Nvidia beating expectations this quarter is already the market's default script. Whether the stock price can rise depends on whether management can simultaneously deliver on three positive factors: improved profitability for cloud providers, manageable financing risks, and large-scale capital returns.

Reducing Forward Guidance, or Making Term Premium the New Tightening Channel

Compared to before, the breadth of the on-chain economy has been further expanded beyond the DeFi mainline: extending from highly transaction-related areas such as on-chain trading, liquidity, and stablecoin payments to privacy and security, AI agents, and the creator economy.

买到 5% 后大概率不会停手，前提是机构开始把 ETH 当作长期资产持有。

Circle obtains a U.S. banking charter. Why is America rebuilding its Crypto Banking system? Why are Web3 companies represented by Circle collectively moving toward "bankification"?

The market's expectations for Bitcoin's long-term upside may still be overly conservative.

The intersection of these two reassessments is this Friday’s Jackson Hole. A single statement from Waller could simultaneously determine the valuation anchor for AI stocks and the interest rate anchor for U.S. Treasuries.

Options Market Pricing Tells a Different Story

The on-chain market hasn't even really started yet

Bull market is here, and positive news keeps coming. It could bring an additional $150 million to $200 million in annual buyback funds to Hyperliquid.

U.S. ADP employment change for the week ending August 8 was 11,750 persons, compared to a previous value of 9,500 persons.

"I don't know what the next catalyst will be, but if you spend an hour learning every day, your way of thinking will gradually shift."

EIP‑8363 attempts to regulate ETH supply by burning staking rewards, triggering a fierce contest between security and redistribution of interests.

Bessent is accused of using tactics such as Treasury buybacks and adjusting the debt structure to artificially push up bond prices, triggering massive forced short-covering by CTA trend funds (whose current short positions are near historical extremes) and forcing the 10-year yield down to 4.3%, securing political leverage for the Trump administration.

The HyperEVM hype feels more like an ecosystem revaluation driven by HYPE's new highs. Whether it can upgrade into a true HyperEVM Season remains to be seen—depending on user retention after Meme hype attracts users, and whether a series of practical projects can convert into real users and actual revenue.

Only projects with solid fundamentals can lead the rally quickly.