Crypto market maker and digital asset infrastructure company Keyrock has published its latest edition of Bitcoin Anchored, a weekly market briefing examining developments across macroeconomics, crypto markets and onchain activity.
The report brings together several themes currently shaping digital asset markets, from Bitcoin’s resilience during changing expectations around interest rates to renewed retail speculation, declining leverage in Ethereum markets and the growth of tokenised reinsurance.
Designed as a weekly market dashboard, Bitcoin Anchored gives investors and market participants a consolidated view of the factors influencing both traditional and digital asset markets.
Bitcoin Holds Firm as Markets Reprice Interest Rate Expectations
One of the main themes highlighted in Keyrock’s latest report is Bitcoin’s performance against a changing macroeconomic backdrop.
Following comments from Kevin Warsh at Jackson Hole, markets moved to reassess expectations around interest rates and inflation. The repricing pushed pressure toward shorter-term Treasury yields while gold gave back some of its previous gains.
Bitcoin, however, remained relatively resilient.
According to Keyrock’s analysis, Bitcoin rose around 0.5% during the week and remained close to $77,700 despite a significant decline in implied volatility.
Keyrock points to continued institutional demand as another important factor, with spot Bitcoin ETFs recording more than $3 billion in inflows during a nine-day streak and approximately $3.3 billion in net inflows during August.
“We read the low-volatility hold as base-building into a firmer fourth quarter rather than a market that has topped.”
Keyrock says upcoming US jobs data, inflation figures and the next FOMC meeting will be key events to watch as markets assess whether tighter monetary policy could temporarily interrupt Bitcoin’s momentum.
Retail Speculation Returns to Crypto Markets
The report also highlights a renewed increase in retail trading activity across parts of the crypto market.
While several major memecoins declined during the week, trading activity on Solana increased significantly. According to Keyrock, Solana recorded approximately $5.2 billion in meme-related spot trading volume during the week ending August 26, accounting for roughly 85% of total meme trading activity.
pump.fun also recorded its strongest revenue performance since February, while activity across Robinhood’s blockchain ecosystem reached new highs.
Robinhood’s Layer-2 network reportedly generated close to $945 million in daily DEX volume on August 29, with active wallets climbing above 115,000.
For Keyrock, the activity provides an important signal about retail risk appetite.
“We read this as a genuine pulse of retail risk appetite.”
The key question, according to the company, is whether the activity can continue beyond a small number of highly speculative assets and develop into broader market participation.
Ethereum Leverage Shows Signs of Cooling
Another area examined by Keyrock is Ethereum’s onchain lending market.
WETH deposits increased by approximately 3% to $5.29 billion, while supply APY declined as deposits grew faster than borrowing demand.
According to Keyrock, this could indicate that demand for leveraged Ethereum strategies and short positions has weakened.
ETH itself traded within a relatively narrow range between approximately $2,450 and $2,546 during the week, while Ethereum staking continued to grow.
The report also highlights ongoing interest in staking-enabled investment products, including inflows into Ethereum-focused ETF products.
Keyrock is monitoring WETH utilisation and supply rates as potential indicators of whether leveraged demand begins returning to the Ethereum ecosystem.
A recovery in utilisation combined with rising supply rates could signal renewed borrowing activity before it becomes visible in broader price action.
Tokenised Reinsurance Emerges as a New Onchain Asset Class
One of the more unusual trends highlighted in the report is the growth of tokenised reinsurance.
Keyrock points to the expansion of OnRe’s ONyc token, which has grown to approximately $284.9 million in assets under management since launching in July 2025.
The token provides exposure to returns generated through insurance premiums and collateral income rather than traditional crypto trading or funding mechanisms.
According to the report, ONyc has generated a net APY of approximately 11.6%, with returns designed to be less correlated with broader crypto and macroeconomic markets.
Another player, Re Protocol, reached approximately $328 million in total value locked, bringing the combined tokenised reinsurance sector represented by the two platforms to more than $600 million.
That remains relatively small compared with the broader onchain real-world asset market.
Keyrock estimates that the combined segment currently represents only around 2% of the approximately $27 billion onchain RWA market.
“The appeal is the lack of correlation. Reinsurance premium yield is priced off catastrophe risk and treaty renewals, not the front end of the curve or perp funding.”
However, the company also notes that the returns come with real underlying insurance risk, meaning major catastrophe events could significantly impact the sector.
Keyrock’s View of the Market
Across macro, crypto and onchain markets, Keyrock’s latest Bitcoin Anchored report highlights a market environment where traditional monetary policy and digital asset activity are becoming increasingly interconnected.
Bitcoin has remained resilient despite changing rate expectations, retail speculation is showing signs of renewed activity, Ethereum leverage appears to be cooling and new tokenised asset classes are beginning to emerge beyond traditional crypto markets.
For Keyrock, monitoring these different layers together provides a more complete picture of where risk and opportunity are developing.
Through its weekly Bitcoin Anchored publication, the company continues to provide market participants with analysis covering macroeconomic trends, digital assets, decentralised finance and the rapidly growing onchain economy.
Readers can follow Keyrock’s market insights and receive future editions of Bitcoin Anchored through the company’s official channels.
About Keyrock
Keyrock is a global digital asset infrastructure and market-making company focused on providing liquidity and technology across cryptocurrency and digital asset markets.
The company operates across centralised and decentralised markets and provides liquidity, market-making and infrastructure services to exchanges, token issuers and institutional market participants.
As the digital asset ecosystem continues to expand across traditional finance, decentralised finance and tokenised assets, Keyrock is focused on building infrastructure designed to support more efficient and liquid markets.
