Analysis: Bitcoin May Experience a Deeper Pullback if It Falls Below Short-Term Holder Cost of $106,000

On August 21st, based on CoinGecko data, in the past 24 hours, Upbit's trading volume decreased to $2.345 billion. The ETH/KRW trading pair accounted for 17.98% of the volume and ranked first in the South Korean won market. The remaining top five in terms of trading volume are: XRP, API3, BTC, LINK.

August 21st. According to an official announcement, Huobi HTX launched the YZY/USDT perpetual contract trading pair with up to 20x leverage on August 21st. In addition, Huobi HTX started the YZY contract trading party from 18:00 on August 21st to 18:00 on August 28th (UTC+8), with a total prize pool of up to $10,000. During the event, users who sign up and participate in YZY/USDT contract trading with a cumulative effective trading volume ≥$10,000 USDT will share the prize pool based on their trading volume ranking. New users trading the YZY/USDT contract will also receive exclusive benefits.

On August 21, as per an official announcement, Bitget has declared the launch of the U-based YZY perpetual contract. The leverage offered ranges from 1 to 20x. Additionally, the contract trading BOT will be made available simultaneously.

On August 21st, a BiyaPay analyst pointed out that the recent Ethereum price failed to break through a crucial resistance level, resulting in another round of market downturn. The bearish pressure in this round of the market is mainly driven by large hedge funds. These funds have been increasing their Ethereum short positions and attempting to trigger stop-losses by pushing down the ETH price. According to The Block's "CME Ether Futures Net Position" data, the current number of Ethereum shorts has reached an unprecedented level, indicating a strong market expectation for a further decline in the Ethereum price. Especially in August, hedge funds' Ethereum short positions nearly doubled, rising from $2.3 billion on August 5th to $4.19 billion. This change indicates that institutional investors continue to bet on the Ethereum price maintaining a downward trend. In the current market environment, the increase in short positions is one of the main factors putting pressure on the Ethereum p

On August 21st, Justin Sun announced on social media that Tron super representatives are fully cognizant that as the price of TRX surges during a bull market, the network transaction fees are continuously on the rise. The Tron community will adjust the network fees in accordance with the actual situation to ensure the competitiveness of the Tron network.

On August 21st, as per @btcNLNico, the nationwide chain clothing retailer Mac House in Japan announced that it had made its first purchase of 17.51 BTC. This was part of a "proof of concept" operation, with a Bitcoin reserve target set at 1000 BTC.