A whale that built a position of over 10,000 ETH at a low point one month ago has begun reducing its holdings.

At the SALT conference in Jackson Hole, Wyoming, USA, CZ commented on the Bitcoin "super cycle" thesis he previously proposed at the World Economic Forum in Davos, noting the claim has not yet materialized. According to data, the market still follows a relatively strict four-year cycle and is currently in its bear market phase. However, as total market capitalization expands, price volatility will narrow, similar to the fluctuation patterns of large companies like Amazon and Facebook. When discussing the U.S. regulatory environment, CZ said this is the most industry-friendly period in his 12-year career, adding that the U.S. regulatory framework sets a global example, with many countries’ securities laws and exchange regulatory structures referencing the U.S. Meanwhile, Hong Kong is accelerating alignment with U.S. regulatory approaches to advance relevant legislation. Additionally, CZ touched on the portfolio of his investment firm YZi Labs, stating that roughly 70% of its capital is allocated to core crypto and blockchain sectors, about 20% to AI, and the rest to fields like biotechnology. YZi Labs uses its own capital, free from external limited partner (LP) return cycle constraints, and prioritizes projects’ positive impact and founding teams’ execution ability over purely financial return models. Regarding Hyperliquid, CZ noted a common industry misconception that as a Binance shareholder, it would only uphold CEX stances, but he entered the industry because he believes in decentralization. If KYC-free platforms like Hyperliquid can enter the U.S. market in a compliant manner, it will open doors for the entire sector, enabling more Perp DEXs and decentralized services to reach U.S. and global users, while U.S. consumers will gain better liquidity and pricing. This will not only benefit Hyperliquid itself but also international centralized exchanges including Binance.

Ethereum Foundation member Binji Pande announced via Twitter that he will join non-profit Ethereum R&D lab Ethlabs as a founding member to advance Ethereum’s development.

Circle has minted 250 million USDC tokens on Solana in two separate transactions, bringing total new USDC issuance to 500 million.

Goldman Sachs Chief Economist Jan Hatzius’s latest analysis suggests the market’s pricing of a September FOMC rate hike remains overly hawkish. The bank estimates that unless August data (due early September) shows a clear reversal, the Federal Reserve’s likelihood of raising rates at its September 15-16 meeting is “very low.” Goldman cites reasons including a notable slowdown in job growth, cooling consumer momentum, and inflation trends likely to keep improving. From Goldman’s view, recent data is weakening the case for a rate hike. U.S. July potential employment growth was reportedly only around 5,000, below the level needed to maintain labor market balance; weak retail sales point to consumption growth slowing to 1%-1.5% in the second half; core PCE inflation is still expected to gradually fall, approaching the 2% target by 2027. Hatzius adds that after two consecutive months of soft jobs and inflation data, the threshold for dovish policymakers to back a rate hike is high. However, Fed meeting minutes have introduced new market volatility. The July meeting minutes, released early August 20 (Beijing time), show more officials supporting further policy tightening than in June, with several policymakers noting that higher rates may still be required if inflation fails to cool further. This makes it difficult for markets to directly bet on a “Goldman-style dovish interpretation,” and short-term rates and tech stock valuations will continue to be impacted by shifting policy expectations.

As the market rebounded, whale bc1qsy sold another 2,000 $BTC ($136.48M). Over the past month, the whale has sold a total of 9,513 $BTC ($623.43M).

CZ retweeted his own remarks on Hyperliquid’s entry into the U.S., pointing out that many people are overlooking the bigger picture. He noted that policies cannot be applied to only a single company or project, adding that a policy beneficial to one will benefit the entire industry. Earlier, CZ had commented that the Trump administration might bring Hyperliquid to the U.S. in a compliant, legal manner, which would open more Perpetual Decentralized Exchanges (Perp DEXes) and decentralized services to U.S. users, a huge boon for the broader crypto sector.