Crypto Market Overview

BTC ( +0.22% | Current Price: 119,260 USDT)

BTC rebounded from support near $118,000, quickly breaking above $120,000 and reaching a high of $122,200. However, the short-term MA5 slope has visibly flattened, while the MA10 is approaching from below, posing a potential risk of a bearish crossover. If the price fails to resume its upward momentum with increased trading volume, short-term bullish strength may weaken, increasing the likelihood of high-level consolidation or a technical pullback. The $118,000 area remains a key support; a break below with shrinking volume could trigger further downside, while strong volume-supported stabilization may help BTC avoid the moving average crossover and continue its upward trend.

Additionally, on August 12, BTC ETFs recorded a net inflow of $65.9M, with BlackRock’s IBIT posting a $111M inflow, offsetting a $23.9M outflow from ARKB. Despite some outflows, the IBIT-led net inflow significantly outweighed them, indicating that mainstream capital remains inclined toward BTC accumulation.

ETH ( +7.09% | Current Price: 4,577 USDT)

ETH stabilized around $4,200 before surging past $4,600 with strong volume, hitting a high of $4,638. Short-term moving averages remain in a bullish alignment, and the MACD histogram is expanding, reflecting sustained upward momentum. The price is trading above all major moving averages, indicating a solid trend structure. If the $4,580–$4,600 support zone holds, ETH could test the $4,650–$4,700 range in the short term; conversely, a drop below $4,550 may lead to a corrective phase.

On August 12, ETH ETFs posted a net inflow of $523M, led by $318M into BlackRock’s ETHA and $144M into Fidelity’s FETH, signaling ongoing institutional accumulation. Such large-scale inflows typically correspond with strong buying pressure, providing notable short- to mid-term support for ETH prices.

GT ( +1.29% | Current Price: 16.745 USDT)

After finding support near $16.3, GT climbed steadily, breaking above both short- and long-term moving averages and consolidating around $16.7. Short-term moving averages are in bullish alignment, indicating near-term buyer dominance. The MACD has turned positive, with the DIF above the DEA and momentum continuing to build, reflecting strong buying sentiment. However, the histogram has begun to level off, suggesting bullish momentum may be slowing, and traders should monitor the sustainability of inflows. If GT holds above $16.7, further upside remains possible; otherwise, a drop below the MA5 with declining volume could trigger a technical pullback.

Tokens Heatmap

Most tokens extended their strong upward momentum, with market sentiment running high and capital activity significantly increasing. CYBER led the market with a 48.28% gain, becoming the center of attention; FARTCOIN, QUBIC, and DEEP all rose by more than 14%, also drawing substantial capital inflows. In contrast, ALPINE dropped 20.63%, markedly underperforming the broader market as one of the few tokens to move against the trend.

CYBER – Cyber (+47.20%, Circulating Market Cap: $125M)

According to Gate market data, CYBER is currently trading at $2.7980, up about 47.20% in the past 24 hours. Cyber is a Layer 2 network designed for social applications, extending Web3’s focus beyond the financial sector and enabling developers to build decentralized applications that redefine how people connect, create, monetize, and share value.

Recently, the project partnered with Surf.AI to launch Surf Copilot—a crypto AI assistant adopted by top funds, research institutions, and exchanges—garnering significant community and industry attention. On August 12, an exchange listed the CYBER/USDT trading pair, boosting both trading volume and capital inflows. Driven by the dual catalysts of a new listing and strong application narrative, CYBER’s price surged sharply from its lows, at one point exceeding a 50% gain, with trading volumes expanding in tandem—indicating strong bullish buying power.

FARTCOIN – Fartcoin (+20.93%, Circulating Market Cap: $1.047B)

According to Gate market data, FARTCOIN is currently priced at $1.0733, up 20.93% in the past 24 hours. Built on the Solana ecosystem, Fartcoin is a meme token that has quickly gained strong attention and engagement through unique community culture and active social media operations.

This rally is supported by both macro and micro factors:

• Macro: Rising enthusiasm for the Solana ecosystem, combined with exchange-led engagement campaigns such as Solana SpinFest, brought additional exposure and user incentives, creating a positive feedback loop between capital and community interest.
• Micro: High-frequency marketing and trending topics within the Fartcoin community, along with active trading on major platforms, attracted concentrated short-term capital inflows, amplifying price volatility.

Overall, Fartcoin combines both capital interest and active trading in the meme token space, and against the backdrop of Solana’s ecosystem rebound, has become one of the standout performers recently.

QUBIC – Qubic (+14.88%, Circulating Market Cap: $338M)

According to Gate market data, QUBIC is trading at $0.0000027730, up 14.88% in the past 24 hours. Qubic is a new proof-of-work (PoW)-based computing network that recently drew widespread discussion after capturing over 51% of the Monero network’s total hash rate.

This event served as the core catalyst for the price surge:

• On one hand, Qubic theoretically demonstrated the capability to take over the Monero network, validating its computing power deployment strength and sparking discussions about PoW security and governance.
• On the other hand, the team actively promoted the “From Waste to Worth” narrative, criticizing the inefficiencies of traditional PoW while presenting a vision for expanding the value of computing power—receiving positive market feedback.

With these dual drivers, QUBIC rallied sharply from its lows, accompanied by significant increases in both capital inflows and trading volumes.

Hotpot Insights

Aave Borrowing Volume Surpasses $25B, Setting All-Time High

Decentralized lending protocol Aave’s total active borrowing recently exceeded $25 billion, marking a historic peak and signaling a rapid rise in DeFi lending demand amid the recent market rebound. At the start of this year, Aave’s borrowing volume had dropped to around $10 billion. However, as ETH and other major crypto asset prices climbed—and with increased arbitrage and leverage opportunities from heightened market volatility—alongside sustained stablecoin borrowing demand, total borrowing accelerated from Q2 onward, soaring from $15 billion to the current level in just two months.

This surge has been driven by more diversified factors. Beyond the leverage demand fueled by rising prices, increased utilization of RWA-backed stablecoins, along with Aave’s introduction of isolation mode and eMode risk management tools, have improved capital efficiency and strengthened risk controls. This suggests that even in a potential market correction, Aave’s capital retention rate could remain more resilient compared to the past.

Overall, Aave’s record borrowing volume reflects both a recovery in market risk appetite and structural evolution in the DeFi lending space—from being largely price-speculation-driven to meeting multi-asset, multi-scenario funding needs. This shift has profound implications for the platform’s long-term growth and the competitive landscape of the industry.

Circle Enters Layer 1 Space with Arc, Targeting Stablecoins and Institutional Finance

Stablecoin issuer Circle (NYSE: CRCL) announced alongside its Q2 2025 earnings report that it will launch a new Layer 1 blockchain called Arc, designed specifically for stablecoin-based financial use cases. The report shows USDC circulation up 90% YoY to $61.3B, with total revenue and reserve income climbing 53% to $658M. Due to non-cash IPO-related expenses, net loss stood at $482M. In Q2, Circle completed a $1.2B IPO and continued expanding stablecoin use cases.

Arc is fully EVM-compatible and runs on the high-performance Malachite consensus engine developed by Informal Systems, enabling sub-second transaction finality. It uses USDC as the native gas token to reduce fee volatility risk. Arc also integrates an institutional-grade RFQ foreign exchange engine for 24/7 atomic cross-stablecoin swaps and offers optional privacy features to meet enterprise compliance and data security requirements. Deep integration with Circle’s payment network, wallet, and CCTP cross-chain bridge forms a closed-loop stablecoin ecosystem.

The private testnet is set to launch in the coming weeks, followed by a public testnet in the fall, ahead of a mainnet beta release in 2026. With low latency, high stability, and finance-native capabilities, Arc could become core infrastructure for cross-border payments, DeFi, and on-chain settlement, boosting USDC’s on-chain circulation and use cases. This move strengthens Circle’s competitive position in the stablecoin sector while offering institutions and developers a secure and efficient deployment environment.

RWA-Focused MANTRA Chain Achieves EVM Compatibility, Mainnet Launch Set for September

MANTRA announced that its testnet has achieved full EVM compatibility, positioning itself as the first MultiVM Layer 1 blockchain dedicated to real-world assets (RWAs). The mainnet is scheduled to go live in September. At launch, MANTRA.finance will support a range of RWA projects, including financing for an electric bike fleet in Dubai, showcasing its ability to integrate real-world assets with on-chain finance.

The roadmap outlines ecosystem expansion through Q4 2025 to Q1 2026, bringing in more decentralized applications (dApps) and partnerships. From Q2 2026, the team plans to issue yield-bearing tokens backed by real-world assets and build a secondary liquidity market to optimize asset trading and yield distribution.

MANTRA has secured a $20M investment and strategic partnership with Inveniam to advance its RWA tokenization efforts. This funding supports both technical development and ecosystem growth, strengthening its competitive moat in the RWA space. As demand for compliance-ready solutions grows and institutional involvement deepens, the RWA sector is poised to become a major DeFi growth driver. By establishing an early focus on “compliance + multi-VM + RWA specialization” and advancing simultaneously on fundraising, partnerships, and product delivery, MANTRA is positioning itself to capture first-mover advantage in the regulated DeFi and RWA markets.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/trade/GT_USDT
• Gate, https://www.gate.com/price
• Mantra, https://www.mantrachain.io/resources/announcements/roadmap-update
• X, https://x.com/aave/status/1955271054466695388
• Business Wire, https://www.businesswire.com/news/home/20250812836620/en/Circle-Reports-Second-Quarter-2025-Results

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Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.