CertiK: Term Labs suffers governance attack, with losses totaling approximately $8.5 million

The U.S. economic growth momentum is accelerating. The S&P Global U.S. Composite PMI Index rose 1.5 points in August to 56.0, marking its highest level since April 2022 and the third consecutive month of expansion. Meanwhile, the Services PMI Index climbed 2.2 points to 56.8, also hitting a high not seen since March 2022. The Manufacturing PMI Index, by contrast, fell 0.7 points to 53.9, its lowest reading in the past five months, though it still remains in expansion territory. U.S. corporate hiring, led by the services sector, added jobs at the fastest pace since January 2025. These data indicate that the U.S. GDP annual growth rate will reach +3.0% in the third quarter of 2026, up from +1.5% in the second quarter. Artificial intelligence is driving a historic growth wave.

According to on-chain analyst Ai Yi (@ai_9684xtpa), a whale engaged in leveraged cyclic long positions on ETH and BTC has once again taken profit on $7.24 million worth of ETH. Four hours ago, the whale transferred 3,000 ETH to Binance. Its average purchase price for these ETH was $1,776.83, while the average selling price was $2,413.4, translating to a $1.91 million profit from this transaction. Since August 19, this whale has deposited a cumulative 13,887.15 ETH into centralized exchanges (CEXs), with total profits amounting to $6.727 million.

Crypto analyst Ali Charts stated in a post that two bear market end phases in Bitcoin’s history share a common trait: a strong weekly reversal candlestick that emerges unexpectedly for most market participants, acting as a trend reversal signal. Such rallies typically start with a short squeeze. As prices rise, bearish traders keep adding short positions; as the rally accelerates, these short positions get forced liquidated, further driving prices higher. Data shows Bitcoin posted a 31.98% weekly gain in 2019, a move that helped confirm the end of the bear market and the start of a new uptrend. In January 2023, amid extreme bearish sentiment following the FTX collapse, Bitcoin rallied 24.90% in a single week, defying widespread bearish expectations. A similar move may be unfolding in the current market. Many investors previously predicted Bitcoin would bottom in October based on the four-year cycle theory, but the cryptocurrency has surged from $62,700 to $79,500, notching a 26.81% weekly gain. He believes that if historical patterns repeat, this strong weekly reversal could serve as an early signal that Bitcoin is entering a new uptrend cycle.

Alibaba announced today that it will place new shares with non-U.S. investors outside the United States, with a total placement value of HK$80 billion. The round of placement has been oversubscribed, with strong demand from high-quality long-term bullish investors including sovereign wealth funds, according to Science and Technology Innovation Board Daily.

CoinDesk analyst James Van Straten noted in a recent report that Bitcoin typically rallies several weeks before the formation of the so-called "Golden Cross" technical pattern. Currently, Bitcoin’s 50-day moving average (50DMA) and 200-day moving average (200DMA) have both turned upward, bringing the market close to a Golden Cross. In 2022, Bitcoin’s price never broke above the 200DMA, but the current market is forming a new structure. “This seems to be a new market phase,” he said. The Golden Cross is widely viewed by the market as a technical signal of a strengthening medium- to long-term trend, occurring when the short-term 50DMA crosses above the long-term 200DMA. However, this indicator is a lagging metric, used primarily to confirm trend shifts rather than predict short-term price moves. Glassnode data shows Bitcoin has rallied multiple times in its history ahead of the 50DMA crossing above the 200DMA. Notably, BTC has now reclaimed the area around the 200DMA, a stark contrast to the 2022 market cycle.

Hong Kong Special Administrative Region (HKSAR) Financial Secretary Paul Chan Mo-po published a blog post on the 23rd, noting that the artificial intelligence (AI) boom is injecting strong momentum into Hong Kong’s economy and consumer market. The HKSAR government is comprehensively advancing the deployment and widespread application of AI across all sectors. Chan stated that AI development has provided a significant boost to Hong Kong’s economy and financial market. Benefiting from robust global demand for AI-related products, Hong Kong’s exports have posted high double-digit growth for several consecutive quarters. In the capital market, from last December to May this year, AI-related initial public offering (IPO) fundraising in Hong Kong reached nearly HK$100 billion, accounting for around 55% of the total IPO funds raised in the period. The Hang Seng Index Company recently added multiple AI-linked firms to its indices, reflecting their growing importance to the local economy. Research estimates further suggest that if Hong Kong’s small and medium-sized enterprises (SMEs) can match large enterprises in AI adoption by 2035, the city could unlock up to HK$65 billion in economic benefits. The HKSAR government is also deepening AI integration in its operations: the AI Efficiency Enhancement Team has rolled out the first batch of 30 efficiency improvement projects spanning 13 departments. (Xinhua)