ETH Takes the Lead

Ethereum has been outperforming Bitcoin, and JPMorgan analysts say it comes down to four drivers: the expected approval of staking for spot ETH ETFs, rising corporate treasury purchases, fresh SEC clarity easing fears around liquid staking tokens, and in-kind ETF redemptions boosting liquidity and efficiency.

Gainers & Losers

The market’s hot streak had some clear winners. Bio Protocol (BIO) rocketed +114%, while Memecoin (MEME) went full turbo with a +109% rally. Neon (NEON) kept the glow alive, surging +70% and proving hype still pays. Not everyone was celebrating, though. Polyhedra Network (ZKJ) took a hard hit, tumbling -38%.

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Numbers: From $125K to $43M

A mystery trader turned $125,000 into $43 million on Ethereum after months of aggressive longs and nonstop reinvestment on Hyperliquid. At the peak, his portfolio even hit $303M. On August 18, he closed 66,749 longs, pocketing $6.86M in profit despite ETH’s dip.

What Shaped the Market

BNB Breaks Records, Eyes $2,200 Next

BNB smashed a new all-time high at $881, pushing its market cap past $120B. Analysts now see $800 as solid support, with targets ranging from $900-$1,000 in the short term. Some bulls, like GemsScope, are calling for $2,200 this cycle as momentum heats up.

BTC Holders Selling at a Loss: Shakeout or Breakdown?

For the first time since Jan 2025, short-term Bitcoin holders are selling at a loss, with the SOPR metric dipping below 1. Analyst Kripto Mevsimi says this could mean two things:

• Weakening momentum: a deeper correction if losses persist.
• Healthy reset: weak hands flushed, clearing the path for a stronger rally.

With BTC consolidating under heavy resistance, how the market absorbs this selling will decide the next big move.

Pump.fun Flips LetsBonk, Grabs 90% Market Share

Just two weeks ago, LetsBonk ruled 80% of the market while Pump.fun sat at 5%. Now the tables have turned: Pump.fun dominates with 90%, leaving LetsBonk with just 3%. The flip happened fast as top meme coin creators (and their bots) migrated en masse to Pump.fun.