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The latest research report from the Hyperliquid Policy Center (HPC) states that perpetual contracts expand hedging options and improve price discovery, with no evidence found of statistically significant harm to the benchmark futures market. The report argues that perpetual contracts are complementary to traditional futures with expiration dates, rather than zero-sum substitutes.The study utilizes the natural experiment of traditional markets being closed on weekends while perpetual markets continue trading, comparing 205 weekends of Bitcoin trading and 19 weekends of on-chain crude oil perpetual (xyz:CL) samples. The report states that expiring futures require calendar-based forced rollovers, with the cost of rolling a $10 million exposure on the Monday of April 2026 being about $950,000, while on Friday it is about $110,000; perpetual positions do not have this forced cost. The median transaction price for on-chain crude oil perpetual during non-trading hours is about $1,300, approximately one percent of the benchmark WTI median transaction price.HPC also provides an example where the crude oil weekend repricing on the week of March 6, 2026, was 15.8%, with the benchmark market completely closed; if hedged through on-chain crude oil perpetual, a $10 million position loss could be reduced from about $1.58 million to approximately $62,000 (after accounting for all costs).

The head of Galaxy Research posted on platform X stating that the U.S. Securities and Exchange Commission has proposed the Regulation Crypto Assets, abbreviated as Reg Crypto. This proposal aims to establish a legal pathway for the issuance of certain tokens to the U.S. public and to set up a mechanism for terminating investment contracts. The scope is limited to crypto assets that are not themselves securities but have been issued or sold as part of an investment contract; tokenized stocks, bonds, and arrangements that bundle tokens with equity or other securities are not included in the framework.The proposal sets four stages: financing, disclosure, construction, and exit. A one-time startup exemption allows issuers to raise up to $5 million over a maximum of four years; a higher exemption limit set by Regulation A allows for raising $20 million or $75 million within 12 months.Related financing must undergo qualification review by the U.S. Securities and Exchange Commission and continuous disclosure, with the investment cap for unaccredited investors being the greater of 10% of their annual income or net worth. Issuers must also disclose the token supply and release plan, minting and burning mechanisms, governance and smart contract permissions, source code, as well as project construction commitments and progress.When the issuer completes or permanently ceases relevant construction obligations, makes no new construction commitments, and submits a transition report, the related investment contracts will be deemed terminated, and the crypto assets will no longer be subject to securities laws under that investment contract. Issuers that do not use the above financing exemptions can also utilize this safe harbor. The U.S. Securities and Exchange Commission estimates that approximately 475 issuers will use the investment contract safe harbor each year, with about 130 issuers utilizing the two new exemptions. Qualified issuances may not be considered restricted securities and can be resold immediately without contractual restrictions.The proposal will also exclude initial offerings and certain secondary transactions within its scope from state registration and qualification requirements, but it does not involve exchanges, brokers, dealers, custodians, nor is it an independent innovation exemption for tokenized securities and on-chain transactions. The comment period is 60 days after publication in the Federal Register. U.S. Securities and Exchange Commission Chairman Paul Atkins and Commissioners Hester Peirce and Mark Uyeda have all issued supportive statements.

According to Coinglass data, the total contract open interest for BTC has increased by 5.2% in the past 24 hours, with the current total open interest at $56.654 billion. Among them, Binance's open interest is $11.009 billion, OKX's open interest is $2.909 billion, Bybit's open interest is $4.62 billion, and Gate's open interest is $4.668 billion.

According to the latest report from DefiLlama, Gate's trading activity remains at the forefront of the industry, with a total trading volume of approximately $9.5 billion in spot and derivatives over the past 24 hours, ranking third globally and exceeding some mainstream trading platforms by about 40%. DefiLlama pointed out that Gate's trading structure is clearly biased towards derivatives, and the continuously growing scale of related trading has become an important support for its market competitiveness, creating a distinct business advantage among centralized exchanges.In addition to ranking third globally in trading volume, Gate's open interest also ranks among the top three worldwide, currently reaching $12.48 billion, further reflecting the scale of its derivatives business and market participation. DefiLlama noted that compared to its reserve size, Gate demonstrates a more outstanding trading performance, supporting a large derivatives trading volume with a relatively streamlined asset scale. The simultaneous entry of trading volume and open interest into the industry's top three core indicators reflects Gate's leading performance in capital capacity, user participation, and overall market competitiveness.

According to Coinglass data, the total contract open interest for ETH has increased by 5.32% in the past 24 hours, with the current total open interest at $31.718 billion. Among them, Binance's open interest is $8.536 billion, OKX's open interest is $1.655 billion, Bybit's open interest is $2.124 billion, and Gate's open interest is $2.623 billion.

According to on-chain analyst Ai Yi's monitoring, a certain whale withdrew 79,226.49 ETH from Binance between July and August 2026, worth approximately $140 million, with an average price of $1,776.83.Since August 19, this whale has deposited a total of 10,900 ETH into exchanges, worth $24.16 million, and if sold, would profit $4.817 million. The stablecoins obtained are used to repay Spark loans. Currently, this whale still has 47,900 wstETH and 1,200 WBTC staked, borrowing 83.67 million USDS, with a health ratio of 2.26.

According to Caixin, the Hong Kong Court of Appeal yesterday rejected the sentence reduction application of the mastermind behind the electric fraud and human trafficking, Ma Zhihao, and upheld the original sentence of 56 months in prison. During the investigation of the case, the Hong Kong police tracked the criminal funds through blockchain and cryptocurrency transaction records, identifying the key points where ransoms and criminal proceeds were received.It is reported that a victim's family paid approximately 9,527 Tether (USDT) to a cryptocurrency wallet designated by the criminals. The blockchain tracking records conclusively prove that 8,127 USDT flowed into an exchange account registered under Ma Zhihao's real name and Hong Kong ID, which was then exchanged for about 63,000 Hong Kong dollars and transferred to his personal HSBC bank account, becoming important evidence of his involvement in the crime and obtaining profits. The Court of Appeal pointed out that if it were not for the 7-year sentencing cap imposed by the District Court, the punishment faced by the defendant would be much heavier than this.

Bitget's latest data shows that as of August 20, the cumulative number of trades for the platform's TradFi contracts in August has exceeded 150 million, with a single-day peak of 13.64 million trades. As the demand for trading traditional financial assets such as U.S. stocks, foreign exchange, precious metals, and commodities continues to heat up, the trading activity in Bitget's TradFi sector has further increased.

According to GMGN data, the top 5 tokens with net inflow in the past 24 hours are as follows:CATE (Ai66....ump): Net inflow of $20,000, with a 24-hour increase of 123.7%, currently priced at $0.0315.CEZ (DWrr....ump): Net inflow of $20,000, with a 24-hour increase of 236755.5%, currently priced at $0.006.BULLSHIT (zj1j....y2k): Net inflow of $1,000, with a 24-hour decrease of -12.5%, currently priced at $0.0025.US (4CwR....ump): Net inflow of $634, with a 24-hour increase of 950.3%, currently priced at $0.0001.BABYCATE (F6pM....ump): Net inflow of $502, with a 24-hour increase of 240%, currently priced at $0.0001.

According to Coinglass data, the total contract open interest for BTC has increased by 6.46% in the past 24 hours, with the current total open interest at 54.99 billion USD. Among them, Binance's open interest is 10.571 billion USD, OKX's open interest is 2.856 billion USD, Bybit's open interest is 4.785 billion USD, and Gate's open interest is 4.621 billion USD.

Binance founder Zhao Changpeng called for "tokenizing everything," stating that tokenization is one of the best ways for countries to raise funds or attract foreign direct investment. He asked, "Which country or company wouldn't want to sell its tokenized stock globally?" He supports tokenization across all blockchains, acknowledging that it may lead to liquidity fragmentation issues, but believes this is the fastest way for the industry to develop. If high interchangeability can be achieved among different issuers, the fragmentation issue can be resolved to some extent.Zhao Changpeng also shared data related to BNB Chain, showing that the number of RWA holders on BNB Chain has reached 776,000, an increase of approximately 370% in 30 days.

According to monitoring by Catcher Predict, in the event "LoL: G2 NORD vs Eintracht Spandau - Prime League 1st Division Playoffs" on the prediction market Polymarket, the "Yes" option win rate for the sub-market "Both sides kill a dragon" has experienced a sharp fluctuation, rising from 50% an hour ago to the current 90% (a fluctuation of 40%). Please note the impact of related breaking news.

According to Coinglass data, the total contract open interest for ETH has increased by 8.12% in the past 24 hours, with the current total open interest at $30.521 billion. Among them, the open interest for Binance is $8.166 billion, for OKX it is $1.601 billion, for Bybit it is $2.041 billion, and for Gate it is $2.566 billion.

Sui posted on platform X that AftermathFi perpetual contract V2 has been launched, utilizing a restructured perpetual contract engine, and has released two audit reports. Currently, 15 markets are open.

According to Coinglass data, the total contract open interest for BTC has increased by 15.03% in the past 24 hours, with the current total open interest at $54.977 billion. Among them, Binance has an open interest of $10.463 billion, OKX has an open interest of $2.86 billion, Bybit has an open interest of $4.791 billion, and Gate has an open interest of $4.606 billion.

Boya Interactive (00434.HK) released its interim results for the three months and six months ended June 30, 2026. In the second quarter of 2026, the group achieved revenue of HKD 125 million, an increase of 12.94% year-on-year; gross profit was HKD 90.202 million, an increase of 21.25% year-on-year. In the first half of 2026, the group achieved revenue of HKD 258 million, an increase of 16.05% year-on-year.As of now, the company disclosed that it holds a total of 4,201 bitcoins, with an average price of USD 68,047.

According to the latest data from RootData's tokenized asset dashboard, the top three in terms of OI scale for TradiFi asset contracts are Binance, Hyperliquid, and Bitget.Binance ranks first with an approximate contract OI of $3.74 billion and a market share of 43.4%. Hyperliquid ranks second with an approximate contract OI of $1.89 billion and a market share of 22.0%. Bitget ranks third with an approximate contract OI of $855 million and a market share of 9.9%. The combined market share of the three is about 75.3%.It is reported that the statistics for TradiFi assets only include contracts and tokenized native crypto asset types, excluding data from traditional stock brokers.

On August 19, 2026, the U.S. Commodity Futures Trading Commission (CFTC) issued a request for comments to better understand and regulate the compute derivatives market. CFTC Chairman Michael S. Selig stated that for the U.S. to win the AI race, a robust compute derivatives market is needed, just as the U.S. market once established standards for commodity trading required by the industrial economy, it will also establish corresponding markets for core commodities of the intelligent economy. This request for comments is the first step in establishing clear rules for the U.S. computing market.The request for comments focuses on the scale, liquidity, and other considerations of the compute spot market, as well as issues related to market regulation and manipulation risks, customer protection, perpetual compute futures, and welcomes opinions on all aspects of the compute market. The comment period is 60 days from the publication in the Federal Register.

The price of gold has recently strengthened, breaking through $4,500 per ounce during the trading session, with a daily increase of over 3%. According to CoinGlass data, the 24-hour trading volume of Bitget XAUT/USDT contracts is approximately $21.1894 million, a month-on-month increase of 34.05%.