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What to know:

By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin (BTC) remains under pressure after losing the bullish trendline from April lows, with downside largely contained around $114,600 for now.

Even so, it looks as though fresh demand is entering the market. Glassnode’s Supply by Investor Behavior metric shows that in the past five days, supply held by first time buyers increased by 1.0% to 4.93 million BTC.

Meanwhile, supply controlled by so-called conviction buyers, i.e. investors with strong holding intent, has grown 10% to 1.03 million BTC. Nevertheless, the latest surge appears subdued compared with July, a sign that the latest price dip may be too shallow for bargain hunters.

Loss Sellers, those getting rid of the cryptocurrency at less than they paid, spiked 37.8% to 87,000 BTC, signaling increased short-term selling pressure. These are mostly short-term holders, according to analytics firm CryptoQuant.

If the market quickly absorbs these sales, it could mark a reset similar to past events that preceded strong rebounds. If absorption falters, it could signal a deeper momentum breakdown, CryptoQuant said on X.

On the ether front, prices seem to be retracing to test a crucial breakout point near $4,100.

"Ethereum rolled back to $4,200, losing more than 12% from its peak. The second-largest coin by capitalization is seriously aiming to test the strength of the former resistance area near $4,100, which has been holding back price growth since March 2024," said Alex Kuptsikevich, the chief market analyst at FxPro. "The ability to stay above this level will indicate a change in the market regime for this cryptocurrency, as the abundant capital inflows also suggest."

Looking more broadly, the crypto market alongside Nasdaq market breadth points to interim weakness within an ongoing bull run. According to some observers, bitcoin, ether and solana have all recently entered oversold territory on the Relative Strength Index (RSI), suggesting that while caution is warranted, these dips may present opportunities. Stay alert!

Grayscale’s New Income-Focused ETFs

Grayscale, the world’s largest crypto-native asset manager, now offers two new income-focused ETFs:

• Grayscale Bitcoin Covered Call ETF (BTCC) seeks to maximize potential income generation, and is designed to serve as a complement to existing Bitcoin ownership.
• Grayscale Bitcoin Premium Income ETF (BPI) seeks to balance upside participation with income generation, and is designed to serve as an alternative to direct Bitcoin ownership.

Through two different approaches to systematic covered call writing on Bitcoin, these two products deliver an alternative income stream for investors that’s less correlated to traditional income-oriented investments.

BTCC and BPI both offer monthly distributions for investors.* See the latest distribution amount on their respective product pages at etfs.grayscale.com

Important Disclosures

*The Funds intend to pay out dividends from net investment income, if any, and distribute any net unrealized capital gains to their shareholders at least annually.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please call (866)-775-0313 or visit our websites at etfs.grayscale.com/btcc and etfs.grayscale.com/bpi. Read the prospectuses or summary prospectuses carefully before investing.

Investing involves risk and possible loss of principal. There is no guarantee the investment strategy will be successful. The Fund is considered to be non-diversified. The Fund is actively managed and its performance reflects the investment decisions that the Adviser makes for the Fund.

Grayscale Bitcoin Covered Call ETF (“BTCC”) and Grayscale premium Income ETF ("BPI") (collectively, the "Funds") will not invest in digital assets directly. The Funds also will not invest in initial coin offerings. The Funds will, however, have indirect exposure to digital assets by virtue of its investments in derivatives on exchange-traded vehicles that hold digital assets as investments. Because the Funds will not invest directly in any digital assets, they may not track price movements of any digital assets.

BTCC and BPI are distributed by Foreside Fund Services, LLC and Grayscale Advisors, LLC is the adviser. Foreside is not related to GSA or its affiliates.

Crypto

• Aug. 20, 1 p.m.: Hedera (HBAR) plans to upgrade its mainnet to version 0.64. The process is expected to last around 40 minutes, during which network services may experience temporary interruptions.

• Aug. 20: Qubic (QUBIC), the fastest blockchain ever recorded, will undergo its first yearly halving event as part of a controlled emission model. Although gross emissions remain fixed at one trillion QUBIC tokens per week, the adaptive burn rate will increase substantially — burning some 28.75 trillion tokens and reducing net effective emissions to about 21.25 trillion tokens.

• Aug. 21: Layer-1 blockchain Viction (VIC), formerly known as TomoChain, finalizes the Atlas hard fork upgrade on mainnet. The update launched on July 23. All node operators must complete the upgrade by Aug. 21 to ensure full network functionality.

Macro

• Aug. 19, 8:30 a.m.: Statistics Canada releases July consumer price inflation data.
  • Core Inflation Rate MoM Est. 0.4% vs. Prev. 0.1%
  • Core Inflation Rate YoY Prev. 2.7%
  • Inflation Rate MoM Est. 0.3% vs. Prev. 0.1%
  • Inflation Rate YoY Est. 1.7% vs. Prev. 1.9%

• Aug. 19, 2:10 p.m.: Fed Vice Chair for Supervision Michelle W. Bowman will speak on “Fostering New Technology in the Banking System” at the Wyoming Blockchain Symposium 2025. Watch live.

  Aug. 19, 4 p.m.: The Central Bank of Uruguay announces its monetary policy decision.

  Monetary Policy Rate Prev. 9%

• Aug. 20, 11 a.m.: Fed Governor Christopher J. Waller will speak on “Payments” at the Wyoming Blockchain Symposium 2025. Watch live.

• Aug. 20, 2 p.m.: The Fed will release the minutes from the July 29-30 FOMC meeting.

• Aug. 21, 8:30 a.m.: Statistics Canada releases July producer price inflation data.

  • PPI MoM Prev. 0.4%

  • PPI YoY Prev. 1.7%

• Aug. 21, 9:45 a.m.: S&P Global releases (flash) August U.S. data on manufacturing and services activity.

  • Composite PMI Prev. 55.1

  • Manufacturing PMI Est. 49.5 vs. Prev. 49.8

  • Services PMI Est. 53.7 vs. Prev. 55.7

Earnings (Estimates based on FactSet data)

• Aug. 25: Windtree Therapeutics (WINT), pre-market, N/A

Governance Votes & Calls

Unlocks

Token Launches