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📊 Key Data
According to comprehensive data from DefiLlama and Glassnode, the market has shown two key trends in the past 24 hours:
“Ammunition depot” continues to expand: The total market capitalization of stablecoins across the network has surpassed $270 billion, setting a historic high, showing that a large amount of off-exchange funds is still flowing into the crypto ecosystem.
“Spot” continues to leave the market: Bitcoin is experiencing a sustained net outflow from exchanges, with a large amount of BTC being withdrawn from trading platforms to private wallets.
💡 Data Interpretation
These two seemingly independent indicators together form a strong ‘bullish divergence’ signal. On one hand, the market's potential purchasing power (stablecoins) is reaching unprecedented levels; on the other hand, the available spot Bitcoin (exchange reserves) for sale is continuously decreasing. This indicates that new incoming funds are not in a hurry to chase prices, while existing holders are more inclined to convert assets for long-term storage rather than selling.

⚡ Event Flash
On August 22, 2025, U.S. time, at the globally watched Jackson Hole annual meeting, Federal Reserve Chairman Powell delivered a key speech on monetary policy. The market widely interpreted it as a more 'dovish' signal than expected, hinting at the possibility of future rate cuts, instantly igniting the risk asset market, with Bitcoin and Ethereum surging in response, leading to over $320 million in short positions being liquidated in the crypto derivatives market in a short period.
🔍 Core Interpretation
This event is a perfect case of how macroeconomics directly manipulates crypto market sentiment.

⚡ Event News
On August 19, 2025, Hong Kong's cryptocurrency regulation witnessed two milestone events: The Hong Kong Monetary Authority (HKMA) officially released legislative proposals for the regulation of stablecoin issuers and launched a 'sandbox' arrangement; at the same time, the transitional period for license applications set by the Hong Kong Securities and Futures Commission (SFC) for virtual asset service providers (VASP) is also coming to an end.
🔍 Core Interpretation
These two seemingly independent events together form a clear macro signal: Hong Kong is accelerating the construction of a comprehensive, clear, and internationally aligned cryptocurrency regulatory framework.

🎯 Core Question: In today's world where mobile payments are so convenient, we seem to have no shortage of payment tools. So why do we still need a brand new, intangible 'digital currency' like Bitcoin?
📚 Key Knowledge Points:
Key Point One: [The Essence of Money]
Regardless of whether the form is shells, gold, or paper currency, the core functions of money always remain three points:
Store of value
(can save money),
Medium of exchange
(can spend money) and
Unit of account
(can price). The evolution of money is the process by which humanity seeks better mediums to achieve these three functions. Paper money (fiat money) has prevailed in modern times due to its portability and standardization, but it also brings a fatal weakness.

📊 Key Data
According to DefiLlama and MEXC Global data, as of August 18, 2025, the total market capitalization of stablecoins has surpassed $270 billion, setting a historical record.
💡 Data Interpretation
Stablecoins are the 'dollars' of the crypto world, and the growth of their total market capitalization directly reflects how much 'offshore capital' is flowing into this market. This represents the ongoing strengthening of the market's potential purchasing power (commonly known as 'ammunition'), reaching unprecedented levels of underlying liquidity and absorption capacity.
🤔 Potential Impact
This enormous amount of funds parked in stablecoins is like 'gunpowder' for the market. Once there are clear bullish signals in the market, this purchasing power could surge into Bitcoin, Ethereum, or other mainstream assets, providing strong fuel for the next upward movement. It indicates that despite price fluctuations, the long-term trend of capital entering the crypto space has not changed.

🎯 Core Argument of the Week
This week, the market staged a song of ice and fire amid the steady layout of 'old money' and the accelerated implementation of 'new regulations.' On one hand, seasoned capital represented by long-term holders is aggressively accumulating against the trend, injecting underlying confidence into the market (fire); on the other hand, the continuous tightening of regulations and the exposure of vulnerabilities in public chain security models bring an unshakeable chill to the market (ice).
📊 Argument Support
Flame: Counter-Trend Layout of Seasoned Capital
Key Data 1 (Glassnode): Long-term holders (LTH) of Bitcoin have net accumulated over 167,000 BTC in the past 30 days. This indicates that during the market pullback, 'smart money' is firmly buying the dip and accumulating structurally.

⚡ Event Overview
On August 15, 2025, U.S. time, the Federal Reserve (The Fed) officially announced that it would dissolve its special task force established for overseeing cryptocurrency and digital asset issues, with its functions being integrated into the existing banking regulatory department of the Fed.
🔍 Core Interpretation
This move does not represent a relaxation of regulation, but rather a symbolic strategic shift. It conveys two core signals:
From 'special' to 'regular': This indicates that in the eyes of the Federal Reserve, cryptocurrency assets are no longer 'marginal matters' that require a special team for isolated study, but are being formally included in the macro framework of traditional financial regulation. This marks a significant step forward in the 'mainstreaming' process of cryptocurrency assets at the regulatory level.

Welcome to the second lesson of the beginner village. Today, let's talk about the cornerstone of cryptocurrency - Blockchain.
In simple terms, blockchain is a public, decentralized, and immutable digital ledger. It consists of a series of 'blocks' linked together, with each block recording transaction information. The cleverness of this design lies in the fact that copies of the ledger are distributed across thousands of computers worldwide, and no single entity can control it, thereby ensuring security and transparency.
But you might ask: If blockchain is so powerful, why does it feel much slower than using a credit card when we transfer cryptocurrency in our daily lives?

📊 Key Data
On August 13, CryptoQuant analyst Axel Adler Jr stated, 'As of August 2025, the estimated leverage ratio (ELR) for Bitcoin futures has reached its highest level in the past five years, surpassing the critical value of +0.4.'
💡 Data Interpretation
The estimated leverage ratio is the ratio of the total value of open contracts in the derivatives market to the total value of spot reserves on exchanges. The surge in this indicator means that the current market is experiencing a high level of leveraged speculative trading relative to actual spot holdings. In simple terms, market sentiment is becoming increasingly greedy, with a large number of traders borrowing money (using leverage) to bet on one-sided price movements.

⚡ Event Overview
According to data platform SoSoValue, on August 11, 2025, U.S. time, all Ethereum spot ETFs in the market recorded the highest single-day net inflow since their launch, totaling up to $1.02 billion. Among them, asset management giant BlackRock's ETHA contributed more than half of the funds.
🔍 Core Interpretation
This number is not just a record; it is a strong market signal revealing a fundamental shift in institutional capital's attitude towards Ethereum.
Verifying Institutional Demand: Similar to the path of Bitcoin ETFs, the launch of Ethereum spot ETFs provides traditional financial institutions with a compliant and convenient channel to allocate Ethereum. This record influx of funds strongly demonstrates the substantial institutional demand for Ethereum in the market.

Hi, welcome to the 'Onchain View' beginner village! Taking the first step always requires courage. We have organized 3 key principles to help you safely complete your first cryptocurrency transaction.
1. Choose the right 'exchange', rather than listening to friends.
Exchanges are like banks for cryptocurrencies; safety and reliability are the top priorities. Choose globally leading, large user base, and regulated platforms (e.g., Binance), and avoid small exchanges that are obscure and only promoted within specific communities.
2. Start with 'mainstream coins', and avoid small coins.

📈 Last Week's Data Observation
According to the weekly report from on-chain data platform Glassnode, last week (from August 4 to August 10), there was a significant net outflow of about 25,000 Bitcoin (BTC) from major exchanges. Meanwhile, the supply of Bitcoin controlled by 'long-term holders' (addresses holding for more than 155 days) reached a historical high of 76.5% of the total circulating supply.
🤔 Market Interpretation
A decrease in exchange reserves is typically interpreted by the market as a positive signal. This indicates that investors prefer to transfer Bitcoin from exchanges to private wallets for long-term storage, rather than keeping it on the market ready for sale, which reduces potential sell-off pressure.

Do you often hear the term DeFi but find it complex and distant? Don't worry, today Onchain View will help you understand DeFi in three minutes in the simplest way and remind you of the risks to watch out for!
What is DeFi?
DeFi stands for Decentralized Finance, which means decentralized finance. You can think of it as a financial world without banks or intermediaries.
💡 Decentralized: Refers to a system not controlled by a single organization or individual, but maintained by many participants.
In the world of DeFi, all financial services (such as lending, trading, saving) are automatically executed on the blockchain through smart contracts, allowing everyone to participate freely without the constraints of the traditional financial system.

Hello, cryptocurrency newcomers! Have you often heard of the two giants, Bitcoin and Ethereum, but can't quite understand their differences? As we celebrate Ethereum's tenth anniversary, Onchain View is here to analyze their unique features and future potential!
Bitcoin and Ethereum are both applications of blockchain technology, but their 'missions' are very different.
Bitcoin: The embodiment of digital gold
Bitcoin is the first decentralized cryptocurrency, founded by Satoshi Nakamoto. Its primary goal is to become a form of digital gold or a value storage tool independent of governments and banks.

Hello, Web3 newbies! Are you curious about this decentralized world? But don't rush in, Onchain View is here to tell you the 5 common 'pits' that new Web3 users easily fall into! Avoid these, and your Web3 journey will be smoother!
1. Blindly following others, buying whatever others buy
Did you see everyone in the group saying a certain coin is going to rise, and you just follow and buy? Be careful! The cryptocurrency market changes rapidly; just because others are making money doesn't mean you will too. Make sure to do your own research before deciding!
2. FOMO (Fear Of Missing Out) kicks in, chasing highs and selling lows

Hey, cryptocurrency newcomers! Do you often hear about USDT but can't quite figure out what it is? Don't worry, today Onchain View is here to help you decode it!
USDT, full name Tether, is a stablecoin.
💡 Stablecoin: You can think of it as the 'digital dollar' of the cryptocurrency world! Its value is usually pegged to a stable asset (like the US dollar or gold), so price fluctuations are minimal, making it very suitable for hedging or trading.
USDT is called the 'king of stablecoins' because it is currently the largest and most widely used stablecoin, playing a super important role in cryptocurrency trading!