Happy Friday! Welcome to the 34th instalment of the Coinbyte Weekly Wrap.

The market traded in a firmer range this week, with BTC rising from around US$77,830 to US$81,062, briefly reaching above US$82,200 before pulling back, posting a weekly gain of approximately 4.15%. Price action showed a strong rebound followed by a modest retracement. Bitcoin also entered September after gaining roughly 25% in August, marking its strongest August performance since 2017.

Major altcoins delivered a mixed performance, with BNB gaining 1.78%, Cardano rising 2.93%, and Ether edging up 0.39%. In contrast, Solana declined 5.23%, TRX fell 2.20%, and Dogecoin dropped 1.79%.

Trading activity across major cryptocurrencies remained active: BTC average daily volume reached roughly US$28.7bn over the past seven days, USDT turnover stood at around US$63.3bn, while ETH and SOL recorded approximately US$13.6bn and US$3.4bn respectively.

Beyond price action, institutional participation remained a key theme this week. Bitcoin entered September after gaining roughly 25% in August, marking its strongest August performance since 2017, while the broader market continued to see institutional activity across multiple assets. Strategy returned to Bitcoin purchases, Bitmine made its largest Ether purchase since June, and U.S. spot XRP ETFs extended their inflow streak, highlighting continued institutional demand beyond Bitcoin alone.

Institutional involvement also expanded beyond direct asset exposure. A group of 21 global financial institutions plans to establish a company to issue a U.S. dollar stablecoin for payments and digital asset settlement, marking a further move by traditional finance into crypto infrastructure. Meanwhile, the SEC proposed modernizing rules for transfer agents and is exploring the transition toward 24-hour U.S. markets, as financial firms increasingly look at longer trading hours and blockchain-based settlement.

Regulatory developments also continued globally, with G20 finance leaders calling for clearer digital-asset frameworks and further work on the cross-border impact of global stablecoins. Together, these developments point to a broader shift in the industry: institutional adoption is increasingly moving beyond simply gaining exposure to crypto assets and toward building the payments, settlement and market infrastructure needed to support a more integrated digital financial system.

Performance

Newsflow

Market | Bitcoin Posts Best August Since 2017

Bitcoin gained roughly 25% in August, marking its best August since 2017 and strongest monthly performance since November 2024. BTC has held around US$78,000 despite higher oil prices, rising bond yields and growing expectations for a September Fed rate hike, while U.S. spot Bitcoin ETFs recorded US$924 million in inflows over nine consecutive sessions before a US$202 million outflow on Friday. link

Stablecoin | 21 Banks Plan Dollar Stablecoin

A group of 21 global financial institutions, including Citi, Goldman Sachs and Bank of America, plans to establish a company this year to issue a U.S. dollar stablecoin in the first half of 2027 for payments and digital asset settlement. The group also plans to expand into other G7 currencies, with a euro stablecoin as a priority. link

More News

Institution | Bitmine bought 53,501 ETH worth about US$131.3 million last week, its largest Ether purchase since June, bringing its holdings to 5.90 million ETH, or about 4.9% of Ethereum’s supply. Chairman Tom Lee said Ether has outperformed the S&P 500 this quarter, which he expects could attract more institutional demand. link

Institution | Strategy bought 4,603 Bitcoin for US$369.7 million last week, its first purchase since late June. The acquisition brings its total holdings to 845,050 BTC, purchased at an average price of US$75,412. The company funded the latest purchase through the sale of US$602.8 million in common stock. link

Adoption | Robinhood Chain processed a record 5.52 million transactions on Aug. 30, while apps on the network generated about US$2.66 million in revenue over 24 hours, surpassing Ethereum. The activity was largely driven by memecoin trading, with users launching about 22,600 tokens through Pons in a single day. link

Regulation | The SEC proposed modernizing rules for registered transfer agents and will hold a Sept. 17 roundtable on the transition toward 24-hour U.S. equity trading. The move comes as U.S. exchanges and financial firms explore longer trading hours and blockchain-based settlement, supporting the development of more continuous markets. link

Institution | U.S. spot XRP ETFs recorded 11 consecutive sessions of net inflows, attracting about US$170 million during the streak and US$1.68 billion since launch. Goldman Sachs was the largest disclosed institutional holder as of June 30, with about US$87.4 million in XRP ETF exposure, followed by Jane Street and Millennium Management. link

Institution | Japan-listed Remixpoint sold all of its ETH, SOL, XRP and DOGE holdings for about US$5.5 million, leaving Bitcoin as its only cryptocurrency holding. The company now holds approximately 1,506 BTC and said the move was based on market conditions, risk-return characteristics and its financial strategy. link

Regulation | G20 finance ministers and central bank governors pledged to establish clearer regulatory frameworks for digital assets, recognizing their potential to support economic growth and private-sector innovation. They also called for further work on the cross-border implications of global stablecoins and expanded payment-system operating hours. link

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