Bitcoin Reclaims $80,000 as Risk Appetite Returns
Bitcoin pushed above $80,000 on Aug. 25, touching $81,237.94, its highest level since mid-May, as a softer U.S. dollar and renewed demand for hard assets lifted crypto markets. Reuters reported Bitcoin was up 28% for August at the time, putting it on track for its strongest month since November 2024. The move coincided with steady spot ETF demand, with U.S. Bitcoin funds recording positive net flows through Thursday. Market sentiment also improved sharply: the Crypto Fear & Greed Index stood at 73, or “Greed,” on Aug. 28, versus 71 yesterday, 72 last week and 29 last month.
SEC Advances New Crypto Custody Rules
A proposal from the U.S. Securities and Exchange Commission to update crypto custody rules for investment advisers was sent to the White House for regulatory review this week. The Office of Information and Regulatory Affairs is reviewing the changes before the SEC can advance the proposal. The SEC says the rulemaking is intended to clarify how advisers and investment companies can hold digital assets for clients while modernizing outdated custody provisions. The step is part of a broader shift toward more explicit federal rules for digital assets, which could give traditional financial firms clearer operating standards.
Shinhan and Visa Test Stablecoin Banking Rails
South Korea's Shinhan Financial Group signed a strategic agreement with Visa on Aug. 26 to test stablecoin and next-generation payment services. Shinhan said it will use Visa's stablecoin platform to verify issuance, remittance and redemption processes and jointly design a Korea-specific business model. The firms also plan to explore stablecoins in card payments, AI-based payment systems, and B2B and B2C services. The partnership is another sign that banks and global payment networks are moving from stablecoin research toward practical settlement and payment pilots, particularly in Asia.
Monday opened with $337.6 million in net inflows, led by BlackRock's IBIT at $208.9 million and Fidelity's FBTC at $104.6 million. Tuesday followed with another $314.3 million in net inflows, with IBIT contributing $284.4 million and FBTC $15.4 million. Wednesday was the week's weakest session at $232.2 million, as IBIT added $200.8 million and Grayscale's BTC Mini Trust $46.8 million while GBTC saw $50.4 million in outflows. Thursday recovered slightly to $242.3 million, led by $277.6 million into IBIT, partly offset by $83.6 million of FBTC outflows and $27.2 million from GBTC. Overall, Bitcoin ETFs attracted $1.126 billion in net inflows from Monday through Thursday, with IBIT accounting for most of the demand.
Monday opened with $115.6 million in net inflows, led by BlackRock's ETHA at $90.9 million and Grayscale's ETH Mini Trust at $12.5 million. Tuesday accelerated to $179.8 million in net inflows, with ETHA contributing $146.4 million and Fidelity's FETH $25.8 million. Wednesday strengthened further to $192.4 million, led by $115.7 million into ETHA, $34.7 million into Grayscale's ETH Mini Trust and $32.0 million into FETH. Thursday was the strongest session at $225.8 million, with ETHA adding $130.2 million, FETH $56.2 million and ETHB $20.7 million. Overall, Ethereum ETFs attracted $713.6 million in net inflows from Monday through Thursday, with ETHA contributing $483.2 million of the total.
Solana led the group with a 16.0% weekly gain, clearly outperforming the rest of the tracked Metal Pay assets. Late in the week, Charles Schwab said it plans to add SOL to its crypto trading platform in the coming months, while the broader market also benefited from Bitcoin's rebound above $80,000. Metal Blockchain (+5.8%) and Ethereum (+5.3%) followed, with Dogecoin (+3.7%) and XRP (+3.1%) also finishing the week higher. The result was a broad but uneven risk-on week, with Solana capturing most of the upside momentum.
