Raydium staged a strong comeback, rising 54% to $1.8 billion in TVL, reclaiming second place from Jupiter. It now commands 21% share versus Jupiter’s 19%.
  • Trading activity, however, told a different story: Average daily spot DEX volume fell 45% to $2.5 billion, reflecting a fading of the memecoin momentum that had fueled the previous quarter’s records.

Derivatives Positioning

  • Open interest (OI) in futures tied to the top 20 coins, excluding SOL, has decreased in the past 24 hours, indicating broad-based capital outflows.
  • SOL’s open interest, however, hit a record high 63.84 million, alongside a rally in the token’s price to $217, a level last seen in February.
  • The eight-hour funding rates for ether, tron and BNB flipped slightly negative, indicating a bias for bearish bets on a drop in prices. Funding rates for other major tokens were steady at around zero, indicating neutral sentiment.
  • OI in the CME bitcoin futures slipped to 135.72K BTC, the lowest since April, while ether OI remained elevated at record highs near 2.10 million ETH. The divergence suggests a continued preference among investors for ETH over BTC.
  • On Deribit, downside bias in BTC options has strengthened across all tenors, with puts trading at a five volatility premium to calls at the front end. ETH options display similar dynamics, marking a shift from bullish positioning early this week.
  • On Paradigm, block flows featured call selling and put rolling strategies in BTC and ETH. Market maker Wintermute pointed to demand for call spreads in the December expiry BTC options.

Market Movements

  • BTC is down 1.87% from 4 p.m. ET Thursday at $109,828.05 (24hrs: +1.95%)
  • ETH is down 2.66% at $4,013.41 (24hrs: -5.69%)
  • CoinDesk 20 is down 2.52% at 4,168.55 (24hrs: -3.73%)
  • Ether CESR Composite Staking Rate is up 2 bps at 2.92%
  • BTC funding rate is at 0.0056% (6.0992% annualized) on Binance
  • DXY is up 0.14% at 97.95
  • Gold futures are down 0.18% at $3,467.90
  • Silver futures are down 0.54% at $39.49
  • Nikkei 225 closed down 0.26% at 42,718.47
  • Hang Seng closed up 0.32% at 25,077.62
  • FTSE is down 0.27% at 9,192.27
  • Euro Stoxx 50 is down 0.52% at 5,368.49
  • DJIA closed on Thursday up 0.16% at 45,636.90
  • S&P 500 closed up 0.32% at 6,501.86
  • Nasdaq Composite closed up 0.53% at 21,705.16
  • S&P/TSX Composite closed unchanged at 28,434.80
  • S&P 40 Latin America closed up 1.07% at 2,770.74
  • U.S. 10-Year Treasury rate is up 1.8 bps at 4.225%
  • E-mini S&P 500 futures are down 0.32% at 6,496.75
  • E-mini Nasdaq-100 futures are down 0.47% at 23,657.75
  • E-mini Dow Jones Industrial Average Index are down 0.34% at 45,551.00

Bitcoin Stats

  • BTC Dominance: 58.41% (+0.25%)
  • Ether-bitcoin ratio: 0.03954 (-1.35%)
  • Hashrate (seven-day moving average): 978 EH/s
  • Hashprice (spot): $53.73
  • Total fees: 3.3 BTC / $371,906
  • CME Futures Open Interest: 135,720 BTC
  • BTC priced in gold: 32.2 oz.
  • BTC vs gold market cap: 9.11%

Technical Analysis

XRP’s daily chart. (TradingView/CoinDesk)

  • The chart shows XRP’s price is stuck within the Ichimoku cloud, indicating a clear directional bias in the market.
  • A move below the cloud would confirm a bearish trend shift, opening the way for a deeper decline.
  • The price has already established a downtrend since peaking at $3.65 in July.

Crypto Equities

  • Coinbase Global (COIN): closed on Thursday at $308.47 (-0.16%), -1.53% at $303.75 in pre-market
  • Circle (CRCL): closed at $130.94 (+2.78%), -0.69% at $130.04
  • Galaxy Digital (GLXY): closed at $24.51 (+0.41%), -2.08% at $24
  • Bullish (BLSH): closed at $64.43 (+0.7%), -2.5% at $62.82
  • MARA Holdings (MARA): closed at $15.96 (+0.69%), -2.26% at $15.60
  • Riot Platforms (RIOT): closed at $13.8 (+1.84%), -1.88% at $13.54
  • Core Scientific (CORZ): closed at $14.35 (+1.06%), -1.74% at $14.10
  • CleanSpark (CLSK): closed at $9.55 (-0.31%), -1.26% at $9.43
  • CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $29.67 (+1.23%), +0.78% at $29.90
  • Exodus Movement (EXOD): closed at $26.16 (-4%), unchanged in pre-market

Crypto Treasury Companies

  • Strategy (MSTR): closed at $338.84 (-0.94%), -1.84% at $332.60
  • Semler Scientific (SMLR): closed at $30.63 (+0.23%), -0.2% at $30.57
  • SharpLink Gaming (SBET): closed at $18.46 (-4.2%), -3.14% at $17.88
  • Upexi (UPXI): closed at $8.09 (-1.58%), -5.32% at $7.66
  • Mei Pharma (MEIP): closed at $5.2 (+0.78%)

ETF Flows

Spot BTC ETFs

  • Daily net flows: $178.9 million
  • Cumulative net flows: $54.34 billion
  • Total BTC holdings ~1.29 million

Spot ETH ETFs

  • Daily net flows: $39.1 million
  • Cumulative net flows: $13.7 billion
  • Total ETH holdings ~6.6 million

Source: Farside Investors

Chart of the Day

BVIV. (TradingView/CoinDesk)

  • Volmex’s BVIV index, which represents bitcoin’s 30-day implied volatility, has risen above the 100-day simple moving average for the first time since April.
  • The uptick could be an early indicator of an impending rise in Wall Street’s so-called fear gauge, the VIX index.

While You Were Sleeping

  • China Says Stronger Ties With India Is in Interest of Both Sides (Bloomberg): China’s Foreign Ministry said Xi’s 2024 meeting with Modi restarted relations, stressing there was no “secret diplomacy” and that both sides are resuming dialogue while seeking a long-term strategic framework.
  • Stand Up to Trump on Big Tech, Says EU Antitrust Chief (Financial Times): The European Commission’s executive vice president said Brussels may walk away from a new trade deal if Trump demands weakening of the bloc’s Digital Services Act and Digital Markets Act.
  • Bitcoin Bull Market May End Early, Warns Key Indicator, But Flows Continue to Lean Bullish (CoinDesk): RSI, a key momentum gauge, suggests bitcoin’s rally may be running out of steam, but large trades in options markets suggest many investors are still betting on gains into year-end.
  • Bitcoin Headed to $190K on Institutional Wave, Research Firm Says (CoinDesk): Tiger Research argues record liquidity, ETF accumulation and Trump’s 401(k) order give bitcoin its strongest institutional setup in years, though weak retail activity and on-chain signals show risks remain.
  • IREN Posts First Full-Year Profit on AI Cloud Growth, Mining Expansion; Shares Climb (CoinDesk): The company reported a $86.9 million profit on record $501 million revenue, with bitcoin mining generating $1 billion annually and the AI cloud unit set to reach $250 million in annualized revenue by year-end.
  • A Tariff Loophole on Cheap Imports Has Closed. How Will It Affect Shoppers? (The New York Times): From today, individuals and businesses in the U.S. can no longer receive packages under $800 tariff-free from abroad, a change set to raise shopping costs and disrupt supply chains.

In the Ether



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CDC Director Denies Report She's Been Fired by Trump Regime (HHS Says She's Out)
Product Reviews

CDC Director Denies Report She’s Been Fired by Trump Regime (HHS Says She’s Out)

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The director of the Centers for Disease Control and Prevention (CDC), Susan Monarez, was reportedly fired on Wednesday after she resisted changes to covid-19 vaccine policies, according to the Washington Post. But her lawyer says she hasn’t been officially notified of the termination, throwing a curveball into an already chaotic news cycle at the CDC.

“When CDC Director Susan Monarez refused to rubber-stamp unscientific, reckless directives and fire dedicated health experts, she chose protecting the public over serving a political agenda,” attorney Mark Zaid posted to Bluesky on Wednesday night. “For that, she has been targeted.”

“Dr. Monarez has neither resigned nor received notification from the White House that she has been fired, and as a person of integrity and devoted to science, she will not resign,” Zaid continued.

Monarez was confirmed by the U.S. Senate just four weeks ago. After news broke of her ouster (whether it’s real or just imagined by the Trump regime), several other top officials at the federal health agency announced they were resigning, including the Chief Medical Officer.

Monarez was “pressed for days” by Trump regime lawyers and Robert F. Kennedy, Secretary of Health and Human Services, to rescind certain approvals for covid vaccines, according to the Post. Kennedy personally asked Monarez whether she was “aligned with the administration’s efforts to change vaccine policy,” and it seems like we can guess that she wasn’t.

Kennedy reportedly asked Monarez to resign for not supporting “President Trump’s agenda,” but she declined and even sought support from Sen. Bill Cassidy, a Republican from Louisiana, who has received criticism for not pushing back harder against Trump’s anti-science crusaders like Kennedy. Cassidy is a physician and has been seen as one of the few Republicans in a position to stop zealots in the Trump regime who are pushing anti-vaccine policies.

Monarez had testified during her confirmation hearing that she didn’t see any link between vaccines and autism, something that puts her at odds with Kennedy’s worldview and the so-called Make America Healthy Again (MAHA) movement. Kennedy first promised back in April to reveal the “cause” of autism in September—something that should be a huge red flag for anyone who cares about science. Scientific discoveries aren’t announced on a schedule like an album dropping. Kennedy renewed his promise to reveal the “cause” during a cabinet meeting on Tuesday.

The X account for HHS claimed that Monarez is “no longer director” of the CDC, thanking her for her “dedicated service” but without explaining why she left.

Susan Monarez is no longer director of the Centers for Disease Control and Prevention. We thank her for her dedicated service to the American people. @SecKennedy has full confidence in his team at @CDCgov who will continue to be vigilant in protecting Americans against infectious…

— HHS.gov (@HHSGov) August 27, 2025

Other top officials who have resigned in the wake of Monarez’s supposed firing include everyone from the Chief Medical Officer to experts on infectious diseases and immunizations.

Debra Houry resigns

Debra Houry, the Chief Medical Officer at CDC, reportedly resigned, explaining in a memo to staff that “I am committed to protecting the public’s health, but the ongoing changes prevent me from continuing in my job as a leader of the agency,” according to STAT.

Houry wrote that science should “never be censored or subject to political interpretations,” suggesting that precisely such a thing was currently underway at the CDC.

“Vaccines save lives—this is an indisputable, well-established, scientific fact,” Houry wrote, according to the Washington Post. “Recently, the overstating of risks and the rise of misinformation have cost lives, as demonstrated by the highest number of U.S. measles cases in 30 years and the violent attack on our agency.”

Houry was referring to a shooting at CDC’s headquarters in Atlanta, Georgia, earlier this month. A police officer was killed, and the shooter, identified as Patrick Joseph White, fired at least 500 rounds into the building before taking his own life. White reportedly was upset about the covid-19 vaccine, which he believed made him sick.

Jennifer Layden resigns

Jennifer Layden, director of the CDC’s Office of Public Health Data, Surveillance, and Technology, also resigned on Wednesday, according to Politico. Layden joined the CDC in 2020, coming from the Chicago Department of Public Health, and co-led a CDC task force on covid-19 that issued guidance on vaccines during the height of the pandemic.

Demetre Daskalakis resigns

Demetre Daskalakis, director of the National Center for Immunization and Respiratory Diseases, also resigned in the wake of Moranez’s firing.

“I am not able to serve in this role any longer because of the ongoing weaponization of public health,” Daskalakis said in an email, according to STAT. Daskalakis wrote that he hoped CDC staff would “continue to shine despite this dark cloud over the agency and our profession,” according to the Post.

Daniel Jernigan resigns

Daniel Jernigan, director of the National Center for Emerging Zoonotic Infectious Diseases, also resigned, according to Reuters. Jernigan’s departure is especially significant, considering the U.S. just confirmed its first case of the flesh-eating screwworm parasite.

President Donald Trump and Health and Human Services Secretary Robert F. Kennedy Jr. attend an event introducing a new Make America Healthy Again Commission report in the East Room of the White House on May 22, 2025 in Washington, DC. © Photo by Chip Somodevilla/Getty Images

Monarez wasn’t Trump’s first pick for the head of the CDC. The president, presumably in consultation with RFK Jr., wanted Republican congressman Dave Weldon from Florida to take the role. Weldon was withdrawn from consideration in March over his anti-vaccine views.

One of Kennedy’s allies told the Daily Beast this week that the Health Secretary planned to pull covid-19 vaccines completely from the market “within months,” but it’s unclear if that will actually happen. Kennedy announced Wednesday that the FDA had revoked the emergency use authorization of the covid vaccine and issued narrower rules that will make it much harder for people under the age of 65 and those without other health concerns from getting vaccinated.

It seems very likely that those changes to the covid-19 vaccine policy are at the heart of the shake-up at the CDC, which some people are calling Bloody Wednesday on social media.





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"Performance didn't matter" in King layoffs, sources claim in new report
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“Performance didn’t matter” in King layoffs, sources claim in new report

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A new report has called King’s layoffs “haphazard,” with anonymous sources claiming staff performance didn’t appear to factor into decision-making.

Mobilegamer.biz spoke to multiple King staff members affected by Microsoft layoffs in July, and in a report published on August 26, 2025, claimed morale at the company is “pretty low.”

According to claims by the publication’s anonymous sources, on July 2, 2025, the regular company-wide call was renamed Important Kingdom Update and required mandatory attendance. It was at this meeting that King’s president, Todd Green, allegedly told staff that 200 jobs were to be cut.

Sources alleged that staff were offered a severance package and an exit agreement to sign, with some given three weeks to sign the document. However, some staff had “serious questions” over the terms offered, the publication reports.

“We all took lawyers and they were pretty clear that the proposals weren’t legal,” an anonymous source claimed. “But I decided in the end to sign, simply because I fear getting even less and I don’t believe we can win against a corporation like Microsoft.”

The publication reports that other staff members are proceeding with legal action against King.

The report also claimed the layoffs were “haphazard,” with a senior manager alleging that, while King has a five-point scale for ranking employees’ performance, this “did not seem to factor into who was eliminated.”

“The logic for who has been chosen to be laid off has been hard to figure honestly…the rationale outlined was our heavy management layer and inefficient product development, but looking at the people let go, it doesn’t align,” the senior manager told Mobilegamer.biz.

“It didn’t matter that it was people who worked there for ten or more years or who contributed to the success and earned promotions,” another source claimed. “Performance didn’t matter.”

According to one source, the Farm Heroes Saga team, which reportedly lost half its staff (roughly 50 people), was close to hitting its annual operation plan (AOP) targets, while the company’s catalog games, including Candy Crush, were “far behind their AOP”.

Sources also alleged that some staff were rehired within weeks of being laid off and that some “toxic” managers have been investigated multiple times by Activision Blizzard’s Right Way2Play workplace ethics and conduct team, without repercussions.

“The Right Way2Play is about fostering an ethical, speak up culture,” the code of conduct reads. “It means doing the right thing, even when it’s difficult.

“The Right Way2Play is about taking responsibility. It means a work environment that’s safe, so everyone can bring their creativity. And where we all act with integrity.

“The Right Way2Play means speaking up for ourselves, for each other, and for our community of players. I’m committed to fostering an ethical culture. One that is open, respectful, and inclusive.

“No matter where you work across the globe, or what group you support, we all live by our shared Code of Conduct. And that’s the Right Way2Play.”

However, one source claimed that “HR has often protected toxic leaders and put pressure on the ‘difficult’ employees for reporting the issue.”

“Employees that were vocal and known for being vocal have been targeted by HR on several occasions,” the source alleged.

In July, Mobilegamer.biz reported that laid off King staff would be replaced by the AI tools they helped to create.

“AI was being introduced by Microsoft as mandatory a while ago,” one source told the publication.

“The goal for last year, if I recall correctly, was having a 70 or 80% daily usage of AI on general tasks. And the goal for this year was to get up to 100%, so that every artist, designer, developer, even managers have to use it on a daily basis.”

However, another source alleged that King is “AI sceptic” and AI adoption is “very low apart from ChatGPT.”

This same source claimed that King’s workforce was “bloated” and that “there will definitely be more layoffs.”

GamesIndustry.biz has reached out to King and Microsoft for comment on this story.



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The AirPods Max (USB-C) are available in a few new color options
Gaming Gear

Don’t Expect New AirPods Max 2 at Apple’s iPhone 17 Event, Report Says

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Some of us have been waiting for Apple to announce a new second-gen version of the AirPods Max, its high-end over-ear noise-canceling headphones that were released in December 2020. They were refreshed last year with USB-C connectivity, some new color options and USB-C audio in April of this year. But if a recent report by Bloomberg’s Mark Gurman, who’s usually a reliable Apple whisperer, proves accurate, we won’t be seeing the AirPods Max 2 at Apple’s iPhone 17 Event, which is likely to take place in early September based on previous iPhone events.

Read more: Everything We Expect to Be Announced at Apple’s iPhone 17 September Event

Gurman says what I’ve suspected for while: The AirPods Max are “too popular for Apple to stop selling them, and not popular enough for the company to invest a ton of time and money into creating a new version.” MacRumors posted an article Monday that summarizes Gurman’s comments in his latest Power On newsletter, which is behind a paywall. 

Citing industry analyst Ming-Chi Kuo, who has a pretty good track record with Apple predictions, with a 72.5% accuracy rating over 142 rumors posts, a lighter version of the AirPods Max may only enter mass production in 2027 and that “Apple’s audio team is more focused on annual AirPods updates and supporting audio components across other products.”

While we probably won’t see a new version of the AirPods Max this year, many folks are predicting we will see the AirPods Pro 3 at Apple’s iPhone 17 Event this fall. As I talk about in my full roundup of everything we know about the AirPods Pro 3, there’s been a lot of chatter about the AirPods 3 getting Apple’s next-gen audio processor, the H3, which would help power new features and help improve not only sound quality but noise-canceling and voice-calling performance along with Apple’s Hearing Aid feature and a rumored new translation feature. 

Read more: Everything We Know About the AirPods Pro 3 Coming Soon

The AIrPods Max are only equipped with Apple’s H1 chip, so it doesn’t support all the features found in the AirPods Pro 2, which use Apple’s H2 chip. These features include Adaptive Audio, Conversation Awareness and Apple’s Hearing Aid and Hearing Protection features. While the AirPods Max remain excellent noise-canceling headphones and have been a fixture on CNET’s best noise-canceling headphones list since their release, it’s a shame Apple’s most expensive headphones don’t have its latest AirPods tech. But we’ll hopefully know a lot more about the future of its AirPods line in just a few weeks, so stay tuned.      



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Crypto Trends

Shinhan, Hana, Woori, KB Financial Said to Meet Tether, Circle on Won Stablecoins: Report

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South Korea’s largest financial groups are set to meet officials from Tether and Circle Internet (CRCL), issuers of the two largest stablecoins, as early as this week, according to Yonhap.

In separate meetings, executives from Shinhan, Hana, KB Financial and Woori Bank will discuss potential partnerships on distributing and transacting with dollar-pegged stablecoins in the country, as well as explore the issuance of a stablecoin pegged to the won.

The moves come as President Lee Jae Myung’s pro-crypto administration pushes to establish a market for stablecoins, digital tokens whose value is pegged to a conventional asset, tied to the won, a key pledge from his election campaign. The Bank of Korea shelved plans to issue a central bank digital currency (CBDC) in June following Lee’s election earlier in the month. Upbit, one of the country’s largest crypto exchanges, has already said it’s working with Naver Pay on a stablecoin.

Shinhan CEO Jin Ok-dong and Hana CEO Ham Young-joo are scheduled to meet Circle President Heath Tarbert on Friday, and Ham is also expected to sit down with a Tether official later the same day. KB Financial’s chief digital & IT officer, Lee Chang-kwon, and Woori Bank President Jeong Jin-wan are reportedly arranging similar talks with Circle, whose USDC is the second-largest stablecoin, trailing Tether’s USDT.

Read more: Crypto for Advisors: Asian Stablecoin Adoption



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Bitcoin price will hit $180,000 by the year-end, VanEck report suggests
GameFi Guides

Bitcoin price will hit $180,000 by the year-end, VanEck report suggests

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On Aug. 18, 2025, ETF and mutual fund manager VanEck released a new report studying Bitcoin price trends between mid-July and mid-August. VanEck analyst Nathan Frankovitz and Head of Digital Assets Research Matthew Sigel predict that BTC will reach $180,000 by the end of the year, while noting discrepancies in Bitcoin mining companies’ market performance and declining mNAV of Digital Asset Treasuries.

Summary

  • VanEck report suggests that Bitcoin price will reach $180,000 by the end of 2025.
  • The report attributes the decline in Bitcoin treasury companies’ mNAV to lower Bitcoin volatility and claims mNAV will continue to drop in the future.
  • The U.S. dominance in Bitcoin mining reaches a record high at 31%.
  • Bitcoin ordinals minting doubles if compared to 2024, while Bitcoin Core is removing the arbitrary data limit from the block, clearing the way for more ordinals.

30-day market trends

On Aug. 13, 2025, Bitcoin reached a new record-breaking price. While it was only several hundred dollars above July’s peak price, VanEck notes that the signals coming from the Bitcoin futures markets were more bullish. The CME basis funding rates reached 9%, the highest figure in six months. 

The options market saw a notable increase in the call/put ratio, which reached 3.21x, signaling the growing demand for BTC. According to VanEck, 3.21x is the highest call/put rate since June 2024. Call premiums reached $792 million, which is a 37% rise compared to the previous 30-day period.

One of the factors shaping the uptrend was growing demand from corporations. According to VanEck, in July, Exchange-traded products (mostly ETFs) and DATs acquired 54,000 BTC and 72,000 BTC, respectively. In the three months of 2025 Q2, DATs purchased only 131,355 BTC, which indicates July’s increase in buying pressure coming from digital asset treasuries.

For the same crypto asset, which would you rather own?

— VanEck (@vaneck_us) August 13, 2025

VanEck named Ethereum’s popularity spike as the main reason for the decline in Bitcoin’s market dominance from 64.5% to 59.7%. Bitcoin network transactions reached 12.9 million, which is the highest rate since November 2024. Median fees dropped by 13%.

The graph attached to the VanEck report showcases a spike in total transfer volume. It reached $77,727,657,201, making a 34% increase compared to the previous 30-day period or a 60% change over 365 days.

Bitcoin mining

In August, mining hashrate reached a record-high rate of 902 EH/s. The revenue per EH/s is $59,400, the highest in eight months. The volume of BTC sent by miners to exchanges has nearly doubled since August 2024, but grew only 16% compared to mid-July of this year.

As for mining companies’ equities, the results are split. Applied Digital Corporation’s equity (APLD) is up 54%, Bitfarms (BITF) is up 16%, while most of their competitors saw growth below 10% or dropped in price. VanEck names a 22% drop in Cipher Mining Inc.’s stock (CIFR) price and a 4% decline in the 13-mining-company index tracked by the report authors. In August, U.S.-based mining operations reached a record share of 31%.

Bitcoin treasuries

VanEck evaluated the amount of Bitcoin held on public treasury companies’ balance sheets at 951,000. The authors of the report point to the decline in DATs’ stock performance. They point out that in July, the mNAVs of these companies have been going down. 

Saylor once said he’d never issue below 2.5x mNAV.

Now, he’s changed course.

He’s signaling a willingness to sell $MSTR even under that threshold.

A real risk of dilution is now on the table.

— Oz Sultan (@OzForNY) August 19, 2025

It means that for these companies, the share of net asset value declines relative to their liabilities. VanEck gives three examples: mNAVs are down for MSTR (-16%), for MTPLF (-62%), and for SMLR (-12%). As Bitcoin volatility settles, it becomes harder for DATs to issue convertible debt to acquire more BTC.

Bitcoin ordinals spike

Another notable trend is the 43% 30-day growth of ordinals minted on the Bitcoin blockchain. The total amount of ordinals minted in 30 days amounts to 109,779. Compared to August of 2024, this amount has grown by 120%. 

This surge in minting Bitcoin blockchain-based images and other non-monetary data reflects the ongoing debate over the idea of removing the 83-byte-per-block limit for arbitrary information. The implementation removing the limit will come into effect for Bitcoin Core nodes in October, allowing for more ordinals per block, which can possibly slow down monetary transactions.

Predictions

Looking at the near future, VanEck points to the possibility of a volatility spike, which in turn can amplify price swings via dealer hedging. VanEck expects a further decline in DATs’ mNAVs as they will have limited ability to raise capital due to a long period of low volatility. While the report authors provide both bearish and bullish scenarios, they claim that by year-end, Bitcoin will reach $180,000.

In December 2024, Matt Sigel was predicting that Bitcoin would reach $180,000 in the first quarter of 2025 before going through a 30% correction. In fact, the Q1 peak was well below $110,000. April saw a short-term 25% drop. Given that the current Bitcoin price is much higher than the December 2024 price, the $180,000 bet is considerably less bullish.





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