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On-chain data analyst Murphy pointed out that BTC purchased in 2025 has been in a state of unrealized loss until now. Currently, there are about 4.77 million coins from 2025, a decrease of 41.5% from the peak in December last year. The decline slope shows two phases: a rapid decline before February and a slowdown after February, but it still maintains a certain slope. This group is currently the largest supply side in the market.Comparing the data from 2024, 2023, and 2022, it is found that the old coins with unrealized gains have basically passed the steep decline phase; the longer the time, the smaller the slope, and the curve has almost flattened after February. Even if the price drops further, the changes in the number of these coins are not significant, and those that should have changed hands have already done so. In terms of historical data, during the bear bottom in 2022, the high-position coins from 2021 decreased by 51%, and during the bear bottom in 2018, the high-position coins from 2017 decreased by 62%.Murphy believes that if we simply refer to history, the maximum decline of the 2025 coins in this bear bottom may be between 50%-60% (currently at 41%), and this does not yet account for the BTC purchased by institutions such as ETFs and MicroStrategy in 2025, most of which are in a locked state.

Bitget's latest data shows that in July, the platform's TradFi contract trading volume exceeded $100 billion, with a single-day peak trading volume reaching $10 billion, reflecting the growing demand from global users for trading traditional financial assets in the crypto derivatives market.As the core growth engine of the TradFi sector, Bitget's stock perpetual contracts demonstrate a high market penetration rate. Currently, about one in every three contract trades on the platform comes from stock perpetual contracts. As of the time of writing, Bitget has supported 272 popular US stock and ETF contract targets.

According to on-chain analysts, a Bitcoin whale who has held their position for three years has a cost basis as low as $20,000, with peak unrealized profits exceeding $15.31 million.This address deposited 158.7 BTC, worth $10.01 million, to Coinbase 8 hours ago, with the funds sourced from another address that withdrew the relevant Bitcoin from Kraken on March 11, 2023. During the holding period, this whale did not choose to take profits; if they sell now, they will make a profit of $6.206 million, which is more than a 40% reduction from the peak profit.

DeepSeek announced the new pricing for the V4 API, effective August 17. The V4-Pro peak period price for cache misses on input has increased from 3 yuan to 9 yuan per million tokens, and the output has risen from 6 yuan to 27 yuan, representing increases of 3 times and 4.5 times, respectively.During off-peak hours, although the price is only half of the peak rate, it is still more expensive than the current rates. The V4-Pro input is 4.5 yuan, and the output is 13.5 yuan; the V4-Flash input is 1.5 yuan, and the output is 4.5 yuan.Peak hours are from 9:00 to 12:00 and 14:00 to 18:00 Beijing time. The remaining hours are charged at off-peak prices.

AI code verification startup Blacksmith announced the completion of a $45 million Series B financing, led by Peak XV Partners, with follow-on investments from GV and Y Combinator, bringing the company's valuation to $550 million.

According to The Defiant, the DEX trading volume of Robinhood Chain peaked on July 11 and dropped by 72.5% by August 1, with daily trading volume decreasing from approximately $878 million to $241 million. During the same period, the number of transactions, total locked value, and stablecoin supply on the chain all reached historical highs. The global DEX trading volume share of the chain fell from a peak of 16.65% to 4.32% on August 2, while the overall DEX trading volume across the chain increased, indicating that this decline is a phenomenon specific to Robinhood Chain rather than a market-wide drop.The report states that on August 5, the number of transactions on the chain reached a historical high of 13.3 million, with total locked value reaching $433 million on August 6 and stablecoin supply reaching $597 million. However, the DEX trading volume per transaction dropped from $105.56 on July 13 to $27.82 on August 4, a decrease of 74%, indicating that while on-chain activity is more frequent, the value per transaction has significantly decreased. This divergence stems from the concentration of locked value in lending protocols like Morpho rather than DEX liquidity. Currently, there are 19 incentive activities on the chain that distribute approximately $58,000 daily, with 92% directed towards deposit users and only about $4,543 allocated for trading liquidity.

According to Jinshi, the U.S. Treasury stated that the cash balance may peak at around $1.05 trillion in October.

Bitget's latest data shows that the trading volume of rToken in July reached $1.153 billion, with a single-day highest transaction amount of $81.38 million and a single-day highest number of transactions at 127,691. Currently, the assets under management (AUM) of rToken have increased to $160 million.As trading activity increases, the demand for rToken trading during all time periods has further been released. Statistics indicate that about one-third of rToken transactions occur during the traditional U.S. stock market's off-hours, reflecting a strong demand for U.S. stock trading outside of regular trading hours, which also provides new growth opportunities for liquidity during non-trading hours.

According to Bloomberg, Italian app developer Bending Spoons SpA has agreed to acquire American software company Airtable for a total equity value of $2.25 billion, which will be completed as an all-cash transaction. After deducting Airtable's net cash of approximately $965 million, the enterprise value is about $1.29 billion. This price represents a significant reduction of about 80% from Airtable's valuation of $11.7 billion in 2021, serving as another example of the valuation correction in the software industry.Airtable was founded in 2013 and provides tools that allow non-technical employees to build customized applications. At the end of 2021, it raised $735 million at a valuation of $11.7 billion but failed to go public as planned "within a few years." Like many software companies, it has struggled to maintain stable growth amid the impact of generative AI tools such as ChatGPT and Claude Code. As of June 2026, Airtable's annual recurring revenue is approximately $480 million. This is Bending Spoons' first acquisition since its Nasdaq listing on July 1, and after the transaction is completed, Airtable will gain resources to advance the construction of its AI-native platform, but its operational model is similar to private equity, which typically involves layoffs and restructuring of acquired companies.

SpaceX will release its first earnings report since going public after the U.S. stock market closes on Tuesday, with the market focusing on the operational performance of its three major businesses: Starlink, Starship, and AI. Since its listing on June 12, SpaceX's stock price has continued to decline, closing at $114.53 on Monday, about 15% lower than the offering price of $135, and nearly 50% down from its historical high of $225.64, with a market value evaporating by over $500 billion. Visible Alpha estimates its Q2 revenue to be around $6.9 billion, primarily driven by Starlink. In terms of AI business, SpaceX previously acquired xAI and established computing power supply collaborations with Google, Anthropic, and others, with Q1 AI business revenue reaching $818 million. Additionally, the Starship's 13th test flight was recently completed, but the booster recovery experienced a hard landing.After this earnings report, SpaceX will face a lock-up period expiration on Thursday, with approximately 911 million shares (valued at about $100 billion) becoming tradable, raising market concerns about potential selling pressure. Data from S3 Partners shows that investors shorting SpaceX have realized gains of about $8.3 billion. Institutions like New Street and Yorkville Advisors believe that the pullback may provide an entry opportunity for long-term investors, with the ultimate trend depending on the strategic signals released by Musk during the conference call.

An independent Bitcoin miner mined Bitcoin block 960804 at 02:11 UTC on Monday, receiving a reward of 3.1568983 BTC, worth approximately $200,000. This reward includes a block subsidy of 3.125 BTC and a transaction fee of 0.032 BTC from 4243 transactions. CKPool developer Dr-ck stated that this block is the 317th independent block mined through CKPool, with the winning address being bc1qdyqjq9qccp34pyv3kxmsrkn7p0amnsqqy8kdeq.Its hash rate fluctuated significantly, peaking at 100 PH, suspected to be from rented hash power. At that time, the total Bitcoin network hash rate was 924 EH/s, and this peak accounted for approximately 0.011% of the entire network, corresponding to about one block mined every 64 days. CKPool allows independent miners to access its infrastructure without running a full Bitcoin node and charges a 2% fee from the mined blocks.

After South Korea raised the margin requirements for single-stock leveraged ETF investors, the trading activity of related products has significantly decreased, with trading volume dropping to about one-tenth of the previous peak level.According to data from the Korea Exchange, the total trading volume of 16 single-stock leveraged and inverse ETFs related to Samsung Electronics and SK Hynix in the KOSPI market was 12.388 trillion won within two trading days after the new measures were implemented, a decrease of 58.6% compared to 29.907 trillion won on the day the measures were implemented (July 31).Previously, South Korean regulators raised the minimum cash margin requirement for single-stock leveraged ETF investors from 10 million won to 30 million won. Compared to the trading volume of 124.485 trillion won on the last trading day before the measures were implemented (July 30), the current trading scale of related products has dropped to about one-tenth.The enthusiasm of retail investors has cooled significantly. Data shows that the trading volume of retail investors in single-stock leveraged and inverse products has fallen to 250.7 billion won, less than a quarter of the 929.9 billion won on July 31.Analysts indicate that after raising the margin threshold, the effect of restricting speculative capital inflow has begun to show, and the trading pattern of retail investors continuously buying leveraged products during declines in the underlying stocks is changing.

On-chain analyst Murphy pointed out that Bitcoin has accumulated up to 890,000 BTC at the single price level of $63,000, showing an extreme distribution. Excluding the 550,000 BTC locked by Coinbase in the $83,000 to $84,000 range, the accumulation at this price level may have exceeded 1 million BTC, accounting for about 5% of the total circulation. Historically, exceeding this scale has generally triggered significant volatility.Currently, the combined total of the two price levels, $62,000 and $63,000, accounts for about 8% of the circulation, and the concentration of chips within a 5% range of the spot price has simultaneously risen to 13%. Although it has not yet reached the historical high probability trigger line of 15%, it has surpassed the level that caused severe volatility in May, officially entering the alert zone.Analysts emphasize that a high concentration of chips means a sharp increase in price sensitivity. When overly concentrated chips are gathered in a narrow range, even a slight change in price may exacerbate the turnover of sensitive chips, leading to violent redistribution either upwards or downwards.The massive short-term chips accumulated near $63,000 are forming a potential trigger for volatility, and any external event could become the detonator. The market may have entered a tense state where a significant directional choice could occur at any moment.

CryptoQuant analyst Darkfost stated that the Bitcoin funding rate is showing typical signals before the significant increases in September 2024 and December 2022, indicating that pessimism may have recently peaked.From March to May, Bitcoin corrected over 50%, and the accumulation of short positions pushed the funding rate down to negative values. Subsequently, BTC rebounded to $82,000 in May. This signal has appeared again, potentially leaving room for a bullish reconstruction in the coming months. This indicator has been transformed into a monthly sentiment aggregation tool, which is more effective than the Fear and Greed Index.

CryptoQuant analyst Darkfost stated that the scale of BTC long-term holders transferring their holdings to trading platforms has recently risen to a high level. Currently, long-term holders contribute 5.1% of the total Bitcoin inflow to trading platforms. This ratio is close to the historical record, only having been higher than the current level in 2020, approaching 5.5%. This change occurred after a significant drop in Bitcoin prices.Since a 90-day moving average is used, this indicator has a certain lag, and changes will not immediately reflect the latest market dynamics. In the future, this trend is likely to gradually stabilize, but based on current data, the trading activity of long-term holders has clearly become more active recently.

SpaceX's stock price closed at $113.50 on Monday, down nearly 50% from the historical high of $225.64 in June, with a total market value evaporating by over $1.2 trillion, nearly equivalent to the entire market value of Tesla, another company owned by Musk. The stock has fallen on 13 out of the last 16 trading days.In the options market, the volume of put options exceeded that of call options on that day, but 4 out of the top 5 premium trades were neutral or bullish strategies. SpaceX will release its first post-IPO financial report next week, followed by the unlocking of the lock-up period on the second full trading day (August 6), allowing investors to sell up to 911.5 million shares, accounting for 20% of their eligible holdings. Market participants believe the impact of the unlocking may be less than widely feared, but it still poses pressure on the stock price trend.

CryptoQuant analyst Axel Adler stated that the current bear market phase of Bitcoin has seen the highest historical scale of holder realized losses, with the 30-day moving average (30DMA) of realized losses reaching $1.37 billion in February 2026, which is 19% higher than the cycle peak of $1.15 billion in 2022. Data shows that since the February peak, Bitcoin realized losses have decreased by 56.5%, currently down to about $597 million; meanwhile, the scale of realized profits has only slowly recovered to $257 million.Axel Adler pointed out that the sell-off pressure driven by losses has significantly weakened, but the market has not yet seen a sustained recovery in demand, with the rate of loss decline still outpacing the rate of profit recovery. Historically, on February 20, 2026, realized losses reached $1.37 billion, setting a historical high for this metric; the highest realized loss in the 2022 cycle was $1.15 billion, occurring on June 30, 2022. In terms of realized profits, as of July 23, the 30DMA of Bitcoin realized profits was $257 million, a decrease of 92.7% from the peak of $3.51 billion set on December 10, 2024; it was also down 77.7% from when Bitcoin hit its historical high of $124,710 on October 6, 2025. This metric had previously hit a low of $191 million on June 14, 2026, and has since rebounded by 34.7%.Axel Adler indicated that the selling pressure from profits has significantly decreased, and the amount of coins sold for profit is still at a low level in this cycle, but this does not mean that sellers have completely exhausted themselves, nor does it indicate that market demand has recovered. If realized profits continue to rise above $400 million to $500 million, it would further confirm a sustained improvement in the market. Additionally, the Bitcoin realized profit/loss ratio has rebounded from a low of 0.26 in June to 0.43, but it is still below the level of 1. Analysts noted that although the absolute scale of realized losses in the current cycle exceeds that of 2022, the relative market pressure remains lower than in 2022. Since Bitcoin's historical peak, there have been 190 days out of the past 291 days where realized losses exceeded realized profits. Axel Adler warned that if the profit/loss ratio falls below 0.26 again, accompanied by a price drop below the cycle low of $58,535 set on June 30, it could indicate further intensification of market pressure.

Anthropic upgrades Claude's voice mode. Paid users can now choose Opus, Sonnet, and Haiku, no longer limited to the faster but less capable Haiku.Users can switch models during conversations and can also switch to text at any time. Claude defaults to the model selected in the last text chat and calls the fastest version in that series. The voice mode can also access Gmail, Google Calendar, Google Docs, and Slack. Users can have Claude check emails, change schedules, or draft replies, and will request authorization before executing.The new version is now available for testing on mobile, desktop, and web. Free users can only use Haiku and one connection tool. Voice now supports multiple languages including English, Japanese, and Korean, but does not include Chinese at this time. This upgrade mainly enhances model reasoning and tool invocation capabilities. Anthropic has not changed the voice model, so the naturalness of speech and interruption experience may not show significant changes.