The information flow is too fast, and in-depth analysis articles can easily be drowned out by breaking news. The "Weekly Editor's Picks" section rescues these pieces of content with analytical value from the sea of information, filtering out the noise, leaving you with insights, and sparking inspiration.
Macro Landscape
Wall Street Speculates: What is Besant's Next Move to "Rescue Treasury Bonds"?
Currently, mainstream Wall Street institutions predict that the Treasury Department may signal in November that future borrowing increases will be completed through short-term Treasury bills and shorter-dated notes, while further expanding repurchase operations to alleviate pressure on long-term yields. Some investment banks even point out that the possibility of the aggressive option of directly cutting long-term bond issuance is rising.
With long-term Treasury yields hovering around multi-year highs, the Treasury Department's deviation from the long-standing practice of being "regular and predictable" is injecting new volatility into the market. Investors are facing an entirely new era of U.S. debt management and are reassessing their portfolio risk exposures accordingly.
Triple Resonance: Central Banks + ETF + Options Funds - Where Does Gold Go After Breaking Above $4600?
Goldman Sachs believes that fundamental gold buying is resonating with options funds, with dealer hedging potentially acting as a short-term amplifier following a price breakout. Option positioning can amplify rallies but also exacerbate pullbacks; if inflation reheats and pushes rate hike expectations higher, dealer unwinding will create additional selling pressure.
Goldman Sachs maintains its 2026 year-end gold forecast of $4,900/oz, but this target does not yet factor in a surge in macro policy hedging demand, leaving room for further upside. Goldman's trading desk observes simultaneous accumulation by Chinese and Western macro funds, with clients using options and spot trades to bet on gold reaching $4,800—$5,500.
Three-month digital option demand for silver with a strike price of $90 has emerged, but this represents client positioning, not Goldman Sachs's official target price.
Also Recommended: "Besant's True Calculus: Squeeze CTA Shorts in U.S. Treasuries, Driving the 10-Year Yield to 4.3%?"
Investment & Entrepreneurship
Arthur Hayes' In-depth Interview: ETH Sees $30,000; FLOP Will Surpass ETH
Cryptocurrency is precisely the only release valve, the purest conduit for the release of central bank money printing. 2026 is replaying the script leading to 2008, replaying the path that gave birth to Bitcoin. Arthur believes the Clarity Act is a terrible thing for the U.S. domestic crypto ecosystem, genuine innovation, and those useful projects with market demand. The government only occasionally pays superficial attention to crypto companies, while actually betting heavily on AI.
Arthur doesn't pay much attention to technical analysis, but follows Milton Berg, who analyzes U.S. stock technicals, using his buy/sell rhythm to observe the correlation between Bitcoin and the stock market.
Arthur believes that in this round of the crypto market's liquidity rebound, ETH's performance will outperform all other large-cap crypto assets, as Ethereum has the largest developer community. The trigger for BTC to break above its previous high within the year: The Federal Reserve deciding to remove the counterparty limit for Foreign and International Monetary Authorities (FIMA) repo facilities.
The biggest risk to the crypto market comes from war. Investors particularly need patience and focus. Arthur also introduced his latest project, Flop Network, a compute power spot market with a native currency.
BTC Surges 24% in a Week, Which is the Strongest Crypto Leverage Stock?
MSTR is a leveraged Bitcoin bond, with the highest elasticity; COIN relies more on operating leverage, suitable for balanced investors seeking "industry growth + regulatory dividends"; CRCL's revenue has almost no direct relationship with the BTC price; HOOD rose the least, but may be the most "resilient"; Miners have the highest leverage and are the most fragile.
Data as of the close on 2026-08-21, daily chart
Circle Soars 17% in Two Days, What Is the Market Really Betting On?
Beyond the general strength of crypto-related stocks, Circle's own fundamentals have two points:
1. USDC circulation and on-chain transaction volume maintained growth in Q2, but revenue growth has already slowed, with over 85% of revenue still coming from interest generated by reserve assets. As interest rates fall, whether USDC scale expansion can offset declining reserve yields becomes key to short-term profitability.
2. The longer-term variable is the Arc blockchain and the Circle Payments Network (CPN).
The ultimate valuation Circle can achieve (whether $101 or $259 in the 2030 neutral scenario) depends on whether Arc, after launch, can bring real assets, transaction activity, and sustained revenue.
Alt Season Just Kicked Off: 92% of Tokens Rise, Total Market Cap Returns to $1 Trillion
A clear recovery in the altcoin market has become a market consensus. Market funds will concentrate towards leading projects, with trading volume of top altcoins accounting for an increasingly larger proportion of overall altcoin trading volume. Future altcoin rallies will depend more on their own fundamentals, use cases, and independent capital inflows, which is also a major characteristic of this crypto market cycle.
Behind ZEC's New High: Grayscale Trust-to-ETF Conversion Accelerates, Is TAO Following the Same Script?
As Bitcoin surged over 24% this week, privacy coin ZEC simultaneously hit an eight-year high around $836-$855.
The direct catalyst is not simply a "return of the privacy narrative," but Grayscale's latest amended filing to advance the conversion of the Zcash Trust into a spot ETF, disclosing that a DCG subsidiary is negotiating to inject approximately 200,000 ZEC into the fund.
Almost simultaneously, Grayscale is also pursuing a "trust-to-ETF" path for Bittensor (TAO), but the progress is noticeably behind. Market attention to this conversion script remains insufficient.
Today, HYPE Activates Its Second Buyback Engine
Hyperliquid's Aligned Quote Assets v2 (AQAv2) mechanism officially begins accruing revenue. This means that besides trading fees, Hyperliquid will add a new revenue stream related to stablecoin reserve yields, ultimately used for HYPE buybacks. AQAv2 could potentially bring $150 million to $200 million in new annual buyback funds for Hyperliquid.
Behind ENA's Surge: Ethena Foundation Dismantles VC Selling Pressure, Ushers in New Era of Revenue Buybacks
The Ethena Foundation's official announcement contained two surgical operations targeting the supply side: repurchasing locked tokens from seed-round investors; canceling all future monthly VC unlocks.
Since then, ENA's biggest supply-side nightmare is largely over, and the market no longer needs to trade while staring at the unlock calendar every month.
Also Recommended: "Robinhood CEO Interview: Memecoin Explosion Was Accidental, My Portfolio Is Quite Diverse"; "Latest Interview with Shenyu: Human Will Is More Important in the AI Era, Bitcoin Is Better Gold"; "A Founder's Reflection: Starting from the Same Point, Why Did FOMO Run Further Than Us?"
AI & Storage
NVIDIA Earnings Quick Read: Quarterly Revenue Set to Break Through $100 Billion, Can It Grow Another 70% Next Year?
Judging from the current revenue structure, the primary driver of AI compute demand remains the capital expenditures of large cloud providers. Core business not only shows no significant slowdown but is instead continuing to accelerate.
At the product level, NVIDIA is gradually transitioning from the Blackwell cycle to the Rubin cycle.
Over the past year, AI compute demand was primarily driven by a few leading model companies; now, demand is diffusing to more frontier models, open-source models, enterprise AI, Agents, and robotics, among other fields. With demand so strong, supply has become the constraint limiting NVIDIA's further growth. To break this bottleneck, NVIDIA is extending its role into that of a "capital organizer" for AI infrastructure.
SK Hynix Technical Analysis Deep Dive: Where Are the Key Support Levels? The Recovery Path for the AI Storage Leader After the Plunge
For high-beta stocks, the pullback itself is not a signal; where the pullback stops is the signal.
Market opinions on the memory cycle are extremely divergent.
From corporate action, on August 19, the company announced a share buyback plan of 40 trillion won, the most important fundamental variable in this round of pullback.
Investors should note three layers of risk: Regarding competitive landscape, Samsung Electronics has launched a new generation of high-bandwidth memory products; if a second supplier achieves mass certification, industry price levels will face pressure; Regarding negotiations, if the renegotiated wage plan increases the cash portion, company expense spending will rise; Regarding volatility, the stock's volatility is about 3.31%, beta about 1.77, intraday fluctuations often exceed 8%, the effectiveness of conventional percentage stop-losses significantly decreases on such stocks, and position sizing is more important than the stop-loss level.
CeFi & DeFi
DeFi Sector Rebounds Most Strongly, Which High-Revenue Projects Offer Entry Opportunities?
The most intuitive fundamental metric for DeFi is revenue. Markets will fluctuate, narratives will rotate, but being able to generate revenue long-term at least indicates the protocol still has genuine demand.
The following high-revenue project tokens are worth finding suitable opportunities to "board": UNI, JUP, MET, RAY, CAKE, AERO, WLFI (Caution: Currently, WLFI holder net income remains at 0), AAVE, ETHFI, LDO.
Spend Without Selling Tokens: Galaxy Turns BTC, ETH, SOL Into Personal Credit Lines
Galaxy Digital has launched a Crypto Portfolio Line of Credit on its retail platform, GalaxyOne. Users can pledge BTC, ETH, and SOL (including staked SOL) as mixed collateral to borrow USD or USDC at an 8.99% annual interest rate, with no account opening fees, interest paid monthly, revolving credit, and instant availability. The initial collateral rate is 50% (i.e., up to $50,000 can be borrowed against $100,000 worth of crypto assets), currently covering 40 U.S. states.
The core user profile for crypto-backed lending is: individuals holding significant crypto assets, unwilling to sell (due to bullish long-term outlook or wanting to avoid triggering capital gains tax), but needing short-term cash flow.
The correct way to use crypto-backed lending is as a short-term liquidity tool, not a long-term leverage strategy.
Airdrop Opportunities & Interaction Guides
HYPE Bullish News Not Over Yet: PerpDEX Points Second Half, These Projects Are Still Available
Variational, Extended, RISEx, Lighter & Robinhood Wallet, Entropy, Arcus, Trasia, GTE, Perpl, HelloTrade.
Also Recommended: "Kaito's First Collaboration Project After Return, Is Axis Robotics Going to TGE?"; "Popular Interaction Collection | Flop Labs Validator Identity Application; TermiX Launches Points System (August 27)"; "EASY Residency Season 4 List Released, These 9 Projects Already Have Interaction Angles."
Meme
Trump "Pig Butchering" Guide: Rumors Pump, Massive Dump, Son Debunks
The origin of the rumor that "Trump is launching a new coin on the Robinhood chain."
Also Recommended: "BSC, Robinhood, Base Stage 'Three Kingdoms' Battle, Weekend Popular Meme Coins Overview."
Ethereum & Scaling
BitMine to Hold 5% of ETH Soon, Risk or Positive?
Owning 5% of ETH does not grant BitMine any direct control over the Ethereum network. Ethereum protocol upgrades are decided through the EIP process and rough consensus among core developers, unaffected by token holdings. Owning ETH does not equal voting rights. Ethereum also lacks on-chain governance mechanisms.
But a 12% share of total staked ETH is not a negligible number. Excessive concentration in a single entity could trigger systemic risks, and as a publicly listed company bound by U.S. securities laws, BitMine's staking activities could be influenced by the SEC, CFTC, or other regulators.
BitMine has no substantial revenue source other than ETH; this is a leveraged bet all-in on a single asset, not an operating business with diversified revenue streams.
Conversation with Tom Lee: Bitmine Buying Nearly 5% of Total ETH Supply Is Not the End, ETH Target Price Sees $10,000
All financed through equity, no debt, no convertible notes; Lee calls this "keeping the capital structure clean."
Likely won't stop after reaching 5%, provided institutions start holding ETH as a long-term asset; what truly needs evaluation is 2027.
BitMine doesn't rely on selling ETH to cover expenses; annualized staking revenue is about $300 million, enough to cover the roughly $30-35 million annual dividend for the 9.5% preferred shares (BMNP).
Lee compares ETH to "stock market/land," with its core attribute being a store of value, not a bond-like cash flow asset.
Multi-Ecosystem
A Single Vote Could Increase SOL Daily Burn Rate by 14 Times
Security
After 8 Years, Internet Celebrity 'Dishi' Discovers He Was Scammed Out of Tens of Millions by Crypto 'Brothers'
Weekly Hot Topics Recap
BTC Returns to $80,000 After 100 Days;
"Sun Yuchen Sues Jing Tian" Draws Attention;
Policy & Macro Markets
U.S. Plans to Re-deploy Diplomats to Middle East Embassies, Expects Iran Conflict Won't Erupt Again;
Trump: If I Lose the Midterms, I Will Be Impeached;
U.S. Treasury to Deploy Nearly $1 Trillion from Treasury Account? Besant Stresses Bond Repurchase Again on September 9;
Views & Voices
Standard Chartered: ETF Inflows Combined with Short Squeeze Could Push Bitcoin to $126,000;
Vitalik Publishes "Partial Mixing" Cryptography Research: Exploring Next-Generation Obfuscation Tech, Could Become New Cryptographic Primitive;
Institutions, Large Companies & Leading Projects
Former X Product Head: X to Soon Support Some Cryptocurrency Trading Features;
Data
August 19~22, Altcoin Total Market Cap Explodes by $215 Billion in 3 Days, Trump Policy Signals Catalyze Capital Return;
Glassnode: 85% of Altcoin Funding Rates Above Average, Market Enters Optimistic Phase;
After Nearly 500 Liquidations, 'Machi Big Brother' Turns $150K into $12.72M in Three Days;
Security
Trump's Second Son Denies Trump Will Launch New Token, Calls Related Information Fraudulent;
Trump Family WLFI Largest Buyer 'Zhou Guren' Listed as Dishonest Debtor, Involved in 6 Cases Owing Tens of Millions of Yuan......
Attached is the portal to the "Weekly Editor's Picks" series. See you next issue~
