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On-chain analyst Murphy stated that currently, all chips bought in BTC in 2025 are basically in a state of loss. Therefore, apart from wallet migrations, the reduction in the scale of 2025 chips likely means that holders are cutting losses and selling. Data shows that as of now, approximately 4.77 million BTC chips bought in 2025 remain, a decrease of 41.5% from the peak in December last year.From the downward trend, this group has experienced two phases: a rapid decrease in chips before February this year, and a significant slowdown in the rate of decline after February, although it still maintains a certain slope. Murphy believes that the 2025 chips may be the largest potential supply side in the current market scale. In contrast, the BTC chips formed in 2024, 2023, and 2022 have basically completed the release of high-level locked positions due to still having unrealized gains, and the slope of the curve is gradually flattening, indicating that the selling pressure from long-term holders is weakening.Historical data shows that during the bottom phases of the past two bear markets, high-level chips have shown a significant decline: at the bottom of the bear market in 2022, the chips bought at high levels in 2021 decreased by about 51%; at the bottom of the bear market in 2018, the chips bought at high levels in 2017 decreased by about 62%. If we refer to historical cycles, Murphy believes that in this bear market bottom phase, the reduction of high-level chips in 2025 may be in the range of 50%-60%, and the current decline of 41.5% indicates that there is still some room for release. However, this judgment has not yet considered the BTC bought by institutional investors such as spot ETFs and MicroStrategy, as this portion of chips is mostly in a long-term locked state, which may reduce the actual market supply pressure.

According to Binance spot market data, the market has experienced significant fluctuations. NIL has increased by 7.78% in the last 24 hours, while reaching a bottom rebound state. ATOM, WLD, and MVLLB have also reached new highs today, with increases of 5.82%, 5.06%, and 6.3%, respectively.In addition, BARD has shown a "high and then low" state, with a decrease of 7.24% in the last 24 hours, while AT has reached a new low today, with a decrease of 12.19%. Other tokens such as INTWB and INTCB have increased by 10.02% and 5.33%, respectively.

According to Bloomberg, as a large number of high-growth startups emerge in fields such as artificial intelligence and biotechnology, private equity and Pre-IPO investment tools aimed at ordinary investors are rapidly increasing. Billionaire investor Bill Ackman's investment firm Pershing Square is preparing to launch a new fund to provide investors with the opportunity to participate in high-growth companies that are not yet publicly listed.Currently, Pershing Square has initiated the process to establish "Pershing Square Ventures." This fund will adopt a "permanent capital" model, allowing for long-term holding of investment targets and continuing to hold shares after the invested companies go public.Ackman and Pershing Square Chief Investment Officer Ryan Israel stated in a letter to shareholders that the new fund aims to capture investment opportunities in Pre-IPO companies and expand the company's investment scope beyond the public markets. At present, Pershing Square has not disclosed the target size of the fund, investment strategy details, or specific fundraising timeline.

Bitcoin News posted on the X platform that after two weeks of using cutting-edge AI to scan almost the entire Bitcoin open-source ecosystem for vulnerabilities, Bitcoin Red Team member @callebtc stated, "The easily discoverable vulnerabilities have been addressed," and maintainers are verifying "a large number" of serious and high-risk vulnerabilities.@callebtc indicated that the main findings include: decades of accumulated open-source technical debt are being exposed alongside AI capabilities that can discover vulnerabilities at speeds and scales unattainable by human researchers; Lightning seems particularly vulnerable, with its complexity meaning its security status is "worse than average"; unmaintained Bitcoin projects should be considered vulnerable until their security is confirmed.Projects that began building AI security and auditing processes months ago are now in a completely different position compared to those that have been waiting until now. The Bitcoin Red Team has now completed a foundational scan of almost the entire Bitcoin open-source ecosystem. Easily discoverable vulnerabilities have mostly been addressed, but as AI capabilities improve, external red team testing may need to continue indefinitely. Despite discovering and reporting "a large number" of real serious and high-risk vulnerabilities, @callebtc believes this process will ultimately make Bitcoin stronger. The same AI security review will soon expand to areas far beyond Bitcoin.

The on-chain data visualization analysis platform Bubblemaps has issued a warning that the Meme coin XST, which is being heavily promoted on TikTok, has a high risk of supply concentration—74% of its total supply is controlled by a small group, exhibiting typical Rug token characteristics. The current market value of this token is approximately 70 million USD.Bubblemaps urges investors to stay away from such projects and to ignore similar content if seen on TikTok's recommendation page.In recent years, TikTok has become an important distribution channel for low-quality Meme coins, creating an illusion of credibility through AI-generated celebrity videos and false associations, combined with the token's concentrated holding structure, resulting in typical high-risk Rug tokens after the hype fades.

The number of initial jobless claims in the United States for the week ending August 8 was 209,000, the highest since the week of July 11, with an expectation of 202,000, and the previous value revised from 199,000 to 200,000.The number of continuing jobless claims in the United States for the week ending August 1 was 1.777 million, lower than the expected 1.795 million, and the previous value revised from 1.801 million to 1.799 million.

A study published at USENIX Security '26 shows that researchers identified 65,340 high-risk crypto addresses associated with abuse on Ethereum and BNB Chain, with associated native token losses amounting to 126,982.94 ETH and 17,726.7 BNB.The study estimates that the total losses associated with these addresses exceed $574.8 million, with two newly described active attack vectors directly leading to approximately $15.7 million in losses (accounting for 2.7%).The first type involves misuse of contract accounts and exploitation of deterministic contract addresses; the second type uses EIP-7702 to delegate accounts exposing keys to malicious code for direct fund transfers. The research team extracted over 16.3 million deduplicated private keys by mining 63,004 GitHub repositories from January 2015 to May 2025, with an overall detection accuracy of 99.11%.

According to Staking Rewards data, the staking ratio of Ethereum has risen to a historical high, with approximately 41.89 million ETH currently staked, accounting for 34.7% of the total supply of Ethereum. The corresponding market value of staked ETH is about 78.56 billion USD, and the current staking yield is approximately 2.6%, having recently decreased by 0.49%. The number of active validators on the network is about 789,000.The staking ratio has continued to climb recently, with an increase of about 0.77%, while the network inflation rate has dropped to around 0.86%. More and more ETH is being locked in the PoS consensus, simultaneously tightening the circulating supply. The staking yield of ETH mainly comes from consensus layer issuance, priority fees, and MEV, but as the staking volume increases, the yield per validator will be diluted.

According to the Nikkei News, individual investors in the Japanese stock market are accelerating their use of leverage to bet on AI trends. As of July, the amount of credit trading by individual investors in the Japanese stock market reached 123 trillion yen (approximately 1.09 trillion yuan), doubling since the beginning of the year and reaching the highest level since related statistics began in 2016.Data shows that in June, the scale of credit trading by Japanese individual investors hit a historical high, and in July it continued to maintain a high level. At the same time, the proportion of credit trading in the overall trading amount of individual investors rose to 83%, also setting a new record.AI concept stocks have become the main driving force behind the surge in credit trading, among which the credit buy balance of AI storage concept stock Kioxia reached 13.23 million shares as of August 7, making it one of the popular targets.Benefiting from the recent rise in the Japanese stock market, the overall performance of leveraged investors has been decent. The floating yield of credit trading investors briefly turned positive in June, although it fell back to a loss of 8.4% by the end of July, it is still better than the average loss level of the past 10 years (-10.2%).

Citigroup expects that as technology companies seek to increase their valuations, more Asian companies will issue stocks in the United States. So far this year, Asian companies have issued approximately $28 billion in American Depositary Receipts (ADRs), setting a new high since 2020.SK Hynix's $26.5 billion listing accounted for the majority, while PayPay's initial offering contributed $1 billion.

Tencent Holdings fell 4.46%, with a market value of 4 trillion Hong Kong dollars, approximately 3.44 trillion yuan. Changxin Technology's closing market value today is 3.5 trillion yuan, surpassing Tencent Holdings to become the largest listed company by market value in China.

According to the latest ranking of stock derivatives exchanges released by RootData, the three exchanges with the largest spreads among the listed exchanges are HTX, BingX, and OrangeX, with spreads of 0.582%, 0.292%, and 0.269%, respectively. Among them, the spread between HTX and BingX has reached a new high, with HTX's spread nearly doubling compared to yesterday.It is reported that this spread is the weighted spread based on the 24-hour trading volume, and a higher value usually indicates higher trading costs.

CryptoQuant CEO Ki Young Ju stated that early Bitcoin traders have achieved the highest unrealized gains ever in this cycle.Unlike previous cycles where the selling pressure was mainly absorbed by cryptocurrency exchange traders, the main buying force in this market comes from structural purchases such as spot trading exchange-traded funds and inflows of digital asset funds. This change has driven the unrealized profits of Binance platform traders to nearly three times the peak in 2021.

Some existing investors expect that Anthropic's valuation could exceed $2 trillion when it goes public as early as October this year. Six interviewed investors believe that the demand for Claude and the rapid growth of the company's revenue could drive Anthropic's valuation to double from $965 billion in May this year.In May, Anthropic disclosed that its annualized revenue had surpassed $47 billion, and some investors expect it could reach $100 billion to $120 billion by the end of the year. One investor calculated that, based on a revenue multiple of about 30 times, Anthropic's valuation could potentially reach $3 trillion. However, the aforementioned valuations are all investor predictions. Multiple investors have stated that Anthropic's management has not yet determined the IPO valuation target. Competition from low-cost AI models in China, relations with the U.S. government, and corporate control of AI spending are still seen as potential risks.

According to Gate market data, the Nikkei 225 index closed up 784.53 points on August 13, an increase of 1.16%, reporting at 68,308.59 points.The South Korean KOSPI index also closed up 210.97 points on the same day, an increase of 3.21%, reporting at 6,790.01 points, with SK Hynix rising 5.9% and Samsung Electronics rising 3.9%.

According to Gate market data, the Hang Seng Index opened lower and then rose sharply this morning. After opening more than 150 points down in the early session, it surged back, recovering losses and turning positive. As of the midday close, the Hang Seng Index rose by 0.07%, reporting at 25,457.33 points, while the Tech Index rose by 0.3%, reporting at 4,790.56 points. The total market turnover reached HKD 132.028 billion, with strong performance in the computing hardware sector. In terms of individual stocks, Cambridge Technology rose by 15.37%, and Shengbang Technology rose by 7.69%.

Design software company Canva has lowered its annual revenue growth forecast by one-third to 20% due to AI feature delivery costs far exceeding expectations. CEO Melanie Perkins stated that user demand for AI features "significantly exceeded expectations," but the company has decided to postpone the large-scale launch of related products until it optimizes its architecture, reduces unit costs, and improves its business model. Since the release of Canva AI 2.0 in April, the cost per task has decreased by nearly 90%, but the volume of designs generated by AI users is three times that of previous versions, and economic pressures remain.This case reflects a common dilemma in the software industry: the cost of AI inference is breaking the traditional software "zero marginal cost" profit logic. Pitchbook analysts pointed out that Canva and Figma are the "most obvious signals" of this trend. Figma's free cash flow profit margin in the second quarter has dropped from 27% in the first quarter to 14%, and revenue growth in the third quarter is expected to slow from 48% to 36%. Canva previously sold employee shares at a valuation of $42 billion, and the market had anticipated its IPO in 2026, but analysts now believe the IPO may be delayed until next year.

The yield on the 10-year U.S. Treasury auction has reached a new high since 2007.

Token Terminal data shows that approximately 34.4% of ETH is currently staked, reaching a historical high. At the beginning of this year, the staking ratio of Ethereum was about 30%, and it has since continued to rise to 34.4%.Industry opinions suggest that large-scale staking restricts the circulating supply of ETH while locking more ETH on-chain for long-term earnings.