Daily Market Wrap | Aug. 26

Hot Topics

• Grayscale filed an S-1 with the SEC to convert its Avalanche Trust into a spot AVAX ETF, to be listed on Nasdaq under ticker AVAX.
• Trump signed orders on August 25, 2025, to limit cashless bail in D.C. and threaten funding cuts for jurisdictions using it.
• Sharps Technology raised $400 million to establish a Solana-focused digital asset treasury, causing its stock to surge 70%.

Market Updates

• The Sui blockchain's transaction blocks officially exceeded 4 billion.
• Bitcoin fell below $110,000, down 7% since its post-Powell speech high, while Ether dropped 8% to under $4,400, with $700M in leveraged positions liquidated.