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🚨 $80B Just Disappeared From Bitcoin Treasury Companies. What Went Wrong?
The Bitcoin treasury strategy was one of the biggest corporate crypto narratives of the last cycle.
Companies raised capital.
They bought $BTC.
Their stock prices surged.
More companies followed.
The idea looked simple:
Raise money.
Buy Bitcoin.
Let the value of the treasury grow.
But the market is now showing the other side of that strategy.
An analysis of the 50 largest public companies holding Bitcoin found that their combined market capitalization has fallen from roughly $150B in July 2025 to about $67B today.
That is more than $80B in value wiped out.
And the important part is that this is not simply a Bitcoin price story.
It is a financing story.
🏦 THE TREASURY MODEL
Companies that adopted the Bitcoin treasury strategy often relied on their equity valuations to raise additional capital.
When the stock traded at a premium to the value of its Bitcoin holdings, raising money became easier.
That money could then be used to acquire more $BTC.
More Bitcoin increased the size of the treasury.
The larger treasury attracted more attention.
And the cycle could repeat.
But what happens when the premium disappears?
The model becomes much harder to sustain.
That is exactly what the market is now testing.
📉 THE PREMIUM IS COLLAPSING
Many Bitcoin treasury companies are now trading at much lower valuations relative to their underlying Bitcoin holdings.
According to the FT analysis, 43 of the 50 largest Bitcoin treasury companies now trade below the share prices they had before adopting the Bitcoin strategy.
Even more striking:
35 of those 50 companies have lost more than half of their value.
That changes the economics completely.
A company can still own a large amount of Bitcoin.
But if investors no longer want to pay a premium for that exposure, the company's ability to raise new capital becomes weaker.
And that creates pressure.
🟠 THEN THERE IS STRATEGY
Strategy became the blueprint for the entire corporate Bitcoin treasury movement.
#WalshInflationRisk 👀 *An "arbitrage king" address appeared on-chain*
Early on, when *$GOLD market cap was $4.76M*, it bottom-fished *5.73M tokens* with *$27.4K*
*Latest report on the evening of 9.1*
1. *Profit taken*: Sold part, pocketed *$135.1K* profit
2. *Base position remains*: Remaining *20.8%* about 1.19M tokens, now worth *$58.6K*
3. *Total profit from this trade*: *+$166.3K*, a 6x return
Textbook operation: *First sell to recover cost + profit, keep base position to aim for bigger gains*
*But don’t just look at the highlights*
Data Current status
**Historical win rate** 25%
**Total P&L** -$472.6K (-16.5%)
**Wallet balance** 1.29K SOL ≈ $133.9K
The meaning is straightforward: *Lost over 20 times, this one trade made back the losses + covered them*
This is the survival rule in the altcoin community
*Plus 3 latest updates*
1. *#BTCGoldCorrelation* Tonight gold pulled to $2,525, dragging down risk appetite. But $GOLD, this gold-themed altcoin, actually +22%, funds are speculating on the "gold narrative"
2. *#WalshInflationRisk* Before Walsh’s speech, whales were all reducing positions. This address being able to sell $135K indicates liquidity is not fully$AVGO earnings report next week, I think this time it's not just about whether Broadcom can rise, but how high Wall Street is willing to value custom AI chips.
NVIDIA's earnings just sustained AI demand, and now Broadcom is taking over. Recently, $GOOGL just gave Marvell a potential $120 billion custom chip order, but the market did not interpret this as Broadcom losing business; instead, it signaled that "the cake for big companies' self-developed AI chips is rapidly growing."
This is exactly where Broadcom is benefiting. Google, Meta, $ANTHROPIC, and OpenAI are all moving towards custom chips. NVIDIA GPUs are too expensive and supply is tight; after models enter large-scale inference, ASICs are more cost-effective and power-efficient for specific tasks. Broadcom was even recently reported to be planning over $60 billion in financing to support AI chip projects for clients like Anthropic, with related cooperation previously targeting over 20GW of computing power by 2028.
So when I look at $AVGO's earnings report next week, what I care about most is not a few cents difference in quarterly EPS, but AI revenue growth, custom chip orders, and whether management dares to raise expectations for the next two to three years. NVIDIA has already given a 70% growth forecast for the next fiscal year, and now the market is waiting for Broadcom to deliver.
I bought a little at 355; I’m still willing to hold this position. ASICs are here, AI networks are here, big clients are all willing to spend, now it’s just up to Broadcom to prove itself.BTC surged to 81,500 and then slid back to 76,800. At that moment, I almost thought I was riding a roller coaster without my seatbelt 😭. Have you ever felt that way? After a week of short positions, I finally broke even—not excitement, but a long breath of relief? First, some background: yesterday, after BTC hit a new high of 81,500, it quickly fell back to the support level of 76,800. My short position that had been stuck for over a week was finally closed. Honestly, this order was purely lucky, because I had already added to my position near 77,000. In the same market segment, I got slapped first and then handed myself a piece of candy. The key isn't my position, but what the market is trading. At the Fed's annual meeting, Walsh gave a hawkish stance, saying inflation hasn't improved significantly, and if core inflation doesn't return to 2% soon, the Fed still has a lot to do. This statement directly boosted expectations for a rate hike in September, causing US stocks and crypto assets to plunge in the middle of the night, and risk assets to be hit hard by the face. Here's a detail many people overlooked: when BTC hit a new high at 81,500, market sentiment was already a bit overheated. The funding rate for perpetual contracts was very high, indicating leveraged bulls crowded. Walsh's remarks happened to trigger a "forecast gap," where the market sold off on positive news, and as liquidity at high levels was pulled out, prices fell accordingly. This isn't simply "bad news comes and so it falls," but a typical pattern of buying all positive factors followed by expected corrections. Looking at my own trade, buying long positions near 77,000 is a logic of tightening support levelsMost people analyze the market by focusing on candlestick patterns, project narratives, and on-chain data. But there is one core variable hidden behind the scenes that is often overlooked—liquidity. No matter how good a coin or how grand the narrative, once overall market liquidity contracts, even the best story rarely breaks into a major rally; Conversely, when liquidity is rampant, many ordinary stocks can also experience a dramatic surge. Liquidity is not simply about the amount of capital; it determines the valuation level of the entire market, the order of sector rotation, and the transition between bull and bear markets. 1. What is liquidity in the crypto market? Simply put, it refers to the incremental funds available to buy assets within the market. This includes institutional ETF inflows, retail funds entering off-exchange markets, new stablecoin issuances, and the expansion of leveraged funds. When liquidity is abundant: Market valuations rise, mainstream coins rise first, funds flow out, gradually flowing into public blockchains, DeFi, small-cap coins, and MEME, resulting in a broad rally. When liquidity tightens: funds first withdraw from high-risk small coins, MEME and altcoins crash first, then flow to public chains, and finally large-cap assets like Bitcoin and Ethereum. The order of decline is exactly the reverse of the rise. Many coins' fundamentals have not deteriorated; only the overall liquidity tide recedes, causing prices to keep falling. This is not a problem with the project itself; it is that the pool of water has decreased. 2. How liquidity governs sector rotation The essence of a complete market circulation chain is the process of liquidity spreading outward. 1. Liquidity comes firstMicron MU: AI is redefining the storage industry
If Micron was once a typical cyclical storage stock, it is now gradually becoming an "AI infrastructure stock."
The reason is simple: AI GPUs not only require computing power but also a large amount of high-performance memory, especially HBM. As AI data centers continue to expand, the importance of high-bandwidth memory is increasing.
This is also why the market is willing to give Micron a higher valuation.
But Micron's biggest characteristic remains unchanged — it still has obvious cyclical attributes.
When DRAM and HBM prices rise, the company's profits can grow rapidly; but if global manufacturers massively expand production in the future, changing the supply-demand relationship, profits may quickly come under pressure.
So what really deserves attention for Micron right now is not just the stock price, but HBM orders, DRAM prices, capacity utilization, and future capital expenditures.
AI is a long-term logic, but storage still has cycles.
The combination of these two forces is the biggest highlight of Micron's current market trend.
Short-term price fluctuations are not important; what truly matters is how long this AI storage cycle can last.⚠️ Jackson Hole leans hawkish, the gap between $BTC and $ETH begins to show
After the Jackson Hole meeting, the market re-traded the possibility of "delayed rate cuts," U.S. Treasury yields rose, and risk assets naturally came under pressure.
But there is a detail in this market movement worth noting:
$BTC has fallen relatively restrained, while $ETH's pullback is noticeably faster.
BTC is increasingly resembling an institutional allocation asset, with spot ETFs providing some spot support, so it has relatively stronger support at the bottom when facing macro shocks.
ETH, on the other hand, is more elastic and riskier. Once the market starts worrying about rates staying high, short-term funds tend to withdraw from high Beta assets first, so ETH is hit more noticeably.
Continuous ETF inflows ≠ short-term prices won’t fall.
Institutional funds look at longer cycles, while short-term prices focus on interest rates, the dollar, yields, and leverage.
So going forward, I won’t just watch ETF data; I will pay more attention to changes in U.S. Treasury yields.
If yields continue to rise, ETH may remain under pressure; if yields start to fall and the market re-trades rate cut expectations, then high-elasticity assets like ETH might be the first to rebound.
The core now is not rushing to judge bull or bear, but to see:
Under macro pressure, who can stabilize first, and who can strengthen first again.
What do you think about the next rebound? Will BTC continue to lead, or will ETH suddenly start to catch up?
#沃什强调通胀风险，9月加息预期升温 Walsh emphasizes inflation risks, with September rate hike expectations clearly heating up
In this Jackson Hole speech, Walsh's stance is indeed more hawkish than the market had previously anticipated.
He explicitly pointed out that the PCE year-over-year has reached 3.7%, with a six-month annualized rate even hitting 4.1%. Core PCE and CPI are also at elevated levels. Walsh believes that the pace of inflation improvement over the past two years has been quite limited, and the Federal Reserve should currently focus on price stability. 
More importantly, he gave a very clear judgment criterion:
Only when underlying inflation returns to the 2% target at a "sufficiently fast pace" can the Fed be confident; otherwise, there is still work to be done.
This is essentially sending a signal to the market:
If upcoming inflation data remain stubborn, further rate hikes cannot be ruled out.
Why have September rate hike expectations suddenly heated up?
The market originally leaned toward maintaining rates unchanged in September.
But after Walsh's speech, the probability of a September rate hike quickly rose from about 35% to nearly 60%. Meanwhile, the U.S. 2-year Treasury yield rose noticeably, and the dollar strengthened. 
This indicates the market has begun to reprice:
"A September rate hike is not a tail risk but a real policy option."
However, one detail should not be overlooked:
Walsh did not directly announce a September rate hike.
He even deliberately emphasized that he is now discussing **"discipline, not a specific decision."** 
So a more accurate understanding now is:
The policy framework has clearly turned hawkish, but the final September move still depends on subsequent data.
For BTC, short-term pressure indeed increases
This is not a particularly friendly signal for BTC.
Because the current logic is changing:
Inflation elevated
→ September rate hike expectations ↑
→ Short-term U.S. Treasury yields ↑
→ Dollar ↑
→ Risk asset valuations under pressure
BTC at high levels already faces profit-taking and options game dynamics; if dollar and Treasury yields also rise, short-term volatility can easily be amplified.
But I would not directly judge a BTC trend reversal because of this.
Because Walsh left a very important condition:
Future data.
If upcoming CPI and PCE continue to cool down, or employment weakens significantly, the currently heightened rate hike expectations can quickly recede.
Conversely, if inflation again exceeds expectations, then a September rate hike could shift from "market expectation" to "base case scenario."
So the truly important data sets ahead are twofold
First: Inflation.
Watch if CPI, core CPI, and PCE can continue downward.
Second: Employment.
Walsh believes the labor market overall remains close to full employment, so if employment does not deteriorate significantly, the Fed has more room to focus on inflation. 
My judgment
The market has shifted from:
"September most likely no rate hike"
to:
"September rate hike cannot be ruled out and even needs to be seriously priced in."
This clearly suppresses BTC in the short term.
But what really determines the market direction is not what Walsh said today, but whether upcoming economic data validate his hawkish view.
If inflation remains high — rate hike expectations continue to heat up, BTC faces increased pressure at high levels.
If inflation cools rapidly — September rate hike expectations fall back, BTC may regain liquidity support.
In short: Walsh is not simply "calling hawkish" this time, but has put the judgment criteria on the table — inflation must return to 2% at a sufficiently fast pace, or the Fed still needs to continue tightening. Now, a September rate hike has shifted from a "possibility" to a variable the market must seriously trade. $BTC #沃什强调通胀风险，9月加息预期升温 In 24 hours, $580 million in buy orders were shattered by a single speech.
On Thursday, institutional funds were accelerating their return to the crypto market. Data showed that on that day, the $BTC ETF had a net inflow of $242 million, marking the ninth consecutive trading day of positive inflows, with total net assets surpassing $100 billion for the first time; the $ETH spot ETF had a net inflow of $234 million, also marking nine consecutive days of net inflows; $SOL recorded an inflow of $60.91 million, while HYPE and XRP saw inflows of approximately $24.4 million and $18.3 million respectively. The total single-day inflow was about $580 million — the most concentrated institutional inflow since August.
But the buying window lasted less than 24 hours. Early Friday morning Beijing time, Federal Reserve Chair Powell delivered a hawkish speech at Jackson Hole, emphasizing that the inflation decline is "not yet complete" and that a rate hike in September remains on the table. The market quickly repriced the rate hike path, with BTC plunging from $81,455 to $76,877, and ETH falling in tandem. Approximately $488 million in liquidations occurred across the network, with leveraged longs facing targeted liquidation.
This is not due to worsening fundamentals, but a repricing of macro expectations. Institutional buying has not retreated, but they are now facing a new wave of uncertainty. Before rate hike expectations truly cool down, every rebound must first pass one test: Powell.Federal Reserve Chair Walsh's remarks at the Jackson Hole annual meeting were quickly interpreted by the market as a neutral stance of "neither rushing to act nor easily pivoting." He mentioned that forward-looking policies would not be formulated based on outdated or inaccurate data. Although this statement did not provide direction, it was enough to give sensitive leveraged funds room to maneuver. Ethereum's brief up-and-down tug-of-war was less a reaction to policy itself and more like a leveraged wash centered on news, with prices quickly rubbed between disappointed expectations and fluctuating sentiment. From a pricing perspective, after Walsh's speech, the implied probability of a rate hike in interest rate futures actually rose to around 50%, a subtle contrast with previous accommodative expectations. In other words, the market did not gain a clearer path from this remark, merely turning the scales of uncertainty back to the center. For crypto assets, the biggest fear is not bad news, but a directionless vacuum period. In this state, funds are more likely to use volatility to test the patience of counterparts. Currently, Bitcoin is pulling back after surging, and options expiring coincides with a key battle, making the entire market particularly sensitive. Ethereum's performance is more like a mirror, reflecting the bulls' slight fatigue after the news arrives. If news cannot provide new support, there is indeed a possibility of short-term downward liquidation of remaining bulls. From a technical perspective, some traders are watching the price area roughly around 2200; if sentiment worsens further, deeper levels may reach around 2100. Of course, this is only based on current liquidity and position structure,ETF FLOWS ARE STARTING TO TELL A BIGGER STORY
The interesting part of this market isn't simply that Bitcoin is holding around $80K.
It's where the capital is moving.
Institutional demand appears to be expanding beyond a single asset. Bitcoin spot ETFs have maintained a strong inflow streak, while Ethereum ETFs are also attracting meaningful capital. Solana is beginning to draw attention as investors look for higher beta exposure, while established ecosystem assets such as OKB remain on the radar as capital rotates across the market.
That matters because sustainable crypto rallies usually need more than one source of demand.
BTC can lead the move, but eventually the market starts asking whether capital is willing to rotate into other major assets.
That's where ETH becomes particularly important.
If Ethereum continues attracting consistent ETF demand while BTC remains stable, it could signal that institutional allocation is gradually broadening rather than simply chasing Bitcoin's momentum.
SOL presents a different setup.
It's a higher-beta asset, which means it can outperform when risk appetite returns, but it can also experience much deeper pullbacks when liquidity tightens. So institutional interest in SOL is worth watching, but it shouldn't automatically be interpreted as a risk-free bullish signal.
And then there's the bigger question:
Can these inflows remain consistent when volatility returns?
One strong inflow day is interesting.
Several consecutive weeks of demand through pullbacks would be much more meaningful.
That's the distinction I'm watching now.
If BTC corrects but ETF flows remain resilient, it suggests institutional buyers may be treating weakness as an opportunity rather than an exit.
If ETH continues attracting capital while SOL and other large-cap assets begin recovering alongside BTC, the market could gradually transition from a Bitcoin-led move into broader capital rotation.
But if inflows suddenly reverse while prices remain elevated, that would tell a completely different story.
BTC ETH SOL OKB 🟠 $BTC and gold have suddenly aligned
A recent phenomenon worth noting: the trends of $BTC and gold have become increasingly synchronized.
Previously, the two often moved independently, but since August, with the weakening of the dollar, rising expectations of long-term U.S. debt and liquidity, capital has started to simultaneously seek scarce assets like BTC and gold.
BTC surged near $80,000, and gold once approached $4,700. In the past few trading days, capital inflows into both asset types have clearly increased.
So I think the market trading now might not be just a simple "risk appetite recovery."
The logic behind it is actually simple:
When the market worries about currency purchasing power, fiscal deficits, and debt pressure, capital naturally looks for assets with relatively limited supply.
Gold is a traditional safe-haven asset, while BTC is increasingly regarded by capital as a digital scarce asset.
Of course, higher correlation does not mean the two will definitely rise together in the future. Short-term dollar rebounds and changes in interest rate expectations can still cause divergence between BTC and gold.
Dollar weakens → liquidity improves → scarce assets attract capital attention.
If capital continues to flow in and BTC can hold key support on a pullback, then this rally might not be over yet.
What do you think? Is the synchronized rise of BTC and gold this time a short-term coincidence, or is a larger capital logic forming?
#BTC高位多空拉锯，黄金联动增强 #沃什强调通胀风险，9月加息预期升温 From 62K to 64K, it pushed all the way above 81K, up nearly 20,000 points. A pullback of three to four thousand points is normal. Wash was hawkish on Jackson Hole, with the probability of rate hikes jumping from 35% straight to 56%. US Treasury yields are rising, BTC is being suppressed. Logically, it's smooth, but the trend isn't bad. Prices are still above the 50, 100, and 200-day moving averages. The weekly chart has broken out of the structure yet. 76K to 78K is the key support. On Friday, ETFs saw a net outflow of $202 million, ending a nine-day streak of net inflows. But for the week, net inflows still reached $1.14 billion Over 3 billion yuan in the past 9 days. A single day of outflows does not indicate a trend reversal; it only indicates short-term sentiment is being digested. On-chain data is more interesting. Retail investors are selling, whales are buying. Small wallets holding 0.1 to 1 BTC continue to sell. Whale wallets holding 100,000 to 1 million BTC continue to increase holdings. This structure is clear who is panicking and who is accumulating. In terms of operation, 76K to 77K shrinks volume stabilizes. Buy long. Stop loss below 75K. Target 79K to 80K 80K to 81K for shrinking volume and rebound. Consider light short positions with a stop loss of 82K Target 77K to 78K Don't bet on the direction in the middle. The trend isn't dead, the rhythm is changing. Don't panic during pullbacks, and don't get carried away during rebounds. $BTC $ETH $SNDK #沃什强调通胀风险, September rate hike expectations are heating up#BTC高位多空拉锯 gold linkage strengthens #嘉信理财拟新增SOL, AVAX, and LINK Wash's hammer drop, gold, crypto, and US stocks plummet: What was the market playing last night?
It was too late last night, so I just briefly mentioned a few points; now let's analyze it properly.
The 81100 BTC short position made a big profit.
The 4650 gold short position exited a bit early.
At this Jackson Hole, everyone was waiting for Wash.
But before he actually spoke, the internal tone of the Federal Reserve had already started to shift.
The day before, Kansas City Fed President Schmid, Cleveland Fed President Hammack, and Chicago Fed President Goolsbee successively raised the same question to the market: inflation is not over yet.
Schmid was very straightforward.
The current federal funds rate target range has reached 3.50%–3.75%, but he believes the current policy still hasn't produced a sufficiently obvious restrictive effect.
He even directly asked: what exactly are the current rates restricting?
However, he did not pre-decide the outcome of the September meeting, stating more information is needed, especially to judge where the demand behind current growth and inflation is coming from.
Hammack's stance was more hawkish.
She said she wouldn't pre-decide the next meeting but clearly stated that it is time to take action.
She expects inflation to still be around 3% by the end of this year, and even if it improves next year, the best it might do is drop to the mid-2% range.
What she really worries about is another issue:
More than five years of high inflation is gradually embedding itself into the psychology of businesses and consumers.
Once people start accepting "prices should rise this much every year," inflation expectations may gradually become entrenched.
Goolsbee was a bit more moderate.
He acknowledged that inflation trends over the past three months haven't been that bad, and if it can be confirmed that inflation continues to return to 2%, there is room for rate cuts.
But he also emphasized that the biggest short-term concern remains that inflation is not under control.
So before Wash took office, the baseline tone at Jackson Hole had already been set.
Then, the real highlight came.
Wash: The US economy can still hold up
Wash's assessment of the current US economy was stronger than everyone expected.
He said he was impressed with the overall performance of the US economy, and it seems to be strengthening.
Rapid growth in corporate capital expenditures
S&P 500 corporate profits grew over 20% in the past year
Credit spreads are at historically low levels
Bank commercial loan standards are also relatively loose
Ultimately, he gave a very important judgment: it is hard to describe the current broad financial conditions as "restrictive."
The labor market is the same.
The unemployment rate is currently only 4.1%, and the labor market is generally stable.
Wash even explicitly stated that the current labor market meets the criteria for full employment.
This statement has important policy implications.
The Fed now faces limited employment pressure, so it naturally has more room to tackle inflation.
And inflation remains clearly above target.
July PCE year-over-year: 3.7%
Core PCE: 3.3%
Still quite far from the Fed's 2% target.
More notably, Wash specifically broke down the 199 components of the PCE.
In the past year: 54% of goods and services prices rose more than 3%.
The average level in the 20 years before the pandemic was only 32%.
So even though recent CPI and PCE data were slightly better than expected, Wash still believes these data are insufficient to prove that underlying inflation has meaningfully improved.
Then he said the most important sentence of the entire speech: the Fed's main focus should currently be on prices.
His policy standard is also very clear: only when the Fed is confident that underlying inflation is clearly and quickly returning to target can policy pressure truly ease.
Otherwise, We have work to do.
The market immediately began recalculating September
Wash did not announce a rate hike in September.
He even emphasized at the end of his speech that what he promised today was policy discipline, not a specific policy decision.
But the financial market already understood his policy function.
Before the speech, the market's bet on a September rate hike was only about 35.4%.
After the speech, it once rose to 55.7%.
The September meeting has become a nearly 50-50 split again.
So the most sensitive assets moved first.
The 2-year US Treasury yield rose about 12.8 basis points in one day to 4.36%;
The 10-year rose about 5.6 basis points to 4.728%;
The 30-year is around 5.213%.
A very noteworthy detail here: the 2Y yield rose significantly faster than the 10Y.
This indicates that the market's main repricing last night was still the Fed's policy rate in the coming months.
The market is seriously considering that there might be another rate hike in September.
Why did BTC, gold, and US stocks all come under pressure simultaneously?
Because many assets recently benefited from the same macro expectation:
Inflation declines
→ Rate hike cycle ends
→ Future rates gradually fall
→ US Treasury yields decline
→ USD weakens
→ Financial conditions improve
Last night, Wash pushed this chain back one step.
The market started recalculating:
Inflation remains stubborn
→ Possible further rate hikes in September
→ Short-term rates rise
→ USD strengthens
→ Financial conditions tighten
As of last night's subsequent trading:
The US Dollar Index rose about 0.61% to 99.71
BTC fell about 3.34% to around 77,414
Spot gold fell about 3.19% to around 4460
Silver fell about 4.3%
The decline in US stocks was not as dramatic; small caps performed noticeably worse because they are more sensitive to financing costs and interest rate changes.
Of course, there were also company-specific factors last night.
$MRVL plunged more than 10%, and $NVIDIA also pulled back significantly, so Nasdaq's decline can't be entirely blamed on Wash.
But the simultaneous changes in bonds, the dollar, gold, and BTC clearly show the macro theme behind it all: rate hike expectations have been revised upward.
There was also a part of the speech that will have a longer-lasting impact.
Wash spent a lot of time discussing the relationship between the Fed and the market. Since the rise in gold and Bitcoin since August is due to the decline in the US Dollar Index, the focus should still be on the subsequent trend of the US Dollar Index.
From the macro data in the next two weeks, the decisive factors that can change the upward trend of the US Dollar Index are:
1. Next Friday's non-farm payroll data and unemployment rate: if the new non-farm employment numbers are lower than expected, it will suppress the dollar; if the unemployment rate is higher than expected, it will also suppress the dollar. Conversely, this is favorable for gold and Bitcoin.
2. The PPI and CPI data on the Thursday and Friday of the following week: if the data comes in lower than expected, the US Dollar Index will be further suppressed, which is beneficial for gold and Bitcoin.
Watch for signals in the environment that are favorable to you before making decisions. ⚠️ Watching the market over the weekend, the biggest fear isn't a drop, but getting stopped out by a sudden spike
Weekend $BTC definitely requires more caution than usual.
$BTC has retraced from above 80,000 down to around 77,000, $ETH broke short-term support, $SOL, which led the rally earlier, is now leading the decline, and the previous short squeeze momentum has clearly cooled off.
But the real trouble over the weekend is that with thinner liquidity, prices can suddenly spike sharply.
It might be calmly oscillating one moment, then the next moment a long wick sweeps out stop losses, only to quickly pull back again.
Traders may be gone, but the market isn't broken.
So now when I watch the market on weekends, I don't focus too much on how scary a single candle looks, but more on whether key support levels are truly broken with volume and whether the trend structure is damaged.
Stop losses aren't safer the closer they are.
If placed too close, they get triggered by normal fluctuations; if too far, the risk per trade can get out of control.
If the current position doesn't offer a good enough risk-reward ratio, I'd rather skip a trade than force an opportunity over the weekend.
Trading doesn't require opening a position every day.
Sometimes true discipline is watching the market spike up and down and still keeping your hands off.
When you trade over the weekend, are you more afraid of stop losses getting triggered by spikes, or the market truly breaking key levels?
This is just my personal market analysis and does not constitute investment advice.
#沃什强调通胀风险，9月加息预期升温 #BTC高位多空拉锯，黄金联动增强 Reviewing today's $TRUMP market trend
Trump's movement this morning was consistent with last night's analysis. When BTC and other major coins enter the weekend break, Trump chooses to pump the price to stir things up and attract market attention.
Starting from the low of 2.51 last night, Trump surged to a high of 3.06, an increase of 21.9%, which is a typical altcoin pump range.
At noon, Trump made a wide adjustment around 3 dollars. The spike that triggered the market happened at 14:07; afterwards, I looked for the reason and found that the US entity liquidated long positions, causing nearly an 8% amplitude.
My long position at 2.561 also triggered a trailing stop and was closed at 2.645, basically at the lowest point 😢
The US entity's position on Trump wasn't heavy either; their average liquidation price was 2.825, but too many people were copying trades off-exchange. The bots executed one-click market sell liquidations, directly breaking through the order book, forming a nearly 8% amplitude spike on the minute K-line.
Subsequently, Trump weakened and corrected, but for now, the hourly support line remains effective.
As for what happens next—whether it holds above the support line and rallies again; or completely breaks the trend line, signaling the end of the weekend market; or ignores the trend line and continues sideways through it—we'll soon find out.
#波动雷达：币种异动观察
@OKX星球 Waller hawkish tone, Bitcoin under pressure
Key points: Waller is clearly hawkish, with September rate hike expectations rising above 50%, $BTC falling below 78000. But the real test is next Friday's nonfarm payrolls.
1. What Waller said
Inflation not meeting target: PCE annual rate at 3.7%, still far from 2%, 54% of components rising over 3%, no room for relaxation.
Financial conditions too loose: credit spreads low, bank lending standards relatively loose, not "restrictive".
No commitments: scrapped forward guidance, market should not expect me to tell you in advance whether to raise or cut rates.
2. Market reaction
September rate hike probability jumped from 35% to 50%-60%, BTC dropped from 80000 to 78000, ETF inflow streak ended, net outflow of $201.9 million.
3. Next week's nonfarm payrolls are key
Waller said "watch the data," so next Friday's nonfarm payrolls are the real showdown:
· Weak nonfarm (even negative growth) → rate hike expectations reverse → BTC recovers 80000
· Strong nonfarm → confirms hawkish narrative → BTC may fall toward 75000
4. Conclusion
Short-term bearish factors settled, but direction depends on nonfarm.
80000-82000 is strong resistance, 77000 is the bulls' last defense line. Before data release, watch more, trade less.
---
P.S. Don't bet on direction before nonfarm, wait for data to land before acting 😊
#沃什强调通胀风险，9月加息预期升温 #黄金ETF大额吸金，避险资金如何重配
Gold at $4600 is not being bought by safe-haven funds, but rather debt-escaping funds are selling U.S. Treasuries. U.S. Treasury yields and gold are soaring together, something that traditionally should never happen simultaneously is happening now.
Where is the money flowing?
Domestically, seven commodity gold ETFs have a combined net inflow of 6.861 billion yuan, with Huaan Gold ETF's scale growing by 9.4 billion yuan in the past week, ranking first in the entire ETF market. Since July, Huaan Gold ETF has accumulated a net inflow of 11.89 billion yuan. Overseas is equally fierce: the world's largest gold ETF attracted $1.3 billion in a single day, and gold and precious metals funds attracted $4.21 billion in a single week, hitting a six-month high. Even more noteworthy, gold and Bitcoin ETFs have attracted about $7 billion combined over the past five trading days, with investors no longer choosing one or the other but allocating to both simultaneously.
Why is the money moving?
The trigger was the Treasury Department's announcement to expand long-term bond repurchases, pushing the 30-year U.S. Treasury yield to 5.336%, a new high since 2007. The Treasury was forced to step in to "rescue the market," which instead exposed the risks—U.S. Treasuries are falling while gold is rising, breaking the usual rules. The fundamental reason is that U.S. federal debt has surpassed $40 trillion, doubling in less than ten years. Ray Dalio of Bridgewater warns of a possible debt crisis in the U.S. within three years and recommends a 10%-15% asset allocation to gold. When the market fears not interest rates but the creditworthiness of the U.S. government, gold's pricing logic has changed—from an inflation hedge to a core asset for sovereign credit risk hedging. Lonely Crane said:
At the official start of hip-4, another hip-3 ran away; this is a very brutal battlefield.
ena's own Ethereal didn't do well, and trying to do HyENA on hip-3 also failed. At that time, the stablecoin USDH was unwilling to place heavy bets, which is a pity. It seems there is no affinity with the hyperliquid ecosystem.
The biggest guarantee for doing hip-3 and hip-4 projects is hype, and the biggest obstacle is also hype. When your project can't get off the ground, you turn around and see your 500,000 hype tokens have quadrupled. Back in June last year, hype was only a little over 20 at its lowest point; now it's over 80. No business was done, but hype earned 30 million. Who has the mood to continue working on the business?
What does 30 million mean? Don't think ena is very profitable. In Q1 2026, Ethena's total revenue was 65.11 million USD, but due to structured costs and most of the income needing to be allocated to stablecoin staking users, the protocol's net profit left was only 655,000 USD.$BTC Comprehensive Analysis | Financial Professional Statement ⚠️: This content is for macro technical analysis only and does not constitute any investment advice. 1. Macro Liquidity Dimension Bitcoin currently exhibits high beta risk asset attributes, maintaining a high rolling correlation with the Nasdaq growth index. Its price is highly sensitive to real US Treasury yields and marginal changes in the US dollar index, and the "digital gold" hedging narrative temporarily fails during liquidity tightening cycles. Walsh has signaled a hawkish policy, pricing in "restrictive rates to maintain a longer cycle," raising the opportunity cost of risk assets and the forward cash flow discount rate, putting valuation pressure on BTC. Asset prices will be highly endogenous in core economic data such as US PCE inflation and nonfarm payrolls; Weekend and overseas non-trading window markets have deeply weakened, posing negative feedback risks from chain derivatives liquidations. In a low liquidity environment, slight selling pressure can amplify the drawdown. 2. Capital and On-Chain The US spot BTC ETF is the core observation anchor for institutional marginal capital. The sustained net inflow is a necessary but not sufficient condition for a medium-term upward trend. The shift from net inflows to net outflows will bring strong downward price pressure. Open interest contracts and funding rates reflect the leverage level of derivatives. When leverage is high and combined with macro negative factors, it is very easy to trigger a liquidation spiral of many selling long positions. On the on-chain level, changes in long-term holders' positions and UTXO cost distribution reflect the chip cost center; Large transfers and turnover of whale addresses amplify short-term supply and demand disturbances. Part of the current market trend comes from short covering and driving the marketRetracement Uncertainty and Holiday Liquidity: Pivotal Tests Await Bitcoin, Ethereum, and Solana Bitcoin managed to show an encouraging positive reaction around the $77,000 levels following the recent drop from the $81,500 high towards the $76,900 areas. Although this consolidation gives traders a temporary breakthrough, the quality of the current rebound remains in doubt, given the low weekend liquidity volumes and the possibility that the moves will be due to short cover or profit-taking, rather than fresh spot capital.🟡 Gold hits a new high then plunges, #BTC high-level tug-of-war between bulls and bears, gold correlation strengthens 🟠 $BTC BTC surges to 80,000 then quickly retracts! Two major scarce assets fall simultaneously; on the surface, the logic seems consistent, but the underlying risks are completely different.
Risk warning: For market review only, not investment advice. Cryptocurrency is highly volatile, please be cautious.
In mid to late August, both rose in resonance as U.S. fiscal expectations drove funds into gold and BTC spot ETFs. $BTC BTC challenged the 80,000 mark, and gold hit a historic high.
The Jackson Hole meeting released hawkish signals, U.S. Treasury yields rose, and both types of non-yielding assets were collectively sold off. Gold dropped nearly 3% in a single day, and $BTC BTC experienced a deep correction alongside massive leveraged liquidations.
Similarities
Both are non-cash-flow scarce assets, primarily influenced by real interest rates. When interest rate expectations rise, they come under pressure; during rate cuts or U.S. dollar credit concerns, they strengthen together.
Fundamental differences
Gold: A millennia-old consensus safe-haven asset, continuously accumulated by central banks. Retracements are mostly corrections with strong risk resistance.
BTC: The so-called "digital gold" has weak hedging properties. When the market is good, returns explode; when liquidity tightens, its decline is much greater than gold’s, and leverage further amplifies losses.
Macro rhythms can resonate, but never treat BTC as gold for hedging.
#沃什强调通胀风险，9月加息预期升温 #嘉信理财拟新增SOL、AVAX与LINK BTC recently surged to 81,000, relying on the Treasury Department suppressing long-term interest rates, making the market feel that money isn't that tight. $BTC
When Powell spoke: inflation hasn't passed, financial conditions aren't tight either, and the short end still needs to watch prices. The probability of a rate hike in September rose from 30% to over 50%, the 2-year Treasury yield jumped first, and the dollar strengthened. BTC has no interest, so when the short end rises, holding costs go up.
Leverage is stacked above 80,000, so it was first smashed back to 77,000. Predicting the trend again, this isn't the end of the trend but digestion after a false breakout.
76,000–77,000 is the first support; if it holds, BTC will consolidate between 76,000 and 80,000.
If it breaks 76,000, the next stop is 75,000.
If it can't get back above 80,000, it's just a rebound; only when it stabilizes above 80,000 again can it be considered a strengthening.
If data heats up again, watch 76,000 then 75,000; if data cools down, if 77,000 can hold, then try to test 80,000 again. #BTC高位多空拉锯，黄金联动增强 $BTC has been stuck below $80,000 for a long time, and the reason might have been found.
$BTC has been fluctuating around $80,000 these past few days, and there is actually a very important reason behind it.
On August 28, about $6.4 billion worth of $BTC options expired, with a large number of call options concentrated near $75,000 and $80,000. The hedging actions of market makers before expiration easily cause the price to be "pulled" around these key strike prices.
Now that these options have settled, the pressure holding BTC near $80,000 has started to weaken.
Currently, more obvious sell orders above the market are moving toward around $82,000, and BTC recently reached a high of about $81,300.
So I think the next few days are even more important.
Previously, it was a shakeout around $80,000; now is the real moment to decide the direction.
If volume picks up again and BTC firmly holds between $81,000 and $82,000, I will start looking at the next target of $120,000! Ready to take off #沃什强调通胀风险，9月加息预期升温 On the weekend of August 29, $BTC retreated to around $77,800, and $ETH to about $2,440, dropping approximately 3.8% and 3.1% respectively over 24 hours, representing a profit-taking pullback after the early-week surge to $81,000.
The direct trigger was Fed's Waller hawkish stance at Jackson Hole, emphasizing that "inflation fight is not over," pushing the September rate hike probability from 35% to 55.7%, causing risk assets to collectively come under pressure.
Trend assessment: The mid-term rebound structure remains intact, but the short-term is entering a critical test within the $75,000-$77,000 range. BTC ETF recorded nine consecutive days of buying on August 28, with a single-day inflow of +$242 million, and ETH ETF has seen net inflows for 12 consecutive days—this divergence between capital flow and price indicates institutions are still accumulating on dips, not a fundamental reversal. $ETH $TRUMP #BTC高位多空拉锯，黄金联动增强 $ZEC short positions have gained 70%, while long positions are still holding.
The square has been full of posts about ZEC these past two days. I happen to have two positions, and it's quite interesting to look at them together.
ZEC surged from around $500 to a high of $883, rising more than 70% in just over a week. The core catalyst was Grayscale converting the Zcash Trust into a spot ETF, which launched on the NYSE Arca on August 25 under the ticker ZCSH. The market had already anticipated this before the news broke, and on the day the ETF officially launched, the price actually started to pull back—a typical "buy the rumor, sell the fact" scenario.
On the chart, ZEC's short-term resistance is around 815-825, with support near 775-785. Currently, 812 is in the middle of this range, so the direction isn't very clear. Futures open interest remains above $1.5 billion, with derivatives trading volume more than 10 times that of spot, indicating heavy leverage. Short positions have profit cushions and can continue to wait for take profit, while long positions have maxed out their add-on trades. Whether they can hold until 867 depends on luck.
#波动雷达：币种异动观察 ——$ZEC
#ZEC现货ETF首日成交额1480万美元 $SOL Operation Strategy:
Do not blindly short; KDJ shows a golden cross, indicating a need for a rebound correction.
Focus on the 106-108 resistance zone during the rebound; if pressure holds, consider short positions;
If the 102 support holds without breaking, small long positions can be tried.
SOL itself has high volatility and is not suitable for heavy positions; focus on quick in-and-out swing trades.
On the one-hour chart, after hitting a high of 110.64, it faced pressure and fell back, currently priced at 103.78.
The SuperTrend trendline is at 106.12; the current price has broken below this trendline, signaling a breakdown of the short-term bullish trend.
The KDJ indicator is turning upward, completing a golden cross at a low level, showing short-term rebound momentum.
Market Analysis:
This round of SOL's rise was strong; after reaching 110.64, selling pressure gradually eased, entering a correction phase in line with the broader market.
The previous support at 106.12 has now turned into the first level of resistance.
Focus on the short-term support near 102 below.
If the 102 support holds, it will rebound upward to test the 106-108 resistance range;
Once 102 is effectively broken, the correction space will further expand. #沃什强调通胀风险，9月加息预期升温 #嘉信理财拟新增SOL、AVAX与LINK $SNT 1H Setup
SNT is compressing directly below 0.007176 resistance while remaining above the rising MA20. The tight range could lead to expansion if support holds.
Entry: 0.00710–0.00715
TP1: 0.00725
TP2: 0.00734
TP3: 0.00760
Stop-loss: 0.00703
A 1H close below 0.00703 weakens the bullish structure. Low turnover may cause slippage, so use controlled sizing.
NFA manage risk carefully.
#DailyOrbit Recently, there have been noteworthy turning signals in ETF funding. On August 28, spot Bitcoin ETFs ended a nine-day streak of consecutive net inflows, recording a net outflow of $202 million in a single day. The previous nine days had accumulated inflows of about $3 billion. While funds temporarily retreated, Ethereum ETFs maintained strong fund-attracting power. Blackstone's Ethereum ETF product ETHA performed particularly well, with a net inflow of about $1.02 billion over nine trading days, accounting for 72% of total U.S. Ethereum ETF inflows. It also saw positive daily inflows, forming a stark contrast with many similar products. The entire Ethereum fund sector attracted a total of $1.42 billion in incremental capital during the same period. This divergence between "BTC outflows and ETH inflows" is not a coincidence. Many institutions have begun adjusting their holdings. Some funds have chosen to capitalize on Bitcoin's earlier gains and shifted focus to the Ethereum ecosystem. On one hand, Ethereum staking and layer-2 networks have regained attention; On the other hand, institutions are diversifying their allocations and won't bet all their chips on a single Bitcoin asset. However, there's no need to panic excessively about a single outflow. A single day's data can only be considered a turning point signal; it's not accurate to directly say institutions have collectively exited. The key going forward is to see if Bitcoin ETFs will experience consecutive days of net outflows, to confirm whether the capital trend has truly reversed. From a macro perspective, issues like US debt and fiscal deficits still hang over the market. Bitcoin is gradually being given the "digital gold" of the market#黄金ETF大额吸金，避险资金如何重配
The fire under gold is still burning.
What's even more interesting is that gold and Bitcoin are simultaneously attracting capital. Over the past five trading days, ETFs for both have collectively absorbed more than $7 billion, setting a historical record for the same period. BlackRock's IBIT saw a net inflow of $1.5 billion, GLD had a net inflow of $3.4 billion. Both sides are buying—not an either-or choice, but both.
These two assets are telling the same story—the US dollar credit is loosening. Ray Dalio directly advised reducing bond holdings, allocating 10% to 15% to gold, and holding a small amount of Bitcoin. The 90-day correlation between Bitcoin and gold has risen to the highest level since the pandemic; capital is treating both as aligned tools to hedge fiat credit risk.
Here’s my view. The simultaneous strengthening of gold and Bitcoin is more important than how much each individual asset has risen. Capital flowing concurrently into non-sovereign assets indicates the market is pricing in the same thing—the loosening of US dollar credit, and US Treasuries are no longer considered "risk-free assets."
Gold is driven by real interest rates, safe-haven demand, and central bank allocations, while Bitcoin is driven by liquidity, ETF buying, and leverage changes. The driving logics are not exactly the same, but both ultimately point in the same direction—the systemic increase in allocation weight to non-sovereign assets.
Continued synchronized inflows on both sides indicate capital is systemically increasing allocations to non-sovereign assets. If divergence ever occurs, that will be the time to reassess. For now, the direction is very clear.
What are your thoughts?
$BTC $ETH Here's a hidden thread overlooked by those only focused on the K-line: Russia has extended its export ban on diesel and marine fuel until the end of September, citing the need to stabilize the domestic fuel market. Meanwhile, in the Middle East, Iran and the Strait of Hormuz remain tense—supply is tightening, supporting oil prices.
Every time geopolitical tensions rise and oil prices go up, the comment section shouts, "Safe-haven funds are flowing into $BTC." Wake up: in the current macro environment, rising oil prices signal inflation expectations, not safe-haven demand. Inflation expectations are keeping the Fed from easing, and bets on rate hikes remain evenly split. During a rate hike cycle, gold and $BTC both get hit together; one is not a safe haven while the other benefits.
This week, gold prices dropped over a hundred dollars in a day, and BTC fell in sync—it's a live case study. Stop automatically assuming "war and rising oil" are bullish for crypto. Do you think this round of oil price increases is a safe-haven signal or fuel for rate hikes? HYPE at $81, do you dare to bottom-fish?
At first glance: ATH dropped 6% in two days, retail investors shout "dumping."
On August 27, it surged to a historical high of 86.8, then retraced to 81 within two days, a drop of about 6%. Today coincides with the largest monthly unlock—14.18 million HYPE tokens entering the market, valued at $1.15 billion.
But the candlestick tells you: 81 didn’t crash, trading volume is still over $1 billion, not a stealth decline. Unlocking is not the end of the world; sentiment is in control.
First thing: Today unlocks $1.15 billion, but you might be shocked by the number.
14.18 million HYPE (about $1.15 billion), accounting for 1.4% of total supply, impacting circulating market cap by about 2.7%. Structure: early investors/insiders hold 46.6% (about $560 million), community 46.3%, foundation 7%.
Sounds scary? But look closely at two facts:
First, unlocking does not equal selling. Insiders’ choices after unlocking are: immediate dump, staking lock-up, or off-market institutional buyout?
Second, the market has already priced this in. The volume contraction and pullback two days after ATH is digesting this expectation. When unlocking actually lands, it’s called "bad news fully priced."
Second thing: HYPE is not an ordinary altcoin; it’s a "buyback machine."
Many treat HYPE like a low-tier dog coin, which is a huge mistake. Its essence is an on-chain version of high-growth exchange equity plus a buyback and burn engine.
Core mechanism: The protocol channels 97-99% of fees into the Assistance Fund, used to buy back and burn HYPE.
Product status: Leading Perp DEX, with on-chain perpetual market share long-term at 50-70%, daily volume, open interest, and fees far exceeding peers.
AQAv2 just launched: USDC reserve yields will be used for programmatic buyback and burn.
Third thing: The candlestick shows a key signal.
Daily RSI fell from extreme overbought to 65-70—"cooling off after overheating," not yet oversold. The pattern looks more like a flag/channel lower boundary test after a new high, not a head and shoulders top.
Currently, 81 is the vacuum zone midpoint; bulls and bears are both waiting for unlock results.
Bull vs. bear, judge for yourself:
On the bullish side:
- AQAv2 launched, programmatic buybacks about to scale up
- Institutions (Bitwise, PURR treasury) staking/hoarding, not selling
- Absolute leader in Perp DEX, annualized fees once reached billion-level
- 97-99% fee buyback and burn, rigid deflationary mechanism
- US compliance narrative advancing, mid-term premium not priced in
On the bearish side:
- Today 14.18 million tokens unlocked, $1.15 billion potential selling pressure
- Jackson Hole speech turned hawkish, BTC dropped from 81,000 to 77,000
- Just hit ATH, profit-taking needs digestion
- FDV about 77-80 billion, valuation not cheap
- Resistance above: 83.5-85.0 → 86.6-86.8 (ATH) → 90-92
- Support below: 79.3-80.0 → 78.0-78.7 (key) → 75-76 → 72-73
Trading strategy
Scenario A: Light long near 81
Conditions: 4H not breaking 79.2, and BTC not breaking 75,500
Entry: staggered between 80.5-81.5
Stop loss: daily/4H close below 77.8 (avoid setting at 78 round number to prevent stop hunting)
Targets: 83.5 (reduce 1/3), 86.5-87.5 (reduce more), 90-92 (keep runner only)
Scenario B: What if it breaks below 78
Wait for 75-76 to show volume spike with long lower shadow or 4H bullish divergence before going long
If 73 breaks too, clear swing longs and wait for structure reset
Scenario C: Short on rebound failing to break 84 (ultra-short counter-trend, position must be smaller)
Resistance at 83.8-84.5 with volume contraction is a short opportunity
Stop loss above 86.2
Target back to 80/78.5
Spot/low leverage: small buys near 81, add below 78, no chasing above 86. After unlock, if 79-80 holds and BTC stabilizes within 12-24 hours, then build swing longs.
Mid-term logic unchanged: protocol still earning fees, institutions still hoarding, US compliance narrative still progressing. What changed is "price has priced in good news far ahead."
HYPE is like SOL in 2024—
99% think "unlock means crash," but every unlock is a chance for those who missed out to get in.
On the day of the 86.8 breakout, you’ll realize:
It’s not that HYPE is bad, it’s that you always sell at the panic bottom during unlocks.
What’s your HYPE cost?
At 81, do you dare to get on board?
$BTC $ETH $HYPE Afghanistan bans cryptocurrency trading, will it affect $BTC's trend?
As soon as this news came out, someone immediately asked me if it would drop. I can only say the impact is almost zero.
First, what proportion of the global GDP does Afghanistan account for? Moreover, Afghanistan is a developing country dominated by the service industry, and the financial investment sector itself accounts for a small share. Even a complete ban is insignificant compared to Bitcoin's volume; Afghanistan's trading volume is negligible.
Second, Afghanistan has not completely banned it; it can only prohibit offline trading. As long as there is internet access, a full ban is impossible.
Third, the only things that can affect Bitcoin are legislation in countries like the US, the Federal Reserve's interest rate hikes that influence global capital flows. Large populous countries like China and India have also banned it before; short-term negative impacts may occur, but it quickly rebounds. Bitcoin has developed immunity to such news.
A country with little trading volume to begin with, whether it bans or not, won't change anything, let alone affect the trend.
No need to pay attention to these. What matters is whether the "Digital Asset Market Clarity Act" can be implemented, global geopolitical situations, investment market capital flows, whether the Federal Reserve raises interest rates, US Treasury yields—these are closely linked to the cryptocurrency market and can influence major trends. #BTC高位多空拉锯，黄金联动增强 $CORE Move your lucky little hands, hit follow, and don't get lost! Many people read $CORE and the first sentence is "99% dropped, so cheap," and the second is "A market value of only tens of millions of dollars can't skyrocket." But when it comes to market capitalization, focusing only on the total without looking at the structure, it's easy to fool yourself. Breaking down the data from late August 2026 (cross-checked by BTCC/CoinGecko/Planet bloggers): Current price: $0.025–0.026, a >99% drawdown from the 2023.2 ATH of $6.14–6.47 circulating supply: 1.25–1.26 billion CORE (maximum 2.1 billion, circulation rate ~60%) circulating market cap: $31–33.6 million, ranked globally #490–#605 Floating FDV (fully diluted): about 5,500 24h trading volume of 10,000 USD: $3–4 million (BTCC standard), some platforms show only $8–110,000, with severe liquidity stratification. Market cap/FDV ratio: 0.59—the market only rates the 'circulating portion.' 1. What is $30 million at in the crypto world? By traditional stock terms: large cap ≥ 10 billion, medium cap 2–10 billion, small cap 250–2 billion, micro cap < 250 million. CORE's $30 million is a typical micro-cap, along with many other memes and long-tail knockoffs that haven't broken outExtreme divergence! The overall market fell broadly, but only $TRUMP strengthened against the trend
Today's market showed an extreme split scenario with very clear logic. Wash made a hawkish statement late at night, emphasizing the stubborn inflation risk and the unwavering 2% inflation target, directly boosting expectations for a rate hike in September. Suppressed by macroeconomic bearish factors, $BTC and $ETH weakened simultaneously, the overall market came under pressure and retreated, and risk assets collectively cooled down.
But only TRUMP surged wildly against the trend, gaining nearly 10% in a single day, showing a completely independent safe-haven speculative move. The core reason is simple: mainstream coins are affected by macro liquidity expectations, MEME hotspots driven by independent sentiment narratives. Rate hike bearishness suppresses the value coins in the main market, funds avoid mainstream volatility and divergence, and collectively flow into the Trump concept, which has no macro correlation and is purely sentiment-driven.
The current market characteristic is structural extreme divergence: when macro is unstable, stable mainstream coins are under pressure, while high-sentiment small coins become a safe haven for funds. This kind of market completely ignores technicals and volume structure, relying purely on thematic safe-haven speculation.
Here is also a reminder: this counter-trend rise is not a trend market, but a short-term game of funds clustering for risk aversion. In an environment of shrinking market liquidity, MEME price moves depend entirely on sentiment relay, with strong explosive power but equally high risk of going to zero, suitable only for light position arbitrage, strictly prohibiting heavy position speculation.
#沃什强调通胀风险，9月加息预期升温 #BTC高位多空拉锯，黄金联动增强 Today, global assets are voting with their feet, and what they are voting for is not panic, but a liquidation of the zero interest rate illusion. $GLD down 3.24% in one day, $BTC down 2.24%, while the VIX panic index actually fell by 0.55%. Safe-haven assets are falling, risk assets are also falling, only the US dollar is rising. Article outline - 🔍 When the dollar rises, why do gold and Bitcoin collapse together - 📉 VIX unchanged, the market fears not war, but interest rates - ⚔️ On the trading volume leaderboard, funds are betting on $ZEC and $TRUMP - 💡 Which indicators to watch next in crypto Today's snapshot $BTC 77,711, -2.24% $ETH 2,436, -3.15% $QQQ -0.65%, $SPY -0.23% $DXY +0.55%, $GLD -3.24% $IBIT -3.07% VIX 14.42, -0.55% US crude oil $USO 129.7, -0.24% Dow Jones 53,559.99, -0.02% 1. When the dollar rises, why do gold and Bitcoin collapse together 🔍 The US Dollar Index $DXY rose 0.55% today, which doesn't seem like much, but it is the key straw that breaks the back of interest-free assets. Federal Reserve Chair Warsh directly stated: if inflation does not fall, the Fed must continue to act. Meanwhile, US public debt has just surpassed 40 trillion. The market understands—real interest rates still need to rise, long-term bond yields are going higher, and the FedAt 3 a.m., the liquidation messages popped up like bombs, and I almost smashed my phone into the wall.
Last month, the A-share market dropped from 3300 to 2800, and my photovoltaic stocks lost 30%. I thought I could quickly recover by trading in the crypto market.
But on the night of August 24, $BTC plunged 4000 points in ten minutes, and my long position instantly went to zero.
I stared at the screen and smoked half a pack; the ash burned my hand before I snapped out of it.
After the painful lesson, I set three strict rules for myself.
First, never touch crypto within three days of a stock market crash; all funds are fleeing, don’t fantasize about a seesaw effect.
Second, set a hard stop loss at 5%; when it hits, close your eyes and cut losses—don’t fall in love with your positions.
Third, always keep your position size below 20%; if you’re wrong, you still have nine lives left, and your mindset is completely different.
Last week, $ETH traded sideways with low volume around 2000 for four days. I only entered a small position after volume picked up and it broke above 2030.
I made 2.5% and immediately exited, not greedy. Finally, my account stopped bleeding.
Remember, the market is a meat grinder, and discipline is the only seatbelt.
This month taught me that staying alive
is better than anything else.
Lights off, time to sleep. The eagle's cry pierces the summer night
The evening breeze in Jackson Hole carries the scent of pine, along with Wash's warning that suddenly cooled the market.
Inflation remains above 2%, financial conditions cannot be called "restrictive," and the labor market is still as taut as a fully drawn bow—three signals combined, the rate hike expectations are like a lit fuse, hissing.
At the moment the news broke, $BTC dropped 0.79%. Not much, but the direction was clear enough: before the true "rate hawk," even digital gold must bow.
This time, Wash didn't beat around the bush. He didn't talk about "patience," nor leave much ambiguity for "data dependence," but directly put the judgments of "above target," "not yet met," and "close to full employment" on the table.
The market was originally propped up by a thin layer of optimism—thinking inflation would dissipate on its own, thinking the rate hike cycle was over. Wash effectively tore off this filter with his own hands. The expectation of a September rate hike changed from "if" to "when," and the logic of asset pricing turned a page.
Interestingly, the PCE data was released ahead of schedule. Like the opening drumroll of a play, the inflation numbers appeared first, then Wash took the stage to set the tone, and the audience (i.e., the market) was pushed to the next act before it could fully digest.
Crypto assets are so sensitive to macro news because they are no longer rebellious fringe youths but shadows of liquidity—running fastest when the tide rises, and stranded first when it falls.
However, while Wall Street debates between 25 or 50 basis points, some whale addresses on-chain quietly keep accumulating. They may not care about the short-term rate hike script; the ebb and flow of tides cannot change the position of the seabed.
The night sky in Wyoming is always clear. The noise of this night, looking back in a few days, will probably be just an inconspicuous shadow line on the candlestick chart. The real change in direction always comes from the next set of data, the next speech, the next sleepless night for everyone. #沃什强调通胀风险，9月加息预期升温 Across-the-board decline of 2.5%, yet the perpetual contract open interest leaderboard shows collective position increases—some are adding positions against the trend during the drop. As of 19:31 data: BTC at 77,668.8 (24h -2.53%), ETH -2.73%, ENA leads spot declines at -7.34%. But the contract side is completely opposite: ENA open interest up 47.6% in 24h, TRUMP up 49.8%, O coin positions increased 152.8% with price +15.49%. Increasing positions during a drop means both bulls and bears are adding, chips on the table are stacking higher, and the direction is still undecided. Funding rates are even colder: BNB has turned negative (-0.0025%), BTC only 0.0025%. Bulls are not crowded at all; this correction looks more like digestion after a daily RSI overbought (BTC 70.5) rather than a trend reversal. Personal judgment: if BTC holds the 24h low of 76,888, the correction digestion theory stands; if it breaks down with volume and positions continue to increase, bears dominate and I am wrong. Broad decline with increased positions—do you see this as a bottom-fishing signal or a warning to catch the falling knife? > Personal views and data records, not investment advice. The market has risks; decisions require caution. #BTC# #ENA# #MarketAnalysis#Account Position Divergence Radar
The side with more people does not necessarily have heavier positions; this chart specifically separates quantity and weight.
$BEAT long accounts dominate, but the top holdings ratio has not exceeded 1, indicating a mismatch between account sentiment and position strength. Prices and positions are both rising, with short-term funds expanding risk exposure. Going forward, stop counting accounts and directly monitor whether the top position weights are recovering toward the long side.
$DOGE more long-biased accounts dominate, but the top position weights lean short, showing that surface consensus has not yet translated into position scale. When prices rise, OI increases simultaneously; this phase is not simply deleveraging, and position attribution still requires transaction verification. Until the top holdings ratio returns above 1, the advantage of long accounts remains an incomplete consensus.
$O account directions are not aligned, and top holdings have not given unified confirmation; the structure remains mixed. Positions expand while prices rise, indicating new positions supporting the market, but OI alone cannot determine long or short attribution. What is currently lacking is consistency; continue to monitor whether divergence is expanding or beginning to narrow. Bitcoin ETFs saw a single-day outflow of $202 million, so why are Ethereum and Solana ETFs simultaneously increasing their positions?
The hawkish speech at Jackson Hole triggered a sharp drop, with $BTC falling below the 80,000 mark, down over 3% in 24 hours. Across the network, $312 million in leveraged positions were liquidated, with 81.77% being long liquidations. Many people's first reaction was to declare "the bull market is over."
But this is not a market top; it is a precise portfolio rotation by institutions leveraging macroeconomic negative factors:
Bitcoin ETFs ended a 9-day inflow streak, with a single-day net outflow of $202 million. However, this amount is less than 1/15 of the total $3 billion inflow accumulated over the previous 9 days, hardly a large-scale exit.
The outflow funds did not leave the crypto sector: ETFs for $ETH, XRP, and $SOL all maintained net inflows. Bitwise's Solana ETF directly became the first product of its kind to surpass $1 billion in assets under management.
Essentially, institutions are cashing out short-term profits from Bitcoin and rotating into later-rising, lower-valued public chain sectors, while using the negative news to wash out retail leveraged positions that chased the 80,000 peak last week, loosening floating chips.
No need to guess the direction next: as long as the incremental logic of sector ETFs remains intact, the moment the September FOMC rate hike is confirmed, Bitcoin below 80,000 will still be a highly cost-effective position in this market cycle.
#沃什强调通胀风险，9月加息预期升温 The most important change in the market today is not the price but the renewed warming of sentiment
BTC is oscillating at a high level without panic selling, indicating that the bulls still hold the initiative. ETH is starting to attract incremental funds, and the activity of SOL, SUI, and OKB is rising simultaneously. The rotation of bull market funds is still ongoing
My trading principle has never changed: firmly hold the core position, accumulate in batches on pullbacks, take profits in batches on rallies, and never give emotions the chance to go all-in. True returns come from discipline, not luck
Next, focus on observing the four major tracks: AI, public chains, RWA, DeFi, and Meme. Whichever direction continues to expand volume is more likely to become the next hot spot. There are many opportunities, but positions must leave room
The biggest enemy in a bull market is not a decline but greed. Many people earn fifty percent and then return to the starting point because of chasing highs. Only those who can control the pace can keep profits until the end
In this round of the market, I pay more attention to trends and continuation rather than short-term fluctuations. Following the trend is the only way to go further
#BTC #ETH #SOL #SUI #OKB #BullMarketStrategy #OuyiPlanet #Web3 #Cryptocurrency #DigitalAssets THE WHALE BET ISN’T THE SIGNAL, THE RISK IS
Maji’s latest positions are turning the current market into an interesting test of conviction.
He is reportedly holding roughly 98 BTC long positions with 40x leverage around the $77,726 entry area, alongside approximately 35,000 ETH with 25x leverage around $2,467.81.
There is also a large $HYPE position of around 175,000 tokens.
At first glance, seeing a major trader maintain such aggressive long exposure can make the market look more bullish than it actually is.
But I think there is another way to read it.
The important question isn't simply whether Maji is buying the dip.
It is whether the levels he is defending can actually survive another wave of selling.
For BTC, the $76,888–$77,000 region has become extremely important.
Bitcoin has repeatedly found buyers around this area, but it has also struggled to reclaim the higher resistance zones.
If BTC can recover $78,000 and build momentum toward $80,000, those leveraged positions could quickly move from uncomfortable to profitable.
But the opposite scenario is much more dangerous.
A clean break below $76,888 would weaken the current range structure and could create another wave of liquidation pressure.
That is where leverage becomes the real story.
A whale using 25x or 40x leverage doesn't necessarily mean they know where the bottom is.
It means they are willing to tolerate a very specific amount of volatility before the trade becomes forced.
That distinction matters.
ETH is facing a similar test.
The $2,400 area remains an important psychological and technical level. Above it, ETH still has room to stabilize and potentially reclaim $2,480–$2,500.
But losing $2,400 would put much more attention on the lower support zones.
And with an estimated liquidation level around $2,272.78 for the ETH position, every additional percentage point against the trade becomes increasingly important.
This is why I wouldn't use whale positioning as proof that a bottom is confirmed.
Large traders can be early.
They can be wrong.$MSTR is different from DOGE; it carries the "fundamental narrative" burden, so bulls hold on tighter and love to add positions.
But a 20x short from 138.45 to 127.85 shows that the narrative can't stop the bleeding in the order book. Watching its divergence from BTC, when the coin falls, it falls harder; when the coin rebounds, it doesn't bounce back—this indicates leveraged positions are unloading.
Already cut some, running the rest risk-free. When BTC rebounds with volume, this position will be closed first, no debate. $BTC $ETH BTC near $77,578 is trading like a liquidity asset, not a clean inflation hedge. The 2.3% daily decline, alongside weakness in ETH and SOL, suggests broad risk reduction rather than a crypto-specific break.
The more useful signal now is whether BTC can decouple from the wider selloff as markets reassess inflation risk and gold flows. Until that happens, I would treat the BTC-gold correlation narrative cautiously and keep a defensive bias.
Not advice, just analysis.The rumored $40 million scale this time is actually not large; the BTC market's daily trading volume is several billion dollars, and this scale is insufficient to directly crash the market. Many ancient miner wallets have been inactive for over a decade; when the price reaches a psychological level, partial asset rebalancing is a normal occurrence in bull and bear cycles and does not mean a complete sell-off and exit.
Historically, there have been multiple instances of "ancient whales awakening," most of which are just asset relocations without large-scale sell-offs or sharp declines; only when coins continue to be moved to exchanges afterward does selling pressure truly materialize.This Week's BTC: Retreat After Tug-of-War at 80,000
Bitcoin experienced a "roller coaster" this week: soaring from $62,000 to $80,000 on Monday, then oscillating tightly between $79,000 and $80,000 for several days without a decisive breakout. After $6.4 billion in options settled on Friday, the pressure was released, and BTC fell below $77,000, nearly giving back all the weekly gains.
Core Reason: A large concentration of call options at strike prices of 75,000 and 80,000 led market makers to perform Gamma hedging by selling high and buying low before expiration, artificially keeping the price locked below 80,000. Meanwhile, hawkish statements from the Federal Reserve weighed on macro sentiment.
Insight: Before major options expiration, prices are often driven by market makers' hedging activities rather than genuine trends. Directional decisions are always made after settlement.📉When the 30-year US Treasury yield hovers around 5.2%, the short-term pricing power of $BTC and $ETH is no longer in their own hands.
On August 18, the 30-year US Treasury yield surged to 5.34%, reaching a new high since 2007; it slightly retreated to 5.18% on August 27, but rebounded again to 5.206% on August 29 following hawkish remarks from Waller. The Treasury yield approaching the 5.2% threshold means that risk-free assets are offering the most attractive returns in nearly two decades. For institutional funds, the choice is either to hold BTC and wait for volatility or to buy US Treasuries to lock in a certain yield above 5%. The market is making that choice for them.
Over the past week, BTC fell from a high of $81,281 to around $77,379, with a 24-hour drop of over 3%; ETH dropped to around $2,435, down about 2.6%. This round of correction is highly synchronized with the strength of Treasury yields; each surge in yields puts pressure on risk assets. Waller’s debut speech at Jackson Hole clearly stated that there is "more work to do" to fight inflation, further heating up market expectations for a rate hike in September.
The good news is that once subsequent economic data weakens or expectations for rate cuts rise, Treasury yields will turn downward, giving the crypto market a real breathing room. Until then, every rebound must first pass the "Treasury yield" hurdle.#伊朗开放临时航道，美拒恢复旧协议
The geopolitical situation in the Middle East enters a new round of bullish and bearish struggles: Iran and the UAE have agreed to open a temporary maritime shipping corridor, but the United States has clearly stated its refusal to restore the old Iran nuclear deal and continues to escalate economic sanctions. As a result, international crude oil prices have rebounded nearly 1% from lows.
Behind the intense tug-of-war, the crude oil market faces three critical tests:
Temporary defusing of extreme supply cut risks: The opening of the temporary corridor effectively alleviates market panic over a complete blockade of the Strait of Hormuz, temporarily eliminating the most extreme cliff-like risk in crude oil maritime transport.
Supply tightness maintained by the agreement deadlock: The US refusal to return to the old deal and maintain strict sanctions means Iranian crude oil is unlikely to compliantly re-enter the mainstream international market on a large scale in the short term, keeping Middle East supply constrained.
Macroeconomic demand drives oil price baseline: After geopolitical premiums are repeatedly squeezed out, global manufacturing sentiment and the macro high-interest-rate environment will once again become the decisive factors determining whether crude oil can break into a sustained one-sided trend.
Amid the dual geopolitical and supply-demand struggles, do you think oil prices will return to a volatile upward trend or continue to be pressured downward?
$BZ $CL #WTI