Bitwise CIO: Bessent’s Repurchase of US Treasuries Highlights Bitcoin’s 'Hard Asset' Attribute

According to Coinglass data, the August 19 rally triggered a total of $2.739 billion in short-position liquidations and $248 million in long-position liquidations. The single-day total liquidation amount ranks eighth in crypto history, while its single-day short-position liquidation volume is the highest on record. Notably, among the top 10 and even top 30 single-day liquidation events in crypto history, August 19 is the only one dominated by short-position liquidations—all others were long-position liquidations caused by crypto price declines.

，Tom Lee 在接受播客采访时被问及「如果只能持有十年，你会选择 Robinhood 还是 Kalshi？」Tom Lee 回答表示，「会选择 Robinhood。他们拥有一种护城河，建立了真正与客户的联系。有时投资者低估了 Robinhood 用户界面的重要性。」Tom Lee 认为，预测市场上的监管风险是一个非常复杂的问题。它涉及地方监管机构和法院判决。

Arthur Hayes told Laura Shin during a podcast appearance that ETH is one of the most despised large-cap altcoins in the market. As the second-largest cryptocurrency by market capitalization, it has yet to break through its 2021 all-time high. From a risk-reward standpoint, at least in how he manages portfolios at Maelstrom, ETH is currently his largest position outside of Bitcoin. “I’m not particularly worried about waking up one day to find ETH has gone to zero. Of course, that scenario could occur, but that risk is far lower compared to other cryptocurrencies, so I’m very comfortable allocating a large position to this trade. Since it has not rallied much in this cycle, I believe it has significant catch-up upside. Once it starts moving higher, the reflexive momentum train will kick in. There are so many people who want to go long ETH for various reasons, and there were very valid justifications for why they didn’t do so in past years,” Hayes noted. He added: “Once we break through the $3,000 level, I think you will truly see ETH’s rally get underway, and it could quickly surpass $5,000. My year-end target is within reach.”

According to market data from BIT (bit.com), multiple crypto-related stocks extended their rally after the US stock market opened, surging over 10% intraday: GEMI rose 10.03%, HOOD gained 12.98%, CRCL climbed 9.25%, and COIN increased 9.6%. The AI sector was relatively muted today with mixed performances. Storage stock SanDisk fell 0.34%, NeoCloud’s stock NBIS rose 2.78%, US-listed SK Hynix gained 1.85%, and optical communication concept stock LITE climbed 2.01%.

The preliminary S&P Global Manufacturing PMI for the US in August came in at 53.2, against expectations of 53.9 and a prior reading of 53.9. The preliminary S&P Global Services PMI for the US in August stood at 56.8, compared with forecasts of 54 and a previous figure of 54.6.

Famous trader and chart analyst Peter Brandt, who accurately predicted the 2018 Bitcoin crash, posted yesterday that Bitcoin originally formed an inverted head-and-shoulders pattern and was in an overall downtrend, leading him to be bearish. However, the recent sharp rally has fully shifted Bitcoin’s pattern into a valid bottom. Brandt bluntly stated he “bought at the breakout, for better or worse.” On July 20, Peter Brandt noted that he expects Bitcoin’s current market cycle to bottom on October 4, 2026, and believes returns from investing in Bitcoin over the next two to three years may outperform those from AI stocks.