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Micron announces a $10 billion investment in R&D laboratories, combined with record-high gross margins, making $MU a core target for capital competition and valuation re-evaluation in the semiconductor sector.
The latest quarter's 84.9% gross margin and better-than-expected profitability push the market's pricing of the storage supercycle to the extreme.
The plan to invest $10 billion over ten years to establish laboratories is driving institutional positions further toward the core supply chain of AI infrastructure.
This capital expenditure expansion directly converts long-term capacity barriers into current risk appetite premiums, but the long-cycle R&D's occupation of short-term cash flow has already begun to appear in valuation models.
If the tight supply and demand for high-bandwidth memory continue through 2027 and gross margin guidance is met in subsequent quarters, the high capital expenditure will convert into a technology monopoly premium, driving the valuation midpoint higher; if supply is released too quickly, the upside logic collapses.
If semiconductor cycle fluctuations cause capacity digestion to slow, the fixed cost depreciation from the $10 billion expenditure will rapidly compress profit elasticity, triggering pullback pressure from concentrated position liquidations; if cost control exceeds expectations, downside pressure will temporarily ease.
When the market prices future capital commitments into current valuations prematurely, any advancement of supply-demand inflection points will quickly reverse the current risk appetite.
In the coming days, it is crucial to observe the semiconductor sector's willingness to absorb funds and signs of position rebalancing following the announcement of massive capital expenditures.
#Anthropic拟8月底公开IPO文件，募资或追平SpaceX #ETH触及2500美元后震荡 Coin stock meme exceeded expectations, Robinhood is willing to boost the proportion of US household stock holdings
Robinhood originally intended to make the chain an RWA infrastructure for "US stocks on-chain," but the hottest thing after launch turned out to be Meme. As of mid-August, the on-chain TVL has exceeded $540 million, with a 45% increase in August, but RWA is only about $32 million, dropping from nearly 1/3 at the beginning of July to about 6%; stablecoins have reached about $640 million.
My view: liquidity came first, the real RWA ecosystem is still catching up. If the scale of stock tokens continues to grow, the chain has great potential; otherwise, it is just a "Meme casino disguised as RWA." Strategically, pay attention to the proportion of RWA, stablecoin growth rate, and DEX activity. Don't rush to chase concepts before the data turns.After observing for two days over the weekend, I strongly suspect that the main drivers behind BTC are some traditional CTA quant funds, who buy BTC spot as a hedge against dollar depreciation when DXY weakens. Since DXY does not trade over the weekend, BTC lacks institutional momentum during that time. The clear market trend will only become apparent once the US stock market opens. On Saturday morning, there was a pump and dump in altcoins, most likely orchestrated by a major altcoin market maker or institution holding a large position in altcoins. After retail investors fomo in, they took the opportunity to harvest liquidity by dumping the market. The coins they dumped are currently showing strong performance, indicating a high probability of a shakeout. We can wait for the US stock market to open and continue observing BTC’s strength or weakness to increase the confidence in this judgment. The most common mistake in this wave is seeing BTC repeatedly break through resistance levels and immediately saying, "The bull market is back." Sentiment is indeed stronger than before, but relying solely on retail investors' orders cannot push BTC from $63,000–$65,000 all the way to around $78,000. This time, it seems more like spot funds pushed prices up first, macro expectations warmed up, and after the breakout, contracts faced short squeezes. Let's first look at the actual money entering the market. From August 17 to 20, U.S. spot Bitcoin ETFs saw net inflows for four consecutive trading days, totaling about $1.107 billion. The most notable was August 19, with a single-day net inflow of $517 million. This set of data at least shows one thing: the rise is not entirely caused by short stop-losses; there is indeed new funds buying spot through ETFs. Without this genuine buying momentum, the subsequent short squeeze would have been hard to reach that far. On the other hand, the U.S. Treasury market has also provided reasons for improved liquidity in capital trading. The U.S. Treasury Department announced that starting September 9, it will raise the single repurchase cap for 10- to 30-year long-term bonds from $2 billion to at least $4 billion. This is not the Federal Reserve's QE, nor is the Treasury directly injecting liquidity into the crypto space. It mainly addresses the problem of insufficient liquidity in long-term debt, so don't overtell the story. However, the market often buys not the policies themselves, but the expectations brought by them. With stronger buyback support for long-term bonds, funds will trade ahead of time. Liquidity in U.S. Treasuries improves, yield pressure eases, and the dollar weakens, giving gold and BTC a reason to move first. Truly the second half$HYPE 77.59, -5.69%, ATH 83.34 just overhead. The first decent pullback since the rebound from 55.
The more I look at Hyperliquid, the more interesting it gets: the top perpetual DEX on-chain, $280 million in 24-hour volume, real cash being burned on buybacks. Unlike UNI which is purely a governance token, and unlike OKB which is a centralized platform token, this is a decentralized financial infrastructure token with real revenue—there’s no second paradigm like this in the entire market.
But today’s pullback also reveals something: 82-83 is the ATH heavy lock-in zone, the first touch saw volume shrink, capital isn’t foolish enough to lift the early locked-in holders. 77-77.25 is today’s low; if it holds, it means high-level sideways consolidation and rotation, if it doesn’t, a retest of 70 wouldn’t be surprising.
For those wanting to participate, remember one thing: HYPE’s volatility is three times that of BTC, so position size should be one-third of BTC’s. Don’t chase the rebound; wait for confirmation of a pullback around 70-72.
Today’s market summary
BTC consolidating at 77000, ETH holding steady at 2445, SOL at 93 waiting for direction, OKB strengthening against the trend at 113, DOGE retracing to 0.090, HYPE pulling back to 78. US stocks: NVDA at 215 awaiting Jackson Hole, storage chain hit hard by Samsung, SNDK pre-market -4%, Hynix -3.4%, SPCX back to IPO levels.
Big picture: medium-term bullish bias unchanged, short-term broad decline so don’t catch falling knives. Today’s keyword is "wait" The narrative in the storage industry is shifting gears: by 2027, data centers will account for half of the NAND market demand. Every AI inference generates data, and all data must be stored locally.
$SNDK and Kioxia released the 9th generation 2Tb QLC 3D flash memory in August, with interface speeds 33% faster than the 8th generation. BiCS10 density is 60% higher than BiCS8. More importantly, HBF (High Bandwidth Flash) fills the storage tier gap between HBM and SSD, with Google and SK Hynix currently validating it. A brother involved in AI infrastructure said: the bottleneck for inference clusters is not computing power but storage; KV cache data volume is exploding, and HBF perfectly addresses this point.
Micron announced a $10 billion ten-year R&D plan, but SanDisk is leading with NBM long-term contracts + HBF technology positioning. Storage is transitioning from a cyclical product to an infrastructure asset, which is the root of valuation logic.
Conclusion: bullish in the mid-term. Pullbacks are opportunities, not risks. Buy in batches below $1,550; HBF mass production is the next catalyst. Don't view AI storage with cyclical stock thinking.
#杰克逊霍尔临近，沃什能否明确政策路径 In the previous announcement of $OKB, when I received the news, the price had already reached 60 USD. Without hesitation, I immediately placed an order with maximum leverage. At that time, the futures contract for OKB did not exist yet, so I could only use 10x leverage. The reason was very simple: with a total supply of 21 million tokens, if the price reached 100 USD, the market capitalization would only be 2.1 billion USD. Therefore, the price of 60 USD at that time was almost like a gift. In just a short period, the market quickly realized thisJust took a quick look at the market; definitely need to keep an eye on it tonight.
At 2 PM Eastern Time tomorrow, Bassett is holding an emergency press conference, saying they will launch an "economic D-Day" against Iran. The exact words are pretty scary—"the dawn of an economic decisive battle, the strongest financial offensive in history." It sounds like a big move, but basically, it's aimed at the Strait of Hormuz, meaning not a drop of oil will get through.
Honestly, Bitcoin's market is already fragile. The RSI is at 93—what does that mean? It's like the gas tank is empty but you're still flooring the pedal; a correction is due. Once Bassett's statement comes out, oil prices will likely jump, inflation expectations will rise again, the Fed will have to delay rate cuts, the dollar will strengthen, liquidity will tighten, and since Bitcoin moves so closely with the US stock market, it would be surprising if there’s no volatility tonight.
Altcoins and junk coins—stay far away. I've hit enough traps over the years to write a book. Whenever sudden news like this breaks, the big players love to use the clean news flow to spike prices sharply; the trend followers always end up getting harvested. Understanding this early saves you real money.
Right now, I only hold two: BTC and OKB. BTC is the big picture, OKB is the platform foundation—at least I don’t worry about being wiped out overnight.
Tonight’s strategy is light positions, set stop losses, don’t watch the 1-minute chart, and check the direction again early tomorrow. Don’t stay up too late; the market isn’t watched into existence, it moves on its own.
$BTC $OKB
#BTC冲高后震荡，ETF资金持续流入
#ETH触及2500美元后震荡 The most critical variable in the entire market right now is this week's Jackson Hole speech.
Last week, US Treasury yields surged, and the Treasury Department's market rescue effect was short-lived. Part of the recent sharp rise in BTC and ETH came from safe-haven buying triggered by the US Treasury crisis, while another part was driven by short squeeze stop-losses and institutional inflows into ETFs, not purely continuous spot buying strength.
The market is now betting on the Fed's stance: if the speech leans dovish, risk assets will continue to rally; if hawkish, it will directly trigger a wave of profit-taking and pullback.
BTC spot ETFs saw nearly $1.92 billion inflows in a single week, and ETH ETFs also had large inflows. Institutional funds are indeed entering, but high-level contract liquidations are increasing, intensifying the long-short battle.
Regarding BTC, I believe the strong bullish foundation remains, but a large amount of profit-taking has accumulated in the short term and could be realized at any time causing a pullback.
The previous rally was largely forced by short covering, not a continuous influx of new buying. Before the news is released, the main players will repeatedly spike and shake the market, sweeping stop-losses up and down. Don't expect a direct break above 80,000 in one go.
ETH's rebound this week is even stronger, with a weekly gain exceeding 30%, also driven by massive short covering. On-chain activity and institutional holdings data are positive, but it is completely dependent on BTC's macro sentiment and lacks an independent trend.
My market sense: it looks strong on the surface, but RSI is severely overbought. If BTC holds steady, ETH's catch-up explosive power is strong; once BTC pulls back, ETH's retracement will definitely be larger than BTC's, with very low tolerance for error.
$BTC $ETH Just put the last bit of available U all into $AAVE.
I've been watching AAVE for a while. It’s been climbing slowly from the bottom, and recently this surge is quite strong, up more than 60 points in a week, directly pushing above 140.
Anyway, I’m looking at these points: TVL has broken 30 billion, the protocol’s real annualized revenue is over 600 million, and there are few projects on the market that can achieve this kind of revenue. The Aavenomics 3.0 automatic buyback and burn mechanism has an annualized buyback volume of over 400 million USD, meaning the protocol continuously buys on the market using its own income, which provides strong long-term price support.
The recent whale data is also interesting. Among the whale addresses tracked in August, the AAVE purchase ratio exceeded 77%, with a net inflow of over 30 million. Today I also saw a nearly 200 million USDC deposit directly into the Aave protocol. These addresses are not here for charity.
In terms of market rhythm, after doubling from the bottom, AAVE does have some short-term profit-taking pressure. But overall, DeFi is warming up, AAVE is the leader, and if the overall market doesn’t crash, I think the probability of it continuing to push upward is high.
Not opening many positions, isolated margin 10x, stop loss set at 126.68, calculated to withstand about 12 points. If it makes a big profit, great; if wrong, losing a few hundred U is like nothing.
Once the stop loss is set, I won’t manage it anymore.Arthur Hayes shouting $BTC 500,000 by the end of the year? This guy's talk is even more aggressive than mining rigs!
Brothers, here comes another show-off!
Arthur Hayes says BTC could reach $126,000 by year-end, and even surge to 500,000 after breaking through. Er Gou almost threw his phone—500,000? Who's going to take the bag? You or me?
Let's talk data. Glassnode just released: 85% of altcoin funding rates are already above the average, the most extreme since Bitcoin's historical highs. What does this mean? It means leverage is about to explode! Everyone is gambling with borrowed money, not real cash.
Look at Zcash mining profits: after $ZEC rose 70%, mining rigs earn 4.5 times more per kWh than Bitcoin rigs! Miners are all switching to mine Zcash, BTC's hash rate is being siphoned off, and you’re still shouting 500,000? Relying on talk to pump the price?
Short-term holders have recovered, with 74.9% profitable, but exchange inflows have surged to +28,600 BTC—the guys who broke even are transferring coins to exchanges preparing to bail! You shout 500,000, but they’re already placing sell orders.
Er Gou’s harsh take: If BTC can hold 100,000 by year-end, that’s charity from the dog whales; 500,000? Wait until the Fed prints money for the whole world. These people shouting targets just want you to take the bag so they can dump.
Hold your hands, don’t get fooled. I don’t recommend going long above 75,000, I’m bearish.
#BTC冲高后震荡，ETF资金持续流入 Friends, don't get too bullish just yet
There is a major event tonight that will have a significant impact on btc and eth.
At 2 AM, the US will announce the details of sanctions on Iran, which could become a major short-term variable for BTC and ETH.
If the sanctions exceed expectations and Iran escalates the conflict further, once the risk of the Strait of Hormuz is repriced, oil prices and risk aversion sentiment will rise, and BTC and ETH might face a pullback after a surge.
But the market hasn't turned bad yet. Ethereum hasn't disappointed me, once again breaking above 2500, clearly outperforming altcoins compared to BTC. I am focusing on BTC at 83000; if it holds here, ETH will continue to strengthen, and I even think there is a real chance it could reach 5000 this round.
It's normal for altcoins to dip slightly now, as funds are concentrating on BTC and ETH. I won't chase tonight; I'll wait for the news at midnight to land before deciding the next move.
$BTC $ETH
#BTC冲高后震荡，ETF资金持续流入
#ETH触及2500美元后震荡
#美伊制裁升级，能源通胀风险回升 Why did the $78,000 level hold for so long but suddenly break this morning? Simply put, there are three underlying logics:
First, shorts became the fuel. There were too many high-leverage short stop-loss orders stacked above $78,000. Market makers only needed one surge to instantly trigger a chain of liquidations, pushing the price directly upward.
Second, the resistance-to-support flip is complete. Previous resistance zones have now all turned into support zones. As long as the 4-hour candle does not close below $77,500, the bullish structure remains very healthy.
Third, mainstream coin rotation has started. Capital is gradually flowing from BTC into high Beta assets like ETH and SOL, and a catch-up rally could erupt at any time.
Key attack and defense levels anchored:
➔ Major market $BTC: Buy on a pullback to $77,800, target $81,500, defend at $76,500.
➔ Second coin $ETH: Follow near $2,450, target $2,650, defend at $2,380.
➔ Strong player $SOL: Look to buy dips near $95.2, target $103.5, defend at $91.5.
➔ Platform coin $BNB: Follow near $692, target $735, defend at $672.
Trading is essentially a game of probability and risk-reward ratio. Execute when confident, cut losses promptly when wrong. This guy really can hold on!
1.38 million $HYPE tokens, 5x leverage, unrealized profit of $56.5 million, and he paid $5.03 million just in funding fees—that's enough for me to live several lifetimes, and that's only the fees.
The key is his entry timing was absolutely perfect, opening a position precisely 5 hours before Robinhood launched, throwing in $40 million straight away. The community calls him an insider dog, and it's not undeserved—who wouldn't be suspicious of this move?
This guy almost got liquidated in January this year; when HYPE dropped to 20, he had an unrealized loss of $20 million but managed to hold on. Then in March, May, and June, every time the price pumped, he would withdraw some margin, pushing the liquidation price higher, step by step reviving a dead position. This kind of "holding while withdrawing margin" strategy is rare on Hyperliquid; retail investors would have cut losses long ago, only institutions dare to play like this.
Now the interesting point comes: in every previous new high, he would withdraw margin. This time, from August 22 to 24, unrealized profit rose by another $3 million, and HYPE is still surging. Will he repeat the old trick? If he withdraws margin, it means he wants to keep holding; if he closes the position directly, that might be a signal of a top.
Also, that $5.03 million in funding fees is no small amount, bleeding him dry every day. Even if the direction is right, you still get skinned a bit. The unrealized profit looks good, but the actual amount you get will be discounted.Anyone who sees the symbol (3,3) knows the power of the 2021 Olympus DAO $OHM @OlympusDAO. IDO price $4, peaked at $1,415, up more than 300 times. And that's just the gain—there's also the new token rebased. If you hold on, starting with $500, you really have a chance to turn it into $5 million. Since then, any project in the industry that claims to be an OHM clone will have a group of followers paying attention or supporting it. All are gone! Back to the main topic. Recently, a very interesting new project has appeared on-chain: The Standard Reserve. It does not call itself a stablecoin or a governance token, but directly calls itself "The sovereign onchain central bank"—the central bank on the sovereign chain. 1. What exactly does it want to do? Traditional central banks have three core functions: — issuing money — regulating the money supply — accumulating reserve assets. The Standard Reserve implements all three tasks entirely in code, without committees, boards, or manual intervention. The white paper sums it up in one sentence: "It answers to no board, committee, or government. Because it’s 4,000 lines of immutable code. T$BTC has retaken the 200-week moving average—does this really mean the bear market has bottomed?
Not necessarily, but it is very likely a "value area" worth paying attention to, rather than an exact "price bottom."
The saying "retaking the 200-week moving average means the bear market bottom" comes from historical patterns, but this time the situation is somewhat different. Here's a detailed breakdown:
· Historical "bottom signals": In the past decade, in 2015, 2018, 2020, and 2022, prices touched this line and then started massive rebounds (rising 8500%, 267%, 1125%, and 680% respectively). This is indeed a core indicator for judging cycle bottoms.
· "Value bottom" ≠ "Price bottom": This is the most critical understanding. History shows that even when reaching this line, prices may consolidate sideways for a long time or even drop again: in 2018, it consolidated for 4 months; in 2022, after breaking below, it hit new lows due to the FTX crash. As analyst Rekt Capital points out, this is more of a long-term value zone rather than a reversal point.
· The current delicate situation: As of 2026, the 200-week moving average has risen above about $60,000, while Bitcoin $BTC has recently hovered below $60,000, entering a long-term accumulation range. Analyst Rob believes this is a good opportunity for dollar-cost averaging but admits "the bottom may not have been seen yet," allowing more time to accumulate cheap chips.
Since it's hard to time the exact bottom, what should you do?
1. Don't try to go all in at once: Analyst Rob emphasizes that historically, buying at $15,000 or $16,000 (the last cycle bottom) was extremely wise, but no one can predict that absolute low point.
2. Use a dollar-cost averaging strategy: This is currently the most recommended approach. According to probability models, there is about a 55% chance we are in a bottom consolidation zone, a 30% chance of gradually starting an uptrend, and only a 15% chance of retesting lows due to a black swan event. Spreading out purchases with dollar-cost averaging is much safer than betting on a "lowest point."
In summary, retaking the 200-week moving average is a positive signal, but don't treat it as the starting gun for "the bottom." It's more like a reminder: you can start paying attention and gradually building your position. #BTC冲高后震荡，ETF资金持续流入 #ETH触及2500美元后震荡 #Cracks in the US Dollar's Credit: The Resonance Logic of Gold, the Yen, and Bitcoin
On August 24, gold rose above $4660, the USD/JPY fell back to 159, and Bitcoin surged to 78000—these three events happening simultaneously is no coincidence. Global capital is using real assets to reprice a question: Are dollar assets still worthy of unconditional trust?
The trigger was the US Treasury doubling the scale of long-term bond repurchases to $4 billion on August 19. The market interpreted this as administrative intervention in bond pricing, directly shaking the foundation of US Treasuries as the "global risk-free asset." When the risk-free asset itself needs to be "managed," capital naturally seeks alternative anchors.
The underlying support for gold is the global central banks' net purchase of 289 tons in Q2; de-dollarization has shifted from a slogan to real operations on balance sheets. However, with a monthly increase of over 13% and severe technical overbought conditions, the short-term risk of chasing highs should not be ignored.
USD/JPY is repeatedly tugging around 159, with the 160 level acting like an invisible wall. Japan holds over $1.1 trillion in US debt, and a stronger yen actually erodes the book value of these assets—this dilemma of "not daring to let the yen get too strong" has led to a strange equilibrium in the exchange rate. The short-term direction can only be broken by the Jackson Hole meeting.
$BTC surged 23% in a single week, but with rising prices on shrinking volume and whales reducing positions in batches at high levels, smart money is using retail FOMO to sell. Essentially, this is a short squeeze after overselling, not the start of a new bull market.
The simultaneous rise of gold, the yen, and Bitcoin essentially represents a vote of no confidence in the US dollar by global capital. When the term "risk-free" no longer holds unconditionally, what truly determines asset trends over the next three to five years is not the weekly ups and downs, but whether this crack in the dollar's credit will stop at the financial markets or spread to the foundations of trade settlement and reserve currency.
#BTC冲高后震荡，ETF资金持续流入
#ETH触及2500美元后震荡
$ETH $XAU 🚀$BTC chip loosening, can 76000-77000 form a new chip peak? Check the pullback target here
Family, sharing a key signal: chips are loosening, and the market structure is changing.
First, look at the data: as of August 24, the highest chip peak at 63000 has decreased from a peak of 1.22 million coins to 980,000 coins, a reduction of about 240,000 coins. The chip column at 62000 has changed little, indicating that this round of rally had limited impact on holders at that position.
Once chips start to loosen, the price will stabilize or even pull back. Because when the price stays, there is an opportunity for turnover, and a new chip concentration area will form accordingly.
Currently, the 76000-77000 range has this potential; in just 3 days, 320,000 BTC have been added in this range.
At the same time, when BTC broke through to 77000-78000, there was the strongest profit-taking wave in nearly 6 months. But even so, the price did not drop significantly—clearly, there is capital absorbing here.
Assuming 76000-77000 can really form a new chip peak, it involves the double-anchor structure theory. Long-term followers of Yan Jie should be familiar: once this structure forms, the subsequent BTC pullback is very likely to fall in the middle of the structure, roughly around 68000-70000.
So the question is simple: it depends on whether 76000-77000 can truly form a new chip concentration area.
#BTC冲高后震荡，ETF资金持续流入 $OKB's strength today is not about following the trend; it's about exchange tokens being recognized by the market again.
Many people are focused on $BTC, $ETH, and $DOGE today, but $OKB is easily overlooked. Actually, $OKB's current situation is quite interesting: the price is around $112, with a 24-hour increase close to 5%, and the trading volume has clearly expanded. The intraday range moved from about $103 to around $119. For an exchange platform token, this kind of movement is not just a normal price rise but a sign that capital is starting to revalue its scarcity and platform attributes.
Platform tokens are different from Meme tokens. Meme tokens rely on attention, while platform tokens depend on ecosystem and trading activity. When the market rallies, the first beneficiary for exchanges is not slogans but actual trading volume. The greater the price volatility, the more users trade, and the easier it is for the platform's value to be re-priced. So, $OKB's rise today essentially reflects two logics: one is the overall recovery of trading volume in the crypto market, and the other is the elasticity brought by OKX's ecosystem and the low circulating supply of its platform token.
The most noteworthy aspect of $OKB is its token distribution structure. Both total supply and circulation are relatively clear, and its supply is not as loose as some tokens with unlimited releases. When the market is cold, such tokens might not be discussed; when the market heats up, tight token supply becomes an advantage. Especially now, with $BTC approaching 80,000, market sentiment is shifting from defense to offense. Besides buying mainstream tokens, capital will look for targets "backed by a platform, with liquidity and certainty." $OKB belongs to this category.
However, it's important to note that $OKB's trading logic cannot be written like a Meme token. DOGE focuses on emotional price points like $0.10, while $OKB focuses on platform trading, ecosystem expectations, and high-level turnover. Today's intraday high near $119 is also the first short-term resistance zone. If it can hold above $115 with volume not shrinking, it indicates capital is willing to buy at high levels; if it surges then falls below $108, it means short-term funds made a follow-up rally and will continue to consolidate afterward.
My view is that $OKB is suitable to be described as a "stable yet elastic" token, not a "get-rich-quick" token. It doesn't have the emotional pull of DOGE that can attract everyone's attention in a day, but once the market stays hot, platform tokens easily become a safe haven for later-stage capital. The narrative for exchange tokens is straightforward: the more active the market, the more the platform benefits; the more the platform benefits, the more the platform token gets revalued.
In the short term, $108 to $110 is an important support zone; holding above $115 means re-entering a strong phase, and breaking through $119 opens the chance to test the $125 to $130 range. Falling below $103 means this volume surge was not sustained, and the short-term logic fails. A direct message to readers: don't just focus on the hype of Meme tokens. When the market really heats up, platform tokens capture the "casino opening" money. Whether gamblers profit or not is another matter, but the casino's trading volume will definitely rise first.
The significance of $OKB today is not that it rose 5%, but that it reminds the market: the bull market is not only about BTC and Meme tokens; exchange tokens will also become one of the main themes again when trading volume recovers. This is a debatable viewpoint: We might still have an Altseason, but no longer the kind where "everything you buy goes up." Currently, CoinGecko records the total crypto market cap at about $2.28T, BTC dominance around 56.6%, ETH dominance only about 10.2%. Meanwhile, stablecoins have taken over more than 13% of the market cap. The flow of funds is now much more fragmented. There are: AI. RWA. DeFi. Meme. Prediction market. DePIN. L1. L2. Stablecoin. Perp DEX. Tokenized stocks. A new USD entering crypto has thousands of places to go. This is a big difference It's time for a review again. After the rise, someone comes out to claim credit, saying that the long-term US Treasury repo and ETF funds together pushed the market up.
QCP's meaning is roughly the same: the long-term US Treasury repo increased, ETF money didn't stop, and the market was pushed like this. BTC touched 79,500 last Monday, rising just over 20%, the strongest week since March 2024.
The thing to watch most isn't Bitcoin, but the Treasury. The 30-year US Treasury yield is about to hit 5.3%, the highest since 2007. Then the Treasury issued a notice that starting September 9, the long-term repo will increase from a maximum of 2 billion to at least 4 billion, and the yield immediately shrank.
It's like the Treasury itself stepped in and hit the brakes on interest rates. That 20% rise in crypto isn't isolated; it's the same thing as the interest rate market.
They also want me to watch the three major macro variables this week, but none were listed.
Love the rise, love the fall, just don't bother me with these terms. Then on the hourly level
Here a downward retracement was completed, from the highest point of 79,400
Then it retraced down to a low point above 75,000
This position has a retracement space of about 4,000 points. I believe this retracement space is basically about done. If it goes down further, I think at worst it will break below the previous low
For example, if the previous low ahead is broken once, this position forms a channel, and then breaks below the previous low again
After this low is broken, basically this retracement phase ends, and then it continues to pull up
Because for this kind of reversal, the initial stage of violent stretch
It usually adjusts the event
Those who have followed the bottom to do spot and build positions must hold tight
$ETH $BTC 4 billion.
The Treasury doubled the long-term repo from 2 billion to 4 billion. My first reaction wasn’t to look at government bonds, but to look back at Bitcoin — which rose over 20% last week, touching 79,500, the strongest single week since March 2024.
What’s even more exciting is that these two things happened at the same time. The 30-year US Treasury yield once hit 5.3%, the highest since 2007. The long end is almost out of control, so the Treasury stepped in first to cover. With interest rates this high and crypto still making a big bullish candle, this money doesn’t look like it’s waiting for a rate cut; it looks like it’s seeking a hedge.
QCP said ETF funds have also come in. I’m not sure if this basket will hold, but the logic is already different from the first half of the year. What excites me isn’t just the rise, but that the reason for the rise has changed.
If this reason continues to ferment, crypto won’t be following macro trends — it will become the macro itself.#BTC consolidates after rally, ETF funds continue to flow in
After the rally, let's talk about the divergence between spot and futures funds, a detail often overlooked in high-level markets. This round of major rebound starting from a low point was initially led by spot funds entering the market, with futures liquidation driving the momentum. The resonance between the two pushed the price up by more than 20,000 points. However, once the price surpassed 77,000, a clear divergence appeared: the net inflow intensity of spot funds began to slow down, while the futures market's trading volume remained persistently high. This indicates a shift in the market's focus of speculation; fewer funds are entering to hold coins long-term, and more short-term leveraged funds are actively trading back and forth. The main characteristic of a futures-driven market is amplified volatility—rapid rises and equally swift drops. Even if the long-term moving average patterns still look good, once futures funds collectively withdraw, the market will face a quick pullback. Therefore, at this stage, one should not only look at whether the candlestick patterns look good but must also pay attention to whether spot fund inflows continue. If only futures are frantically speculating, risk protection levels should be raised accordingly. $BTC $ETH #ETH触及2500美元后震荡 After $OKB locked a total supply of 21 million tokens, the core issue lies in the mismatch between the incremental capital inflow expected from compliant futures and the low liquidity depth of the spot market.
The $200 million institutional injection and the $25 billion valuation benchmark have established a pricing anchor for derivatives. The hard cap of 21 million tokens cuts off secondary market dilution pressure, but the spot order book depth lags behind mainstream assets, making large capital inflows and outflows prone to pushing up slippage.
The primary factors affecting capital flow, in order, are: access to liquidation liquidity from compliant futures, real deductions caused by on-chain Gas essential consumption, and macro capital following the trend. The speed of compliant channel implementation determines the scale of external buy-in.
If compliant futures products launch as scheduled, the buy-side depth on the derivatives end will be directly supplemented. Continuous net inflows of buy orders, if they squeeze the already scarce circulating supply, will amplify upward price elasticity due to weak spot liquidity.
If the macro market experiences severe volatility, derivative positions can easily trigger high-volatility liquidations. Insufficient spot order density will cause sell orders to directly break through lower support levels, triggering cascading stop losses.
When on-chain activity cools down causing Gas consumption to stagnate, or when daily spot trading volume shrinks significantly, the premium derived from absolute deflation and compliance endorsement will become invalid.
In the next 7 days, focus on observing changes in the order book density on both sides of the $OKB spot market, as well as the liquidity ratio between derivatives open interest and spot trading volume.
#特朗普披露千笔证券交易，透明度受关注 #BTC冲高后震荡，ETF资金持续流入 #美伊制裁升级，能源通胀风险回升 I'm increasingly leaning bullish, but not the kind of bullish that immediately declares the bull market is back just because of one big green candle.
$BTC, after surging to $79.5K, is currently holding steady around $77K; $ETH also continues to stay above $2.4K. What's more noteworthy is that capital is starting to seek high-certainty assets again, with $BTC still the main player, and assets like $ZEC beginning to catch the tailwind of capital rotation.
What really makes this market move a bit "serious" is the ETF capital.
Last week, the combined net inflow into US spot BTC and ETH ETFs was about $2.6 billion, marking the strongest week since October 2025. Among that, BTC ETFs saw about $1.92 billion, and ETH ETFs about $697 million.
What does this mean?
Simply put:
Before, retail investors were shouting "the bull is back fast,"
Now institutions are voting with their credit cards. 😂
Of course, a $2.6 billion inflow doesn't mean BTC has entered a "only up, no down" mode. Last week's rally was too fast, including short-term profit-taking, short covering, and chasing capital.
So the most interesting part now isn't "how much it has risen," but:
After the rise, will the capital be willing to stay?
If $BTC can continue to absorb profit-taking around $77K, $ETH holds steady at $2.4K, and ETFs keep net inflows, then this rally increasingly looks unlike an ordinary technical rebound $CAP has only 15.6% circulating supply, with 84.4% of tokens locked, and the top ten addresses controlling over 65%; spike sweeps stop-losses, shallow pools with high turnover, multiple on-chain jumps exchanging for U to exit — this is not free pricing, but a low circulating supply managed by institutions and market makers, with retail investors purely exiting liquidity. 🎯IS THE BULL MARKET BACK? THIS TIME, SOMETHING FEELS VERY DIFFERENT
I’m leaning toward a bull-market scenario. $BTC remains near $77K after reaching $79.5K, while $ETH holds above $2.4K and capital expands into $ZEC and $HYPE. Spot $BTC and $ETH ETFs attracted roughly $2.6B in weekly inflows, their strongest week since October 2025.
The bull market isn’t confirmed, but liquidity and breadth are improving. I’m staying positioned, avoiding leverage, and waiting for pullbacks instead of chasing FOMO"$2.6 billion poured into ETFs, this rebound has switched its 'engine.'"
Last week, the combined inflow into US spot $BTC and $ETH ETFs was about $2.6 billion, both setting new single-week records for 2026. But the significance of this data goes far beyond "funds returning"—it reveals a deeper change: the fuel for this rebound is shifting from "leverage" to "spot."
In the past, price rallies mainly relied on contract position increases and short liquidations. Last week, BTC rose from 62,000 to 79,500, indeed supported by about $4.5 billion in short liquidations. But this time, the simultaneous large-scale inflow into ETFs means a more "substantial" capital is entering—the backing of institutional allocation decisions rather than short-term trader speculation.
The data is straightforward: BlackRock's IBIT swallowed about $1.3 billion in one week, and ETF weekly trading volume surged from 8.8 billion to 29 billion. This is not retail testing the waters; it's top-tier institutions building concentrated positions.
Of course, there's no need to rush to call a bull market return. Since 2026 began, BTC ETFs have still seen a net outflow of about $2.9 billion; the capital pool is still in recovery.
The real watershed is this week: can the inflow continue? If yes, it means institutions are establishing sustained positions; if not, last week might have been just a pulse reaction.
Leverage pushes prices up, spot ETFs define the trend. The balance is tipping.
#BTC冲高后震荡，ETF资金持续流入 #ETH触及2500美元后震荡 Gold 30 days +14.3%, $BTC +20.9%, $ETH +31.8%. It looks like each is rising independently.
But over 90 days: Gold +2.5%, $BTC also +2.5%. Exactly the same.
During the same period, the 30-year US Treasury yield is 5.25%, close to the 52-week high of 5.34%; the 10-year yield is 4.72%, with a spread of only 0.48 percentage points from the 2-year yield. On the stock market side, the S&P is 1.8% below its high, the Nasdaq 3.7% below, while the VIX is only 16—near its high, yet no one is buying insurance.
Looking at these four charts together, it’s not four separate stories. Long-term interest rates have always been priced by government credit. Gold and $BTC showing the same figure over the same 90 days indicates the market is hedging the same issue. The BTC/gold ratio is 16.8; both are currently treated as the same asset by the same group of money.
Testable condition: If this holds, the two will continue moving in the same direction; once the 30Y yield clearly falls while they diverge, the logic changes.$BTC has reclaimed the 200-week moving average this week, a line that holds a basically "veteran-level" status in the crypto world as the bull-bear dividing line.
In January 2023, after BTC rose above the 200-week moving average, it surged about 48% within 90 days, climbing from $19,000 all the way above $28,000, then kicked off a nearly two-year-long major rally.
Now the script is starting to repeat familiar lines:
"The 200-week moving average is back!"
"History is about to repeat!"
"Bull market is starting, get on board quickly!"
Market sentiment instantly flips from "Is BTC done for?" to "If I don’t get on board, I’m letting myself down." 😂
This time, BTC started near $60,000, peaked at $79,800, with a weekly gain exceeding 30%. More importantly, this is supported by continuous ETF inflows, increased institutional allocations, and improved macro liquidity.
So this rebound can’t simply be understood as triggered by a technical line.
But here’s the problem:
When everyone sees the same signal, that signal often isn’t so "cheap" anymore.
The 200-week moving average can serve as a reference anchor for long-term trends, but it shouldn’t be interpreted as "crossing above it = blindly all-in."
History rhymes, but it doesn’t copy and paste.
The 2023 script can be referenced, but it can’t be directly used as the answer for the 2026 script.
After all, the crypto world’s specialty is:
Just as you learn one rule, it updates overnight.$BTC stands above the 200-week moving average: Will history really repeat itself?
BTC reclaimed the 200-week moving average this week, one of the most important bull-bear dividing lines in technical analysis. In January 2023, after BTC also stood above this moving average, it rose about 48% within 90 days, pushing from $19,000 to above $28,000, kicking off a nearly two-year bull market.
Now the signal lights up again—BTC started from $60,000, reaching a high of $79,800, with a weekly gain of over 30%. Unlike 2023, this round is supported by fundamentals such as continuous net inflows from ETFs, accelerated institutional allocation, and improved macro liquidity, making the driving logic more solid and not to be simply seen as a rebound.
But precisely because the signal is so clear, the market’s consensus expectations can easily lead to short-term crowding of positions. The 200-week moving average is a reference anchor for long-term positioning, not an excuse to chase gains. History will repeat, but not simply replicate. The signal is on; the rhythm determines victory or defeat. The tension in the Strait of Hormuz has intensified to the point where oil prices have reacted first.
On August 24, U.S. Treasury Secretary Janet Yellen laid it out clearly: anyone buying Iranian oil, transferring funds to Iran, or participating in ship-to-ship transfers must either side with the U.S. or be considered an enemy. The U.S. calls this the "economic Normandy landing."
Iran didn't back down either; the National Security Council Secretary responded firmly: economic warfare continues? Then no one will be able to transport oil through the Strait of Hormuz and the Persian Gulf.
The data already looks grim: Iran's crude oil loading volume has collapsed from 2 million barrels per day to 287,000 barrels, just one-seventh remaining. Brent crude has reached $93, and U.S. gasoline is nearly 30% more expensive than the same period last year. Some institutions have done the math: if the Strait of Hormuz is truly closed for a quarter, WTI could hit $94, pushing U.S. Q4 inflation up by 0.6 percentage points.
The transmission chain is too smooth: oil price rise → inflation expectations heat up → U.S. Treasury yields come under pressure → risk asset valuations are reassessed. Bitcoin has surged from 64,000 to 79,000; what is most feared during a high-level consolidation is not bad news, but a sudden reversal in macro logic. Don't just focus on crypto K-lines; crude oil is the hidden main line of this risk asset wave.
The most critical question now: if oil prices break $100, will the probability of a rate hike in September be raised again? Let's discuss in the comments.
$BTC $ETH $TRUMP #US-IranSanctionsEscalate, energy inflation risk rises Don't just focus on BTC and ETH, $OKB's logic is completely different from theirs.
In August 2025, OKX will burn 65.26 million OKB at once, permanently locking the total supply at 21 million and removing the minting function. This is even more drastic than BTC's halving, directly cutting off supply. On the day of the announcement, OKB surged 232% in a single day, reaching a high of $142.88.
But the real highlight is in 2026: Intercontinental Exchange (ICE) completes a $200 million strategic investment in OKX, valuing OKX at $25 billion. The NYSE-level market infrastructure directly connects to crypto prices, and ICE plans to launch compliant futures products pegged to OKX spot prices.
OKB is now the sole Gas token and native token of the X Layer network, achieving 5000 TPS with nearly zero fees. The more on-chain activity, the greater the OKB consumption, the less supply, and the stronger the price support. This is a deflationary + demand dual-driven model.
Unlike BTC as a digital reserve, OKB is a "productive asset" with real on-chain consumption scenarios. It is also different from ETH, as OKB's total supply is capped at 21 million with no issuance channels left open.
Backed by ICE + deflationary model + on-chain Gas demand, these three narratives overlap. But note, OKB liquidity is far less than BTC/ETH, with more volatility, so don't allocate your mainstream coin positions heavily here. #OKB economic model reshaping A lock gives you seven days to report an alarm, but no one notices it during those seven days—does that count as a security device? Term Finance's latest governance attack has moved this issue from theoretical lessons to the real ledger. The project team has confirmed that Term Strategy Vaults have been exploited by governance vulnerabilities; PeckShield and CertiK estimate losses of about $8.5 million, including approximately 2,843 ETH and 1.68 million USDC, the latter later converted into DAI. The amount is still an on-chain estimate by the security company, not the project's final loss report. The most counterintuitive is that the core risk described in the report is not the traditional contract code being forcibly cracked, but malicious operations passing through governance channels. The Block reported that the related vault proposal originally had a seven-day delay, and liquidity providers had veto power, but these arrangements did not prevent funds from being transferred. Term's own governance notes emphasized that DAOs have veto rights over sensitive on-chain actions, used to counterbalance the Foundation and the single controller. On paper, delay and veto are already two gates; In reality, if no one keeps monitoring the alert and veto power is scattered in the hands of those without the ability to act, both gates may just be exits painted on the wall. My judgment is that timelock is never a brake; it's just a reaction time. A real security system still needs three things: someone can see proposals in real time, and there isAfter the paperwork for Grayscale's application was finalized, the price of $ZEC quickly surged, bringing the tension between compliant custody and privacy features to the forefront.
The market showed a sharp rally driven by sentiment premium, with long positions rapidly accumulating at high levels.
Institutional trusts shifting to public products require full-chain capital traceability, which inherently conflicts with the zero-knowledge proof design that shields addresses.
When transparent address custody becomes a compliance prerequisite, the risk appetite triggered by paper filings will be directly constrained by substantive review requirements.
If the transparent address solution is smoothly accepted by regulatory documents, the holding logic can be reshaped, but this trend will quickly fail if privacy value disputes arise due to transparency compromises.
If anti-money laundering reviews impose strict scrutiny on the underlying concealment features, the risk appetite of follow-up funds will reverse, and high-level buying pressure will face compression.
A halt in compliance progress will disprove a valuation reappraisal driven solely by the application event.
In the next seven days, focus on observing the capital accumulation of on-chain transparent addresses and the substantive feedback from regulatory documents.
#财报观察员：英伟达领衔，AI回报进入验证期 #阿里配股加码AI，回报能否覆盖稀释？BTC depends on external capital, while ETH depends on internal sentiment; this is the most fundamental difference between the two.
The rise and fall of $BTC largely depends on the external macro environment and institutional ETF capital inflows and outflows, which is more about the choice of external capital. As long as there is no catastrophic negative news in the overall environment and the bottom chips are relatively solid, it is difficult to see a bottomless sell-off.
$ETH is different. Besides the impact of macro factors, it also has to bear multiple internal factors such as staking unlock sell pressure, changes in ecosystem narrative heat, and fluctuations in on-chain transaction fees. Even if the macro environment does not change much, once on-chain sentiment cools down, it will weaken independently.
This creates a situation: when the overall environment is poor, BTC has stronger defensive capabilities; only when the market's overall risk appetite warms up and hot narratives flourish can ETH truly open up upward space.
At the current stage, the market lacks strong catalysts, and both coins are repeatedly bottoming within a range. Do not subjectively insist on an immediate big rise or fall; pay more attention to capital flow and changes in market volume. Leverage trading has a very low tolerance for errors; it is better to miss opportunities than to forcibly predict a market that has not yet arrived.$OKB CEO Star announced the launch of a $1 billion X Layer ecosystem fund to support global developers in building applications on-chain. On the same day, Circle's native USDC and the cross-chain protocol CCTP officially went live on X Layer.
These two events should be viewed together. The ecosystem fund is the ammunition, and native USDC is the infrastructure. Previously, X Layer used a cross-chain version of USDC, not officially issued by Circle, so liquidity was naturally discounted. Now with official integration, the stablecoin channel is fully opened. A DeFi developer said: official USDC integration is more substantial than signing ten small project partnerships.
The transmission logic for OKB is very clear: X Layer ecosystem expansion → increased on-chain Gas consumption → rising demand for OKB as the Gas token. Coupled with exchange staking, buyback, and burn, the deflationary loop is tightening.
Conclusion: bullish in the mid-term. The progress of the $1 billion fund implementation is a key observation indicator. X Layer TVL breaking through 200 million is a signal to increase positions. Buy OKB in batches below $105.
#特朗普披露千笔证券交易，透明度受关注 Looking at rotation from the ETH/BTC ratio, the current BTC market fundamentals are worth cautioning.
Observing the style shifts in the crypto market, the ETH/BTC exchange rate is a crucial reference, which is also the core reason why I currently do not hold BTC.
On the yearly chart, $ETH/$BTC has been declining continuously for years, but this year the downtrend has significantly narrowed, forming a near doji consolidation pattern, showing potential signs of reversal. Even if ETH struggles to significantly outperform BTC in the short term, the room for further sustained weakness is limited. The two move highly correlated, and comparatively, ETH’s potential upside is more advantageous.
BTC surged rapidly from 62,000 to 80,000 in early August. I believe this sharp rise is not solidly grounded, more like a short-term dehydration and weight loss, essentially a pulse rally, with the possibility of some retracement. Therefore, 58,000 may not be the final bottom of this cycle.
Combining with the US stock macro outlook: the US stock market is expected to oscillate at high levels in Q3, then weaken in Q4, with a potentially larger scale adjustment arriving in 2027. As a risk asset, crypto is unlikely to have an independent rally.
#BTC冲高后震荡，ETF资金持续流入
#ETH触及2500美元后震荡 What actually convinced me to take $BTC seriously was its settlement architecture. Bitcoin lets value move globally without relying on a central operator, while its fixed issuance, transparent ledger, and predictable validation rules reduce monetary uncertainty. Most networks usually achieve only one or two of these properties well. That#WarshAtJacksonHole #ETHTests2500 #BTCETFInflowsSurge $MU $SNDK The storage sector's market situation today is actually a bit off. Micron and SanDisk surged too quickly earlier, especially $SNDK, which experienced sharp rises and falls in a short time, with increasingly intense capital battles. On August 17, the storage sector just saw a collective rally, with SanDisk rising nearly 9% in a single day and Micron up over 4%; however, the next day there was a reversal, with SanDisk falling nearly 9% at one point and Micron dropping over 7%. This trend indicates that the chips are now very unstable. Today, I am actually more worried about further declines tonight. The reason is simple: the fundamentals haven't suddenly worsened, but the stock price has already priced in too much optimism in advance. The market is now shifting from discussing "how strong AI storage demand is" to debating "whether this valuation can hold up." The latest market views also mention that storage stocks have clearly lost momentum recently, and some funds are withdrawing from this crowded trade. My view: if after the U.S. market opens tonight, MU and SNDK cannot quickly recover the morning's losses and instead see a volume-driven sell-off, it could easily trigger a cascade of selling. Especially for SNDK, which is inherently more volatile than MU and had a more exaggerated prior rise; once funds start to concentrate on taking profits, the drop won't be gentle. Of course, I'm not saying the storage fundamentals have suddenly collapsed. AI servers, HBM, and NAND demand remain the most important logic behind this rally. What really needs caution is that after high valuations combined with high volatility, the market is starting to front-run. So tonight, I personally will be more bearish. If the market opens with a sharp drop, I won't chase the short but will wait for a rebound $BTC at $77,700, are you chasing the highs? First, look at the surface: a violent rebound, retail investors FOMO chasing the highs. In mid-August, it was still hovering around 62k-65k, then in one week it surged directly to 79.5k, a weekly increase of 23-26%, one of the largest weekly gains in recent years. Tens of billions of dollars in short positions across the network were liquidated, retail investors just got cut, and the market took off. The candlestick chart tells you: successfully broke through the 67.5k range, stood above the 200-day moving average (71.7k), and the weekly chart formed higher lows — the mid-term trend has turned bullish, but don't chase the highs in the short term. First thing: ETF inflows hit $1.9 billion in one week, this is not volume retail investors can pull out. Spot BTC ETFs had a net inflow of about $1.9 billion this week, a 10-month high. BlackRock IBIT contributed the most, institutions are buying with real money. Ray Dalio has publicly recommended allocating BTC to hedge against U.S. debt risk. Are you still waiting for a pullback? They are buying, you are watching, it’s always like this. Second thing: The U.S. Treasury made a big move, liquidity valves opened. The U.S. Treasury announced at least doubling the long-term Treasury repo scale to the $4 billion level, directly suppressing long-end yields. Treasury repo = injecting money into the market. Long-end yields falling = risk assets become more valuable. BTC and gold directly benefit. Combined with Trump pushing the CLARITY Act, giving the crypto industry "policy clarity" expectations. Regulatory easing + liquidity release, a double recipe for a bull market. Third thing: a technical signal has appeared that must be watched. The daily RSI has entered over$BTC $ETH The underlying logic of this rebound comes from the decline in U.S. Treasury yields, the market's expectation of marginal easing in trading liquidity, combined with short squeeze and institutional ETF buying jointly pushing prices higher.
#BTC冲高后震荡，ETF资金持续流入
However, the macro environment is currently quite conflicted: inflation has not completely cooled off, the timing of Federal Reserve rate cuts remains uncertain, and the high valuation of U.S. stocks also hides the risk of a correction. BTC is increasingly resembling a macro risk asset; if U.S. stocks adjust, it will be hard for BTC to remain unaffected.
In the short term, to effectively break through 80,000, relying solely on contract squeezes is not enough; two confirmations are needed: first, a continued decline in U.S. Treasury yields, and second, a sustained net inflow of BTC-ETF with incremental spot funds following.
If ETFs continue to see outflows and U.S. Treasury yields rise again, then this round of rally will be more of a liquidity recovery rebound rather than the start of a full-blown bull market. Going forward, the focus should be on three key signals: U.S. Treasury yields, the U.S. dollar index, and ETF funds. This morning before the US stock market opened, gold and Bitcoin continued to remain strong, especially gold breaking its previous high again. This week is also a period of intensive macro events, which may trigger significant volatility:
1. Wednesday 20:30: July PCE data
2. Earnings reports after Wednesday's market close, conference call at 5 AM Thursday
3. Friday 22:00: Speech by Waller
Currently, the market's most critical expectation for the core monthly PCE rate is 0.23%, which rounds to 0.2%. As long as the core PCE monthly rate is below 0.3%, the market is very likely to remain moderate.
Recently, AI stocks have gradually cooled down, and Nvidia's earnings are unlikely to exceed expectations again, especially after they have already used the big move of guaranteed loans, basically marking a phase of exhausted potential. As the saying goes, "good news that doesn't push prices up is bad news." Against the backdrop of weak US Treasury bonds, it is difficult for US stocks to stand out alone, and indeed it is time for a rest.
Friday's speech by Waller is the key to the market trend going forward. Especially after Basset just announced a doubling of long-term US Treasury repurchases, the market urgently needs more information to confirm whether there was prior coordination between the two and whether the Fed will lean hawkish in the future.
a) From the perspective of policy space, regardless of whether this coordination was pre-planned, the objective result is that Basset has taken on part of the long-term stabilization task, giving Waller greater room for hawkish expression.
b) Moreover, this is Waller's first important speech as Fed Chair at Jackson Hole, where he needs to establish his own and restore the Fed's credibility.
c) This year's conference theme is "Financial Innovation: Implications for Payments and Policy" In 2019, Bitcoin broke through 13,800 in June, seemingly about to surge to the 2017 all-time high of 19,000, but then it remained sluggish for the rest of the year, dropping to a low of 6,600 in December.
We previously mentioned that the three key factors determining a bull market are narrative, liquidity, and chip structure, all of which perfectly aligned in 2019.
Narrative: Facebook was going to launch a coin, "big institutions/big tech entering the market."
Liquidity: Three interest rate cuts in July, September, and October.
Chip structure: The deep bear market of 2018 was completely cleared out, exhausting selling pressure.
Even so, why was the bull market suddenly interrupted? Bitcoin didn’t even break a new high.
Many say that 2019 itself was just a continuation of the four-year cycle bear market, so a bull market was impossible, citing the performance in 2015 and before October 2023 as evidence.
This is still a typical case of rigid thinking.
Let’s look at the 2019 case.
That year, Facebook planned to launch a stablecoin project called Libra. At that time, Facebook had 2.7 billion users, meaning it could provide the crypto space with imaginative capital and users. Partners included Visa, Mastercard, PayPal, and eBay.
The narrative was in place, combined with expectations of rate cuts, and Bitcoin surged from around 3,000 to 13,800 in the first half of the year, a 4x increase.
The key issue was what happened afterward: regulation killed Libra.$GRVT $GRVT Rumor has it that the GRVT team has run away, a soft RUG pull, according to GRVT's BD. Now other non-core members of the project are opening short positions to sell off.Small Modular Nuclear Power: AI Competing for Electricity, Nuclear Power Begins Factory Production In August 2026, TerraPower, founded by Bill Gates, signed a cooperation agreement with South Korea's SK Innovation to jointly participate in small modular reactor projects in the United States and overseas. South Korean companies aim to provide key equipment, engineering construction, and operational capabilities, transferring supply chain experience accumulated from shipbuilding, refining, and large machinery industries into the new generation nuclear power sector. A few months ago, the U.S. Department of Energy selected eight companies to provide over $94 million in funding to help address licensing, supply chain, and site preparation issues for small modular reactors. Another federal fund of up to $800 million was allocated to TVA and Holtec to advance the first projects in Tennessee and Michigan. The U.S. Department of Energy announced the TVA and Holtec projects in May 2026. The revival of nuclear power has been advocated for many years. The force bringing it back into capital focus now comes from a very modern scenario: AI data centers are lining up to compete for electricity. Why AI is putting nuclear power back on the table Over the past decade, the global power system has mainly expanded around wind, solar, and natural gas. Renewable energy costs have rapidly declined, and construction cycles are shorter than nuclear power, but data centers require continuous year-round operation. Model training cannot be paused midway due to cloudy days, no wind, or grid congestion, so companies need stable, low-carbon power sources. Traditional large nuclear power plants can provide stable baseload power, but the problem lies in the engineering scale. Each power plant is too large to... The ETH/BTC ratio recently formed a "golden cross," where the 50-day moving average crosses above the 200-day moving average. Since early June, ETH has consistently outperformed BTC, with the ETH/BTC ratio rising about 25% from its low on June 6. Historical data shows that the performance after an ETH/BTC golden cross is inconsistent. After the golden cross on July 25, 2025, the ratio rose about 36% over the following four weeks but then declined; after the February 2021 golden cross, it once surged about 93%. However, the two golden crosses in May and August 2022 failed to sustain an upward trend. The golden cross is a lagging indicator based on historical prices and does not guarantee that ETH will continue to outperform BTC afterward $BTC $ETH #新手必看：这里有你需要的一切 #交易之声：你的经验值得被听到 The SEC finally does more than just say "No."
On 8/19, the SEC released "Regulation Crypto Assets," the first securities regulatory framework specifically targeting token issuance, providing a clear path for issuers. It is now entering a 60-day public comment period.
Key change: compliant ICOs become possible. Projects can issue tokens under conditions of disclosure, custody, and anti-fraud measures, rather than being immediately sued by the SEC. This is a big deal for U.S. projects.
In the past four years, American entrepreneurs either moved to Singapore/Dubai or issued tokens secretly without showing their faces. Now there is at least a legal path.
But don’t overinterpret. The SEC under Paul Atkins is indeed friendlier, but the final rules still depend on Congress and courts. The CLARITY Act vote on 9/15 is the key variable.
Notably, Bitwise data shows: crypto products had a net inflow of $1.8 billion in the first half of 2026.
Institutions haven’t left; they’re just waiting for regulatory clarity.
Do you think this regulatory shift will make the U.S. a crypto startup hub again?
#BTC冲高后震荡，ETF资金持续流入 $SNDK's crash from 1628 to 1516: Three real reasons behind it
Today, SNDK dropped sharply from 1628.69 to 1516.90 in one move, falling 112 points, nearly 7%. Many were confused, so I'll objectively break down the reasons for this plunge.
1. Concentrated profit-taking: SNDK rose over 4% in two days from around 1560 on August 22 to 1628, yielding substantial short-term profits. 1628 is near a previous high, where both trapped holders and profit-takers sold simultaneously, causing a resonant sell-off.
2. Pullback in the US stock memory chip sector: SNDK is a tokenized stock of SanDisk, closely linked to US stocks. Today, the US memory chip sector pulled back overall, with Micron and SK Hynix both declining to varying degrees. It's normal for SNDK to follow this drop. The essence of tokenized stocks is to track US stocks; if US stocks fall, SNDK cannot remain unaffected.
3. Insufficient liquidity amplifying the decline: SNDK token's trading volume is generally small, usually ranging from hundreds of thousands to a few million USD. Once a large sell order appears without enough buy orders to absorb it, the price is quickly hammered down. The 112-point drop from 1628 to 1516 saw increased volume but insufficient buying, a typical sign of liquidity shortage.
Trading advice: If you hold positions, don't rush to sell; wait for a rebound to 1550-1560 before reducing holdings. If you don't hold, don't try to catch the bottom of tokenized stocks—they're hard to time; wait for stabilization first. The crash itself isn't scary; what's scary is not knowing why it happened