The information flow is too fast, and in-depth analytical articles are easily drowned out by trending topics. The "Weekly Editor's Picks" column pulls out these valuable, insightful pieces from the flood of news, helping you filter out the noise and retain meaningful perspectives and inspiration.
Macroeconomic situation
Wall Street speculates: What will Bassett's next move be to rescue U.S. Treasuries?
Currently, mainstream Wall Street institutions expect the Treasury to signal in November that future borrowing increases will be accomplished through shorter-term Treasury bills and notes, while further expanding repurchase operations to alleviate pressure on long-term yields. Some investment banks even suggest that the more aggressive option of directly reducing long-term bond issuance is becoming more likely.
As long-term Treasury yields hover near multi-year highs, the Treasury’s departure from its long-standing practice of “regular and predictable” issuance is introducing new volatility into the market. Investors are navigating a new era of U.S. debt management and reassessing their portfolio risk exposures accordingly.
Central bank, ETF, and options funding converge—where does gold go after breaking 4600?
Goldman Sachs believes that fundamental buying of gold is resonating with options funding, and hedging by traders could become a short-term amplifier following a price breakout. Options positions can magnify upside moves but may also intensify pullbacks; if inflation reignites and raises expectations for rate hikes, trader unwinding could create additional selling pressure.
Goldman Sachs maintains its year-end 2026 gold price forecast at $4,900 per ounce, but this target does not yet account for a surge in macro hedging demand, leaving room for further upside. Goldman Sachs’ trading desk has observed synchronized buying by Chinese and Western macro funds, with clients betting on gold rising to $4,800–$5,500 through options and spot trades.
There is demand for three-month, $90 strike digital options in the silver market, but this reflects client bets rather than Goldman Sachs' official target price.
Also recommended: "Bessen's Real Strategy: Shorting U.S. Treasuries, CTA, Pushing the 10-Year Yield to 4.3%?"
Investment and Entrepreneurship
Arthur Hayes In-Depth Interview: ETH Seen at $30,000; FLOP Will Surpass ETH
Cryptocurrency is precisely the only release valve, the purest channel for central banks to release their money printing. 2026 is replaying the script that led to 2008, the very path that gave birth to Bitcoin. Arthur believes the Clarity Act is a terrible thing for the U.S. domestic crypto ecosystem, genuine innovation, and useful projects with real market demand. The government pays only superficial, occasional attention to crypto companies, while fully betting on AI.
Arthur doesn't rely much on technical analysis but follows Milton Berg, who specializes in technical analysis of U.S. stocks, to observe the correlation between Bitcoin and U.S. stocks based on his trading patterns.
Arthur believes that during this round of liquidity rebound in the crypto market, ETH will outperform all other large-cap crypto assets, as Ethereum has the largest developer community. The trigger for BTC to break above its previous high this year is the Federal Reserve’s decision to remove the counterparty limit on the Foreign and International Monetary Authorities (FEMA) repurchase facility.
The greatest risk in the crypto market comes from war. Investors need particular patience and focus. Arthur also introduced the latest project he is overseeing, Flop Network, a hash power spot market with a native currency.
BTC surged 24% in one week—what’s the strongest crypto leveraged token?
MSTR is a leveraged Bitcoin bond with the highest elasticity; COIN relies more on operational leverage and suits balanced investors seeking "industry growth + regulatory benefits"; CRCL's revenue has almost no direct correlation with BTC price; HOOD had the smallest gain but may be the most "resilient to declines"; mining companies have the highest leverage and are the most vulnerable.
As of the closing daily data on August 21, 2026
Circle surges 17% in two days—what is the market really betting on?
In addition to the general strength of cryptocurrency-related stocks, Circle’s fundamentals still have two points:
In Q2, USDC's circulating supply and on-chain transaction volume continued to grow, but revenue growth has slowed, with over 85% of revenue still coming from interest generated by reserve assets. As interest rates decline, whether USDC's expansion can offset the falling yield on reserves has become a key factor influencing short-term profitability.
2. The longer-term variables are the Arc blockchain and the Circle Payments Network (CPN).
Circle's final valuation (whether $101 or $259 under the 2030 base case) depends on whether Arc, after launch, generates real assets, transaction activity, and sustained revenue.
The altcoin season has just begun: 92% of tokens are up, and total market cap returns to $1 trillion
The market has reached a consensus that the altcoin market is showing clear signs of recovery. Capital will increasingly concentrate on top-tier projects, with the trading volume of leading altcoins accounting for a growing share of the overall altcoin market. In the future, altcoins will rely more on their own fundamentals, use cases, and independent capital inflows to drive price increases — one of the defining characteristics of this crypto market cycle.
As Bitcoin surged over 24% this week, the privacy coin ZEC reached an eight-year high of approximately $836–855.
The direct catalyst is not merely a "return of the privacy narrative," but rather Grayscale's latest revised filing to convert the Zcash Trust into a spot ETF, revealing that a subsidiary of its parent company, DCG, is negotiating to inject approximately 200,000 ZEC into the fund.
Around the same time, Grayscale is also pursuing the path of converting Bittensor (TAO) from a trust to an ETF, but its progress is noticeably behind. Market attention to this conversion script remains insufficient.
Today, HYPE will activate its second buyback engine.
Hyperliquid’s Aligned Quote Assets v2 (AQAv2) mechanism will officially begin generating yields. This means that, in addition to trading fees, Hyperliquid will introduce a new revenue stream tied to stablecoin reserve yields, ultimately used for HYPE buybacks. AQAv2 could generate an additional $150 million to $200 million annually for HYPE buybacks.
The Ethena Foundation's official announcement included two surgical measures targeting the supply side: repurchasing locked seed round investor tokens; and canceling all future monthly VC unlocks.
From now on, the biggest supply-side nightmare for ENA has largely ended, and the market no longer needs to track unlock calendars month after month for trading decisions.
Also recommended: “Robinhood CEO Interview: The Meme Coin Boom Was an Accident, My Portfolio Is Highly Diversified” “Shen Yu’s Latest Interview: In the AI Era, Human Will Is More Important, Bitcoin Is Better Gold” “A Founder’s Reflection: Same Starting Point, Why Did FOMO Get So Far Ahead of Us?”
AI & Storage
From the current revenue structure, the primary driver of AI computing power demand remains capital expenditures by major cloud providers. Core business is not only showing no significant slowdown but continues to accelerate.
At the product level, NVIDIA is gradually transitioning from the Blackwell cycle to the Rubin cycle.
Over the past year, AI computing demand was primarily driven by a few leading model companies, but now it is expanding to include more cutting-edge models, open-source models, enterprise AI, agents, and robotics. With such strong demand on the consumption side, supply has become a limiting factor for NVIDIA’s further growth. To overcome this bottleneck, NVIDIA is extending its role toward becoming a "capital organizer" for AI infrastructure.
For high-beta assets, the drawdown itself is not a signal—it’s where the drawdown stops that constitutes the signal.
There is significant divergence in market opinions on the memory cycle.
From a corporate action perspective, on August 19, the company announced a share buyback program worth 40 trillion Korean won, one of the most important fundamental variables in this pullback.
Investors should note three layers of risk: On the competitive landscape, Samsung Electronics has launched its next-generation high-bandwidth memory products; if a second supplier achieves scale certification, industry price levels will come under pressure. On negotiations, if the renegotiated compensation package increases the cash portion, the company’s expenses will rise. On volatility, the stock has a volatility of approximately 3.31% and a beta of about 1.77, with intraday swings often exceeding 8%; traditional percentage-based stop-losses are significantly less effective on such instruments, making position sizing more critical than stop-loss levels.
CeFi & DeFi
The most intuitive fundamental metric for DeFi is revenue. Market conditions fluctuate and narratives shift, but the ability to generate profits over the long term indicates that the protocol still has real demand.
These high-income projects are worth finding the right opportunity to invest in: UNI, JUP, MET, RAY, CAKE, AERO, WLFI (Caution: Current net income for WLFI holders is still 0), AAVE, ETHFI, LDO.
Spend without selling: Galaxy turns BTC, ETH, and SOL into personal credit lines.
Galaxy Digital has launched a Crypto Portfolio Line of Credit on its retail platform, GalaxyOne. Users can use BTC, ETH, and SOL (including staked SOL) as collateral to borrow USD or USDC at an annual interest rate of 8.99%, with no account opening fees, monthly interest payments, revolving credit, and instant funding. The initial loan-to-value ratio is 50% (meaning up to $50,000 can be borrowed against $100,000 worth of crypto assets), and the service is currently available in 40 U.S. states.
The core user profile for crypto-collateralized lending consists of individuals who hold significant amounts of crypto assets, do not wish to sell them (due to long-term bullish outlook or to avoid triggering capital gains tax), but require short-term cash flow.
The correct use of crypto-collateralized lending is as a short-term liquidity tool, not a long-term leverage strategy.
Airdrop Opportunities and Interaction Guide
Variational, Extended, RISEx, Lighter & Robinhood Wallet, Entropy, Arcus, Trasia, GTE, Perpl, HelloTrade.
Also recommended: “Kaito’s First Collaboration Project After Return: Is Axis Robotics Ready for TGE?” “Popular Interaction Roundup | Flop Labs Verifier Application; TermiX Launches Points System (August 27)” “EASY Residency Season 4 List Revealed: These 9 Projects Already Have Interaction Angles”
Meme
Trump's "Pig Butchering" Guide: Spreading Rumors to Pump, Dump with Massive Volume, Son Denies It
The story behind the rumor that Trump will launch a new coin on the Robinhood chain.
Also recommended: “BSC, Robinhood, and Base Engage in a Three Kingdoms Battle: A Look at This Weekend’s Hot Meme Coins”.
Ethereum and Scaling
BitMine will soon hold 5% of ETH—risk or opportunity?
Owning 5% of ETH does not grant BitMine any direct control over the Ethereum network. Ethereum protocol upgrades are determined through the EIP process and rough consensus among core developers, independent of token holdings. Owning ETH does not equate to voting rights, and Ethereum has no on-chain governance mechanism.
But 12% of the total network staking share is not a negligible amount. Excessive concentration by a single entity could trigger systemic risk, and as a publicly traded company subject to U.S. securities laws, BitMine’s staking activities may be influenced by the SEC, CFTC, or other regulatory bodies.
BitMine has no significant revenue sources other than ETH, making it a leveraged bet on a single asset rather than a business with diversified revenue streams.
Fully funded through equity financing, with no debt or convertible bonds; Lee refers to this as “keeping the capital structure clean.”
After buying 5%, you're unlikely to stop, provided institutions begin holding ETH as a long-term asset; what truly needs to be evaluated is 2027.
BitMine does not rely on selling ETH to cover expenses; its annualized staking yield of approximately $300 million is sufficient to cover the annual dividends of $30 million to $35 million for the 9.5% preferred shares (BMNP).
Lee compares ETH to "the stock market/real estate," with its core attribute being a store of value, not a bond-like cash flow asset.
Multi-ecosystem
A vote could increase SOL's daily burn rate by 14 times
Security
Weekly Hot Topics Recap
BTC returns to $80,000 after 100 days;
"Sun Yuchen's lawsuit against Jing Tian" draws attention;
Policies and Macroeconomic Markets
United States plans to reassign diplomats to its embassies in the Middle East; an all-out escalation in the Iran conflict is not expected;
Trump: If I lose the midterm elections, I will be impeached;
U.S. Department of the Treasury to tap nearly a trillion in treasury accounts? Bessent emphasizes another bond repurchase on September 9;
Opinions and Voices
Standard Chartered Bank: Bitcoin could rise to $126,000 amid ETF inflows and short covering;
Vitalik releases research on "partial mixing" cryptography: exploring next-generation obfuscation techniques that could become foundational primitives in modern cryptography;
Institutions, large companies, and top projects
Former Head of Product: X will soon support select cryptocurrency trading features;
Data
From August 19 to 22, the total market cap of altcoins surged by $215 billion over three days, fueled by policy signals from Trump prompting capital inflows;
Glassnode: 85% of altcoin funding rates are above average, indicating the market has entered an optimistic phase;
After being liquidated nearly 500 times, Ma Ji Da Ge turned his $150,000 principal into $12.72 million in three days;
Security
Donald Trump's second son denies that Trump will launch a new token, calling the related rumors fraudulent;
The largest buyer of the Trump family's WLFI, Zhou Guren (Introduction), has been listed as a dishonest被执行人, involved in six cases with debts amounting to tens of millions of yuan...
Access the "Weekly Editor's Picks" series here. See you next time!