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According to a BlockBeats report on August 21, the Coinbase Bitcoin Premium Index narrowed its negative premium to -0.0221%, but it still remained in negative territory. The data show that from May 19 to August 21, the indicator has been in the negative premium range for 95 consecutive days, setting a new record for the longest continuous period of negative premium since the index was launched.
The previous longest record was 40 consecutive days from January 16 to February 24 this year, which also exceeded the roughly 30 days of consecutive negative premium during last year’s “1011 crash.”
Coinbase’s Bitcoin Premium Index is used to measure the price gap of Bitcoin between Coinbase Pro and Binance. The index has remained negative for a sustained period; this usually means that Coinbase’s quotations are relatively lower, which may reflect weaker buy-side demand or stronger sell pressure in the U.S. market. However, it should not be used alone to directly conclude that institutional funds are flowing out.

BlockBeats message: On August 21, according to TradingBeats (formerly Hyperinsight) monitoring, the address starting with 0xa0....e553c has recently completed a clear round of bullish BTC positioning. Judging from the order records, this address is not chasing gains in a single burst; it has previously made multiple attempts at trading BTC and XYZ:100 positions in the form of swing trades. In this round, after confirming the uptrend around August 20, it gradually built its BTC position through multiple orders. The entry price distribution is around $53,653–$66,667, and large orders at the 132.67 BTC level have appeared multiple times. Ultimately, it formed a BTC perpetual long position worth about $9.9 million. Currently, it holds a $9.89 million BTC long position with an average entry price of $68,785.80. It is up by $760,000, with a return on investment of 154%.

BlockBeats message, August 21, Serenity posted saying that leveraged traders have shifted again from AI stocks to Hyperliquid (the crypto market) and biotech targets, and they believe this may help AI stocks recover faster. The rise of the Korean ETF EWY was mainly driven by SK Hynix stock buybacks, while Samsung Electronics’ contract chipmaking prices were raised by about 10% to 15%.
Serenity said that SK Hynix disclosed its CPO roadmap, and the relevant proposals involve a photonic intermediary layer that connects memory. It could later expand the addressable market and drive demand across the supply chain, including laser devices, photonic integrated circuits, and packaging. In addition, after ChangXin Memory Technologies (CXMT) successfully went public, Yangtze Memory Technologies (YMTC) is seeking an IPO in the next quarter.

BlockBeats message. On August 21, Chloe, an author of the HTX DeepThink column and a researcher at HTX Research, analyzed and pointed out that this week’s crypto market saw a relatively clear risk-on repair since the beginning of this year. BTC rapidly broke through $70,000 from around $64,000 in the middle of the week, with a weekly gain of about 18%. ETH performed even stronger, rising to above $2,350, with a weekly gain exceeding 20%. High-beta assets such as SOL, XRP, and HYPE spread in tandem, indicating that the market has gradually evolved from a BTC-only rebound into a broader Crypto Beta trade.
This round of upside is driven by three groups of factors. First, the U.S. Department of the Treasury announced that starting September 9, the scale of liquidity-support repurchase operations for 10- to 30-year long-term Treasury bonds will be at least doubled to $4 billion per operation, directly improving expectations for long-end U.S. Treasury liquidity and pushing yields lower. However, it should be emphasized that this is debt management rather than Federal Reserve QE, so it should not be simply understood as a new round of monetary easing. Second, the SEC proposed Regulation Crypto Assets, establishing two exemption tiers for certain token financings—$5 million over 4 years and $75 million over 12 months—and introducing conditional safe harbors. U.S. crypto regulation is thus shifting from "enforcement uncertainty" toward "a workable compliance pathway." At the same time, Trump publicly promoted the CLARITY Act, further strengthening expectations of regulatory improvement.

Original author: Worth watching
On the afternoon of August 19, the U.S. Department of the Treasury changed a number on its website.
The single-transaction cap for long-end Treasury bond repos was raised from $2 billion to $4 billion.
There were no new repo trades that day. The Treasury didn’t spend even one dollar. Yet the yield on 30-year U.S. Treasuries quickly fell by about 9 basis points.
Here, basis points refer to the second decimal place of an interest rate. Nine basis points is 0.09 percentage points. Treasury yields are the interest rates the U.S. offers when borrowing money—when yields move up, it means it’s borrowing more expensively.

Original title: (The Ministry of Finance directly steps in to suppress long-end interest rates)
Original author: Odysseus
Original source: Peifengke
After spending a lot of time discussing yesterday and the night before, the logic behind the rise in long-term bond yields in Europe and the US—and the many measures that the central bank and the Ministry of Finance came up with to address it—last night we finally saw the US Department of the Treasury directly use repo operations to suppress long-term Treasury yields. His exact words were: “The current maximum size of 2 billion per operaion will be at least 4 billion per operation.” I think there are a few things worth sharing: 1. Although this is not, in the traditional sense, what people call YCC, in terms of definitions and the operational主体 involved, you can find many differences. But this kind of nitpicking is meaningless. What matters is that the government is directly intervening in its own financing costs. And I don’t think we need to debate whether this approach will have long-term effects. The core question is how far the government is willing to go—and what cost it is willing to pay. 2. A few days later, the remarks by the Fed—or by Warsh—at Jackson Hole became extremely subtle. We know he often communicates with Bessent. The market has been saying that the Fed needs to raise rates and increase communication to reduce policy uncertainty. But you can see that Warsh is not as hawkish. In the latest minutes, he tried to continue lowering the frequency of communication. The disagreement is very clear. I believe, at root, this is a short-term versus long-term issue.

BlockBeats report: On August 21, Goldman Sachs MarketStrats said that the U.S. Treasury’s expansion of long-term Treasury buybacks does indeed have the ability to ease pressure in the long end in the near term. Referencing the 1961 Operation Twist and the 2011 maturity extension program, the history of policy tools suggests they previously brought about about a 10—20bp decline in long-end yields. Goldman estimates that in this round, a staged 20—40bp drop in long-end yields could also be achieved through buybacks, adjustments to issuance maturities, and balance-sheet management.
But Goldman Sachs remains cautious about the long-term effects. Behind the rise in long-end yields, the driving forces are no longer just technical supply-demand mismatches; they also include persistent fiscal deficits, uncertainty around inflation, and an upward shift in the equilibrium real interest rate level. The report further emphasizes that AI capital expenditures, data center construction, power infrastructure, and reindustrialization are also continuously pushing up society-wide capital demand. Treasury buybacks can ease the near-term duration supply that markets need to absorb, but they cannot change the overarching trend of capital getting more expensive and the long-term yield benchmark rising.

BlockBeats news: On August 21, according to the official X account of the self-custody stablecoin digital bank AllScale, the platform has launched the AllScale CLI command-line tool. With a single installation, users can complete stablecoin payment and receipt and reconcile accounts directly in the terminal.
On the receiving side, a single command can send detailed invoices to any valid email address. Supports USDT or USDC. The payee does not need to pre-register or set up a cooperation relationship. On the payment side, the user only needs to approve the spending limit once, including per-transaction limits, total budget, and validity period; thereafter, the script can run unattended. Each payment creates and funds a Claim Link. The payee does not need to provide a wallet address. The process is idempotent—tasks that fail midway will not repeat the payment.

BlockBeats message: On August 21, Hyperliquid released its 2026 first-half performance analysis. The data shows that its total fee revenue in the first half reached $419.3 million, up 31% year over year. The average daily active users increased by approximately 90%, with first-half trading volume totaling $1.29 trillion. June’s single-month trading volume further reached $266.5 billion.
However, Hyperliquid’s core protocol revenue fell from $317.5 million in the first half of 2025 to $305.3 million, down 3.8% year over year. The main reason is that the HIP-3 market has rapidly expanded. This mechanism allows external teams to launch markets—such as stocks, commodities, and pre-IPO assets—based on Hyperliquid infrastructure, and they receive 50% of the trading fees. Currently, HIP-3 has contributed 11.2% of total fee revenue.

BlockBeats message: On August 21, according to HTX market data, Bitcoin surged sharply for two consecutive days, with a cumulative increase of 16.66%. Its market cap rebounded to $1.5 trillion.
The overall crypto market has rebounded. After President Trump made a series of favorable remarks targeting the crypto sector on Wednesday this week, the US Commodity Futures Trading Commission (CFTC)’s Innovation Advisory Committee held its first meeting on Thursday. A large number of major players and executives in the crypto space attended and delivered speeches, continuing to drive the market higher.
Meanwhile, US CFTC Chairman Michael Selig said that even if the US Congress fails to pass the (Clarity Act) (Cryptocurrency Market Structure Bill), the crypto industry will still obtain market-structure regulatory rules. Selig said the CFTC can establish a market oversight framework by issuing rules or pushing for legislation.

Broadcom’s proposed massive debt financing brings the AI infrastructure cash-flow constraints to the forefront. Local approvals and corporate deployments simultaneously show that beyond funding, power, permits, and data governance remain the boundaries of expansion.
1｜Broadcom plans to raise more than $60 billion in debt, extending the credit chain for AI infrastructure
Reuters reported on August 21 that Broadcom is in talks with a group of lenders to raise more than $60 billion in debt financing for AI chip deals that would benefit companies such as Anthropic. Bloomberg said the plan could include roughly $30 billion in subordinated debt and $60 billion to $70 billion in senior-secured tranches, for a total size of up to $100 billion. The deal has not been finalized; Broadcom and Apollo did not respond to requests for comment, while Blackstone declined to comment.