点金雷达

📉 Overall-chain DEX trading volume drops back to $5.5 billion, and market sentiment is a bit cold. According to DefiLlama data, the trading volume over the past 24 hours is about $5.57 billion, down roughly 10% from the previous day. Among the leading projects, Uniswap V4 has trading volume of around $650 million, PumpSwap about $600 million, V3 about $500 million, PancakeSwap V3 about $410 million, and Kalshi about $350 million—overall, everything is retracing.

My observation: this contraction in volume suggests capital is waiting and there’s no clear influx of new funds. While top DEXs still make up half the market, a high-volatility project like PumpSwap is also down 30%, indicating that the market’s preference for high-risk trading is cooling off. The capital is most likely waiting for the next clear catalyst rather than blindly chasing a bottom.

$ETH $SOL

📉 Yesterday spot Bitcoin ETF net outflows were $57.63 million, continuing for 3 straight days of selling. Bitwise (BITB) bucked the trend by pulling in $6.14 million, pushing its all-time total net inflows above $20 billion; meanwhile, BlackRock (IBIT) saw outflows of more than $55 million. Although its all-time net inflows still stand at $61 billion, its single-day net outflow hit the highest level in recent times. According to PANews, this liquidity backdrop is a bit loose. My take is that while big money is still actively trading inside the market, consecutive net outflows suggest that short-term profit-taking or risk-off sentiment is increasing, and market sentiment is shifting from one-way euphoria to choppy divergence. Going forward, keep an eye on two things: first, whether IBIT can quickly rebound after the outflows; and second, whether other leading ETFs (such as Fidelity’s FBTC) follow with outflows. This will help determine whether it’s just a short-term shakeout or a trend reversal.

$BTC $BLACKROCK $SOL

📉 Korea’s long-established exchange Bithumb saw its first-half performance cut “in half” straight away, with losses coming in quite heavy. According to PANews, in the first half revenue totaled 168.8 billion KRW (about $109 million), a year-on-year plunge of 48.7%. Net losses were even higher, reaching 108.7 billion KRW (about $70.1 million). In Q2 alone, quarterly revenue was 86.3 billion KRW, down 35.8% year on year. Bithumb blamed the U.S.’s high interest rates, saying that funds all went to buy AI and semiconductor stocks, so the heat in the virtual-asset market naturally cooled down.

My take: This shows just how fast market sentiment can flip. As soon as U.S. tech stocks heat up, liquidity in the crypto market gets drained, and traditional exchanges don’t fare well either. That Bithumb—an exchange of this scale—can’t hold up means the whole industry is going through a pain period after “deflating” the bubble.

What to watch next:
1. Whether the sustained return of retail funds from Korea back to the stock market will, in turn, suppress crypto trading volumes.
2. Whether other Korean exchanges (such as Upbit) will follow by lowering trading fees, or whether there will be another round of M&A consolidation.

$BTC

🛡️ BNB Chain is going big—security upgrades are the core. According to a report by PANews, the Pasteur hard fork is scheduled to go live on August 25 at 10:30. Nodes must first upgrade to version v1.7.7. This fork includes three proposals, addressing security, changes to validator permissions, and changes to transaction handling methods. It is a typical defensive upgrade.

My take: Although this hard fork is named Pasteur (Pasteur, implying disinfection), its core logic is to patch vulnerabilities and tighten validator permissions—classic “prevention is better than cure.” For on-chain asset holders, this is an important step toward maintaining ecosystem security: it can reduce potential risks and is a neutral-to-positive signal.

What to watch next: 1. Whether the node upgrade progress goes smoothly and whether there are any signs of network congestion or fork risks; 2. After the fork goes live, whether on-chain transaction fees and Gas fees show any noticeable changes.

$BNB $BTC

ACE This drop is a bit intense. It fell from the high point 0.384 down to where it is now 0.194—down 12 points in a day. It looks pretty scary. Even though the trading volume has surged to over 11 million, which suggests everyone’s still trading, I guess anyone who bought at the high end is feeling pretty uncomfortable right now. Next, keep an eye on two things: first, whether it can hold the low point at 0.185; second, whether the trading volume can come down—otherwise it may keep probing lower.

$ACE $ETH

🚨 A massive deposit from the giant whale into FalconX—this move is kind of interesting. According to PANews, an address sent 10,735 ETH to an exchange in one go in July, worth about $20 million. This guy established his position back in June at a cost of roughly a bit over $1,600; now that he’s topped up, his unrealized profit comes out to about $2.47 million. And he still has 7,625 ETH left untouched—just holding it can earn him another $1.86 million.

$ETH $SOL

🚧 SEC’s delay has indeed put the brakes on Wall Street’s push for digital assets. According to CoinDesk, market sentiment cooled noticeably on Friday, and the stock prices of major names such as Bullish, Coinbase, and Circle all pulled back. This adjustment was mainly because the pace of regulation has slowed, creating a significant roadblock for tokenized products that had originally been aiming for a rapid launch.

My take is that this is “short pain, long gain” for the industry. In the short term, stock pressure indicates the market remains sensitive to regulatory uncertainty, so funds will first take a defensive stance; but from another angle, since the SEC hasn’t issued a clear red light directly, it suggests regulators are still assessing things. That, in turn, provides more room to refine and explain compliance-focused products. As long as there isn’t a hard ban, this kind of turbulence is actually a necessary transition period for the industry to mature.

Going forward, there are two things to watch: first, whether the SEC will issue new guidance for tokenized products—this is more meaningful than mere delays; second, check Bullish, Coinbase, and similar companies’ earnings reports or business updates. If the revenue side isn’t affected, it likely means the stock decline is more about sentiment than fundamentals.

$SOL

🔗 The on-chain narrative here is kind of interesting.

Key data: LINK current price 9.336 USDT, 24-hour increase 5.93%, total trading volume for the day 8.46 million USDT, peak reached 9.742, and the low was 8.756.

My take: the breakout momentum is holding up—price is consolidating in the high range, which suggests the bulls are still firmly pushing upward, not that kind of mindless pump with empty hype.

Next, watch two things: first, whether it can hold above 9.7, the previous high; second, whether there are any unusual moves in large on-chain transfers.

$LINK $SOL

🚀 Big institutions are stepping in! According to PANews, Edleman Financial has publicly disclosed holdings of a Bitcoin ETF worth $34 million, including BlackRock’s IBIT and a Grayscale product. In the same period, Tudor Investment also bought 688,529 shares of IBIT, worth about $22.9 million.

My take: This move is quite interesting. Edleman is a giant managing $326 billion in assets, and Tudor is also a legendary fund manager. They didn’t just buy in—they bought BlackRock’s spot ETF directly. This indicates that traditional finance bigwigs are no longer content to just watch; they’ve started entering the market in the most compliant way. The signal of this kind of “compliant entry” is often more lasting than plain cryptocurrency-ecosystem news.

What to watch next:
1. See whether other major traditional asset managers follow up with further disclosures of their holdings.
2. Monitor changes in the concentration of IBIT holdings—whether these big funds have effectively locked it up.

$BTC

📉 Across the whole market, DEX trading volume has shrunk by nearly 10%, and capital activity has clearly cooled. According to DefiLlama data, over the past 24 hours, the total on-chain decentralized exchange trading volume was about $5.6 billion, down 9.89% from the previous trading day. Among the leading projects, Uniswap V4 recorded roughly $698 million in trading volume; PumpSwap and V3 logged approximately $597 million and $549 million respectively; PancakeSwap V3 and Kalshi also fell in the $350 million to $400 million range. Overall, the top DEXs have all seen pullbacks to varying degrees, and market sentiment is leaning cautious.

My observation: Although the broader market is in a pullback, an emerging AMM like PumpSwap still manages to hold above $500 million, suggesting that capital hasn’t fully exited—it’s instead looking for new arbitrage or speculative opportunities. As the newly crowned leader, Uniswap V4 has the largest absolute volume despite its larger drawdown, indicating that its ecosystem stickiness remains strong. In this kind of diverging market, ordinary users may be better off waiting on the sidelines, or only focusing on top pools with strong liquidity.

Points to watch next: 1. Whether PumpSwap can quickly regain lost ground after the pullback and return above $600 million; 2. Whether Uniswap V4’s TVL will show a noticeable outflow as trading volume declines.

$ETH $SOL

📉 This move by SoftBank is a bit aggressive—it directly cut TSMC’s position by more than 70%, leaving only 565,000 ADR shares. According to a report by PANews, this is confirmed in SEC filings. This looks like SoftBank is making room for new capital and clearly wants to shift its focus toward AI infrastructure and chip startups.

$TSM $BNB

🚨 Apple这波操作有点迷，据 PANews 报道，DeFiLlama 创始人 0xngmi 曝光，苹果对假冒 DeFi 应用是“睁一只眼闭一只眼”，直到团队自掏腰包测试并导致资金被盗，才在几天内匆忙下架。此前团队多次举报商标侵权都没动静，直到真金白银被偷了才行动。0xngmi 指出，这种“钓鱼式”攻击正在针对多个头部加密品牌。我的观察是，App Store 的审核机制在 Web3 场景下存在明显滞后，这种“先被盗、后下架”的模式给了攻击者可乘之机，说明平台对去中心化应用的合规风控能力还有待提升。后续可以关注两点：一是 Apple 是否会出台针对加密应用的专项审核标准；二是除了 DeFiLlama，是否还有其他头部项目遭遇过类似的“被盗才下架”情况。

$SOL

🤷‍♂️ Yesterday Ethereum spot ETF flows were indeed a bit “laid-back.” According to PANews data, on August 14, the ten ETFs all had net inflow and net outflow of 0 for the entire day—nothing moved, not a single cent. However, the overall fund size is still there. The current net asset value is $10.521 billion, and the historical cumulative net inflows have already reached $11.453 billion, accounting for 4.64% of total market cap.

My take: Zero net flow doesn’t necessarily mean it’s bad. It feels more like waiting for the wind to change. The ETF positions have already been laid out; what’s missing is a catalyst. As soon as market sentiment warms up, this more-than-$10 billion pool of capital could quickly turn into the kind of wave that adds momentum.

What to watch next: 1. Whether net inflows turn positive on a daily basis over the coming days; 2. Whether the total net asset value of Ethereum spot ETFs can break the $11 billion mark.

$ETH $BTC

🚀 Saudi sovereign wealth fund made another move—this time, it’s targeting Musk’s Starship.

According to a report by PANews, the Saudi Public Investment Fund (PIF) revealed in an SEC filing that it holds 154.1 million shares of SpaceX Class A stock. This is a concrete heavy position, indicating strong recognition of the company’s valuation and long-term prospects in the private space sector.

My take: Saudi money has never been about make-believe. This large-scale buy suggests they’re likely eyeing Starship’s explosive potential in space exploration and commercial launches. This isn’t just an injection of capital—it’s also a form of endorsement of Musk’s technical roadmap.

Going forward, you can watch two things:
1. Whether Starship’s subsequent test flights can drive down launch costs—this directly affects SpaceX’s profitability efficiency.
2. Keep an eye on any further moves by Saudi Arabia in space infrastructure or satellite interconnectivity. After all, once the money goes in, there should be supporting projects too.

$SPCX $BNB $ETH

ACE 这波拉升有点猛，从 0.15 拉到 0.38，24 小时成交额 1300 万，这量能看着不像是虚晃一枪。

核心数据：现价 0.22847，24 小时涨幅 48.01%，最高触及 0.38428，最低 0.15281。

我的判断：这属于典型的情绪爆发，波动率极大，短线资金博弈很激烈，想上车得盯着分时图，别追高。

接下来盯两件事：一是能不能稳住 0.2 这个关口，二是成交量能不能维持高位，缩量回落就得小心了。

$ACE $BNB $ETH

🚀 The action by Morgan Stanley this time is a bit aggressive— they directly increased their Bitcoin ETF position by 25%, and the Ethereum ETF is up more than fourfold. According to Cointelegraph, Morgan Stanley’s portfolio adjustments in the second quarter were extremely aggressive. This isn’t a small-scale test.

My take: When a traditional finance giant like Morgan Stanley makes moves like this, it usually means their internal long-term allocation logic toward crypto has changed. A major jump in ETF holdings suggests they may think entering the market is more attractive than before—or they simply believe the liquidity ahead will be strong. These “elephant dances” signals are often more worth paying attention to than retail traders’ hype.

What to watch next:
1. Check Morgan Stanley’s subsequent quarterly earnings reports to confirm whether this adding-to-position is ongoing or just a phase.
2. Track the overall capital flows into Bitcoin ETFs to see whether Morgan Stanley’s buy adds momentum that draws other institutions to follow.

$BTC $SOL

🚀 DeFi trading volume is surging again—across the whole market, the past 24 hours totaled $6.2 billion, up about 4% from yesterday. PumpSwap is pulling far ahead: $860 million in a single day, up 55%; Uniswap V4 follows closely with $820 million, up 23%. V3 and PancakeSwap have seen a slight pullback, but overall the market is still hot.

$ETH $SOL $AVAX

📈 BlackRock’s IBIT in Morgan Stanley sees a 23% quarter-over-quarter surge in holdings; the latest disclosure shows it holds 16.5 million shares. Ethereum ETFs and related crypto stocks were also increased in tandem, according to Cointelegraph.

My observation: This isn’t just a simple buy—it feels more like a strong vote of confidence injected into the market. As a core position for a Wall Street giant, an increase at this scale typically signals growing institutional recognition of the compliance pathways, which is more convincing than retail traders’ calls.

Key things to watch next:
1. See whether IBIT’s share count can keep sustaining this high growth rate into the next quarter.
2. Track whether fund flows into Ethereum ETFs also show a clear net inflow, following Bitcoin.

$BTC $SOL

🚀 DeFi trading volume has surged again—across the whole market, 24 hours hit $6.2 billion, up 4% from yesterday. Uniswap V4 keeps gaining momentum, with $780 million in a single day, up 17%; PumpSwap is even stronger, at $860 million, skyrocketing 55%. V3 and Kalshi have seen a slight pullback. This round of hype is mainly concentrated in the Ethereum ecosystem and PumpSwap on the Solana side—capital is clearly flowing into new protocols and hot tracks.

$ETH $SOL $AVAX ARB

ACE This wave is charging pretty hard. From 0.13864 to 0.38428, the gain directly hit 87.66%. Now the price is 0.26746. In the past 24 hours, the trading volume is close to 12.3 million, with very high activity. My take is this is a typical emotional spike—there's strong willingness from funds to enter, and the short-term heat is still there. Next, watch two things: one is whether 0.26746 can hold and not break, and two is whether the subsequent trading volume can be maintained—don’t have volume spike and then quickly shrink.

$ACE $SOL