Major cryptocurrencies led global risk assets in August, according to Crypto.com Research, with Solana posting the strongest monthly gain.
The report’s cross-asset table showed BTC up 25.0% for the month, ETH up 32.6%, and SOL up 41.5%. Over the same period, the Nasdaq rose 3.9%, the S&P 500 gained 2.6%, and gold climbed 9.9%. Real estate fell 4.0%, while global bonds remained under pressure.
The article said crypto regained its position in August as the highest-beta segment among global risk assets, but added that strong elasticity in a single month does not amount to a confirmed trend reversal. It described the move as a recovery in risk appetite after steep losses in the first half of the year, rather than proof that a fresh, broad bull market has already arrived.
Year-to-date returns remain negative
Despite the strong move in August, year-to-date returns for major crypto assets were still negative because of the pullback earlier this year.
As of the end of August, BTC had a YTD return of -10.3%, ETH was at -17.0%, and SOL was at -17.3%. Traditional risk assets, by contrast, remained in positive territory. The S&P 500 and Nasdaq had returned +12.3% and +13.5%, while commodities as a whole were up 28.9%.
The piece cited market analysis saying the August rally in crypto was mainly a valuation repair phase after the earlier selloff. Capital was repriced during the month, but a full rotation into core crypto positions had not yet been completed.
ETF inflows and TradFi expansion supported the move
On the flows side, spot ETFs were presented as the main source of buying support in August.
U.S. spot Bitcoin ETFs recorded about $3.5 billion in net inflows during the month, the highest monthly total since October 2025. Spot Ether ETFs also saw about $1.8 billion in net inflows over the same period.
Traditional finance continued to push deeper into crypto as well. BlackRock expanded its tokenized money market fund, and Charles Schwab broadened its crypto services. Issuance of tokenized stocks and real-world asset, or RWA, products also increased, a sign that compliant capital channels are widening.
Markets are now watching this week’s FOMC meeting
By mid-September, spot trading volumes in crypto had started to slow, and traders were waiting for the next macro catalyst.
The main focus is now the Federal Open Market Committee meeting set for Sept. 15-16. U.S. macro data showed August CPI rose 3.4% year over year, while core inflation remained sticky. Combined with recent hawkish public comments from new Federal Reserve Chair Kevin Warsh, CME FedWatch showed the market had priced in an 85% probability of a 25 basis-point rate hike this week.
The article said that if the Fed raises rates as expected or maintains hawkish guidance, crypto assets that are sensitive to real rates could face short-term downside pressure. If the policy stance softens instead, that could offer liquidity support for the market’s next move. Prices have already pulled back to around $77,000 for Bitcoin, and the article said the real test now lies with this week’s FOMC decision.