This week on The Koefficient, Antarchy Lab breaks down Kaspa’s (KAS) performance between August 16–22, 2025, highlighting a week characterized by volatility, liquidation, and subsequent recovery. The document details how Kaspa navigated fragile pumps, a Bear Flag formation, and a significant liquidation event, ultimately demonstrating resilience through a Bull Flag and renewed buying interest. It asserts that Kaspa's price fluctuations were structurally and flow-driven, rather than influenced by a stable macro-economic environment, which saw a plateau in U.S. M2 money supply, moderating inflation, and supportive global liquidity measures. The note concludes by outlining strategic implications for investors and traders, emphasizing the cryptocurrency's consistent "pump-distribution-flag-liquidation" cycles and the importance of internal flows for future trajectory.

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