According to a popular crypto analyst on social media platform X, Bitcoin is likely to experience a significant drop close to the $20,000 level before a surge above $50,000, marking the end of its downward trend. The analyst, Inmortal, believes that Bitcoin's current price action is similar to that of late 2019, when it fell from $10,000 to $6,000.

Delphi Labs researcher lex_node stated on social media X (formerly Twitter) that the proposed financial regulations for cryptocurrency brokers have just been released, which explicitly categorizes various personnel involved in DeFi (including website operators communicating with wallets) as brokers. Many DeFi network applications that have US users will need to track users' profits and losses and issue tax reports to them every year.

According to Ethereum developer @parithosh_j, the genesis file for the Ethereum public testnet Holesky has been generated and will be released on September 15th at 22:00 Beijing time. It is initially configured with 1.46 million validator nodes (twice that of the mainnet) to test the limit of validator set size, as well as an initial issuance of 2 billion hETH testnet native tokens to address the shortage of gETH native tokens on the previous Goerli testnet.

Despite the recent price crash of Ethereum (ETH), large players have been accumulating while smaller traders have been trying to offload their supply, leading to a concentration of ETH supply in the top 10 addresses. However, this does not indicate centralization of ETH. On-chain data provider Santiment explains that smaller traders are succumbing to fear, uncertainty, and doubt (FUD) during this market dip.

On August 25th, governance platform Snapshot announced support for the Ethereum Layer 2 network Mantle Network.

August 25th, Taiko, an Ethereum Layer2 network based on zkRollup, recently announced its first funding program on its website. The program aims to discover and support innovative community members who are building and developing in the Taiko ecosystem, and provide the economic incentives and developer resources needed to achieve their vision.

According to the data on the Ethereum official website, the total number of validators on the beacon chain has exceeded 750,000, with a total network staking amount of 24,006,384 ETH. Historical data shows that the total number of Ethereum beacon chain validators surpassed 600,000 in early June, meaning that this indicator has increased by more than 25% in the second quarter.

According to Lookonchain monitoring, four whale addresses increased their holdings of over 56,000 Ethereum in the past week, worth approximately $94 million. Among them, address 0x3CEE increased their holdings by 18,000 Ethereum (approximately $30 million), address starting with 0x3478 increased their holdings by 2,000 Ethereum (approximately $3.4 million), address starting with 0x5bA3 increased their holdings by 17,900 Ethereum (approximately $30 million), and smartestmoney.eth increased their holdings by 18,200 Ethereum (approximately $30.6 million).

On August 24th, according to an official announcement, Binance will support the contract exchange and brand restructuring of Travala.com (AVA) on the Ethereum (ERC20) network, which will be renamed as AVA (AVA).

The DeFi insurance protocol Nexus Mutual has pledged 6,624 Ethereum, worth about $11 million, to Kiln through the decentralized asset management protocol Enzyme.

Bitcoin rose over 3% to surpass $26,600 on Wednesday, marking its highest price this week. Ether also saw a 3.5% increase, approaching the $1,700 level. Solana's SOL and NEAR Protocol's native token both saw gains after being integrated into various platforms. <br>

The distributed stablecoin project Hope.money has announced its new project roadmap to the community today:

August 23, Web3 infrastructure company Risc Zero released Zeth, an open-source ZK block proof verifier based on RISC Zero zkVM for Ethereum. Zeth can prove that a given Ethereum block is valid in just a few minutes without relying on validators or synchronizing committees. Risc Zero said that Zeth can be used to help developers build ZK rollups, zkEVM, light clients, and cross-chain bridges more easily.

According to blockchain tracker Lookonchain, a trader on the decentralized exchange GMX earned over $1 million by correctly predicting Ethereum's price movements over the past few weeks. The trader shorted ETH on July 14th when it was trading near $2,000 and closed the position after the market crash last Thursday.

According to DefiLlama data, there is approximately $46.97 million in on-chain loan liquidation volume for Ethereum at around $1,463.

According to DefiLlama data on August 22, the protocol fee of friend.tech reached 1.68 million US dollars in 24 hours, ranking second only to Ethereum, surpassing Lido and Tron.

According to analytics firm IntoTheBlock, Ethereum layer-2s are thriving despite the bear market. The firm highlights Optimism, Arbitrum, and Base as the hottest layer-2s. Coinbase's Base has been a standout, surpassing Optimism in daily transactions shortly after launching. IntoTheBlock notes that the layer-2 ecosystem has been showing healthy fundamentals throughout the market volatility and is poised to benefit greatly from the implementation of the Dencun upgrade.

Prominent esports influencers, including FaZe Banks, FaZe Rain, and Nadeshot, have earned significant passive income on the new crypto platform Friend.tech. The platform, which operates on the Base network, allows users to trade "keys" of various individuals and grants key buyers access to a dedicated group chat. As keys are bought and sold, the individual whose keys are being traded receives a small percentage of the sale in Ethereum. The platform remains invite-only for now, and it's unclear when it will be opened up to a broader audience.

According to DefiLlama data, in the past 24 hours, friend.tech has generated nearly $710,000 in protocol revenue, ranking first among DApps, surpassing well-known DeFi protocols such as TRON and Uniswap, and second only to Ethereum and Lido.

On August 21st, according to an official announcement, Binance has completed the integration of Pancake Swap (CAKE) on the Ethereum (ERC20) network and Kyber Network (KNC) on the Polygon network. Deposits and withdrawals of Pancake Swap (CAKE) and Kyber Network (KNC) tokens are now open on the Ethereum (ERC20) and Polygon networks respectively.