Gate Daily (August 28): Bitcoin retraces to $110,000; Chinese tech giants collaborate with XRP; Hyperliquid faces whale manipulation allegations.

The price of Bitcoin (BTC) has pulled back again, temporarily reported at around $110,970 on August 28. The U.S. CFTC integrates Nasdaq monitoring tools aimed at combating market manipulation. China's Linklogis collaborates with XRP Ledger to transform global supply chain finance. Hyperliquid faces whale manipulation allegations as speculation reaches an all-time high.

Today's Outlook

1. Australia's second quarter private new capital expenditure (quarterly rate), previous value was -0.1%.

2. Australia’s private new capital expenditure (annualized) for the second quarter, previous value was -0.5%.

3. Switzerland's second quarter Gross Domestic Product (quarterly rate), previous value was 0.5%.

4. Switzerland's second quarter Gross Domestic Product (annualized), previous value was 2.0%.

5, The revised value of the U.S. second quarter personal consumption expenditures price index (annualized quarterly rate) was previously 1.4%.

6, The number of initial jobless claims in the United States last week (in thousands) (as of 0823), the previous value was 235.

7, The revised value of the actual GDP in the United States for the second quarter (annualized quarterly rate) was 3.0%.

8, U.S. July NAR seasonally adjusted existing home sales index (month-on-month), previous value was -0.8%

9, The United States imposes an additional 25% tariff on India, making the total tariff rate 50%.

10. Richmond Fed President Barkin gave a speech.

11. The European Central Bank released the minutes of the monetary policy meeting in July.

Macroeconomic Events & Coin Hotspots

1. The US CFTC is integrating financial monitoring tools developed by the exchange Nasdaq to thoroughly reform its infrastructure from the 1990s. Nasdaq's Head of Regulatory Strategy and Innovation, Tony Sio, stated that Nasdaq's software focuses on detecting market abuse behaviors, including insider trading activities and market manipulation in both the stock and cryptocurrency markets. He noted, "Custom algorithms can detect suspicious patterns unique to the digital asset market. It provides real-time analysis of order book data across cryptocurrency exchanges, as well as cross-market analysis, which can link activities between traditional asset markets and digital asset markets." Sio stated that the data input into the monitoring system will "come from the CFTC through its regulatory powers."

2. According to a recent announcement, the Chinese fintech company Linklogis has declared a partnership with the XRP Ledger (XRPL) to achieve digitalization of global supply chain finance. This move will enable Linklogis to deploy its trade financing application on the XRPL mainnet, aiming to expand the application of blockchain in cross-border settlements. The collaboration aims to accelerate the circulation of digital assets related to international trade. Linklogis plans to connect its financial infrastructure with the XRPL, thereby simplifying the settlement processes for exporters, importers, and financiers. In addition to the initial launch, both parties are committed to developing new products on the XRPL. These include a settlement system based on stablecoins and a smart contract platform that can transform real-world assets (RWA) in the supply chain into tokenized forms. Linklogis also stated that it will explore the use of artificial intelligence and blockchain to enhance trade financing efficiency.

3. The HYPE token of the decentralized exchange Hyperliquid has surged significantly, but the platform is rife with allegations of whale manipulation, leading to strict scrutiny of the company. On August 27, analytics firm SpotOnChain reported that a group of large wallets had driven up the price of XPL by 200% to $1.80, only to quickly retreat thereafter. This sudden move resulted in millions of dollars being transferred among traders. According to the company, the mastermind behind this manipulation profited over $15 million, while three others made between $9 million and $13 million. In contrast, those wallets that were trapped incurred losses totaling over $6.5 million. Another blockchain platform, Lookonchain, reported that this frenzy forced giant whales shorting XPL to inject liquidity to protect their positions. Lookonchain noted that one trader deposited $44 million USDC, while another trader transferred $29 million USDC into the protocol to avoid being liquidated.

Market Trend

1. $BTC price has retraced again, currently around 110,970 USD, with a liquidation of 38.16 million USD in the past 24 hours, mainly in long positions.

2. The S&P 500 index of the US stock market set a new closing high on August 27, ahead of NVIDIA's earnings report. The S&P 500 index rose by 15.46 points, an increase of 0.2%, closing at 6,481.40 points, surpassing the historical highest closing level of 8,14. This marks the 19th time this year that a new closing high has been set. The Nasdaq Composite Index rose by 45.87 points, an increase of 0.2%, reporting at 21,590.14 points; the Dow Jones Industrial Average rose by 147.16 points, an increase of 0.3%, reporting at 45,565.23 points. The Philadelphia Semiconductor Index rose by 0.3%, TSMC ADR rose by 0.2%, and NVIDIA slightly decreased by 0.1%.

3. In the Gate BTC/USDT liquidation map, based on the current 111,381.20 USDT, if it drops to around 110,123 USD, the cumulative liquidation amount for long positions exceeds 516 million USD; if it rises to around 112,711 USD, the cumulative liquidation amount for short positions exceeds 281 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.

4. In the past 24 hours, BTC spot inflow was 1.76 billion USD, outflow was 1.84 billion USD, resulting in a net outflow of 0.08 billion USD.

5. In the past 24 hours, contracts like $ETH, $BTC, $DOGE, $LINK, and $LTC have seen net outflows, indicating trading opportunities.

News Updates

1. NVIDIA's revenue exceeded expectations but outlook is bland, approved $60 billion buyback.

2. The former Polymarket team raised $15 million in funding to launch the prediction market project The Clearing Company, led by USV.

3. Four new wallets suspected to be related to Bitmine have received 125 million USD in ETH, currently holding over 260 million USD.

4. Tether Treasury has minted 1 billion USDT on Ethereum.

5. The U.S. CFTC expands cryptocurrency regulation using the Nasdaq monitoring system.

6. Founders Fund supported Avail has acquired Arcana, providing XAR token holders the opportunity to exchange AVAIL at a 4:1 ratio.

7. A certain whale has bought another 10 million USD worth of WBTC and 3.19 million USD worth of ETH.

8. The Web3 smart hardware project MAGNE AI has completed a strategic financing of 10 million USD.

9. Hyperliquid: The platform contract mark price will use the regular mark price formula and combine it with the perpetual contract price before external launch.

10. Chen Haolian: Will explore tokenization methods for the ETF that is already listed on the Hong Kong Stock Exchange, further attracting investors to participate.

11. Japanese listed company Metaplanet plans to raise approximately 881 million USD to increase its holdings of Bitcoin.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Today's assignment is still this article. The market does not have certain expectations. Although the main gamble still revolves around a rate cut in September and a robust outlook for the U.S. economy, this week feels more relaxed compared to last week. During the three working days in the middle of last week, both the U.S. stock market and BTC were declining, with only Jackson Hole pulling down the market. However, this week's performance of the U.S. stock market has been quite good, with the S&P and Nasdaq almost recovering the decline from the start of the week. This indicates that the recent sentiment is still quite good, at least better than last week. Moreover, Bitcoin and the U.S. stock market are highly correlated, so BTC's trend is slowly recovering. As for whether it can return to its previous high, apart from the main gamble, the core PCE data on August 29 is an opportunity for this week to catch a breath. Today, there is also a senior advisor from the White House, Hassett, urging the Fed Chair to keep it brief. Essentially, they hope to reduce the opposition votes for a rate cut in the September meeting. Although this election event has put psychological pressure on the Fed, based on the current public information, the people in the Fed still seem to resist."

"The comments made today by Williams, who previously suggested that a rate cut should happen in September, have diluted quite a bit, possibly out of concern about getting too close to Trump. It seems that September will just be a dot plot, with only Bowman and Waller supporting in June. Let's see if September can bring any more, or if Trump has just shot himself in the foot."

"Looking back at Bitcoin's data, today's turnover rate has slightly decreased. Although the price has rebounded, from the structure of the chips leaving the market, the panic among short-term investors seems to be ending. In the past two days, investors who have been bottom-fishing remain the main force in turnover. The trend of BTC should still be influenced by the U.S. stock market, and today's closing of the U.S. stock market will have NVIDIA's earnings report. Currently, the earnings report may directly impact the rise and fall of the U.S. stock market, so let's first see NVIDIA's earnings report before making any conclusions."