Gate Daily: Trump claims that China and the US will extend the tariff truce; US spot Ethereum ETF sets a new outflow record; SEC clarifies that liquid staking does not constitute securities issuance.

Bitcoin (BTC) has once again fallen into a pullback, currently reported at around $114,020 during the Asian session today (6). U.S. President Trump stated that he is very close to reaching an agreement with China to extend the trade truce. Trump will decide on the nominee for the Federal Reserve Board of Governors, who could also be a successor to Powell, this week. The U.S. spot Ethereum ETF recorded nearly $500 million in daily net outflows at the beginning of the week, setting a record for the highest single-day outflow since its launch, indicating a potential shift in investor sentiment. The U.S. Securities and Exchange Commission (SEC) clarified that certain crypto assets liquid staking activities do not constitute securities issuance.

Today's Outlook

1. U.S. API Crude Oil Inventory Change (10,000 Barrels) (as of 08/01), previous value was 153.9

2. Eurozone June Retail Sales (MoM), previous value -0.7%

3. The global supply chain pressure index for July in the United States, with a previous value of 0.

4. U.S. EIA crude oil inventory change (ten thousand barrels) (as of 0801), previous value was 769.8

Macro Events & Coin Circle Hotspots

1. U.S. President Trump stated that he is "very close to reaching an agreement" with China to extend the trade truce, and both countries agreed to reduce the retaliatory tariff hikes and ease export restrictions on rare earth magnets and certain technologies. In an interview with CNBC, Trump said, "It’s not necessary, but I think we will reach a very good agreement." He added that the U.S. is "getting along very well with China." Trump mentioned, "If we reach an agreement, I will most likely hold a meeting (with China) before the end of the year. If we can’t reach an agreement, I won’t hold a meeting. It’s a 19-hour flight—it's a long flight, but I will be flying soon." The preliminary agreement between the U.S. and China is set to expire on August 12. This initial truce alleviated concerns that the tariff war could stifle bilateral trade between the U.S. and China and gave both countries more time to discuss other unresolved issues, such as tariffs related to fentanyl.

2. Data from investment company Farside Investors shows that the U.S. spot Ethereum exchange-traded fund (ETF) recorded a nearly $500 million net outflow on Monday, marking the highest single-day level since its launch. According to Farside Investors, the spot Ethereum ETF experienced a net outflow of $465 million on Monday, following a net outflow of $152 million last Friday, which broke the record for inflows over the past 20 days. This significant pullback indicates that investor sentiment may have shifted after a strong performance in July, when the net inflow for the spot Ethereum ETF reached a record $5.43 billion.

3. The U.S. Securities and Exchange Commission (SEC) clarified that certain crypto assets liquid staking activities do not constitute securities issuance, marking an important step in the agency's ongoing efforts to provide clearer guidance on the regulation of digital assets. The regulatory body stated on Tuesday: "This statement clarifies the department's view that, based on the facts and circumstances, the liquid staking activities covered by the statement do not involve the issuance and sale of securities." He referred to key sections of the Securities Act of 1933 and the Securities Exchange Act of 1934. In its staff statement, the U.S. Securities and Exchange Commission defined liquid staking as the process of staking digital assets through an agreement and receiving "liquid staking receipt tokens," which can serve as evidence of ownership for the staker. U.S. Securities and Exchange Commission Chairman Paul Atkins (Paul Atkins) stated in a statement: "Today's staff statement on liquid staking is an important step forward, clarifying the staff's views on crypto asset activities that fall outside the jurisdiction of the U.S. Securities and Exchange Commission."

4. Trump stated that he will decide this week who will replace the outgoing Federal Reserve Board of Governors member Adriana Kugler. The Federal Reserve announced last Friday that Kugler will resign from her position before her term ends in January next year. This provides Trump with an opportunity earlier than expected to appoint someone who is more aligned with his stance on interest rate cuts to the Federal Reserve Board. At the same time, Trump is repeatedly pressuring the Federal Reserve and its chairman Powell to lower borrowing costs. Regardless of who Trump chooses to serve on the Federal Reserve Board, that person may become one of the successors to Powell when his term expires in May and may meet the expectations of the Trump administration regarding the tone of interest rate policy.

Market Trend

1. $BTC has once again fallen into a correction, currently reported at around 114,020 USD, with a liquidation of 56.34 million USD in the past 24 hours, mainly from long positions;

2. Due to the U.S. services data falling short of expectations, the U.S. stock market retreated from its gains on Tuesday (August 5), while discussions around tariffs and interest rate cuts continued to be the focus following last week's labor data release. The Dow Jones Industrial Average fell by 61 points or 0.14%, the S&P 500 Index dropped by 0.49%, the Nasdaq Composite Index decreased by about 0.65%, and the Philadelphia Semiconductor Index fell by 1.12%;

3. In the Gate BTC/USDT liquidation map, based on the current 113,998.00 USDT, if it drops to around 111,911 USD, the total liquidation amount for long positions exceeds 169 million USD; if it rises to around 115,202 USD, the total liquidation amount for short positions exceeds 202 million USD. The liquidation amount for shorts is significantly higher than for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

4. In the past 24 hours, BTC spot inflow was $1.65 billion, outflow was $1.70 billion, resulting in a net outflow of $50 million;

5. In the past 24 hours, contracts such as $ETH, $BTC, $SOL, $XRP, and $DOGE have seen net outflows leading, indicating trading opportunities.

News Updates

1. Jupiter: The lending protocol Jupiter Lend will be launched in phases, with private testing starting today.

2. Governance Proposal Disclosure: MetaMask will launch the stablecoin "MetaMask USD" issued by Stripe.

3. The SEC has released the latest guidelines: liquid staking is not within the scope of securities regulation.

4. Trump will decide on the new member of the Federal Reserve Board of Governors this week, who may also be Powell's successor.

5. Tether CEO: USDT transfers contribute 40% of blockchain transaction fees.

6. Succinct decentralized ZK proof network mainnet goes live and activates PROVE token.

7. Over 955,000 Bitcoins are held by more than 100 publicly listed companies worldwide.

8. Google DeepMind releases interactive world model Genie 3

9. The Jito proposal transfers all transaction fees from the Block Engine and BAM into the DAO treasury.

10. Ethereum new proposal EIP-0000: Unification of multi-dimensional fee market

11. The Indonesian Vice President's Office discusses Bitcoin as a national reserve.

12, President Trump: May not run for President of the United States again.

13. Market news: OpenAI, Google, and Anthropic have received approval from the United States to sign contracts for civilian artificial intelligence.

14. Trump: Labor statistics are highly politicized, and Powell is lowering interest rates too late.

15, The Bhutanese government transferred 517 BTC, worth approximately 59.23 million USD.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Every week, this day is the most exhausting, mainly because of writing the weekly report, and this week's content is particularly abundant. The market's volatile environment is extremely troublesome, with data causing the market to jump up and down every few days. The main event today is the impact of the non-manufacturing PMI on the market, as there are concerns that the U.S. economy may enter a downturn, especially in agriculture. However, the main competition currently lies between Trump and the Federal Reserve regarding monetary policy and tariffs. In terms of the former, Coogler's departure gives Trump more space. Just this morning, Trump stated that the candidate to fill Coogler's vacancy will be proposed this weekend, and this candidate is likely to be next year's Federal Reserve Chairman. Therefore, from the overall trend, although there may be economic risks, the market still wants to believe that as long as the Federal Reserve lowers interest rates early, the economy won't deteriorate to such a severe recession. The internal competition within the Federal Reserve also helps to raise investors' expectations for rate cuts, with the probability of a rate cut in September already exceeding 91%. However, to temper expectations, Coogler's successor may not be able to attend the September meeting; the earliest participation could be in October, and the tariff situation is relatively easier to discuss. Looking back at Bitcoin's data, the turnover rate has increased over the past 24 hours, with a slight rise in investors' panic sentiment, mainly among recent loss-making investors, while earlier investors are still maintaining a wait-and-see attitude. Today, the SEC cleared the last hurdle for ETH spot ETF staking, which has also helped the market sentiment somewhat. Supporting data remains very stable; although BTC's price fluctuates around $113,000, there has been no breach of support levels, and overall investor sentiment is still relatively good. However, it is worth noting that BlackRock's investors have suddenly exited in large numbers, so we need to observe for a few more days."