Prominent Trader: Bitcoin Has Formed Its Bottom, May Enter Range Accumulation Phase Next

According to on-chain analyst Ai Yi (@ai_9684xtpa), the total short position of the whale codenamed "Set 10 Big Goals First" has risen to $143 million, with an unrealized loss of $309,000. Details: 5x leveraged short position on Bitcoin (BTC) holds 1,449.968 BTC, worth around $108 million, at an average entry price of $74,570.99; 7x leveraged short position on Ethereum (ETH) holds 15,000 ETH, worth approximately $35.21 million, with an average entry price of $2,347.89.

Bitget’s latest data shows that as of August 20, the cumulative number of trades on its TradFi contracts in August has surpassed 150 million, with a daily peak of 13.64 million trades. As demand for trading traditional financial assets including US stocks, foreign exchange, precious metals, and commodities continues to rise, trading activity in Bitget’s TradFi segment has further improved.

According to monitoring by TradingBeats (formerly Hyperinsight), an address starting with 0xa0....e553c has recently completed a clear BTC long position build-up. Order records show the address did not chase prices at a single point; it had previously attempted swing trading for BTC and the XYZ:100 index multiple times. This round, after confirming an uptrend around August 20, it gradually built its BTC position via multiple orders. Entry prices for the position range from approximately $53,653 to $66,667, with multiple large orders of ~132.67 BTC, eventually forming a BTC perpetual long position worth around $9.9 million. Currently, it holds BTC longs valued at $9.89 million, with an average entry price of $68,785.80, an unrealized profit of $760,000, and a return of 154%. The address has not allocated large sums to ETH, SOL, or other popular altcoins, instead concentrating its funds heavily on BTC. Its position adjustments appear to be front-running expectations of improved macro liquidity. Additionally, as early as the start of August, the address began positioning for the XYZ100 index, with multiple rounds of adding and reducing positions during that period. This development comes amid recent improved expectations for U.S. digital asset regulation, policy signals supporting crypto market structure development, and improved liquidity expectations pushing BTC back to key price levels. On-chain Perpetual (Perp) and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, enabling full deep analysis from address tracing to whale operations, all at a glance.

Serenity noted in a post that leveraged traders have shifted back from AI stocks to Hyperliquid, a crypto trading platform, and biotech assets, a move Serenity believes could help AI stocks recover faster. South Korean ETF EWY rose, driven primarily by SK Hynix’s share repurchases, while Samsung Foundry hiked wafer fabrication prices by roughly 10% to 15%. Serenity added that SK Hynix unveiled its Co-packaged Optics (CPO) roadmap, which involves a photonic interposer connecting memory chips. This initiative could expand the addressable market and boost demand for related supply chains including lasers, photonic integrated circuits, and packaging. Separately, after Changxin Memory Technologies (CXMT) completed its listing, Yangtze Memory Technologies (YMTC) is targeting an IPO in the next quarter. Optoelectronics manufacturer Tyntek saw its stock hit the daily trading limit, with order visibility extending to 2028, reflecting a supply-demand imbalance for photodiodes in the photonics industry. Additionally, a shortage of high-end PCB drill bits persists, as AI data centers, servers, and optical communications drive demand for PCBs, high-density interconnect (HDI) boards, and packaging substrates, while tungsten prices are also rising.

According to official announcements, OKX has upgraded its RLUSD rewards program. Eligible VIP users will earn a 10% APR on their first 10,000 RLUSD holdings, an increase from the previous program’s cap of 2,000 RLUSD. Balances exceeding 10,000 RLUSD will accrue rewards at a 4.2% APR, while regular users continue to enjoy a 3.5% APR. Notably, users do not need to subscribe, redeem, or lock RLUSD to automatically earn rewards, and may choose to receive payouts in either RLUSD or XRP.

Bitcoin surges past $75,000, hitting a three-month high. The rally was primarily driven by the U.S. Treasury’s announcement to expand the scale of its long-term U.S. Treasury bond liquidity support repurchase operations. The Treasury had earlier stated it would at least double the size of these operations for long-term nominal coupon securities with maturities of 10 to 30 years. Additional factors boosting market sentiment include the SEC’s latest crypto regulatory proposal and a White House meeting between Trump and crypto industry executives. The sharp rally has triggered massive short liquidations. Data from Coinglass shows that Bitcoin’s rise on Wednesday led to over $2.75 billion in BTC short positions being liquidated. In the past 24 hours, an additional $783.2 million in Bitcoin positions were liquidated, of which $747.7 million were short positions. However, analyst Shawn Young believes the current rally may be overinterpreted by the market. He noted that the crypto market is “assigning far more significance to the U.S. Treasury’s intervention measures than their actual impact,” adding that bond market changes are forcing shorts to cover quickly rather than improving Bitcoin’s macro fundamentals. U.S. Treasuries are still competing with Bitcoin for marginal capital, and the current rise is largely driven by the market’s previously overcrowded short positions. He called Bitcoin’s break above $70,000 “premature.” Zeus Research analyst Dominick John said short liquidations could still push prices higher in the short term, but as forced buying fades, future moves will need to be supported by real spot demand, liquidity conditions, and macro fundamentals. He added that the key for the market’s next phase is whether new capital can enter, turning this short squeeze into a sustained uptrend. Additionally, smooth passage of the Clarity Act in September could serve as an important catalyst for further crypto market growth.