Table of Contents

A person may have 10 different AI agents in the future to assist them, and these agents will require more storage, which expands our market.

The prediction market is moving from event betting towards pricing for interest rates, insurance, inventory, and computing power, increasingly resembling a new financial infrastructure. However, before it becomes a "better market," the issue of ordinary users bearing excessive risks needs to be addressed.

When Bitcoin becomes just a button in a banking app, the crypto industry gains users but loses its soul.

In August, the US stock market rebounded strongly, with the S&P 500 index reaching a new high. Driven by better-than-expected corporate earnings and cooling inflation, both institutions and retail investors significantly increased their positions in tech stocks, call options, and leveraged ETFs, marking the return of both "bull markets" and "speculation." However, soaring oil prices and high long-term bond yields reveal macroeconomic contradictions, leaving little room for error in the "everything is great" pricing model.

By the end of 2025, Tether's reserve assets will exceed liabilities by $6.814 billion.

The cryptocurrency industry is never short of cyclical booms and busts. Death is a part of the life cycle and a catalyst for ecological iteration.

Retail sales in July fell by 0.6% month-on-month, marking the largest single-month decline since May 2025, and significantly lower than the market expectation of a 0.1% increase. The main factors dragging down the figures were a decrease in automobile purchases and a decline in online retail.

Ethereum Glamsterdam Upgrade: The largest protocol restructuring since The Merge. Parallel processing, built-in ePBS, and accelerated BALs—L1 scaling enters a new phase, but the mainnet launch has been postponed to Q4.

The Bank of Japan may raise interest rates as early as September, considering accelerating from "twice a year" to "once a quarter." The market is pricing in nearly an 80% probability, with inflation pressures heating up simultaneously from three directions: yen depreciation, wholesale prices, and inflation expectations.

August 13 Market Important Events Overview

The growth of tokenized U.S. Treasuries has stagnated, while tokenized stocks have surged: increasing 6.5 times to $1.9 billion in a year and a half. Securitize, Ondo, Robinhood, DTCC, NYSE, Nasdaq, Coinbase—all players are vying for the same piece of the pie, but their paths are different.

Payment mobile money, liquidity scheduling money, credit allows future financial capacity to support today's payment in advance.

The market is stagnant, and Saylor is trapping himself.

Cerebras Q2 revenue was $180 million, a year-on-year increase of 74%; hardware revenue was $54.1 million, a year-on-year decrease of 23%, while cloud computing service revenue reached $126 million, a year-on-year increase of 281%. Q3 core revenue is expected to be around $214 million to $216 million, with a median of $215 million, higher than the market expectation of $212 million. Cerebras' stock price fell as much as 17% in after-hours trading.

The market for tokenized stocks has nearly tripled in six months, and beneath the excitement lies a competition of mutual substitution.

Hyperliquid has added a balance layer batch adjustment feature: automatically allocate dividends according to position ratios, execute stock splits and consolidations, and complete airdrops—on-chain stocks have finally begun to address the shortcomings of "corporate actions."

The cryptocurrency industry has left behind a large number of failed consumer application experiments over the past decade, but failure does not necessarily mean the direction is wrong.

August 12 Market Important Events Overview

The real question now is not "where did the GPUs from back then go," but whether Ethereum can leverage the chosen path to capture sufficient economic value in the development of AI, stablecoins, RWA, and global on-chain finance.

Is it possible that the millions of GPUs originally used for ETH mining could be reorganized to form a global distributed computing network? Could PoW instead give Ethereum a different strategic position in the AI era?