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Blockworks Research analyst Shaunda Devens stated that cryptocurrency will remain the best speculative market, as prices and demand will mutually reinforce each other. In stocks, price increases do not directly affect the underlying business; for example, once Apple's stock price reaches a certain level, the price-to-earnings ratio relative to the same income base appears unreasonable.It points out that this is not the case with cryptocurrency; the token business is largely tied to financial asset speculation, where higher prices directly lead to more trading and leverage demand, resulting in increased protocol revenue. Last week, despite tokens rising by as much as 60%, 10 out of 16 sectors saw revenue growth exceeding price increases; perpetual contract revenue rose by 243%, while the corresponding price only increased by 43%. Therefore, tokens do not have a true value ceiling in the short term, and mechanisms such as buybacks and DAT further reinforce this reflexive cycle.

According to CryptoQuant analyst Woominkyu, since early July, the price of BTC has risen from about $60,000 to $78,000, an increase of about 30%. During the same period, the market capitalization increased from $20.6 billion to $24.9 billion, approaching the high point of this phase.He pointed out that unlike the price increase, the proportion of borrowed funds has not risen in tandem. This indicator peaked on August 14 and has since continued to decline. Even though BTC accelerated its rise after August 19, the leverage ratio has not significantly rebounded. He believes that compared to a market driven by borrowed funds, the current capital structure is healthier; if BTC's price stagnates while the proportion of borrowed funds rises again, it may become a risk signal that needs attention.

According to a post by Santiment, BTC has recently risen by about 22%, and the open interest in Bitcoin has decreased from approximately 353,500 BTC during the period from August 12 to August 18, to about 312,600 BTC on August 23, a decrease of about 11%, reaching a low not seen in at least a month.

On August 24, according to CryptoQuant analyst Axel Adler Jr., Bitcoin rose 22% from $63,000 to $77,000 within 8 days, with the profit supply ratio of short-term holders (STH) increasing from 26.1% to 74.9%. Meanwhile, the net inflow of STH to exchanges shifted from negative to +28,600 BTC, breaking through the +25,000 threshold, indicating that profit-taking pressure is building.If this indicator remains above the threshold and price momentum slows down, the risk of selling will significantly increase; if the flow converges to zero and the profit ratio maintains above 50%, the market is expected to continue its upward trend.

The ETH/BTC ratio has recently formed a "golden cross," where the 50-day moving average breaks above the 200-day moving average. Since the beginning of June, ETH has consistently outperformed BTC, with the ETH/BTC ratio rising about 25% from the low on June 6.Historical data shows that the performance of ETH/BTC after a golden cross has been inconsistent. After the golden cross on July 25, 2025, the ratio rose about 36% in the following four weeks but then turned to decline; after the golden cross in February 2021, it initially rose about 93%. However, the two golden crosses in May and August 2022 failed to maintain an upward trend. CoinDesk points out that the golden cross is a lagging indicator based on historical prices and does not necessarily mean that ETH will continue to outperform BTC thereafter.

Cryptocurrency trader Garrett (@garrettbullish) stated that if the market further consolidates at the beginning of the week while Bitcoin's dominance continues to rise, he will be more bullish. He reminded investors to remain restrained, not to rush into increasing their positions or excessively use leverage, and to avoid operating as they did during their first cycle.Garrett mentioned that this is his fifth market cycle, and he knows how to navigate the current situation.

According to Cointelegraph, the latest research from the Federal Reserve Bank of Cleveland shows that there are significant differences between cryptocurrency investors and traditional asset investors. Their views on the future returns and risks of digital assets diverge greatly, and the information about Bitcoin's historical price increases may further encourage investors to increase their allocation willingness and actually buy crypto assets.The research paper "Do You Even Crypto, Bro? Cryptocurrencies in Household Finance" is based on multiple rounds of household survey data in the United States, with each round covering up to approximately 25,000 households.Researchers found that compared to demographic characteristics such as age, income, and gender, investors' expectations for future returns from cryptocurrencies better explain who chooses to hold crypto assets. The study shows that cryptocurrency holders expect an average return of about 22% over the next year, significantly higher than the approximately 7% expectation of non-holders.At the same time, holders generally believe that the risks of crypto assets are lower than the judgments of non-holders. Researchers found that for every 1 percentage point increase in an individual's expected return from cryptocurrencies, the probability of holding crypto assets increases by about 0.8 percentage points. The explanatory power of return expectations and risk perceptions for cryptocurrency holding behavior even exceeds that of traditional factors such as age, income, and wealth.This characteristic contrasts with traditional assets such as stocks, bonds, and gold. For traditional investment types, investors' economic backgrounds usually better explain differences in asset allocation, while the crypto market relies more on investors' subjective judgments about future price performance.In addition, the research team discovered through a randomized information experiment that simply providing investors with information about Bitcoin's price increase over the past 12 months significantly boosts their willingness to allocate to crypto assets. Data shows that respondents who saw historical performance information about Bitcoin had an approximately 2 percentage point increase in the proportion planning to allocate to crypto assets, representing about a 47% increase compared to the control group's 4.3% allocation willingness; the probability of actually purchasing crypto assets also increased by about 2.5 percentage points.The study suggests that this mechanism may explain the cyclical boom and bust phenomenon in the crypto market: price increases attract more investors, and new funds further drive up prices, thus forming a cycle of "price increase --- enhanced optimistic expectations --- more buying."

According to a report by South Korea's Digital Asset, the Bitcoin Puell Multiple has risen to 0.96, an increase of 0.2 from a week ago, marking the largest increase in about three months since May of this year.This indicator measures miner income and the market cycle by comparing the daily issuance revenue of Bitcoin miners to its 365-day moving average, and it is still far below the level of 4, which is typically considered an overheated area.

Bitcoin recently rose to a monthly high, with Bitfinex analysts stating that this round of market activity is primarily driven by spot buying and short covering, rather than new leveraged funds, thus providing a longer duration compared to typical short squeeze scenarios. As investors who bought Bitcoin in the past five months are currently in a profit state, the main risk of the current upward trend comes from profit-taking chips flowing into trading platforms.Bitfinex believes that the U.S. Treasury's announcement on August 19 to expand the scale of long-term bond repurchases is an important factor driving the recent market activity. The initial phase of this rise was indeed driven by short liquidations. On the same day, the U.S. spot Bitcoin ETF recorded an inflow of $297.6 million. However, the subsequent price increase mainly came from spot buying. From the position structure, while Bitcoin prices rose by 10% to 11%, open interest (OI) only increased by about 4%, indicating that spot demand and short covering played a major role, while the impact of leveraged funds was limited.Bitfinex pointed out that the $68,000 to $69,000 range is currently an important support level, close to the average cost of buyers over the past five months. If Bitcoin maintains above this level, it will keep these investors in a profitable state, reducing the pressure of previously trapped chips selling during rebounds. In terms of funds, the U.S. spot Bitcoin ETF saw an inflow of $606.29 million on August 20, the largest single-day inflow since May 1, with BlackRock's IBIT contributing about 82%. Bitfinex stated that if fund inflows continue for a week, it will further strengthen the market demand structure.However, Bitfinex warns that the current biggest risk is a large amount of profitable Bitcoin flowing into trading platforms, which could trigger the largest profit-taking market since 2026. Analysts indicate that if real yields rise again to levels that previously suppressed Bitcoin from falling below $65,000, macro factors could still quickly impact the market.

According to Forbes, Bitcoin recently rose from $62,900 to $79,500, with a 26% increase within 5 days, following the liquidation of over $3.1 billion in short positions. Trader MARMOT stated that this round of increase is not entirely driven by natural demand but is a typical short squeeze situation. He pointed out that approximately $3.1 billion in short positions were liquidated in the past few days, marking one of the largest liquidation events he has witnessed. At the same time, as Bitcoin rapidly rises, retail investors are chasing the price, leading to a noticeable FOMO sentiment in the market.Geoff Kendrick, head of digital asset research at Standard Chartered Bank, stated that his previous prediction of Bitcoin reaching $100,000 by the end of the year may be underestimated. He believes Bitcoin could retest its historical high of $126,000 and expects the market recovery to accelerate further after October 6.Meanwhile, some market participants believe that the current upward trend carries short-term overheating risks. Trader David Goldstein mentioned that Bitcoin's rise from $64,000 to nearly $80,000 is mainly driven by signals from the U.S. Treasury regarding bond repurchases and a short squeeze of unprecedented scale. He considers $80,000 to be the first significant resistance level, and this round of increase may peak in the $85,000 to $90,000 range, followed by a correction or fluctuations around $70,000 to $75,000.Forecasting platform data shows that market expectations for Bitcoin's future price are heating up. Meanwhile, inflows into U.S. spot Bitcoin ETFs have rebounded, with a cumulative inflow of $1.62 billion over four trading days as of August 21, reversing the previous week's trend of net outflows.However, several traders remind investors to avoid chasing prices due to rapid increases. Crypto Kit noted that just a week ago, the market was waiting for buying opportunities at $45,000 to $50,000, but now that Bitcoin has risen to $77,000, investors suddenly accept the current price, indicating a clear increase in market FOMO sentiment.

According to GMGN market data, BNB has rebounded today, showing a dazzling rise among mainstream coins. Meanwhile, the BSC ecosystem Meme coins continue the strong upward trend from yesterday: MUBARAK has increased by 43.95% in the last 24 hours, with a market cap rising to $30 million; Binance Life has increased by 21.85% in the last 24 hours, with a market cap rising to $579 million; I’m Coming has increased by 7.31% in the last 24 hours, with a market cap rising to $10.5 million; BROCCOLI714 has increased by 12.88% in the last 24 hours, with a market cap rising to $6.83 million; BROCCOLIF3B has increased by 12.14% in the last 24 hours, with a market cap rising to $19.6 million.ChainCatcher reminds users that Meme coins generally have no practical use cases, and their prices are highly volatile, so investment should be approached with caution.

Arthur Hayes reposted his interview video on the X platform, stating that the Ethena (ENA) ecosystem is currently facing a downturn, but as the market environment improves, its yield mechanism may restart. The ENA price has dropped about 99% from its historical high, with pressure from venture capital firms and a sluggish crypto market leading to a decline in yields, causing the entire mechanism to stagnate.Arthur Hayes indicated that if Bitcoin rises and triggers a massive short squeeze, the market basis may quickly widen, and a higher basis would drive Ethena's yield from the current approximately 4% up to 8%-9%. Once yields rebound, Ethena's yield-driven mechanism may re-establish a positive cycle, revitalizing the ecosystem.

PPP prediction market tool monitoring shows that the probability of "ETH reaching $2400 during the remaining period of August" on Polymarket has risen to 82%, up 40% in 24 hours. Additionally, the probability of reaching $2500 has risen to 50%, up 26% in 24 hours.The market is based on the Binance ETH/USDT trading pair. Within the specified month in the title (from 00:00 on the 1st of the month to 23:59 on the last day, Eastern Time), if the highest price of any 1-minute candlestick equals or exceeds the specified price in the title, it will be settled as Yes; otherwise, it will be No. Only the 1-minute candlestick High price of Binance ETH/USDT is considered, and prices from other exchanges or trading pairs are not included.

According to on-chain analyst Yu Jin's monitoring, if Bitcoin rises by about $800, Strategy will break even, with a holding cost of approximately $75,385. Currently, its unrealized loss has narrowed from $9.904 billion a few days ago to $685 million, recovering about $9.219 billion.BitMine's ETH holding unrealized loss has also narrowed from $8.513 billion to $5.879 billion, recovering about $2.634 billion.

According to Bloomberg, Anthropic plans to adjust its data retention policy for its advanced artificial intelligence models, giving enterprise customers greater control over their data. The company expects to launch a new security system later this year, where enterprise customers will still need to retain data for 30 days but can choose to do so on their own cloud computing infrastructure instead of storing it on Anthropic's servers. Sources say that the system has been in preparation for several months and has been developed in coordination with over 100 clients from strictly regulated industries.In June, Anthropic announced that it would retain all customer data for 30 days for its more powerful Mythos, Fable models, and future cutting-edge products to identify and prevent new types of cyberattacks using its technology, while stating that it would not use the data for training. The company recently acknowledged in a report that this policy may not be welcomed by customers accustomed to zero retention and could impact business. Anthropic declined to comment on this. Competitor OpenAI has also recently begun testing a solution called "Private Secure Processing" to avoid retaining customer data and plans to roll it out more broadly in September.

The Grayscale Zcash research report points out that as AI development brings new means of financial monitoring, Zcash's privacy features may become a necessary function in the AI era. Zcash achieves shielded transactions through zero-knowledge proofs, hiding the sender, receiver, and amount, possessing cash-like privacy attributes. Currently, shielded transactions account for about 90% of the transaction volume, with approximately 4.2 million ZEC shielded (accounting for 25% of the circulating supply).Grayscale notes that Zcash has a market capitalization of about $8 billion, which only accounts for 0.6% of its category "currency-type crypto assets" (total market capitalization of $1.4 trillion). If this category's share reaches 5%, the value of ZEC would be nine times its current value. The report believes that the market's current valuation of Zcash reflects the assumption that "privacy will remain marginalized," and if investors ultimately believe that privacy should receive a moderate premium, the current valuation may be underestimated. In terms of risks, the report mentions long-term risks such as regulation and quantum computing, but believes that Zcash's shielding technology and selective disclosure tools provide a pathway for compliance.

According to Bitcoin Magazine, Coinbase CEO Brian Armstrong stated in an interview: "I believe that in the coming years, by 2030, we are likely to see Bitcoin reach $300,000 and $400,000."

According to GMGN market data, the Robinhood Chain ecosystem meme coin CASHCAT briefly surged past $0.125, currently reported at $0.1232, with a 24-hour increase of 36.06%.

The China Gold Association issued a stern statement regarding the U.S. Department of Homeland Security's inclusion of certain domestic gold enterprises in the "Uyghur Forced Labor Prevention Act" (UFLPA) entity list, which led to the London Bullion Market Association (LBMA) suspending the qualified delivery status of related enterprises. The association stated that the U.S. "forced labor" accusations lack factual basis and are an attempt to politicize human rights issues and promote trade protectionism.The LBMA, without sufficient factual verification, accepted false information and suspended qualifications, harming the legitimate rights and interests of Chinese gold enterprises and disrupting the stability of the global gold market. The association stated that the Chinese gold industry chain has the ability to withstand external risks and will work together with the industry to protect rights, strengthen compliance self-discipline and traceability system construction, and support the Chinese government in taking necessary countermeasures, urging the U.S. to lift sanctions and calling on the LBMA to correct related decisions.