Bitcoin Drops Below $113,000

On August 6th, based on the data from the Validator Queue tracking website validatorqueue, it is reported that the current exit queue of the Ethereum PoS network is 443,164 ETH, which is approximately worth $16.12 billion. The amount of queued ETH has been decreasing continuously for 4 days, and the exit waiting time is approximately 7 days and 17 hours. At the same time, the amount of ETH waiting to join the network is approximately 95,626 ETH, worth approximately $3.47 billion, with an expected activation delay of about 1 day and 16 hours. Previously reported, this situation reflects the existence of two opposing forces in the market. On the one hand, some stakers may have chosen to cash out after Ethereum rebounded by more than 160% from its April low, resulting in a surge in the exit queue. On the other hand, new funds being deposited driven by regulatory optimism and institutional demand are also boosting the entry queue. Listed companies such as SharpLink Gaming and BitMine Imm

On August 6th, Pendle launched the funding rate trading platform Boros on the Arbitrum network. This platform enables users to trade the on-chain funding rate yield of BTC and ETH. Currently, Boros supports trading the funding rates of BTCUSDT and ETHUSDT on the Binance platform and is planned to gradually expand to more assets (such as SOLUSDT, BNBUSDT), more platforms (such as Hyperliquid, Bybit), and more expiry time products in the future. The platform initially focuses on the funding rate market of Binance's BTCUSDT and ETHUSDT perpetual contracts, with the following limits: a maximum open interest of $10 million in nominal value per trading pair; an initial leverage limit of 1.2x. Users can hedge or speculate on future funding rate changes by buying and selling Yield Units (YU), similar to Pendle's YT mechanism. Boros aims to become the core platform in the Pendle ecosystem dedicated to yield trading and plans to integrate RWA yield products like bonds and stocks later to build

August 6: President Trump dismissed the Commissioner of the BLS, which has raised concerns in the market regarding the politicization of inflation data. The $2.1 trillion TIPS market is highly dependent on the credibility of CPI data. If trust is undermined, it may become the first default point in the US Treasury market. TIPS have shown strong performance this year, indicating persistent high inflation expectations, and the market is closely focused on next week's CPI report. Short-term US Treasury bond yields have dropped significantly as investors anticipate the early rate cut by the Fed. In the cryptocurrency field, BTC's recent trend has been affected by macroeconomic uncertainty. 112,000 serves as the short-term support. If it breaks below this level, it could trigger a cascading liquidation, maintaining significant short-term pressure. Bitunix analyst's recommendation: The credibility of US inflation data is wavering, intensifying the market's risk-off sentiment. Short-term BT

On August 6th, Matrixport released today's market analysis which stated, "At the present stage, it might still be too early and even somewhat pessimistic to determine whether Bitcoin will decline back to its 21-week moving average of $105,696. Nevertheless, we still regard this level as a reference for the key trend: if the price is above this level, the overall trend remains bullish; once it breaks below, we need to be vigilant against a bear market signal." In the past three weeks, we have maintained a more cautious attitude in our weekly reports. During this period, Bitcoin has undergone a pullback, although market sentiment remains relatively optimistic. In the short term, some funds may flow back from high-volatility alternative coins to Bitcoin, which provides some support to the price. However, we still advise investors to remain cautious and control their risk exposure. This judgment has been made multiple times in the past few weeks and is still applicable today.

On August 6th, Musk tweeted, "It is time for us to make Grok 2 open source, and this will be accomplished next week."

On August 6th, according to the monitoring of HyperInsight accessible through the link https://app.hyperliquid.xyz/join/NTOD, the "Four-Battle ETH 75% Win Rate Whale" is currently holding a short position of 70,000 ETH (with a nominal value of approximately $254 million), having an opening price of $3,618.3 and a liquidation price of $3,698.29.
This whale's short position in ETH has witnessed a change from a floating profit of $12.25 million to a floating loss of $840,000.