"The bear market entering hibernation" doesn't mean immediately entering a crash mode. Essentially, it means not to expect an instant surge. The market will most likely experience choppy fluctuations and require waiting for macro conditions to align. Just today, Bitcoin touched 79,600. Currently, 80,000 is a key threshold. Do you remember the last time it fell below 80,000? It's been exactly 100 days including today! During these recent days of rally, positive signals have come from institutional funds: The US spot Bitcoin ETF recorded a net inflow of $606 million on Thursday. The Ethereum spot ETF had a single-day net inflow of $221 million, marking the highest single-day inflow since October 2025. Over the past four days, cumulative inflows reached $512 million, reflecting a clear increase in institutional demand for Ethereum. CoinShares' research director stated that this round of rally is driven by expectations of macro liquidity. 80,000 USD is a critical dividing line for BTC. To break through, the market needs confirmation that the Federal Reserve's monetary policy is shifting toward easing. The market is already showing clear divergence. Although ETF funds are pouring in heavily, on-chain whale activity is not unified; some large holders are taking profits during the rebound. From contract fund data, $BTC and $ETH still maintain large capital inflows, while $HYPE and other targets show large contract fund outflows. Brother Maji still maintains a high-leverage long position, currently holding large long positions in $BTC, $ETH, $HYPE, and $PUMP. Weekly floating profits have expanded to $8.4 million, continuing to bet on an upward trend. The Jackson Hole speech on August 28 is the biggest event the market is waiting for.

This morning, the crypto market experienced another violent surge, with $BTC breaking through 75,000. There was $220 million in liquidations across the BTC network within one hour, including $210 million in short positions. On one side, Big Brother Maji chose to take profits after ETH's sharp rise, reducing his long position by 1,000 ETH and realizing about $2.17 million in profits. He still holds a large number of ETH longs with unrealized gains close to $3.85 million. It can be seen that after a rapid short-term rise, the whales are starting to take profits and reduce positions, not intending to keep all their chips at the high level. On the other side, veteran whale Abraxas Capital is acting counter-trend by increasing BTC short positions to 9.53 BTC. This address was once a top large fund of HyperLiquid, with a historical peak holding scale of $920 million. Notably, its liquidation price is as high as $131,885, which is far from the current price, indicating this is a medium-to-long-term bet rather than a short-term gamble on a crash. One side is taking profits, the other is building short positions against the trend, reflecting the current market contradiction: at the macro level, expectations of US Treasury repurchase are driving a rebound, causing many shorts to be liquidated and the market to be emotionally boosted, but many institutions have already started to remain cautious at high levels. On 08/21 at 10:30 AM, the top 10 inflows and outflows of funds within nearly one hour for contracts (unit: ten thousand USD) are as follows: Fund inflows: 1. $BTC｜inflow +580 million 2. $ETH｜inflow +55.064 million 3. $SOL｜inflow +29.156 million 4. $XAU｜inflow +14.566 million

Late at night, the crypto market experienced a strong surge. Bitcoin broke through $72,000 in one go, setting a record for the largest single-day short liquidation. The total short liquidation over two days reached $3.1 billion, igniting market sentiment directly. The biggest driver behind this rally is U.S. Treasury bonds. On one hand, U.S. Treasury Secretary Janet Yellen signaled that the scale of Treasury repurchases could exceed $4 billion, stating that Treasury yields have already detached from fundamentals. The market expects the Treasury to intervene to stabilize the bond market. With Treasury yields falling and the dollar weakening, risk assets have gained upward momentum. On the other hand, Huang Licheng is 25x long on 20,400 $ETH, 40x leveraged long on over 80 $BTC, and 10x leveraged long on 133,000 $HYPE, with total unrealized profits reaching $4.3 million. It can be seen that big players are betting on this rebound. ETH is also strengthening in tandem, with the ETH/BTC ratio reaching a yearly high. HYPE's recent popularity is picking up. Institutional Bitcoin ETFs continue to see large inflows, indicating that capital is flowing back into the crypto market. But despite the excitement, blind optimism is unwarranted. Much of this rally is a passive surge caused by short liquidations and is expectation-driven. Treasury repurchases are only a relief measure and cannot solve the root cause of the massive U.S. fiscal deficit. If yields rise again later, the market could easily see a pullback. Meanwhile, uncertainty over the September crypto bill vote still looms. As of 08/21 02:00, the top 10 net capital inflows and outflows ranking: Net inflows TOP 10 (from largest to smallest) 1. $BTC

The crypto market has been extremely volatile these past two days, with a surge and liquidation massacre underway. Solmate continues to increase its SOL holdings, firmly optimistic about the Solana ecosystem. Solmate Infrastructure, a Solana treasury company listed on Nasdaq, has once again increased its holdings by 1,000 SOL. Currently, the institution holds a total of 1.25 million SOL, corresponding to an asset value of approximately $102.2 million. Notably, the company recently announced its entry into the AI infrastructure sector, while clarifying externally: the AI business layout will not change its long-term commitment to the Solana ecosystem. Renowned trader Maji Huang Licheng continues to add to his BTC long positions. Brother Maji has increased his BTC longs by 14 BTC, with an additional investment of about $978,600. His current total BTC holdings are approximately $5,885,600, with an average holding price of $72,087.40, showing an unrealized loss of $25,541.37, a loss ratio of -17.36%. The liquidation price is $33,988.24, leaving a large safety margin before liquidation. HYPE (Hyperliquid) surges, approaching historical highs. Hyperliquid (HYPE) has become a recent market star coin: • Daily increase of 21.3%, weekly increase of 25%, over 70% increase in the past year • Current price is about 6% away from the historical high of $76.87 The trigger for this round of increase came from Trump's public statement: CFTC chairman is pushing for full compliance