Wintermute sent a cumulative 3,834.3 BTC to Binance over the week, worth about $256.8 million.
Market moves from the previous day
Ray Dalio warns a U.S. debt crisis could arrive within three years
On Aug. 22, Bridgewater founder Ray Dalio wrote that the U.S. faces an annual fiscal gap of $2 trillion and roughly $10 trillion of debt that needs to be refinanced. If the current path does not change, he said, a debt crisis could come 「within three years, give or take two years」.
For portfolio positioning, Dalio advised investors to reduce bond exposure to avoid debt risk, raise gold holdings to 10% to 15% of a portfolio, and keep a small Bitcoin allocation as a hedge against government credit risk.
Dalio also called for the U.S. to cut its budget deficit from about 6% of GDP to 3% through spending cuts, higher taxes, and lower interest rates. Following those comments, gold rose to its highest level since May on Friday, while Bitcoin moved above $77,000, marking its biggest weekly gain since 2023.
Michael Saylor on Bitcoin as digital economic energy
On Aug. 23, Strategy Executive Chairman Michael Saylor said in a post on X: 「Bitcoin’s most profound breakthrough is its ability to convert ‘economic energy’ into digital form and securely bind it to an individual, family, company, machine, or nation.」
CertiK says Term Labs suffered a governance attack with about $8.5 million lost
On Aug. 23, according to CertiK Alert, DeFi lending protocol Term Labs suffered a governance attack that caused about $8.5 million in losses. Around 2,843 ETH and about $1.6 million worth of DAI had been moved to address 0xD5183d8BfC65a50863C62aF2538198A8288FFc13.
Term Labs confirmed that its Term Vaults were hit by a governance exploit and said the team is investigating. More details will be released after the review is complete. The project has not disclosed the exact attack method or the full scope of affected assets.
Standard Chartered says $100,000 year-end Bitcoin target may be too low
On Aug. 23, Cointelegraph reported that Geoff Kendrick, Standard Chartered’s global head of digital asset research, said the bank’s $100,000 year-end Bitcoin target may now be too low. As spot Bitcoin ETF inflows recover, he said BTC could move toward its record high of $126,000 before year-end.
Kendrick said the current rally has been driven mainly by short liquidations and that open interest remains relatively low, leaving room for more investors to re-enter as prices rise. In February, he had lowered his year-end Bitcoin target from $150,000 to $100,000.
Whale deposits 2,555 BTC to Binance
On Aug. 23, according to Lookonchain, whale address 3NVeXm deposited 2,555 BTC, worth about $197 million, to Binance around 13 hours earlier.
Eric Trump denies any new Trump token plan
On Aug. 23, a crypto KOL on X claimed that Donald Trump was about to officially launch a new token and referenced the previously launched TRUMP and MELANIA tokens. Eric Trump, Donald Trump’s second son, directly quoted the post and replied: 「This is completely untrue. No one is launching any form of token. If anyone says otherwise, it is fraud.」
Wintermute moved 3,834.3 BTC to Binance during the week
On Aug. 22, according to on-chain analyst Onchain Lens (@OnchainLens), market maker Wintermute transferred 590.9 BTC to Binance about 43 minutes before the update, worth about $45.66 million. Its cumulative weekly transfers to Binance reached 3,834.3 BTC, worth about $256.8 million.
Machi turns $152,000 into $12.72 million in three days
On Aug. 22, according to on-chain analytics platform Lookonchain (@lookonchain), trader Machi (@machibigbrother) used Hyperliquid to grow $152,000 in capital to $12.72 million in just three days. Net profit exceeded $12.5 million, for a return of about 84x.
Jiang Zhuoer says ETH could outperform BTC in this cycle
On Aug. 22, Jiang Zhuoer (@Jiangzhuoer2) said the ETH he had previously sold between $1,738 and $1,931 was bought back at $2,100 on a stop-loss, and that he had just sold 50% of his spot holdings at $2,525 in an attempt to call a top. He set his stop-loss at $2,550, or 1%. He said his earlier bearish view was wrong and described it as 「spectacularly wrong」.
Looking ahead, Jiang said he sees a 90% probability that the bear market has ended. He plans to go all in if BTC falls back to the $67,000 to $72,000 range, or otherwise buy the rest of his position at market prices no later than the end of October. He also said ETH is likely to outperform BTC in this round, citing large-scale on-chain migration and tokenization of U.S. financial assets as the core driver.
Today’s market prices
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