Bitcoin hits new all-time-high as crypto market cap tops US$4.2T

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Risk appetite returned this week as softer US inflation strengthened bets on a September rate cut. Headline CPI rose 0.2% in July. The annual rate held at 2.7% and came in just below forecasts. Fuel costs moved lower, and food prices stayed flat. Treasury yields fell to 4.24% on the 10-year. US stocks finished at record highs. The drop in yields encouraged a rotation into risk assets.

Meanwhile, the friendlier backdrop carried over into digital assets. Total crypto market cap broke above US$4 trillion for the first time and peaked at US$4.2 trillion. Bitcoin reached a new all-time high of US$124.5K. Ethereum pushed past its earlier August peak and briefly touched US$4,786. Gains extended across many altcoins. Summer trading volumes stayed thin and bearish divergence signals pointed to cooling momentum.

Elsewhere in the world, euro area inflation stayed close to target. China’s exports rose ahead of incoming US tariffs. Japan’s wholesale inflation eased and import prices dropped. In Australia, the RBA cut rates as inflation slowed, and unemployment edged higher.

State of Crypto

• Bitcoin pierces resistance and propels to US$124,474 (AU$189,176) in new all-time high territory
• Ethereum advances on corporate accumulation, on-chain growth, and policy moves
• Solana and Chainlink outperform on strong catalysts and technical breakouts
• Bitcoin dominance retreats as capital migrates toward high-conviction altcoin plays
• Institutional inflows into BTC and ETH ETFs reinforce long-term positioning

Bitcoin pierces resistance and propels to US$124,474 (AU$189,176) in new all-time high territory

BTC pushed through resistance to set a new all-time high at US$124,474 (AU$189,176). The move came after repeated failures to break US$122.5K, with a liquidation zone just below US$123K likely triggering the short-term burst higher. Bitcoin remains in a medium-term uptrend, holding well above the rising 50-day MA near US$115K and the 200-day MA around US$100K.

On the 4-hour chart, RSI hovered in the mid-50s before the CPI release, signalling neutral momentum after overbought readings in late July. Bearish divergence on the 4-hour and daily charts suggests momentum could fade. Immediate support sits at US$118K, followed by US$116K and US$114–115K. The US$125K psychological barrier is the next key resistance, while a break below US$116K risks a retest of US$112K.

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Ethereum advances on corporate accumulation, on-chain growth, and policy moves

ETH climbed 28% for the week and briefly touched US$4,786. The rally has been driven by growing corporate treasury allocations from firms such as Bitmine Immersion and Sharplink Gaming Axios, alongside notable on-chain growth. The network also continues to benefit from policy tailwinds, including the GENIUS Act, which favours stablecoin adoption and strengthens Ethereum’s broader use case.

ETH is now holding above US$4.7K. It remains a leader in altcoin performance and a focal point for capital rotation from BTC. The advance is supported by a strong technical backdrop. Price action holds above key moving averages and momentum continues to draw strength from wider market conditions.

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Solana and Chainlink outperform on strong catalysts and technical breakouts

Solana (SOL) rose 21% this week to reclaim the US$200 level. The move extended gains on the back of constructive technical signals and sustained investor interest.

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Chainlink (LINK), meanwhile, outpaced the broader market with a surge of more than 40% after Brazil’s central bank selected its standard for the country’s CBDC project. This marks a milestone that reinforces LINK’s role in real-world blockchain adoption. Both assets have drawn strong capital flows and bullish sentiment. Price action shows improving momentum structures.

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Bitcoin dominance retreats as capital migrates toward high-conviction altcoin plays

BTC dominance has fallen to 59.6% from July highs above 66%. The downtrend has continued for several weeks. Dominance stayed below 60% even as BTC set a new all-time high earlier today, which may be an early sign that momentum could fade.

The shift points to altcoins regaining market share after an extended period of BTC leadership. This trend has also shown up in recent ETF activity and in the relative strength of Ethereum.

Institutional inflows into BTC and ETH ETFs reinforce long-term positioning

Bitcoin ETFs recorded US$244M in net inflows over the past seven days. Cumulative flows now stand at US$54.7B. Ethereum ETFs brought in US$1.5B during the same period. This included a US$523.9M single-day addition. Since their launch, ETH ETFs have seen US$11.9B in inflows against US$3.2B in outflows. Persistent positive flows show that institutional confidence remains strong. Ethereum is enjoying a short-term surge in demand. Bitcoin continues to anchor long-term portfolio strategies.

Industry headlines and market movers beyond the charts

Ripple finally closed the book on its long-running battle with the US SEC, agreeing to a US$125M civil penalty in a case that set precedent for how XRP sales are viewed.

In a headline straight from the intersection of politics and crypto, World Liberty Financial - backed by Donald Trump - announced a US$1.5B token purchase deal with ALT5 Sigma. The agreement includes partial payment in its own token ($WLFI), signalling deeper involvement in digital assets by the Trump family.

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Crypto Fear & Greed Index

Source: Fear & Greed Index

BTC Markets in the news

AFR: What Boomers and bitcoin bros have in common

At HODL’s core is the thesis that it’s better to stay the course during market ups and downs rather than sell at the first sign of volatility.

“It’s an investment philosophy that works across asset classes and is a conviction trade,” said Caroline Bowler of BTC Markets.

Bloomberg: Bitcoin nears record as Treasury investors boost crypto market

“Bitcoin’s climb toward record highs is being supported by steady institutional inflows into corporate treasuries, US spot ETFs and a shift in sentiment following new US tariffs on imported gold bars,” said Rachael Lucas, a crypto analyst at BTC Markets.

“With gold facing supply bottlenecks and policy risk, Bitcoin’s role as a borderless, tariff-free store of value is gaining traction among investors.”

AFR: Bitcoin emerges as ‘sovereign-proof store of value’

BTC Markets head of finance Charlie Sherry says a surprise 39 per cent US tariff on imported one-kilogram gold bars has renewed interest in bitcoin as a sovereign proof investment.

“In contrast, bitcoin is emerging as a resilient, borderless alternative store of value. Unlike gold, bitcoin operates beyond tariffs, customs, and physical restrictions, earning it the label ‘sovereign-proof store of value,’” he said.

AFR: Institutional interest driving bitcoin gains, says BTC Markets

“It also means that US workers can potentially allocate a portion of their retirement savings to bitcoin ETFs or Ethereum-based products, although adoption depends on employers opting in and fiduciaries assessing the risks carefully,” BTC Markets cryptocurrency analyst Rachael Lucas said.

“As this trend grows, it could channel billions in retail capital into crypto, supporting price stability and sustained growth.”

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The week ahead: Economic events

Thursday, August 14th

• United Kingdom GDP Growth Rate, GDP Annual Growth Rate, Monthly GDP MoM
• United States Producer Price Inflation MoM

Friday, August 15th 

• Japan GDP Growth Rate
• China Industrial Production, Retail Sales YoY
• US Retail Sales, Michigan Consumer Sentiment

Tuesday, August 19th 

• Australia Consumer Confidence MoM
• Canada Inflation Rate
• United States Building Permits, Housing Starts

Wednesday, August 20th 

• Japan Balance of Trade
• United Kingdom Inflation Rate

Source: Trading Economics

Market reflections

• United States: Softer CPI and lower yields boost bets on September Fed rate cut
• Eurozone: Inflation holds near target as sentiment dips on trade and growth concerns
• China: Export strength offsets weak prices, but deflation risks persist
• Japan: Cooling wholesale inflation keeps BOJ on gradual policy path
• Australia: RBA’s surprise rate cut signals more easing ahead

United States: Softer CPI and lower yields boost bets on September Fed rate cut

A 0.2% CPI rise kept annual inflation at 2.7%, while core CPI’s 0.3% gain marked its first pickup since January. Cheaper gasoline and flat food costs contained headline prices. The 10-year yield eased to 4.24% as markets priced in near-certainty of a 25 bps September cut, supporting demand for Bitcoin and other non-yielding assets.

Eurozone: Inflation holds near target as sentiment dips on trade and growth concerns

Headline inflation stayed near the ECB’s 2% goal, but Germany’s ZEW sentiment index tumbled to 34.7 on disappointment over the EU–US trade deal and weak Q2 output. Yields were steady as traders bet on another small cut later this year, keeping the backdrop stable for euro-based crypto investors.

China: Export strength offsets weak prices, but deflation risks persist

Exports rose 7.2% YoY and imports gained 4.1%, narrowing the trade surplus to US$98B ahead of possible US tariffs. Consumer prices were flat, while producer prices fell 3.6%, keeping deflation in focus. Core inflation ticked up to 0.8%, hinting at modest demand recovery.

Japan: Cooling wholesale inflation keeps BOJ on gradual policy path

Wholesale prices slowed to 2.6% YoY, while import costs plunged 10.4%. Governor Ueda signalled no urgency to raise rates beyond 0.5%. A firmer yen and steady yields help sustain Japanese risk appetite.

Australia: RBA’s surprise rate cut signals more easing ahead

The Reserve Bank of Australia trimmed its cash rate by 25 bps to 3.60%, its third cut this year, citing softer inflation and higher unemployment. The Australian dollar slipped toward US$0.651 as markets weighed the chance of more cuts, a trend that could steer local investors toward alternative assets like crypto.

Closing thoughts: Rally shows signs of fatigue as summer liquidity stays thin

Markets remain upbeat, but the rally is starting to look stretched after sharp short-term gains and fresh all-time highs in key tokens. With summer liquidity still thin and news flow quieter, a brief cooling or consolidation phase wouldn’t be surprising. For now, the macro backdrop stays supportive - but watch for momentum to ease in the days ahead.

Scam alert

Threat and extortion scams: Recognise the warning signs

Scammers are increasingly turning to intimidation to get people’s money or personal details. They might threaten arrest, deportation, harm, or public exposure - often while pretending to be government officials, police, or other trusted authorities.

Sometimes they’ll call, email, or send a message claiming you owe money and must pay right away. In more personal attacks, they may threaten to release private photos or sensitive information unless you comply. The aim is simple: to scare you into acting before you’ve had a chance to check if it’s real.

Common red flags:

• Unexpected contact claiming you have unpaid debts or face legal trouble.
• Pressure to pay immediately, often via unusual methods like cryptocurrency or gift cards.
• Requests for personal or financial information.
• Threats involving police, immigration, or other official agencies.

How to protect yourself

• End contact straight away - hang up, delete the message, or block the sender.
• Never share personal details or make a payment without verifying the request.
• Double-check any claims directly with the organisation using official contact details.
• Report the scam to the relevant authorities.

Protect yourself and others. Learn more at scamwatch.gov.au.

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