CIFDAQ's Market Wrap : Bitcoin Holds as Volatility Drops

CIFDAQ's Market Wrap : Bitcoin Holds as Volatility Drops

2. Executive Summary
Bitcoin trades near critical support at $110,400, with upside capped at $117,200–122,000;
holding the trendline favors continuation, while a breakdown risks deeper retracement.
Volatility has fallen to a five-year low, underscoring Bitcoin’s growing maturity amid
institutional adoption. In Japan, SBI partnered with Chainlink to accelerate tokenized
securities adoption, with 76% of banks showing interest. Hyperliquid outpaced Robinhood in
volume for a third month, highlighting DeFi’s competitiveness. Trump Media announced a
$6.42B CRO acquisition strategy, integrating CRO into Truth Social. Meanwhile, capital
rotation toward Ethereum and altcoins continues, and Solana’s staking ETF drew $174.6M
inflows despite market volatility.
Bitcoin Price Action



Bitcoin remains in a macro uptrend, supported by an ascending trendline visible since April.
Recently, price consolidated between 117,200 and 122,000 before breaking down, signaling
short-term weakness. The current structure shows Bitcoin testing the trendline support,
making this a critical level to watch. On the downside, immediate support lies near 110,400,
a high-volume node on the VPVR. A decisive break below this could open the path toward
102,500–104,000, a strong historical accumulation zone. Further downside risk would
extend to the 84,000–85,000 region, marked by a major demand cluster.
For the bullish case, Bitcoin needs to defend 110,400 and reclaim the 117,200 zone to regain
momentum, potentially retesting 122,000 and pushing higher. Failure to do so risks a deeper
correction. In short, BTC is at a make-or-break point: holding the trendline favors
continuation, while a breakdown signals further retracement.

3. Bitcoin’s Volatility Hits Five-Year Low, Signaling Asset Class
Maturity

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Bitcoin, once defined by sharp price swings, is showing maturity as its volatility falls to a
five-year low, even outperforming blue-chip stocks like Nvidia in stability. Analysts note that
current cycles are longer and less extreme, with more consolidation than past
boom-and-bust patterns. Institutional adoption has been key: the launch of U.S. spot Bitcoin
ETFs in 2024, alongside allocations from pension funds, endowments, and insurers, has
deepened liquidity and reduced speculation. Regulatory approval for Bitcoin in retirement
accounts has further expanded access. This declining volatility highlights Bitcoin’s growing
integration into traditional finance as a credible and maturing asset class.

4. SBI Partners with Chainlink as 76% of Japanese Banks Turn to
Tokenized Securities
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Japan’s SBI Group has partnered with Chainlink to accelerate the adoption of blockchain
and tokenized assets in Japan and the broader Asia-Pacific region. Announced on Aug. 24,
the collaboration combines SBI’s financial market expertise with Chainlink’s infrastructure,
including its Cross-Chain Interoperability Protocol (CCIP), SmartData (NAV), and Proof of
Reserve services. These tools will support use cases such as tokenized funds, real estate,
bonds, and regulated stablecoins while enhancing liquidity and operational efficiency in
secondary markets.
The initiative also targets advanced financial applications, including secure
payment-versus-payment (PvP) settlements in foreign exchange markets and cross-border
transfers, areas where efficiency and compliance are increasingly critical. SBI views this as a
key step in providing institutional-grade infrastructure for Japan’s maturing digital asset
ecosystem.
A recent survey by SBI Digital Asset Holdings revealed that 76% of Japanese financial
institutions plan to invest in tokenized securities, citing efficiency and diversification benefits.
However, many highlighted a lack of reliable infrastructure as a barrier to adoption—a gap
this partnership seeks to fill.
SBI CEO Yoshitaka Kitao emphasized that the alliance reflects a shared commitment to
compliance-driven digital asset frameworks. Alongside SBI’s work with Ripple on introducing
the RLUSD stablecoin, the move positions SBI as a leading force in tokenization and digital
asset innovation across the region.

5. ​
Hyperliquid Outpaces Robinhood in Trading Volume for Third
Straight Month

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Decentralized derivatives exchange Hyperliquid has surpassed Robinhood in trading volume
for the third consecutive month, cementing its dominance in crypto-native markets.
According to DefiLlama data, Hyperliquid processed $330.8 billion in combined spot and
perpetual trading volume during July, compared to Robinhood’s $237.8 billion across
equities, options, and crypto. The $93 billion gap marks the largest performance difference
yet, with Hyperliquid recording a 39.1% lead. This streak began in May, when Hyperliquid traded $256 billion against Robinhood’s $192
billion, followed by June volumes of $231 billion versus $193 billion. Year-to-date,
Hyperliquid is nearing $2 trillion in cumulative volume, with August already surpassing $349
billion by the 25th.
Despite its outsized performance, Hyperliquid operates with remarkable efficiency. CEO Jeff
Yan revealed the platform runs with just 11 core contributors, generating annualized revenue
of $1.167 billion. That translates to $106 million in revenue per employee, surpassing Tether
Limited’s $93 million and far exceeding tech giants like Nvidia, Apple, and Meta.
The exchange’s rise highlights the growing institutional appetite for crypto derivatives and
underscores DeFi’s competitiveness against traditional platforms. Hyperliquid’s ability to
consistently outpace Robinhood illustrates how decentralized infrastructure can capture
market share in areas where legacy platforms face regulatory and operational constraints.

6. Trump Media Launches $6.42B Strategy to Acquire 19% of CRO
Supply

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Trump Media Group has unveiled a bold $6.42 billion acquisition strategy targeting Cronos’s
CRO token, marking one of the largest single-token treasury initiatives to date. Partnering
with Yorkville Acquisition Corp. and Crypto.com, the newly formed entity—Trump Media
Group CRO Strategy—will be listed on Nasdaq under the ticker MCGA.
The treasury will hold roughly $1 billion worth of CRO, equating to 19% of the token’s market
capitalization at announcement. Additional funding includes $200 million in cash, $220
million via warrant exercises, and a $5 billion equity line of credit secured by Yorkville,
ensuring capacity for future CRO purchases. All founding partners have agreed to a
one-year lock-up followed by a gradual three-year release.
Executives plan to stake CRO holdings to generate recurring revenue and create a “flywheel
effect,” where rising token value supports further fundraising and adoption. The move has
already driven CRO’s price up more than 21% to $0.19452.
The integration extends to Trump Media’s Truth Social platform, which will adopt CRO as its
native token. With prior CRO purchases by Trump Media ($105M) and Crypto.com ($50M),
combined exposure now approaches 7 billion tokens. Leaders of both firms emphasize this
as a step toward establishing CRO as a core digital asset treasury within mainstream
financial ecosystems.

7. Bitcoin Holds Range as Liquidity Rotates to Ethereum and Altcoins
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Bitcoin is consolidating near $110,000 as institutional capital rotates toward Ethereum and
the wider altcoin market, according to Bitfinex Alpha’s latest report. Following its Aug. 14
all-time high of $123,640, Bitcoin slid 4.5% from Aug. 18–22, pressured by $1.18 billion in
net outflows from U.S. spot Bitcoin ETFs. Despite this, Federal Reserve Chair Jerome
Powell’s dovish tone at the Jackson Hole symposium sparked a sharp rebound in risk
assets, fueling a crypto-wide short squeeze. Ethereum led the rally, climbing to a new record of $4,958.70 on Aug. 24 and confirming its
role as a key liquidity driver. While ETH spot ETFs saw $197 million in daily outflows on Aug.
18—the third largest on record—corporate treasuries like SharpLink Gaming, Bitmine
Immersion Technologies, and BTCS stepped in, pushing on-chain treasury balances above
$10 billion.
The report highlights that Bitcoin’s realized cap is growing at a slower pace (6% monthly)
compared to past cycles, reflecting more cautious investor flows. Meanwhile, altcoins like
Solana surged above $200, supported by advancing institutional adoption, such as DBS
Bank’s tokenized note issuance on Ethereum.
Bitfinex expects Bitcoin to remain range-bound while Ethereum attracts increasing
institutional inflows, with broader altcoin participation likely to accelerate later in the cycle.

8. Solana Staking ETF Records $174.6M Net Inflows Despite Market
Volatility

The REX Shares Solana Staking ETF (SSK) has attracted $174.6 million in cumulative net
inflows as of Aug. 26, 2025, highlighting sustained investor demand for Solana exposure
despite ongoing crypto market volatility.
The flow data shows strong daily variations. Notably, on Aug. 20, the ETF registered its
largest single-day inflow of $11.3 million, following a streak of smaller inflows earlier in the
month. The fund also saw consistent investor participation around mid-August, with inflows
of $5 million on Aug. 12, $5.2 million on Aug. 13, and $9 million on Aug. 14, coinciding with
heightened market activity.
At the same time, the ETF experienced periodic outflows, including $2.7 million on Aug. 15,
$2.3 million on Aug. 19, and several smaller negative days in the latter half of the month.
Despite these dips, the ETF maintained a strong positive trajectory overall.

9. Protocol Ranking
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Crypto Bubbles





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