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The asset management company Grayscale's crypto research team stated in a report that the so-called "debasement trade" is favorable for Bitcoin. The head of research at the institution, Zach Pandl, pointed out in the report that uncontrolled government debt growth undermines the credibility of fiat currencies, prompting investors to seek alternative stores of value such as physical gold and certain cryptocurrencies, with Bitcoin being the primary beneficiary.The report states that U.S. public debt has surpassed $40 trillion, and the Treasury is conducting bond buybacks to alleviate rising borrowing costs, but the core deficit still exists. Grayscale believes this may drive investors towards debasement trades involving Bitcoin, Ethereum, and Zcash. The report also notes that the buybacks themselves indicate a problem—the heavy growth of government debt is driving up borrowing costs, and the Treasury is merely treating the symptoms (rising bond yields) without addressing the root cause of the structural deficit.As Bitcoin began to surge last week, the dollar experienced its worst week in August and fell to a three-month low. As of Friday afternoon New York time, Bitcoin was trading at approximately $77,493, having reached a high of $81,281 earlier in the week; it has remained relatively flat over the past 24 hours but has risen over 20% in the past 30 days.

BitcoinTreasuries.NET posted on platform X that Strive experienced its best week ever, with MSTR rising again. Strive's ASST increased its holdings by 2,680 bitcoins in 5 days, setting a historical record, and has risen 100% in a month.@TheOtherParker_ and @TylerCompiler will analyze its performance in the options market.

The US spot Ethereum ETF recorded a net inflow of $225.8 million on Thursday, marking the strongest single-day performance in 10 months and extending the streak of consecutive net inflows to 9 trading days. Data from Farside Investors shows that since August 17, a total of $1.42 billion has flowed in over 9 trading days, with BlackRock's ETHA fund contributing $1.02 billion, accounting for 72% of the total inflows in this category, and there has not been a single day of net selling during this period.Fidelity's FETH became the second largest inflow source with $56 million, while BlackRock's staked Ethereum product ETHB added $20.7 million on the same day. The gap between Ethereum ETFs and Bitcoin ETFs has narrowed to nearly even, with Bitcoin ETFs seeing inflows of $242.3 million on Thursday, just $16.5 million more than Ethereum. Ethereum was priced at approximately $2,477 on Friday, down 0.5% in 24 hours, with a weekly increase of about 5%.Max Shannon, Senior Research Assistant at Bitwise Europe, stated that the funds primarily came from outside the crypto space, with inflows of $713.6 million this week, possibly driven by an increase in risk appetite in traditional markets. He also pointed out that Ethereum's spot trading volume has fallen back to the 16th percentile year-on-year, and if the market is to maintain its upward momentum, spot trading volume needs to recover.

According to The Block, research and brokerage firm Bernstein stated that Bitcoin mining company IREN plans to invest $25 billion to $30 billion to expand its AI cloud business in fiscal year 2027. This scale of capital expenditure may "scare the market," but analysts believe investors are overlooking the improving economic benefits.Bernstein analyst Gautam Chhugani pointed out in a report to clients on Friday that the payback period for GPU capital expenditures has shortened from about three years under the 2025 Microsoft contract to about two years. IREN's fiscal year 2026 performance released on Thursday showed that AI cloud service revenue grew nearly eightfold from $16.4 million the previous year to $128.8 million, while Bitcoin mining revenue reached $578.2 million, a year-on-year increase of 19%. Total revenue rose from $501 million to $707 million, but the company recorded a net loss of $702.6 million, partly reflecting a $638.8 million impairment due to the retirement of Bitcoin mining hardware to support AI cloud expansion.Bernstein stated that IREN currently has an annualized run rate revenue of $1 billion from operating cloud and $4 billion in contract revenue, with its 2026 capacity nearly sold out. In addition to the expected $700 million related to the Nvidia contract in 2027, IREN's total contract cloud ARR amounts to $4.7 billion. Over the past 12 months, IREN has raised $19 billion through customer prepayments, GPU financing, convertible bonds, and equity issuance.

The cryptocurrency protocol Ethena, which issued $4 billion in synthetic US dollars (USDe), announced plans to expand its basis trading strategy to stock perpetual contracts. According to Ethena's data, the open interest in stock perpetual contracts has grown tenfold to $6.2 billion since March. Over the past few months, the funding rates on Hyperliquid and Binance averaged approximately 14% and 17.5%, respectively, while the Bitcoin funding rate during the same period was only in the low single digits.Ethena pointed out that the average Bitcoin funding rate was 11% in 2024, 4.9% in 2025, and has dropped to 2.2% as of August 11 this year. In contrast, stock perpetual contracts had positive funding rates on 94% of trading days on Hyperliquid and 97% on Binance, with a median funding rate of 13.9%, while Bitcoin's was 3.9%. Co-founder Guy Young stated that stocks tend to rise in the long term, creating a continuous demand for leveraged longs to pay fees, and that the funding rate for stocks has almost no correlation with Bitcoin, providing USDe with a revenue source that relies less on the crypto market.The global stock market had a market capitalization of approximately $166.5 trillion in July, far exceeding the crypto market's approximately $2.2 trillion. This expansion is one of Ethena's initiatives to seek new revenue sources after the supply of USDe fell from a peak of about $15 billion to below $5 billion. Last week, it also announced a $1 billion financing arrangement with FalconX.

According to Catcher Predict monitoring on-chain data, it predicts significant capital movements in the Polymarket market. A large whale invested $76,521.25 in the event "Arizona Diamondbacks vs. San Francisco Giants." Based on the current transaction price, the latest corresponding winning probability for this target is 45%.

According to GMGN data, the top 5 tokens with net inflow in the past 24 hours are as follows:POKEMON (EhCz....ump): Net inflow of $6,000, with a 24-hour increase of 5595.8%, currently priced at $0.0002.QUALITY (FqEy....ump): Net inflow of $4,000, with a 24-hour increase of 6982%, currently priced at $0.0002.KURO (5Cwp....ump): Net inflow of $2,000, with a 24-hour increase of 5237.4%, currently priced at $0.0002.moonkey (BRZ5....ump): Net inflow of $2,000, with a 24-hour increase of 12718.1%, currently priced at $0.0004.VI (35zA....ump): Net inflow of $1,000, with a 24-hour increase of 1660.9%, currently priced at $0.0001.

Bloomberg ETF analyst Eric Balchunas posted on the X platform that Fidelity is now selling customer order flow, overturning a previous decision that was contrary to many peers, generating an additional monthly income of $10 million.

SOL has risen over 8% in the past 24 hours, with a cumulative increase of about 44% this month, marking the strongest single-month performance since 2024, with prices returning above $105. This round of increase coincides with the conclusion of the first on-chain binding governance vote for the Solana network, where traders have already priced in expectations of supply contraction this week.This vote includes three Solana governance proposals (SGP). SGP-1 approves the Solana Constitution, formally establishing the future on-chain voting mechanism. SGP-2 (SIMD-550), proposed by Helius engineers, doubles the deflation rate from 15% to 30%, bringing the inflation rate down to the 1.5% lower limit by 2029, reducing the issuance of approximately 18.9 million SOL over the next six years. SGP-3 (SIMD-553), proposed by Temporal, splits transaction fees into a base fee and a resource fee, with the latter being directly burned, and the daily burn amount expected to increase from about 650 SOL to a maximum of 9000 SOL.Both economic proposals require a two-thirds absolute majority of the staked weight to pass. The Nasdaq-listed Solana Company (HSDT) supports the constitutional proposal but opposes the two deflation and burn proposals on the grounds of timing, believing that current institutional stakers value predictable returns more. The voting results are expected to be announced within a few hours after the end of epoch 1023.

According to Gate market data, NVIDIA's stock price increase expanded to 8.22%, marking the largest single-day increase since April 2025, with a total market capitalization reaching $5.47 trillion.

According to official news, the Ethena Foundation announced four adjustments to the Ethena ecosystem, including repurchasing locked tokens held by early investors, further aligning the value of tokens with equity, launching a governance proposal for income to repurchase ENA, and canceling future monthly unlocks for VC investors.The Ethena Foundation stated that it has completed the acquisition of all locked ENA tokens from some major seed round investors who had sold ENA in the past 9 months. Regarding the alignment of token and equity value, the Ethena Foundation and Ethena Labs have reached a "Master Framework Agreement," which stipulates that the intellectual property and value generated by the agreement will exclusively belong to the foundation and be governed by ENA holders, while equity investors in Labs entities will no longer enjoy residual cash flow.In addition, the governance proposal for income to repurchase ENA has been launched. According to the proposal, the net income generated by all business lines under the Ethena brand will be used for programmatic repurchase of ENA, and the proposal has been approved by the Risk Committee. The Ethena Foundation also stated that it has reached an agreement with major investors to eliminate the selling pressure caused by future monthly unlocks for VC investors by releasing unallocated tokens. Team tokens will still remain locked according to the original allocation plan.

According to on-chain analyst Yu Jin's monitoring, as Changxin Technology (CXMT) surged 5% to reach a market value of 4 trillion yuan, the largest short seller who shorted the day before Changxin's listing has incurred losses of up to 10.82 million dollars.This whale has held the position for a month, shorting 2.9 million shares of $CXMT at 6.5 dollars, which is now at 8.6 dollars. The price loss is 6.3 million dollars, and the funding fees already paid amount to 4.52 million dollars.

According to the latest stock spot exchange ranking released by RootData, Bitget's 24h public order book transaction volume is approximately $41.3151 million, with an increase of 22.84%, the largest increase among the top three, and a market share of 9.14%, up 1.25%. Binance's 24h public order book transaction volume is approximately $165 million, with an increase of 13.59%, a market share of 36.54%, and an increase of 2.41%.

According to Ai Yi's monitoring, a certain whale was liquidated after shorting a position of $38.07 million in BTC with 20x leverage, losing $288,000 after holding the position for about 60 hours.Since switching to a short strategy on August 19, this address has failed to trade for the 16th consecutive time, with a total loss of approximately $5.25 million in the past month.

According to Catcher Predict monitoring, in the Polymarket prediction market for the event "Monterrey Open: Ekaterina Alexandrova vs. Clara Tauson," the sub-market "Monterrey Open: Ekaterina Alexandrova vs. Clara Tauson Total Number: Over/Under 2.5" has seen a dramatic fluctuation in the winning probability of the "Over 2.5" option, soaring from 42.5% an hour ago to the current 90% (a fluctuation of 47.5%). Please note the impact of relevant breaking news.

The Shanghai Public Security Bureau reported the investigation and resolution of a major underground money laundering case involving cross-border currency exchange using virtual currency, arresting more than 70 criminal suspects, with the amount involved exceeding 20 billion yuan.

According to the latest stock spot exchange ranking released by RootData, among the top three exchanges, only Gate achieved double growth in both 24h public order book transaction volume and market share, with a 24h public order book transaction volume of approximately 67.0293 million USD, an increase of 9.06%; market share of 15.73%, an increase of 2.73%.

According to Catcher Predict monitoring, in the Polymarket prediction market for the event "Chicago Cubs vs. Arizona Diamondbacks," the "Over" option in the sub-market "O/U 7.5" has experienced drastic fluctuations in winning probability, plummeting from 46.5% an hour ago to the current 12.5% (a fluctuation of 34%). Please note the impact of related breaking news.

In July, the personal income month-on-month rate in the United States was 0.4%, higher than the expected 0.2% and the previous value of 0.2%.

The U.S. July PCE price index month-on-month was 0.2%, higher than the expected 0.1%, and the previous value was -0.1%.