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#South Korea KOSPI closes up 5.9% driven by chip buybacks South Korean stock market surged 5.9% in one day, not because the economy suddenly took off, but because chip giants started returning AI earnings to shareholders.
KOSPI closed today at 6852.58 points, up 5.89% in a single day.
There are only two real engines:
SK Hynix +12.73%
Samsung Electronics +9.49%
Why such a sudden surge?
SK Hynix announced:
They will spend 40 trillion KRW, about $28.6 billion, to repurchase and cancel shares.
They also promised to return at least 50% of free cash flow to shareholders from 2025 to 2027.
Immediately after, the market also reported:
Samsung may launch a shareholder return plan exceeding 100 trillion KRW, about $71.8 billion.
In one sentence:
AI chip companies used to tell the market "I can still make a lot of money," now it’s directly "I’m using the money I earned to buy back my own stock."
These two moves are on a completely different scale.
Foreign investors net bought about 1.7 trillion KRW of Korean stocks that day, combined with the decline in US long-term bond yields, reigniting risk appetite.
But don’t forget:
Samsung’s 100 trillion plan is currently just media reports; the company has not officially confirmed it.
So what I’m more focused on is not that KOSPI rose 5.9% today.
But a bigger change:
In the next phase of the AI market, the market may no longer just look at "who grows fastest," but start to look at "who can really turn AI profits into cash and return it to shareholders." 8月19日晚，美国财政部突然宣布，将美债的流动性回购规模，从每次最多20亿美元提高到至少40亿美元。消息出来后，市场迅速把它理解成财政部在给长期美债托底，30年期美债收益率从高位明显回落，美元也同步走弱。 这也直接带动了风险资产反弹，比特币一度突破7万美元，以太坊也明显走强。 但仅仅过了一天，市场又变了。 昨天美债收益率又开始重新上行，30年期收益率一度回到5.24%左右，美股则出现明显回撤。标普500下跌0.9%，纳指下跌1%，把前天的涨幅直接抹去。 看起来市场并没有因一时的利好，而接受债务会改善的预期，甚至美财长表示回购规模可能翻倍，也无济于事。 需要明确，财政部的回购计划解决的是流动性问题，但并没有解决债务和财政赤字的问题。 美国政府债务已超过40万亿美元，长期国债收益率之所以持续处在高位，并不只是因为市场缺流动性，更重要的是投资者正在要求更高的期限溢价。 简单说，财政部可以买回一些流动性较差的老债，改善市场交易，但它无法靠回购直接消除巨额财政赤字，也无法阻止未来继续发行大量国债。 所以市场第一天看到的是财政部出手了，第二天看到的却是问题依然还在。 连摩根大通都警告，如果市场认为Let's talk about SUI today, a public chain that is becoming increasingly controversial. Some say it will become the next star asset, while others feel its price increase has already been overextended. My view is that what truly determines SUI's value is not the short-term price, but the speed of ecosystem growth. Recently, more and more projects are choosing to deploy on the SUI ecosystem, and on-chain activity and capital flow remain worth watching. Many people always think about buying at the lowest point and selling at the highest, but end up missing the trend time and again. The hardest thing in a bull market is not picking coins, but holding on; in a volatile market, the hardest thing is not judging direction, but controlling position size. I won't change my long-term plan based on daily price fluctuations; I focus more on whether capital continues to flow in and whether the ecosystem continues to develop. If the overall market warms up later, SUI still has a chance to become an important target for capital rotation. Of course, every coin carries risk, and position management is always more important than emotions. Do you think SUI will be the first to break out this round, or will it continue to consolidate and build strength? Feel free to share your views in the comments. #SUI #PublicChainEcosystem #OuyiPlanet #Cryptocurrency #CryptoCommunityObservation BTC hasn't surged dramatically, so why are veteran players becoming increasingly calm? Many people think a bull market means a daily 10% jump, but in reality, major moves often happen amid sideways trading where chips are exchanged. Recently, BTC has been consolidating at high levels; many have been liquidated, but long-term holders are quietly adding to their positions. The more anxious the market sentiment, the more it indicates that funds are reshuffling. Historically, every major rally was preceded by a phase that made people doubt the bull market was still alive. Currently, on-chain funds remain active, and institutional holdings haven't seen large-scale withdrawals, which is a key reason many continue to be bullish on the market. My view is: don't chase the rally, don't panic, and don't change your long-term plan based on daily price swings. If BTC breaks through key resistance again, a new trend might attract more off-exchange capital; if it continues to consolidate, that will be an opportunity for the patient. Making money in crypto often depends less on prediction skills and more on execution and time. Do you think this BTC cycle will break new highs first, or will it continue to consolidate and shake out weak hands? #BTC #Bitcoin #OuyiPlanet #Cryptocurrency #BullMarketWatch 08.19 The whale shorting $BTC with $85.58 million is stubbornly taking hits 🙉
After being liquidated 240 BTC with a loss of $1.112 million yesterday afternoon, this morning they proactively reduced their position by 350 BTC, taking a loss of $2.581 million, lowering the margin usage rate to 101%; currently, nearly half of the 40x short position remains (610.01 BTC), valued at $45.58 million, with an unrealized loss of $4.783 million
Not everyone is as disciplined as the big target guy, who stops losses when they say so...
Portal 👉 0x66f889094739dbb7d20aa60f645acd88feba75a9$BTC On the larger time frame, there will still be a wave of pullback, but future pullbacks are unlikely to fall below 60k. This rally has turned the downtrend into a sideways consolidation.Sisters! I woke up to find my account green again (the kind of green that means making money) 💚
BTC current price 74600, +6% in 24 hours, an 11% surge in two days. The big coin that was lying flat and playing dead at 63000 just a couple of days ago shot straight up above 74000. $3 billion worth of shorts wiped out overnight, 190,000 liquidations, the largest single one at $48.8 million — short sellers, line up on the rooftop.
Why this surge? Three fires:
1. Trump’s White House summoned Coinbase and Kraken bigwigs for a meeting, pressuring Congress to pass the CLARITY Act by year-end;
2. The US Treasury doubled its long bond buybacks, yields plunged, flooding the market with liquidity, benefiting risk assets;
3. Shorts were too crowded, a little spark caused a chain reaction of stampedes.
Standard Chartered has already called for $100,000 by year-end. But note: the Senate procedural vote on September 15 is a critical juncture, and there’s still a 35% chance of a rate hike at the September FOMC, so don’t get too carried away.
Key levels: resistance at 75000 (new battleground for bulls and bears); support at 70000 and 68600 (if these hold on pullbacks, it’s a sign of strength).
In short: after a month of consolidation, the direction is finally clear. A pullback is a buying opportunity—I’ve already converted my bubble tea money into spot 🧋XRP Observation on August 21｜Understanding Account Reserves After the Heat Rises
Today, both the discussion volume and spot trading of XRP have heated up. More important than price fluctuations is understanding why the XRP Ledger simultaneously designs transaction costs and account reserves: the former is not paid to any validator but is permanently destroyed when the transaction enters the validated ledger, used to increase the cost of spam requests and network attacks.
Official documentation shows that the base cost for ordinary transactions is usually 10 drops, which dynamically increases when network load rises. Accounts must maintain a base reserve, and each object occupying ledger space held increases the owner reserve. These parameters can be adjusted by validators through a fee voting mechanism and are not permanently fixed.
Low cost and fast confirmation can reduce payment friction, but this does not mean usage will automatically grow, nor does it mean token valuation will rise with protocol parameters. Future focus should be on real settlement demand, ledger activity, liquidity, and regulatory changes.
It is also important to distinguish the relationship between XRP and its underlying ledger: technical availability can improve independently, but market price will still be influenced by supply, demand, and sentiment.
$XRP #XRP
For informational purposes only, not investment advice. $BTC has recently surged past the $72,000 mark with gains close to 15%, reaching a high near the $74,000 range, marking a new peak in over two months.
The rise is not purely driven by sentiment. The U.S. Treasury announced it will at least double the scale of long-term bond repurchases to $4 billion per operation, directly easing bond yield pressures and injecting liquidity into risk assets.
The Trump administration signaled support for clearer crypto regulation (Clarity Act), combined with White House-industry dialogues, further boosting market confidence.
Technically, BTC successfully broke out of the six-week consolidation range between $62,000 and $66,900, triggering approximately $3 billion in short liquidations, forming a classic short squeeze spiral.
On-chain data shows the short-term holder cost basis (around $68,500) has been reclaimed, and the 200-day moving average has been surpassed, shifting market structure from consolidation to a bullish recovery.
The next key resistance is concentrated near $75,800 at the "real market average"—a level representing the average cost of active investors.
If this level is effectively broken and held, it could open the door to higher price ranges. Some analyses suggest that if momentum continues, targets of $80,000 or even higher may come into view.
Currently, indicators like RSI have entered overbought territory, increasing short-term profit-taking pressure; after the short squeeze rally, if spot buying and ETF inflows fail to sustain, prices may enter a phase of high volatility consolidation. #BTC突破72000美元，本轮上涨能否延续？ The core conclusion of today's market is: risk appetite has weakened again, but there is a very clear divergence between BTC and the US stock market. Overnight, the three major US stock indices collectively fell, with the Dow dropping over 1%. The rate relief brought by the US Treasury's expansion of long-term bond repos lasted only a short time, and US Treasury yields rebounded. Meanwhile, tensions between the US and Iran have further escalated, Brent crude oil has risen close to $94, and inflation pressure has once again become the core contradiction in the market. In contrast, BTC continues to strengthen significantly, reaching around $73,300 at the time of writing. In the short term, the crypto market is showing clear independence, outperforming traditional risk assets.
1. What happened overnight?
1. US Treasury yields rebounded, and the "rate relief" from Treasury intervention quickly faded
Facts:
Overnight, US stocks experienced a significant correction again.
The Dow Jones Industrial Average fell 1.32%, closing at 52,759.21 points; the S&P 500 dropped 0.87%, closing at 7,641.16 points; the Nasdaq Composite Index fell about 1.00%, closing at 26,067.17 points.
Just the day before, the US Treasury announced it would increase the single repo size for 10-30 year long-term bonds to at least $4 billion, which once pushed long-term US Treasury yields significantly lower.
But yesterday, the bond market quickly came under pressure again.
The 10-year US Treasury yield returned to around 4.70%, and the 30-year yield rose again to about 5.24%.
Market reaction:
Tech stocks, which had rebounded due to the decline in long-term rates, came under pressure again.#FinancialReportObserver: Pop Mart's Growth Shifts Gears, Can Multiple IPs Take Over?
Pop Mart just released its half-year report, here are some interesting points.
Revenue reached 17.17 billion, up 23.8% year-on-year. Sounds decent? But last year's full-year growth was 184%, so this shift feels like suddenly slamming the brakes. Adjusted net profit was 5.16 billion, with growth only 9.5%, revenue up but profit not increasing. Wang Ning openly admitted in the conference call — this year’s 20% growth target is very likely to be missed. When the boss says this, you can judge for yourself.
The IPs are noteworthy. THE MONSTERS remains the leader at 4.45 billion, but down 7.5% year-on-year. Last year, when LABUBU was hottest, Wang Ning proactively "put out the fire," halting new products and controlling licensing; this year the pace continues to slow. The successor, Star People, hit 2.65 billion in half a year, with a staggering 580% growth. CRYBABY, DIMOO, SKULLPANDA, and Little Wild all surpassed 1 billion; six IPs broke 1 billion, eleven exceeded 100 million, the matrix is taking shape.
But MOLLY dropped 33%, down to only 900 million, a 20-year-old IP clearly declining. In the trendy toy industry, there is no forever top star.
Overseas revenue is under pressure, gross margin slightly down from 70.3% to 69.7%. They responded by announcing a 2 to 5 billion buyback, giving a reassuring signal.
Judgment: The growth shift is a fact, and the multi-IP relay is initially working. Whether Star People can sustain and where the next hit will come from are key going forward. Whether LABUBU’s cooldown is justified will be clear in half a year. $DOGE On the evening of August 19, the U.S. Treasury suddenly announced it would increase the liquidity buyback of U.S. Treasuries from a maximum of $2 billion each to at least $4 billion. After the news broke, the market quickly interpreted it as the Treasury Department providing support for long-term US Treasuries, with the 30-year Treasury yield clearly retreating from its highs and the US dollar weakening in tandem. This directly triggered a rebound in risk assets, with Bitcoin briefly surpassing $70,000 and Ethereum clearly strengthening. $ETH But just one day later, the market changed again. Yesterday, US Treasury yields started climbing again, with the 30-year yield briefly returning to around 5.24%, while US stocks experienced a clear pullback. The S&P 500 fell 0.9%, and the Nasdaq dropped 1%, erasing the gains from the previous day. It seems the market has not accepted expectations of debt improvement due to temporary positive factors; even the U.S. Treasury Secretary's indication that the buyback scale might double is ineffective. It should be made clear that the Treasury's buyback plan addresses liquidity issues but does not address debt and fiscal deficits. U.S. government debt has exceeded $40 trillion, and the persistently high long-term Treasury yields are not just due to lack of liquidity in the market, but more importantly, because investors are demanding higher term premiums. Simply put, the Treasury can buy back some old, less liquid debt to improve market transactions, but it cannot directly eliminate the huge fiscal deficit through buybacks, nor can it prevent the continued issuance of large amounts of government bonds in the future. So on the first day, the market saw the Ministry of Finance intervene, but on the second day, the problem persisted. Even JPMorgan Chase warned about expansion$DOGE is up 11.56% today, spiking from $0.07243 to a high of $0.08351. On the surface, it looks like the start of a fresh rally. But the derivatives data tells a more cautious story. Open interest only rose 5.38% during the same period, while price jumped 11.56%. That means the move wasn’t driven by new leveraged positions, but rather by spot buying and short covering. In other words, the fuel here is not fresh speculative capital. The long/short account ratio confirms this. It dropped from 4.258月18日，花旗发布Custody+，把传统证券托管、实时资产服务和数字资产能力放进同一套机构平台。需要先分清阶段：Custody+已经发布，但原生加密资产托管并未在当天全面上线。花旗此前在2026年投资者日材料中称将推出原生加密资产托管；据The Block对本次公告的独立报道，服务预计今年稍晚启动，首个资产是比特币，面向机构客户。 这与“银行替所有用户买BTC”不是一回事。直接托管意味着客户持有的是原生BTC权益，由托管人负责密钥、地址管理、交易授权、账务和合规流程；ETF则是基金份额，投资者通常不能直接提取对应BTC。两种方式都能提供价格敞口，但资产法律结构、费用、交易时间和可转移性不同。 对市场的影响主要有三条。第一，机构可在熟悉的托管报表、权限和审计框架内同时管理传统资产与BTC，降低内部系统接入成本。第二，大型银行加入可能提高保险、审计、冷热钱包和多方审批等服务标准。第三，新增合规入口可能扩大可配置BTC的机构范围，但它不会自动形成等额买盘：客户是否入金、购买多少以及是否只是转入既有持仓，都要等实际数据。 风险也不能被“银行级”三个字盖住。BTC不是银行存款，不能据此假设受BTC broke through 69000, reaching an intraday high of 69888, just a breath away from 70000. Spot markets strengthened in sync, with ETH hitting a high of 2119, surging over 8% at one point.
Why the surge?
The direct trigger was the US Treasury's announcement to expand the scale of long-term bond repurchases, causing the 30-year US Treasury yield to plunge from the 19-year high of 5.33% to 5.19%. This long-term interest rate, which had been the tightest restraint on BTC, has loosened.
The short squeeze chain reaction amplified the gains. A large number of high-leverage short positions were stacked above 63000; once the price broke this key level, it triggered a cascade of liquidations, fueling accelerated upward momentum. Continuous net inflows into ETFs also followed, with BlackRock's IBIT seeing over $200 million inflow in a single day.
Current outlook
There is a large amount of profit-taking near 69000, so short-term consolidation is needed. The first support for a pullback is between 65800 and 66000; if the price holds this area, the next target is 71000 to 72000. If it falls below 65000, this short squeeze structure may be broken.
Trading strategy
Chasing highs is no longer cost-effective. Wait for a pullback to stabilize between 65800 and 66000 before considering long positions, with stop-loss set below 65000. The direction hasn't changed, but the rhythm has. Think it over. $BTC $ETH $SNDK Dazhuang Study Notes｜When looking at BTC, you can't just look at a single candlestick
Today, I extended the view of BTC to three timeframes:
1️⃣ One week
Around August 15, about $63,000, now about $74,000, up nearly 18%. This round feels more like a resonance of "capital inflow + macro/policy catalysts + short squeeze after breakout."
2️⃣ Half a year
On February 21, about $68,000, touched above $82,000 in May, dropped to around $58,600 at the end of June, now back to $74,000. A net increase of about 9% over half a year, but the process was very volatile, indicating mid-term is still a wide-range oscillation with recovery.
3️⃣ Long term
BTC went from less than $0.1 in 2010 to a historical high of about $126,200 in 2025, then retreated to today. What truly drives it long-term is scarce supply, adoption rate, and global liquidity, not any single piece of news.
So I assign a weighting framework for "trend judgment in the next month":
Price structure 20%｜Macro liquidity 20%｜ETF/spot funds 20%｜Exchange net flow 15%｜Volume 10%｜OI+Funding 10%｜Liquidations 3%｜BTC market share 2%.
The first three look at direction, the middle ones verify the authenticity of the rise, and the last ones check if the market is overheated.
What’s truly useful for investors is not guessing tomorrow’s rise or fall, but watching three things:
Is money continuously coming in?
Can the breakout hold?
Is leverage piled up too high?
When data changes, views should change.
$BTC #大壮学习笔记 ETH stands above 2300, can this be considered a bull rebound?
Conclusion: For now, it can only be defined as a strong large-scale rebound, not yet a confirmed bull rebound (trend reversal).
The two main drivers of this rally:
1. Macro catalyst: The U.S. Treasury expanded long-term bond repurchases, U.S. Treasury yields declined, rate cut expectations increased, and risk asset valuations rose.
2. Short squeeze: A large number of shorts accumulated at low levels previously, after breaking through, shorts concentrated on closing positions, leverage amplified the gains, combined with ETF capital inflows, resulting in a large bullish candlestick.
The positive factors are real, but a significant portion is driven by leveraged funds, not purely by spot buying entering unilaterally.
To judge a true "bull rebound," three hard conditions must be met, which have not all been fulfilled yet:
1. Price structure: ETH needs to increase volume and firmly hold the key resistance zone at 2500-2600 to digest the previous trapped positions; currently, it has only broken through short-term resistance, and the medium- to long-term moving averages have not yet turned upward.
2. The overall market must not lag: BTC must hold the 68000-69000 range; ETH is a high beta asset and it is difficult to have an independent major bull market; if BTC weakens, ETH’s correction will be larger.
3. Sustained capital validation: ETH spot ETFs must maintain continuous net inflows, the ETH/BTC ratio should steadily rise, and capital should continuously rotate into the Ethereum ecosystem rather than just a one- or two-day pulse inflow. $ETH #财报观察员：泡泡玛特增长换挡，多IP能否接力？
History is quite ironic; today's rise is exactly the same as at the end of May.
Market page: After the Q1 report on May 27, $XIAOMI hit a new low for the year at 28.4, with a single-day market cap shrinkage of 35.1 billion; at that time, profits were just under pressure. Today's Q2 is even worse—adjusted net profit year-on-year down 42.6%, a much larger decline than then, yet the stock price rose 5.12%.
This kind of "worse earnings report but stock rises" relies on the anesthesia of sequential improvement and the automotive story. Year-on-year is the truth; the deeper the divergence, the harder the fall later.
My short position hurts today, but the logic hasn't broken, so I won't exit.
$XIAOMI Dazhuang Study Diary｜Why has BTC suddenly strengthened these past two days?
A few days ago, BTC was mostly consolidating, but in the last two days, the price quickly broke out. After reviewing, I found that BTC’s rise wasn’t driven by a single positive factor, but by several forces combined:
1️⃣ ETF funds flowing back
Last week there was net outflow, but recently it clearly turned into net inflow, with real money re-entering the market.
2️⃣ Macro environment warming up
Economic data was weak, long-term interest rates fell, and market liquidity improved, encouraging trading again.
3️⃣ Price truly breaking out
BTC broke through weeks of consolidation, shifting the trend from "grinding" to "strong."
4️⃣ Short squeeze accelerating the rise
After the breakout, many shorts were forced to cover, effectively buying BTC and amplifying the price increase.
My current framework for BTC is getting clearer:
Price shows direction, ETF shows real money, OI/Funding shows leverage, liquidations show acceleration, macro shows liquidity.
BTC has clearly turned stronger now, but the recent rise is very fast.
Going forward, I’m focusing on two things:
Whether the breakout can hold, and whether ETF inflows can continue.
When data changes, views should change.
Analysis isn’t about betting on direction, but continuously updating judgments based on evidence.
$BTC #DazhuangStudyNotes $BTC Saylor sold at 63957, I shorted at 63200, BTC rose to 74000 — we were both exactly wrong
Saylor was mocked by the entire network today.
The guy who shouted "never sell" for three years, the boss of the company holding the most BTC globally. Last week he cut losses, selling 1638 coins at 63957, cost 75419, selling at a 15% loss.
Today BTC is 74000.
After he sold, the coin took off, up 15% in two days. The whole network laughed at him for "selling low at 60k" and called him a "contrarian indicator." I looked at the memes three times and laughed until crowing.
Then I couldn’t laugh anymore.
Because I was doing the exact same thing as Saylor. He sold at 63957, I shorted at 63200. He cut at 64000, I was stopped out at 63300. Same position, same belief — both thought BTC had topped out.
But one bullish candle killed the world’s biggest long and the smallest short.
The difference is: he was wrong once and lost face, smashing his "never sell" brand. I was wrong once and lost my underwear, the real money in my 400U account.
Last week I wrote four or five bearish articles: ETF withdrawals, whales running, funding rates negative to the floor — every point was true. Saylor thought the same, so he sold.
Then Trump held a meeting, SEC issued new rules, Treasury doubled buybacks. These three things combined, one bullish candle buried us both.
But I’m not here to cry today. I’m here to remind the bulls:
The short squeeze is over.
$3 billion in shorts have been liquidated, but the open interest on perpetual contracts hasn’t bounced back. In plain English — this wave was all forced liquidations, not new money entering. Shorts are dead, fuel is burned, the elevator is waiting for the next batch.
ETF players’ average cost is 82465. BlackRock at 82,206, Fidelity at 73,447. At 74000 BTC, half are still underwater. 74000 isn’t their break-even, it’s their wound.
The 200-day moving average is at 69000, yesterday a wick dipped below and then pulled back.
Chasing longs at 73000-74000 has a poor risk-reward ratio. Either wait for a pullback to 69000-70000, or wait for open interest to rise — that would mean new money is really coming in. Charging in now, you’re just the next batch of fuel.
Last week I shorted at 63200 and got stopped out. This week I’m neither shorting nor chasing. I can’t afford to chase 74000 with 400U.
I just want to ask: those who were bearish last week and got proven wrong, check in in the comments, let’s see how many are on the same page as me and Saylor. Those who bottomed at 62000 and held, you’re my dad. Those who just chased at 74000, give a shout, I want to see what this batch of fuel looks like. $BTC $ETH #BTC突破72000美元，本轮上涨能否延续？ $HYPE $HYPE welcomes major policy benefits, the White House signals Hyperliquid's compliant entry into the US market 🚨
Today's biggest market narrative comes from the White House's closed-door crypto meeting, where Trump publicly stated: The CFTC chairman is fully pushing for Hyperliquid to enter the US market through a fully compliant and legal path. After the news broke, $HYPE surged violently intraday, with a peak increase of over 23%, becoming the brightest sub-sector hotspot on the board.
✅ Key highlights of this benefit
1. Major breakthrough in regulation
Hyperliquid is a leading on-chain perpetual contract platform, currently banned for US users, with many local users trading in a gray area via VPN. Now, with high-level White House endorsement, it represents the first acceptance intention from the top US authorities for DeFi derivatives, marking an industry milestone once realized.
2. Capital market linkage
The listed holding vehicle PURR also surged 31% intraday; in contrast, traditional futures exchanges CME and Cboe fell under pressure, as the market begins to price in the competitive impact of on-chain derivatives on traditional finance.
3. Solid platform fundamentals
Hyperliquid has its own L1 public chain, an on-chain order book non-custodial perpetual contract, with annual profits exceeding $900 million last year; 97% of platform revenue is used to buy back HYPE tokens, maintaining a deflationary flywheel, with business fundamentals providing solid backing.
⚠️ Important risk warnings
1. High-level statements ≠ license obtained; this only initiates the advancement process. There is still a long way to go with legislative battles, KYC, and regulatory framework negotiations. Whether the CLARITY Act passes the Senate is the biggest uncertainty, with risk of expectations not being met.
2. This rally is driven by news expectations; benefit realization or approval delays can easily trigger concentrated profit-taking and pullbacks.
3. Even if compliant entry into the US is achieved, the original protocol architecture will likely be modified and may not fully retain all functions of the current offshore version. The FOMC meeting minutes have been released, with a 9 to 3 vote to maintain the interest rate at 3.5%-3.75%. Three hawks—Logan, Hammack, and Kashkari—were determined to raise rates by 25 basis points, but the majority chose to hold steady. Some might interpret this as the Fed backing down, but if you read the minutes carefully, you'll find a harsher statement hidden in the wording: if inflation stalls, tightening could return at any time. This is very precise. The softened CPI and employment data have temporarily given the Fed a way out, with CME's probability of maintaining rates in September jumping directly to 67%. But the market is not out of the woods yet. Where is the risk? The minutes highlight three things: AI infrastructure financing, stock valuations, and U.S. Treasury volatility. Taken together, these three basically say one thing—the current risk asset pricing is based on the assumption that "interest rates will not go higher." But once inflation data warms up again, or the AI narrative falters, this assumption will be overturned. Just look at the current market correlations to understand. On the U.S. stock side, Google has invested $4 billion in Anthropic, and the AI arms race is still burning money; tokens like $xNFLX are deeply tied to U.S. stock assets, so any slight disturbance in the AI narrative causes wild swings. Bitcoin, on the other hand, has had its best single month since Q4 2024, and IBIT's funds even briefly reversed Deribit, but don't forget, this rally is driven by liquidity expectations, not real profits BTC surged from 64,000 to 73,000 in one bullish candle, ETH pushed past 2340+, with a 24h total liquidation of 3.3 billion USD across the network, shorts accounting for 3.06 billion, making up 92% of liquidations. Hyperliquid saw a single liquidation of 48.8 million USD, and 170,000 people were liquidated.
Don't be fooled by the “160 billion entering the market” narrative — this move is an epic short squeeze triggered by the Ministry of Finance's extended bond repurchase and White House summit expectations. The majority of the buying is forced short covering, not real spot money entering positions.
Chasing the highs now means catching the tail end of short covering. If 73,000 doesn't hold, it’s a ticket for the 64,000 cut-loss crowd to exit in reverse; a real breakout requires volume above 75,000 plus continuous ETF inflows to be valid. If you're itching to trade, wait for a pullback to 70,000 to see if support holds — that's more dignified than chasing this bullish candle.The entity that took profit at the $4400 high point of $ETH has added 3385.82 more tokens!
Since yesterday, a total of 16699.32 ETH has been purchased through Cowswap, with a total value exceeding 35.84 million USD, an average cost of $2146.42, and a current unrealized profit of 3.335 million USD.
The funds come from a mixer; if it's a hacker address, then they are also a top trader among hackers 😂A Morgan Stanley report states that China's international balance of payments structure has shifted to a "mirror" model, with a current account surplus reaching as high as $735 billion in 2025. However, unlike before, this surplus has not translated into an increase in official foreign exchange reserves but has been offset by a deficit of about $782 billion under the non-reserve financial account. This means that the huge foreign exchange income generated by goods trade is being reallocated to overseas assets through channels such as private sector securities investments (about $426 billion) and other investments (about $317 billion).
This year's rapid tightening of a series of outbound investment policies, hitting Futu and Qiangqiao, new outbound investment regulations, and offshore trust taxation all point to the fact that our management is preparing to initiate the realization of domestic value.
In past overseas downturns, Sino-US relations had not deteriorated to the current hostile state. In 2008, the idea that saving the US was saving oneself prevailed; in this international political environment where cooperation outweighed hostility, US authorities tended to adopt a one-time rapid clearing approach to the economic crisis, allowing the economy to drop to freezing point in a short time.
Now that China and the US are in a hostile state, allowing the economy to collapse uncontrollably on either side would only create opportunities for the opponent. Therefore, neither China nor the US will experience uncontrolled economic collapses like those in 2008 or 2015. Instead, a controlled clearing similar to the distorted operations by Paulson will take place. Under such circumstances, the economic gap between domestic and overseas will not be too large, so our management needs to build higher economic barriers to prevent the outflow of domestic value. The Treasury's debt market rescue lasted only one day: the 30-year US Treasury yield surged back to 5.25%
The day before yesterday, the yield on the 30-year US Treasury bond briefly hit 5.34%, the highest level since 2007. The Treasury quickly intervened, increasing the liquidity repo scale for long-term bonds from 10 to 30 years from a maximum of $2 billion each time to at least $4 billion.
The market's initial reaction was clear: the 30-year Treasury yield quickly dropped to around 5.19%. But after just one day, the situation reversed.
The latest 30-year Treasury yield has returned to around 5.25%, and the 10-year yield is back to about 4.70%. The increase brought by the Treasury's intervention has basically been given back by the bond market.
The market's concern may not just be "insufficient liquidity," but a deeper issue: the US's debt exceeding $40 trillion, long-term fiscal deficits, inflation, and the continuously increasing bond issuance in the future.
A $4 billion repo can improve market liquidity but cannot make the fiscal deficit disappear out of thin air. Interestingly, Treasury Secretary Bessent has already indicated that the repo scale could be further increased in the future.
So the real question going forward might be: if $4 billion is not enough, what about $8 billion? And if $8 billion still can't contain it?
This kind of operation is actually positive for neutral assets like $BTC
#BTC突破72000美元，本轮上涨能否延续？ #财报观察员：泡泡玛特增长换挡，多IP能否接力？
On August 20, Pop Mart released its 2026 semi-annual report. The most noteworthy aspect of this report is not the ¥17.17 billion revenue and 23.8% year-on-year growth, but the profound structural change occurring in the IP matrix — the shift in growth pace of LABUBU and the explosive rise of Star People together form the core narrative of Pop Mart's "growth shift."
1. LABUBU Declines, Star People Takes Over
In 2025, THE MONSTERS family, which includes LABUBU, achieved annual revenue of ¥14.16 billion, a 365.7% year-on-year increase, becoming the first IP in the trendy toy market to surpass ¥10 billion. However, in the first half of 2026, THE MONSTERS revenue was ¥4.45 billion, down 7.5% year-on-year, with its revenue share dropping from 34.7% in the same period last year to 26%.
Filling this gap is Star People. This IP, which launched its first product set only in 2024, reached ¥2.65 billion in revenue in the first half of the year, a 580.6% year-on-year increase, quickly becoming the company's second-largest IP. From ¥390 million in the same period last year to ¥2.65 billion now, Star People's growth rate is phenomenal.
Meanwhile, CRYBABY, DIMOO, SKULLPANDA, and Hirono each generated revenues of ¥1.63 billion, ¥1.62 billion, ¥1.55 billion, and ¥1.01 billion respectively. In the first half, six IPs exceeded ¥1 billion in revenue, and eleven IPs surpassed ¥100 million. The diversification of the IP matrix is reducing the company's reliance on a single blockbuster.
2. Multiple IPs Taking Over, or "One for One"?
The biggest long-term concern in the market about Pop Mart has been the "LABUBU dependency." Now that LABUBU's share has declined and Star People has risen rapidly, this concern has been initially addressed. But the question of whether multiple IPs can take over is far more complex than surface data suggests.
On the positive side: Star People's rapid growth proves that Pop Mart's internal IP incubation mechanism is maturing. From 29 new IPs in 2024 to 57 in 2025, the launch frequency is nearly one per week. This strategy of "throwing dozens of IPs into the market for testing" is moving from quantitative change to qualitative change.
Challenges are also significant: THE MONSTERS revenue of ¥4.45 billion is still about 1.7 times that of Star People. LABUBU's popularity changes still have a crucial impact on the overall picture. Moreover, can Star People's explosive growth continue? Where is the next Star People? There is still a long way to go from "one super IP" to "a group of strong IPs."
3. Overseas Pressure, China Market Leading
Another signal worth noting comes from overseas markets. Overseas revenue in the first half was ¥4.972 billion, down 11.6% year-on-year. Revenue in the Americas fell 16.5%, and Asia-Pacific dropped 9.7%. Pop Mart founder Wang Ning admitted that last year's overseas boom had an element of "luck."
In stark contrast, the Chinese market revenue was ¥12.2 billion, up 47.3% year-on-year. Online channels grew 62.7%, and revenue from the blind box vending machine app surged 83.3%. The strong growth of the domestic base provides ample confidence for the company’s proactive adjustments during this "rest year."
4. Closing Remarks
Wang Ning stated in the earnings call that 2026 is the company's "restructuring year," with the core goal of solidifying the business foundation and optimizing the global channel structure, rather than pursuing short-term scale expansion. The company also announced a share repurchase plan ranging from no less than ¥2 billion to no more than ¥5 billion.
From LABUBU to Star People, from a single blockbuster to an IP matrix, Pop Mart is undergoing a transformation from "luck-driven" to "capability-driven." Whether multiple IPs can truly take over does not depend on whether a single IP can replace LABUBU, but on whether the company can continuously create the next Star People. This requires time to verify, but at least from this semi-annual report, Pop Mart has taken a crucial first step.
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The above content is personal opinion only and does not constitute any investment advice.
#财报观察员：泡泡玛特增长换挡，多IP能否接力？ SharpLink Gaming staked another 39,319 ETH 4 hours ago, worth $91 million.The storage sector indeed hasn't picked up yet, but HYPE has already surged back to its previous high.
Why is the storage sector still consolidating? The main suppressing factor is long-term interest rates, with AI-related bond supply reaching $489 billion. The storage sector is a typical "long-duration asset," with a long profit realization period, sensitive to interest rates, and its valuation is directly suppressed.
Rising too much is also a problem. $SNDK SanDisk rebounded from the low point to 1814; the short-term rise was too fast, leading to concentrated profit-taking. On August 18, SK Hynix's 40 trillion KRW buyback and cancellation is currently the strongest signal, reducing circulating shares. It once surged over 7% pre-market, and the market recognizes this move. However, the long-term interest rate suppression hasn't been lifted yet, and the overall sector sentiment reversal requires a clearer catalyst.
Why is $HYPE so volatile? The direct catalyst is the White House crypto meeting. Trump mentioned that the CFTC is working hard to bring Hyperliquid into the US, which is equivalent to presidential-level regulatory endorsement. HYPE rose 20%-25% within 24 hours, trading volume surged to $1.3 billion, close to historical highs, and its market cap entered the top ten.
But relying solely on news hype is not enough. Hyperliquid captures 40%-70% of DeFi perpetual contract trading volume, and the platform directs most fees to a fund that continuously buys HYPE. The on-chain fundamentals are strengthening, combined with presidential-level regulatory endorsement, which supports this bullish move. $BTC
The storage sector is still waiting for an improvement in the interest rate environment. Assets like HYPE, which have strong fundamentals plus event catalysts, naturally experience high volatility. MicroStrategy's New $10 Billion Coin Buying Plan: Is Saylor's Infinite Money Printing Flywheel Really Without a Reflexivity Deadlock?
MicroStrategy, the largest corporate holder of Bitcoin, has once again stirred a sensational capital storm on Wall Street.
Its leader, Michael Saylor, has submitted a multi-billion-dollar plan for stock issuance and ultra-low-interest convertible notes financing, determined to push MicroStrategy's Bitcoin holdings to an astonishing 2% of the global circulating supply.
Many find it baffling that MicroStrategy's market cap has long been 1.5 to 2 times higher than the net asset value of all its Bitcoin holdings (mNAV). This is equivalent to paying $150 in the market for Bitcoin worth $100. Why are top Wall Street institutions still lining up to buy?
This is not investor blind frenzy but rather Saylor's extremely sophisticated "mNAV Reflexive Flywheel" constructed in the US stock market.
The micro-operation logic of this flywheel is ruthless:
First, leveraging the high premium of its stock relative to Bitcoin net asset value (e.g., 1.8 times mNAV), it issues shares at a premium in the public US market or issues convertible bonds at nearly zero coupon rates (around 0.5%);
Second, it uses the cheap fiat cash raised from Wall Street to buy spot Bitcoin in the secondary market in full and loads it onto the company's balance sheet;
Third, because the high premium issuance directly increases the Bitcoin net value per share (BTC Yield / Bitcoin per share), shareholders who were originally diluted actually gain more Bitcoin yield, and the stock is further hyped by Wall Street long institutions, pushing the premium higher and triggering the next larger fundraising and coin buying cycle.
During periods of unidirectional Bitcoin price rises or ample liquidity, this flywheel acts like a perpetual motion machine, shifting all fiat inflation debt costs to the market and making MicroStrategy the most aggressive Bitcoin leverage amplifier on the network.
However, any financial engineering based on reflexivity inevitably has fatal physical deadlocks:
First, the inevitable fading of institutional premium.
In the past, institutions tolerated high premiums to buy MicroStrategy because of the lack of compliant spot channels. But now, with BlackRock's spot ETF surpassing a trillion in scale, full approval of ETF options, and the launch of native custody by major Wall Street banks, institutions can directly buy zero-premium spot ETFs, irreversibly erasing the channel premium once monopolized by MicroStrategy.
Second, the double squeeze of convertible bond maturity and prolonged sideways trading.
If Bitcoin falls into a wide-range shake or deep correction for several quarters, and the stock premium narrows from 1.8 times to parity or discount, the issuance flywheel will instantly jam. When the early-issued $10 billion convertible bonds enter conversion or repayment windows, if investors refuse to convert and demand cash redemption, the huge interest and principal repayment pressure will instantly spiral into a vicious deleveraging cycle.
Saylor's Bitcoin fantasy is an unprecedented macro gamble. Understanding the brilliance of his money printing flywheel requires also respecting the cliff of reflexivity.
MicroStrategy's new $10 billion coin buying plan: do you think Saylor is creating a financial engineering miracle or planting systemic risks? Between spot ETFs and MicroStrategy stock, which do you prefer to hold?
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The above content represents personal views only and does not constitute any investment advice. DYOR, NFA.
#交易之声：你的经验值得被听到 Bitcoin has reached 74,000. The shorts are dead, but the bull market is not yet alive.
This is not a pretentious cryptic phrase, but the most authentic snapshot of the market at this moment. A 14% surge in two days, $3 billion worth of short positions vaporized, the sound of liquidations cracking crisply like ice breaking. A short squeeze, textbook-level short squeeze. But if you think this is the bull market's charge, ask again: who is buying? Who is selling?
The logic is actually very clear. With increased US Treasury repo operations, the market has caught the familiar scent of a disguised QE. The White House's positive stance on cryptocurrency legislation has handed institutional funds a ticket to enter. The dual engines of macro and policy have ignited this blazing rally. But looking closely at on-chain data, a subtle signal is flashing—the outflow from whale wallets is increasing. The higher the price goes, the more composed the smart money exits. Who are they handing their chips to? Is it you chasing the rally, or the shorts who were just squeezed and forced to flip?
A bull market needs two things: the flame of sentiment and the fuel of capital. The flame is enough, but where is the fuel? The increase in spot trading volume lags far behind that of contracts; the derivatives frenzy masks the hesitation in the spot market. This means the foundation of this current rise is more like a tightly stretched string rather than a solid base.
74,000 is not the finish line, but the exam. The test is not whether your prediction is right or wrong, but whether you can still hear your own logic when everyone around is shouting "this time is different"; whether you can calmly ask "what's next?" when the candlestick flames scorch you.
The market never lacks opportunities; what it lacks is that when the market gives you a chance, you still have bullets and clarity. Remember to celebrate 74,000, but don't get drunk. The true winner is always the one who leaves the party early on the night of the frenzy and steadily pockets the profits.BTC suddenly surged back to $70,000, did Trump give it another push?
This wave of Bitcoin suddenly rushing from over $60,000 all the way back to $70,000 is definitely not just a simple technical rebound.
On August 19, Trump met with several crypto industry executives at the White House and publicly urged Congress to quickly advance the CLARITY Act.
The signal is very clear: the U.S. is not trying to drive crypto out, but is rushing to establish a regulatory framework.
But I think the real ignition was the liquidity expectation.
The U.S. Treasury expanded long-term Treasury repurchases, Treasury yields fell, and the market's liquidity expectations suddenly eased. At the same time, BTC broke through a key level, shorts began to liquidate continuously, and ETF funds flowed back in.
Policy expectations + improved liquidity + short squeeze + ETF funds, a few sparks collided, making it hard for BTC not to rally.
But here I still want to remind you:
$70,000 is not the end, nor is it a reason to blindly chase the rally.
What really matters is whether BTC can hold above $70,000 and turn this level from resistance into support.
If it can hold, the story ahead may just be beginning.
If it can't hold, this might just be a beautiful "bull trap."
Personally, I’m more focused on the trading volume and capital flow in the next few days.
Breaking through is not hard; holding the ground is the real skill.In the previous four articles, we have been discussing "how to safeguard private keys." But if you think custody is just "storing coins," you might already be behind the industry's development. Crypto custody in 2026 has evolved into a complex financial operating system. One of the most cutting-edge practices is "tripartite custody." A new paradigm emerging from the ruins of FTX After the collapse of FTX, the entire industry has been reflecting on one question: how to completely separate client assets from the platform's own funds? The traditional approach is: you deposit coins into the exchange, and the exchange uniformly stores them in cold wallets. But the problem is—if the exchange wants to misappropriate, it still has the authority. The tripartite custody solution is: introducing an independent, regulated third-party custodian. The client's collateral (fiat currency, government bonds, stablecoins, etc.) is not stored on the exchange but in the account of this third-party institution. The exchange is only responsible for "trade execution" and does not touch client assets. In other words, your trading limit on the exchange is "backed" by assets held by the third party. You want to trade, but your assets are not on the exchange's balance sheet at all. Why is this something "only traditional finance dares to do"? In traditional finance, this model is not new. In stock trading, brokers execute trades, while clients' funds and securities are held by independent central clearing institutions (such as the DTCC in the U.S.), and brokers cannot access client assets. This has been a fundamental rule of the financial system for over a hundred years—separating trade execution from asset custody to create checks and balances. Plus🔥 What’s truly scary about SanDisk might not be how much its stock price has risen $SNDK Last night, SanDisk closed up 2.02%, at $1600.62. In the context of SanDisk’s recent wild swings, a 2% move is actually nothing. But I recently revisited SanDisk’s fundamentals and realized the market might no longer be trading on the simple question of “how long can this round of NAND price increases last.” Instead— SanDisk is trying to transform itself from a traditional cyclical stock into a cash flow machine. Why do I say this? First, look at a very striking data point👇 SanDisk has now signed new long-term cooperation agreements with 8 customers. The minimum contract revenue scale reaches: 👉 $93.9 billion And these are not just verbal orders. For FY2027, about 50% of bit shipments are already locked in; for FY2028, it’s even closer to: 👉 2/3 of capacity covered by long-term agreements The average contract term exceeds 4 years. This is very important. What was the biggest problem with NAND before? Demand up → prices rise → manufacturers expand capacity → oversupply → prices fall → profits collapse. A typical cyclical stock. But what SanDisk wants to do now is: lock in customers early + lock in sales volume + set price protection mechanisms In other words, it is trying to reduce its dependence on the wild price fluctuations of NAND. Even more striking is the management’s long-term model for 2028–2030: 📌 Revenue remains stableIs the bull really coming? It's rushing to 74,000!
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💰 Take profit on long positions, wait for a pullback to re-enter
Pair: BTCUSDT
Direction: Long
Entry price: 72,193.6
Exit price: 73,343.9
Leverage: 20x
Return: +29.73%
Profit: +6.54U
The highest reached 73,970, I exited at 73,343, missed the very top. But this trade from 72,100 to 73,300 earned 1,200 dollars, which is pretty good.
📈 Market signals
BTC surged from 72,000 straight to 73,970, up nearly 2,000 dollars. MA5 (73,682), MA10 (73,320), MA20 (73,002) are all in bullish alignment, all moving upward acceleratingly. Volume is 154,700, slightly lower than yesterday but still healthy. The 74,000 level is a key round number; breaking it leads to 75,000.
On the news front, the White House crypto summit released optimistic regulatory sentiment, Trump mentioned "large-scale" Bitcoin reserves, Fed rate hike disagreements widened, and rate cut expectations increased—triple positive factors stacked.
📌 Trading strategy
Direction: Continue long, target 75,000.
Wait for a pullback to 73,000-73,300 to stabilize before entering long, stop loss below 72,000, target 75,000.
If it breaks 74,000 directly, wait for a pullback confirmation before chasing; don’t chase immediately.
Keep up with the bull’s pace, target 75,000
$BTC
#BTC突破72000美元，本轮上涨能否延续？ Tether Holdings (the issuer of USDT) is one of the most profitable and highest per capita profit non-listed fintech and shadow central bank entities globally. Its essence is not simply a blockchain project, but a digital sovereign-level asset management institution that uses zero-cost or extremely low-cost retail liabilities (stablecoins) to invest in highly liquid sovereign risk-free assets (U.S. Treasuries) and hard assets (gold, Bitcoin), thereby earning unleveraged net interest margin (NIM). Core indicator data performance industry comparison / notes USDT circulating market value ~ $184 billion+ occupying ~68%–72% of the global stablecoin market share Total reserve assets ~ $188 billion – $191 billion Excess reserves (owner's equity buffer pool) reach ~ $8.2 billion+ U.S. Treasury holdings exposure ~ $141 billion (direct and indirect holdings) surpassing countries like Germany and South Korea, ranking among the top 17 global U.S. Treasury holders Net profit level 2025 full year > $10 billion; 2026 single quarter ~ $1–1.5 billion profit scale approaching BlackRock and Goldman Sachs core business lines Per capita profit > $70 million / person Global employee scale only about 120–150 people, operating expense ratio less than 1.5% Business model and balance sheet deconstruction 1. Zero-cost liquidity flywheel (The Float Monopoly) Tether mints USDT without needing to pay for比特币干到 7.2 万+，ETH 飙近 20%，SOL、XRP 跟涨 13%+，24 小时 30 多亿美金爆仓，其中空单占了九成多——群里一兄弟发来截图，他 6.5 万开的空，早上直接被抬走，留言就三个字：“牛来了？” 说白了这波不是纯散户喊单喊出来的。美国财政部说要扩大长债回购，长端收益率往下掉，风险资产松了口气；白宫又把 Coinbase、Circle 那帮人叫去聊《CLARITY 法案》，SEC 顺便扔了份加密资产监管草案，市场把“政策要清晰了”先 priced in 了。但真正把价格打陡的，是空头自己——六周横盘，大家都觉得上不去，杠杆空单堆得满满的，结果一波拉涨触发连锁清算，空单踩空单，成了教科书级 short squeeze。 挺讽刺的：美股昨夜还绿着，COIN 和 MSTR 却逆势大涨，币圈第一次有点“不走美股老路”的味道。恐慌贪婪指数从 46 一天跳到 62，群里画 8 万、10 万的图又多了起来。 但我还是那句老话——逼空≠牛市确认。现在 FGI 跳太快，政策还是“预期”不是“落地”，BTC 摸了 7.3 万又回 7.2 万附近晃，200 日线（约 69k）能不能站稳Coinbase CEO Brian Armstrong signals again with a long-term outlook: Bitcoin could reach $300,000–$400,000 in the next few years, a more restrained institutional bullish view compared to the previous extreme expectation of $1 million by 2030.
He laid out the logic very clearly in an interview with Fox Business:
• A regulatory turning point in the U.S. (passage of the GENIUS Act, advancement of the Clear Act) opens the door for institutional compliance;
• Strategic Bitcoin reserves move from a "slogan" to executive order enforcement, with sovereign-level allocations beginning to test the waters;
• Global fiscal deficits and fiat currency depreciation pressures push BTC back into the narrative of "digital gold + reserve candidate."
Note that he hedged his original words: "high margin of error" and "rough idea." The $300,000–$400,000 range corresponds to a neutral scenario over the next 3–5 years with institutional positions gradually reaching 1%–10%; reaching $1 million would require wealth management and sovereign funds to simultaneously overweight, which is an optimistic tail scenario.
Combined with Strive's resumption of increased holdings after a two-month pause yesterday, the top exchange CEOs setting the tone, and treasury companies' practical buying, the narrative chain is closing: this is not a hype call to the top, but a legalization of dollar-cost averaging logic over a "multi-year dimension."
Don't take the prediction as a target price. The CEO's words are about expectation management; BTC's movement depends on liquidity, halving, and ETF flows. Listen to what is said, watch the on-chain data.I am Old K. Someone asked if the altcoin season is coming since BTC has risen?
My view is: it's too early to say "it's here," but the signals are indeed improving.
This rally is completely different from the previous ones where "only BTC was rising"—ETH surged 18% in a single day, $XRP rose nearly 15%, $DOGE, $HYPE, and others followed suit, and the top 100 altcoins all turned green. Bitcoin dominance (BTC.D) has dropped from nearly 63% in June to about 56.5%, showing an initial downward trend, which is one of the necessary conditions for the start of altcoin season.
However, limiting factors are also obvious. Institutional funds are heavily locked into the Bitcoin ecosystem through ETFs, unlike the last bull market when funds could freely flow into altcoins; BTC's RSI has exceeded 79, indicating severe short-term overbought conditions, and the risk of a pullback cannot be ignored.
The real critical window is in September. On September 15, the "CLARITY Act" will have its first vote in the Senate, and the Federal Reserve's interest rate meeting will be held on the same day—if regulatory clarity and macro liquidity resonate, it could truly ignite altcoin season.
ETH and SOL have already started outperforming BTC, and market breadth is improving, but a full altcoin season still requires BTC to complete its main upward move and enter a consolidation phase, Bitcoin dominance to continue declining, and retail investors and on-chain liquidity to re-enter. The signals are improving, but the "confirmation button" has not yet been pressed. #BTC突破72000美元，本轮上涨能否延续？
The same attempt to break the previous high, but this time is completely different from March 2024.
Last time it was driven by continuous ETF inflows + macro easing, with institutions buying with real money.
This time it's ETF fluctuations + Fed's hawkish stance, leveraged buying forced out.
The foundation is unstable, the ground shakes, be cautious in the 72K-75K range.
Wait for a pullback to the 67-70K support zone before considering.
$BTC Pop Mart $POPMART Complete Analysis｜As of 2026 Half-Year Report (Latest as of August 20)
1. Latest Core Financials (First Half of 2026, Major Turning Point)
Revenue: ¥17.17 billion, +23.8% YoY
Net profit attributable to parent company: ¥5.04 billion, only +10.1% YoY
Adjusted net profit ¥5.156 billion, adjusted net margin 30%; gross margin 69.7% (slightly down from 72.1% for full year 2025)
✅ Highlights:
Strong domestic performance: Domestic revenue ¥12.2 billion, +47.3% YoY; explosive growth from Douyin and online blind box machines
New IP succession: Star People revenue ¥2.65 billion, +580% YoY, continuing LABUBU’s popularity
Solid cash flow; company announced ¥2–5 billion buyback plan, management signals support for stock price
⚠️ Core Concerns (Market’s main focus):
Flagship LABUBU (THE MONSTERS) revenue ¥4.45 billion in H1, -7.5% YoY, starting to decline; 2025 was a surge year, so natural cooling off
Profit growth significantly lags revenue growth, slight pressure on gross margin
Overseas revenue decline, short-term setbacks in overseas expansion, expected globalization benefits temporarily weakened
Management candidly states: very likely to miss the early-year 20% revenue growth target, 2026 set as an adjustment year
Compared to 2025 surge year: full-year revenue ¥37.12 billion (+184.7%), net profit attributable ¥13.01 billion (+293.3%), gross margin 72.1%, driven by LABUBU’s phenomenal performance spike, unsustainable
2. Core Competitiveness (Moat)
Mature IP industrialized operation system (strongest barrier)
Not a one-off IP, capable of continuous series iterations, cross-industry collaborations, offline exhibitions, fan community operations; able to continuously create new IPs and sustain old IP popularity (Star People succession proves this); competitors like 52TOYS and TOPTOY find it hard to replicate this complete IP incubation + fan operation system.
Channel closed loop: online blind box machines, Douyin live streaming, offline stores + robot stores, mature private domain membership system, repeat purchases form the base
Supply chain + quality control + artist contract ecosystem, binding designers, stable new product output
3. Core Risks (Most critical, biggest risk for consumer IP stocks)
IP popularity cycle risk (top risk)
Trendy toys are emotional consumption, IPs have clear life cycles; LABUBU’s decline is typical, without the next super hit, both performance and valuation suffer.
Blind box regulatory risk: lottery-style marketing, policies restricting inducement of minors’ consumption
Competitive intensity: domestic TOPTOY, 52TOYS, overseas competitors, major animation companies entering the market cross-industry, splitting users
Macroeconomic consumption: non-essential, discretionary spending; when consumer confidence weakens, it is cut first
Overseas underperformance: cultural acceptance, localization, tariffs and exchange rates, overseas inventory, high overseas marketing costs
4. Valuation & Market Status (Morning of 2026-08-21)
Stock price HKD 145, TTM P/E ≈ 12.98x
Comparison: P/E was very high during 2025 surge phase, now after correction valuation is significantly compressed
Pricing logic: market no longer prices "LABUBU permanent high growth" premium, current pricing is mature IP platform + IP rotation model, watching if Star People and other new IPs can sustain performance and if overseas can return to growth
Capital: Duan Yongping continues to watch/hold; company’s new ¥2–5 billion buyback provides bottom support, but buyback ≠ immediate stock price rise
5. Scenario Simulation (Three paths)
✅ Optimistic (Successful resonance): Star People continues volume growth + new hit emerges + overseas returns to growth → performance stabilizes, valuation recovers upward
⚖️ Neutral (Base case, highest probability): LABUBU continues natural decline, multiple mid-tier IP matrix rotation supports bottom, growth rate continues to slow, enters stable oscillation range, hard to replicate 2025’s violent main upward wave
❌ Pessimistic: New IP succession fails, consumption weakens, overseas continues pressure → performance keeps revising down, valuation continues to be cut
6. One-sentence Summary & Observation Anchors
Pop Mart has bid farewell to the explosive period driven by a single super IP (LABUBU), entering a stable verification period of IP matrix rotation; high gross margin, cash flow, and buybacks provide a safety cushion, but trendy toys are essentially emotional consumption, with large performance elasticity and downside risk. @OKX中文 @OKX成长学院 @OKX星球 Structurally slightly positive, but still in the "late bear market/bottoming" phase.
• VanEck points out that 8 out of 12 capitulation signals have been triggered, with recent noticeable selling by long-term holders. Historical cycles show an average adjustment period of about 12.7 months, with a potential turning window possibly entering an accumulation phase between September and November 2026.
• Institutions like Bitwise believe the market is no longer sensitive to bad news, bottom characteristics are emerging, and the allocation education period on Wall Street wealth management platforms is nearing its end, with institutional funds likely to gradually enter the market thereafter.
• Institutional interest in Ethereum allocation is rising (continuous net inflows into ETFs, increased corporate holdings), potentially continuing to outperform Bitcoin.
• Key driving factors:
• Whether the U.S. Treasury's repurchase can continue to suppress long-term yields and improve liquidity.
• Whether ETF funds are truly flowing back continuously (rather than short-term replenishment).
• Regulatory progress (procedural vote on the "Clarity Act" in September, implementation of the SEC's new framework).Conclusion first: This round of BTC and ETH rally is a strong rebound driven jointly by "improved macro liquidity expectations + favorable policies + ETF capital inflow + short squeeze," but it is still premature to rigorously confirm that a new comprehensive bull market has arrived.
As of today, BTC is around $73,700, up about 6% intraday; your screenshot shows ETH at about $2,343. BTC has clearly strengthened, but the overall market's upward structure is still incomplete.
1. Why did BTC and ETH suddenly rise this round?
* The government began intervening in long-term Treasury liquidity;
* Long-term U.S. Treasury yields may temporarily decline;
* The U.S. dollar faces some depreciation pressure;
* Valuation pressure on risk assets decreases.
But note: Treasury repos are not equivalent to the Federal Reserve resuming large-scale quantitative easing. They improve market liquidity and sentiment but are not yet sustained "money printing."
Positive expectations emerge for U.S. crypto regulation
Trump is again pushing the "Clarity Act," attempting to clarify whether digital assets fall under securities regulation or commodities regulation.
The market fears not strict regulation, but uncertain regulation.
* Compliance risks for exchanges and institutions decrease;
* Banks, funds, and pensions find it easier to allocate;
* The institutional adoption path for BTC and ETH becomes clearer;
* The market is willing to assign higher valuations.
However, the bill has not yet been fully implemented, so what is being traded now is "policy expectation," not the final outcome. This wave of $BTC is rising faster and faster; frankly, the shorts are stepping on the gas themselves. 😮💨
In different statistical periods, about $2.7 billion to $3.1 billion worth of short positions were liquidated. But don't get it wrong, this doesn't mean the market suddenly gained $3 billion in new funds, nor does it mean shorts actually lost $3 billion.
As the price rises, shorts are forced to cover; covering pushes the price higher, triggering more liquidations. The acceleration of $BTC and ETH these days owes a lot to this short squeeze.
However, it's not all about sentiment. The $BTC spot ETF saw a cumulative net inflow of about $1.004 billion from August 17 to 19, with a single-day inflow of $517.2 million on the 19th. On the 20th, the preliminary report shows $103.3 million, but important fund data is still pending, so whether the momentum can continue remains to be seen. 👀
I'm currently focusing on the $BTC resistance at 73,000; if it holds with volume, then look at 75,000; on the downside, watch 72,000 and 71,000. For ETH, watch resistance at 2,330–2,350 and support at 2,250–2,200.
Don't chase the liquidation numbers; wait for the short squeeze to pass and see if the real buying can hold the position. 🧠Two days ago, everyone was saying: there's no liquidity in the crypto space, all the money has gone to the US stock market. There's no money in the market, how could Bitcoin possibly rise?
But I have been emphasizing: in August, there will first be a spike, around 70,000, maybe 72,000. How do I judge this? The market needs to go against human nature. Everyone is waiting for the last dip, so the market will most likely spike first, squeezing out most of the shorts, creating a bull market illusion. Then everyone will say: the bull market is here, let's go, and then there will be a rapid drop. After squeezing out the longs, there will be a rapid rally. I never believe that a lack of liquidity means a drop, because liquidity can flow back instantly. Price is related to sentiment and the market maker's contrarian moves. Liquidity is what the market maker wants everyone to see. In the previous phase, AI and storage were booming, everyone went to US stocks, and the liquidity everyone talked about was gone. What happened? A 50% crash in a month.
Now carefully consider this question: isn't the lack of liquidity actually the best entry point? Should trading go against human nature? Everyone thinks liquidity is gone, so they start waiting or selling. Then who buys it? Who benefits from a sudden explosive rally? If you don't believe it, just watch, soon everyone will say: liquidity has come from the US stock market back to the crypto space!🔥 What’s truly worth watching about SanDisk might not just be how much its stock price can still rise
$SNDK
Last night, SanDisk closed up 2.02%, but what I’m more focused on isn’t this 2%, but that it’s trying to break free from the fate of a traditional NAND cyclical stock.
Currently, SanDisk has signed long-term agreements with 8 customers, with minimum contract revenue of about $93.9 billion. Approximately 50% of bit shipments for FY2027 are already locked in, nearly two-thirds for FY2028, with an average contract term exceeding 4 years.
What does this mean?
Previously, NAND was a typical cyclical business:
Demand up → Price increase → Capacity expansion → Oversupply → Price drop.
But now SanDisk is trying to:
👉 Lock in customers
👉 Lock in sales volume
👉 Reduce the impact of price fluctuations
Management even provided long-term targets for 2028–2030: gross margin around 80%, operating margin around 75%, free cash flow margin around 50%.
📈 My view:
Short term, SanDisk trades on NAND market conditions;
Medium term, it trades on AI data center storage demand;
Long term, the market is betting on whether it can transform from a cyclical stock into a high cash flow asset.
But the risks are also clear:
👉 Can NAND prices remain strong?
👉 Can future growth shift from "price-driven" to "demand-driven"?
So the most critical question now isn’t:
How much more can SanDisk rise?
But rather:
Will this NAND cycle really be different from the past?
#SanDisk #StorageChips🔥 What’s truly scary about SanDisk might not be how much its stock price has risen $SNDK Last night, SanDisk closed up 2.02%, at $1600.62. In the context of SanDisk’s recent wild swings, a 2% move is actually nothing. But I recently revisited SanDisk’s fundamentals and realized the market might no longer be trading on the simple question of “how long can this round of NAND price increases last.” Instead— SanDisk is trying to transform itself from a traditional cyclical stock into a cash flow machine. Why do I say this? First, look at a very striking data point👇 SanDisk has now signed new long-term cooperation agreements with 8 customers. The minimum contract revenue scale reaches: 👉 $93.9 billion And these are not just verbal orders. For FY2027, about 50% of bit shipments are already locked in; for FY2028, it’s even closer to: 👉 2/3 of capacity covered by long-term agreements The average contract term exceeds 4 years. This is very important. What was the biggest problem with NAND before? Demand up → prices rise → manufacturers expand capacity → oversupply → prices fall → profits collapse. A typical cyclical stock. But what SanDisk wants to do now is: lock in customers early + lock in sales volume + set price protection mechanisms In other words, it is trying to reduce its dependence on the wild price fluctuations of NAND. Even more striking is the management’s long-term model for 2028–2030: 📌 Revenue remains stableBitcoin surged 15% in four days, and Ethereum was even more aggressive, shooting up 22%. Damn, the group chat went wild again, shouting loudly about a bull market comeback.
Technically, there's really no room for criticism; the daily MA200, RSI, and MACD all look good. The macro environment is strangely favorable too: inflation is down, ISM is up, and the Russell 2000 hit new highs. Short-term bullish, I agree.
But I just feel something's off.
In July and August 2022, it was exactly the same. A 40% rally with everyone shouting bull market, but then in November it dropped 22% in one week. The FTX crash was an excuse, but even before that, the confirmed reversal in Q4 was brutal and unchanged. In this space, when everyone is collectively bullish, it's often when the knives are being sharpened.
Right now, I only hold a position in $OKB. It's not that I don't like $BTC, but I'm afraid of being spun around by a fake breakout. 67K (the top of the August sideways box, now considered a retest level) is the key: if it holds above, this rally can keep going with the music and dance; if it breaks, no excuses, it's a false signal, and you need to run faster than anyone else.
The four-year cycle thing, Bitcoin has never broken it. Conclusion? Cautiously bullish. I also want it to fly straight to 1 million, but after several bull and bear cycles, impulsiveness basically equals suicide.
I'm lightly holding for now, waiting for stability before adding more. If you want to rush in, remember the 67K hurdle—if it breaks, don't be stubborn, don't say I didn't warn you.
(PS: The above is all my personal speculation and does not constitute investment advice)
#BTC突破72000美元，本轮上涨能否延续？ #ETH强势拉升，空头清算超11亿美元 We're back in that classic cycle—you know the drill.
$BTC suddenly surges, strong market volatility, everyone's eyes glued to the charts. The higher it goes, the more people panic-sell their altcoins chasing momentum. So your altcoins start to "bleed" in $BTC terms, even if the USD price doesn't seem to drop.
Then $BTC hits a wall—a key resistance on a higher time frame—and then... it starts to consolidate. That's when altcoins wake up. They temporarily outperform, and everyone feels smart again.
Then what? The whole process repeats. Bitcoin rises, altcoins get dumped; Bitcoin pauses, altcoins rally. Repeat, and repeat.
It's like watching the same movie on loop, but somehow, we keep buying tickets. Yesterday's big $ETH bullish candle precisely wiped out my short position.
Today, watching it hover around $2350 back and forth, I don't even bother sighing anymore.
In the past 24 hours, Ethereum shorts liquidations exceeded $1.1 billion, with the largest single liquidation reaching $108 million.
Bitcoin hasn't been idle either, breaking through $72000 directly—I thought this market was unreal a couple of days ago, but looking back, it's not the price that's crazy, it's us who always try to catch the top.
But this rally can't be blamed solely on short squeezes.
ETH spot ETFs have had net inflows for three consecutive days, with about $189 million flowing in just yesterday.
Forced liquidations are the fuse; ETFs and real cash spot buying are the ammunition continuously pushing prices higher, which is why ETH is bouncing more violently than BTC.
What's even more interesting is that gold has surged above $4500.
Risk assets and safe-haven assets are both rising; on the surface, it looks divided, but in reality, they're trading on the same logic: a weakening dollar, declining long-term interest rates, and concerns over fiscal risks.
The crypto market absorbs liquidity, gold feeds on risk-off sentiment, each going their own way without interfering with each other.
Currently, ETH's one-hour RSI has exceeded 80, clearly overheated and severely overbought, but the short positions have been completely dismantled.
Today also coincides with BTC and ETH options expiration, so price swings before and after settlement are no surprise.
If I were to open a short now, I'd be really scared; if chasing longs, I'd have to wait for a pullback to consider.
Having just been trapped once, I don't want to switch directions and get trapped again.
$BTC
#BTC突破72000美元，本轮上涨能否延续？
#财报观察员：泡泡玛特增长换挡，多IP能否接力？
#闪迪高位波动，存储股估值分歧加剧