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Macro

Hong Kong Securities and Futures Commission clarifies robust custody standards for virtual asset trading platforms

According to Jinshi, the Hong Kong Securities and Futures Commission (SFC) today issued a circular to all licensed virtual asset trading platforms, clarifying its requirements for robust custody of client virtual assets. This circular lays a solid foundation for the industry's gradual adoption of more advanced custody technologies under the ASPIRe roadmap. In the latest circular, the SFC outlines several best practices and minimum standards that virtual asset trading platform operators should meet, covering senior management responsibilities, the infrastructure and operation of client cold wallets, the use of third-party wallets, and real-time threat monitoring. These standards will become core regulatory requirements for virtual asset custodians in the future and will help promote the establishment of an effective virtual asset custody framework within the industry.

The Chairman of the US SEC will discuss Project Crypto on the show tonight at 8:30 PM

Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), tweeted that he will discuss Project Crypto on the Mornings with Maria show at 20:30 (UTC+8) tonight.

The American Bankers Association and 52 other organizations jointly called for amendments to the GENIUS Act

According to Coindesk, the American Bankers Association and other bank lobbying groups, along with 52 other banker organizations, including Americans for Financial Reform (typically a staunch opponent of Wall Street policy goals) and the National Consumer Law Center, jointly sent a letter to the leadership of the Senate Banking Committee, demanding amendments to the stablecoin bill known as the "GENIUS Act." In one letter, the bank lobbying and consumer groups requested the removal of a provision that would allow state-chartered uninsured depository institutions to gain a competitive advantage; in another, the bankers requested a ban on stablecoin affiliates offering returns. The lobbyists called for future cryptocurrency market structure legislation to overhaul the new stablecoin bill.

SEC Delays Decision on Bitwise and 21Shares’ Solana ETF Proposal to October 16

According to The Block, the U.S. Securities and Exchange Commission (SEC) has delayed its decision on whether to approve the Solana exchange-traded fund (ETF) proposal. The SEC stated in its filing that the next deadline for the Bitwise Solana ETF and the 21Shares Core Solana ETF is October 16th. Both filings stated: "The Commission believes that a longer period for issuing orders approving or disapproving the proposed rule change is appropriate to allow the Commission ample time to consider the proposed rule change and the issues raised therein." The Solana ETF proposal is making progress as companies amended their filings last month to obtain SEC approval. Companies including Proshares, Grayscale, Canary, and 21Shares are awaiting SEC approval.

Citigroup Considers Providing Custody and Payment Services for Stablecoin and Cryptocurrency ETFs

According to Reuters, Biswarup Chatterjee, global head of partnerships and innovation at Citigroup's services division, said in an interview that the bank is exploring stablecoin custody and other services. Citi is also exploring providing custody services for digital assets that underpin cryptocurrency-related investment products. For example, since the US SEC approved such products last year, many asset management firms have launched ETFs tracking the spot price of Bitcoin. Furthermore, Citigroup is developing services that allow clients to transfer stablecoins between accounts or convert them into US dollars for instant payments, and is discussing related use cases with clients.

U.S. stocks closed mixed, with Circle (CRCL) down 9.1% and Bullish (BLSH) up 9.75%.

According to Cailian Press, U.S. stocks closed mixed, with the S&P 500 up 0.03%, the Nasdaq down 0.01%, and the Dow Jones Industrial Average down 0.02%. The S&P 500 reached a new all-time closing high for three consecutive trading days. Coinbase (COIN) fell 0.65%, Circle (CRCL) dropped 9.10%, and Bullish (BLSH) rose 9.75%.

Viewpoint

Coinbase: The altcoin season may fully arrive in Q3, and the Federal Reserve's loose policy may unleash more potential in the medium term

In its monthly outlook, Coinbase stated that its outlook for the third quarter of 2025 remains positive. As September approaches, current market conditions suggest the potential for altcoin season to fully arrive (a commonly defined term as at least 75% of the top 50 altcoins by market capitalization outperforming Bitcoin over the past 90 days). Furthermore, there is debate over whether the Federal Reserve's September rate cut signals a peak in the cryptocurrency market. Coinbase believes that given the significant amount of retail capital remaining on the sidelines in money market funds (over $7 trillion) and other sectors, the Fed's easing policy could unlock the potential for greater retail participation in the medium term.

Matrixport: Multiple positive factors are driving asset prices upward, and the market is expected to continue until 2026

Matrixport stated in its latest research report that the US market is entering a new cycle of liquidity release. Structural funding support may drive a continued upward trend in Bitcoin and risky assets, with the rally expected to continue until 2026. The current funding structure and credit environment are remarkably similar to those seen in the early stages of previous bull markets: ample liquidity, an improving credit environment, and a dovish policy shift—multiple positive factors are driving asset prices upward. US money market funds have expanded rapidly since the fourth quarter of 2018, increasing from $3 trillion to $7.4 trillion, a record high. Annualized interest income currently stands at $320 billion, representing a significant incremental flow of funds into high-yield assets. Meanwhile, corporate buybacks have also accelerated significantly. Announced buybacks since 2025 have reached $984 billion, with the full-year total expected to exceed $1.1 trillion. With volatility currently low, these funds will continue to flow into US stocks and boost valuations. The structure of the financial system is further amplifying the impact of liquidity. Since 2008, the Federal Reserve has paid interest on bank reserves, currently totaling $3.4 trillion, generating $176 billion in interest annually. In the current high-interest rate environment, this mechanism primarily benefits money market funds and commercial banks. The Fed's rate cuts have lagged behind market expectations for 32 consecutive months, and closing the gap will require a cumulative rate cut of approximately 62 basis points in the coming months. Credit supply is recovering. Since April 2025, US commercial and industrial loans have increased by $74 billion, showing early signs of a new credit expansion cycle. Since June, credit spreads have continued to narrow, improving the financing environment. Historically, this has been bullish for Bitcoin, and this trend is already being initially reflected in its price performance. Inflation will gradually fall back to the Fed's 2% target range, and volatility is converging, providing more policy space for a September rate cut. The fiscal policy is also increasing liquidity injections through bond issuance. Since the "Big Beautiful Act" raised the debt ceiling by $5 trillion, the Treasury has issued a net $789 billion in bonds in less than six weeks. This massive issuance coincides with a new Bitcoin rally. Historically, Bitcoin prices have risen in tandem with Treasury issuance during Trump-led fiscal expansions.

Project News

Earn over 200 Binance Alpha Points and claim a 600 TCOM airdrop!

Binance Alpha will launch trading for TCOM Global (TCOM) at 8:00 PM (UTC) on August 15th. Users holding at least 200 Binance Alpha Points will be eligible to receive a 600 TCOM airdrop on a first-come, first-served basis.

After the OKB destruction, the total amount has officially dropped to 21 million.

According to Etherscan data, the OKEx: OKB Buy-Back and Burn wallet officially transferred 279 million OKB to the Null: 0x00…0000 black hole address at 14:00 UTC+8 today, effectively destroying the remaining OKB. The total supply of OKB has now officially dropped to 21 million.

Binance: Hold at least 240 Alpha Points to claim 430 PUBLIC tokens airdrop

According to an official Binance announcement, PublicAI (PUBLIC) Alpha trading will begin at 3:00 PM (UTC+8) on August 15th. Eligible Binance users can use Binance Alpha Points to claim an airdrop of 430 PUBLIC tokens within 24 hours of the start of trading on the Alpha event page. The Binance Alpha airdrop will be distributed in two phases: Phase 1 (first 18 hours): Users with at least 240 Alpha Points can claim. Phase 2 (last 6 hours): Users with at least 200 Alpha Points can participate in the second phase of the airdrop, on a first-come, first-served basis. The score threshold will automatically decrease by 15 points every hour while the event is ongoing. Claiming the airdrop will cost 15 Binance Alpha Points. Users must confirm their claim within 24 hours on the Alpha event page; otherwise, they will forfeit the airdrop.

Ronin will upgrade from a sidechain to Ethereum L2, and is expected to be completed in Q1 or Q2 of next year.

Ronin announced on Twitter that it will be upgrading from an Ethereum sidechain to Ethereum L2. Ronin, a gaming-focused public chain, was established four years ago due to the need for a faster and more efficient network for Axie Infinity. At the time, Ethereum's scaling roadmap was in its infancy. Today, Ethereum transaction costs and speeds are better than ever. This upgrade also introduces Proof-of-Distribution (PoD), a novel mechanism designed to reward long-term developers. Validator nodes are currently reviewing the upgrade proposal, and the final hard fork for the Ronin L2 upgrade is expected to be completed in Q1-Q2 2026.

Important data

Greeks.live: 39,000 BTC and 280,000 ETH options are about to expire, and ETH's biggest pain point is $4,000.

According to Greeks.live, 39,000 BTC options expired on August 15th, with a maximum price drop of $118,000 and a notional value of $4.6 billion. 280,000 ETH options expired, with a maximum price drop of $4,000 and a notional value of $1.3 billion. This week's total options deliveries were nearly $6 billion, representing 9% of total current open interest. BTC and ETH prices reached record highs, fueling extremely bullish market sentiment. Implied volatility data shows that BTC's short-term IV remains below 35%, while ETH's main-term IV is as high as 70%, consistent with expectations of potential volatility. The options market has recently exhibited significant divergence, with frequent block trades and significant trading in both bullish and bearish options.

Arthur Hayes increased holdings in HYPE, LDO, and ENA

According to Lookonchain, Arthur Hayes increased his holdings of HYPE, LDO, and ENA today. Over the past five days, Arthur Hayes has purchased a total of 1,750 ETH (worth $7.43 million), 58,631 HYPE (worth $2.62 million), 3.1 million ENA (worth $2.48 million), 1.29 million LDO (worth $1.83 million), 184,610 PENDLE (worth $1.02 million), and 420,000 ETHFI (worth $516,600).

Ethereum spot ETF saw a net inflow of $640 million yesterday, marking the eighth consecutive day of net inflow

According to SoSoValue data, Ethereum spot ETFs saw a total net inflow of $640 million yesterday (August 14th, EST). The Blackrock ETF (ETHA) saw the largest single-day net inflow, with $520 million, bringing ETHA's total net inflow to $11.827 billion. The next largest single-day net inflow was the Grayscale Ethereum Mini Trust ETF (ETH), which saw a daily net inflow of $60.7299 million, bringing ETH's total net inflow to $1.395 billion. As of press time, the total net asset value of Ethereum spot ETFs stood at $29.225 billion, with a net asset value ratio (market capitalization relative to Ethereum's total market capitalization) of 5.34%, and cumulative net inflows reaching $12.727 billion.

Bitcoin spot ETFs saw a net inflow of $231 million yesterday, marking the seventh consecutive day of net inflows.

According to SoSoValue data, Bitcoin spot ETFs saw a total net inflow of $231 million yesterday (August 14th, EST). The Bitcoin spot ETF with the largest single-day net inflow yesterday was Blackrock's IBIT ETF, with a net inflow of $524 million, bringing IBIT's total net inflow to $58.559 billion. The second largest single-day net inflow was Grayscale's Bitcoin Mini Trust ETF (BTC), with a net inflow of $7.3157 million, bringing BTC's total net inflow to $1.719 billion. The Bitcoin spot ETF with the largest single-day net outflow yesterday was Ark Invest and 21Shares' ARKB ETF, with a net outflow of $150 million, bringing ARKB's total net inflow to $2.244 billion. As of press time, the total net asset value of the Bitcoin spot ETF was US$153.427 billion, the ETF net asset ratio (market value as a percentage of the total market value of Bitcoin) reached 6.54%, and the historical cumulative net inflow has reached US$54.988 billion.

Hyperliquid: 24-hour trading volume reaches $29 billion, a new record high

Decentralized exchange Hyperliquid tweeted that its 24-hour trading volume reached US$29 billion and its fee income reached US$7.7 million, both record highs.

A new wallet withdrew 53,434 ETH worth $244 million from Kraken in the past two days

According to Onchain Lens monitoring, a newly created wallet withdrew 53,434 ETH worth $244 million from Kraken in the past two days.

Financing/Acquisition

Stablecoin protocol USD.AI completes $13 million Series A funding round, led by Framework Ventures

According to CoinDesk, the stablecoin protocol USD.AI announced the completion of a $13 million Series A funding round led by Framework Ventures, with participation from Bullish, Dragonfly, and Arbitrum. Developed by Permian Labs, USD.AI specifically provides GPU-backed loans to AI companies, increasing approval efficiency by over 90%. The project has secured $50 million in deposits and plans a public ICO using a gamified distribution model.

Coinbase Completes $2.9 Billion Acquisition of Deribit, Becoming the Global Leader in Crypto Derivatives

According to The Block, Coinbase has completed its $2.9 billion cash and stock acquisition of crypto derivatives exchange Deribit. Following the merger, Coinbase leads the global crypto derivatives market in terms of open interest and options trading volume. Deribit's annual trading volume is projected to reach $1.185 trillion in 2024, a 95% year-over-year increase. Founders John Jansen and Marius Jansen have exited the company.

Mesh has raised over $130 million in funding, with participation from investors including PayPal Ventures and Coinbase Ventures.

According to The Block, Mesh announced a new round of investment from PayPal Ventures, Coinbase Ventures, Uphold, ByBit, and SBI Japan, bringing its total funding to over $130 million. The new funds will be partially settled in the PayPal USD (PYUSD) stablecoin, with Mesh technology enabling instant transfers. Mesh provides businesses with crypto payment infrastructure, supporting users with over 100 cryptocurrencies and merchants with instant settlement in stablecoins or fiat. The company plans to use the new funds to expand its product and API offerings to more payment platforms. According to Cryptorank, the total funding raised in this round is $9.5 million.

Institutional holdings

Sequans plans to acquire 100,000 Bitcoins by 2030

According to an announcement on Sequans' official website, the company announced a strategic plan to acquire a cumulative total of 100,000 Bitcoins by the end of 2030. The company launched its Bitcoin reserve strategy in July 2025 and currently holds 3,171 Bitcoins, ranking 22nd among publicly listed companies globally. Sequans will continuously optimize its asset structure and achieve long-term financial stability through phased capital operations, including equity issuance, Bitcoin-backed credit, and intellectual property monetization.

Jeffs' Brands announces $75 million investment in AI-powered cryptocurrency vault

According to GlobeNewswire, Jeffs' Brands will partner with Quantum Crypto to launch an AI-powered cryptocurrency vault management program, investing up to $75 million to optimize returns on Bitcoin and major stablecoins. Quantum Crypto will manage the vault and ensure compliance, while Jeffs' Brands will retain ownership of the assets. The service provider will receive a set-up fee, management fees, and a percentage of performance, as well as company stock options.

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