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On August 21, cryptocurrencies surged across the board. Bitcoin broke through the $74,000 mark; as of 9:30 a.m. Beijing time, it was around $74,594, up more than 7.6% during the day. Ethereum rose above $2,300, and XRP gained nearly 15%. According to public data, in the past 24 hours, more than 127,000 people worldwide were liquidated, with a total amount of about $1.087 billion. Expectations for liquidity improved as the U.S. Treasury expanded long-term bond repurchase operations, while the White House’s push for crypto legislation and short-covering also boosted risk appetite. However, regulatory uncertainties and the risk of an inflation rebound remain. $BTC $ETH is for informational purposes only and does not constitute investment advice.

【Foreign Exchange Market Highlights】

The U.S. Department of the Treasury announced that it will double the size of its long-term Treasury repurchase operations between September 9 and November 4, injecting more liquidity into the market. The news pushed the U.S. dollar index down 0.72% to 98.93 on the day, the lowest level since the end of May. The euro strengthened against the U.S. dollar by 0.87% to 1.1676, reaching a new high in two and a half months; the British pound rose against the U.S. dollar by 0.68% to 1.3625. Analysts said that the expansion of repurchase operations signals easing, putting policy pressure on the Federal Reserve to offset the relaxation in financial conditions, which has kept the U.S. dollar under sustained pressure. $EUR /USD $GBP/USD

For information purposes only and does not constitute investment advice

Last night, the crypto market saw a sharp rebound. At a crypto roundtable at the White House, Trump urged Congress to pass the “CLARITY Act.” There are also reports that the U.S. Treasury will expand the size of long-term Treasury bond repurchases to no less than $4 billion per transaction. Expectations of easier liquidity pushed risk assets higher across the board. $BTC briefly rose to $72,000. Within 24 hours, the forced liquidation of short contracts exceeded $3.1 billion. U.S. spot Bitcoin ETFs saw a net inflow of $517 million in a single day, the highest record since May. $ETH surged in tandem, and $BNB also followed.

Currently, $BTC has rebounded to above $69,500, while $ETH has reclaimed the $2,000 level. Near-term momentum is relatively strong. However, it’s worth noting that the rally is mainly driven by the forced covering of shorts rather than active spot buying. Whether it can continue remains to be seen. $BTC $ETH

For information purposes only and does not constitute investment advice.

U.S. stocks’ three major indexes all fell on Thursday. The Dow plunged 703 points to 52,759, and the S&P 500 dropped 0.87%. Earlier, the U.S. Treasury announced an expansion in the scale of long-term bond repurchase operations, which briefly pushed yields lower. However, Treasury Secretary Bessent later said the repurchase limit could exceed $4 billion, and that yields “did not reflect fundamentals.” The yield on the 30-year U.S. Treasury bond rose again to above 5.25%, raising concerns about borrowing costs and dragging down bank shares across the board. Large tech stocks were generally under pressure; Walmart dropped about 9% after its Q3 guidance came in far below expectations. $BTC $ETH $BNB Risk appetite cooled—watch the direction of the U.S. Treasury market in the near term.

For information purposes only and does not constitute investment advice.

Global retail giant Walmart (WMT) plunged about 9% on August 20, marking its largest single-day drop since 2022. Its market value evaporated by more than $83 billion in a single day. Earnings show that its U.S. same-store sales grew only 2.6% in the second quarter, the slowest pace in six years and below market expectations; its full-year EPS guidance also came in below analysts’ expectations. Management said high oil prices are forcing consumers to cut back on spending, with especially noticeable pressure on lower-income households. Its pharmacy business was also dragged down by setbacks tied to the U.S. federal drug price negotiations, weighing on overall performance. As a barometer of U.S. consumer sentiment, Walmart’s weak data has raised concerns that U.S. consumer momentum may be slowing. $WMT

For informational purposes only and does not constitute investment advice.

Bitcoin has broken through $72,000 on the short term, marking the first time it has closed above this level since early June. Over the past four trading days, the cumulative increase has been about 15%. On-chain data shows that exchange net inflows have continued to shrink, and signals from institutional investors indicating adding positions on dips have strengthened. Meanwhile, Ethereum’s cumulative gains over the past two days have also exceeded 20%, and market risk appetite has clearly rebounded. A U.S. Federal Reserve official previously suggested that the path of inflation easing still has uncertainties, so there remains a risk of near-term volatility. Be mindful of position management.

$BTC $ETH

For informational purposes only and does not constitute investment advice.

Today’s crypto market is seeing an epic short-squeeze行情 as BTC breaks through $73,000, hitting a new high since early June. A convergence of policy tailwinds is rapidly fueling the move: on August 19, Trump met at the White House with executives from Coinbase, Kraken, Ripple, and others, urging Congress to pass crypto legislation; the U.S. SEC also proposed the same day to exempt certain digital assets from part of the registration requirements; and the U.S. Treasury expanded the scale of long-dated bond repurchases, boosting expectations for liquidity. Multiple signals piling on have triggered a liquidation cascade—over the past 24 hours, total liquidations across the entire network exceeded $3.4 billion, with short positions accounting for more than 90%; only Bitcoin shorts were squeezed out by about $1.5 billion. On-chain data likewise shows large holders have net accumulated roughly 43,000 BTC over the past month; institutional spot BTC ETFs have continued to draw inflows, and the Fear & Greed Index has risen to 62. Overall, this rally appears to be driven by a clear policy boost synchronizing with expectations of looser liquidity—but an extreme move on a single day does not necessarily mean a trend reversal. After emotions run hot, volatility risk remains, so it’s important to stay rational.$BTC $ETH

For informational purposes only and does not constitute investment advice.

Onshore Chinese yuan to US dollar closes at 6.7239 at 16:30 on August 20, up by 138 basis points from the previous trading day, reaching the highest level since early February 2023; the yuan’s midpoint rate was 6.7808, rising by 46 basis points in tandem to continue setting a record high for the same period. The main driver is that the US dollar index weakened to around the three-month low near 98.8, while non-US currencies generally rebounded. The strengthening of the yuan helps improve market risk appetite, supports sentiment for Chinese assets, and may also prompt offshore funds to flow back. $BTC $ETH is for informational purposes only and does not constitute investment advice

Walmart’s Q2 earnings beat expectations, but same-store sales growth hit a six-year low, and the stock plunged more than 9% intraday, dragging down the consumer sector. US same-store sales rose only 2.6%, below the expected 3.7%, suggesting that with high oil prices, consumers are becoming more cautious. The company will use a $2.9 billion tariff refund to lower prices, while its e-commerce business grew by 23%. The performance of the retail giant reflects a divergence in US consumer resilience, and it’s important to watch how oil-price trends affect consumer confidence. $WMT is for informational purposes only and does not constitute investment advice.

[US Stocks Close] Dow Plunges 703 Points; Walmart Slumps 9% Dragging Down the Consumer Sector!

On Thursday, US stocks fell across the board. The Dow fell 1.32% to 52,759 points, the S&P 500 dropped 0.87%, and the Nasdaq declined 1%. Walmart ($WMT ) plunged more than 9% in a single day after its Q2 same-store sales growth hit a six-year low and its full-year earnings guidance came in below expectations, marking its biggest drop since 2022. The slump also dragged the entire staples/necessities consumer segment lower. The seven major tech firms were generally under pressure: Amazon fell more than 2%, while Apple and Tesla both dropped over 1.5%. Meanwhile, memory chip stocks such as Micron Technology ($MU ) and SK hynix moved higher against the trend.

US Treasury Secretary Bessent said the scale of Treasury buybacks could be expanded further to ease the pressure from continued upward pressure on long-term bond yields. Traders are looking ahead to next week’s retail data to gauge consumer resilience.

For information only and does not constitute investment advice.

On Thursday in Eastern Time, U.S. stocks all three major indexes closed lower: the Dow fell 1.32% to 52,759 points, the Nasdaq fell 1%, and the S&P 500 fell 0.87%. Tech stocks were generally under pressure, with Apple and Amazon both down more than 1.5%, and Google down more than 1%.\n\nHowever, the FX market painted a different picture: the U.S. Treasury announced that it would more than double the buyback scale of 10- to 30-year Treasury bonds. The yield on the 10-year U.S. note retreated from its intra-year high, and the U.S. dollar index slid to 98.79, the first time it has fallen below the 99 mark in three months.\n\nWith the dollar weakening and U.S. Treasury yields falling, risk assets got some breathing room. $BTC broke through $69,000 for a near two-month high; gold held above $4,510 per ounce. The annual meeting of global central banks is set to open tonight. If Fed Chair Powell signals policy cues, the dollar could enter a new round of directional selection.\n\nFor information purposes only and does not constitute investment advice

US stocks closed broadly lower, with the Dow down 1.32%. Walmart’s results disappointed badly, plunging 9%; but the crypto market was thriving. On August 20, Bitcoin surged 11%, topping out at $72,000, the highest in nearly two months; Ethereum <$ETH > also jumped roughly 19% in sync. Behind this rally were two drivers: first, U.S. Treasury Secretary Bessent announced that the buyback limit for 20- and 30-year Treasury bonds would be doubled. That pulled down Treasury yields and weakened the U.S. dollar, boosting the appeal of risk assets. Second, Trump met with crypto industry executives including Coinbase and Payward at the White House, publicly urging Congress to pass the CLARITY Act draft crypto legislation. Market expectations for regulatory clarity have surged. Coinbase <$COIN > closed up more than 7%, while Strategy gained nearly 9%. According to CoinGlass data, in the past 24 hours, short liquidations across the entire market exceeded $2.7 billion—one of the largest short-squeeze events on record. <$BTC > Resistance above in the short term to watch the 73,000–75,000 zone. For information only and does not constitute investment advice.

Moderna (MRNA) surged about 177% on Wednesday, with trading volume of $27.5 billion—the second-highest among U.S. stocks. On the news front, Moderna’s melanoma cancer vaccine in collaboration with Merck, which is currently in Phase III large-scale trials, has achieved the primary efficacy endpoint. Patients receiving combination therapy showed a clearly better recurrence-free survival than those using Keytruda alone. Meanwhile, Merck rose more than 12%, Eli Lilly gained over 4% and hit a fresh all-time high, with a market cap of $1.21 trillion—becoming the first pharmaceutical company in human history to surpass $1.2 trillion. The Nasdaq Biotechnology Index jumped 6.4% that day. At the same time, the U.S. Treasury announced that it will double the size of its long-term Treasury bond repurchase program to at least $4 billion; U.S. Treasury yields fell, and the three major indexes closed slightly higher. Breakthrough progress in the biopharmaceutical sector is worth watching, $MRNA $MRK $LLY may continue to draw attention. For information only and does not constitute investment advice.

Today’s Key Events: The Trump administration announced “the harshest economic sanctions in history” against Iran. U.S. Treasury Secretary Bessent warned that Iran’s oil exports would be “brought to zero” and threatened to sanction any countries doing business with Iran as well. Iran’s Islamic Revolutionary Guard Corps immediately warned that it already has weapons “stronger than ever before.” Brent crude jumped above $93 per barrel. All three major U.S. stock indexes closed lower, with the Dow leading the decline, down 1.32%. $WMT plunged 9%, the largest single-day drop since 2022. The yield on the 10-year U.S. Treasury rose to 4.705%, putting pressure on technology stocks. The memory sector strengthened against the trend: $MU rose nearly 4%, and $SKH gained more than 4%. Capital rotated quickly amid the risk. With geopolitical tensions combined with elevated long-term Treasury yields, near-term volatility may increase. For information only and does not constitute investment advice.

On August 21, the U.S. dollar index fell to a near three-month low around 98.80. The market’s probability for the Fed to hike rates in September dropped sharply from 47% a month earlier to about 33%. The Fed’s July meeting minutes showed that most officials supported holding steady, but warned that if inflation remains sticky, monetary policy could still tighten. Meanwhile, the U.S. Treasury expanded the size of long-term Treasury bond repurchase operations, and the 30-year Treasury yield retreated from its recent high. Boosted by both a weaker dollar and liquidity support, Bitcoin regained the $69,000 level for the first time in nearly three months, while spot gold also surged more than 4% to $4,464. FX Street analysts noted that Middle East geopolitical risks and volatility in the bond market keep investors cautious, but the Fed’s policy shift combined with weakened dollar credit is providing medium-term support for gold and crypto assets. $BTC $ETH $BNB is for reference only and does not constitute investment advice.

The U.S. Department of the Treasury announced that it will increase the size of its long-dated Treasury repo program from $2 billion to $4 billion, effective from September 9 to November 4. The move drove the yield on the 30-year U.S. Treasuries down sharply by about 10 basis points; the U.S. Dollar Index fell to 98.93, hitting a three-month low. The EUR/USD rose to 1.1676, a new two-and-a-half-month high; the Japanese yen rebounded to 158.36. Analysts said that expanding the repo program suggests a leaning toward monetary easing. Deutsche Bank warned that if the Federal Reserve does not take it into account in its policy considerations, it could further pressure the dollar. The minutes of the Federal Reserve’s July meeting were released the same day. The minutes showed that officials remained alert to inflation risks, but there were no clear signals of an interest-rate cut. #外汇 #美元 #EURUSD

[Epic short squeeze! Bitcoin returns to $70,000]

On August 20, Bitcoin briefly broke through the $70,000 level for the first time since June. Within 24 hours, it rose more than 10%, while Ethereum rose nearly 20% over the same period, reaching $ETH . The direct drivers behind this surge were: the U.S. Department of the Treasury announcing that the scale of long-term Treasury bond buybacks would be expanded to at least $4 billion per round; the SEC issuing a draft of a new regulatory framework for crypto assets; and the White House convening a meeting with executives from the crypto industry on the same day. With these three positives compounding, leveraged short sellers were forced into a concentrated liquidation. According to Coinglass data, in the 24 hours, about 195,000 traders were liquidated, with total liquidation amounts exceeding $3.4 billion; liquidations of short positions accounted for more than 90%.

Despite the fierce rally, market participants noted that this rebound is more like a concentrated unwind of a crowded short structure. Going forward, attention should be paid to whether Bitcoin can effectively hold above $70,000 and attract new capital to keep flowing in. $BTC $ETH $BNB

For informational purposes only and does not constitute investment advice.

Today (Aug 20), the U.S. Treasury announced that it would at least double the scale of its 10- to 30-year Treasury bond repo operations to more than $4 billion. The 30-year U.S. Treasury yield fell nearly 10 basis points in a single day. The U.S. dollar index dropped below 99, hitting its lowest level in nearly three months. The three major U.S. stock indexes ended a three-day losing streak and collectively closed higher. The Dow rose 0.22%; Moderna and Merck & Co.'s melanoma vaccine trial met expectations and the share price surged by nearly 180%, leading the broader market. However, the chip sector came under pressure, and Broadcom fell more than 4%. <$BTC > broke through $71,000 intraday; within 24 hours, short sellers were liquidated by over $3 billion. For information only and does not constitute investment advice.

Retail giant Walmart on August 20 reported results for its second fiscal quarter of 2026 (ended July 31): revenue of about $187.9 billion, up 5.9% year over year; and adjusted earnings per share of $0.81, both beating expectations and raising its full-year guidance. However, U.S. same-store sales rose only 2.6%, the slowest growth in more than six years, indicating that consumers are becoming more cautious amid high oil prices and high food prices. On the day, the stock closed down about 9%, the largest single-day drop since 2022. As a bellwether for U.S. consumer sentiment, Walmart’s weaker-than-expected signals may heighten concerns about the U.S. economy and consumer resilience, which could in turn affect overall risk-asset sentiment. $WMT is for informational purposes only and does not constitute investment advice