{"id":26434,"date":"2025-08-24T18:56:04","date_gmt":"2025-08-24T15:56:04","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=26434"},"modified":"2025-08-25T08:52:35","modified_gmt":"2025-08-25T05:52:35","slug":"week-in-review-ethereum-hits-a-new-ath-as-two-bitcoin-pools-seize-51-of-hashrate","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/week-in-review-ethereum-hits-a-new-ath-as-two-bitcoin-pools-seize-51-of-hashrate\/","title":{"rendered":"Week in review: Ethereum hits a new ATH as two bitcoin pools seize 51% of hashrate"},"content":{"rendered":"

ETH hit a fresh high after remarks by the chair of the Fed<\/span>, two pools amassed 51% of bitcoin\u2019s hashrate, Solana set a speed record, and other events of the week.<\/p>\n

Ethereum\u2019s record<\/h2>\n

The crypto market spent the past seven days fixated on Federal Reserve chair Jerome Powell. Anticipation of his Jackson Hole speech stoked sharp volatility.<\/p>\n

On Monday bitcoin fell abruptly from $118,000 to $115,000.<\/p>\n

The correction set the tone for the first half of the week. By Thursday, with only brief rebounds, the digital gold had plunged<\/a> to $112,000.<\/p>\n

\"\u0418\u0442\u043e\u0433\u0438
Hourly chart of BTC\/USDT on Binance. Source: TradingView<\/a>.<\/figcaption><\/figure>\n

On the evening of 22 August the asset almost entirely erased the drop<\/a> on the back of Powell\u2019s upbeat tone. In less than two hours, digital gold jumped above $117,000.<\/p>\n

The Fed chair hinted at a possible rate cut in September while pointing to weak labour data and a slowing economy.<\/p>\n

At present, 75% of investors expect a cut at the next Fed meeting, though the share was 89% immediately after Powell\u2019s speech.<\/p>\n

\"\u0418\u0442\u043e\u0433\u0438
Source: CME FedWatch<\/a>.<\/figcaption><\/figure>\n

Ethereum again outperformed bitcoin on the week, +5% versus -3%. Amid the improved mood, the coin notched a new all-time high\u2014only a few dollars above the previous one ($4889 on Binance).<\/p>\n

\"\u0418\u0442\u043e\u0433\u0438
Hourly chart of ETH\/USDT on Binance. Source: TradingView<\/a>.<\/figcaption><\/figure>\n

At the time of writing, the second-largest cryptocurrency trades around $4770.<\/p>\n

Throughout the past trading week, spot bitcoin ETFs saw outflows totalling $1.17bn.<\/p>\n

\"\u0418\u0442\u043e\u0433\u0438
Source: SoSoValue<\/a>.\u00a0<\/figcaption><\/figure>\n

Ethereum products showed a similar pattern, with $578m withdrawn. However, on 21 August the funds attracted<\/a> $288m, erasing nearly a third of the losses.<\/p>\n

\"\u0418\u0442\u043e\u0433\u0438
Source: SoSoValue<\/a>.\u00a0<\/figcaption><\/figure>\n

Most altcoins fared better than the bellwether. On 21 August BNB set<\/a> a new all-time high at $881.<\/p>\n

\"\u0418\u0442\u043e\u0433\u0438
Source: CoinGecko<\/a>.\u00a0<\/figcaption><\/figure>\n

XRP held above $3; SOL quotes rose to $205.<\/p>\n

Total crypto market capitalisation is a little over $4trn. Bitcoin\u2019s dominance fell to 56.4%.<\/p>\n

The crypto fear and greed index sits at 53, signalling neutral sentiment.<\/p>\n

\"\u0418\u0442\u043e\u0433\u0438
Data: alternative.me<\/a>.<\/figcaption><\/figure>\n

Mining difficulty and bitcoin pool dominance<\/h2>\n

On 22 August, after the latest adjustment, mining difficulty for the original cryptocurrency added<\/a> 0.2%, setting a record at 129.7 T.<\/p>\n

\"\u0418\u0442\u043e\u0433\u0438
Source: CloverPool<\/a>.<\/figcaption><\/figure>\n

Hashrate (7 DMA) stands at 945 EH\/s. The record 966 EH\/s was set on 7 August.<\/p>\n

\"\u0418\u0442\u043e\u0433\u0438
Source: Glassnode<\/a>.<\/figcaption><\/figure>\n

Meanwhile, daily fees (7 DMA) on the bitcoin network dropped to 3.13 BTC, levels last seen in 2011.<\/p>\n

\"\u0418\u0442\u043e\u0433\u0438
Source: Glassnode.<\/figcaption><\/figure>\n

According to Hashrate Index<\/a>, the hashprice<\/span> is about $55 per PH per day.<\/p>\n

Also this week it emerged that the Foundry USA and AntPool mining pools took control of<\/a> more than half of the network\u2019s hashrate, opening the door to a potential 51% attack.<\/p>\n

\"\u0418\u0442\u043e\u0433\u0438
Source: X<\/a>.<\/figcaption><\/figure>\n

According to WhaleWire CEO Jacob King, the last such episode came in 2015, when GHash.io reached a similar level of dominance. The pool then voluntarily reduced its share after a wave of criticism.<\/p>\n

King voiced concern about centralisation risks that bitcoin advocates ignore. He believes the market currently rests on shaky props:<\/p>\n