People saying the bull run is over are wrong. There are still good reasons to believe in it.
Let me walk you through what I’m seeing.
Qué pasa in crypto?
The ETH paradox
The week started with plenty of hope for some, and much less for others:
- Those who’ve spent three years waiting for ETH to break its previous all-time high
- Those who gave up and sold around $2,000 because they no longer believed in it
Yet ETH is benefiting from huge inflows through ETFs and regular announcements of institutional buying.
ETH chart in August 2025
So why isn’t the price rising even more?
I think the media mainly focus on record inflows and forget to mention equally significant outflows.
Simple as that...
Bitcoin still dominates
Meanwhile, Bitcoin reached a new all-time high above $124,000.
Bitcoin chart in August 2025
Other coins followed, but let’s not forget that doubt has never really gone away during this bull run.
With several coins at all-time highs, it’s tempting to sell now rather than wait for another rise that may or may not come.
Many investors are using the new highs to lock in gains.
That widespread profit-taking explains the decline we saw in the middle and towards the end of the week.
And it’s no coincidence that the correction came alongside the following news...
What about the macroeconomic releases?
CPI, the Consumer Price Index, released on 12 August, came in close to expectations: 2.7% versus 2.8% expected.
US CPI table in August 2025
Reassuring, you might think?
Yes, but less than we’d hoped. PPI, the Producer Price Index, released on 15 August, surprised to the upside: 3.3% rather than the expected 2.5%.
The current problem with PPI
PPI measures prices at the factory gate and acts as a leading indicator for consumer inflation.
When producers pay more, they generally pass those increases on to consumers.
That weakens the case for a quick Fed rate cut, because the Fed is focused on bringing inflation back towards 2%.
The next Fed meeting, the FOMC, is on 16 and 17 September. We’ll see where things stand by then.
Geopolitics
News of a meeting between Donald Trump and Vladimir Putin had already generated optimism.
The goal was clear: try to bring peace to the war between Russia and Ukraine.
They met in Alaska on Friday 15 August. Three hours of talks, but no agreement so far.
Even without a concrete outcome, the resumption of dialogue at the highest level between the United States and Russia is enough to offer investors some reassurance.
My take?
I’m still optimistic.
Nothing is really making me doubt that, especially compared with what happened over the past few months.
ATH stands for all-time high, the highest price an asset has ever reached.
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