Today's news highlights:
Bitcoin's market cap has once again surpassed Amazon, rising to sixth place in the global asset market cap
CryptoQuant: ETH short-term support range is $3,980 to $4,020, resistance range is $4,450 to $4,550
Citigroup raised its S&P 500 year-end target to 6600 points: a reasonable pullback may occur in the stock market in the next three months
LayerZero Foundation proposed to acquire Stargate cross-chain bridge and its token STG for $110 million
Data: The trading volume of Hong Kong virtual asset ETFs has once again surpassed 100 million HKD after two months
Listed company BNC purchased 200,000 BNB, with a transaction amount of approximately $160 million
A certain whale/institution has once again increased its holdings of over $200 million ETH, currently holding over $900 million ETH
A certain whale/institution has accumulated 68,000 ETH since June 22, with a profit of $115 million
Macroeconomics
Ant Group refutes rumors of 'collaborating with the People's Bank of China and China Rare Earth Group to build the world's first rare earth RMB stablecoin'
According to Jin10, Ant Group has noticed rumors online claiming that 'Ant Group is collaborating with the People's Bank of China and China Rare Earth Group to build the world's first rare earth RMB stablecoin', which has induced investors to pay attention to related sectors. Ant Group stated that it has never had such plans with relevant institutions and urges the public to discern and beware of scams.
President of the Singapore Exchange: The Singapore Exchange may list cryptocurrency perpetual futures contracts before the end of the year
According to Jin10, the president of the Singapore Exchange stated that the exchange may list cryptocurrency perpetual futures contracts before the end of the year. Cryptocurrency trading is not suitable for retail investors, and cryptocurrency products will be launched to meet institutional demand.
Bitcoin's market cap has once again surpassed Amazon, rising to sixth place in the global asset market cap
8marketcap data shows that Bitcoin's market cap has once again surpassed Amazon, reaching $2.421 trillion, rising to sixth place in the global mainstream asset rankings.
U.S. Treasury Secretary: Leading the search for Powell's successor
According to CCTV news, on August 10 local time, U.S. Treasury Secretary Besant stated that he is leading the search for a successor to Federal Reserve Chairman Powell.
Viewpoint
CryptoQuant: ETH short-term support range is $3,980 to $4,020, resistance range is $4,450 to $4,550
CryptoQuant analyst CryptoOnchain pointed out that Ethereum's market leverage is close to historical highs (ELR reached 0.68), with Binance's leverage lower (0.52), indicating that other exchanges are using higher leverage. Additionally, Binance's net inflow is significantly higher than the overall exchange average, which may indicate localized selling pressure risk. Mid-term bullish factors include institutional demand and network growth: U.S. Ethereum spot ETF daily net inflows reached a record $726.6 million, total holdings surpassed 5M ETH (about $20.3 billion); Ark Invest and Fundamental Global purchased 30,755 ETH and allocated $200 million in Ethereum inventory, indicating increased institutional confidence. Meanwhile, on-chain transaction volume reached new highs, staking participation continues to grow, regulatory clear support for liquid staking, and upcoming upgrades (Pectra, Fusaka) will further enhance Ethereum's scalability and utility. Short-term volatility risks are increasing, with high leverage, resistance tests, and exchange inflows potentially triggering sharp downward fluctuations, but strong institutional inflows, ETF demand, and network upgrades are expected to limit significant pullbacks and support a long-term upward trend. Key price levels: support range $3,980–$4,020, resistance range $4,450–$4,550.
Analysis: Institutional buying and regulatory benefits drive ETH's next target price to $4,362
According to Matrixport analysis, Ethereum's price has broken the $4,000 mark, reaching a new high since the end of 2021. This round of growth is mainly driven by institutional buying and a wave of short liquidations. The on-chain daily transaction volume exceeded 1.8 million, and more than 30% of the supply has been staked. Additionally, the SEC's ruling that liquid staking tokens are not securities brings significant regulatory benefits to the industry, further boosting market confidence. Some listed companies are accelerating their layout, with the scale of ETH held in their treasuries surpassing $3.5 billion, nearly ten times higher than last year. The next market target may be $4,362, with the historical high of $4,892 still being the ultimate milestone.
Citigroup raised its S&P 500 year-end target to 6600 points: a reasonable pullback may occur in the stock market in the next three months
According to Jin10 data, Citigroup raised its S&P 500 index year-end target from 6300 to 6600 points. Citigroup's head of U.S. options strategy, Stuart Kaiser, stated that its derivatives trading department has recently noticed a significant increase in asset management clients' demand for shorting iShares index or junk bond indicators. This may reflect macro investors' expectations for future market direction or indicate that they are hedging against potential pullback risks in risk assets. Kaiser noted that the behavior of hedging credit risk suggests that the stock market may experience a reasonable pullback in the next three months.
Bank of America: 'Long the big seven tech giants' becomes the most crowded trade again, with 78% of respondents expecting short-term interest rates to decline in the next 12 months
According to Jin10 data, Bank of America's August fund manager survey shows that investors are once again pouring into the stock market due to optimistic earnings performance and improved economic sentiment, with 'long the big seven tech giants' becoming the most crowded trade, including large tech stocks like Nvidia and Microsoft. The survey covered 169 fund managers managing $413 billion in assets, with 45% of respondents considering this trade the hottest. Global investor sentiment has reached a new high since February 2025, with only 5% of institutions betting on the likelihood of a hard landing for the economy. The net equity allocation ratio increased to 14%, the highest since this year, but still below last December's 49%. Additionally, 78% of respondents expect short-term interest rates to decline in the next 12 months, with trade wars and inflation seen as major tail risks.
CryptoQuant: ETH short-term support range is $3,980 to $4,020, resistance range is $4,450 to $4,550
CryptoQuant analyst CryptoOnchain pointed out that Ethereum's market leverage is close to historical highs (ELR reached 0.68), with Binance's leverage lower (0.52), indicating that other exchanges are using higher leverage. Additionally, Binance's net inflow is significantly higher than the overall exchange average, which may indicate localized selling pressure risk. Mid-term bullish factors include institutional demand and network growth: U.S. Ethereum spot ETF daily net inflows reached a record $726.6 million, total holdings surpassed 5M ETH (about $20.3 billion); Ark Invest and Fundamental Global purchased 30,755 ETH and allocated $200 million in Ethereum inventory, indicating increased institutional confidence. Meanwhile, on-chain transaction volume reached new highs, staking participation continues to grow, regulatory clear support for liquid staking, and upcoming upgrades (Pectra, Fusaka) will further enhance Ethereum's scalability and utility. Short-term volatility risks are increasing, with high leverage, resistance tests, and exchange inflows potentially triggering sharp downward fluctuations, but strong institutional inflows, ETF demand, and network upgrades are expected to limit significant pullbacks and support a long-term upward trend. Key price levels: support range $3,980–$4,020, resistance range $4,450–$4,550.
Project dynamics
LayerZero Foundation proposed to acquire Stargate cross-chain bridge and its token STG for $110 million
According to The Block, LayerZero Foundation proposed to acquire Stargate cross-chain bridge and its STG token for $110 million. According to the proposal terms, STG tokens will be deactivated, and STG holders can exchange their tokens for LayerZero's native token ZRO at a ratio of 1 STG for 0.08634 ZRO, equivalent to each STG valued at $0.1675 and each ZRO valued at $1.94. Stargate will be incorporated into LayerZero Foundation, and its DAO will be dissolved. The proposal states: 'This proposal aims to accelerate the development of Stargate and LayerZero, providing resources to Stargate to implement an aggressive roadmap, expand its privileges beyond bridging, while connecting a strong revenue-generating protocol deeply with the LayerZero ecosystem, allowing end consumers to engage more deeply with LayerZero.'
Binance Alpha points phase 1 surpasses 227, eligible to claim 525 SatLayer tokens SLAY airdrop
Binance Alpha becomes the first platform to launch SatLayer (SLAY), with Alpha trading beginning at 18:00 Beijing time on August 11, 2025. Eligible users can claim 525 SLAY airdrops using Binance Alpha points within 24 hours after trading starts through the Alpha Events page. The airdrop is conducted in two phases: the first phase (the first 18 hours) requires at least 227 points, and the second phase (the last 6 hours) requires at least 200 points, with the score threshold automatically decreasing by 15 points every hour until the rewards are distributed.
Binance: Hold at least 200 Alpha points to claim 800 XCX token airdrop
According to Binance's official announcement, Xeleb Protocol (XCX) Alpha trading will begin on August 11 at 16:00 (UTC+8). After trading starts, users holding at least 200 Binance Alpha points can claim 800 XCX tokens airdrop. First come, first served. If the activity is not finished, the score threshold will automatically decrease by 15 points every hour. Claiming the airdrop will consume 15 Binance Alpha points. Users must confirm the claim within 24 hours on the Alpha event page, otherwise it will be considered a waiver of the airdrop.
Important data
Data: The trading volume of Hong Kong virtual asset ETFs has once again surpassed 100 million HKD after two months
Hong Kong stock market data shows that as of the close, today's trading volume of all Hong Kong virtual asset ETFs is approximately HKD 106.3 million. Among them: Huaxia Bitcoin ETF (3042.HK/9042.HK/83042.HK) had a trading volume of HKD 41.14 million, Huaxia Ethereum ETF (03046.HK/09046.HK/83046.HK) had a trading volume of HKD 50.26 million; Jiashi Bitcoin ETF (03439.HK/09439.HK) had a trading volume of HKD 2.1735 million, Jiashi Ethereum ETF (03179.HK/09179.HK) had a trading volume of HKD 4.46454 million; Bosera Bitcoin ETF (03008.HK/09008.HK) had a trading volume of HKD 2.3398 million, Bosera Ethereum ETF (03009.HK/09009.HK) had a trading volume of HKD 5.89958 million. Previously, news on June 6 reported that the trading volume of Hong Kong virtual asset ETFs was approximately HKD 126.9 million.
Ethereum spot ETF saw a net inflow of $327 million last week, continuing a 13-week net inflow
According to SoSoValue data, during the trading week (August 4 to August 8, Eastern Time), Ethereum spot ETF saw a net inflow of $327 million, notably all nine ETFs had net inflows. The Ethereum spot ETF with the highest net inflow last week was Fidelity ETF FETH, with a weekly net inflow of $109 million, bringing FETH's total historical net inflow to $2.37 billion; followed by Blackrock ETF ETHA, with a weekly net inflow of $105 million, currently ETHA's total historical net inflow is $9.85 billion. As of the time of writing, the total net asset value of Ethereum spot ETFs is $23.38 billion, with an ETF net asset ratio (market cap compared to total Ethereum market cap) reaching 4.77%, and historical cumulative net inflows have reached $9.82 billion.
Bitcoin spot ETF saw a net inflow of $247 million last week, with Blackrock IBIT leading with a net inflow of $189 million
According to SoSoValue data, during the trading week (August 4 to August 8, Eastern Time), Bitcoin spot ETF saw a net inflow of $247 million. The Bitcoin spot ETF with the highest net inflow last week was Blackrock Bitcoin ETF IBIT, with a weekly net inflow of $189 million, currently IBIT's total historical net inflow is $57.79 billion. The next was Bitwise ETF BITB, with a weekly net inflow of $62.26 million, currently BITB's total historical net inflow is $2.32 billion. The Bitcoin spot ETF with the highest net outflow last week was Fidelity ETF FBTC, with a weekly net outflow of $55.18 million, currently FBTC's total historical net inflow is $12.03 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $150.7 billion, with an ETF net asset ratio (market cap compared to total Bitcoin market cap) reaching 6.48%, and historical cumulative net inflows have reached $54.43 billion.
A certain whale/institution has accumulated 68,000 ETH since June 22, with a profit of $115 million
According to monitoring by @ai_9684xtpa, whale/institution 0x395...45500 has accumulated 68,000 ETH since June 22, with an average price of $2,597, realizing a profit of $115 million in just one and a half months. This address accumulated ETH from $2,284 all the way to $4,302, and in the last five minutes withdrew 8,745 ETH from Binance again.
Nansen CEO transferred 1 million LDO into Coinbase half an hour ago, currently still holding 1 million LDO
Nansen CEO Alex Svanevik transferred 1 million LDO (worth $1.46 million) into Coinbase half an hour ago. Alex Svanevik received an investment/advisor allocation of 5 million LDO from Lido in December 2020; after this transfer, he still holds 1 million LDO.
1inch team investment fund sells part of its ETH and 1INCH, realizing a profit of $8.36 million
According to on-chain analyst Yu Jin's monitoring, the 1inch team's investment fund has begun to sell off previously purchased ETH and 1INCH on-chain. They have sold 5,000 ETH at an average price of $4,215 for a total of $21.07 million; and have sold 6.45 million 1INCH at an average price of $0.28 for a total of $1.8 million. The portion of ETH and 1INCH sold today has realized a profit of $8.36 million. ETH was acquired in February for $28.85 million at a price of $2,577 for 11,198 ETH; 1INCH was purchased in July for $15.65 million at a price of $0.253 for 61.76 million 1INCH.
A certain whale/institution has once again increased its holdings of over $200 million ETH, currently holding over $900 million ETH
According to Onchain Lens monitoring, a certain whale/institution has increased its holdings by 49,533 ETH from Galaxy Digital and FalconX, worth $210.68 million. Currently, this whale holds a total of 221,166 ETH, valued at $940.73 million, distributed across six different wallets. Previously, a certain whale/institution accumulated over 170,000 ETH in the past four days, approximately $670 million.
Institutional holdings
French listed company Capital B increased its holdings by 126 BTC, with a year-to-date BTC return of 1,519.5%
French listed company Capital B tweeted confirming the acquisition of 126 BTC for approximately €12.4 million, bringing its total holdings to 2,201 BTC, with a year-to-date BTC return of 1,519.5%.
Strategy's purchase of Bitcoin marks its 5th anniversary, achieving an approximate 2600% price increase
According to Cointelegraph, Strategy's first purchase of Bitcoin marks its five-year anniversary, helping its stock price soar nearly 2600% since 2020, pulling it out of a 20-year slump. MicroStrategy Inc. (now renamed Strategy) first purchased Bitcoin on August 11, 2020, spending $250 million to acquire 21,454 BTC, which founder Michael Saylor called a 'new capital allocation strategy'. The company has since spent $46 billion acquiring 628,791 BTC, becoming the company with the largest Bitcoin holdings among all public and private companies, inspiring countless other companies to follow suit. These purchases have driven MicroStrategy's stock price (MSTR) up over 2,595% in the past five years, closing at over $395 last Friday, while its stock price was less than $15 five years ago.
Listed company BNC purchased 200,000 BNB, with a transaction amount of approximately $160 million
According to Globenewire, listed company CEA Industries Inc. (NASDAQ: BNC) announced that its fund management business BNB Network Company has purchased 200,000 BNB tokens, with a transaction amount of approximately $160 million, becoming the world's largest BNB holder. Prior to this acquisition, the company completed a $500 million private placement, led by 10X Capital and in collaboration with YZi Labs, aimed at supporting a BNB-centric funding strategy—BNB has now become the company's primary reserve asset.
