Friends in the crypto circle, a new week has arrived!
Last week, the market was truly exciting—from the astonishing data of US debt soaring to $37 trillion, the frenzy of whale accumulation, to large ETH unlocks and Ivy League universities betting on BTC, the ups and downs of altcoins were dazzling. Let’s review this crypto spectacle item by item, feeling the heat wave coming our way!
US debt hits record high, stablecoin issuers quietly 'swallow' US Treasury bonds
Let's start with some big news: The Kobeissi Letter revealed that the total US debt has historically surpassed $37 trillion. Since July 4th, when Trump signed the so-called 'Beautiful Act' to raise the debt ceiling, US debt has surged by $780 billion in just a few weeks, averaging $22 billion added daily. This wave of massive bond issuance reflects the immense pressure on US finances.
Behind this massive debt, stablecoin issuers like Circle and Tether have 'quietly' swallowed over $100 billion of US Treasury bonds, exceeding the holdings of many sovereign countries. What does this mean? The funds from the crypto circle are becoming an undeniable force in the US debt market, but this also brings potential financial instability risks to the credit system. After all, stablecoins have siphoned off liquidity from banks, which could undermine the foundations of the traditional banking system.
Institutional dynamics: The attitudes of giants and emerging forces shine together
Speaking of institutions, the world's largest asset management company, BlackRock, recently made it clear that there are currently no plans to launch XRP or SOL ETFs, despite Ripple's years-long lawsuit with the SEC coming to an end, leading the market to once expect a surge in XRP ETFs. BlackRock stated it will focus on Bitcoin and Ethereum ETF business, with traditional institutions still taking a steady approach.
At the same time, Bitcoin mogul Michael Saylor stated on the X platform: "If you keep buying Bitcoin, you won't stop making money." Based on previous patterns, Saylor's team is likely to disclose a new round of Bitcoin increases next week, as they still see long-term value in BTC.
Breaking news: World Liberty Financial plans to raise $1.5 billion for a crypto asset company, SharpLink purchases over 60,000 ETH
In addition to traditional financial moguls, the crypto circle is also not to be outdone. World Liberty Financial, backed by the Trump family, is planning to establish a public crypto asset company, aiming to raise $1.5 billion, locking in WLFI tokens, targeting the digital asset treasury market.
The combination of AI and crypto also has good news, with the startup Periodic Labs securing $200 million in financing, with a valuation exceeding $1 billion, led by a16z, and OpenAI expected to participate; such technology-driven innovative projects are worth attention.
Notably, on-chain analysts revealed that SharpLink may have used the $200 million raised to buy over 52,000 ETH, with the latest holdings reaching 621,000 ETH, valued at over $2.6 billion! This operation is astonishing, and SharpLink is indeed betting heavily on the future of Ethereum.
Large-scale token unlocks are intensifying, and market volatility should not be underestimated
Speaking of ETH, in addition to SharpLink's heavy position, the upcoming token unlock events are also worth paying attention to. According to Token Unlocks data, the following tokens will be unlocked in large amounts next week:
Aptos (APT): About 11.31 million tokens will be unlocked on August 12, accounting for 2.2% of the circulating supply, valued at about $52.1 million.
Arbitrum (ARB): 92.65 million tokens will be unlocked on the evening of August 16, with a circulating proportion of 2.04%, valued at $43.24 million.
Avalanche (AVAX): 1.67 million tokens will be unlocked on the morning of August 15, accounting for 0.51%, valued at $39.2 million.
Sei (SEI), Solayer (LAYER), Starknet (STRK), io.net (IO), peaq (PEAQ), and BounceBit (BB) will also see large releases.
These unlocks are mostly concentrated in mid-August, which may lead to price volatility and selling pressure in the short term. Investors need to be vigilant in advance and adjust their positions appropriately.
Performance of popular tokens and rise and fall rankings, altcoins are surging
Last week's trading volume Top 10 tokens showed mixed results.
1. Popular tokens in CEX
CEX Trading Volume Top 10 and 24-hour Rise and Fall:
BTC: +2.17%
ETH: -0.4%
DOGE: -3.05%
SOL: +0.24%
BNB: +0.67%
FARM: +1.92%
LAZIO: 14.15%
JUV: 38.06%
PORTO: 12.46%
PEPE: -2.65%
24H Growth Ranking (data source: OKX):
ERN: 31.32%
ZRO: 12.66%
CITY: 11.1%
PSTAKE: 9.93%
LDO: 8.38%
ACT: 8.03%
SAHARA: 6.93%
SWFTC: 5.41%
AIXBT 5.13%
GOAT: 4.3%
2. Top 5 On-Chain Hot Memes (data source: GMGN):
4o
RAY
Twitter
MSFT
AGI
3. 24H Trending Tokens
BOSS (Ibiza Final Boss): AI narrative, a top meme coin on the Solana chain, became famous in the community due to 'nightclub muscle men becoming fathers', attracting smart funds.
4. Market dynamics
5. Top cryptocurrencies to watch this week: Aptos, Pi Network, Pepe
Pepe coin: Whales continue to accumulate, market outlook is bullish.
Pepe (PEPE) became last week's popular meme coin due to its active performance on the Ethereum chain. Whale holdings reached 90.2 trillion PEPE, increasing by 10% in the past 30 days, while exchange balances dropped significantly, showing that more coins are being locked or transferred to wallets.
The price has broken through the 50-day and 100-day moving averages, forming an ascending triangle. If it breaks through the $0.000014 resistance, a new round of upward momentum may be welcomed.
Pi Network: Key resistance level bouncing back, trend expected to go up
Pi coin quickly rebounded to around $0.4 after falling to a historical low of $0.3198 at the beginning of August, approaching the 50-period moving average and the top of the descending wedge, indicating a potential bullish breakout.
If it successfully breaks through the June high of $0.6732, the upward momentum will be stronger. Conversely, falling below the support level would signal a weakening trend.
Aptos: Facing pressure from token unlocks, prices are adjusting under pressure.
Aptos has been under pressure from token unlocks, with prices continually under pressure, falling from last December's high of $15.2 to $4.6, and the daily line showing a downward channel pattern, possibly testing the $4 lower support in the short term.
The token unlock ratio is only about 51%, and subsequent releases still need close attention.
Altcoins rise and fall dramatically: A quick look at the winners and losers list
Last week's biggest winner
Aerodrome Finance (AERO) surged 56% last week, with trading volume dramatically increasing, thanks to the upcoming DEX trading features on the Coinbase App, and expected popularity continuing to rise.
Mantle (MNT) is also not to be outdone, rising over 50% after the joining of Bybit executives as advisors, boosting project confidence.
Lido DAO (LDO) surged nearly 47% due to the significant update meeting on August 14, with bullish momentum.
Additionally, MYX Finance rose over 1300%, with Loan Protocol and SOON also performing strongly, showing the market's high speculative enthusiasm for small projects.
This week's main losers
Monero (XMR) has been affected by centralization concerns, with prices dropping from a high of $300 to around $270, showing clear downward pressure.
Toncoin (TON) dropped 10% this week, despite Telegram pushing for blockchain integration, but bulls have still been unable to stabilize the situation.
XDC Network (XDC) continues to show bearish trends, with a decline of over 5% and no clear signs of reversal in the short term.
Smaller tokens like Graphite Protocol (GP), Infinitar Governance Token (IGT), and Blackhole (BLACK) are deeply mired in losses.
Academic and institutional crypto layouts: Ivy League universities increase BTC holdings, 1 inch team cashes out profits
Speaking of which, Harvard and Brown, two of America's top Ivy League universities, recently publicly announced their BTC ETF positions. Bitwise's senior strategy director Juan Leon believes this indicates that massive funds are about to flood into Bitcoin, and other university funds may follow suit, further strengthening the BTC capital chain.
At the same time, the 1 inch team investment fund has sold part of its ETH and 1INCH tokens on-chain, earning about $8.36 million. They sold 5,000 ETH at an average price of $4,215, along with 1INCH token cash-out operations, successfully realizing a wave of profits.
Hong Kong regulatory trends: stablecoin exchanges are restricted, and definitions regarding exchange shop licenses are clearer.
Recently, Hong Kong regulators have taken new actions. Some exchange shops have suspended the conversion of stablecoins (USDT, USDC) with fiat currencies, and some have even closed down. The Hong Kong Monetary Authority responded that the exchange shops hold MSO licenses issued by customs and do not fall within the scope of the "stablecoin regulation" 'any provider', meaning that exchange shops cannot publicly provide stablecoins to retail or professional investors.
This indicates that Hong Kong's regulation of stablecoins is becoming stricter, and related businesses need to comply with regulations, which market participants should pay special attention to.
Institutional and big names' perspectives: The 'autumn' of the crypto market and layouts
Ethereum co-founder Joe Lubin is optimistic about ETH's future, predicting that fund management companies will push ETH's market value above BTC within a year.
Wang Feng, founder of Blue Port Interactive, predicts that Ethereum will challenge $5,000, with ample room for growth. He points out that the market sentiment towards Bitcoin and Ethereum should not be viewed in isolation, and the 'autumn of cryptocurrencies' is about to kick off, with DeFi, RWA, and meme coins poised for new opportunities.
Glassnode data shows that the number of first-time buyers and momentum buyers of ETH has significantly increased, indicating new demand entering the market and holders willing to increase their cost.
As stablecoin giants, Circle and Tether are massively holding US Treasuries, although stablecoins help consolidate the dollar's hegemony, they also bring concerns about potential risks to the banking system.
Market outlook: Increased probability of Federal Reserve rate cuts, attention to CPI data.
CME data shows that the probability of a rate cut by the Federal Reserve in September is as high as 90.7%, and the cumulative probability of a 25 basis point rate cut in October is nearly 50%. This news will undoubtedly become a key market catalyst, potentially triggering a new bullish trend.
Summary: In the ever-changing crypto world, opportunities and risks coexist.
Last week, the crypto market was filled with intense volatility and multi-party games. The record high of US debt and the expansion of stablecoin giants reflect the complex impacts brought by massive token unlocks and institutional fund heavy positions. The performance of tokens like Pepe, Pi Network, and Aptos showcases the diversity and potential of the current market, while projects like Aerodrome, Mantle, and Lido have significantly increased prices driven by core events.
At the same time, privacy coins like Monero are facing centralization risk pressures, reminding us that decentralization remains the lifeline of the crypto world. The actions and remarks of institutional giants also point us towards the long-term direction of crypto assets.
If you ask what to watch this week? The answer is: token unlock dynamics, US CPI data and the Federal Reserve's policy direction, price trends for Pepe, and the capital flow of major altcoins. After all, in the ever-changing crypto world, there will always be excitement and opportunities!
For investors, cautiously grasping the rhythm, paying attention to policy changes, and observing technological dynamics and on-chain capital flows may help capture the wealth opportunities that belong to you amid fluctuations.
Many understand the trend, but few are in tune with the rhythm.
The crypto world changes rapidly, with opportunities and risks coexisting. Learning to enter and exit strategically, protecting capital, is the way to move forward steadily and achieve wealth and growth.
Remember to DYOR, manage risks well, and wish everyone smooth sailing in the crypto world!
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