Today's Core News Summary

1. Market and Liquidation: Epic Short Squeeze, $1.92 Billion in Leveraged Liquidations in 24 Hours
Last night, the cryptocurrency market experienced a violent rebound, with Bitcoin briefly breaking above the $70,000 psychological level, reaching a new high since early June; Ethereum surged over 18% in a single day, leading the rise among major cryptocurrencies. This increase triggered the largest short liquidation wave since 2021: approximately 126,000 traders across the market were liquidated in the past 24 hours, totaling $1.92 billion in liquidation, with more than $1 billion in Bitcoin short positions forcibly closed within an hour, further amplifying the upward momentum due to the crowded short positions that were forced to cover.

2. Core Catalyst: Trump Meets with Crypto Giants, Friendly Regulatory Expectations Heat Up
US President Trump met with CEOs from leading crypto firms such as Coinbase and Kraken at the White House on Wednesday, urging Congress to advance the CLARITY Act, and market expectations for a marginal relaxation of the US crypto regulatory framework quickly rose. Additionally, there are rumors that leading derivative exchanges like Hyperliquid are likely to launch in compliance with US regulations, causing related ecosystem tokens to surge over 18% in a single day, becoming significant emotional catalysts for the market.

3. Macro Environment: Treasury Releases Liquidity to Support Bond Market, Risk Assets Rally Across the Board
The US Treasury increased long-term Treasury bond repurchase operations, injecting liquidity into the market, which caused long-term US Treasury yields to stop falling and the dollar index to weaken, leading to a rapid recovery of global risk appetite. Spot gold rose over 4% in a single day, and US tech stocks collectively rebounded, and cryptocurrencies, as high-elasticity risk assets, benefited, providing significant macro support for this rebound.

4. Funding Dynamics: ETF Soars Then Pulls Back, Institutions Cash Out Over $600 Million in a Day
On August 18, Eastern Time, Bitcoin spot ETFs saw a net inflow of $189.3 million, and Ethereum ETFs saw a net inflow of $71.5 million, laying the groundwork for the upcoming rebound; however, after yesterday's surge, ETF funds quickly shifted to cash out on August 19: ten Bitcoin ETFs experienced a total net outflow of approximately $412 million, and nine Ethereum ETFs had a net outflow of about $233 million, as institutions adjusted their positions following the price surge, showing marginal short-term selling pressure.

5. Sector Performance: DeFi Leads Gains Over 12%, Ecosystem Coins and Memes Surge
The market showed a broad increase with significant internal differentiation, with the DeFi sector rising 12.68% in a single day, leading the entire market, while Layer 2 and DEX ecosystem tokens generally surged over 20%; Meme coins and narrative-based tokens exhibited even greater elasticity, with some small-cap tokens experiencing over 50% daily increases. Bitcoin's market cap percentage fell to 54%, as funds rapidly shifted from large-cap assets to high-elasticity targets, significantly enhancing the market's profitability effect.

Mainstream Coin Strategy and Entry Points Reference
The following is a technical analysis summary meant only for market viewpoint reference and does not constitute any trading advice.

1. Bitcoin (BTC)
Market Qualitative Analysis: Strongly broke through the mid-term resistance range of $65,000-$66,000, opening up upward space, forming a trend reversal structure at the daily level; however, after a series of large increases, the RSI entered a seriously overbought zone, combined with institutional ETF cash out selling pressure, necessitating a pullback for consolidation during the day. The overall trend remains bullish but it is not advisable to chase the highs.

• Key Support:
◦ First Support: $67,800 – $68,200 (intraday short-term support area, pullback confirmation area after a breakout)
◦ Strong Support: $66,500 – $67,000 (bull-bear dividing line; breaking this would slow down the rebound rhythm)

• Key Resistance:
◦ First Resistance: $70,000 – $70,300 (psychological pressure point + round number resistance)
◦ Strong Resistance: $71,500 – $72,000 (previous historical trading dense area)

• Reference Strategy:
◦ If there is stabilization in the $67,700–$68,000 range during the pullback, a light long position can be tested with a stop loss below $66,800
◦ If there is pressure to the $69,800–$70,200 range, a short position can be taken with a stop loss above $70,800

◦ Severe short-term overbought conditions should be avoided by chasing highs or lows; rather, focus on bottom fishing during pullbacks, and follow the trend if breaking above $70,300 with volume.

2. Ethereum (ETH)

Market Qualitative Analysis: Leading the recent rebound, with a daily increase of nearly 18%, strongly breaking through the $1,900, $2,000, and $2,200 barriers, catalyzed by the warming of the DeFi ecosystem and regulatory expectations; the 4-hour slope is too steep, leading to serious short-term overbought conditions, resulting in high profit-taking risks, thus waiting for a pullback before considering entry.

• Key Support:
◦ First Support: $2,150 – $2,180 (intraday short-term support area, round number turns into support)
◦ Strong Support: $2,080 – $2,100 (bull-bear dividing line; if broken, it would revert to consolidation)

• Key Resistance:
◦ First Resistance: $2,300 – $2,320 (pressure area at intraday highs)
◦ Strong Resistance: $2,400 – $2,420 (mid-term trading dense area)

• Reference Strategy:
◦ If there is stabilization in the $2,140–$2,170 range during the pullback, a light long position can be tested with a stop loss below $2,080
◦ If there is pressure to the $2,290–$2,320 range, a short position can be taken with a stop loss above $2,360

◦ With the increase being too large and volatility escalating, carefully control your position and avoid holding heavy positions.

3. Solana (SOL)

Market Qualitative Analysis: Following the market surge, showing greater elasticity than most mainstream coins, the resurgence of on-chain Memes and DeFi activity has improved fundamental expectations; however, short-term movements are highly dependent on the overall market, and independent market momentum remains limited, currently in a stage of consolidation after overbought conditions.

• Key Support:
◦ First Support: $81.0 – $81.5 (intraday short-term support area)
◦ Strong Support: $78.5 – $79.0 (bull-bear dividing line; if broken would slow down the rebound rhythm)

• Key Resistance:
◦ First Resistance: $85.0 – $85.5 (previous dense trading area)
◦ Strong Resistance: $88.0 – $89.0 (mid-term pressure point)

• Reference Strategy:
◦ If there is stabilization in the $80.5–$81.0 range during the pullback, a light long position can be tested with a stop-loss below $78.5
◦ If there is pressure to the $84.8–$85.3 range, a short position can be taken with a stop-loss above $86.5

◦ If it breaks below $78.5, it is recommended to hold a wait-and-see attitude; a volume breakout above $85.5 would signify a further upward movement.
Operation Supplementary Reminder

1. The market has experienced violent surges followed by short-term serious overbought conditions, combined with institutional ETF cash-out selling pressure, leading to amplified intraday volatility; it is recommended to operate with light positions and strict stop losses to avoid blind chasing of highs.
2. Core variables to observe during the day: performance linked to US stock market opening, real-time capital flow of Bitcoin and Ethereum ETFs, and the subsequent fermentation of regulatory news.

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