Yushu Technology hasn't gone public yet, but 53 wealth management products have already "earned" 59 million? This time, Yushu's new stock subscription by bank wealth management products has become an important player in this new stock subscription. Six companies including Everbright Wealth Management and Ningyin Wealth Management have a total of 53 products allocated about 140,000 shares, with an investment amount exceeding 21.12 million yuan. Among them, Ningyin Wealth Management and Everbright Wealth Management together have 45 products shortlisted. Yushu Technology's issue price is 150.80 yuan, corresponding to a market value of about 61 billion yuan, with a post-issue price-to-earnings ratio reaching 219 times. If calculated based on the institution's valuation of 109 billion yuan, the theoretical unrealized profit of these wealth management products is about 16.69 million yuan; if referring to this year's average 280% increase on the first day of A-share new stock listings, the unrealized profit could even exceed 59 million yuan. Note: This does not mean that wealth management investors can obtain the same magnitude of returns. In fact, the allocation rate for this new stock subscription is very low. After 140,000 shares are divided among 53 products, the proportion relative to their respective scales is not high. Even if Yushu Technology surges after listing, the impact on the net asset value of a single product may only be a few thousandths. Moreover, wealth management products participating in new stock subscriptions need to allocate a stock base position. Once the market corrects, losses in the base position may offset the gains from new stocks. Some products participating in new stock subscriptions have had negative returns in the past three months and six months. Actually, bank wealth management increasing equity positions, but "new stock subscription" does not mean returns suddenly take off. It is more like a high-probability, limited-contribution bonus item beyond fixed income returns. Yushu Technology shows impressive book unrealized profits, but it is difficult to independently change the performance of a single wealth management product!

$BTC is consolidating, why is capital suddenly flowing into CeFi? Currently, $BTC continues to fluctuate around $63,000, down 0.3% in 24 hours, while $ETH is defending $1800, slightly up 0.44%. However, gaps have already opened between different sectors. CeFi rose 1.89%, becoming the strongest performing sector of the day, with BNB up over 3%; Layer1 increased 1.22%, the Meme sector also recorded a 0.76% gain, and $DOGE performed relatively well. Note this is not a broad recovery of altcoins. The NFT sector fell over 6%, Layer2 dropped 1.7%, and DeFi is also weak. Even though $LINK rose nearly 4% against the trend, it did not drive the entire sector. The current market further proves that capital is rotating within a limited range: Withdrawing from the less popular NFT and Layer2 sectors, shifting to CeFi and strong coins with better liquidity and greater certainty. My personal judgment on the current market is that CeFi leading the rise does not mean a new major bull run has started. Market inflows are insufficient, and sector rebounds can easily become one- or two-day rotations. Continuous observation is needed: whether $BTC can increase volume and strengthen again, and whether $ETH can continue its rebound. Note that only if BTC and ETH open up space can capital continue to spread to altcoins; otherwise, blindly chasing sudden rallies in small-cap altcoins still stands at the peak. #现货ETF资金分化，BTC卖压仍在

Even managing $9 billion can't hold up? Bitwise lays off 14% of its staff, sending chills to ETF giants Bitwise, which manages about $9 billion in assets and has Bitcoin ETFs totaling $2.3 billion, recently laid off about 14% of its staff, reducing its team from 180 to 155 people. The CEO stated that even after layoffs, the company still has the highest number of employees in eight years and is optimistic about the long-term growth of crypto assets. Being optimistic about the future and short-term contraction are not mutually exclusive. Over the past 10 months, the crypto market has been under continuous pressure, with Bitcoin dropping about 50% from its peak in October last year. Falling coin prices and cooling trading both affect capital inflows and management fee income. No matter how many products there are, without sustained growth, it will become a cost pressure. This round of layoffs shows that the launch of ETFs and Wall Street's entry have not eliminated the crypto cycle. Industry competition is no longer just about stories; there are also capital inflows, product efficiency, and cost control. Although Bitwise is not "unable to hold on," the chill has already spread from the market's candlestick lines to the financial statements of every crypto company. If market liquidity does not recover, more companies will proactively shrink in the future. #现货ETF资金分化, BTC selling pressure remains

Zero downtime throughout, OKX "moved" its core trading system to another country! OKX founder and CEO Star announced on X that the platform completed a cross-border core trading system migration last week. During the entire process, there was no perceptible downtime on the user side; the main impact was a brief increase in trading latency, lasting about 30 to 40 minutes. This fully demonstrates the strong capabilities of the OKX team. The challenge lies in the crypto market running 24/7 without the maintenance windows available after traditional financial market closures. The exchange migration involved not only servers and related code but also order status, account balances, market data, risk control, and API connections. Any data desynchronization at any stage could cause duplicate orders, abnormal asset displays, or even trigger erroneous liquidations! From the results, the brief latency indicates the migration was not completely "invisible," but the system remained available throughout, with no interruption to data or trading, which is still a highly challenging engineering feat for a large trading platform. The team believes this might be the industry's first migration of this scale under similar business conditions. The migration did not disclose the specific countries involved nor the regulatory or business reasons behind it, so excessive speculation is unwarranted. However, this reflects OKX's efforts to strengthen cross-regional deployment, disaster recovery switching, and infrastructure resilience. For exchanges, handling traffic during market surges is just the first hurdle; the real long-term operational strength lies in the system's ability to upgrade and migrate without downtime! $OKB

Sold another 1,690 BTC, Strategy has reduced nearly 7,000 BTC in just over a month! According to documents submitted by Strategy to the U.S. SEC, Strategy sold another 1,690 BTC from August 3 to 9, cashing out about 108.6 million USD, with the funds to be used for repurchasing $STRC preferred shares. Since the end of June, Strategy has sold a total of about 6,948 BTC, recovering approximately 432 million USD, with an average transaction price of about 62,100 USD. Based on the company's overall holding cost of about 75,000 USD, the difference corresponding to this transaction is approximately 93.12 million USD. This is a market valuation based on average cost calculation, not the official accounting loss disclosed by Strategy. Looking only at the 1,690 BTC sold last week, it can be interpreted as a capital structure adjustment, but combined with continuous reductions over more than a month, the signal is different. Strategy has not abandoned Bitcoin; as of August 9, it still holds 840,447 BTC, with the cumulative sale accounting for less than 1% of the current holdings. However, current operations indicate that when funds are needed for preferred stock repurchases, cash reserves, and financing arrangements, Bitcoin will also be prioritized for sale and liquidation. This sale has limited direct impact on BTC's overall liquidity, with a greater effect on market sentiment and the valuation logic of $MSTR. If selling BTC becomes the norm, then Strategy's Bitcoin narrative valuation may need to be repriced.

Target $200, can $LINK really increase 25 times in four years? The Block reported that Standard Chartered Bank released its first Chainlink research report, making a rather bold prediction: LINK could rise to $200 by the end of 2030. Based on the current price of about $8, the potential increase is nearly 25 times. Standard Chartered's bullish core is not the short-term coin price, but asset tokenization. In the future, if assets like stocks, funds, bonds, and real estate are massively put on-chain, smart contracts will need stable access to external data such as prices, proof of reserves, and net asset values, and different blockchains will also need to transmit information and assets. Chainlink's oracles and the CCIP cross-chain protocol are right on this infrastructure path. A careful analysis shows that "business importance" does not necessarily mean LINK will definitely rise. The $200 target requires many factors: - Rapid expansion of the RWA market - Continued adoption of Chainlink by financial institutions - Increase in protocol fees - Protocol revenue being converted into demand for LINK purchases or staking. If institutional usage grows but the token value cannot be captured by protocol value, the price performance may be far below expectations. $200 is more like a long-term bet on the future scale of asset tokenization, and the premise for the logic to hold also requires observing CCIP transaction volume, protocol revenue, staking scale, and real paying customers.

$BTC unstable? Stablecoin liquidity pools have shrunk by nearly $15 billion! CryptoQuant analyst pointed out on X: From May this year until now, the total market cap of stablecoins in the crypto market has dropped from about $280 billion to $266 billion, shrinking by nearly $15 billion, a decline of about 5%. Before this, the stablecoin market size basically remained flat from October last year to May this year, with new inflows not being sufficient, and now it has further contracted. Stablecoins are, to some extent, the "cash reserves" of the crypto market. Continuous growth in size usually indicates that off-exchange funds are entering and waiting to buy; conversely, a decline in market cap often means increased redemptions, funds leaving, or investors temporarily unwilling to stay on-chain. This further explains why $BTC, even after stabilizing, still struggles to rebound. Price stabilization only indicates that selling pressure has temporarily eased; if stablecoin supply, spot trading volume, and active buying do not simultaneously recover, the market will still be dominated by existing funds competing. At this time, rallies are more likely to become short-term rotations, and sustainability will be discounted. Of course, a decrease in stablecoin market cap cannot be directly equated with an equal amount of funds leaving, nor can this single indicator alone determine that BTC will definitely fall. Therefore, it is necessary to continue focusing on whether stablecoins resume growth, net inflows to exchanges, spot trading volume, and ETF fund changes. Before liquidity expands again, remain cautious about rapid rebounds and avoid blindly chasing highs. #现货ETF资金回流，BTC与ETH能否接力？

$BTC stands above $65,000, altcoins lag behind: funds are gradually shifting direction! $BTC has reclaimed $65,000, $ETH has also held above $1,900, and $SOL is near $76.6. The market seems to be broadly warming up, but breaking down each sector reveals this is not a true broad-based rally. Among these three major mainstream coins, SOL shows relatively stronger short-term performance, indicating funds are still willing to take risks, but not evenly spread across the entire market. The Meme sector still attracts the most attention, with $TUT rising over 50% in a single day, $PUMP up about 11%, and $PEPE and $FLOKI showing slight gains. However, the overall gains in the Meme sector are not large, indicating the rally is highly concentrated in a few popular coins rather than a sector-wide activation. On the other hand, the AI sector has fallen about 1.8%, GameFi dropped nearly 4%, and DeFi and Layer2 also performed weakly. This shows the market is pushing up hot narratives on one side while withdrawing funds from weaker sectors, resembling a rotation of existing funds rather than a broad rally driven by new capital. The most critical level for $BTC currently is between $65,400 and $65,500. The price has touched this area multiple times in recent days but has not formed a valid breakout. If it can hold above this level with volume, the next opportunity will be to challenge $67,000-$68,000. #现货ETF资金回流，BTC与ETH能否接力？

A single lot floating profit of 220,000? UNITREE's hype is definitely at its peak! UNITREE Technology's IPO plans to issue about 40.4464 million shares, accounting for 10% of the total shares after issuance, with a total of about 404 million shares after issuance. Subscription date is August 10. At the issue price of 150.8 yuan/share, one lot is 500 shares, requiring payment: 150.8 × 500 = 75,400 yuan Hyperliquid's xyz:UNITREE quote is about 87.4 USDC, equivalent to a stock price of about 591.27 yuan. The value of one lot corresponds to about 295,600 yuan, minus the cost, the book floating profit is about 220,000 yuan, with a yield reaching an astonishing 292%! However, this figure can only be used as an emotional reference. xyz:UNITREE belongs to the perpetual contract market on Hyperliquid and is not the real A-share spot. It uses independent margin, can open up to 5x leverage, and the price will be affected by liquidity, leveraged funds, and market sentiment, which may cause a significant deviation from the real transaction price after UNITREE's listing. #存储股抛压缓和，AI内存牛市还稳吗？