ETH’s retreat from recent all-time highs extended this week, with the asset closing down 2.01% at ~US$4,300. A further move lower towards the key support level at ~US$4,000 remains possible unless buyers step in to stabilise price. The slide has been fuelled by unprecedented ETF outflows, which drained nearly US$800M from spot ETH products over the past week.

ETF Flows: 

U.S. spot ETH ETFs recorded their largest weekly outflows on record, with over US$787 million exiting the products, according to SoSoValue. The persistent withdrawals have weighed heavily on price momentum.

Corporate Treasury Demand: 

Institutional interest in ETH treasuries remains strong despite ETF weakness. SharpLink Gaming (SBET) added another US$176 million worth of ETH last week, bringing its total holdings to 837,230 ETH, now valued at nearly US$3.6 billion. Meanwhile, Yunfeng Financial Group, linked to Alibaba co-founder Jack Ma, became the latest publicly listed firm to adopt an ETH treasury strategy, purchasing 10,000 ETH worth approximately US$44 million.

Altcoins

Large-cap altcoins posted modest gains this week, with all major assets in the green except Tron (TRX). Dogecoin (DOGE) led the pack, climbing 7.02% amid growing excitement over the potential launch of the first Dogecoin ETF this week. XRP (XRP) rose 3.65%, Cardano (ADA) gained 2.92%, Solana (SOL) added 2.86%, and Binance Token (BNB) was up 2.59%. TRX declined 2.89%, snapping its recent upward momentum.

Biggest Gainers:

• Pump.fun (PUMP) +44.43%: PUMP was the biggest gainer over the past week, as it continues its aggressive token buyback initiative, purchasing over US$12 million worth of tokens last week. The buyback program has now reached nearly US$72 million in total value since inception. These purchases have reduced PUMP’s circulating supply by 5.36%, creating deflationary pressure on the token.
• Numeraire (NMR) +38.28%: NMR surged after JPMorgan committed US$500 million to Numerai’s AI-powered hedge fund, effectively doubling its AUM and validating its institutional appeal.
• Metaplex (MPLX) +35.23%: MPLX has benefitted from sustained buybacks by the Metaplex DAO, which is allocating 50% of protocol fees to repurchase tokens. The continued reduction in circulating supply is helping to ease sell side pressure.
• Ethena (ENA) +15.19%: ENA climbed as StablecoinX, a treasury company linked to the project, raised US$530 million to expand its ENA accumulation strategy. The firm has already acquired 7.3% of the circulating supply and aims to reach 13% through further spot market purchases over the next 6–8 weeks.

ICYMI - The Week in Crypto News

Here are a few key stories you may have missed:

• SMSFs in Australia Now Hold AU$3.12B in Crypto: New ATO data shows that crypto holdings in self-managed super funds nearly doubled in a year, rising from AU$1.7 billion to AU$3.12 billion between June 2023 and June 2024.
• Stripe and Paradigm Reveal New Layer-1 Blockchain 'Tempo': Payments giant Stripe and crypto VC firm Paradigm have partnered to launch Tempo, a new Layer-1 blockchain designed specifically for payments and stablecoin infrastructure.
• Hyperliquid to Launch USDH Stablecoin: Hyperliquid has reserved the USDH ticker and opened proposals for teams to issue the stablecoin. Validators will vote via on-chain governance, with the winning team selected once quorum is reached.
• StablecoinX Raises US$530M for ENA Treasury Strategy: StablecoinX announced it has raised an additional US$530 million to expand its ENA accumulation plan. The firm will purchase locked ENA from a subsidiary of the Ethena Foundation, which is using the proceeds to buy ENA on the spot market.
• Sora Ventures to Launch US$1 Billion Bitcoin Fund in Asia: Taiwan-based Sora Ventures announced plans to raise US$1 billion to support Bitcoin treasuries across Asia. The fund will launch with US$200 million in initial capital, targeting a further US$800 million over the next six months.
• Ondo Finance Launches Tokenised U.S. Stocks: Ondo has released tokenised versions of 100+ U.S. stocks and ETFs on Ethereum, backed by real assets held with U.S. broker-dealers.
• Arbitrum Launches US$40M DRIP DeFi Incentive Program: Arbitrum has launched its DRIP initiative, distributing 24 million ARB tokens over 20 weeks to boost DeFi activity across the ecosystem. 
• Solana Approves Alpenglow Upgrade: Solana validators passed the Alpenglow upgrade, a revamp of the network’s consensus model expected to reduce transaction finality time by 5x. Testnet deployment is set for December, with mainnet release in Q1 2026.
• Bitcoin Hash Rate Hits New All-Time High: Bitcoin’s single-day hash rate reached a record 1.279 EH/s on Tuesday, with the seven-day moving average also hitting an all-time high, underscoring growing network security.
• First Dogecoin ETF May Launch Next Week: A Dogecoin ETF could hit U.S. markets as early as next week, according to Bloomberg analyst Eric Balchunas. REX Shares and Osprey Funds have filed to launch the REX-Osprey Doge ETF under ticker DOJE, offering direct exposure to DOGE’s price performance.

Looking Forward - The Week Ahead

Key upcoming events to watch:

• SOL Strategies Nasdaq Listing (9 September): SOL Strategies will become the first Solana-focused treasury company to list on Nasdaq. 
• Sonic (S) Token Unlock (9 September): Approximately US$44.64 million worth of S tokens (5.02% of circulating supply) will be unlocked. The event could introduce short-term selling pressure depending on market demand.
• Linea Token Launch (10 September): Linea's long-anticipated token generation event is set to go live, positioning it as one of the largest token launches of 2025.
• U.S. PPI Inflation Report (10 September): Producer Price Index data will be released at 10:30 PM AEST. As a forward-looking inflation indicator, this release may influence market sentiment ahead of upcoming Fed decisions.
• Aptos (APT) Token Unlock (11 September): Around US$48.18 million in APT tokens (2.20% of circulating supply) will be unlocked. Market impact will depend on liquidity and investor appetite.
• U.S. CPI Inflation Report (11 September): Consumer Price Index data will be released at 10:30 PM AEST. This is a key input for Federal Reserve policy expectations and could move both crypto and equity markets.
• Starknet (STRK) Token Unlock (15 September): US$15.70 million in STRK tokens (5.98% of circulating supply) will be unlocked, potentially increasing supply-side pressure if investor demand is low.

Thanks for reading this week’s Market Pulse. We’ll be back next week with more insights from the crypto markets!