Market Overview
The crypto market’s capitalisation has remained within the $2.58T–$2.68T range for almost two weeks now. Having staged an impressive rally from 19 to 22 August, the market has returned to a consolidation phase. However, this is already a bullish consolidation rather than a mere pause, as the market achieved a significant technical breakout last month, and the lull of recent days is merely alleviating short-term overbought conditions.
The sentiment index, at 65 (greed), confirms the optimistic mood and a fundamental shift in the cryptocurrency market’s trend. That said, it is quite reasonable to expect that sentiment has not yet reached extreme greed, given that the market is nearly 40% below its peak.
Bitcoin is trading just below $79K, hovering within a narrow range, despite the dollar’s significant weakening and heightened anxiety in equities and bonds. This pause can also be easily linked to resistance in this area back in May, whilst in April 2025, there was support at roughly these levels. Among the key bullish developments, it is worth noting the impending formation of a ‘golden cross’, in which the 50-day MA rises above the 200-day MA, with price trading above this crossover.
News Background
Trading volumes on the largest exchanges are 70% lower than in October last year. Activity in the crypto market remains weak, so it is still too early to speak of the start of a new bull cycle, according to CryptoQuant.
The Japanese DAT company Remixpoint has sold off its entire altcoin portfolio and switched to a strategy of accumulating only Bitcoin. The company ranks second among Japanese public holders of the leading cryptocurrency, with a balance of 1,506 BTC.
Hyperliquid Strategies, a DAT firm accumulating HYPE tokens in its reserves, is set to expand its new share issuance programme from $1 billion to $2.5 billion. The increased programme size will provide the company with greater funding potential for its HYPE-focused treasury strategy.
Bank of America, Goldman Sachs, Citi and 18 other major global banks have agreed to establish a joint venture to issue stablecoins. The launch of the first US dollar-pegged stablecoin is expected in the first half of 2027.
The number of Bitcoin holders continues to grow and has already exceeded half a billion people (6% of the world’s total population), notes on-chain analyst Willy Wu. India ranks first in terms of the number of holders, followed by the US and China.
The FxPro Analyst Team
