Gate Daily (August 25): The Federal Reserve (FED) unexpectedly releases a "dovish" signal; Ethereum gaming network sues Musk; Telegram founder criticizes the French government.

Bitcoin (BTC) continued to pull back over the weekend, reported at around $112,700 on August 25. The Federal Reserve (FED) Chairman Powell unexpectedly released signals from "the various factions," leading investors to believe that a rate cut in September is a done deal, boosting U.S. stocks, bonds, and gold prices. Ethereum gaming network Xai is suing Musk's xAI for trademark infringement. Telegram founder Pavel Durov criticized the French government's investigation into his alleged misconduct for lacking substantial evidence.

Today's Outlook

1. Germany's August IFO Business Climate Index, previously at 88.6

2, US July new home sales (annualized monthly rate), previous value was 0.6%

Macroeconomic Events & Cryptocurrency Hotspots

1. The Federal Reserve Chairman Powell unexpectedly made "dovish" remarks, leading investors to believe that a rate cut in September is a foregone conclusion. Investors originally expected Powell to release cautious signals, but he instead emphasized the fragility of the labor market during his speech and hinted that the Fed might shift to a more watchful stance. This news drove both stocks and bonds up, weakened the dollar, and increased gold prices. Powell stated at the central bank's annual meeting in Jackson Hole, Wyoming, "The shift in risk balance may necessitate an adjustment in our policy stance." He pointed out that while the labor market appears stable, "this is a peculiar balance, as both labor supply and demand have significantly slowed." He also expressed greater confidence that the impact of tariff increases on prices may only be temporary.

2. Pavel Durov, the founder of Telegram, stated that the investigation being conducted by French law enforcement agencies has not found any evidence suggesting wrongdoing by Telegram or himself, but the investigation is still ongoing. Durov criticized the French government, saying that despite the lack of basis for the investigation, the authorities are still stalling. He posted on Telegram, "A year ago, the French police detained me for four days simply because some people I had never heard of were using Telegram to coordinate criminal activities. Arresting the CEO of a large platform just because of user behavior is not only unprecedented but also absurd both legally and logically. A year has passed, and the criminal investigation against me still fails to find anything wrong with me or Telegram."

3. The Ethereum-based gaming network Xai has filed a lawsuit against Elon Musk's artificial intelligence company xAI, accusing it of trademark infringement and unfair competition. The complaint was filed on Thursday in the Northern District of California, stating that Musk's xAI company has caused widespread market confusion, damaging the Xai brand. Ex Populus, the Delaware company behind Xai, stated that it has been using the XAI trademark in U.S. commerce since June 2023, including through its blockchain gaming ecosystem and $XAI token. The document states: "This is a typical trademark infringement case that requires the court's intervention for remedy." According to the documents, Ex Populus operates the Xai ecosystem, which includes a blockchain network designed for video games and digital transactions, providing infrastructure that supports gaming logic, AI-driven decision-making, rewards, and data management across multiple applications.

Market Trends

1. $BTC continued to pull back over the weekend, temporarily reporting around $112,700 on August 25, with $231 million liquidated in the past 24 hours, mainly from long positions;

2. The U.S. stock market surged on August 22, reversing a week-long downturn. Federal Reserve Chairman Powell unexpectedly made dovish remarks, convincing investors that a rate cut in September is a foregone conclusion. The Dow Jones Industrial Average soared by 846 points, once again reaching a new closing high, while the Nasdaq Composite Index rose by 1.9%. The S&P 500 Index also increased by 1.5%, ending a five-day losing streak. Over the week, the Dow Jones Industrial Average and the S&P 500 Index gained 1.5% and 0.3% respectively, while the Nasdaq still fell by 0.6%.

3. In the Gate BTC/USDT liquidation map, based on the current 113,456.70 USDT, if it drops to around 111,363 USD, the total liquidation amount of long positions will exceed 387 million USD; if it rises to around 113,659 USD, the total liquidation amount of short positions will exceed 155 million USD. The liquidation amount for shorts is significantly lower than for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

4. In the past 24 hours, BTC spot inflow was 2.25 billion USD, outflow was 2.69 billion USD, resulting in a net outflow of 440 million USD.

5. In the past 24 hours, net outflows in contract trading for $BTC, $ETH, $SOL, $DOGE, $LINK, etc. have led to trading opportunities.

News Updates

1. A certain whale transferred 1,962 ETH to a CEX after holding it for 11 years, earning a profit of 4.7 million USD.

2. Analyst: ETH reaches new highs, with bullish prospects surpassing BTC.

3. Smart money shorted BTC during the LUNA/UST crash, earning $5.16 million, liquidated ETH, and reduced WBTC holdings, profiting $1.093 million.

4. Data: Tokens such as JUP, KMNO, and HUMA will experience significant unlocks next week, with JUP unlocking a value of approximately 27.1 million USD.

5. A certain whale deposited 12 million BIO into a CEX, worth 3.79 million USD.

6. Michael Saylor has released another Bitcoin Tracker message, which may reveal the accumulation data this week.

7. A certain whale deposited 5.45 million USDC into Hyperliquid to open long positions in ETH and BTC.

8. A certain Bitcoin OG has once again exchanged 6,000 BTC for ETH.

9. Wall Street bets on Ethereum becoming the preferred blockchain for RWA, but investment risks still exist.

10. Santiment: The surge in discussions about The Federal Reserve (FED) interest rates could pose a danger signal to the crypto market.

11. More than 10,000 investors hold over 1 billion Korean won in assets across the five major exchanges in South Korea, with an average of about 1.59 million dollars per person.

12. WLFI public offering participants hold a total of 4.63%, with TGE unlocking 20% valued at 264 million USD.

X KOL Selected Perspectives

Phyrex Ni (@Phyrex_Ni): "Today's task is still not complicated. Compared to last Friday's closing, the price of BTC has dropped by $2,500 over the weekend, while ETH has only fallen by less than $30. Recently, there has been almost daily discussion about the differences between BTC and ETH. As long as ETH still has a significant purchase power in the primary and secondary ETF markets, the reasons for shorting over the weekend's drop have been mentioned many times. The market has already started to reflect on Powell's speech from Friday, and the prospect of interest rate cuts and economic recession tends to excite investors. However, a day later, expectations for a rate cut in September have returned to around 84%. The current market hopes for a rate cut from the Federal Reserve but is also concerned that the cut is due to economic downturn."

"On August 25, there are two key time points: one is the early session when the CME opens to see the thoughts of Asian investors, and then there is the opening of the U.S. stock market in the evening to gauge the opinions of American investors. The most important data next week should be the core PCE on Friday, which, from the current outlook, is likely within the market's expected range. So, if the market continues to decline on Monday, I might consider going long. Additionally, there will be several speeches from Federal Reserve officials next week, which can help gauge the sentiment and see who is on which side. Currently, the support for Trump seems to be from three individuals: Waller, Bowman, and Williams."

Looking back at the data for Bitcoin, the turnover rate on Sunday is still very low. Although the continuous price decline has not triggered panic among investors, it is the weekend after all. Due to insufficient liquidity, even a small amount of selling may cause significant price fluctuations. As mentioned earlier, it’s all about Monday now. However, neither BTC nor ETH should experience a gap; major investors should take the time to consider more ideas. The seventh support level is gradually taking shape and should be marked next week, roughly between 113,000 and 118,000 dollars. There are already quite a few chips accumulated now.