ChainCatcher news, according to Jinshi reports, Elon Musk, who leads the U.S. government's efficiency department "DOGE," recently outlined a blueprint for significant cuts to U.S. spending and regulations, including the abolition of the U.S. Agency for International Development (USAID). Musk stated in an X Spaces audio conference that a thorough cleanup of U.S. regulations is needed, revealing that his team is pushing to close this foreign aid agency established by U.S. Congress, which would be the largest reduction plan to date.Additionally, Musk announced that he will have a dialogue with JPMorgan CEO Jamie Dimon this week, attempting to persuade the bond market that his "DOGE" cost-cutting plan can enhance market confidence in U.S. debt. Any signs of significant spending cuts and improvements in the fiscal deficit are good news for investors betting on a decline in U.S. Treasury yields. This nearly hour-long audio discussion was Musk's first detailed talk about the "DOGE plan" since Trump's election victory, with participation from Republican Senators Joni Ernst, Mike Lee, and former "DOGE" co-chair Vivek Ramaswamy in this free discussion.Analysts believe that Musk's intensive actions two weeks before Trump's administration indicate that the authority of "DOGE" has far exceeded the scope of the executive order that created the department—this order only required it to "improve government efficiency and productivity by upgrading federal technology software."

ChainCatcher news, Fu Rao, Executive Director of the Hong Kong International New Economy Research Institute, pointed out that Bitcoin, as an important component of the digital economy, has gradually transformed from a speculative asset into a mainstream investment tool. Although the long-term trend is positive, short-term market sentiment and speculative capital flows may lead to price corrections, and investors need to be wary of the market risks brought by excessive optimism.The Trump administration's friendly policies towards the cryptocurrency industry will continue to provide strong support for Bitcoin. However, it is important to be cautious, as there may be uncertainties in the specific implementation of these policies. For example, if the new leadership of the SEC takes a conservative stance on Bitcoin, it could lead to a decline in market confidence.

ChainCatcher news, Bitfinex released a report indicating that Ethereum ETFs continue to struggle compared to Bitcoin ETFs, with significant capital outflows leading to poorer performance of Ethereum relative to Bitcoin. Although emerging Ethereum ETFs like BlackRock's iShares Ethereum Trust have seen some positive inflows, established products such as Grayscale's Ethereum Trust (ETHE) have faced substantial outflows, exacerbated by aggressive selling from major market makers like Jump Trading. This has resulted in a 40% decline in Ethereum's price as of early August, with the ETH/BTC ratio dropping to its lowest level in over 1200 days.In contrast, Bitcoin ETFs have shown resilience, with continued capital inflows and more stable price performance. Despite challenges such as oversupply, market confidence in Bitcoin remains strong. Bitcoin is still expected to follow the trajectory of previous halving cycles, and we anticipate a very bullish fourth quarter. According to historical data, either the low for the third quarter has already occurred, or we have one final round of declines to find the bottom for Bitcoin.As Ethereum ETFs face challenges in performance and capital outflows, the coming months will be crucial in determining whether they can recover and attract sustained investor interest. The macroeconomic environment and key factors such as potential Federal Reserve rate cuts will significantly influence future ETF capital flows and market dynamics, impacting the market performance of both Ethereum and Bitcoin.

ChainCatcher news, according to CoinDesk, the Bank for International Settlements (BIS) stated in its annual report released on Sunday: "Although current pricing in financial markets suggests that the likelihood of public finance pressure is low, confidence could quickly collapse if economic momentum weakens and there is an urgent need for public spending in both structural and cyclical terms. The government bond market will be the first to be impacted, but the pressure may spread more widely, as it has in the past."The BIS did not specifically point out any countries but warned that fiscal deficits in developed economies should not exceed 1% of Gross Domestic Product (GDP) this year, down from 1.6% in 2023.