Gate Daily (August 20): Bitcoin Depth retracement to $113,000; Tether hires former White House crypto chief; RLUSD and USD1 receive institutional support.

Bitcoin (BTC) is experiencing a deep pullback, temporarily reported at around $113,110 on August 20. Key Republican senators expect that the Democrats will support the Digital Asset Market Clearity Act (CLARITY Act). Former White House cryptocurrency director Bo Hines serves as an advisor for Tether, promoting a strategy for expansion into the United States. Ripple's RLUSD and the Trump-linked USD1 are used for the $1.1 billion IPO settlement for Bullish.

Today's Outlook

1. The change in API crude oil inventories in the United States last week (in ten thousand barrels) (as of 0815), the previous value was 151.9.

2. The one-year loan market quoted interest rate in China was 3.00% previously.

3. The official cash rate of New Zealand, with a previous value of 3.25%.

4. UK Consumer Price Index (year-on-year) for July, previous value was 3.6%

5. Germany's Producer Price Index for July (month-on-month) was previously 0.1%.

6. Sweden's repo rate, previous value was 2.00%

7. Eurozone July Consumer Price Index Final (Year-on-Year), Previous Value was 2.0%

8. Eurozone July Consumer Price Index Final (MoM), previous value was 0.0%

9. Eurozone August Consumer Price Index Final (Year-on-Year), Previous Value was 2.0%

10, U.S. EIA crude oil inventory change (10,000 barrels) (as of 0815), previous value was 303.6

11. The Reserve Bank of New Zealand announces the interest rate decision.

12. The Chairman of the Reserve Bank of New Zealand, Orr, holds a monetary policy press conference.

13. Federal Reserve Board Governor Waller delivered a speech at the blockchain seminar in Wyoming.

Macroeconomic Events & Coin Circle Hotspots

1. Although the U.S. Congress will be in recess until September, a senator leading the establishment of a digital asset market structure legislation indicated that he expects bipartisan support for the bill. Senate Banking Committee Chairman Tim Scott stated on Tuesday at a Wyoming blockchain seminar held in Jackson Hole that he anticipates at least some Democrats will join Republicans in pushing for the Digital Asset Market Clarification Act (CLARITY Act) after the passage of the Guidance and Empowerment of American Stablecoin National Innovation Act (GENIUS Act). The South Carolina senator mentioned that he has been working to reach out to Democrats outside the Banking Committee to "provide cover" for voting in favor of the bill.

2. Stablecoin giant Tether has hired former White House Cryptocurrency Council Executive Director Bo Hines as its new strategic advisor for digital assets and U.S. strategy, marking its expansion in the world's largest economy. According to an announcement on August 19, the stablecoin company Tether appointed Hines to directly participate in and coordinate the company's U.S. strategy and expansion as part of its core focus, with the appointment taking effect immediately. Hines served in President Donald Trump's administration, working to promote digital asset innovation, set guardrails for stablecoin issuers, and develop cooperation between the government and the blockchain industry.

3. Early Bitcoin investor and billionaire Chamath Palihapitiya has applied to raise $250 million through the blank check company "American Exceptionalism Acquisition Corp A," targeting decentralized finance, artificial intelligence, energy, and defense sectors. According to the registration statement submitted to the U.S. Securities and Exchange Commission on August 18, the special purpose acquisition company (SPAC) will be led by Social Capital managing partner Steven Trieu as CEO, with Palihapitiya serving as chairman. This $250 million financing aims to issue 25 million shares at $10 per share on the New York Stock Exchange, with the stock symbol AEXA.

4. The cryptocurrency exchange Bullish disclosed on August 19 that part of its $1.15 billion IPO proceeds came from various stablecoins, including RLUSD on the Ripple ledger and USD1 related to President Donald Trump. The company stated that these tokens are among several digital assets participating in the settlement process, which also includes Circle's USDC and EURC, Paxos' PYUSD and USDG, Société Générale-FORGE's EURCV and USDCV, Agora's AUSD, and AllUnity's EURAU. According to the company, these stablecoins are mostly issued and settled on the Solana network. Jefferies acts as the settlement and delivery agent, responsible for coordinating minting, redemption, and settlement across regions.

Market Trend

1、$BTC has encountered a Depth pullback, currently reported at around 113,110 USD, with a liquidation of 113 million USD in the past 24 hours, mainly from long positions;

2. On August 19, U.S. stock markets closed mixed, with weakness in large technology stocks dragging down major indices. The Dow rose 10.45 points, up 0.02%, to 44,922.27 points; the Nasdaq fell 314.82 points, down 1.46%, to 21,314.95 points; the S&P 500 index dropped 37.78 points, down 0.59%, to 6,411.37 points.

3. In the Gate BTC/USDT Settlement Map, based on the current 112,896.20 USDT, if it drops to around 112,192 USD, the cumulative long position settlement amount exceeds 543 million USD; if it rises to around 114,508 USD, the cumulative short position settlement amount exceeds 497 million USD. The settlement amount for shorts is significantly higher than for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale settlements during market fluctuations.

4. In the past 24 hours, BTC spot inflow was 2.37 billion USD, outflow was 2.70 billion USD, with a net outflow of 330 million USD.

5. In the past 24 hours, contracts such as $ETH, $BTC, $SOL, $XRP, $DOGE have seen net outflows, indicating trading opportunities.

News Updates

1. "Rolling Warehouse Brother" ETH high leverage long position loss of 6.21 million USD completely liquidated.

2. The Vice Chair for Supervision of the Federal Reserve supports Federal Reserve staff holding a small amount of Crypto Assets.

3. Or related to BitMNR, 3 new wallets received about 52,500 ETH, worth approximately 220 million USD.

On August 19, 10 Bitcoin ETFs had a net outflow of approximately 197 million USD BTC, and 9 Ethereum ETFs had a net outflow of approximately 273 million USD ETH.

5. Thumzup plans to fully acquire Dogehash, laying out a strategy for Dogecoin and Litecoin mining.

6. SkyBridge Capital plans to tokenize $300 million in assets on Avalanche.

7. 1inch launches cross-chain exchange functionality for Solana and EVM chains.

8. Mercurity Fintech completes a $6 million equity fundraising to support its digital asset treasury strategy.

9. LM Funding America raised $23 million to expand its BTC reserves, currently holding 150 BTC.

10. VCI Global announces $2 billion collaboration: promoting encryption infrastructure and asset tokenization based on 18,000 BTC.

11. SharpLink increased its holdings by 143,593 ETH, bringing the total holdings to 740,760 ETH.

12. KindlyMD acquired 5,744 BTC to expand Nakamoto's Bitcoin reserves.

13. Polkadot launches its institutional division, Polkadot Capital Group, linking Wall Street and Web3.

14. Wyoming has launched the first state-level stablecoin FRNT, which is now online on 7 blockchains including Solana and Arbitrum.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Today, there isn't much change in terms of information in the market. The market's shift started with the opening of the US stock market. Many perspectives indicate that the expectation of an interest rate cut in September may reflect the downturn in the US economy. The market is beginning to enter a phase of trading recession in advance. Of course, there is also the reason of the Jackson Hole annual meeting. There are concerns that Powell may go head-to-head with Trump or that Powell believes the US economy is in danger. After all, based on past Federal Reserve meeting minutes, Powell has consistently stated that the US economy may indeed show signs of slowing down, but a recession is still somewhat distant. The Federal Reserve's decision not to cut interest rates early is also due to the perception that the economy remains resilient."

"Looking back at the data for Bitcoin, the turnover rate has slightly decreased compared to yesterday, but the price continues to decline, and the panic sentiment has increased a bit. Yesterday, only investors with a holding cost above 100,000 USD were trading a bit more, but now even investors with a holding cost around 95,000 USD are starting to participate in trading. Regarding expectations for the bottom, since the rise from early July until now, the lowest drop has been around 112,000 USD. The last drop was due to concerns over non-farm employment data leading investors to worry about the US entering an economic recession, which is very similar to this situation. Therefore, if it's the same reason, I predict that before the Jackson Hole annual meeting, this 112,000 USD will still have some resilience."