August’s Crypto Corner: Ether Steals the Spotlight as Bitcoin Sets Records

Whale Sales and Late Selloff Cut August Gains

The rally began to show signs of fatigue later in August, punctuated by a curious Sunday selloff the afternoon of  August 24 (NY time), just moments after ETH set its new all-time high. The sudden drop was attributed to a long-time bitcoin holder selling 24,000 BTC worth $2.7 billion, reportedly replacing the exposure with ETH. This was the second “whale sale” of the summer, following the offloading of 80,000 bitcoin in July as part of “estate planning.”

By the end of August, bitcoin had lost 7% on the month and stood near $109,000, heading into the traditional end of summer almost precisely where it was trading during Memorial Day weekend. Ether also lost ground during the last week of August, but still added 19% for the month.

CoinDesk Indices market benchmarks reflected the markets mid-month peak and subsequent pullback. The CoinDesk 5 Index (CD5) made an all time high of 2227.31 on August 13, but ended up losing 2.13% in August, reflecting bitcoin’s decline.

The CoinDesk 20 Index rose 2.71% in August, also marking an all-time high on August 13 of 4493.41. Participation was narrower in index performance, with ETH and SOL doing most of the lifting.

CoinDesk 20 Index Performance Attribution - August 2025

Source: CoinDesk Indices

Crypto-linked ETFs reflected the rotation from BTC to ETH. While BTC ETFs experienced more than $750 million of outflows, ETH ETFs gathered more than $3.8 billion.

Crypto markets enter a “washing machine” of swirling factors in September and October. Interest rates and Fed policy, potential regulatory approval of additional single- and multi-token crypto asset ETFs, the proliferation and popularity of digital asset treasury companies (DATs) and general risk sentiment will all contribute to what is sure to be an interesting autumn season.

About the Author: Andy Baehr, CFA

Andy leads research and product development of digital asset indices and strategies at CoinDesk Indices, bringing twenty-five years of global markets and investment management experience to help improve crypto trading and investing for everyone.

Prior to joining CoinDesk, Andy was a partner at Risk Premium Investments, an alternative asset management firm serving institutions. Earlier, he held leadership roles on derivatives desks at Credit Suisse, BNP Paribas, Morgan Stanley, and Deutsche Bank, focusing on options, structured products, and systematic strategies.

Andy holds BA and MBA degrees from Columbia University. He is a CFA® charter holder and holds the CAIA designation. Since 2008, Andy has served as a board member for Goodwill NYNJ.

Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.