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

August 20: The crypto market welcomes multiple news catalysts 1. Significant inflow of institutional ETF funds On August 19, U.S. crypto ETFs saw large capital inflows. • BlackRock Bitcoin ETF (IBIT) had a net inflow of 4,167 BTC in one day, equivalent to about $284 million, with a daily trading volume reaching $5.4 billion. • Ethereum ETFs recorded a total net inflow of $189.14 million, hitting a 9-month high. Among them, BlackRock ETHA saw an inflow of $122.12 million, Fidelity FETH $36.54 million, and several other institutional products also recorded positive inflows simultaneously. 📊 Simple analysis: Large net inflows into both Bitcoin and Ethereum ETFs indicate that traditional institutional funds continue to build positions in the crypto market, providing fundamental support for the overall market. 2. Hyperliquid announces major narrative: poised to enter the U.S. compliant market During a meeting at the White House with crypto industry executives, former President Trump mentioned that CFTC Chairman Mike Selig is promoting Hyperliquid’s entry into the U.S. market in a fully compliant and legal manner. Hyperliquid is a leading decentralized perpetual contract platform that previously banned U.S. users. If compliance is achieved, it means offshore contract infrastructure could officially enter the U.S. market. Following the news, $HYPE surged sharply in the short term, with gains ranging from 11% to 19%, and related strategies, Purr, and HYPE-related ETFs also rose in tandem. 📊 Simple analysis: This is a major positive narrative for the contract sector.

(August 19) The explosive surge of BTC and ETH in the evening is essentially the result of the combined forces of "improved macro liquidity expectations + regulatory favorable expectations + concentrated short squeeze," not driven by a single piece of news. The volatility lasted 4 hours, with the last hour being the most intense. Bulls went into a frenzy. When BTC price broke through $68,000, nearly $1.4 billion in short positions were liquidated in the crypto market. When the price broke through $69,000, nearly $500 million in short positions were liquidated. The liquidation data from 23:00 to 00:00 on August 19 shows how brutal it was: $BTC: total liquidation in 1 hour was $710 million, long liquidation was $23.735 million, short liquidation was $680 million. $ETH: total liquidation in 1 hour was $710 million, long liquidation was $23.735 million, short liquidation was $680 million. $SOL: total liquidation in 1 hour was $22.748 million, long liquidation was $576,000, short liquidation was $22.172 million. Continuous liquidations within 4 hours passively pushed the price up. Meanwhile, two major high-leverage long positions on Hyperliquid gained huge floating profits: ▪ Big Brother Maji: 25x leveraged ETH long, return rate about 219%, floating profit about $1.117 million, holding 6,160 ETH, position value $12.85 million. ▪ The second largest BTC long: 40x BTC long, holding 1,000 BTC, entry price $62,353, floating profit $5.82 million; also 20x ETH long, entry price $1,761, floating profit $3.05 million. And for