Last week, funds have flowed into #Bitcoin, #Ethereum, and #Hyperliquid.

According to the official website of the Shanghai Stock Exchange (SSE), Shanghai Sugon Technology Co., Ltd. — one of China’s "four leading domestic GPU startups" — has announced plans for an initial public offering (IPO) to list on the SSE’s Science and Technology Innovation Board (STAR Market). The preliminary inquiry date is August 28, and the issuance price will be set on August 31. The initial strategic placement volume for the offering is 8.607034 million shares, accounting for approximately 20.00% of the total offering size. The difference between the final and initial strategic placement volumes will be reallocated in line with the principles outlined in Section 6: "The Offering’s Clawback Mechanism". Prior to the activation of the clawback mechanism, the initial offline institutional offering volume is 27.542639 million shares, representing roughly 80.00% of the offering size after deducting the initial strategic placement. The initial online retail offering volume is 6.8855 million shares, accounting for approximately 20.00% of the post-initial-strategic-placement offering size. The total final offline and online offering volume equals the overall offering size minus the final strategic placement volume, with the final online and offline volumes to be determined based on clawback adjustments.

After news broke that the U.S. Treasury may draw nearly $1 trillion in Treasury General Account (TGA) funds to support its recently announced expanded U.S. Treasury bond repurchase program, the market received a short-term boost. U.S. Treasury Secretary Scott Bessent said such operations could even exceed this new minimum level. However, the Treasury did not specify at the time how it would fund these purchases. Per HTX market data, Ethereum rose above $2,500, while Bitcoin broke through $78,000. Per BIT (bit.com) market data, U.S. stock index futures pared some losses: S&P 500 and Dow Jones futures are currently down around 0.1%, and Nasdaq futures are down roughly 0.4%. U.S. Treasuries extended their rally, with the 10-year Treasury yield falling 4 basis points to 4.70%. Per Bitget market data, spot gold climbed above $4,670 per ounce, up 1.47% on the day.

Jiang Zhuoer, founder of BTC.TOP (LeiBit Mining Pool), said in a recent post that two trades he made are worth summarizing. One was a short position on Ethereum (ETH): he entered at $1,834 and stopped out at $2,100, losing millions of dollars. This is his single largest loss since he began trading swing positions, with multiple mistakes made during the process. The other was a short position opened at $2,525 that took profit at $2,450, successfully catching the market top within less than 1% of the peak — a rare stroke of luck. He will conduct a detailed review of his prior trades later.

According to HTX market data, Ethereum has surged past $2,500, posting a 1.6% gain over the past 24 hours.

A senior U.S. Treasury official said the U.S. Treasury may draw funds from its General Account (TGA) — nearly $1 trillion — to fund the recently announced expansion of its U.S. Treasury bond repurchase program. Using the TGA would give the Treasury a powerful tool to influence long-term bond yields. Last week, the U.S. Treasury announced it would double the repurchase size of long-term non-newly issued bonds, raising it from $2 billion to at least $4 billion, a move that surprised markets. Treasury Secretary Scott Bessent said the actual operational size could even exceed this new minimum threshold. However, the Treasury did not disclose the source of the repurchase funds. Most market participants had previously expected the Treasury to raise funds by issuing short-term Treasury bills, though the senior official did not rule out this option. According to market data from BIT (bit.com), U.S. Treasuries extended their rally, with the 10-year Treasury yield falling 4 basis points to 4.70%.

Serenity remains bullish on optical communications stock Applied Optoelectronics (AAOI) but criticized the company’s at-the-market (ATM) equity financing. “We dislike AAOI’s over-reliance on ATM offerings, a principle that applied equally to IREN and POET before, and we will not treat AAOI differently,” the firm stated. Its sharpest criticism centers on timing: the roughly $600 million ATM should have been launched after the completion of 1.6T optical module qualification, a milestone expected in the coming weeks, or structured as convertible bonds priced above market value. Instead, the company rolled out the offering after its share price dropped from $220 to $130, and every subsequent use of the ATM will trigger short-term structural selling pressure and sustained stock price suppression. Serenity explained its core rationale for maintaining a heavy position in AAOI: the firm faces capacity constraints while demand visibility is very high, making AAOI more attractive than POET. “Investors can hold AAOI’s stock long-term without supporting every business decision of its management,” it said. “You can absolutely criticize the management’s financing pace while still holding its stock based on the supply-demand structure.” AAOI reported 86% year-on-year revenue growth in the second quarter, beating expectations, but its third-quarter guidance was weak. The latest ATM offering has further amplified market concerns over short-term valuation and liquidity.