Bitget UEX Daily Report | US Treasury buyback scale at least doubles; Anthropic to file for IPO by the end of the month; US stocks give back gains (August 21, 2026)

# 1. Hot News

Federal Reserve Dynamics

Waller to Deliver First Speech Since Taking Office at Jackson Hole

• Federal Reserve Chair Kevin Waller will speak at the Jackson Hole Symposium on August 28, discussing inflation targets, productivity, demographics, and global economic shocks.
• With inflation having exceeded the 2% target for five consecutive years, the market is focused on whether he will provide a more specific anti-inflation statement than "we are addressing it."
• The current target range for the federal funds rate is 3.5%-3.75%. Market Impact: The speech is seen as an important window to observe the new chair's communication style and policy priorities, which may influence the pricing of future interest rate paths.

International Commodities

Trump's Tough Stance on Iran Continues, Oil Prices Supported

• Trump continues to signal pressure on the Iranian economy, with Brent crude oil rising to around $93.
• Geopolitical uncertainty and supply concerns continue to dominate short-term oil price trends. Market Impact: High oil prices reinforce concerns about persistent inflation, putting pressure on interest rate-sensitive assets.

Macroeconomic Policy

U.S. Treasury Buyback Scale at Least Doubles, Bessent Forecasts New Fiscal Consolidation Measures

• U.S. Treasury Secretary Bessent stated that the scale of long-term Treasury buybacks will "at least double," with a single operation next month potentially exceeding $4 billion, and new fiscal consolidation measures may be announced as soon as this weekend or early next week.
• Trump has tasked him with advancing related work with the budget director, with tools including combating fraud, cutting some state-level spending, and tariff revenues. Market Impact: Buybacks temporarily lower yields, but the market questions their sustainability; long-term yields rebounded on Thursday, and U.S. stocks retraced gains.

# 2. Market Review

Commodity & Forex Performance

• Spot Gold: Approximately $4,511/oz, -0.19%
• Spot Silver: Approximately $68/oz, -0.11%
• WTI Crude Oil: Approximately $86/barrel, -0.59%
• Brent Crude Oil: Approximately $88.8/barrel, -0.52%
• U.S. Dollar Index (DXY): Approximately 98.8, -0.05%

Driving Factors Analysis: The Treasury's expansion of buybacks briefly lowered long-term yields, but the effect quickly faded, coupled with rising oil prices due to geopolitical factors, inflation concerns have resurfaced. Gold fluctuated between rising yields and safe-haven demand, while silver performed relatively stronger. Institutions believe that short-term commodities are dominated by "buyback retreat + rising oil prices," with asset linkage reflected as rising oil prices → inflation expectations → rising yields → pressure on risk assets.

Cryptocurrency Performance

• BTC: Approximately $73,600, +5.88%
• ETH: Approximately $2,338, +3.04%
• Total Cryptocurrency Market Cap: $2.55 trillion, +3.8%
• Market Liquidation Situation: Total liquidation $957 million, short position liquidation $785 million
• Bitget BTC/USDT Liquidation Map: Current BTC price approximately $73,659, with a significant amount of long liquidation leverage remaining in the 70,000--73,000 range; breaking key support may trigger a chain liquidation; above, the 74,000--76,000 area has gradually accumulated short liquidation pressure, and if it continues to rise, it may trigger short covering and amplify the upward trend. The short-term leverage focus has clearly shifted upward, with the long-short battle concentrated around 73,000--74,000.

• Spot ETF Net Inflow/Outflow: Yesterday's net inflow was $517 million, with a current 24-hour dynamic net inflow of $103 million.

Driving Factors Analysis: Trump's push for cryptocurrency legislation and the residual effects of the White House meeting continue, coupled with previous short squeezes, keeping BTC and ETH strong. Rising yields exert some pressure on risk assets, but the cryptocurrency market remains relatively independent of U.S. stock corrections. Institutional consensus points to short-term drivers being policy narratives and liquidity, with attention needed on subsequent capital flows and leverage changes.

U.S. Stock Index Performance

• Dow Jones: Closed at 52,759.21 points, down 1.32%
• S&P 500: Closed at 7,641.16 points, down 0.87%
• NASDAQ: Closed at 26,067.17 points, down 1.00%, with technology and consumer sectors under pressure

Tech Giants Dynamics

• NVDA: $216.62, down 0.43%
• AAPL: $311.15, down 1.79%
• MSFT: $481.01, down 0.68%
• GOOGL: $340.48, down 1.23%
• AMZN: $260.14, down 2.14%
• META: $545.68, down 0.06%
• TSLA: $345.35, down 1.64%

Performance Summary and Driving Analysis: Most of the seven giants closed lower. Apple and Amazon had the largest declines, while Nvidia was relatively resilient. The fading effects of Treasury buybacks, rising long-term yields, and increasing oil prices collectively suppressed risk appetite, with AI hardware and consumer technology both under pressure, enhancing defensive capital.

Sector Movement Observation

Biotechnology/Pharmaceuticals Significantly Corrected

• Representative Stocks: Moderna fell approximately 23.55%, and the biotechnology index fell approximately 2.92%.
• Driving Factors: Profit-taking after a surge the previous day and high volatility realization.

Cryptocurrency Concept Stocks Continued to Strengthen

• Representative Stocks: Strategy rose approximately 7.81%, Coinbase rose approximately 7.58%.
• Driving Factors: BTC maintaining high levels and policy expectations supporting.

Consumer and Retail Under Pressure

• Representative Stocks: Retail stocks like Walmart weakened.
• Driving Factors: Consumer data and earnings guidance raised concerns.

# 3. In-Depth Analysis of U.S. Stocks

1. Moderna (MRNA) - Significant Pullback After Surge

Event Overview: Moderna surged approximately 177% the previous day due to successful cancer vaccine trials, followed by a significant pullback of approximately 23.55% on Thursday. The biotechnology sector also corrected. Market Interpretation: Institutions view this as a typical technical correction following an event-driven surge, with short-term volatility significantly amplified. The medium to long-term logic still depends on subsequent trial data and commercialization progress. Investment Insight: High-elasticity targets need strict position control to avoid risks of pullback after chasing highs.

2. Anthropic - Accelerating IPO Process

Event Overview: Reports indicate that Anthropic may publicly submit IPO documents by the end of this month, with fundraising potentially matching or exceeding SpaceX's previous record. The company reported over $11.5 billion in revenue for the second quarter, with an annualized run rate of $65 billion, and plans to complete over $10 billion in revolving credit financing. Market Interpretation: Institutions focus on its characteristics of high growth and high losses, as well as the governance impact that super voting rights structures may bring. The acceleration of AI company IPOs will prompt the market to reassess valuation systems. Investment Insight: Pay attention to the official filing timeline and issuance scale's impact on AI sector sentiment.

3. Broadcom (AVGO) - Negotiating $100 Billion AI Financing

Event Overview: Broadcom is reportedly negotiating approximately $100 billion in debt financing with Blackstone, Apollo, and others to support AI companies like Anthropic in chip and infrastructure procurement. Market Interpretation: Analysts believe this move will help Broadcom expand its market share in AI chips and strengthen competition against Nvidia. Large-scale financing also reflects that capital expenditures for AI infrastructure remain high. Investment Insight: Monitor the progress of financing and its actual impact on company orders.

4. Apple (AAPL) - Following Market Pullback

Event Overview: Apple fell approximately 1.75%, performing weakly amid overall pressure on the technology sector. Market Interpretation: Under rising yields and declining risk appetite, the consumer electronics leader is also struggling. Investment Insight: The medium-term outlook still focuses on new products and service businesses, with short-term fluctuations following the broader market.

5. Strategy (MSTR) - Cryptocurrency Concept Continues Strong

Event Overview: Strategy rose approximately 7.81%, and Coinbase rose approximately 7.58%, continuing to benefit from BTC strength and policy expectations. Market Interpretation: Cryptocurrency asset prices and regulatory narratives remain core drivers, with volatility significantly higher than traditional tech stocks. Investment Insight: High beta allocation requires close tracking of BTC trends and legislative progress.

# 4. Market & Project Dynamics

1. Grayscale released a research report on Zcash, indicating that as AI development brings new means of financial surveillance, Zcash's privacy features may become a necessary function in the AI era. Zcash achieves shielded transactions through zero-knowledge proofs, concealing the sender, receiver, and amount, possessing cash-like privacy attributes. Currently, shielded transactions account for about 90% of Zcash's transaction volume, with approximately 4.2 million ZEC shielded (25% of circulating supply).

Grayscale noted that Zcash has a market cap of about $8 billion, accounting for only 0.6% of its category of "currency-type cryptocurrencies" (total market cap $1.4 trillion). If this category's share reaches 5%, the value of ZEC would be nine times its current value. The report suggests that the market's current valuation of Zcash reflects the assumption that "privacy will remain marginalized," and if investors ultimately believe privacy should receive a moderate premium, the current valuation may be undervalued. On the risk side, the report mentions long-term risks such as regulation and quantum computing but believes Zcash's shielding technology and selective disclosure tools provide a path for compliance.

2. According to CoinDesk, Bitcoin's recent upward momentum has strengthened, approaching a technical formation widely viewed as a long-term bullish signal. Currently, Bitcoin's 50-day moving average is approximately $63,976, and the 200-day moving average is approximately $69,005. If the 50-day moving average continues to rise and breaks above the 200-day moving average, the market may see a golden cross signal.
   The 200-day moving average is typically used to assess an asset's long-term trend. Staying above this indicator is often seen as a signal of a market transition from bear to bull; conversely, falling below the 200-day moving average may indicate a weakening long-term trend.

Previously, Bitcoin had been below the 200-day moving average since October 2025, when the BTC price was around $110,000, with the market's long-term trend under continuous pressure. Historical data shows that Bitcoin formed golden crosses in February 2023, October 2023, October 2024, and April 2025, all followed by further upward trends. However, golden crosses are usually confirmed only after price increases, and some investors may have missed early gains.

Analysts remind that the current rise may still be just a technical rebound rather than the start of a new long-term bull market. If Bitcoin subsequently falls significantly below the 200-day moving average, the bullish logic brought by the golden cross may become invalid.

3. U.S. Treasury Secretary Bessent stated that the scale of Treasury buybacks will at least double and forecasted new fiscal consolidation measures. Long-term bond market investors and macro strategist Mark Connors stated that the U.S. Treasury's plan to regularly buy back long-term Treasuries could become an important catalyst for Bitcoin's next rise and create conditions for BTC to reach the $180,000 target.

U.S. Treasury Secretary Scott Bessent stated on Thursday that the government expects to conduct regular long-term Treasury buyback operations and may expand the scale beyond the previously announced $4 billion plan. Bessent said the government aims to stabilize the bond market through tools to ensure that yield levels reflect economic fundamentals. Following the announcement, Bitcoin prices rose further, nearing $73,000.

Connors believes that the Treasury's intervention in the bond market is an important signal indicating that the government is addressing the pressures from rising long-term borrowing costs. He stated that higher U.S. Treasury yields would attract funds to the Treasury market, thereby weakening inflows into risk assets, including cryptocurrencies; if buyback operations support bond prices and lower yields, it may alleviate the macro pressures facing Bitcoin.

4. Anthropic may publicly submit IPO documents by the end of this month, potentially matching SpaceX's scale.

5. Broadcom is reportedly negotiating approximately $100 billion in AI-related debt financing.

6. Trump signed a memorandum on commercial space, aiming for an average of 1,000 launches per year by 2030.

# 5. Today's Market Calendar

Important Event Forecast

• S&P Global PMI Preliminary Value: Validating economic expansion momentum.
• Jackson Hole Preview: Focus on Waller's speech expectations on August 28.
• Anthropic IPO Progress: Tracking the filing timeline.

August 21 (Friday)

1. ★★★★ The U.S. will release the preliminary value of the August S&P Global Manufacturing/Services PMI, validating economic expansion momentum and soft landing continuity.

Institutional Views:

Investment bank analysts believe that the rapid fading of Treasury buyback effects, rising long-term yields, and increasing oil prices collectively suppress U.S. stock risk appetite. Bessent's forecast of new fiscal consolidation measures has led the market to take a cautious stance on their substantive impact. The acceleration of Anthropic's IPO process and Broadcom's large financing indicate that AI capital expenditures remain high. The cryptocurrency market, supported by policy narratives, remains relatively independent of U.S. stock corrections. Overall strategy recommendations focus on yield trends, PMI data, and the Jackson Hole speech, maintaining caution towards high-valuation growth stocks.

Disclaimer: The above content is compiled by AI search, with human verification for publication, and should not be considered as any investment advice. The data mentioned may inevitably contain deviations; please refer to real-time market data.