1. This week's large token unlocks
In the next 7 days, there will be large single unlocks (over $5 million) including SUI JUP OP KMNO HUMA VENOM SOPH ZETA ALT SAHARA REZ, and linear large unlocks (daily unlock over $1 million) including SOL WLD TIA DOGE TAO AVAX SUI DOT IP MORPHO ETHFI JTO ENS, with a total unlock value exceeding $620 million.
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2. The US banking industry urges amendments to the (GENIUS Act), fearing that interest-bearing stablecoins will trigger deposit outflows.
The American Bankers Association (ABA) and the Bank Policy Institute (BPI) are pushing for amendments to the recently passed (GENIUS Act), claiming it contains regulatory loopholes allowing trading platforms to pay returns to third-party stablecoin holders, which could lead to up to $6.6 trillion in deposits flowing out of the traditional financial system, weakening credit supply and raising borrowing costs.
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3. Strategy acquires 3,081 Bitcoins for approximately $356.9 million.
Strategy announced that it has acquired 3,081 Bitcoins for approximately $356.9 million, at an average price of $115,829. As of August 24, 2025, Strategy holds 632,457 Bitcoins, with an average acquisition price of $73,527 and a total cost of $46.5 billion.
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4. Purchasing virtual currencies to assist fraud groups in transferring funds. Court: constitutes the crime of concealing and hiding criminal proceeds.
On August 25, the Supreme Court held a press conference to release (Interpretation by the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Application of Law in Handling Criminal Cases Involving Concealment and Hiding of Criminal Proceeds), showing a typical case where three people conspired to transfer funds for an online fraud group; the court ruled that knowing it was other people's criminal proceeds, using virtual currencies and other means to assist in the transfer of criminal funds constitutes the crime of concealing and hiding criminal proceeds.
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5. Grayscale submits S-1 document to the SEC, proposing to launch Avalanche Trust (AVAX)
Grayscale Investments has submitted an S-1 registration statement to the SEC, planning to launch the Grayscale Avalanche Trust (AVAX) and list it on NASDAQ. The trust aims to track the price performance of AVAX, with assets custodied by Coinbase Custody and Coinbase, Inc. serving as the lead broker.
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6. Galaxy, Multicoin, and Jump plan to raise about $1 billion for the acquisition of SOL.
Galaxy Digital, Multicoin Capital, and Jump Crypto are in talks with potential supporters, planning to raise about $1 billion to acquire Solana (SOL), which would become the largest funding pool currently targeting the token. Sources say the three companies have hired Cantor Fitzgerald LP as the lead underwriter for the transaction and plan to create a digital asset fund management company by acquiring a publicly listed entity with an undisclosed name.
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7. Wu's insights on macro indicators and analysis this week: ECB meeting minutes, US GDP PCE
Summary
Last week, Powell's dovish remarks at the Jackson Hole annual meeting were widely interpreted as a clear signal for a rate cut in September; this week, focus will be on the ECB meeting minutes, US Q2 real GDP, and US July Core PCE.
Last Week Review
The Federal Reserve released the minutes of the July monetary policy meeting, indicating that Fed staff expect real GDP growth rates for 2025 to 2027 to be roughly consistent with previous forecasts. Although the effects of trade tariffs are thought to manifest later and to a lesser extent, the weak growth in consumer spending and downward adjustments in population expectations somewhat offset positive factors. The labor market is expected to weaken, with the unemployment rate expected to exceed the natural unemployment rate by the end of 2025 and remain above that level throughout the forecast period. Some participants pointed out that after the passage of the GENIUS Act, the use of payment stablecoins may increase, improving the efficiency of payment systems and driving demand for supporting assets (such as US Treasuries); at the same time, stablecoins may have widespread effects on the banking system and the execution of monetary policy, necessitating ongoing attention to their supporting assets and potential systemic risks.
For the week ending August 16, initial jobless claims in the US were 235,000, with expectations of 225,000 and a previous value of 224,000. Last week, initial jobless claims recorded the largest increase in nearly three months, indicating that layoffs may be increasing, further exacerbating signs of weakness in the labor market. The Labor Department stated that for the week ending August 16, initial jobless claims seasonally adjusted increased by 11,000 to 235,000, the largest increase since the end of May.
Federal Reserve Chairman Powell stated at the Jackson Hole annual meeting that the Fed is abandoning the flexible average inflation target framework established in 2020. We cannot take stable inflation expectations for granted, and the impact of tariffs on consumer prices is now clear. Employment alone may not necessitate tightening policy, especially if the tight labor market poses risks to price stability, which may require preemptive action.
Key events & indicators this week
August 26
The Reserve Bank of Australia releases the minutes of the August monetary policy meeting (09:30)
August 28
The European Central Bank releases the minutes of the July monetary policy meeting (19:30)
US Initial Jobless Claims for the week ending August 23 (thousands) (20:30)
US Q2 Real GDP Annualized Quarter-on-Quarter Revision (20:30)
The US imposes an additional 25% tariff on India, bringing the total tariff rate to 50%.
August 29
Federal Reserve Governor Waller speaks on monetary policy (06:00)
US July Core PCE Price Index Year-on-Year (20:30)
US August Michigan Consumer Sentiment Index Final Value (22:00)
August 31
China's August official manufacturing PMI (09:30)
