I. China Considers Issuing a RMB Stablecoin

Reuters reports that China is evaluating the launch of a stablecoin anchored to the RMB. If this signal is confirmed, it will represent a significant adjustment in policy tone compared to the comprehensive ban in 2021.


Potential Impact:


Policy Dimension: Expected to redefine the legal framework for digital assets in the Chinese market.


Market Landscape: Breaking the dominance of the US dollar stablecoin, bringing new cross-border settlement channels.

Liquidity: Cross-border capital flow may become smoother, enhancing market activity.


Commentary: If the RMB stablecoin is eventually launched, it could trigger a new wave of incremental capital.


II. Inflows from Wealthy Asian Families and Institutions

On the same day, Reuters cited multiple sources stating that wealthy Asian families and institutions are significantly increasing their allocation to crypto assets:

Singapore Fund NextGen Digital Venture has raised over $100 million in the short term, focusing on crypto investments;

A UBS survey shows that Chinese family offices plan to increase their allocation to crypto assets to about 5%.


Potential Impact:

Capital Characteristics: Family office capital is more long-term and stable, which can enhance market resilience.

Regional Landscape: The regulatory environment in Singapore, Hong Kong, and South Korea is friendly, and Asia may gradually become a regional center.


Wealth Effect: High-net-worth capital inflows may lead ordinary investors to follow suit, creating positive feedback.

Commentary: This indicates that institutions and the wealthy class remain optimistic about the long-term logic of the crypto market.


III. Market Atmosphere Before Powell's Speech

The market is paying attention to Fed Chairman Powell's speech at the Jackson Hole conference tonight at 22:00.


Interest rate futures show: A reduction of about 47 basis points is expected for the entire year of 2025, with a 70% probability of a rate cut in September.


Risk: If the speech is hawkish, risk assets may face short-term pressure; if it hints at supporting easing, it could drive another upward cycle.


Current Performance: Bitcoin has seen a slight pullback, but mainstream currencies like Ethereum and Solana remain resilient, indicating that the market has not shown significant panic.

IV. Comprehensive Assessment

Policy Aspect: If the RMB stablecoin is launched, it will be a structural benefit with far-reaching long-term effects.

Capital Aspect: The increase in allocations by wealthy Asian capital validates the long-term positive logic of the market.

Macroeconomic Aspect: Short-term trends are still dominated by Fed speeches, but the overall capital trend has not changed.

Investment Insights

Short-term: Focus on the outcome of Powell's speech, control positions, and avoid event-driven risks.

Medium to Long-term: The two major driving forces of policy and capital are accumulating, and corrections still present opportunities for positioning.

📌 Conclusion: Short-term volatility increases, but medium to long-term capital and policy support remain unchanged. Investors should balance defense and positioning, avoid chasing highs and selling lows, and maintaining patience is more advantageous.

Continuous Attention: $BTC $ETH $XRP MYX BIO KOMA PHA SKL

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