On August 19, VanEck indicated that Bitcoin's nearly 11-month adjustment phase may be nearing its end, with the market potentially entering a new accumulation stage. The VanEck research team, including Digital Asset Research Head Matthew Sigel and Senior Investment Analyst Patrick Bush, found through their 'Bitcoin Market Capitulation Check' model that 8 out of 12 current market indicators have shown extreme pessimistic signals, and all 12 indicators have entered the panic selling zone over the past three months. Researchers stated that this data suggests the Bitcoin market appears to have undergone a price 'capitulation' phase and is approaching or has already entered an accumulation period. Meanwhile, signs of market inflows are improving. The U.S. spot Bitcoin ETF recorded nearly $300 million in net inflows on Monday, marking the highest single-day inflow since May 5. In the past three Bitcoin bear market cycles, the average duration from market peak to maximum decline has been about 12.7 months. Currently, this adjustment has entered its 11th month, and according to historical cycle patterns, the market may gradually complete its bottoming process between September and November and enter an accumulation phase. However, VanEck cautions that market capitulation signals should not be seen as definitive indicators for short-term buying. Historical data shows that when 8 to 12 indicators simultaneously show extreme signals, Bitcoin's average returns over the next 90 and 180 days tend to be below long-term benchmark levels. It is expected that the low point of this adjustment cycle may be milder than in previous bear markets, primarily due to the development of spot Bitcoin ETFs, broader participation from institutional investors, and the current market not experiencing chain reactions similar to the collapses of FTX, Celsius, and Terra Luna. Additionally, in the past 30 days, long-term holders of Bitcoin (those holding for over a year) have reduced their holdings by approximately 356,000 BTC, bringing their total to about 11.84 million BTC, causing the proportion of long-term holders to fall below 60% for the first time in months. VanEck believes this reflects that some long-term investors are releasing their holdings, but the overall market structure has not yet exhibited extreme deleveraging as seen in past cycles.

On August 19, according to monitoring by Lookonchain, a newly created wallet received 9.3 million KTA (approximately $685,000) and 2 billion GALA (approximately $3 million) through a cross-chain bridge, and subsequently sold these tokens for 1,902 ETH (approximately $3.64 million). This large-scale sell-off triggered significant market volatility, with HTX market data showing that the price of KTA dropped by as much as 37% and GALA's price fell by 15%.

On August 19, Zhibao Technology Inc. (ZBAO), an insurance technology company based in Shanghai, China, completed its previously announced private investment in public equity (PIPE) financing transaction, acquiring 2,380 BTC as part of the financing consideration. Based on a fixed reference price of $65,000 per BTC, the transaction size is approximately $154.7 million. According to the Form 6-K filed by Zhibao Technology with the U.S. Securities and Exchange Commission (SEC) and the announcement released on August 17, investors transferred all 2,380 BTC to the company's designated wallet upon completion of the transaction. In exchange, Zhibao Technology issued 442 million PIPE units at a price of $0.35 per unit. Each PIPE unit consists of one share of Class A common stock and one warrant to purchase additional Class A common stock at $0.35, with an exercise period of two years. At the completion of the transaction, the company delivered 395,678,152 PIPE units, while the remaining 46,321,848 units will be delivered after shareholder approval for an increase in authorized capital, without requiring additional payment from investors. This transaction originated from a non-binding letter of intent signed by Zhibao Technology at the end of July, initially planning to raise approximately 3,500 BTC. Subsequently, both parties signed a final agreement on July 31, adjusting the transaction size to 2,380 BTC based on the $154.7 million financing target and the $65,000 reference price per BTC. Zhibao Technology stated that the acquired BTC will be held as a long-term asset reserve to support the company's daily operations, business expansion, research and development investments (including AI applications integrated with insurance technology), and a digital asset reserve strategy centered around Bitcoin. With the addition of 2,380 BTC to its asset reserves, Zhibao Technology is now ranked 33rd globally among publicly listed companies in terms of Bitcoin holdings, and is the second-highest publicly listed company in China holding BTC, following Next Technology Holding. Notably, the BTC was not purchased on the open market using cash from the financing; instead, it was directly used as payment by investors for subscribing to shares, entering the company's balance sheet. By issuing equity in exchange for BTC, Zhibao Technology has secured a substantial digital asset reserve from the completion of the transaction while also expanding its equity scale.

On August 19, Zhipu announced that the GLM-5.3 API is officially launched today. The model excels in complex coding, defensive cybersecurity, and long-range tasks. Currently, GLM-5.3 has been integrated into coding platforms such as ZCode and included in the GLM Coding Plan. The API is now open for calls, with pricing remaining the same as GLM-5.2. The model weights will be open-sourced next Friday. (Jinshi)

On August 19, according to the website of the China Securities Regulatory Commission, Yangtze Memory Technologies Co., Ltd.'s IPO guidance status has been changed to 'Guidance Acceptance', with the guiding securities firms being CITIC Securities and CITIC Jinshi Investment. (Jinshi)

On August 19, Brennan Watt, CEO of Anza and a core developer of Solana, announced that Solana is activating its first upgrade to shorten Slot time on the mainnet, which is expected to reduce block generation time from the current approximately 400 milliseconds to 350 milliseconds. This adjustment will officially take effect at Epoch 1020. Brennan Watt cautioned developers that there are transitional issues with this upgrade. Currently, some SDK constants (including DEFAULT_MS_PER_SLOT) have not yet been synchronized with the new parameters, and the official version containing the latest values will be released after the feature is activated. Additionally, this feature employs a delayed activation mechanism: it will enter a pending activation state at Epoch E, be activated at Epoch E+1, and only become fully effective at Epoch E+2. He advised applications that rely on SDK constants to align with the actual Slot time on the mainnet to implement adaptation logic during the transition period, such as setting up a feature toggle mechanism based on Epoch Slot boundaries to avoid service disruptions due to changes in time parameters. Brennan Watt stated that in the long term, Solana will migrate these network parameters on-chain, allowing clients to query them directly. However, the team needs to complete this upgrade first, describing the process as similar to Solana's early 'difficult but rapid iteration' development phase. He revealed that the team expects the vast majority of nodes to achieve the goal of 'two Slot latency' in most cases, with related restrictions being further relaxed in the upcoming Anza v4.3 version.

On August 19, Bank of America's latest Global Fund Manager Survey revealed that global investor risk appetite is rapidly increasing. As U.S. stocks approach record highs again, fund managers' equity allocations have risen to a five-year high, while cash levels have dropped to 3.5%, indicating a clear recovery from previous concerns over growth slowdown and an AI bubble. BofA strategist Michael Hartnett noted that a record 56% of surveyed fund managers expect no significant "hard landing" slowdown in the global economy. In other words, the market's mainstream positioning is betting on economic resilience and continued corporate earnings expansion, with risk assets still supported by liquidity. Notably, the survey shows that AI capital expenditure has not yet become a core concern for investors. Despite tech giants continuously increasing budgets for data centers, GPUs, servers, and power infrastructure, and growing market discussions about "AI spending overheating," the BofA survey indicates that fund managers are currently not overly worried about growth, interest rate hikes, AI capital spending, or U.S. political risks.

On August 19, according to EmberCN monitoring, Unitree Technology currently has a pre-market contract price of $90 (approximately 603 RMB) on Hyperliquid, corresponding to a market value of about 276.4 billion RMB. This represents an increase of approximately 6.7 times from the issuance price of 150.8 RMB. If sold at this price, the expected profit from a new share would be around 266,000 RMB. An address has already placed an order at $90 on Hyperliquid, planning to open a long position in Unitree worth $5 million.

On August 19, The Wall Street Journal reported that OpenAI disclosed to investors that its second-quarter revenue grew by 18% quarter-over-quarter, rising from $5.7 billion in the first quarter to $6.7 billion. For most startups, nearly $7 billion in a single quarter is a rare scale, but under OpenAI's current valuation, financing plans, and IPO expectations, this growth rate has still disappointed some shareholders. More concerning for the market is the widening losses. Reports indicate that OpenAI's operating loss in the second quarter expanded from $9.3 billion in the first quarter to $12.3 billion, outpacing revenue growth. Since this figure includes equity incentive costs, the company is further from its profitability targets, prompting investors to reassess its financial path before going public. In contrast, Anthropic is becoming a source of pressure for OpenAI. The WSJ noted that Anthropic's second-quarter revenue increased to $11.6 billion, surpassing OpenAI for the first time, and it achieved a small operating profit. Although Anthropic's profitability metrics still need further validation from its prospectus, it has already seen significant growth in areas such as enterprise AI, code generation, and Claude Code, leading the market to discuss whether the commercialization pace between AI labs has begun to reverse.

Josh Brown, a well-known financial commentator in the U.S., stated in an interview with CNBC that a long-term interest rate of 5% may not devastate the stock market as previously feared. He believes that the U.S. financial system currently holds a substantial amount of cash, with approximately $9 trillion in money market funds and deposit accounts. For many savers, especially the baby boomer generation, a 5% risk-free return translates to higher interest income, which could further support spending on travel, housing, and other consumption. The real pressure is on those highly leveraged companies that have long relied on low interest rates and borrowing to sustain their operations. In a high interest rate environment, funds are likely to concentrate more on companies with healthier balance sheets and higher quality.