奔跑财经-FinaceRun

Treasury repo operations, tariff easing, geopolitical developments, ETF inflows, and high leverage—five key factors jointly drove BTC to break above $78,000

August 21—After months, even nearly a year, of sluggish, range-bound trading, Bitcoin this week surged from around $64,000 to more than $78,000, hitting a new high since early June.

The core drivers behind this rally came from a move by the U.S. Department of the Treasury: it announced a doubling of the maximum liquidity support for the buyback of long-term government bonds. Specifically, the buyback size will increase from $2.0 billion to at least $4.0 billion to stabilize the long-term bond market.

The new rules take effect on September 9 and run through November 4. This buyback news pushed yields lower—bringing the 30-year U.S. Treasury yield down from 5.34%, a fresh 20-year high, to 5.20%—opening a rebound window for risk assets.

Meanwhile, there were also positives on the trade-policy front. President Trump paused tariffs on Canada and reduced some tariffs from 25% to 15%. The progress in trade policy provided additional support for Bitcoin’s price.

In addition, Trump adopted an approach toward Iran based on economic sanctions rather than military strikes, further reducing geopolitical risk and offering a more stable investment environment for risk assets.

Liquidity signals suggest market fund flows are even more direct. As of Thursday, Bitcoin spot ETFs have recorded a total net inflow of more than $1.61 billion for four consecutive days this week, whereas the net inflow for all of July totaled only $172 million;

This does not mean that the ETF inflow over just these four days this week is more than nine times the entire month of July. The last time capital surged at this scale, Bitcoin touched $83,000 within a single week.

It is also worth noting that in the week before this explosive rally, the outstanding open interest in crypto was close to the level seen before the liquidation event in October 2025. This seems to indicate the upward trend had been building for a long time, and that the market finally broke out of a prolonged consolidation this week.

#比特币 #美债回购

BTC and ETH spot ETFs recorded total net inflows of $827 million on Thursday, with no crypto ETF in any category seeing total net outflows

On August 21, according to SoSovalue data, U.S. BTC spot ETFs saw net inflows totaling $606 million yesterday, marking the 4th consecutive day of total net inflows;

Among them, BlackRock’s IBIT and Fidelity’s FBTC led the net inflow rankings yesterday with nearly $503 million (about 5.03 billion BTC?) and $64.74 million (892.01 BTC), respectively;

Next were Bitwise BITB, Ark&21Shares ARKB, and Invesco BTCO, recording daily net inflows of $26.39 million (363.60 BTC), $12.15 million (167.44 BTC), and $3.61 million (49.80 BTC), respectively;

Meanwhile, VanEck HODL, with $3.59 million (49.49 BTC), was the only BTC ETF that recorded net outflows yesterday;

As of now, total net asset value of Bitcoin spot ETFs is $9.016 billion, accounting for 6.18% of Bitcoin’s total market capitalization. Cumulative total net inflows amount to $53.40 billion.

On the same day, U.S. Ethereum spot ETFs recorded net inflows of nearly $221 million as well, also marking the 4th consecutive day of total net inflows since this week;

Among them, BlackRock’s ETHA and ETHB ranked first and second in yesterday’s net inflow list with $173 million (about 74,530 ETH) and $35.90 million (about 15,440 ETH), respectively;

Next were Fidelity’s FETH and Bitwise’s ETHW, recording daily net inflows of $5.79 million (about 2,490 ETH) and $2.83 million (about 1,220 ETH), respectively;

VanEck ETHV and Morgan Stanley’s MSSE recorded daily net inflows of $1.70 million (730.63 ETH) and $1.25 million (537.47 ETH), respectively;

As of now, the total net asset value of Ethereum spot ETFs is $13.58 billion, accounting for 4.86% of Ethereum’s total market capitalization. Cumulative total net inflows amount to $11.97 billion.

In other spot ETFs across all categories, SOL, XRP, HYPE, LINK, and DOGE ETFs recorded total daily net inflows of $14.58 million, $13.24 million, $5.86 million, $3.63 million, and $0.65 million, respectively.

#比特币ETF #以太坊ETF

Strategy’s Bitcoin holdings face relief from the underwater position as BitMine’s Ethereum unrealized losses narrow to $5.836 billion

According to data disclosed by analyst Yu Jin, as Bitcoin and Ethereum prices have recently rebounded sharply, the holdings of the two major treasury companies, Strategy and BitMine, have seen a significant improvement.

As of August 16, Strategy held 840,447 BTC, with total holdings valued at approximately $53.452 billion. The average cost price is $75,385; successfully breaking above this level indicates that Strategy achieved “relief from the underwater position” for the first time in months.

Meanwhile, the largest Ethereum treasury company, BitMine, has also shown positive changes in its holdings. As of the same reporting date, BitMine held 5.815164 million ETH, with total holdings valued at $11.06 billion;

Although BitMine’s overall average cost for its holdings remains as high as $3,366, as Ethereum’s current price rebounded to $2,362.29 this week, its unrealized loss has narrowed markedly from the previous $8.513 billion to $5.836 billion.

Overall, with the crypto market rebounding strongly this week and breaking through the range of consolidation, the on-paper pressure on these two “crypto whale” companies has been eased, and the burden on their holdings has been significantly released in a clear phase.

#Strategy #BitMine

Strategy Analyst: US Treasury repo plan could be a catalyst for Bitcoin’s rise; a $180,000 target is within reach

On August 21, according to CoinDesk, U.S. Treasury Secretary Scott Bessent said Thursday that the government expects to conduct routine long-term Treasury repo operations and may expand their scale, above the previously announced $4 billion plan.

Bessent said the government aims to stabilize the bond market and ensure that yield levels reflect underlying economic fundamentals. After the news was released, the price of Bitcoin climbed further, at one point approaching $73,000.

Mark Connors, a macro strategist for the long-term bond market, said this long-term Treasury repo plan could become an important catalyst for the next leg up in Bitcoin, creating conditions for BTC to move toward $180,000.

In Connors’ view, the Treasury’s involvement in bond-market repo operations is an important signal showing the government is responding to pressure caused by rising long-term borrowing costs.

Specifically, higher U.S. Treasury yields tend to attract capital flows into the Treasury market, thereby reducing inflows into risk assets such as cryptocurrencies; but if the repo operations can support bond prices and bring yields down, the macro pressure facing Bitcoin would be alleviated.

In summary, this policy-driven improvement in macro liquidity not only creates a more favorable market environment for risk assets such as Bitcoin, but also provides investors with new support for their expectations regarding BTC’s future price performance.

#美债回购 #比特币

Bitcoin’s technical outlook turns stronger: if the golden cross is confirmed, a new round of upward cycle may begin

On August 21, reports said that Bitcoin’s recent upward momentum has increased significantly. The price has broken above the 200-day simple moving average (around $71,500) and is now positioned above the “golden cross” technical pattern, widely regarded by the market as a long-term bullish signal.

Analysts noted that if the 50-day moving average (around $65,000) continues to rise and crosses above the 200-day moving average, this bullish trend pattern will ultimately be confirmed.

Looking back at historical patterns, the 200-day moving average is a key indicator for assessing an asset’s long-term trend. If the price keeps holding above that moving average, it is generally seen as an important signal that the market is shifting from bearish to bullish; conversely, a breakdown below it suggests that the long-term trend may weaken.

Specifically, since October 2025, Bitcoin has been trading below the 200-day moving average. At that time, the BTC price was about $110,000, and the long-term market trend remained under pressure.

Although Bitcoin formed golden crosses between the 50-day and 200-day moving averages in February 2023, October 2023, October 2024, and April 2025—followed by subsequent further rallies—those golden crosses were only one-off rebounds rather than the start of a sustained uptrend. Therefore, if BTC later drops significantly below the 200-day moving average, the logic that Bitcoin is turning to a long-term bullish trend could fail.

Overall, whether the golden cross is confirmed offers one perspective for gauging market strength and weakness; however, whether Bitcoin can truly kick off a new bull market cycle still requires the support of fundamental factors.

#比特币黄金交叉

Bitcoin mạnh mẽ bật tăng trong tuần này, áp lực lên trái phiếu Mỹ được xoa dịu trở thành động lực then chốt

Theo báo cáo của CoinDesk, đà tăng đáng chú ý của Bitcoin trong tuần này có thể được hậu thuẫn bởi các logic vĩ mô của thị trường. Đợt phục hồi này chủ yếu bắt nguồn từ việc áp lực trên thị trường trái phiếu chính phủ Mỹ đã giảm rõ rệt.

Cụ thể, các tín hiệu gần đây từ Nhà Trắng nhằm hỗ trợ và giúp thị trường trái phiếu ổn định không chỉ làm dịu sự biến động dữ dội của thị trường trái phiếu, mà còn tạo ra một “khoảng thở” cho tâm lý lo lắng quanh Bitcoin.

Nhà phân tích Pedro Fontes cho rằng, khi thị trường nợ lớn nhất toàn cầu cũng cần chính sách để duy trì sự ổn định, thì nhu cầu đối với những tài sản khan hiếm, có thể dự đoán được và không phụ thuộc vào việc mở rộng tín dụng của chính phủ sẽ tự nhiên tăng lên, và Bitcoin hoàn toàn phù hợp với đặc điểm này.

Không chỉ vậy, chỉ số đồng USD—thường được xem như một chỉ báo ngược so với BTC—trong tuần này lại liên tục giảm, lập mức thấp mới kể từ đầu tháng 5, qua đó tạo ra môi trường định giá thuận lợi hơn cho các tài sản thay thế như Bitcoin.

Trong khi đó, người sáng lập kiêm CEO của Strive, Matt Cole, nhận định rằng chỉ số USD hiện đang nằm trong “xu hướng giảm mang tính cấu trúc”, và xu hướng USD yếu đi này nhiều khả năng sẽ tạo ra một môi trường đầu tư thuận lợi hơn cho các tài sản như Bitcoin.

Tất nhiên, triển vọng dài hạn của Bitcoin vẫn còn nhiều bất định; hiệu suất cuối cùng sẽ phụ thuộc vào những điều chỉnh cụ thể của chính sách thanh khoản của Cục Dự trữ Liên bang (Fed) và hướng đi được lựa chọn.

Tóm lại, thị trường sẽ theo dõi sát sao những phát biểu tiếp theo của Nhà Trắng liên quan đến thị trường trái phiếu, những thay đổi trong tình hình địa chính trị và dữ liệu đơn xin trợ cấp thất nghiệp ban đầu của Mỹ.

Những yếu tố then chốt này sẽ tác động trực tiếp đến diễn biến lợi suất trái phiếu Mỹ, từ đó định hình lại kỳ vọng về thanh khoản của thị trường và cuối cùng quyết định hướng đi tiếp theo của Bitcoin.

#比特币

CFTC Chairman: No matter whether the CLARITY Act succeeds or fails, the U.S. crypto regulatory rules will ultimately be implemented

On August 21, the first meeting of the Innovation Advisory Committee was held as scheduled. CFTC Chairman Michael Selig publicly spoke, saying that congressional legislation remains the best solution for the crypto regulatory framework, but it is not the only way forward.

Selig noted that if the CLARITY Act is blocked in the Senate, the CFTC will use its existing authorities, as authorized by law, to independently develop crypto regulatory rules. This statement further underscores the urgency and inevitability of building the U.S. crypto regulatory framework.

In addition, the value of congressional legislation lies not only in clearly delineating the regulatory boundaries between the SEC and the CFTC, but also in the institutional stability it provides. However, regulators will not wait indefinitely for the outcome of congressional negotiations.

At present, the agencies have already prepared draft rules. If the legislative process stalls, regulatory rulemaking at the administrative level will be launched immediately, with the intent of ensuring the United States does not miss the opportunity to lead global standards for digital finance.

That said, the market has also observed that administrative rules cannot fully realize the bill’s envisioned complete oversight of the spot market, and key provisions such as DeFi exemptions and self-custody protections are also difficult to be elevated into formal law.

Therefore, the market is currently both monitoring the Senate’s anticipated September voting developments and assessing the practical impact that the CFTC’s autonomous regulatory方案 may have on the crypto market.

#CFTC #CLARITY法案

Deribit Data: Approximately $1.821 Billion in BTC and ETH Options Expire Tomorrow

On August 20, according to Deribit’s official data, about $1.567 billion worth of BTC and ETH options are set to expire this Friday (tomorrow at 16:00).

Among them, BTC options have a notional value of about $1.567 billion, with a put/call ratio of 0.66. The maximum pain strike price is $66,000. Overall, the sentiment for short-term expiration is bullish;

At present, the BTC market price is above $71,000, significantly higher than the maximum pain strike price. In this range, bullish expectations are notably higher than bearish expectations;

On the same day, ETH expiry options have a notional value of about $255 million, with a put/call ratio of 0.77. The maximum pain is $1,950, and the short-term expiration sentiment is also overall bullish.

Currently, the ETH market price is around $2,275, significantly above the maximum pain strike price. In this range, bullish expectations are also notably higher than bearish expectations;

In summary, both the BTC and ETH options markets show a market-dominant structure led by the bulls. Combined with both spot prices holding above their respective maximum pain levels, this suggests limited near-term downside pressure in the derivatives market. A small amount of new capital flowing into the spot market could further boost market sentiment.

#期权交割日

BTC and ETH spot ETFs saw total net inflows of $706 million on Wednesday, with only one crypto ETF in all categories recording a net outflow of spot capital.

On August 20, according to SoSovalue data, the U.S. BTC spot ETF recorded a total net inflow of $517 million yesterday, marking the third consecutive day of total net inflows.

Among them, BlackRock’s IBIT, Ark & 21Shares ARKB, and Fidelity’s FBTC ranked in the top three by net inflow, respectively with nearly $285 million (about 4,170 BTC), $77.71 million (about 1,140 BTC), and $62.41 million (913.50 BTC).

Next were Bitwise BITB, Grayscale’s GBTC, and BTC, with single-day net inflows of $35.60 million (520.98 BTC), $21.18 million (309.93 BTC), and $19.66 million (287.68 BTC), respectively.

Morgan Stanley’s MSBT and Franklin EZBC recorded single-day net inflows of $9.98 million (146.08 BTC) and $5.92 million (86.66 BTC), respectively.

As of now, the total net asset value of Bitcoin spot ETFs is $8.431 billion, representing 6.08% of Bitcoin’s total market capitalization. Cumulatively, total net inflows have reached $52.79 billion.

On the same day, however, U.S. Ethereum spot ETFs recorded $189 million in net inflows, also marking the third consecutive day of total net inflows since this week.

Among them, BlackRock’s ETHA, Fidelity’s FETH, and Grayscale’s ETH ranked in the top three by yesterday’s net inflows, respectively with $122 million (about 58,240 ETH), $36.54 million (about 17,420 ETH), and $16.04 million (about 7,650 ETH).

BlackRock’s ETHB and Morgan Stanley’s MSSE recorded single-day net inflows of $9.71 million (about 4,630 ETH) and $2.25 million (about 1,080 ETH), respectively.

Grayscale’s ETHE and Franklin EZET recorded single-day net inflows of $1.69 million (807.11 ETH) and $0.79 million (378.82 ETH), respectively.

As of now, the total net asset value of Ethereum spot ETFs is $12.06 billion, representing 4.51% of Ethereum’s total market capitalization. Cumulatively, total net inflows have reached $11.74 billion.

As for other all-category ETFs, aside from HYPE, which recorded a total net outflow of $1.97 million on a single day, XRP, SOL, LINK, and HBAR ETFs all saw small total net inflows to varying degrees.

#加密货币ETF

Analyst: IBIT Retail Inflows Skew Hits a Near-Two-Year High, Signaling Stronger Buy Intent

On August 20, Galaxy Research analyst Alex Thorn pointed out on X that the retail directional skew indicator for the Bitcoin spot ETF IBIT today reached the highest level in nearly two years.

The data is compiled by Citadel Securities and GMI and measures the extent to which retail investors’ net activity is tilted toward buying versus selling. The higher the reading, the stronger the retail buying tendency.

This indicator peak came as Bitcoin’s price surged and broke above $69,000. Over the past 24 hours, the crypto market saw large-scale contract liquidations totaling nearly $3 billion. Retail enthusiasm for IBIT and a short squeeze in the derivatives market created a synchronized resonance from different angles.

Against this backdrop, the retail directional skew reaching a near-two-year high not only shows increased active participation by retail investors, but may also hint at some shift in overall market sentiment.

As one of the world’s largest Bitcoin spot ETFs, IBIT’s retail fund flows have long been an important window for gauging market sentiment.

And IBIT’s current skew reaching a near-two-year high level also suggests that retail investors are backing their short-term bullish view with real money.

For market participants closely tracking fund flows, this data reflects not only the marginal change in sentiment, but also helps in understanding the distribution of current market forces and potential future direction.

#IBIT买入偏斜

Institutional Investors Added to MSTR Despite the Downturn in Q2: 12 of the Top 15 Holders Increased Their Stakes, Total Increase of $1.2 Billion

On August 19, according to 13F filings, among Strategy (MSTR)’s top 15 institutional shareholders, 12 increased their positions in the second quarter of 2026, bringing the total market value up by about $1.2 billion, while only 3 reduced their holdings.

This data suggests that even though Strategy has recently slowed its pace of Bitcoin purchases and made small sales, large institutional investors still remain optimistic about its long-term value.

Specifically, Capital International Investors ranked first with total holdings of $3.491 billion, representing 9.4% of outstanding shares, and increased its stake by about $346 million in the quarter.

Goldman Sachs showed the largest increase in Q2—its holdings rose sharply from $149 million to $555 million, an increase of roughly $407 million;

In addition, major institutions such as Vanguard, BlackRock, Invesco, and Morgan Stanley, as well as entities like Norway’s sovereign wealth fund, all recorded stock additions of over $10 million.

Notably, only Capital Research Global Investors, UBS, and Geode Capital reported reductions in this round, with sell-down amounts of $462 million, $142 million, and $5 million, respectively.

Overall, this increase occurred against the backdrop of Strategy slowing its Bitcoin buying rhythm and executing several small sales, yet the actual choices made by large investors have provided a clear answer.

Moreover, the institutional activity revealed by the 13F filings indicates that at a time when market participants are divided over the sustainability of a “Bitcoin-hoarding strategy,” genuine long-term capital is choosing to add on dips rather than exit.

#Strategy

The U.S. national debt surpasses the $40 trillion mark; fastest growth pace in a non-pandemic year over the past 12 months

According to the latest data from the U.S. Treasury Department, the total amount of U.S. debt already exceeded $40 trillion as of Tuesday. Behind this figure is the reality that the U.S. government’s borrowing has been expanding at a historically rare pace.

Although the Trump administration promised to rein in spending, the numbers don’t lie. Over the past year, U.S. debt increased by $3 trillion. Excluding the period of the COVID-19 crisis, this is the fastest debt growth rate in U.S. history.

From a long-term perspective, over the past two decades, U.S. national debt has risen from less than $600 billion at the start of the century to today’s $40 trillion. And only in the past decade, total debt has already doubled.

Analysts point out that the huge public spending during the financial crisis and the COVID-19 pandemic is undoubtedly a key factor driving the continuous widening of the budget deficit, while also sowing the seeds for a large buildup of debt to come.

Overall, these data outline a clear and steep debt trajectory. From $6 trillion to $40 trillion—doubling in a decade and adding $3 trillion in nearly a year—investors’ concerns about the sustainability of U.S. finances are continuing to intensify.

#美国债务 #40万亿美元

The crypto market’s single-day liquidation volume reached $2.98 billion, the eighth-largest liquidation event in history

According to Lookonchain’s latest monitoring data, over the past 24 hours, a total of 174,350 traders were liquidated in this storm, with the total liquidation amount reaching $2.98 billion—making it the eighth-largest liquidation event in cryptocurrency history.

Data shows that in this liquidation amount, more than $2.7 billion in short positions was concentratedly liquidated, forming a typical “short squeeze”行情. As a result, BTC briefly surged to just below the major $70,000 milestone;

According to Coinglass data, the largest single liquidation order in this market move occurred on the Hyperliquid platform, where a BTC-USD long position worth approximately $48 million was forcibly liquidated.

In this liquidation event, such a contrarian move is often triggered by a sudden shift in market sentiment or by major positive news, causing shorting forces to face a strong counterattack in the short term.

It’s worth noting that the forced liquidation of large numbers of short positions not only pushed prices up, but also further intensified market volatility, reflecting the current market’s sensitivity to sentiment and the high-risk nature of leveraged funds.

Overall, this liquidation event occurred during a period when market sentiment and leverage deleveraging were relatively sensitive. The forced liquidation of large amounts of leveraged capital not only exacerbated short-term price volatility, but may also lay the groundwork for subsequent rebound moves.

For investors who have experienced several bull-and-bear cycles, this kind of scenario is both familiar and sobering—constantly reminding market participants that while chasing returns, the importance of risk management cannot be overlooked.

#历史第八大清算事件

Arthur Hayes Responds to AI Criticism: The Bubble Exists in Debt and Stocks, Not the Technology Itself

On August 19, BitMEX co-founder Arthur Hayes responded on X to accusations that his involvement in AI/crypto projects is driven by a bubble.

When asked, “If you think AI is a bubble that’s about to burst, why are you still getting involved in AI/crypto projects?” Hayes gave a clear definition and replied:

“The bubble in the AI space mainly lies in the debt created by data center construction, as well as the stock of large cloud providers and cutting-edge large model developers that have yet to become profitable—not in AI technology itself. That’s also the core reason why he continues to invest in and lay out relevant tracks.”

In Hayes’ view, the asset’s short-term market price should be considered separately from its intrinsic value. The former is driven by sentiment and narratives, while the latter is the real anchor that determines long-term returns. Based on this judgment, he is fully confident in the long-term growth prospects of “agentic economics.”

In his view, even if the AI bubble ultimately bursts, the data centers and GPU computing power built largely through borrowing will not disappear. Instead, they will settle into low-cost infrastructure, becoming nourishment for true innovators.

Overall, this logic also reinforces the investment narrative behind his AI/crypto project, Flop Labs. When the AI bubble eventually recedes, what remains won’t be ruins, but the soil for the next round of innovation.

#AI泡沫 #代理经济

Bitcoin whale sell-off ends, net buying of $2.9 billion within 60 days

According to a Bloomberg report on Tuesday, after months of choppy downward trading and low liquidity, multiple on-chain and institutional indicators in the Bitcoin market are showing signs of a turnaround.

In short, after months of stagnation, retail traders largely exited the market; losses tied to crypto funds reached billions of dollars; and even whale buyers who had been active earlier turned into sellers, with market sentiment briefly hitting a freezing point;

But for investors who have been waiting for signals of a market bottom, one key variable is emerging: Bitcoin whales have ended the prior wave of selling and, over the past 60 days, achieved net purchases of $2.9 billion.

This shift is significant because whale investors are widely seen as an important barometer for the market. Changes in their holdings often foreshadow potential turning points in price trends.

In addition, the move from net selling to net buying not only confirms that whale investors’ confidence in Bitcoin’s long-term value is recovering, but also injects a much-needed boost into the broader crypto market.

Overall, although many uncertainties remain, the fact that whale investors have ended the earlier sell-off and are now seeing net inflows undoubtedly provides strong support for confirming a market bottom.

For investors closely watching market signals, this may mean that the hardest times are behind and that new opportunities are beginning to take shape.

#比特币市场回暖 #鲸鱼动向

BTC and ETH spot ETFs saw a total net inflow/outflow of $261 million on Tuesday, with none of the all-category crypto ETFs recording a net outflow of spot capital.

On August 19, according to SoSovalue data, the U.S. BTC spot ETFs had net inflows of $189 million yesterday, marking the second consecutive day of total net inflows;

Among them, BlackRock’s IBIT and Fidelity’s FBTC ranked first and second in yesterday’s net inflows, with nearly $144 million (about 2,220 BTC) and $23.92 million (369.75 BTC), respectively;

Next were Ark & 21Shares ARKB, Bitwise BITB, and Grayscale (Grayscale) BTC, recording daily net inflows of $19.73 million (305.05 BTC), $16.15 million (249.63 BTC), and $2.86 million (44.16 BTC), respectively;

Meanwhile, VanEck HODL had a daily net outflow of $16.92 million (261.58 BTC), becoming the only BTC ETF to record a net outflow of spot capital yesterday;

As of now, the total net asset value of Bitcoin spot ETFs is $79.30 billion, accounting for 6.12% of Bitcoin’s total market value, with cumulative total net inflows of $52.28 billion.

In the same day, U.S. Ethereum spot ETFs recorded $71.47 million, also posting the second consecutive day of total net inflows since this week;

Among them, BlackRock’s ETHA led yesterday’s net inflows with $64.68 million (about 3,380 ETH), and ETHA’s cumulative total net inflows are currently $11.72 billion;

Next were Grayscale’s ETH and ETHE, with daily net inflows of $2.74 million (1,430 ETH) and $1.54 million (804.67 ETH), respectively;

Bitwise ETHW and Invesco QETH saw daily net inflows of $1.37 million (715.12 ETH) and $1.14 million (596.25 ETH), respectively;

As of now, the total net asset value of Ethereum spot ETFs is $10.83 billion, accounting for 4.69% of Ethereum’s total market value, with cumulative total net inflows of $11.56 billion.

Among other all-category ETFs, XRP, SOL, and LINK ETFs recorded daily total net inflows of $5.81 million, $1.58 million, and $0.84 million, respectively.

#比特币ETF #以太坊ETF

Nasdaq Applies for a 23-Hour Stock Trading Mechanism; Traditional Markets Borrow the 24/7 Trading Concept from Crypto

On August 19, Nasdaq plans to roll out new trading rules on December 6, 2026, after obtaining approval from the U.S. SEC and completing preparations for the relevant technology systems. The new rules will implement an ultra-long stock trading model with five days a week and 23 hours per day.

As part of this reform, in addition to the existing trading sessions, Nasdaq will add an overnight trading window from 9:00 p.m. Eastern Time to 4:00 a.m. the next day. Only a one-hour daily pause will be kept for trading clearing, data processing, and switching to the next trading day.

At the same time, the core price-setting rules will remain unchanged. The regular main session from 9:30 a.m. to 4:00 p.m. U.S. stock market time will continue to serve the core price-setting function, and the official opening and closing prices for stocks will still be based on this window.

To accommodate the overnight trading mechanism, certain order types—such as unpriced market orders, opening and closing price orders, and others—will not be eligible to be submitted during the overnight session. Orders that have not been filled by 4:00 a.m. will be automatically cancelled.

This adjustment applies only to the stock market. Trading hours for Nasdaq’s other venues, including the Texas Stock Exchange, PSX, and the options exchange, will remain unchanged.

Industry observers generally believe this move reflects traditional financial markets actively adopting the ideas and industry experience long practiced by cryptocurrency exchanges.

Separately, according to CryptoQuant data, trading volume in stock perpetual futures rose to $250 billion in July, a significant increase compared with April. This data again underscores the trend of traditional finance moving closer to cryptocurrencies.

Meanwhile, Nasdaq is also collaborating with the Kraken exchange to develop tokenized stock infrastructure, aiming to further promote the circulation of publicly listed companies’ shares on-chain in the form of tokens.

In summary, although Nasdaq’s 23-hour trading plan is not designed to operate 24/7, this trading model—closer to that of crypto markets—signals further integration between the two markets at the level of operating philosophies and practical implementation.

#纳斯达克全天候交易

White House: Predictive market won’t hold Wednesday tech leaders summit at the White House

According to Politico, White House officials said Tuesday that high-profile executives from the prediction market industry will not attend an important technology leaders meeting to be held at the White House on Wednesday.

One White House official said that the event, intended to "strengthen America's innovation and technological leadership," will focus on development strategies in the tech sector, but prediction market companies are not among those invited.

The White House meeting was originally seen by outsiders as the kickoff gathering of the U.S. Commodity Futures Trading Commission (CFTC) advisory committee, after reports said it would bring together top executives from major cryptocurrency and prediction market firms.

However, the White House official’s latest comments clarified and explicitly ruled out the participation of prediction market companies. The move appears to indicate that the White House intends to avoid giving the industry excessive policy recognition while the direction of the CLARITY Act is still unclear.

Notably, although prediction market companies are excluded, cryptocurrency industry executives will still attend the meeting. As leaders in the field, Kalshi and Polymarket representatives have not yet publicly responded to the news.

In sum, this signals not only a strategic shift and fine-tuning of the White House’s approach to technology policymaking, but also, from the side, clearly outlines the prediction market industry’s subtle predicament amid the current complex policy landscape—an ambiguous and difficult position between progress and retreat.

#白宫科技领袖峰会

U.S. prosecutors ask court to reject Celsius ex-CEO’s motion to vacate conviction, saying his legal arguments “lack merit”

On August 19, two federal prosecutors in the Southern District of New York opposed Celsius’s former chief executive officer’s attempt to convince the prosecution to revoke his conviction. They said his legal arguments were “baseless” and asked the court to dismiss Alex Mashinsky’s motion to vacate without holding a hearing.

Mashinsky was sentenced to 12 years in prison in May 2025 for commodities fraud and securities fraud. In early May, he told the court he would represent himself and then filed the motion to vacate.

In this motion, he includes allegations against the crypto exchange FTX, as well as his former colleague, Roni Cohen-Pavon, the former Chief Revenue Officer of Celsius. He is seeking a chance to have the case re-examined procedurally.

In response to the application, the prosecutors filed court documents to counter it, arguing that his legal claims are unsupported by factual assertions of his own innocence and should be dismissed directly without a hearing.

The filing states that Mashinsky neither submitted sworn testimony nor provided new evidence. The substance of his motion, it says, is merely a repetition of old materials, shifting responsibility to a third party, and accusing his former lawyer of incompetence—but it contains no factual statements about his own innocence.

The case dates back to 2022. That year, the cryptocurrency market was in severe turmoil, and Celsius filed for bankruptcy, becoming another crypto giant to collapse after Terraform Labs.

As early as 2023, authorities brought a lawsuit against Mashinsky and former Chief Revenue Officer Roni Cohen-Pavon. Both ultimately chose to plead guilty.

Among them, Mashinsky was sentenced in May 2025 to 144 months in prison for committing commodities and securities fraud, and was fined $48 million. He also reached a $10 million settlement with the CFTC.

Notably, the defendant Cohen-Pavon in the same case, for providing “substantial assistance” leads to the prosecutors against Mashinsky, had his prison term expire in May and was released immediately in court.

The judge currently handling the case has not yet responded to the prosecutors’ request for dismissal. Whether Mashinsky’s legal fight will ultimately achieve a breakthrough remains to be seen.

#Celsius #AlexMashinsky