Bitcoin reached a new all-time high on Wednesday, 13 August 2025, of $124,000

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Bitcoin reached a new all-time high on Wednesday, 13 August 2025, of $124,000

 
Bitcoin reached a new all-time high on Wednesday of $124,000, which some experts attribute to spot bitcoin ETF purchases and fears of a weakening dollar. The next day, Bitcoin sold off sharply, down more than 5%, following news of “the latest U.S. Producer Price Index (PPI) report, which showed wholesale prices running hotter than anticipated, and Bessent’s remarks only added to the downbeat sentiment.”

Despite the all-time high and the usual wave of bullish news, bitcoin played second fiddle to Ethereum this week. In truth, that’s probably been the case for several weeks. Still, this time it felt like Ethereum dominated every podcast I listened to and filled nearly every conversation on Crypto Twitter (CT).
 

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A major driver of Ethereum’s price appreciation is the treasury narrative. This week, SBET announced it expects to hold over $3 billion after a $400 million deal. Another driver is the institutional inflows via spot ether ETFs. This week was yet another banner week, with the second-biggest inflows ever.

With ETH nearly at an all-time high, ambitious price retargets have started to emerge. Tom Lee is predicting $10,000 by year’s end. Not to be outdone, Standard Chartered suggested ETH could reach $25,000
While searches for ‘bitcoin’ remain well below the previous cycle's peak, searches for Ethereum are just shy of the last cycle's peak.
 

Token Narratives co-host, the inestimable Graham Stone, maintained in this week’s episode that any significant price appreciation from here isn’t grounded in fundamentals, particularly when it comes to the revenue narrative. Following last week’s excellent talk about privacy, and this week’s relatively successful 51% attack on Monero, has me thinking Ethereum might deserve some decentralization premium.

 

Oh Monero! What initially seemed like a PR stunt from upstart blockchain Qubic, hinted at in an ominous X post on July 26, began with a whimper and ended with a bang. The attack was planned to span the month of August, but was called off after achieving a six and a seven-block reorg as well as producing empty blocks. Qubic has called off the month-long attack early, claiming they don’t want to destroy Monero because, as the biggest Monero miners, they’d lose money.

 

Graham noted a silver lining: the episode demonstrated the real-world game-theoretic financial counterforces to 51% attacks. Monero community members are trying to find silver linings, too, Xenu (Anti Moon Boy on YouTube) said in a great Monerotalk about the attack, that it was a much-needed wake-up call. To paraphrase: “If we can’t handle this shitty project’s attack, then we aren’t ready to handle state actors, or anyone serious.”

 

There was another big news story related to the fundamental crypto pillars of decentralization and privacy. Google, one half of the Apple-Google app store duopoly, clarified that a July 2025 policy update on the Play Store was mistakenly worded to imply a ban on self-custody crypto wallets, and confirmed such wallets will remain allowed without requiring government licensing or registration.

 

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Google promptly fell more than crypto. The Giver on X pointed out that this could’ve been a significant moment between Apple and Google, acting similar to a wedge issue in politics. I think the market’s reaction was vital because it shows that even the most powerful companies in the world now must carefully consider their actions regarding crypto.

It’s also a curious coincidence that Solana Mobile’s Seeker phones began shipping recently. I got mine last week. When the Google news initially broke, my first thought was relief that I had a viable self-custody backup phone. My second thought was of Solana co-founder extolling the virtues of the Seeker, including a prescient segment about the duopoly and the importance of a crypto-friendly app store.

 In the future, due to stablecoin growth. Yes, Ethereum sentiment is high amongst CT, but there are indications that retail is getting excited too. Take, for instance, the following Google Trend data comparing searches of Bitcoin and Ethereum.
 

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