Gate Daily (August 26): SEC calls for a boycott of tokenized stocks; Wall Street plans to establish the largest Solana fund; Whale dumps $2.6 billion worth of Bitcoin to buy ETH.

Bitcoin (BTC) continues its weak and sluggish trend, further retracing to around $109,560. The U.S. Securities and Exchange Commission (SEC) has sent letters to global regulators and exchanges, urging them to resist tokenization of stocks. Galaxy Digital, Multicoin, and Jump Crypto plan to invest $1 billion in a Solana fund. An early Bitcoin investor who initially acquired over 100,000 BTC seven years ago has been actively reallocating to Ethereum (ETH).

Today's Outlook

1, U.S. July durable goods orders preliminary value (month-on-month), previous value was -9.4%

2. The US Conference Board Consumer Confidence Index for August, with a previous value of 97.2.

3. Dallas Fed President Logan delivered a speech and participated in a panel discussion at the 100th anniversary conference of the Bank of Mexico.

4. Federal Reserve Chairman Williams delivered a keynote speech at the 100th anniversary conference of the Bank of Mexico.

5. The Reserve Bank of Australia released the minutes of the monetary policy meeting in August.

Macro Events & Coin Circle Hotspots

1. The exchange industry associations and global regulatory bodies are joining forces to curb the growth and adoption of tokenized stocks, believing that these products do not represent actual equity and pose significant risks to investors. According to Reuters, the European Securities and Markets Authority (ESMA), the International Organization of Securities Commissions (IOSCO), and the World Federation of Exchanges (WFE) have written to the U.S. SEC's cryptocurrency task force, urging stricter regulation of tokenized stocks. These organizations believe that tokenized stocks "mimic" the stocks they represent but lack the investor protections inherent in traditional markets. "We are concerned about the large number of brokers and cryptocurrency trading platforms offering or intending to offer so-called tokenized U.S. stocks," the World Federation of Exchanges told Reuters, but did not disclose the names of specific companies or platforms. "These products are marketed as stock tokens or commodities equivalent to stocks, but that is not the case." Given the influence of the signatories, this measure is significant. EMSA is an EU agency and one of the three major financial regulators in the EU.

2. According to reports, digital asset firms Galaxy Digital, Multicoin Capital, and Jump Crypto are raising $1 billion to acquire Solana. Bloomberg reported on Monday, citing anonymous sources, that these three companies are seeking to establish the largest treasury specifically for Solana. The report also stated that they have hired Cantor Fitzgerald as their chief banker. The plan reportedly involves taking over a publicly listed company to create a digital asset finance firm focused on SOL. Bloomberg stated that the Solana Foundation has recognized the efforts of these three companies and supports this financial initiative.

3. According to Lookonchain, a Bitcoin early investor who obtained over 100,000 BTC seven years ago has been actively rotating into Ethereum. In the past five days, the wallet deposited nearly 23,000 Bitcoin (worth approximately $2.6 billion) into the decentralized exchange Hyperliquid. Subsequently, the wallet purchased around 473,000 Ethereum (worth $2.2 billion) and established a significant long position. The whale has since realized some profits, closing over 95,000 ETH long positions at an average price of $4,735, netting $33 million. Meanwhile, the proceeds have been reinvested in additional ETH spot purchases, totaling over 23,500 tokens, worth $108 million. Despite reducing exposure, the address still holds over 40,000 ETH in open long positions, with unrealized gains exceeding $11 million.

Market Trends

1. $BTC continues its weak and sluggish trend, further retracting to around $109,560, with a liquidation of $208 million in the past 24 hours, mainly affecting long positions;

2. The major U.S. stock market indices mostly closed lower on August 25, with the Dow Jones Industrial Average falling by 349.27 points or 0.77%, closing at 45,282.47 points; the S&P 500 dipped 27.59 points or 0.43%, closing at 6,439.32 points; the Nasdaq Composite dropped 47.25 points or 0.22%, closing at 21,449.29 points; and the Philadelphia Semiconductor Index rose slightly by 1.84 points or 0.03%, closing at 5,756.30 points;

3. In the Gate BTC/USDT liquidation map, based on the current 110,000.30 USDT, if it drops to around 108,453 USD, the cumulative liquidation amount for long positions will exceed 500 million USD; if it rises to around 113,005 USD, the cumulative liquidation amount for short positions will exceed 1.14 billion USD. The liquidation amount for shorts is significantly higher than that for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

4. In the past 24 hours, BTC spot inflow was $3.02 billion, outflow was $3.43 billion, resulting in a net outflow of $410 million.

5. In the past 24 hours, contracts for $ETH, $BTC, $SOL, $DOGE, $XRP, etc. have seen net outflows, indicating trading opportunities.

News Updates

1. Hayden Davis, who previously targeted tokens such as MELANIA and LIBRA, is suspected of targeting YZY to profit 12 million dollars.

2. Huang Licheng Machi Big Brother continues to increase holdings in ETH, BTC, HYPE and other bullish positions, having incurred nearly 8 million dollars in losses.

3. Market news: CFTC acting chair Caroline Pham will join MoonPay after the confirmation of the new chair.

4. Trump announces the dismissal of Federal Reserve Board member Cook.

5. French listed company Sequans launches a $200 million ATM stock program to support Bitcoin reserve strategy.

6. BoYa Interactive recently invested approximately HKD 257 million to purchase a total of about 290 Bitcoins.

7. Anchorage Digital established a venture capital division to support early-stage on-chain protocols.

8. Heritage Distilling completed a private placement of $223.8 million, with IP token holdings exceeding 53.2 million tokens.

9. The suspected "sleeping seven years to swap BTC of ancient giant whale" has staked ETH worth $1.25 billion on the ETH2 beacon chain.

10. Arthur Hayes predicts that the price of HYPE Token may increase 126 times within the next three years.

11. CoinShares: Last week, digital asset investment products saw a net outflow of $1.43 billion, the highest level since March.

12. Market forecast: Kalsh hires crypto KOL John Wang as the head of crypto business.

13. The online brokerage Webull will once again offer cryptocurrency trading services to US customers.

14. Strategy invested $356.9 million last week to acquire 3,081 Bitcoins.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Today's homework isn't too difficult to write. Although the price of BTC has dropped from $117,000 on August 21 to even below $111,000, the changes in the US stock market haven't been significant. This means that if it were a systemic risk, the drawdown in the US stock market should be larger, but in reality, the US stock market hasn't fallen excessively. From the fluctuations in the CME to the US stock market, it indicates that investors in the US stock market do not perceive a significant risk at the moment. Of course, last Monday was also similar, but the market started to decline on Tuesday. However, at least it seems that the US stock market is still relatively healthy; it's just that Bitcoin has dropped more sharply. Moreover, Trump did not make any extreme comments regarding the economy during the press conference, indicating that some institutions' concerns about a US recession have not yet drawn Trump's opposition."

Overall, the market has returned to the game between Trump and the Federal Reserve regarding interest rate cuts. The market's probability of a rate cut by the Federal Reserve in September has now dropped to 82.2%. On one hand, it is reflecting on Powell's speech, and on the other hand, there are concerns about whether the U.S. economy will really enter a recession. Today, Barclays Bank predicts that the U.S. economy may be entering a stagnation phase, with a 50% chance of recession in the next two years. They believe that due to concerns about economic recession, the Federal Reserve will choose to cut rates in September and December. I cannot determine whether Barclays is right or wrong, but at least so far, Barclays' statements have not completely turned U.S. stock investors bearish. If U.S. stocks do not temporarily enter a bearish state, then BTC, which is highly correlated with U.S. stocks, will also not perform too poorly for the time being.

"Looking at the data for Bitcoin, the drop on Monday triggered a lot of turnover among investors, especially those who bought the dip in the last two days and are now facing losses; they participated in the most turnover. Meanwhile, earlier investors did not react much. Although the price has fallen, the reasons for this drop and last week's drop are the same, with concerns about a September interest rate cut and a recession. Currently, support is at $111,000 to $112,000. Personally, I opened a long position at $111,500 and chose not to exit at $113,500 this morning. Although it might be a bit greedy, I still feel that this position is relatively stable. Unless new negative news emerges, it should be fine."