Gate Daily: US Treasury Secretary states that US-China negotiations will reach an agreement; 40x Bitcoin leverage Whale long order unrealized losses; Chinese encryption Mining Pool attack incident exposed.

Bitcoin (BTC) has rebounded from the weekend low, currently reported at around 114,685 USD, but still unable to return near the historical high of 123,000 USD. The U.S. trade representative stated that a new round of tariffs imposed on multiple countries is "basically set," and the U.S. Treasury Secretary hinted that a tariff agreement between the U.S. and China is imminent. Arkham claims to have traced a hack attack on the Chinese Bitcoin network, with losses amounting to 3.5 billion USD.

Today's Outlook

1. U.S. June durable goods orders revised value (month-on-month), previous value was -9.3%

Macroeconomic Events & Coin Circle Hotspots

1. According to a report by Reuters, U.S. Treasury Secretary Scott Bessent stated that he believes the United States is ready to reach an agreement with China and is "optimistic" about the future. Bessent posted on social media X on August 1, saying: "The negotiations taking place this week in Stockholm have advanced our discussions with China, and I believe we have the basic conditions for an agreement that will benefit both countries. I am optimistic about the prospects for the upcoming negotiations." U.S. Trade Representative Greer stated on August 3 local time that President Trump’s new round of tariffs imposed on multiple countries "has essentially been set" and will not be adjusted in the current negotiations, including a 35% tariff on goods imported from Canada, a 50% tariff on Brazil, a 25% tariff on India, and a 39% tariff on Switzerland. Greer noted that some tariffs are set based on bilateral trade surpluses and deficits, stating, "These rates are basically fixed."

2. According to the latest report released by Ripple in collaboration with CB Insights and the UK Blockchain Technology Centre, Citigroup, JPMorgan Chase, Goldman Sachs, and Japan's SBI Group have become the most active participants in the traditional financial sector supporting blockchain startups. The report shows that from 2020 to 2024, global banks participated in 345 investments in blockchain companies, most of which were in the early financing stages. Citigroup and Goldman Sachs led with 18 investments each, followed closely by JPMorgan Chase and Mitsubishi UFJ, which made 15 investments respectively. Large funding rounds of $100 million or more are a major focus. Over four years, banks participated in 33 such funding rounds, investing in companies focused on trading infrastructure, tokenization, custody, and payment solutions.

3. The blockchain analysis platform Arkham Intelligence claims to have traced and discovered that the Chinese Bitcoin network was attacked by hackers, resulting in a loss of 3.5 billion USD, traceable to mining pools from 2020. LuBian is a mining pool operator founded in May 2020, which was attacked by hackers on December 28, 2020, losing 127,426 BTC. According to Arkham's data, at current market prices, this is worth approximately 14.5 billion USD.

Market Trend

1. $BTC has rebounded from the weekend low, currently around 114,685 USD, with 29.75 million USD liquidated in the past 24 hours, mainly from short positions;

2. Affected by signs of economic weakness and President Trump's adjustments to tariffs, the U.S. stock market plummeted on Friday (August 1), marking the beginning of August trading. The Dow Jones Industrial Average fell by 542.40 points or 1.23%, closing at 43,588.58 points, the largest single-day drop since June 13. The S&P 500 index dropped by 101.38 points or 1.6%, closing at 6,238.01 points, the largest single-day drop since May 21. The Nasdaq index fell by 472.32 points or 2.24%, closing at 20,650.13 points.

3. In the Gate BTC/USDT liquidation map, based on the current 114,172.90 USDT, if it drops to around 112,548 USD, the cumulative liquidation amount of long positions will exceed 160 million USD; if it rises to around 114,743 USD, the cumulative liquidation amount of short positions will exceed 46 million USD. The liquidation amount for shorts is significantly lower than that for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Gate)

4. In the past 24 hours, BTC spot inflow was 1 billion dollars, outflow was 910 million dollars, with a net outflow of 90 million dollars.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $SOL, $TREE, $AGT, $OM, and $APT have seen net outflows, indicating trading opportunities.

(Source: Coinglass)

News Updates

1. Hasset: Trump is actively seeking candidates for the next Chairman of the Federal Reserve with Treasury Secretary Bessent.

2. U.S. Trade Representative: The new round of tariffs imposed on multiple countries is "basically determined".

3. White House National Economic Council Director Hassett: Does not aspire to head the Bureau of Labor Statistics.

4. The giant whale AguilaTrades has a current floating loss of 12,000 USD on a 40x leveraged Bitcoin long position.

5. Data: Tokens such as ENA, IMX, and MOVE will see a large unlock next week, with ENA unlocking a value of approximately 95.8 million USD.

6. Sources: JD.com and Ant Group may not appear on the first batch of Hong Kong stablecoin license list.

7. Michael Saylor: In the short term, Bitcoin is a trading asset; in the long term, it is a treasury asset.

8. Insiders: China currently lacks a globally influential public blockchain, and it is recommended that state-owned enterprises lead the construction of a national-level public blockchain.

9. The Satoshigallery, the planner of the statue of Satoshi Nakamoto, is offering a reward of 0.1 Bitcoin for information regarding the theft of the statue located in Switzerland.

10. HYPE large holders increased their holdings by 4.07 million USD in HYPE, currently with an unrealized profit of 1.535 million USD.

11. A certain whale has purchased 300 million USD worth of ETH in the past 3 days and is currently facing an unrealized loss of 26 million USD.

12. A certain whale increased its holdings by 3,000 ETH, with a floating loss of 1.654 million dollars on the 6,711.2 ETH accumulated over the past week.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Looking back at the data of Bitcoin, it's still the same old story. There hasn't been anything new over the weekend, and the turnover is very low, indicating that investors' panic hasn't continued into the weekend. The remaining focus is on the status of U.S. stock investors on Monday, and the decrease in turnover rate has also reduced the volatility of $BTC prices. The main exits are short-term investors who are at a loss, while earlier investors are still in a wait-and-see mode. Support and other data are still very intact. After smoothing out the URPD gap, the upcoming trend will be harder to predict, but my view remains focused on tariffs and the Federal Reserve's monetary policy, as these could be major directional influences, while others might only impact the short term."