Gate Daily: Bitcoin breaks through $119,000; Strategy hints at increasing BTC holdings this week; Trump administration seeks Powell's successor

Bitcoin (BTC) has ended last week's sluggish market, reporting around 119,218 USD during the Asian session today (11th), with a large-scale liquidation of short orders. Strategy has once again released Bitcoin Tracker information, and will potentially disclose increased holding data this week. U.S. Treasury Secretary Besant stated that they are looking for a successor to Federal Reserve Chair Powell, and Trump's call for interest rate cuts is bullish for Bitcoin. The White House's encryption chief is dissatisfied that major U.S. banks still prohibit wealth management platforms from accessing Bitcoin ETFs.

Today's Outlook

1. China's M2 money supply (year-on-year) at the end of July is 8.3%, previous value.

Macro Events & Crypto Hotspots

1. Strategy (formerly MicroStrategy) Executive Chairman Michael Saylor has once again released Bitcoin Tracker information on the X platform, and this week may disclose the data on increased holdings. He stated: "If you don’t stop buying Bitcoin, you won’t stop making money." Against the backdrop of the rise of financial companies focusing on altcoins, Saylor reiterated his commitment to Bitcoin. He is not worried; on the contrary, he believes that the increasing popularity of altcoins is part of a broader "innovation explosion" in the digital asset space — he believes this will ultimately strengthen the entire industry, including Bitcoin.

On August 10 local time, U.S. Treasury Secretary Basenett stated that he is leading the search for a successor to Federal Reserve Chairman Powell. Basenett earlier delivered a speech in Washington, outlining the qualities he believes are necessary for the position. He stated, "This person must have the confidence of the market and the ability to analyze complex economic data." He also added that the next chairman should focus on future trends rather than relying excessively on historical patterns. Powell's term will expire in May, and the current candidate list includes an experienced economic advisor and a former regional Federal Reserve Bank president. When asked about President Trump’s repeated public calls for lower interest rates, Basenett stated that the president has made his position clear, but he emphasized, "Ultimately, the Federal Reserve is independent."

3. David Sacks, the head of artificial intelligence and cryptocurrency at the White House, expressed dissatisfaction on the X platform regarding multiple U.S. banks still prohibiting wealth management platforms from accessing Bitcoin ETFs. He wrote: "Why do leading banks in the U.S. still prohibit or limit access to Bitcoin ETFs on their wealth management platforms? Is this the last trace of 'de-banking'?" For years, cryptocurrency companies have faced the risk of account closures and denied banking services under the guise of 'de-risking.' Many cryptocurrency industry professionals believe that de-banking is a policy-driven initiative to suppress digital assets, referred to as 'Operation ChokePoint 2.0.' After President Trump's pro-cryptocurrency team won the election, many believed that the era of de-banking had come to an end. His campaign rhetoric and early policy initiatives hinted at a more favorable environment for digital assets, leading some to anticipate that banks would relax restrictions on cryptocurrency clients. However, recent events indicate that this practice remains deeply entrenched. Last week, Alex Rampell, a partner at Andreessen Horowitz, warned that large banks are squeezing fintech and cryptocurrency applications through 'Operation ChokePoint 3.0,' increasing the costs of accessing account data or transferring funds to platforms.

Market Trends

1、$BTC ended last week's sluggish market, currently reported at around 119,218 USD, with liquidations of 59.24 million USD in the past 24 hours, mainly from short orders;

2. The U.S. stock market closed higher on Friday (August 8), with the Nasdaq index hitting a new all-time high. Investors are paying attention to Trump's tariff policies and the developments in the Russia-Ukraine situation. In Friday's trading, the U.S. stock market rebounded across the board, with the Nasdaq Composite closing at 21,450.02 points, up 1% from the previous day, setting another record. The Dow Jones Industrial Average rose 0.5% to 44,175.61 points, while the S&P 500 edged up 0.8%, ultimately settling at 6,389.45 points, just shy of its all-time high by less than 1 point.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 119,264.50 USDT, if it falls to around 117,199 USD, the cumulative liquidation amount for long orders will exceed 371 million USD; if it rises to around 119,598 USD, the cumulative liquidation amount for short orders will exceed 173 million USD. The liquidation amount for the short side is significantly lower than that for the long side, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was 1.9 billion USD, outflow was 1.66 billion USD, with a net outflow of 240 million USD.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $ETH, $SOL, $XRP, $DOGE, and $SUI have seen a net outflow, indicating trading opportunities.

News Update

1. The 1inch team sold part of their ETH and 1INCH from their investment fund, realizing a profit of 8.36 million dollars.

2. A certain whale/institution has increased its holdings of ETH by over 200 million USD, currently holding over 900 million USD in ETH.

3. An Ethereum developer was reportedly "detained" in Turkey for allegedly assisting others in the "abuse" of Ethereum.

4. Treasury Secretary: Currently leading the search for Powell's successor.

5. Senior Encryption Executives: At least one Bitcoin user is kidnapped every week, with the frequency of attacks increasing during bull markets.

6. The Russian hacker group GreedyBear recently stole over 1 million dollars worth of encryption through methods such as forging MetaMask wallets.

7. The LayerZero Foundation proposed to acquire the StarGate cross-chain bridge and its token STG for 110 million USD.

8. Data: Tokens such as APT, ARB, and AVAX will experience significant unlocks next week, with APT unlocking a value of approximately 52.1 million USD.

9. Tether CEO: The smart development platform QVAC has launched health testing.

10. The ETH short order of the giant whale AguilaTrades is currently winning $34,000.

11. Huajian Medical launches the "Global Enhanced Ethereum Vault" strategy.

12. Michael Saylor once again released a Bitcoin Tracker message, and the Strategy may disclose additional holdings data this week.

13. The White House encryption chief is dissatisfied that major U.S. banks still prohibit wealth management platforms from accessing Bitcoin ETF.

14. Analyst: The price target for ETH is now $20,000, or it may hit a new high within 1-2 weeks.

15. Arthur Hayes bought ETH, LDO, ETHFI, and PENDLE, totaling approximately 6.85 million USD.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Today's task has become a bit simpler. Although the weekend is low in liquidity, investor sentiment is decent, driving up BTC and ETH. I also closed my long order during this time, finally confirming that my recent trend judgment was not wrong. Next week, we will start a new short-term contest again. I mentioned yesterday that several macro data points will be released together next week, but there's one related to inflation. Although I personally believe that investors should be temporarily desensitized to the data, human nature is complex, so I don't dare to predict much. I'll just watch patiently, but I believe Trump still has cards left to play. So, if the market really declines due to the data, I might still open a long order, but this time the margin for error has to be slightly higher. Looking back at Bitcoin's data, the turnover rate increased slightly due to the price rise over the weekend, but the increase isn't severe. Only investors who bought the dip in the last two days show obvious signs of leaving the market, while most other investors remain indifferent. However, it's hard to say what will happen on Monday, especially since CPI data will be released on Tuesday. I don't know if the turnover rate will decrease, which naturally won't affect the support levels. The investors at the two support levels are also very stable, and it feels like the seventh support level is gradually appearing. This situation resembles the first, second, and third support levels, and if it happens again, it will likely be a significant shakeup."