Bitcoin OG sells another 300 BTC to buy ETH, and ETH breaks through $4,700

Headline: Bitcoin OG Sells Another 300 BTC to Buy ETH, Possessing $84 Million in 3 Days. According to Lookonchain monitoring, a Bitcoin OG recently deposited another 300 BTC (approximately $34.78 million) on the Hyperliquid platform to sell and purchase ETH. Over the past three days, this user has realized $84 million in open interest gains: He held a long position of 135,265 ETH (valued at approximately $581 million) at an average entry price of $4,295, resulting in a $49 million profit. He purchased 100,979 ETH (valued at approximately $435 million) in spot trading at an average purchase price of $4,309, resulting in a $35 million profit.

▌ETH breaks through $4,700

The market shows that ETH has broken through $4,700 and is now trading at $4,752.61, with a 24-hour increase of 12.36%. The market is volatile, so please do a good job of risk control.

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Market

As of press time, according to Coingecko data:

BTC price is $116,345, up or down 24 hours by 2.2%;

ETH price is $4,776.06, up or down 24 hours by 9.5%;

BNB price is $840.38, up or down 24 hours by 3.5%;

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Cryptocurrency

▌BNB Breaks Through $890

Markets indicate BNB has broken through $890 and is currently trading at $890.1, a 24-hour increase of 6.04%. Market volatility is high, so please exercise due diligence.

▌SAND Breaks Through $0.3

Markets indicate SAND has broken through $0.3 and is currently trading at $0.31, a 24-hour increase of 10.71%. Market volatility is high, so please exercise due diligence. According to market news, the 21SHARES XRP ETF has been registered in Delaware. A whale shorting Ethereum added $5.22 million in margin, now facing a $14 million unrealized loss. According to Onchain Lens, as Ethereum broke below $4,700 again, a 20x shorting whale deposited 5.22 million USDC into Hyperliquid to avoid liquidation. Currently, their unrealized loss stands at $14 million, bringing their total losses to $26 million.

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Important Economic Developments

▌Federal Reserve Bank's Musallem: If labor market risks intensify, policy interest rates may need to be adjusted

Federal Reserve Bank's Musallem said that attention should be paid to the entire interest rate path, not just the interest rate decision at a specific meeting. Inflation is already above target and there are ongoing risks. The next employment report may influence the decision to cut interest rates, depending on its content. Labor market risks are rising but have not yet materialized, and the inflationary effects of tariffs are expected to gradually subside. The interest rate path may include a pause in rate cuts.

▌The offshore renminbi rose 109 points against the US dollar compared with the closing price in New York on Thursday.

The offshore renminbi (CNH) was quoted at 7.1719 yuan against the US dollar, up 109 points from the closing price in New York on Thursday. The overall trading range during the day was 7.1897-7.1666 yuan.

▌Barclays: The Federal Reserve is expected to start cutting interest rates from September.

Barclays: The Federal Reserve is expected to start cutting interest rates from September, which was previously expected to be in December. The U.S. bank index is on track for its first record close since January 2022 as investors speculate on a possible Federal Reserve interest rate cut next month. The KBW Bank Index, which tracks the 24 largest U.S. banks, rose 3% at one point, putting it on track for a record close. This would end a slump of over 900 trading days, the longest since the financial crisis, when the index failed to reach a new high for over 3,500 trading days. Bank stocks joined the broader market rebound on Friday as Powell cautiously opened the door to a September rate cut. Overall, major Wall Street banks reported solid second-quarter earnings, fueled by volatility in the stock, bond, and foreign exchange markets. All banks that underwent the Federal Reserve's annual stress test passed with ease, allowing them to raise dividends beyond market expectations. The rise in bank stocks this year has also been driven by market expectations that a more relaxed regulatory environment under the Trump administration will spur corporate mergers and acquisitions, thereby boosting investment banking revenue. US stocks SBET and BMNR both rose over 15%. US Ethereum reserve concept stocks generally rose, including: SharpLink Gaming (SBET.US) rose 15.21%; Bitmine Immersion Technologies (BMNR.US) rose 15.28%; GameSquare (GAME.US) rose 5.75%; Bit Digital (BTBT.US) rose 5.51%; and Coinbase (COIN.US) rose 6.88%. Analysis: Powell Indicates Fed's Priority Has Shifted to Supporting the Labor Market, and Interest Rate Decisions Will Be Driven by Employment Data. The Kobeissi Letter analyzed the significance of Fed Chairman Powell's speech today: "Today's speech indicates that their priority has shifted to supporting the labor market. The shifting balance of risks may require policy adjustments, and he explicitly referred to the labor market. Therefore, the employment report will determine future rate cuts." Golden Encyclopedia: What are Tokenized Commodities? Tokenized commodities represent fractional ownership of real-world assets using digital tokens on a blockchain, while retaining their tangible value. Tokenized commodities are digital versions of real-world items (such as gold, oil, or crops) recorded on a blockchain. Each token represents a portion or all of the commodity, making it easier to divide and trade. This simplifies the buying and selling of small portions of commodities for investors, provides greater liquidity, and offers access to markets that are typically difficult to trade. Instead of purchasing an entire commodity (which can be very expensive and impractical), you can divide it into small pieces called tokens. Each token represents a small portion of the commodity. Blockchain technology can help tokenize a variety of commodities, including energy resources, real estate, precious metals, and agricultural products. Commodity-backed cryptocurrencies are digital assets that aim to be more stable than volatile cryptocurrencies. This stability is achieved by tying their value to a tangible commodity such as real estate, gold, or oil. Commodity tokenization clarifies ownership, enables fractional ownership, simplifies transactions, and facilitates market activity. While promising, tokenized commodities also face challenges. Regulations are not always clear, and existing rules may not fully cover them. The technology behind tokenized commodities must be properly tested to handle the complexities of creating and trading these tokens.