Wells Fargo raises Marvell’s price target to $310, implying a potential upside of nearly 31%.

Analyst qinbafrank published a note interpreting the bullish news that the U.S. Treasury may deploy nearly $1 trillion to fund an expansion of the U.S. Treasury bond repurchase program. Market reports suggest Treasury Secretary Scott Bessent may use funds from the Treasury General Account (TGA) to repurchase Treasuries, but the actual available amount is far smaller than market expectations. Since the implementation of the Prudent Cash Balance Policy in 2015, the TGA typically needs to cover the U.S. government’s weekly fiscal cash needs, including social security, Medicare, military spending, Treasury bond interest, and maturing principal, among other obligations. An analysis submitted by the Treasury to the Treasury Borrowing Advisory Committee (TBAC) in May 2026 shows that, based on 2024 actual cash flow data, average weekly cash outflows have reached roughly $595 billion, and can exceed $1 trillion during periods of large Treasury maturities or concentrated end-of-month spending. Current estimates peg the "controllable range" for maintaining normal weekly operations at around $700 billion, meaning the actual amount of funds available for deployment in the near term is only about $200 billion—far from the trillion-dollar level the market had anticipated. More importantly, after these funds are exhausted, the Treasury will still need to quickly replenish the TGA by issuing new debt, a process of rebuilding the cash buffer that will create a new liquidity drain on the market. Bitcoin has a close correlation with U.S. dollar liquidity: a decline in the TGA releases dollar liquidity, supporting risk assets, while TGA replenishment tightens liquidity again. Therefore, even if short-term TGA spending brings a temporary boost to the market, subsequent debt replenishment may instead exert pressure, and the market should not place excessive expectations on this single tool.

According to OnchainLens monitoring, Binance’s institutional custody platform Ceffu has transferred 3.706 million TRUMP tokens (valued at approximately $9.27 million) from its custodial hot wallet to Binance, likely preparing to sell off.

Bitget has launched DOS current wealth management, with the event running from 19:00 UTC+8 on August 24 to 19:00 UTC+8 on September 23. Users can subscribe to DOS via the "Simple Earn" section, enjoying an annual percentage rate (APR) of up to 20%, with an individual subscription cap of 400,000 DOS. For more details, please refer to Bitget’s official platform.

According to on-chain analyst Ai Yi (@ai_9684xtpa), 10 addresses associated with BIT collectively hold over $323 million in ETH and BTC long positions, generating unrealized profits of more than $41.95 million. Specifically, the ETH long position totals 65,977.9684 ETH, valued at $165 million, with unrealized gains exceeding $15.08 million; the BTC long position is 2,000 BTC, worth $158 million, and has unrealized profits of over $26.87 million.

Key pre-market news for US stocks is as follows: The US Treasury Department said it may use around $950 billion in general account funds to repurchase bonds. Boosted by the news, the yield on the 10-year US Treasury note fell 4 basis points to 4.70%. US Treasury Secretary Scott Bessent will announce details of sanctions on Iran at 2:00 AM Beijing time. Bessent stated that the US is entering a decisive phase, with a "D-Day" for Iran's economy approaching, marking the largest financial offensive ever launched against an adversarial power. Nvidia is reportedly in discussions to invest in AI startup Perplexity at a valuation exceeding $30 billion, and is also considering a technology licensing deal. Xpeng Robotics has completed over $900 million in financing, setting a new record for a single private placement in China's embodied intelligence sector. Investors include IDG Capital, Tencent, and Alibaba. Alibaba's management has made share purchases: Joseph Tsai and Yongming Wu each bought HK$80 million and HK$40 million worth of Alibaba stock respectively. The day before, the company announced a HK$80 billion new share placement. SK Hynix executives recently stated that the future AI industry must not only focus on HBM itself, but also on how packaging technology impacts HBM. The company is developing hybrid bonding packaging technology to achieve the goal of stacking 20 or more layers. A Micron researcher warned that the "memory wall" remains a challenge: AI accelerator computing performance triples every two years, while HBM development has grown by less than double over the same period, which could exacerbate memory shortages. Goldman Sachs sharply raised its forecasts for global semiconductor equipment spending in 2026, 2027, and 2028 to $150 billion, $218 billion, and $281 billion respectively, and maintained a bullish stance on the semiconductor equipment sector.

BitMine Chairman Tom Lee stated in a post that Ethereum (ETH) rallied 30% over the past week, marking its largest single-week gain since May 2025. Historical data shows that after ETH surged more than 30% in a single week in July 2021, it went on to rise 167%; following an identical weekly gain in May 2025, ETH subsequently climbed 170%. Tom Lee views ETH’s current trend as a historic bullish signal, with notable upside potential ahead. “We expect loose financial conditions to act as a tailwind for cryptocurrencies.”