Bitcoin Dominance Drops to 59.12%, Declining Over 7% in the Past Month

According to Farside's monitoring, U.S. spot Bitcoin ETFs saw a net outflow of $56.2 million yesterday, marking the third consecutive day of net outflows. U.S. spot Ethereum ETFs recorded no net inflows or outflows yesterday.

After SanDisk’s investor day, multiple Wall Street firms have repositioned the company as a key player in AI infrastructure, citing that demand for KV Cache, enterprise SSDs, and high-bandwidth flash memory from large language model (LLM) inference will shift NAND flash from a mere cyclical commodity tied to consumer electronics. JPMorgan Chase resumed coverage on SanDisk, assigning an "Overweight" rating with a $2,250 price target. The bank noted that SanDisk’s multi-year, new business model agreements with key clients will boost demand visibility and support margins amid persistently tight NAND supply. Citigroup maintained a "Buy" rating with a $2,100 price target, also highlighting revenue stability from long-term contracts and the structural demand pull for flash memory from AI data centers. Morgan Stanley took a more cautious stance, arguing that SanDisk’s proposed high-margin targets face execution challenges, but acknowledged that amid supply shortages and AI demand tailwinds, the company has the potential to sustain above-cyclical profit levels in coming years. This re-rating has already been directly priced in: SanDisk rose roughly 6.5% on Friday, notching a nearly 35% weekly rebound and over 60% gain in the past two weeks; storage sector peers including Micron, Western Digital, and Seagate also rallied.

Semiconductor stocks regained buying interest after a sharp sell-off in July, and Bank of America’s (BofA) latest analysis further reinforces this rebound thesis. The U.S. lender notes that demand for AI computing and memory is stronger than previously anticipated, and there remains upside potential for the growth trajectory of the AI server chip market, with AMD and NVIDIA standing as the most representative top picks. BofA’s core view is that the market had earlier over-worried about cloud providers slashing AI capital expenditures, but recent earnings reports and guidance indicate that AI infrastructure investment is still ongoing. Cloud giants including Microsoft and Amazon continue to signal robust demand, with recovery observed across the server, GPU, networking, storage, and power supply chains. The bank favors AMD because its AI accelerator and server CPU portfolio will benefit from customer diversification; it remains bullish on NVIDIA, as the firm’s product ecosystem, supply chain control, and next-generation platforms will sustain their industry-leading positions.

According to an official announcement from Bitget, the platform’s stock dual-currency investment product has officially launched, with its first batch covering over 20 popular U.S. stocks and ETF-related underlying assets including rNVDA, rTSLA, rAAPL, and rMETA. This upgrade adjusts the product’s settlement time to 23:30 (UTC+8), aligning more closely with the post-opening trading sessions of U.S. stocks. In addition, Bitget has rolled out two limited-time promotions simultaneously. During the campaign period, new users participating in Bitget’s dual-currency investment for the first time who complete designated tasks such as net deposits will be eligible to receive a dual-currency experience bonus, with a maximum reward of 3,000 USDT. This promotion ends on August 21. Meanwhile, users who purchase dual-currency products during the campaign will also get limited-edition Bitget merchandise including camping sets and commemorative gold coins, with this offer running until August 28. For more details, please visit Bitget’s official website.

According to HTX market data, PUMP has gained 19.65% over the past seven days and 66.57% over the past 30 days, with its market capitalization now standing at $1.665 billion. This morning, the monthly unlock of tokens held by the Pump.fun team and its investors was completed, releasing a total of 4.94 billion PUMP tokens valued at approximately $13.6 million. The unlocked tokens were subsequently distributed to 125 wallet addresses.

Nvidia filed documents with the U.S. Securities and Exchange Commission (SEC) disclosing that as of the end of June this year, the company held approximately 123 million shares of SpaceX, with a book value of nearly $21 billion. According to the filing, due to post-IPO stock fluctuations of SpaceX, the current valuation of Nvidia’s stake is around $170 billion. This disclosure shows that Nvidia has further deepened its capital ties with core clients and AI industry chain enterprises through investment layouts. It is reported that Nvidia completed an investment in Elon Musk’s AI company xAI in January this year; xAI later merged with SpaceX, and this stake is regarded as an important return from that investment. SpaceX CEO Elon Musk previously stated that SpaceX data centers will establish an exclusive partnership with Nvidia, adopting Nvidia’s latest Vera Rubin architecture for AI infrastructure construction. In recent years, Nvidia has continuously increased its investment in the AI industry, pouring more than $100 billion into multiple AI companies and cloud computing startups, including CoreWeave, Thinking Machines, and Safe Superintelligence. In addition, SpaceX plans to significantly expand its computing capacity, and is expected to increase its data center scale to nearly 10GW by the end of 2027, further advancing AI infrastructure construction. The market believes that Nvidia is leveraging its capital advantage as the world’s largest market capitalization company to build an ecosystem covering chips, data centers, and AI applications through investments, supply chain cooperation, and financing support.