Grayscale transferred approximately 644 Bitcoins to CEX

Management has stated that this 70% year-on-year growth framework is not driven by a single factor, but is based on comprehensive acceleration in demand from cloud service providers, AI labs, sovereign AI, and enterprise clients. Without supply constraints, business growth could even double. JPMorgan believes that management sees 70% as a well-supported "comfort zone," implying significant upside far beyond current market pricing.

Some of the largest holders of U.S. assets have minimal protection against a weakening dollar, leaving the dollar at risk of a sharper decline if market sentiment suddenly shifts. As of June 30, these institutional investors in various markets, including Japan and Canada, have hedged only 41% of their foreign exchange risk exposure—this is the lowest level since at least 2015.

Bank of America expects only 40,000 new non-farm jobs in August, but even if the data is weak, the impact on rate hike expectations will be limited—because in Federal Reserve Chairman Waller's speech at Jackson Hole, inflation-related terms appeared twice as often as employment-related ones, indicating that inflation is the core policy anchor. Currently, the probability of a rate hike in September is about 70%, but a final conclusion will depend on next week's CPI data.