$62,800 per coin (reported, Aug. 14) is where Bitcoin ($BTC) settled after ranging between $60,000 and $65,000 for the seven days ended Aug. 14. The weekly high printed at $64,800 and went no further. The Clarity Act, the crypto-friendly legislation that briefly looked like a near-term catalyst, has been shelved in Washington.
Spot Bitcoin ETFs gathered $850 million in inflows over the week, a four-month high. That follows close to $5 billion in outflows during June. Institutional money is returning to the same flat market it left.
What moved on-chain
Glassnode data shows miner fee revenue as a share of total miner income fell to 0.52%, the lowest reading since 2016. Glassnode noted in a social media post that Bitcoin was below $400 the last time fee share was this low. The current 0.52% figure does not predict price; it does mean miners are running almost entirely on block subsidies, with fee demand providing no cushion.
Light U.S. inflation data, expected to lift crypto alongside equities, produced no reaction. U.S. equities drifted sideways as well.
Corporate sellers, not buyers
Three public companies were net sellers of BTC last week or through Q2.
| Company | BTC sold | BTC held (reported) | Reported value |
|---|---|---|---|
| Strategy ($MSTR) | 1,690 (week) | not disclosed | n/a |
| Trump Media ($DJT) | 65 net (Q2) | 9,477 | $557.1M |
| Riot Platforms ($RIOT) | 4,300 (Q2) | 11,380 | $717.65M |
Strategy raised $108.6 million from its Bitcoin sale and used that same amount to retire 1,152,020 shares of its variable-rate preferred stock ($STRC), which carries a 12% dividend yield. It raised an additional $653.1 million by selling 6.59 million common shares. The company is servicing its preferred stock obligations, not adding to its Bitcoin position. Trump Media ($DJT) reported a $360.6 million loss on cryptocurrency holdings in the first half of the year and attributed it to "market conditions." Riot ended Q2 with more than $1.2 billion in liquid assets, including $548.9 million in cash.
BlackRock ($BLK) launched the iShares Equity + Bitcoin ETF in Canada under the ticker IBQT on Aug. 10. It carries a 3% Bitcoin allocation, 97% equities exposure, and an annual management fee of 0.22%.
Tether completed its first independent audit, conducted by KPMG, covering its 2025 accounts and a $6.81 billion reserve. KPMG issued an unqualified opinion. Gemini ($GEMI) reported a $107.7 million net loss for Q2, narrowed 19% YoY from $133.2 million; revenue rose 19% YoY to $45.5 million. More than 100 crypto projects have shut down, filed for bankruptcy, or gone dark so far this year, according to analytics platform RootData, with named failures including BitMEX, BitMart, and Movement Labs.
Kalshi is in talks with Sequoia Capital and Wellington Management to raise $750 million at a $40 billion valuation, per media reports. That is nearly double its $22 billion valuation from a $1 billion raise completed in May.