Key PointsTokenized assets under management (AUM) have climbed to an all-time high of ~$270B.Asset classes include cryptocurrencies, commodities, government bonds, private credit, equities, and venture capital.According to ChainCatcher, the market for tokenized real-world and digital assets continues to expand rapidly, hitting a new record of $270 billion AUM. This surge reflects strong demand for on-chain investment products spanning both traditional asset categories (such as bonds and equities) and crypto-native instruments.The growth underscores how tokenization is gaining traction as a bridge between traditional finance and blockchain, offering greater liquidity, transparency, and accessibility for a diverse set of assets.Tokenization is emerging as one of the strongest adoption trends in blockchain finance, with asset-backed tokens now commanding hundreds of billions in value.

Key PointsBank of America’s global fund manager survey shows most respondents have no cryptocurrency exposure.Among the minority with exposure, the average allocation is only 3.2%.Insight shared by Nate Geraci, co-founder of The ETF Institute, on Aug. 17 via X.According to TechFlow, Nate Geraci noted that the latest BofA Global Fund Manager Survey highlights a striking lack of cryptocurrency adoption in traditional portfolios. Despite the growth of institutional crypto products, the majority of global fund managers reported “zero” exposure to digital assets.For the small subset of managers who do allocate, crypto holdings averaged just 3.2% of portfolios—a signal that institutional positioning in BTC, ETH, and related assets remains cautious and marginal.Institutional crypto adoption is still in its infancy, with exposure concentrated among a few managers and at low weights.

Key PointsNate Geraci, President of The ETF Store, says companies holding BTC & ETH should be treated as cryptocurrency derivatives.Warns of special risks tied to their valuations and market sensitivity.Surprised that the industry still debates this classification.According to TechFlow, Nate Geraci, president of The ETF Store, argued on Aug. 18 that publicly traded firms whose treasuries primarily hold Bitcoin (BTC) and Ethereum (ETH) should be regarded as crypto derivatives, not traditional equities.Geraci emphasized that these firms carry unique risk profiles, since their valuations are largely dependent on underlying crypto asset performance. He expressed surprise that the industry still debates this framing, stating that valuation models must explicitly incorporate their derivative-like characteristics.Investors should assess BTC/ETH treasury stocks as high-beta crypto proxies, with risks distinct from both traditional equities and direct crypto exposure.

Key PointsEthereum validator exit queue hit 855,158 ETH Friday — an all-time high.Bitwise strategist Juan Leon links rising unstaking to ETH’s recent pullback.Large unstaking flows can create systemic selling pressure via stETH discounts, DeFi deleveraging, and forced liquidations.According to PANews, the Ethereum validator exit queue reached a record 855,158 ETH last week. Juan Leon, senior investment strategist at Bitwise, said this surge in unstaking could explain ETH’s recent weakness.Leon noted that heavy exits generally weigh on ETH’s price, as:stETH discounts reduce collateral value → forcing risk reduction and hedging.DeFi leverage loops (“stETH cycle”) become unprofitable → traders unwind positions, selling ETH to repay loans.This synchronized behavior may magnify spot ETH selling pressure in coming sessions.With over 850k ETH queued for exit, market participants should brace for sustained supply-side pressure as DeFi leverage unwinds. 

Key PointsJuly CPI initially revived rate-cut trade memories from July 11, 2024.July PPI (released Aug. 14) exceeded expectations, denting the trade.Powell’s Jackson Hole speech could reset expectations for a September rate cut.Rate-cut sensitive sectors: Russell 2000, S&P 500 Real Estate, Nasdaq Biotech.According to Jinshi Data, a CITIC Securities research note said U.S. equity markets have put rate-cut speculation on pause, awaiting cues from Federal Reserve Chairman Jerome Powell’s remarks at the Jackson Hole Global Central Bank Annual Meeting.The firm highlighted that while July’s CPI rekindled memories of the July 11, 2024 rally in rate-sensitive assets, the stronger-than-expected July PPI print on Aug. 14 dampened sentiment.CITIC Securities believes if Powell adopts a dovish tone and signals a September rate cut, markets could see a renewed rally in the Russell 2000, S&P 500 Real Estate, and Nasdaq Biotech indices—mirroring moves seen during the July 2024 rate-cut trade.

Key PointsEthereum (ETH) may be entering a new stage of application development, per Hong Kong experts.Unlike Bitcoin, Ethereum evolves via technical standards set by the Ethereum Foundation.DeFi can provide innovative financing channels for Hong Kong startups, entrepreneurs, and artists.According to TechFlow, Li Kaixiang, member of the Hong Kong Cyberport Creative Micro Fund Enterprise Development Advisory Group, said Ethereum applications are poised to enter a new phase of growth.Li noted that unlike Bitcoin’s fixed structure, Ethereum benefits from adaptable technical standards maintained by the Ethereum Foundation, allowing it to evolve with market needs.He emphasized that Ethereum’s ecosystem—particularly decentralized finance (DeFi)—can serve as a new source of capital for Hong Kong entrepreneurs and artists, offering innovative financing models outside of traditional banking. 

Key PointsMetaplanet shares fell below $6, down 33.15% in the past month.The drop comes as the firm continues to expand its Bitcoin holdings.This contrasts with expectations of gains in Japan’s crypto sector following regulatory news.According to TechFlow, Japanese crypto exchange Metaplanet saw its stock price fall to $6.01 on August 18, marking a new monthly low and a 33.15% decline over the past month.The sell-off comes despite the company’s continued accumulation of Bitcoin reserves. Market watchers had expected Japanese crypto-related equities to rise after the Nikkei reported that Japan’s Financial Services Agency (FSA) will approve the country’s first yen-denominated stablecoin.Instead, Metaplanet’s persistent decline underscores investor caution, suggesting Bitcoin treasury strategies alone may not offset equity market headwinds in the current environment. 

Key PointsWhen: Friday, Aug. 22, 10:00 a.m. ET (14:00 UTC / 22:00 SGT)What: Remarks on the economic outlook and the Fed’s policy framework reviewSource: Reported by ChainCatcherFederal Reserve Chair Jerome Powell will give a speech on Friday, Aug. 22 at 10:00 a.m. Eastern Time, outlining the economic outlook and updates related to the Fed’s monetary policy framework review. The remarks come amid heightened market focus on the Fed’s rate path and inflation dynamics.Why it mattersRate-cut expectations: Markets are keyed to Powell’s guidance on the timing and pace of rate cuts, with traders watching for any shift in language on growth, labor markets, and inflation progress.Framework signals: Any hints on the Fed’s average-inflation targeting, balance sheet strategy, or tolerance for above/below-2% inflation could recalibrate bond yields, the dollar, and risk assets.Cross-asset impact: Equities, Treasuries, USD, gold, Bitcoin, and ETH often react quickly to changes in Fed guidance.What to watch in the speechUpdates on inflation trajectory and the labor marketGuidance on September meeting probabilities and forward guidance toneCommentary on financial stability and liquidity conditionsClues on balance sheet runoff versus potential adjustments

Circle,VISA,稳定币链,稳定链崛起：Circle 与 Visa 的支付霸权之争 金色财经,稳定币区块链即将到来。两大巨头为何应该感到紧张？

According to TechFlow, Andrew Kang, co-founder of Mechanism Capital, warned that Ethereum (ETH) faces approximately $5 billion in upcoming liquidations.Kang suggested this wave of forced selling could push ETH prices down into the $3,200–$3,600 range, a sharp correction from recent highs near $4,700. 

According to BlockBeats, recent analysis by app intelligence provider Appfigures reveals that since its launch in May 2023, ChatGPT's iOS and Android applications have generated $2 billion in global revenue. This figure is approximately 30 times the total mobile revenue of its competitors, including Claude, Copilot, and Grok. Data indicates that ChatGPT's mobile app has achieved $1.35 billion in revenue so far this year, marking a 673% increase compared to $174 million during the same period in 2024. The app's average monthly revenue is nearly $193 million, significantly higher than last year's $25 million.

Taiwan’s WiseLink led a $10 million funding round for Nasdaq-listed Top Win International, helping the company buy Bitcoin and expand into digital assets. The deal makes WiseLink the first public Taiwanese firm to back a Bitcoin treasury strategy and aims to combine crypto holdings with cross-border business operations.

New York lawmakers are making waves with a controversial new proposal: a crypto tax designed to tackle the state’s opioid crisis.

Jeju City used AI and exchange data to find nearly 3,000 residents who had hidden cryptocurrency and owed unpaid taxes. Officials seized 230 million won (\$165,458) in crypto and are targeting 19.7 billion won (\$14.17 million) in total overdue taxes and fines.

正如微软Excel驱动着传统金融运作，以太坊虚拟机（EVM）正成为华尔街必须配备的新账本软件。唯有如此才能维持市场份额，避免被以太坊生态的创新所颠覆。

美国杰克逊霍尔央行年会备受瞩目，鲍威尔预计不会在杰克逊霍尔提前透露 9 月的利率决定。他的演讲将是其捍卫美联储独立性、平衡经济与政治考量的关键一役。

从发行到多市场准入再到流动性解锁，代币化股票的架构正在稳步形成。

ChainLink,Chainlink主题研报：LINK有20-30倍上涨空间？ 金色财经,LINK是最佳风险/回报投资机会之一，原因有4：

Japan is set to approve its first yen-backed stablecoin this autumn, led by fintech firm JPYC. The token will be tied one-to-one with the yen and supported by bank deposits and government bonds.

A financially struggling Gemini is hoping to change their fate with the filing of an IPO after suffering a terrible start to 2025 financially.