The assignments are getting harder to write, some are happy while others are sad. Today I noticed an interesting phenomenon: it seems that not many people are rushing to share memes from Kanye, and although I woke up late, there weren't many people sharing their gains. Moreover, the few who did share their gains weren't making extremely exaggerated profits. Instead, there were many more people sharing about $OKB breaking new highs today and those who missed out complaining. By the way, $BNB also reached a new high today.

Calculating this year, three platform tokens have performed well. At the beginning of the year, $BGB led the first wave, then BNB broke through all the way, and now OKB is following suit. The pressure is now on other platform tokens. However, if OKB relies solely on price manipulation without actual empowerment, it might face difficulties. I hope to see more applications for OKB.

$BTC quietly dropped below $112,000, and no one is calling it altcoin season anymore. The reason for the drop is still due to the speculation around the interest rate cut in September. After Harker expressed unwillingness to support a rate cut in September last night, expectations for a rate cut in September have been declining. CME has dropped to 73.5%, while Kalshi has fallen to 60%. Investor sentiment is gradually turning pessimistic, and even Trump's actions haven't had an effect.

This Friday night is the Jackson Hole annual meeting, and Powell's speech is receiving the highest attention. My personal view is that Powell may not reveal a clear stance on September's monetary policy but will insist on data-driven decisions. However, he is likely to show no opposition to a rate cut in September, which should be a positive signal for the market.

Looking back at Bitcoin's data, although it dropped more sharply today, the turnover actually decreased. Investors seem to be gradually preparing for no rate cut in September. Trump hasn't made a statement yet, but judging by his actions against Cook, he likely won't sit idly by. I wonder what cards he still holds; we should be prepared for potential surprises on Friday.

Currently, support is still quite strong. If it drops below $110,000, it should trigger some bottom-fishing investors. However, this isn't a systemic risk; it's purely the speculation around the September rate cut. The likelihood of breaking through two supports consecutively should be low. I'm still holding onto my long positions, waiting to come back and boast about the results. If I'm wrong, I'll have to face the consequences.

This article is sponsored by #Bitget ｜ @Bitget_zh

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