Why is crypto going down today? Friday, August 29, marks a critical day for the crypto markets as Binance Futures suddenly went offline while a massive $15 billion in Bitcoin and Ethereum options contracts are set to expire. The Bitcoin options market shows a put/call ratio of 0.79, with the “max pain” level at $116,000 and open interest heaviest at $140,000. Ethereum contracts show similar bullish momentum, with a put/call ratio of 0.76 and max pain at $3,800.
With traders already bracing for turbulence, the outage adds further uncertainty — and it has many asking what could be the best crypto to buy now.
BREAKING: BINANCE FUTURES OFFLINE IN ORDER TO DISABLE SELLING. UP ONLY RESUMES SHORTLY. https://t.co/cflQlRG5rk
— VikingXBT (@VikingXBT) August 29, 2025
Some traders are joking that since Binance Futures is temporarily offline, maybe the market can finally go up again. Well, that’s not what is happening — at least for now. But not all crypto are going down.
Two possible conterders as best crypto to buy now could be Chainlink (LINK) and Pyth Network (PYTH): both secured high-profile roles in bringing U.S. government economic data on-chain.
Chainlink has been outperforming many altcoins recently, fueled by strong fundamentals: new U.S. government and institutional adoption, growing use cases in real-world asset tokenization, and its increasing role as core blockchain infrastructure. These drivers suggest LINK could have more room to climb even as broader markets face turbulence.
EXPLORE: Top 20 Crypto to Buy in 2025
Chainlink and Pyth Network Gain Momentum with U.S. Government Backing: Best Crypto to Buy Now?
Both Chainlink and Pyth are rallying on groundbreaking partnerships with the U.S. Department of Commerce. For LINK the positive momentum is fueled by two major developments:
- U.S. Department of Commerce Partnership. The DOC announced it will use Chainlink to bring vital macroeconomic data. This including GDP, the PCE inflation index, and consumption metrics — on-chain from the Bureau of Economic Analysis.
- First Public Company LINK Treasury. Caliber, a NASDAQ-listed real estate asset manager, launched the first-ever corporate LINK treasury, allocating funds into Chainlink.
These catalysts reinforce Chainlink’s position as a key infrastructure layer for tokenized assets and global finance, giving investors fresh reasons to consider it the best crypto to buy now.
As for Pyth Network (PYTH): PYTH skyrocketed 91% in 24 hours after being selected to distribute official GDP data across more than 100 blockchains. The token’s trading volume surged past $2.1 billion, at $1.2 billionmarket cap, as momentum indicators like MACD signaled a bullish divergence.
$PYTH is extremely underpriced compare to $LINK and now that we 're having US GDP data on blockchains powered by @PythNetwork, reprice commences and it's going to be televised.
what if pyth at link market cap price…? pic.twitter.com/B5n2Rd5857— sumptu◎us (@sumptuosol) August 29, 2025
Pyth is set to publish five years’ worth of historical GDP data and expand into more macroeconomic indicators. Could PYTH really compete with LINK?
At the time of writing, Bitcoin trades near $110,300 and Ethereum around $4,390, while Chainlink’s momentum is holding its position. High volatility is expected.
Stay tuned to our real-time updates below.
Bitcoin and Ethereum ETFs See Strong Inflows Despite The Red Market
Despite broader market weakness, both Bitcoin and Ethereum ETFs recorded solid inflows on August 29. Bitcoin ETFs saw a net inflow of 1,578 BTC, worth about $174.35 million. BlackRock’s iShares led the way with 568 BTC ($62.74 million) added, bringing its total holdings to 746,584 BTC valued at $82.5 billion.
Ethereum ETFs also posted gains, with a net inflow of 12,489 ETH, worth $54.86 million. BlackRock again dominated, securing 15,127 ETH ($66.45 million), and now holds 3,777,263 ETH valued at $16.59 billion.
Tron Cuts Network Fees by 60% to Boost Stablecoin Dominance
Tron has approved a 60% cut in network fees, aiming to strengthen its lead in the stablecoin transfer market. The proposal, backed by the network’s super representatives, comes after transaction costs doubled over the past year and hit record highs in June.
Founder Justin Sun acknowledged the fee reduction will temporarily lower Tron’s profitability, since network income depends directly on fees. However, he expects long-term growth as cheaper costs attract more users and increase transaction volumes. To maintain balance, Tron will introduce quarterly fee reviews.
The blockchain remains the top platform for Tether’s USDT stablecoin, hosting nearly $81 billion worth, according to DeFiLlama. TRX, Tron’s native token, has surged 126% in the past year despite rising costs.
Bitcoin ETFs See $179M Inflows, Overtake Ethereum After Week-Long Lull
Bitcoin ETFs have staged a comeback, recording $179 million in inflows on August 28, significantly ahead of Ethereum’s $39.2 million.
Ark 21Shares’ ARKB led with $80 million, followed by BlackRock’s IBIT ($63.7 million) and Bitwise’s BITB ($25 million). Other issuers, including Grayscale and Fidelity, reported smaller flows, while several funds saw no activity.
Ethereum-tracking ETFs posted mixed results. BlackRock’s ETHA brought in $67.6 million and Grayscale’s ETH added $6.3 million, but withdrawals of $34.7 million from Fidelity and Bitwise weighed on net inflows.
(Source: BTC/ETH ETFs)
The move marks the first time in over a week that Bitcoin funds have outperformed Ethereum’s in daily flows. From August 21 to 27, ETH ETFs accumulated $1.83 billion, while BTC ETFs managed just $171 million. Despite the recent catch-up, Bitcoin ETFs still dominate in scale, holding $145 billion in assets, compared to Ethereum’s $29.5 billion.
Amid renewed focus on Bitcoin, investor attention is also turning to Bitcoin Hyper (HYPER): a presale project building a Bitcoin Layer 2 with Solana-level speed and lower fees. Designed to expand BTC’s utility in dApps and staking, Bitcoin Hyper has raised nearly $12.7 million so far.
Presale buyers can use HYPER tokens for transaction fees and governance, with staking rewards offered at up to 89% annually. Tokens are currently priced at $0.012825, with the next price increase expected soon.
PetroChina Explores Stablecoin-Based Cross-Border Settlement Amid Hong Kong Regulatory Shift
PetroChina has announced plans to study the feasibility of using stablecoins for cross-border settlement and payments, marking a major step toward financial innovation in the energy sector. The news comes as Hong Kong’s new stablecoin regulatory framework officially took effect on August 1, requiring issuers to obtain licenses and meet strict capital requirements.
According to Yahoo Finance, PetroChina’s CFO Wang Hua confirmed the initiative during the company’s half-year results briefing, noting that the firm is closely monitoring developments from the Hong Kong Monetary Authority. This move positions PetroChina as one of the first energy giants to explore digital asset-based settlement under Hong Kong’s new rules.
Industry analysts suggest stablecoins could lower costs, reduce FX risks, and increase efficiency in global energy trade.
Mantle Surpasses $4 Billion in Treasury Assets, Becomes Market Leader
Mantle has announced that its treasury has surpassed $4 billion in assets, making it the largest in the crypto market. Alongside this milestone, Mantle highlighted its involvement in the recent U.S. Department of Commerce and Chainlink integration, which aims to bring key U.S. government data on-chain.
The post Today Crypto News, August 29 – $15 Billion Bitcoin and Ethereum Options Expire, Binance Futures Goes Offline: Chainlink and Pyth Compete for Best Crypto to Buy Now appeared first on 99Bitcoins.
