CoinWorld.net reports that, according to Bloomberg, Strategy founder Michael Saylor is seeking to transform Strategy from a pure Bitcoin treasury company into a “digital credit” issuer. Using the Bitcoin held by the company as its capital base, Strategy aims to give MSTR common-stock investors greater exposure to BTC’s high volatility while providing STRC holders with relatively low-volatility dollar cash returns by adjusting dividend rates, issuing and repurchasing STRC, and managing its dollar reserves. STRC currently has an annualized dividend yield of approximately 12%. Strategy has also proposed changing it to a daily accrued dividend, payable on the next business day after declaration, to further reduce price volatility and improve liquidity. Saylor said that over the past approximately 20 months, the “digital credit” market has grown from zero to approximately $16 billion.

‍#每周来晒 # Core PCE and Final GDP Estimate Another night of major data releases! Could today be the day of a great miracle? At 20:30 tonight, the United States will release two key data points that will influence global asset pricing: the August core PCE price index and the final annualized quarter-on-quarter real GDP growth rate for the second quarter. PCE is the inflation gauge most closely watched by the Federal Reserve, while the final GDP estimate is used to assess the strength of the U.S. economy. Together, the two figures will directly reshape market expectations for the “higher-for-longer” interest-rate trade, and the gold and crypto markets, which have been shaken for half a week, may finally break out of their current impasse. First, let’s look at the market’s current consensus expectations. The market expects August core PCE to rise 0.3% month on month and 3.3% year on year; headline PCE is expected to rise 3.7% year on year. Whether core or headline, the readings will remain considerably above the Fed’s 2% inflation target, and concerns about sticky inflation have not faded. The final annualized quarter-on-quarter GDP growth rate for the second quarter will mainly be used to confirm whether the U.S. economy, driven by consumption, is strong or weak. If GDP is revised sharply upward, it would indicate that the economy remains hot and that inflation will struggle to fall quickly; if the data are revised downward, it would signal economic cooling and give the Fed more room to ease policy later. The market’s current dilemma is very clear: inflation remains elevated, but the economy has not shown any obvious loss of momentum. On one hand, stubborn inflation prevents premature rate cuts; on the other, if the economy weakens, the Fed cannot maintain aggressive tightening indefinitely. The Fed is caught in a difficult position. The combination of tonight’s two data releases will determine whether the market trades “higher for longer” or “the tightening cycle is nearing its end” in the period ahead. Yicai Below, Little God of Wealth breaks down the possible market moves tonight under three scenarios: Scenario 1: Inflation exceeds expectations + GDP revised upward (hawkish combination) Core PCE comes in above expectations both month on month and year on year, while final second-quarter GDP is revised upward. This combination represents a typical “hot economy + stubborn inflation” scenario. It will directly strengthen the logic behind the higher-for-longer trade, rapidly push interest-rate futures to price in a higher probability of further rate hikes, and drive U.S. Treasury yields and the dollar index higher in the short term. Sina Finance For gold: As a non-yielding asset, gold will face clear selling pressure, and prices could easily pull back in the short term. For cryptocurrencies: Crypto assets such as Bitcoin have a stronger risk profile and are highly correlated with U.S. growth stocks. As expectations of tighter dollar liquidity increase, risk assets will come under selling pressure, and the crypto market could experience a rapid sell-off, with the risk of leveraged liquidations rising simultaneously. Institutional funds will reduce their risk exposure, and inflows into spot ETFs may also cool temporarily. Scenario 2: Data broadly meets expectations (neutral combination) Core PCE largely matches expectations, coming in around 3.3% year on year, while final GDP changes little from the previous reading. This is also the most likely scenario. Inflation remains well above the 2% target but has not deteriorated further; economic resilience remains intact, but the economy is not unexpectedly strong either. The market will neither fully price in further rate hikes nor launch into a rate-cut frenzy. Expectations of higher for longer will be reinforced, but there will be no extreme market move. Gold: Gold will most likely remain range-bound, with intensifying battles between bulls and bears and repeated short-term whipsaws. It will be difficult for a one-way trend to emerge, with technical factors playing a larger role in price fluctuations. Cryptocurrencies: The market will likewise remain range-bound, with volatility rising but no clear direction emerging. The market will continue waiting for more data, such as the upcoming nonfarm payrolls report, and no consensus trend will form. Scenario 3: Inflation comes in significantly below expectations + GDP revised downward (dovish combination) Core PCE comes in significantly below expectations, while final second-quarter GDP is revised downward. Signals of cooling inflation and weakening economic growth will emerge simultaneously, prompting the market to rapidly lower the probability of further rate hikes and begin pricing in future rate cuts. U.S. Treasury yields and the dollar index will weaken. For gold: The pressure from elevated real interest rates will ease, creating a bullish catalyst for gold. Prices could rebound in the short term, with bulls regaining the initiative. For cryptocurrencies: Expectations of looser liquidity will rise, risk appetite will recover, and the crypto market will see a rebound. Bitcoin will have greater upside sensitivity, while small-cap coins will also follow as sentiment improves. Additional details worth noting The final GDP estimate is mainly a review of economic conditions in the past second quarter and is a lagging indicator; PCE inflation is the Fed’s core policy anchor. Inflation data carry greater weight than GDP data. A special situation could arise in which PCE inflation surges while GDP is revised sharply downward—in other words, the early stages of stagflation. In this environment, gold could benefit from its safe-haven characteristics amid stagflation and stage an independent rally, while cryptocurrencies would remain under pressure due to recession concerns, causing the two markets to diverge.

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