Bitcoin Climbs Above $113K as Retail and Institutions Accumulate Despite Whale Selling

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August 28, 2025

Bitcoin extended its rebound on Thursday, building on daily gains of 1.6% to trade as high as $113,365, according to data from Cointelegraph Markets Pro.

The move came despite renewed selling pressure from a long-term “OG” whale entity, which sent another 250 BTC ($28.2 million) to Binance following a 750 BTC sale the previous day.

Bulls Defend Key Levels

The uptick forced about $40 million in crypto short liquidations within four hours, CoinGlass data showed, signaling bullish resilience even as resistance looms overhead.

Still, longtime market analyst Peter Brandt warned that whale activity reflects classic supply-driven market tops. “Tops in markets are created by SUPPLY or DISTRIBUTION,” he wrote in an X post, cautioning that Bitcoin needs to reclaim $117,500 to avoid confirming a bearish “double top” pattern.

Meanwhile, not all investors are reducing exposure. According to Andre Dragosch, European head of research at Bitwise, retail and institutional accumulation is at its highest since April, when Bitcoin last rebounded from a local low near $75,000. “Such high levels of accumulation tend to precede major breakouts to the upside,” he noted, suggesting growing confidence in a longer-term rally.

Retail Buying vs. Whale Selling

Data indicates that smaller retail and mid-size investors (holding 1K–10K BTC) have been aggressively buying the dip in both spot and futures markets, convinced they are entering at a discounted valuation. The anchored cumulative volume delta (CVD) shows steady net buying from this cohort, even as whales continue to dominate the selling pressure.

MH Markets analyst Mohammed Taha said risk sentiment is supported by expectations of imminent Federal Reserve interest rate cuts. “A lower-than-expected PCE print could reinforce hopes for a September rate cut, historically a tailwind for risky assets like Bitcoin,” he explained.

Market Sentiment: Bitcoin vs Ether

While Bitcoin’s dominance is reasserting itself, Ether (ETHUSD) has been attracting significant capital inflows through its spot exchange-traded funds (ETFs). Since Aug. 21, 2025, Ether ETFs have recorded $1.83 billion in inflows, more than 10 times Bitcoin ETF inflows of $171 million over the same period, per CoinGlass.

On Wednesday alone, nine Ether funds pulled in $310.3 million compared to $81.1 million for Bitcoin’s 11 ETFs. Ethereum educator Anthony Sassano called the trend “brutal,” while Nate Geraci of NovaDius Wealth Management noted that Ether ETFs are nearing $10 billion in inflows since July.

Also, analysts interpret the massive inflow to Ether, as part of a “natural rotation” of capital out of Bitcoin and into altcoins. “A lot of this looks like investors locking in profits from Bitcoin’s run and moving into other tokens to catch potential upside,” said Nicolai Sondergaard, research analyst at Nansen.

He added that Ether in particular is benefiting from strong momentum, bolstered by demand from treasury companies and broader investor mindshare. Notably, the momentum has seemingly been shifting to Ethereum following the passing of the GENIUS Act stablecoin legislation in July, as the network has the largest market share of stablecoins and tokenized real-world assets.

The Road Ahead

Bitcoin’s current trajectory reflects a tug-of-war between whale-driven distribution and widespread retail and institutional accumulation.

While whales are capping rallies, dip-buying enthusiasm suggests that bulls are positioning for another breakout. A decisive move above $117,500 would likely invalidate bearish structures and could restore momentum toward retesting all-time highs.

Canary Capital Files S-1 Registration for TRUMP ETF As KindlyMD Announce a $5B ATM Offering for Bitcoin Treasury

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Paul Ugbede Godwin

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August 28, 2025

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Canary Capital, a digital asset manager, filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on August 26, 2025, to launch a spot exchange-traded fund (ETF) tied directly to the TRUMP meme coin, a Solana-based cryptocurrency linked to President Donald Trump.

Unlike previous filings by other firms (e.g., Rex Shares and Tuttle Capital), which proposed indirect exposure through Cayman Islands subsidiaries and U.S. Treasuries under the Investment Company Act of 1940, Canary’s filing under the Securities Act of 1933 aims for full, direct exposure to TRUMP tokens held under strict U.S. custody regulations.

The TRUMP token, launched in January 2025, briefly hit a $27 billion market cap but currently trades at around $1.67 billion, with its value driven by political affiliation and online sentiment rather than blockchain utility. Bloomberg ETF analyst Eric Balchunas expressed skepticism about SEC approval, noting that spot ETFs typically require a futures market for the underlying asset to trade for at least six months, which does not yet exist for TRUMP.

Approval could set a precedent for politically-linked digital asset ETFs, but the filing acknowledges the token’s extreme volatility.

KindlyMD’s $5 Billion ATM Offering for Bitcoin Treasury

On August 27, 2025, KindlyMD, a healthcare company that recently merged with Nakamoto Holdings, announced a $5 billion at-the-market (ATM) equity offering to fund its Bitcoin treasury strategy.

The SEC filing allows KindlyMD to issue and sell up to $5 billion in common stock, with proceeds earmarked for Bitcoin accumulation, working capital, acquisitions, and other corporate purposes. The company, led by CEO David Bailey (a crypto policy adviser to the Trump administration), already acquired 5,744 BTC for $679 million.

The announcement led to a 12% drop in KindlyMD’s stock price (NAKA) on the day of the filing, with a further 2.7% decline after-hours to $7.85, though the stock has risen 550% year-to-date due to its Bitcoin strategy. This move aligns with a growing trend of companies adopting Bitcoin as a treasury reserve asset, following the approval of U.S. Bitcoin ETFs in early 2024.

Analysts warn that such strategies may reduce liquidity in altcoin markets due to heavy Bitcoin focus. The TRUMP ETF’s approval is uncertain due to regulatory hurdles, particularly the lack of a futures market, and its high-risk profile may deter traditional investors.

KindlyMD’s aggressive Bitcoin accumulation via a massive equity offering raises concerns about market volatility and liquidity impacts on other cryptocurrencies. Both developments reflect a broader, crypto-friendly regulatory shift under the Trump administration, but their long-term viability remains speculative.

If approved, the TRUMP ETF could amplify the volatility of the TRUMP meme coin, as ETF accessibility would draw retail and institutional investors to a politically charged, speculative asset. The token’s $1.67 billion market cap and history of rapid swings (peaking at $27 billion) suggest significant price instability, potentially destabilizing related crypto markets.

A precedent for direct-exposure spot ETFs under the Securities Act of 1933 could spur similar filings for other meme coins or niche digital assets, fragmenting liquidity in the crypto market and increasing speculative trading.

Approval would signal a more crypto-friendly SEC under the Trump administration, potentially easing restrictions on digital asset ETFs. However, the absence of a TRUMP futures market complicates approval, as the SEC typically requires established derivatives markets for spot ETFs to ensure price stability and investor protection.

Rejection could reinforce regulatory caution, limiting ETF innovation to assets with robust futures markets and dampening enthusiasm for politically linked tokens. The ETF’s tie to Donald Trump’s political brand could polarize investors, attracting those aligned with his base while alienating others, creating a niche but emotionally driven market segment.

KindlyMD’s plan to accumulate Bitcoin with proceeds from a $5 billion equity offering could significantly boost Bitcoin demand, potentially driving up its price in the short term. With 5,744 BTC already acquired for $679 million, further purchases could strain available supply, especially given Bitcoin’s fixed cap of 21 million coins.

However, this concentration of corporate buying may reduce liquidity in altcoin markets, as capital flows disproportionately to Bitcoin, potentially stifling smaller cryptocurrencies’ growth. The 12% stock price drop post-announcement (and 550% year-to-date gain) reflects investor uncertainty about KindlyMD’s high-risk strategy.

Dilution from issuing new shares could further depress NAKA’s price, impacting shareholders while funding Bitcoin purchases. The move validates the trend of corporations adopting Bitcoin as a treasury reserve, potentially encouraging other firms to follow, which could mainstream Bitcoin as a corporate asset but also expose companies to its volatility.

KindlyMD’s strategy, led by a Trump administration crypto adviser, aligns with a pro-crypto policy shift, potentially encouraging looser regulations and more institutional adoption. This could strengthen Bitcoin’s role as a hedge against inflation or fiat devaluation.

However, the massive scale of the offering raises concerns about market manipulation risks and the sustainability of such aggressive treasury strategies, especially if Bitcoin’s price corrects sharply. Both developments underscore a crypto-friendly climate under the Trump administration, potentially accelerating institutional adoption but also increasing systemic risks due to speculative assets and concentrated investments.

The TRUMP ETF and KindlyMD’s Bitcoin treasury could divert capital from traditional markets, raising concerns about financial stability if speculative fervor outpaces regulatory oversight. Public perception of crypto as a politically charged or corporate asset class may intensify, potentially leading to greater scrutiny or calls for regulation to protect retail investors.

AI Adoption Hits Young Workers Hardest With 13% Job Decline Since 2022 – Stanford Study

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Ojukwu Emmanuel

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August 28, 2025

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A new study from Stanford University researchers has revealed that generative Artificial Intelligence (AI) is already reshaping the U.S. labor market with young workers bearing the brunt of the disruption.

The research, based on millions of payroll records from ADP, the nation’s largest payroll software provider, found that workers between the ages of 22 and 25 in occupations highly exposed to AI such as customer service, accounting, and software development, have experienced a 13% decline in employment since 2022.

By contrast, older and more experienced workers in the same AI-exposed fields have not seen the same drop. In some cases, jobs in less AI-affected roles, such as nursing aides and production supervisors, even grew for younger employees. Health aide positions for younger workers rose faster than those for older peers, while supervisory roles saw modest but positive growth.

The research noted that this disparity helps explain why overall employment in the U.S. remains strong, even as job growth for younger workers has stalled.

Why Young Workers Are Vulnerable

According to the study, younger employees are particularly at risk because AI can easily replicate “codified knowledge” gained from formal education. In contrast, experience-based skills which take years to develop remain harder for AI to replace.

Meanwhile, not all AI use is associated with job loss, in fields where AI is applied to complement human work and improve efficiency, employment levels have shown little change.

The Standford study corresponds with analysis by Goldman Sachs that AI is reshaping labor market with young tech workers hit the hardest. Reports reveal that unemployment among tech professionals aged 20 to 30 has jumped by 3 percentage points in 2025, a sharper increase than in the broader tech industry or among young workers in other fields.

Entry-level tasks like form-filling and basic coding, once considered stepping stones into the industry, are now easily automated, reducing opportunities for new graduates. Despite most companies not yet integrating AI at scale, the technology is already replacing tasks previously assigned to junior-level employees.

This is particularly visible in coding, content generation, and data processing areas where AI has proven capable of matching or exceeding human performance. Major tech firms such as Alphabet, Microsoft, and Salesforce have openly acknowledged that AI now contributes to 30–50% of work in some projects.

A study by the McKinsey Global Institute reports that by 2030, at least 14% of employees globally could need to change their careers due to digitization, robotics, and AI advancements.

However, despite the job replacement, experts say that AI will help workers by creating more occupations than it replaces. That said, in order to ride the wave and build a new career, individuals have to procure the skills necessary to get the job done.

Growing Concern Over AI’s Role in the Labor Market

The Standford report offers what the researchers call “early, large-scale evidence” that the AI revolution is disproportionately affecting entry-level workers. The findings add weight to warnings that AI’s long-term impact on employment will be uneven across industries, age groups, and skill levels.

Still, since most companies have yet to fully deploy AI in day-to-day operations, experts caution that the true scale of its impact on jobs is only beginning to unfold.

Gemini’s App Store Overtake of Coinbase, Fueled By XRP Card, Enhances XRP Liquidity

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Paul Ugbede Godwin

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August 28, 2025

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Gemini surpassed Coinbase in the US iOS App Store finance category rankings following the launch of its XRP rewards credit card in partnership with Ripple Labs and Mastercard on August 25, 2025.

According to Sensor Tower data, Gemini climbed to 11th place, while Coinbase dropped to 25th, and Robinhood ranked 18th. The XRP Mastercard, offering up to 4% instant cashback in XRP and a $200 XRP bonus for spending $3,000 in the first 90 days, drove significant user engagement and downloads, with over 90,000 downloads in the 72 hours post-launch.

Tyler Winklevoss celebrated the shift, calling it “the flippening” on X, signaling a change in user preference despite Coinbase’s higher trading volume of $4.54 billion compared to Gemini’s $382.49 million. The card’s appeal, bolstered by Ripple’s RLUSD stablecoin integration and a $75 million credit line (expandable to $150 million) for Gemini’s IPO, highlights the impact of innovative crypto products on app visibility.

However, Coinbase maintains dominance in trading volume, and the ranking shift reflects user acquisition rather than market share. The XRP rewards credit card, offering up to 4% instant cashback in XRP and a $200 XRP bonus for spending $3,000 in the first 90 days, incentivizes users to accumulate XRP through everyday spending.

This creates a new demand channel for XRP, as users must either hold or trade their rewards, potentially increasing spot trading volumes on Gemini. The integration of Ripple’s RLUSD stablecoin, with a market cap of ~$485 million, further facilitates low-friction conversions between XRP and fiat, enhancing liquidity by reducing spreads and conversion fees.

However, Coinbase’s significantly higher trading volume ($4.54 billion vs. Gemini’s $382.49 million daily) suggests that Gemini’s liquidity pool for XRP remains smaller. The card’s success may drive more XRP trading, but it’s unlikely to rival Coinbase’s depth in the short term.

Retail Onboarding and Market Depth

Gemini’s app store surge, with over 90,000 downloads in 72 hours post-launch, signals strong retail adoption. Retail investors, particularly those entering via memecoins (31% of US and 67% of French investors per Gemini’s 2025 Global State of Crypto report), often contribute to short-term liquidity through frequent, smaller trades.

This can deepen order books for XRP and other assets on Gemini, as new users engage with the platform. However, retail-driven liquidity is often volatile, as memecoin traders may prioritize speculative assets over stable ones like XRP, potentially limiting sustained liquidity growth unless Gemini expands its asset offerings.

The XRP card’s integration with RLUSD creates a closed-loop ecosystem where users can spend, earn, and trade XRP with reduced reliance on external liquidity pools. This could stabilize XRP’s liquidity on Gemini by encouraging users to keep assets within the platform.

Ripple’s $75 million credit line (potentially expandable to $150 million) for Gemini’s IPO further strengthens its financial capacity to support liquidity provision, such as market-making or staking programs. In contrast, Coinbase’s focus on institutional markets and its USD-1 stablecoin may divert liquidity to larger, institutional-grade pools, potentially fragmenting retail liquidity across platforms.

The GENIUS Act of 2025, mandating reserve-backed stablecoins, aligns with Gemini’s retail model and RLUSD integration, potentially attracting risk-averse retail traders seeking compliant platforms. This could bolster Gemini’s liquidity by increasing user trust and trading activity. However, Coinbase’s institutional focus and higher trading volume suggest it remains the preferred venue for high-frequency traders and large orders, maintaining its edge in overall market liquidity.

Gemini’s app store lead may not translate to comparable depth unless trading volumes grow significantly. The XRP card’s popularity is likely to increase XRP trading volumes on Gemini as users convert rewards into other assets or hold them for spending. With 75.6 million downloads and 825 million web visits in Q1 2025, Gemini’s user base expansion suggests a growing pool of retail traders contributing to XRP liquidity.

XRP’s daily trading volume on Gemini could rise by 10-20% over the next 3-6 months, assuming sustained card adoption and stable XRP prices. However, volatility in XRP’s value (noted as a risk due to its price fluctuations) could deter some users, capping liquidity growth. Gemini’s retail-driven strategy, including memecoin support and consumer incentives, positions it to capture a younger, experimental demographic.

Since 94% of memecoin owners also hold traditional cryptocurrencies, this could lead to broader asset trading, enhancing overall liquidity on Gemini. If Gemini maintains its app store lead and leverages its MiCA license for European expansion, it could close the liquidity gap with Coinbase for select assets like XRP and ETH over 12-18 months.

However, scaling to match Coinbase’s $4.54 billion daily volume would require significant institutional adoption, which Gemini currently lacks. Coinbase’s drop to 25th in app store rankings reflects a shift in retail sentiment, potentially pushing it to innovate with similar reward-based products. Its existing crypto-debit card, not tied to a single asset like XRP, may see upgrades to compete, potentially fragmenting liquidity across platforms.

Coinbase’s institutional focus will likely maintain its liquidity dominance, but Gemini’s retail traction could siphon 5-10% of Coinbase’s retail trading volume in the next year, particularly for XRP and stablecoin pairs, as users chase rewards. The broader crypto market is seeing increased retail participation, with Bitcoin’s hot realized cap reaching $99.6 billion in 2025, indicating speculative demand.

Gemini’s app store surge aligns with this trend, suggesting retail-driven liquidity will grow across exchanges. The crypto market’s liquidity could rise by 15-25% in 2026, driven by retail onboarding and pro-crypto policies like the Strategic Bitcoin Reserve. Gemini’s focus on user acquisition may position it as a key player in retail liquidity, but Coinbase’s institutional edge will likely keep it ahead in total volume.

XRP’s price volatility and potential tax implications for rewards could discourage users from trading, limiting liquidity growth. Users may hold rewards rather than trade, reducing order book depth. While the GENIUS Act favors Gemini’s model, regulatory scrutiny of stablecoins or reward programs could disrupt liquidity if compliance costs rise.

Retail-driven liquidity is less stable than institutional liquidity, and Gemini’s reliance on memecoins and rewards may lead to boom-bust cycles in trading activity. Despite the app store shift, Coinbase’s established user base and institutional services ensure it remains the liquidity leader. Gemini’s challenge is to convert app downloads into active traders.

Short-term, this could boost XRP volumes by 10-20%, with broader platform liquidity growing as new users trade diverse assets. Long-term, Gemini’s retail focus and regulatory alignment position it to capture a larger share of retail liquidity, potentially challenging Coinbase for specific assets.

However, Coinbase’s institutional dominance and higher trading volume suggest it will maintain overall market liquidity leadership unless Gemini significantly scales its user base and infrastructure. The interplay of retail incentives, stablecoin integration, and regulatory clarity will shape liquidity trends, with Gemini well-placed to benefit but facing challenges in matching Coinbase’s depth.

SharpLink’s $360.9M Ethereum Acquisition Positions It as a Bold Player in Crypto Space

By

Paul Ugbede Godwin

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August 28, 2025

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SharpLink Gaming, Inc. (Nasdaq: SBET) acquired 56,533 ETH at an average price of $4,462, valued at approximately $360.9 million, during the week ending August 24, 2025.

This purchase, funded through their at-the-market (ATM) facility, increased their total Ethereum holdings to 797,704 ETH, worth about $3.7 billion, making them one of the largest corporate ETH holders globally. They also earned 1,799 ETH in staking rewards since launching their treasury strategy on June 2, 2025, and announced a $1.5 billion stock buyback plan.

Implications of the ETH Acquisition

SharpLink’s substantial investment in Ethereum signals a strategic shift toward integrating cryptocurrency into its corporate treasury, a trend seen in companies like MicroStrategy with Bitcoin. This diversifies their asset base beyond traditional gaming and betting operations, potentially hedging against volatility in their core business.

By allocating ~$3.7 billion to ETH, SharpLink positions itself as a major player in the crypto space, gaining exposure to Ethereum’s ecosystem, which powers decentralized finance (DeFi), NFTs, and Web3 applications. The acquisition, coupled with a $1.5 billion stock buyback plan, could boost investor confidence by signaling financial strength.

However, it also introduces risk, as ETH’s price volatility could impact their balance sheet. The move may attract attention from crypto-focused investors, potentially increasing SharpLink’s stock (SBET) liquidity and visibility, but it could also alienate traditional investors wary of crypto’s risks.

Holding such a large ETH position exposes SharpLink to regulatory scrutiny, especially as governments worldwide tighten cryptocurrency regulations. Compliance costs or adverse regulations could affect their strategy.

Price fluctuations in ETH could lead to significant unrealized gains or losses, impacting financial reporting and investor sentiment. SharpLink, operating in the gaming and betting sector, could leverage Ethereum’s blockchain for innovations like decentralized betting platforms, smart contract-based payouts, or tokenized loyalty programs.

How Staking Rewards Facilitate High Yield on ROI

Ethereum staking involves locking up ETH to support the network’s proof-of-stake (PoS) consensus mechanism, earning rewards in return. SharpLink’s 1,799 ETH in staking rewards since June 2, 2025, demonstrates the potential for high-yield ROI.

Staking rewards provide a steady stream of additional ETH, effectively increasing SharpLink’s holdings without additional capital expenditure. For example, 1,799 ETH earned over ~87 days (June 2 to August 24, 2025) equates to roughly 20.68 ETH per day.

At an ETH price of $4,462 (the average acquisition price), these 1,799 ETH are worth ~$8.03 million. Annualized, this suggests a staking yield of ~2-5% (typical for Ethereum PoS), depending on network participation rates and validator performance.

Staked ETH and earned rewards can be restaked, compounding returns over time. For SharpLink’s 797,704 ETH, even a conservative 3% annual staking yield could generate ~23,931 ETH per year, worth ~$106.8 million at $4,462 per ETH. This compounding effect significantly boosts ROI over the long term.

Staking rewards provide a buffer against ETH price declines. Even if ETH’s market value drops, the additional ETH earned through staking increases SharpLink’s holdings, allowing them to benefit from potential price recoveries.

For example, if ETH’s price falls to $3,000, their $3.7 billion portfolio would drop to ~$2.39 billion, but continued staking rewards would still accrue, enhancing long-term value. Unlike traditional investments requiring active management or high operational costs, staking is relatively low-maintenance once validators are set up.

SharpLink’s staking infrastructure (likely through a third-party provider or self-managed nodes) generates yield with minimal ongoing costs, maximizing ROI. The $1.5 billion stock buyback plan can be partially funded or supported by staking rewards.

Selling earned ETH at opportune times could provide liquidity for buybacks, reducing outstanding shares and potentially increasing EPS (earnings per share), which enhances shareholder value and ROI. If Ethereum’s price appreciates (e.g., due to network upgrades, DeFi growth, or broader crypto adoption), the combination of staking rewards and capital gains could yield exceptional ROI.

For instance, if ETH rises to $6,000 in a year, SharpLink’s 797,704 ETH would be worth ~$4.79 billion, a ~29% gain on their current valuation, plus staking rewards of ~$106.8 million annually (at 3% yield). $360.9 million for 56,533 ETH (part of their 797,704 ETH total, worth $3.7 billion at $4,462/ETH).

Assume a 3% annual yield on 797,704 ETH = 23,931 ETH/year, worth $106.8 million at $4,462/ETH. Assume ETH grows 20% in a year to $5,354/ETH. The total portfolio value becomes 797,704 × $5,354 = ~$4.27 billion. Capital gain ($4.27B – $3.7B = $570M) + staking rewards ($106.8M) = $676.8M.($676.8M / $3.7B) × 100 ? 18.3% annual ROI, excluding buyback impacts or operational synergies.

A sharp decline in ETH’s price could erode ROI, though staking rewards mitigate this by increasing ETH holdings. Slashing penalties (for validator errors), network issues, or changes in Ethereum’s staking mechanics could reduce yields.

Locked ETH in staking may limit immediate liquidity, though SharpLink likely uses liquid staking solutions (e.g., Lido) to maintain flexibility. The ~2-5% annual staking yield, compounded over time, combined with potential ETH price appreciation, could deliver significant returns (e.g., ~18.3% annualized in the example above).

This strategy aligns with their $1.5 billion buyback plan and potential blockchain innovations in gaming, though it carries risks from price volatility and regulatory uncertainties. By leveraging staking, SharpLink maximizes passive income, hedges against market downturns, and strengthens its long-term financial position.