1. Popular CEX currencies

Top 10 CEX trading volume and 24-hour price changes:

• BTC: 0.86%
• ETH: 5.13%
• DOGE: 4.77%
• BNB: 5.83%
• SOL: 5.21%
• DCR: 1.01%
• LINK: 10.01%
• SLF: 2.68%
• UNI: 5.06%
• CFX: 15.32%

24-hour price increase list (data source: OKX):

• OKB: 24.53%
• SCR: 13.08%
• BAND: 9.51%
• MEME: 7.89%
• BERA: 7.77%
• QTUM: 7.51%
• Pengu: 7.42%
• API 3: 6.81%
• MORPHO: 6.61%
• CFX: 6.66%

2. Top 5 popular memes on the chain (data source: GMGN ):

• LBRETT
• WeChat
• LILPEPE
• MEMES
• GROK

3. 24-hour hot search currencies

Following yesterday's addition of brands like Google and Toyota to the list, names like WeChat and Grok have also been added to the Solana chain, spawning a large number of meme coins and continuing the "brand fever." However, these tokens are largely hype and have no official affiliation, so invest with caution.

Headlines

Trump again slams Powell, saying failure to cut rates will hurt the real estate industry

In a post on the Truth platform, Trump again urged Federal Reserve Chairman Powell to cut interest rates as soon as possible. He criticized Powell's policies, saying they are severely impacting the real estate industry and preventing people from getting mortgages, even though there is no significant inflationary pressure. He bluntly called Powell "too late" and called his performance a "disaster."

Powell will speak on Friday night, and some traders have lowered their expectations for a rate cut

Fed Chairman Jerome Powell will deliver a key speech at the annual gathering in Wyoming on Friday evening Beijing time. Meanwhile, the latest higher-than-expected inflation data has prompted some traders to lower their expectations for a rate cut, while still sticking with their prediction of a rate cut next month.

Ian Lyngen, head of U.S. interest rate strategy at BMO Capital Markets, said in a research note, "As the market prepares for Powell's speech at Jackson Hole, the biggest risk facing U.S. Treasuries is that the Fed chairman may pour cold water on the market's widely expected September rate cut."

Currently, approximately 325,000 options positions (costing approximately $10 million) could generate profits of up to $100 million if the Fed cuts interest rates by 50 basis points at its September meeting. Furthermore, current market pricing indicates an approximately 80% probability of a 25 basis point rate cut at the September 16-17 meeting.

WINT, the US-listed BNB treasury company, was delisted from Nasdaq due to violations, and its stock price plummeted another 77%, leaving its market capitalization at just $3 million.

Windtree Therapeutics (WINT), a US-listed BNB treasury company, received notice from Nasdaq on August 19, 2025, stating that its common stock would be delisted from the Nasdaq Capital Market and transferred to the OTC market on August 21st, due to its stock price remaining below $1 for an extended period (Rule 5550(a)(2)). Following multiple reverse splits and without meeting the usual grace period, the company's common stock would be delisted from the Nasdaq Capital Market and transferred to trading on the OTC market. This news caused its stock price to begin to fall early this morning, ultimately closing down 77.21%, with a market capitalization of only $3.152 million.

It's worth noting that WINT's stock price has maintained a textbook downward trend for nearly a year. On August 22nd of last year, the stock price was $517.5, a cumulative decline of 99.98% to date. It opened at $4.68 on February 21st of this year, a cumulative decline of 97.8% to date. Following the announcement of the BNB treasury strategy a month ago, the stock saw significant increases in trading volume for several trading days (including several days prior to the announcement), ultimately reaching a recent high of $1.28 on July 18th. It then resumed a unilateral decline, with a cumulative decline of 91.4% to date.

Windtree Therapeutics, a clinical-stage biopharmaceutical and medical device company, previously reported that several of its clinical-stage projects are far from commercialization. According to the latest data, the company's net income for the most recent quarter was -$10.64 million, a 163.04% increase from -$4.04 million in the previous quarter. The company initially announced the launch of its BNB treasury strategy on July 16, raising $60 million through a securities subscription. On July 25, it announced the signing of a new $520 million financing agreement to purchase BNB.

Hyperliquid now has the highest per capita revenue in the world

Hyperliquid has become the world's highest-per-capita revenue company, with an average annualized revenue of $102 million per person. According to Jeff's latest interview, Hyperliquid consists of 11 core members, and based on data from the past 30 days, its annualized revenue is approximately $1.127 billion.

Coinbase will provide tiered USDC subsidies for open contract positions

According to Super Jun, the community leader for Benmo, Coinbase's derivatives products have been updated today with a new feature that provides tiered USDC subsidies based on users' open positions in contracts. Super Jun explained, "This subsidy is directly comparable to funding products like BFUSD and USDE. For example, if a user deposits 1 million USDC and opens a contract worth $2 million, their 1 million USDC will automatically receive an 8% annualized return. If their deposit reaches 10 million USDC and they open a contract worth $20 million, they will receive a 12% annualized return on their 10 million USDC."

Delphi Digital: The U.S. Treasury will start TGA replenishment in the coming weeks and is expected to withdraw $500 billion to $600 billion in market liquidity starting in September

The U.S. Treasury will initiate Treasury General Account (TGA) replenishment in the coming weeks, planning to withdraw approximately $500 billion to $600 billion in liquidity from the market within two months.

Unlike previous rounds, this round of financing lacks a buffer: the Federal Reserve is still pumping money through quantitative tightening (QT), the reverse repurchase facility (RRP) is nearly exhausted, banks are constrained by capital rules and book losses, and overseas buying from China, Japan, and other countries has also significantly subsided. In other words, this round of financing will directly draw funds from market liquidity.

This shift is particularly sensitive to the crypto market. Historical data shows that during 2021, when liquidity was easing, stablecoin supply continued to expand alongside the recovery of TGA. However, in 2023, stablecoin supply shrank by over $5 billion, leading to a crypto market stagnation. The liquidity environment in 2025 is expected to be even tighter. If stablecoin supply shrinks again, high-beta assets like ETH could face even greater declines relative to BTC unless they are hedged by ETFs or corporate inflows.

Analysts believe that in a weak liquidity cycle, position allocation among assets and fund rotation along the risk curve will become key market variables.

Industry News

Federal Reserve meeting minutes: Almost all participants at the Federal Reserve's July meeting believed that it was appropriate to keep the benchmark interest rate in the range of 4.25% to 4.50%

Federal Reserve meeting minutes: Almost all participants at the Federal Reserve's July meeting believed that it was appropriate to keep the benchmark interest rate in the range of 4.25% to 4.50%.

Two cryptocurrency groups are boycotting the American Bankers Association's proposal to amend the GENIUS stablecoin bill.

The Blockchain Association and the Cryptocurrency Innovation Council condemned and resisted the American Bankers Association’s (ABA) request to amend the GENIUS Stablecoin Act, stating: “Amending the already enshrined provisions of the GENIUS Act is ill-advised and would fundamentally weaken the legislative framework designed to encourage competition and democratize the benefits of advances in digital financial technology. This proposed change introduces a significant policy shift that could have unintended consequences for the digital asset ecosystem and unnecessarily attempts to reimagine provisions of the GENIUS Act that have already been passed into law.”

Trump allies call for investigation of Fed Governor Cook, suggesting criminal offenses

Bill Pulte, director of the Federal Housing Finance Agency (FHFA) and a staunch Trump ally, urged Attorney General Pam Bondi to investigate two mortgage transactions involving Federal Reserve Governor Tim Cook. In an August 15th letter to Bondi and Justice Department official Ed Martin, Pulte alleged that Cook "falsified bank documents and property records to obtain more favorable loan terms, potentially constituting mortgage fraud under criminal law." He stated that Cook purchased a property in Ann Arbor, Michigan, and took out a mortgage, promising to use it as a primary residence for at least a year. Two weeks later, he took out another mortgage in Georgia, also stating that it would be a primary residence. Pulte also cited four criminal code provisions and recommended that Bondi investigate potential offenses. No charges have been filed, and it's unclear whether Bondi will launch an investigation.

Ark Invest increases its holdings in Bullish and Robinhood, totaling approximately $37.2 million

Ark Invest increased its holdings in crypto-related stocks on Tuesday, buying approximately $21.2 million worth of Bullish stock (356,346 shares) and $16.2 million worth of Robinhood stock (150,908 shares) through its ETFs. This marked the third consecutive trading day of buying Robinhood shares, following its $172 million investment in Bullish last week.

Bullish closed down 6.09% at $59.51 that day, falling another 3.24% in after-hours trading. Robinhood closed down 6.54% at $107.50, down 1.23% in after-hours trading. Cryptocurrency stocks also fell across the board, with Coinbase down 5.82%, Galaxy Digital down 10.06%, Strategy down 7.43%, and Circle down 4.49%. The Nasdaq Composite Index fell 1.46% that day.

SkyBridge Capital plans to tokenize $300 million hedge fund on Avalanche

SkyBridge Capital, Anthony Scaramucci's investment management firm, plans to tokenize its $300 million hedge fund on the Avalanche network. The company will work with tokenization provider Tokeny and its parent company, Apex Group, to bring its Digital Macro Master Fund and Legion Strategies to the chain. Apex Group manages over $3.5 trillion in assets and acquired Tokeny earlier this year. This tokenization will adopt the ERC-3643 standard, with issuance, management, and distribution support provided by Apex's Digital 3.0 platform. According to RWA.xyz data, the tokenized RWA market has doubled to $26 billion in the past year, and many institutions predict that it may grow to the trillion-dollar level by 2030.

Several blockchain associations plan to jointly write a letter to Trump in support of the CFTC chairman nominee

According to crypto journalist Eleanor Terrett, three people familiar with the matter revealed that CFTC Chairman nominee Brian Quintenz has continued to meet with members of the crypto industry while his nomination is pending. The White House has not commented since the Senate Judiciary Committee suspended his confirmation hearing three weeks ago. Meanwhile, industry groups including the Digital Chamber, the Blockchain Association, the Crypto Council, and Fund DeFi are preparing to submit a joint letter to President Trump as soon as tomorrow expressing support for Brian Quintenz, emphasizing his expertise, judgment, leadership, and integrity.

BIT Mining will be renamed SOLAI to promote Solana's strategic transformation

BIT Mining Limited, a cryptocurrency mining company listed on the New York Stock Exchange, announced that it will change its name to SOLAI and adjust its trading code to "SLAI" to promote Solana's strategic transformation. The company will also explore next-generation blockchain infrastructure, decentralized finance, and smart contract innovation.

Project News

Mitosis Airdrop Inquiry is Now Live

Modular liquidity protocol Mitosis announced on the X platform that token airdrop queries are now online.

Earlier news, Mitosis announced the token economic model, with the Genesis airdrop ratio being 10%.

Boundless: Community Token Sale to Open on Kaito Capital Launchpad on August 25th

Boundless, the verifiable computing layer, announced on the X platform that its community token sale will begin on August 25th on the Kaito Capital Launchpad. Community members who participated in the mainnet beta and achieved bronze, silver, gold, or diamond tiers will be eligible for priority allocation in the sale. Specific sale details will be announced by Kaito.

Earlier news, Boundless announced its token economic model, with 6% allocated for community sales and airdrops.

The Fluid community initiated a token repurchase proposal and proposed three repurchase models.

Fluid's COO, DMH, initiated a proposal on the repurchase of FLUID in the governance forum. The proposal proposed three repurchase models:

1. Model 1: Dynamic Repurchase Based on FDV. In this model, the percentage of revenue allocated to repurchases depends on FLUID's FDV. If FDV is less than $500 million, 100% of revenue is allocated to repurchases. As FDV increases, the allocation to repurchases decreases according to a specific function curve.

2. Model 2 is a buyback based on the 30-day time-weighted average price (TWAP). If the current price is below the 30-day TWAP, 100% of the proceeds will be used for buybacks; if the current price is above the 30-day TWAP, no buyback will be conducted.

3. Model 3 is a hybrid mechanism. In a bull market, the protocol minimizes buybacks and retains revenue. In a bear market, the function curve of Model 1 is applied to adjust the buyback scale based on the FDV, ensuring more aggressive buybacks when the token is severely undervalued.

4. The proposal also supports discussing the option of not repurchasing, which would allow more revenue to be retained for growth and reinvestment.

LazAI launches its first AI-powered DAT asset, Lazbubu, on the LazAI ecosystem.

LazAI, the Web 3 native AI infrastructure protocol, announced the official completion of its whitelisting campaign and the launch of minting for Lazbubu, the first batch of AI companion data-anchored tokens (DATs) launched by Lazpad, its on-chain AI agent startup platform. Lazbubu companion DATs, the first entry point into the LazAI ecosystem, are AI agents with memory, personality, and evolutionary capabilities, designed for long-term interaction and value creation. In the "Discovery Zone," these unminted DATs await users to shape their growth stories through on-chain decision-making, conversations, and adventure recording.

Over 50,000 users participated in the month-long whitelist event. Whitelisted users could unlock a DAT blind box, where they could randomly receive Lazbubu DAT in four rarities: Common, Advanced, Rare, and Legendary.

Lazpad is an on-chain AI agent launch platform powered by LazAI's internal incentive ecosystem. Through an open and selective dual-track assetization path, it transforms complex AI models into interoperable, composable, and tradable agent tokens. These token-based AI agents create a co-creation, crowdfunding, open participation, and mutually beneficial ecosystem for creators, investors, and agents themselves.

Regulatory trends

The Federal Reserve is studying the application of tokenization and artificial intelligence in the payment field

Fed Chair Waller said the Fed is studying the application of tokenization and artificial intelligence in payments. The evolution of payment systems is a story of technological progress, and the Fed can benefit from more contact with innovators.

Arkansas lawmakers propose giving the president the power to combat overseas cryptocurrency theft

Arkansas Congressman David Schweikert has introduced a new bill that would allow the president to issue letters of marque, authorizing individuals and companies to arrest cryptocurrency scammers outside the United States. The bill aims to strengthen the fight against cryptocurrency theft and protect industry interests.

Federal Reserve Board Governor Waller calls for embracing stablecoins and AI to promote payment innovation

Federal Reserve Governor Waller called for embracing the "technology-driven revolution" being driven by artificial intelligence and stablecoins as a way to boost the U.S. economy. "The technology of today may be new, but leveraging innovative technology to build new payment services is not a new story," Waller said in remarks prepared for a Wyoming blockchain symposium. Waller has previously supported what he considers some elements of decentralized finance (including the technology that underpins virtual currencies) as a complement to traditional payment systems. He emphasized that distributed ledger technology can provide a more efficient and faster way to track asset transfers. On Wednesday, he emphasized the impact of decentralized finance in the payments sector, which could be a win-win situation if the private sector works together with the Federal Reserve. Waller said the Fed is conducting research on the latest wave of innovations, including tokenization, smart contracts and artificial intelligence in the payments sector.

Investment and Financing

StableStock Completes Multi-Million Dollar Seed Round with Participation from YZi Labs, Matrix Partners, and Others

StableStock, a stock tokenization platform, recently completed the first phase of YZi Labs' Easy Residency program and secured a multi-million dollar seed funding round from investors including YZi Labs, Matrix Partners, and Vertex Ventures. This round of funding will help StableStock accelerate its efforts to bring trillions of dollars in global stock assets onto blockchain.

StableStock is reportedly building a next-generation TraDeFi (traditional finance + decentralized finance) infrastructure. Through compliant stablecoins directly connected to real US stocks and 1:1 tokenized assets, it offers profit scenarios for on-chain stock assets and provides liquidity to DeFi development teams, contributing to the development of an on-chain stock ecosystem. Starting today, StableStock officially entered its public beta phase and is now fully available to users.

Wormhole plans to acquire Stargate at a high price and requests a suspension of the "LayerZero acquisition of STG" vote

According to an announcement from the Wormhole Foundation, LayerZero has proposed acquiring Stargate (STG) for approximately $110 million in ZRO tokens. Wormhole believes this offer undervalues the Stargate protocol's assets and growth. Stargate's bridged volume reached $4 billion in July, a tenfold year-over-year increase, with a TVL of $345 million and projected annual revenue of $2 million. Wormhole plans to submit a higher bid and request a five-business-day suspension of the current snapshot voting process to allow for the completion of the bidding process and protect the interests of STG holders.

YOMIRGO Completes $5 Million Pre-A Round of Financing, Led by Gobi Partners

YOMIRGO, a Web 3 AI agent platform, announced the completion of a $5 million Pre-A Series A funding round led by Gobi Partners, with participation from Boman Group, the Nordic Economic and Trade Promotion Association (NCIPA), FINWEX, Quest Enternal Group, Infinite Labs, and ZC Capital.

YOMIRGO stated that this round of financing will not only help the company continue to innovate in technology and products, but will also bring more open and sustainable value space to ecological partners and users.

In the future, YOMIRGO will further accelerate product research and development and global layout, continue to promote the deep integration of AI Agent and Web 3 technology, and create a new generation of AI intelligent application ecology.

Cryptocurrency startup Legion completes $5 million in funding, with participation from Coinbase and others

Cryptocurrency startup Legion announced that it has completed a $5 million financing round, led by VanEck and Brevan Howard Digital, with participation from cryptocurrency exchange Kraken and the venture capital arms of Coinbase and Crypto.com. The company declined to disclose valuation information, only saying that the round of financing was used for equity and token warrants.

PixelFox AB, a Swedish listed company, launched its crypto strategic reserve and completed its first investment of SEK 250,000.

Swedish listed company PixelFox AB announced the launch of a strategic cryptocurrency reserve, planning to gradually allocate part of its excess liquidity to investments in blockchain technology and digital assets, with the largest share allocated to BTC, ETH, and BNB. It is reported that the company has completed its first cryptocurrency investment of 250,000 Swedish kronor, with a specific allocation of 50% investment in staked Ethereum, 20% investment in Avalanche, 15% investment in XRP, and 15% investment in staked Solana.

Crypto lending platform Block Earner completes $8 million in new round of financing, led by Titan Fund

Australian crypto lending platform Block Earner announced the completion of a new $8 million funding round, led by CMCC Global's Titan Fund and participated by local investment firm King River Capital. The new funds will reportedly be used to advance the launch of its Bitcoin-backed home loan deposit product, allowing customers to use their Bitcoin and other digital assets as collateral for personal loans. The product will allow repayments to be made in Australian dollars, Bitcoin, or a combination of the two.

Cointel Completes $7.4 Million in Strategic Financing, Co-Led by Avalanche and Sugafam

Cointel, an AI-driven cryptocurrency education and trading support platform, today announced the completion of a $7.4 million strategic financing round, co-led by Layer 1 blockchain Avalanche and Sugafam Inc., a well-known Japanese Web 3 innovation company. The new funds will support its construction of a scalable platform to meet the needs of new users and data-driven traders.

Character Voice

Goldman Sachs: More optimistic about Robinhood than Circle, it's too early to predict whether stablecoins will disrupt traditional finance

In a recent report, Goldman Sachs analysts Will Nance and James Yaro stated that whether stablecoins pegged to fiat currencies will grow to trillions of dollars and gradually erode the traditional financial services industry remains to be seen. They argue that stablecoins pose a "limited threat" to payment services (including the consumer credit card ecosystem), and their current overall underperformance actually creates a buying opportunity. Visa and Mastercard, far from being competitors, are "likely to play a significant role in the large-scale adoption of stablecoin payments on the consumer side." Therefore, despite Circle's valuation surge following its blockbuster IPO this year, Goldman Sachs is more optimistic about Robinhood's continued innovation in the cryptocurrency space.

Tom Lee: Powell's speech on Friday may be interpreted by the market as dovish, and the stock market will rise after the speech

BitMine's new chairman, Tom Lee, posted on social media that in conversations with institutional investors, more people expect Federal Reserve Chairman Powell to lean hawkish in his speech this Friday, as he doesn't want to be forced into a corner and cut interest rates. This is just a base case scenario, with the probability favoring his statement being viewed as dovish, which suggests the stock market could rally after the Jackson Hole event. Federal Reserve Chairman Powell will deliver a speech on the economic outlook and an assessment of the Fed's policy framework at the Kansas City Fed's annual central bank meeting in Jackson Hole, Wyoming, at 10:00 AM ET on August 22 (10:00 PM Beijing Time).

Santiment: Retail investor sentiment turns extremely bearish, which may signal a market reversal

Santiment data shows that after Bitcoin fell below $113,000 and failed to sustain a rebound, retail trader sentiment plummeted over the past 24 hours, reaching its lowest level since the geopolitical conflict-induced sell-off on June 22. Historically, extreme pessimism often provides patient investors with opportunities to buy at the bottom or add to their positions, and market movements often go against public expectations.

Solana co-founder Toly: Pump.fun may have the opportunity to build a global streaming platform

Solana co-founder Toly posted on social media that Pump.fun has the opportunity to develop into a global streaming platform.

Trader Eugene: Short-term light position bullish on ETH to $4400-4600

Trader Eugene posted on social media that he had taken profits near $4,700 and was subsequently attempting to go long on ETH with a small position. His short-term target range was $4,400-4,600, and he would assess further upside potential once the price reached that range. He also emphasized that this position was significantly smaller than previous ones because the risk-reward ratio of the trade was relatively low, but still positive.

Skybridge Capital founder Scaramucci: Bitcoin's target price by the end of the year will remain between $180,000 and $200,000

SkyBridge Capital founder and CEO Anthony Scaramucci told CNBC that despite the recent market correction, he maintains his year-end target price for Bitcoin at between $180,000 and $200,000. Scaramucci noted that the market is currently in a consolidation phase, with institutional investors entering the market at an accelerated pace. Compared to the retail-dominated conference atmosphere three years ago, more attendees are now institutions. He believes that selling by some large investors has caused short-term market volatility, but the medium-term outlook remains positive as demand continues to outstrip supply. He added that both he and his SkyBridge holdings hold significant amounts of Bitcoin, emphasizing that Bitcoin's limited supply and institutional demand are the core drivers of price increases.