Headlines
▌Citigroup is considering offering custody and payment services for stablecoins and cryptocurrency ETFs
Citigroup is exploring custody, payment, and dollar exchange services for stablecoins and cryptocurrency-related ETFs, planning to hold U.S. Treasury bonds and cash backing stablecoins, and may issue its own stablecoin. This move is driven by the U.S. Congress passing stablecoin legislation and the Trump administration easing regulations. Citigroup is also considering utilizing stablecoins for cross-border instant payments and discussing application scenarios with clients. Currently, the custody business in this field is dominated by Coinbase.
▌U.S. Treasury Secretary: The U.S. is establishing Bitcoin reserves
U.S. Treasury Secretary Besant stated that the U.S. is establishing Bitcoin reserves as 'a means of value storage for the people.'
Market Trends
As of the time of writing, according to data from CoinGecko:
BTC price is $118,542, 24-hour change -4.0%;
ETH price is $4,567.88, 24-hour change -4.2%;
BNB price is $842.13, 24-hour change -0.8%;
SOL price is $192.98, 24-hour change -4.7%;
DOGE price is $0.224, 24-hour change -8.8%;
XRP price is $3.09, 24-hour change -6.0%.
TRX price is $0.3583, 24-hour change -1.0%.
Policy
▌The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority issued a joint statement regarding market fluctuations related to stablecoins
The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority have noted recent market fluctuations related to the concept of stablecoins. The Monetary Authority reiterated that it would take a robust and prudent approach when considering license applications from stablecoin issuers and set a higher threshold. The Monetary Authority emphasized that expressing interest or submitting a stablecoin license application, as well as communications with relevant institutions, are merely part of the licensing process, and the final issuance of a license will depend on whether the application meets the licensing conditions. Given the significant uncertainties surrounding these plans or application outcomes, the aforementioned fluctuations driven by market sentiment or speculation highlight the necessity of remaining vigilant during market exuberance. Severe fluctuations in stock prices may lead to irrational decisions, exposing investors to unnecessary risks. In this regard, the Hong Kong Securities and Futures Commission and the Monetary Authority urge the public to exercise caution, conduct in-depth analyses of relevant information, and avoid making irrational investment decisions based solely on market speculation or price momentum. The public should remember that making well-considered and informed decisions in a volatile environment is crucial for risk reduction.
▌Fintech and cryptocurrency industry executives urge Trump to ban banks from charging data access fees
Executives from the fintech and cryptocurrency industries urge the Trump administration to ban U.S. banks from charging fees for accessing customer data, as this fee touches the core of the banking business model. Numerous companies, investors, and lobbying groups, including Klarna Group Plc, Robinhood Markets Inc., and the cryptocurrency exchange Gemini, signed a letter to President Donald Trump, stating that the proposed fee would 'undermine' innovation and 'could lead to the complete collapse of small businesses and financial tools.'
▌Besant: Not urging the Federal Reserve to cut rates, just citing model results
U.S. Treasury Secretary Besant stated that he is not calling for a series of rate cuts from the Federal Reserve, but merely pointing out that models show the 'neutral' rate will be about 1.5 percentage points lower than it is now. Besant stated, 'I’m not telling the Federal Reserve what to do.' He referred to comments made the previous day regarding the Federal Reserve 'beginning a series of rate cuts.' Besant said on Thursday, 'What I'm saying is that to reach a neutral rate, a cut of about 150 basis points is needed. If one believes in the existence of a neutral rate, I think there is room for a series of cuts, but I am not calling for rate cuts, nor am I advocating for them; I am just saying that the neutral rate calculated by the model is about 150 basis points lower than the current level.'
▌The U.S. will temporarily waive some sanctions against Russia
Citing reports from Ukraine (Kyiv Independent), on the 14th, the U.S. Treasury announced that it would temporarily waive some sanctions against Russia, allowing relevant transactions necessary for preparations for the U.S.-Russia summit in Alaska, in order to advance the summit preparations. (Global Times)
Blockchain Applications
▌Coinbase has completed its acquisition of Deribit
Coinbase announced that it has completed its acquisition of Deribit, officially becoming the most comprehensive cryptocurrency derivatives platform globally. Prior to this acquisition, Deribit had just set records for monthly trading volume and revenue—trading volume exceeded $185 billion in July 2025, with approximately $59 billion in open interest on the current platform, while enthusiasm for cryptocurrency options is continuously rising globally.
▌Google spent $3.7 billion to acquire 8% of Bitcoin mining company TeraWulf
According to market news released by @BTC_Archive: Google spent $3.7 billion to acquire 8% of Bitcoin mining company TeraWulf.
Cryptocurrency
▌U.S. Treasury Secretary: The U.S. is exploring ways to acquire more Bitcoin in a 'budget-neutral' manner
U.S. Treasury Secretary Besant: Seized Bitcoins will serve as the U.S. strategic reserves, and the U.S. is exploring ways to acquire more Bitcoins in a 'budget-neutral' manner.
▌The U.S. government is estimated to hold up to 165,000 Bitcoins
According to market news released by @pete_rizzo_: The U.S. government is estimated to hold up to 165,000 Bitcoins, confirming that the U.S. has become one of the top ten Bitcoin holders globally, which will have far-reaching effects worldwide.
▌U.S. Treasury Secretary: Will stop selling Bitcoin holdings
U.S. Treasury Secretary Besant: The value of Bitcoin reserves is approximately $15 billion to $20 billion, and we will stop selling Bitcoin holdings.
▌Abu Dhabi Sovereign Wealth Fund holds $530 million in BlackRock Bitcoin ETF
According to documents disclosed by the U.S. SEC today, Abu Dhabi Sovereign Wealth Fund Mubadala held 8,726,972 shares of IBIT as of June 30, valued at approximately $534 million. This holding has remained unchanged since the previous filing in May. Additionally, in a new document, Al Warda Investments disclosed that it held 2,411,034 shares of IBIT as of June 30, valued at approximately $147.5 million. The manager of this holding is noted in the document as the Abu Dhabi Investment Council, which is a sovereign wealth fund under Mubadala.
▌The U.S. SEC has postponed the approval of the Solana ETF to October 16
The U.S. Securities and Exchange Commission (SEC) has postponed its approval decision for the Bitwise Solana ETF and 21Shares Core Solana ETF to October 16. The SEC stated in its announcement that this move is to allow sufficient time to review the relevant proposals and raised questions. Previously, applications for Solana ETFs, including those from Grayscale and Fidelity, had also faced similar delays, which has become standard practice for the SEC in handling cryptocurrency ETF proposals.
▌The total holdings of Ethereum treasury companies and ETFs have surpassed 10 million ETH, valued at approximately $46.22 billion
According to the latest data from Strategicethreserve, the total holdings of Ethereum treasury companies and ETFs have surpassed 10 million ETH, currently reaching 10.01 million ETH, valued at approximately $46.22 billion. Among them, the number of ETH reserves held by Ethereum treasury companies has reached 3.57 million (approximately $16.49 billion), while the number of ETH held by Ethereum ETFs has reached 6.44 million (approximately $29.73 billion).
▌The total scale of Ethereum ETFs has surpassed $30 billion, setting a historical high
According to a chart released by @SERdotxyz, the total scale of Ethereum ETFs has surpassed $30 billion, setting a historical high.
▌Publicly listed company Sequans aims to purchase 100,000 Bitcoins by the end of 2030
Publicly listed company Sequans (NYSE: SQNS) announced a strategic plan to accumulate 100,000 Bitcoins by the end of 2030. The company initiated its Bitcoin reserve strategy in July 2025 and currently holds 3,171 Bitcoins, ranking 22nd among publicly listed companies globally. Sequans will continue to optimize its asset structure through phased capital operations, including equity issuance, Bitcoin collateralized loans, and monetization of intellectual property.
▌BNB Network Company announces an increase of 88,888 BNB
NASDAQ-listed company BNB Network Company (BNC) announced that after increasing its holdings by 200,000 BNB tokens earlier this week, it has continued to increase its holdings by 88,888 BNB, marking another step towards its publicly announced goal of holding 1% of the total supply of BNB by the end of 2025.
▌Publicly listed company Jeffs' Brands in the U.S. announces the launch of a $75 million cryptocurrency fund management plan
E-commerce company Jeffs' Brands (NASDAQ: JFBR) announced the launch of an AI-driven cryptocurrency fund management strategic plan. This plan will invest up to $75 million to manage five major cryptocurrencies including Bitcoin to optimize returns. The plan will be managed by Quantum Crypto, an affiliate of the large Israeli cryptocurrency company Tectona Ltd. Under the agreement between both parties, Quantum Crypto will provide cryptocurrency fund management services, including infrastructure development, trading, and staking services.
▌USDC Treasury has minted 940 million USDC in the past 9 hours
According to Whale Alert monitoring, in the past 9 hours, USDC Treasury has minted a total of 940 million USDC in 10 transactions.
Important Economic Dynamics
▌The number of initial jobless claims in the U.S. for the week ending August 9 is 224,000
The number of initial jobless claims in the U.S. for the week ending August 9 is 224,000, expected to be 228,000, and the previous value was revised from 226,000 to 227,000.
▌Trump: Inflation has dropped to a perfect level
U.S. President Trump: Inflation has dropped to a perfect level; there is virtually no inflation.
▌Powell's speech time at the Jackson Hole meeting is released, and the market focuses on interest rate cut expectations and successor candidates.
According to the Federal Reserve's schedule, Chairman Powell will deliver a speech on economic prospects and the Federal Reserve's policy framework assessment at the annual central bank meeting of the Kansas City Federal Reserve held in Jackson Hole, Wyoming, at 10 AM Eastern Time on August 22 (10 PM Beijing time). This speech comes at a critical moment: the latest data shows that tariff measures have had some impact on inflation, while the labor market is slowing down. This complex situation has strengthened market expectations that the Federal Reserve may announce a 25 basis point interest rate cut at next month's meeting. Meanwhile, U.S. President Trump continues to pressure for rate cuts and is looking for a successor. Powell's term as Federal Reserve Chairman will end in May next year.
▌Federal Reserve's Musalem: It's still too early to decide on the September interest rate decision
Federal Reserve's Musalem stated that it is still too early to decide whether to cut rates at next month's meeting. When asked if there was reason to cut rates by 50 basis points next month, Musalem said, from his perspective, this would not be 'supported by the current economic conditions and outlook.' Musalem mentioned that 'data is starting to give us some signs indicating the possibility of sustained inflation.' Meanwhile, he cited 'downside risks to the labor market.' Musalem noted that the slowdown in U.S. economic growth, coupled with tariffs impacting corporate profit margins, could threaten the labor market, which has performed well so far. He stated, 'I weigh these two factors, and when we see tensions between two objectives, a balanced strategy needs to be adopted.'
▌The Federal Reserve's reverse repo scale has fallen to a new low since 2021
The Federal Reserve accepted a total of $28.818 billion from 14 counterparties in fixed-rate reverse repos, marking a new low since 2021.
Golden Encyclopedia
▌How does MicroStrategy use BTC to increase its stock price by over 1,000 times?
Corporate treasuries are the financial nerve centers of companies, responsible for ensuring liquidity, managing risks, and optimizing returns. Traditionally, they are conservative, relying on fiat currencies, bonds, and other stable investments. However, MicroStrategy has adopted Bitcoin as its primary reserve, breaking this mold. The goal of fund managers is to strike a delicate balance between risk and return. Their primary aim is to protect the company's assets from market downturns or liquidity crises while ensuring optimal returns on the remaining funds they manage. They should also engage in risk management during periods of market volatility and stress. This is why MicroStrategy emphasizes incorporating Bitcoin into its treasury, challenging traditional norms and adopting a high-risk, high-return strategy. As a result, this bold strategy has not only altered its balance sheet but also transformed its stock performance, solidifying the company's position as a pioneer in cryptocurrency adoption.
MicroStrategy co-founder and executive chairman Michael Saylor views Bitcoin as a remedy for fiat inflation. He believes the purchasing power of the dollar is rapidly diminishing, while Bitcoin, due to its limited supply, has excellent value retention capabilities. This strategy transforms MicroStrategy into a hybrid of a software company and a cryptocurrency investment tool. MicroStrategy utilizes financing strategies such as stock issuance, debt financing, free cash flow, and Bitcoin-backed loans to drive its Bitcoin purchases. Its strategy needs to align with mainstream financial service norms while ensuring it can manage volatile assets like Bitcoin. MicroStrategy's bold Bitcoin acquisition strategy, utilizing convertible notes and dollar-cost averaging, has transformed it from a struggling software company into a Bitcoin proxy firm, propelling its stock price up over 1,000 times and redefining its market image.
