Key Crypto Market News This Week Regulatory Jurisdiction Battle Erupts as SEC Halts Nasdaq Bitcoin Options Latest developments on August 3: The SEC formally suspended approval for the launch of Nasdaq’s Bitcoin cash-settled options (QBTC), accepting CME Group’s jurisdictional objection. CME argues that Bitcoin is a commodity and that related derivatives should be regulated solely by the CFTC, meaning the SEC has no authority to approve securities-based Bitcoin options products. This regulatory battle among Wall Street giants is essentially a struggle for dominance over the crypto derivatives market, and the final outcome will directly affect the approval path for subsequent crypto financial products. CLARITY Act Faces Critical Window as Senate Passage Odds Plunge to 30% The CLARITY Act, known as the “foundational law” of U.S. crypto regulation, is deadlocked. With only a few days remaining in the legislative window before the Senate’s summer recess, the two parties remain at an impasse over core provisions including developer liability exemptions, anti-money-laundering clauses, and presidential ethics restrictions: the Warren camp accuses the bill of having loopholes benefiting special interests, law enforcement groups collectively oppose its DeFi and developer protection provisions, and the Senate majority leader has admitted that “the probability of completing a vote before the recess is extremely low.” Industry institutions currently estimate that the bill’s chances of passing this round have fallen to 30%. If it fails to clear the hurdle, the ambiguity surrounding U.S. crypto regulation will continue at least until after the Senate reconvenes in September. Fed Holds Steady as Nonfarm Payrolls Week Arrives, Crypto Market Moves Sideways Awaiting a Breakout The Federal Reserve’s August policy meeting announced that it would keep the benchmark interest rate unchanged at 3.5%-3.75%, without sending a clear signal of a rate cut. Bitcoin has continued to trade in a narrow range of $63k-$65k. The nonfarm payrolls data due this week will be a key variable: stronger-than-expected data would reinforce expectations that “higher rates will last longer,” weighing on risk assets; unexpectedly cooling employment could ignite expectations of a September rate cut and provide upward momentum for crypto prices. Historical data also shows that August is traditionally a weak month for Bitcoin, with gains recorded only 5 times in the past 13 years, leaving overall market sentiment cautious. Wallet Security Alert Sounds as Coldcard Theft Losses Rise to $86 Million$ETH Following confirmation of the fourth attack on August 2, total losses from the Coldcard hardware wallet theft have reached approximately $86 million (1,367 BTC), affecting 462 addresses. The incident has triggered widespread market concerns over the security of self-custody wallets and has also prompted U.S. regulators to further tighten compliance requirements for crypto-asset custody and security. Stricter hardware wallet security standards may follow. Chain Reaction from Tariff Lawsuit by 25 States Puts Pressure on Crypto Mining and Hardware Costs New York, California, and 23 other states have jointly sued the federal government over its new tariff policy, which also affects the crypto industry: the covered categories of mining machine chips, computing hardware, and electronic components would, if ultimately implemented, drive up domestic U.S. mining costs and hardware prices, indirectly benefiting overseas mining companies and computing-power service providers while potentially accelerating the migration of U.S. crypto mining operations abroad. ⏳ Upcoming・Key Dates August 7: Final Legislative Window for the CLARITY Act The Senate enters its summer recess on this date, making it the bill’s final opportunity to clear the hurdle in August. If a vote is not initiated as scheduled, the entire legislative agenda will be postponed until the Senate reconvenes in mid-September, and regulatory uncertainty will continue to weigh on the market. August 7: Nonfarm Payrolls Data Release The U.S. July nonfarm payrolls report will be released, serving as a core reference for the Fed’s September policy meeting and directly determining the direction of rate-cut expectations. It is highly likely to break Bitcoin’s current sideways pattern and trigger sharp short-term volatility in the crypto market. August 9: Two Major On-Chain Events Take Place$BTC Bitcoin will enter the mandatory signaling period for the BIP-110 soft fork (Reduced Data), marking the most important network governance upgrade in recent years; meanwhile, Cardano (ADA) will reach a CME futures milestone, formally entering the compliant path toward an ETF filing and further expanding the major-coin ecosystem.#USD1持币生息最高8%

A master trader, upon entering the market, observes its form, discerns its intent, assesses its timing, and gauges its momentum. He acts at the end of yin and stops at the peak of yang. His mind is as unmoving as a mountain, his nature as ever-changing as water, deeply grasping the mysteries of yin and yang transforming into each other and treating rises and falls as ordinary. Without joy, without sorrow, without things, without self, he takes the absence of method as method, with every method complementing the others—this is what makes a master trader! #Ethereum $ETH

Lost $57.2 million, yet its stock rose 5% Something interesting happened yesterday. American Bitcoin, the mining company owned by the Trump family, released its Q2 financial report. It posted a net loss of $57.2 million, marking its third consecutive quarter of losses. Normally, a financial report like this should send the stock crashing. But what happened? The stock rose more than 5% after the report was released. Has the market gone crazy? No. The market is more clear-headed than anyone. Let's look at the numbers: In Q2, the company's Bitcoin reserves rose from 7,021 BTC to 8,002 BTC, an increase of 14% for the quarter. It mined 932 BTC during the same period, a company record. Mining revenue was $67 million, up 8% quarter over quarter. Where did the $57.2 million loss come from? A $71.2 million fair-value impairment on its Bitcoin holdings. Translation: BTC prices fell, so the value of its holdings on the books was revalued at market prices, resulting in a $71.2 million reduction. This was not a cash outflow, but an accounting exercise. The company did not sell a single BTC. All 932 BTC it mined were added to its reserves. The loss is a figure on paper; the increased holdings are real assets. What were Eric Trump's exact words? “Bitcoin never moves in a straight line, and we never assumed it would when we built this company.” “Our advantage is that we do not buy at market prices; our mining costs are roughly half the market price.” The mining cost per BTC is approximately $36,500. The BTC price that day was $63,150. Each BTC mined generated a profit of $26,650. Would you do this business? More interestingly— That same week, Trump Media transferred BTC worth $165 million (approximately 2,628 BTC) to Crypto com. The company said, “It wasn't sold; it was merely transferred into custody.” But the on-chain data is crystal clear—the BTC holdings fell to approximately 4,261 BTC, exactly matching the amount pledged as collateral for convertible bonds. One company is aggressively accumulating, while the other is quietly pledging. The same family, the same coin price, and completely opposite allocation choices. The American Bitcoin CEO said, “Our view of the world is simple: Bitcoin is a growing capital asset, and we believe its long-term compounded growth will exceed our cost of capital.” What about Trump Media? It is using BTC as collateral to borrow money. One treats it like a son; the other uses it as a tool. Which one do you believe? Finally, a few practical points: The stock has fallen 95% from its peak and was forced to conduct a 1-for-15 reverse stock split to retain its Nasdaq listing. But the market still responded with a 5% gain. Because everyone understood: This is not a company that is losing money. It is a machine that continuously accumulates BTC using mining cash flow. The accounting loss is on paper; the 8,002 BTC are real. At the current price of approximately $63.5k each, the reserves alone are worth more than $63.5k. Is “mining company losses under fair-value accounting” a warning sign to worry about, or a threshold that must be crossed? My answer is the latter. If you believe BTC will rise over the long term, then the current book loss is simply the cost of holding it. If you don't, you should not be looking at this company in the first place. The market has already answered that question with a 5% gain.#Gate储备金率117% #Gate资产规模位列全球Top6 #Strategy再售1637枚BTC并回购STRC $BTC $ETH