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I. Asset: Result perspective—"What do I have in hand"

Assets typically refer to resources that you (or a business) own/control and that may bring economic benefits in the future.
Examples: cash, stocks, real estate, equipment, patents, accounts receivable, cryptocurrency (BTC/ETH), etc.
Keywords: stock, ownership/control, measurable, liquid, preservable/appreciable
You can understand assets as: resources that you have "occupied".

II. Capital: Process perspective—"What do I use to make money/expand"

Capital is more like a "value-added mechanism"—an element or fund that can be invested in production/operation/investment processes to generate returns. It has several common contexts:

Many people interpret 'yen interest rate hike' as a small change in interest rates from 0.5% to 0.75%. However, what is truly concerning is not the 25 basis points itself, but the 'stability' of the yen as a global financing currency beginning to loosen: when the market re-prices Japan's monetary policy path, the volatility at the financing end rises, which can amplify the impact on foreign exchange, interest differentials, and various risk assets through margin calls, risk control lines, and forced liquidations.

1. The core of the yen interest rate hike: financing volatility, not interest rate points

The yen's ability to play a long-term role as a financing currency relies not only on 'low interest rates' but also on 'low interest rates that are stable over the long term'. Once it enters a phase of interest rate hikes and policy shifts, the market will factor in the 'policy uncertainty premium' into the yen: the rise in financing costs is one layer, and the increased instability of financing costs is a more critical layer. For leveraged funds, foreign exchange volatility more easily triggers margin replenishments and risk control reductions, making deleveraging occur faster and more concentrated.

Recently, the strong performance of gold and the historic high of silver have sparked discussions in the market about 'macro turn', 'physical tightness', and 'capital movement eastward'. Breaking down the verifiable information, the core signals mainly come from three layers: macro pricing, silver supply and demand, and the emphasis on custody and jurisdiction diversification.

1) Gold and silver rising together: the market is pricing in looser financial conditions.

The underlying drivers of the rise in gold and silver are: interest rate cuts/expectations of interest rate cuts pushing the US dollar and real interest rates lower, thereby enhancing the relative attractiveness of precious metals.
The corresponding signal is:
The market is more inclined to price in 'looser financial conditions/real interest rates lower' for the near future.

The CFTC allows BTC/ETH to be used as margin collateral in regulated derivatives markets, essentially granting them a 'high-quality financial asset ticket.'

1️⃣ Regulatory signal: BTC / ETH are regarded as 'acceptable commodity assets'

This time, the CFTC has officially launched the 'Digital Assets Pilot Program,' explicitly naming BTC, ETH, and USDC as acceptable collateral for customer margin in regulated futures, options, swaps, and other derivative markets in the United States. ([Commodity Futures Trading Commission][1])* At the same time, the 'tokenized collateral guidelines' have been released, incorporating digital assets into a collateral framework similar to that of government bonds and money market funds, indicating that regulators no longer view these assets as 'completely outliers' but rather include them in the existing regulatory system. ([Davis Wright Tremaine][2])* The CFTC has also rescinded the previous guidance restricting FCMs from accepting virtual currencies as customer collateral, stating that these regulations have become 'outdated' following the GENIUS Act. This essentially means that the regulatory framework for digital assets has officially been upgraded.

Stock market information for Bitcoin (BTC)
Bitcoin is crypto in the CRYPTO market.

The price is 109180.0 USD, currently changing by 1162.00 USD (0.01%) compared to the last closing.
The day's highest price is 109846.0 USD, the day's lowest price is 107283.0 USD.

Key Points Overview
Seasonal weakness combined with ETF directional divergence: Bitcoin enters the historically weakest September range, hovering around $107k–$110k; there are clear signs that institutional capital has withdrawn from BTC in August and shifted to ETH.
On-chain “fundamentals” have not collapsed: even if prices retreat, BTC's realized market cap reaches a historical high, raising the cost of bottom chips.

Let me tell a little story:

A sushi chef in Tokyo, early in the morning went to Toyosu for supplies and found that the price of tuna suddenly soared. He did not stubbornly change all the sushi to tuna but adjusted the menu to a 'seasonal platter': keeping the signature dish, adding seasonal white fish, and garnishing with a few slices of fresh sweet sea urchin. The customers were satisfied, and he diversified the risk.

Today's crypto market is very much like this chef's early market: price volatility, sudden supply and demand changes, and news coming in waves. The key is not to 'bet on one fish' but to use information and structured allocation to set up this 'platter' properly.

I. Macroeconomics and BTC: Driven by the dual factors of 'interest rate cut expectations + ETF structural demand'
After the Jackson Hole annual meeting, the market's bets on September interest rate cuts intensified, strengthening the overall pricing of risk assets: lower risk-free rates + stronger liquidity expectations are both beneficial for scarce and growth assets. Bitcoin reached a historic high in mid-August and then entered a digestion phase.
On the structural demand side, spot Bitcoin ETFs, especially BlackRock's IBIT, have become an 'incremental pump': as of early July, holdings surpassed 700,000 BTC, setting an industry record. This means passive and semi-passive funds continue to convert 'savings -> Bitcoin' into regularized, compliant asset allocation actions.

Opening short story - Low tide and shell picking
A beach in the early morning, the tide has just receded, and the ground is covered with crystal clear shells. The old man said to his grandson: "Before the tide rises, the best shells will be spit out by the waves first; but it will also bring the next bigger wave." Today's crypto market is like this sea: Bitcoin retreats after reaching a new high, and funds are washing back and forth between Ethereum, BNB, Solana, Sui, and the meme sector. The key is: are you picking shells at low tide, or are you knocked over by the next wave? 🌊
Key Signals Today
Macro event focus: The market cooled down before Powell's speech at the Jackson Hole Annual Meeting tonight; Bitcoin retraced about 10% after hitting a historical high of about $124k on August 14, with traders taking profits early and option pricing leaning towards caution.

A short story (introduction)
There are two shops in the market: one is running promotions, crowded but not making much money; the other one has higher prices, but a large customer bought most of the inventory at once. Today's crypto market is the same: ETF funds have slowed down in the short term, but Japanese listed company Metaplanet bought 775 BTC in one go against the trend, making the market's 'hot and cold' contrast particularly obvious.
Market Overview (Time: August 19th, morning)
BTC ≈ $116,704
ETH ≈ $4,347
BNB ≈ $849
SOL ≈ $185
SUI ≈ $3.64
TRX ≈ $0.352
On the derivatives side, the entire network liquidated approximately $211 million in the past 24 hours, and the sentiment is defensive. It is necessary to be wary of amplified volatility caused by leverage resonance. Data sources are summarized from exchange public information.

Opening story | 'The Captain on the Wind'
At night sailing, there are two types of captains: one sees favorable winds and raises all sails at once, while the other raises the main sail first to gauge the wind direction and then adjusts the secondary sail according to wave speed. The former often rushes faster but is more easily capsized; the latter does not rush for immediate gains but can go further. Last night, after BTC hit a new high, it quickly retracted, resembling the first type of captain; smart funds are acting like the second type of captain: riding the trend while adjusting sails. 🌬️⛵
Today's key points (JST 8/15)
Bitcoin: Asia's early session continues to show severe volatility, reaching as high as ~$124.5k yesterday (8/14, Eastern US), then quickly retracted due to inflation readings and profit-taking, hovering around ~$118k this morning. Multiple mainstream media confirmed the new high.

Short Story |

The Bucket and the Faucet
Many people see a bull market as a bucket that is being filled with water: prices rise because there is 'more water'. However, the crypto market resembles a sensitive switch.
Faucet
—— When policies open up, and ETFs and corporate treasuries increase the water flow, the main assets (BTC/ETH) surge first, followed by side pipes (public chains, meme) that will gush out. Today's market is a typical 'faucet amplification':
ETF and Policy
Has become the maximum water pressure.
Today's Overview (Beijing Time, August 14 AM)
BTC currently at $123,878, nearing the historical high area refreshed last month; the previous high recorded by Reuters last month was about $123,153.

Opening small story:

An old fisherman judges the tide not by a wave but by the rhythm of 'moon — tide height — fish schools'. The crypto market today is similar: macro (CPI/rates) — funds (ETF inflows) — narrative (ETH, SOL, Sui, and meme) converge as three lines, which is key to grasping the rhythm. 🌙🌊
Today's key signals (as of Japan time 2025-08-13)
US July CPI year-on-year at 2.7%, core at 3.1%, unchanged/slightly sticky from June, signaling 'moderate inflation + waiting for rate cuts'. This was officially released last night (Eastern US 8/12 8:30 am) by the BLS. (US Bureau of Labor Statistics)

Today's Overview (August 11)
Funding situation improves: On the last Thursday and Friday, the US spot Bitcoin ETF experienced a net inflow (8/7: +$277 million; 8/8: +$404 million), with the Ethereum ETF recording a single-day net inflow of $461 million on 8/8, adding fuel to this rebound.
Price and Sentiment: Driven by ETF funds, Ethereum broke above $4,000 on August 8, becoming one of the main narratives before the weekend.
Regulation and Compliance: Reports of Binance collaborating with Spain's BBVA to have an independent custodian manage customer assets strengthens market expectations for 'segregated custody/risk control upgrades'; meanwhile, Paxos reached a $48.5 million settlement with New York state over historical issues, and the compliance curve continues to 'repair and fill gaps.'

Institutional whales are diving into the deep waters of crypto, where should retail investors steer their boats?
The cryptocurrency market today presents a tale of two extremes: Solana's on-chain memecoin whales made over $650,000 in a single day, while Ethereum's exchange balances surged by 110,000 coins, hiding a potential sell-off crisis. Meanwhile, Trump Media Technology Group announced its Bitcoin reserves had surpassed $2 billion, as traditional capital flows into the crypto world at an unprecedented scale.
I. Bitcoin: The accelerated institutional process of 'digital gold'
Corporate reserve tide spreading



Trump Media Technology Group's $2 billion Bitcoin reserve is just the tip of the iceberg. The total Bitcoin holdings of global listed companies have reached

Institutional whales, national games, and regulatory breakthroughs are reshaping the new order of the crypto world.

The Bitcoin price has once again set a historical new high, easily breaking the $123,000 mark under the continuous influx of institutional funds. The global crypto ETF scale has surpassed $1.1 trillion, with BlackRock's Bitcoin ETF net inflow reaching $4.9 billion in a single month, as traditional financial giants are devouring Bitcoin circulation chips at an astonishing rate.
The U.S. House of Representatives passed the cryptocurrency bill with a narrow margin of 217 votes to 212, setting a record for the longest electronic voting session since the system was introduced, lasting over 8 hours. The advancement of the bill is closely tied to President Trump's personal intervention.

A tropical cyclone of long and short games is quietly taking shape in the collision of macro policies and token sell-off pressure.
🔄 One, Long and Short Game: Bitcoin's 'Silent Charge' and Market Caution
Bitcoin fluctuated around $109,300 today, once breaking through $109,700 last night, reaching a nearly three-week high. However, this surge hides divisions:
​​Standard Chartered's $200,000 prediction​​: The bank's analysts predict Bitcoin will hit $200,000 in Q4, citing continuous buying by ETFs and 'Bitcoin Treasury' companies breaking the halving cycle's downward curse.