亮子财经

With Bitcoin surging recently, many people have analyzed that the underlying reason may be that U.S. Treasuries are no longer sustainable.
As for this issue, Darío, the founder of Bridgewater (the world’s largest hedge fund)—roughly equivalent to China’s Zhang Lei of Hillhouse + Gao Shanjun—wrote a piece specifically about this logic yesterday.
Below is a personalized, curated summary and conclusion—I believe it’s easier to understand than the original text ~
In August 2026, U.S. government debt officially broke through $40 trillion.
This pace is worth talking about: from the founding of the PRC to the first time it broke 1 trillion, it took about 200 years; from 10 trillion to 20 trillion took 13 years; from 20 trillion to 30 trillion took 5 years; from 30 trillion to 40 trillion took only 4 years—and the last 10 trillion surged in just 150 days.

After Bitcoin’s breakout surge yesterday, today indeed brought a second wave of explosive rally.
BTC surged from about $65,000 all the way to above $72,000. During the session, the intraday high touched the $72,200–$72,400 range, setting a new high since June. The 24-hour gain is roughly 10%–11%.
ETH is even stronger—up 17%–20% in a single day, reclaiming the $2,000 level.
On August 19, Trump held a crypto summit in the White House. The CEOs of Coinbase, Ripple, Robinhood, and Kraken all attended, and SEC Chair Atkins and CFTC Chair Selig also appeared on stage together.
Trump immediately called on Congress to quickly pass the Clarity Act (crypto market structure bill). He also hinted that the CFTC is studying ways to make Hyperliquid compliant with U.S. regulations—just that one sentence sent HYPE up over 20%.

This morning in U.S. Eastern Time, Bitcoin’s price suddenly started to surge:
There are many theories about why prices are rising; some people think it’s due to the U.S. Treasury’s actions.
The Treasury Secretary announced the same day that the scale of repo operations for long-term Treasuries would be directly doubled from a maximum of $2 billion per operation to not less than $4 billion, starting on September 9 and continuing until November 4.
The market interpreted this move as a “liquidity support” signal. It immediately pushed the 30-year Treasury yield down from its 2019 high, weakened the dollar, and gold also rose in sync to a multi-month high.
But I think it may not be that complicated. The real reason might be that Trump signaled the trade:

Today Unitree’s IPO surged explosively, and the lottery-winning profit created the second-highest record in A-share history: 474,600 yuan.
And the first was created yesterday by Frequency-Qualified Laser, with 556,600 yuan:
When A-shares were in full swing with “a new bull run” coming in, Binance’s futures contracts also launched for two A-share companies: ChangXin Memory and Unitree Technology.
Relatively speaking, other exchanges had already listed these popular A-share contracts many days before the IPO. Binance listing ChangXin and Unitree is still算是 on the later side.
First, let’s make clear the most easily confused point: the “ChangXin” and “Unitree” on Binance are completely different from the stocks you buy in your A-share account.

On August 16, SafePal, a hardware wallet company that Binance has invested in, issued a statement on X, admitting that a security incident occurred, and that information from nearly 40,000 users was stolen.
Although SafePal said that the core information—like recovery phrases, private keys, and wallet passwords—was fine, they scraped all the delivery information users provided when purchasing the hardware wallet, including their names, email addresses, shipping addresses, and phone numbers.
The reason for the leak was a third-party plugin on the SafePal website that lets users check the status of their orders. It had an "authorization vulnerability." Originally, users could enter an order number only to view their own purchase records. But someone discovered it: by simply changing a parameter, they could view other people’s delivery addresses and phone numbers.

These days, the movie (Cow Comes) has been blazing across the internet. This “rough film” has already nearly reached 3 million in box office, and Maoyan’s estimated box office is over 18 million.
Because the distribution and production are handled by the mother and son duo; after excluding the theater’s share, they should end up with close to ten million!
Although the current mainstream reputation is still “low mountain meets flowing water and finds a kindred spirit,” I think this film absolutely has the potential to become a masterpiece.
First of all, this isn’t a children’s movie—it’s really about investment.
And said, “Don’t trip up a body, even a dog won’t touch it,”
And the current bull market in stocks is driven by semiconductors!

On August 10, when Bitcoin mining leader Riot Platforms $RIOT.US released its Q2 financial report, it also announced a major piece of news: it signed a 20-year, $9.1 billion compute power leasing agreement. The other party is a “leading cutting-edge artificial intelligence laboratory.”
Riot didn’t name it itself, but Bloomberg quickly traced it to an AI company, confirming that the company in question is Anthropic, according to people familiar with the matter.
According to reports by U.S. media, the outline of the agreement is as follows:
The location is the Riot data center campus in Rockdale, Texas, with 191 megawatts of IT capacity—enough to power 143,000 households at the same time.

On Monday, two Republican senators dug up 11 text messages from Fouchi’s phone.
The sending time of this batch of text messages was January 25 and 26, 2021, when the vaccine had only been on the market for just over a month.
The three people in the chat were Fouchi, dubbed the “U.S. Zhongnan Mountain”; Valensky, then director of the CDC; and Mourtie, who later became the director of the health bureau. The topic was whether pregnant women should get vaccinated.
Fouchi said that many people develop fever after the second dose, have a cytokine storm, and theoretically this may be related to early miscarriage in pregnancy—so take care.
“Well said,” Valensky said. Mourtie said it was very useful.

At 4:30 a.m. on August 7, in Asunción, Paraguay, police received a report saying there was a body downstairs at a high-end apartment building called Jade Park in the Trinidad District.
When the police arrived at the scene, the body was completely naked, with a black plastic bag covering it.
Soon, the victim’s identity was confirmed: Harry Chun Tak Yeh, whose Chinese name is Ye Junde, an old OG in the crypto community.
Ye Junde was born in Hong Kong, immigrated to Canada as a child, and went to Stanford for his master’s degree.
In 2013, when BTC was only $60, Ye Junde entered the market with $500.
In the same year, he started out with $2.5 million, founded Quantum Fintech Group, a company that handled crypto OTC trading and multiple hedge funds, and prior to the incident claimed he managed assets worth $2.4 billion.

On July 24, 2026, the Ministry of Finance and the State Taxation Administration issued an announcement (Regarding Matters Related to Individual Income Tax for Offshore Trusts), requiring the trust settlor and others to declare and pay the back taxes within 90 days from the date of publication—that is, no later than October 22, 2026.
The tax is divided into two parts: tax for the trust establishment stage. In principle, it will be reclaimed for three years, meaning offshore trusts established from 2023 to 2025 should补缴 20% of the tax. The current impact is still relatively limited.
The more significant impact is on taxes during the trust’s existence period. There is no time limit, and it does not distinguish by year. Instead, all trust income up to the end of 2025 will be bundled and calculated, and an additional 20% tax will be paid.

After the close of U.S. stock trading today, the much-anticipated $SPCX released its Q2 earnings report.
Revenue was $7.814 billion, up 92% year over year, versus a market expectation of $6.93 billion—about $900 million higher.
Net loss narrowed from 1.008 billion yuan in the same period last year to 541 million yuan. Loss per share was $0.09, while the market expected a loss of $0.26. Operating loss narrowed from 970 million yuan to 143 million yuan.
All three segments beat analysts’ expectations. Starlink has 12 million users, doubling year over year. Revenue from the AI segment jumped 247% year over year; losses were cut in half quarter over quarter, and adjusted EBITDA even turned positive to 1.146 billion.
Taken on its own, this is a respectable report card.

This week, tech giants released their earnings reports in a dense barrage, but the style is oddly split.
Microsoft and Amazon—both saw their cloud businesses surge across the board. AWS revenue in the second quarter hit $42.2 billion, up 37% year over year, the fastest pace in 18 quarters; Azure was even stronger, with a 43% year-over-year growth rate, and for the full fiscal year it first topped $100 billion. After their earnings reports, both stocks jumped—Amazon was up more than 9% in after-hours trading, while Microsoft rose 8%.
Meta’s earnings numbers are also not bad—revenue was $60.8 billion, a record high, and ad revenue of $59.3 billion also beat expectations. But its share price plunged nearly 8% after the report, and at one point during the day it fell as much as 10%.

On July 28, SK Hynix delivered an epic-level set of earnings:
Revenue was 79.32 trillion won, up 257% year over year;
Operating profit was 60.54 trillion won, up 557% year over year, with an operating profit margin of 76%;
Net profit was 93.92 trillion won, with a net profit margin of 118%.
In the first half of the year, cumulative revenue exceeded 100 trillion won for the first time, and quarterly profit hit an all-time high.
So what happened? The stock price still crashed that day.
In the Asian trading session, trading opened and Hynix’s stock kept falling; over the past five trading days, it has already dropped by 20%.
The explanation given by the authorities—or, in other words, the first market reaction—is that it was "below expectations".

On July 24, the Ministry of Finance and the State Taxation Administration issued an announcement, No. 21 of 2026. It took effect the same day.
From now on, assets that Chinese people place in offshore trusts will have to pay taxes.
Over the past two decades, putting assets into Cayman or BVI family trusts has been a standard move for China’s wealthy: put equity in, gains aren’t taxed, dividends aren’t taxed, and transfers to children aren’t taxed either.
And in China, related announcements about individual income tax for offshore trusts have broken the “unspoken rules” among this circle of wealthy people.
The rules themselves aren’t complicated. Tax is mainly levied at three points in time:
Establishment: at the moment the property is injected into the trust, tax is paid at 20% based on the then-current market price minus the cost basis. At this point, the property hasn’t been sold yet and the money hasn’t been received yet—tax must be paid first.

Jensen Huang personally registered an X account and posted a public letter: (Open-weight models and America’s AI leadership).
So far, the post has only been out for 12 hours, and the follower count has already exceeded 500,000. Given this trend, there shouldn’t be any issue with taking Musk’s $10,000 salary by the end of the month~
But as Jensen Huang is the founder of NVIDIA, he certainly didn’t do it just to earn Musk’s salary. The main point of his public letter is just one sentence: don’t, out of fear of China’s open-source AI models, ban open-source weight models with a blanket cut-off.
The 25 signatories are almost half of Silicon Valley: NVIDIA, Microsoft, Meta, Palantir, IBM, Dell, Hugging Face, Mistral, Mozilla, a16z, YC, and more. Musk, from afar, also chimed in, saying he “fully supports” it.