Gate Daily (August 15): Trump has no plans to purchase additional BTC; PPI douses hopes for a significant interest rate cut in September; Turkish exchange suffers a major cyber attack.

Bitcoin (BTC) has retraced from its historical high, temporarily reported around $118,360 on August 15. The U.S. Producer Price Index (PPI) for July exceeded expectations, cooling market optimism for a significant rate cut in September. U.S. Treasury Secretary Mnuchin stated that the Trump administration has no plans to purchase additional Bitcoin for its Bitcoin and digital asset reserves. The Turkish cryptocurrency exchange BtcTurk suffered a major cyber attack, resulting in approximately $48 million worth of digital assets being stolen.

Today's Outlook

1. Japan's second quarter nominal GDP annualized preliminary value (in billion yen) was 625321.20, previous value.

2. Japan's preliminary GDP for the second quarter (in billion yen) was 561,541.80, with the previous value being 561,541.80.

3. Japan's second quarter actual GDP preliminary value (annualized quarterly rate), previous value was -0.2%.

4. Japan's preliminary GDP growth rate for the second quarter, previous value was 0.0%

5. China's July industrial added value above designated size (year-on-year), previous value was 6.80%

6. China's retail sales of consumer goods in July (year-on-year) was 4.8% previously.

7. U.S. July Retail Sales (MoM), previous value was 0.6%

8. The preliminary value of the University of Michigan Consumer Confidence Index for the United States in August is 61.7.

9. The National Bureau of Statistics of China released the monthly report on residential sales prices in 70 large and medium-sized cities.

10. The State Council of China held a press conference on the operation of the national economy.

Macro Events & Coin Circle Hotspots

1. Data from the U.S. Department of Labor shows that the Producer Price Index (PPI) increased by 0.9% in July, far exceeding the market expectation of 0.2%, with a year-on-year increase rate of 3.3%, the highest since February. Stifel Economics analysis pointed out that the unexpected rise in data was mainly due to service costs climbing by 1.1% in July, marking the largest monthly increase since March 2022. As a result, the market's bets on the Federal Reserve lowering interest rates in September dropped from 97% the previous day to 90%. The employment market remains robust; as of the week ending August 9, the number of initial unemployment claims in the U.S. was reported at 224,000, lower than the market expectation of 225,000.

2. U.S. Treasury Secretary Scott Bessent ( stated that the government has no plans to purchase additional Bitcoin for its Bitcoin and digital asset reserves, leading to a pullback in Bitcoin prices. "We have also begun to enter the 21st century by establishing Bitcoin reserves. We will not buy these reserves, but will utilize confiscated assets to continue accumulating," Bessent said. This statement starkly contrasts with President Donald Trump's earlier executive order, which directed the government to develop a "budget-neutral strategy" to increase its Bitcoin holdings. In April of this year, Bo Hines, who was a member of the Presidential Advisory Council on Digital Assets at the time, stated that the government is exploring financing options for Bitcoin acquisitions, including customs revenue and a reassessment of the Treasury's gold certificates.

3. The Turkish cryptocurrency exchange BtcTurk has suffered a significant cyber attack, resulting in approximately $48 million worth of digital assets being stolen. Blockchain security company Cyvers reports that the stolen funds have been transferred to multiple networks, including Ethereum, Avalanche, Arbitrum, Optimism, Mantle, and Polygon. It is reported that most of the assets have been transferred to two addresses, and the attackers have begun exchanging these assets at these two addresses. BtcTurk confirmed the hacking incident in a post on X, emphasizing that only the hot wallet was affected. The company is one of the largest cryptocurrency exchanges in the country, with over 5 million users. According to the company: "During a check conducted on August 14, our hot wallet detected unusual activities. As a precaution, access to cryptocurrency transactions has been temporarily halted. These services will resume once the check is completed. The company assures users that most assets remain safely stored in cold wallets, and this incident will not affect customer holdings." The company also added that trading operations and transactions in Turkish Lira are still proceeding normally. BtcTurk further stated that authorities have been notified and are closely coordinating with cybersecurity teams to protect its infrastructure.

) market trend

1. $BTC has retraced from its historical high, currently reported at around 118,360 USD, with a liquidation of 17.68 million USD in the past 24 hours, mainly from long positions;

On August 14, the three major U.S. stock indices showed mixed results, but the changes were minimal. The Dow Jones Industrial Average fell by 11.01 points or 0.02%, closing at 44,911.26 points; the S&P 500 index rose by 1.96 points or 0.03%, closing at 6,468.54 points; the Nasdaq index decreased by 2.47 points or 0.01%, closing at 21,710.67 points.

![Gate Clearing Map]###https://img-cdn.gateio.im/webp-social/moments-b145d12592-e1ff04ffdf-153d09-1c6801.webp(

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 118,422.90 USDT, if it drops to around 117,069 USD, the cumulative liquidation amount for long positions exceeds 151 million USD; if it rises to around 119,380 USD, the cumulative liquidation amount for short positions exceeds 337 million USD. The liquidation amount for shorts is significantly higher than that for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

![Bitcoin Spot Inflow/Outflow])https://img-cdn.gateio.im/webp-social/moments-b145d12592-c4a6971f7e-153d09-1c6801.webp(

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was 3.64 billion USD, outflow was 3.98 billion USD, with a net outflow of 340 million USD.

![Crypto Assets Futures Capital Flow])https://img-cdn.gateio.im/webp-social/moments-b145d12592-621d180fbd-153d09-1c6801.webp(

(Source: Coinglass)

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

) News Update

1. Fifty-two organizations, including the American Bankers Association, jointly call for amendments to the Stablecoin Act (GENIUS Act).

2. The United States has imposed sanctions on the Ruble stablecoin A7A5 and its affiliated companies and senior executives at the Garantex exchange.

3. The US SEC has postponed its decision on the Solana ETF proposals from Bitwise and 21Shares until October 16.

4. Citigroup is considering providing custody and payment services for stablecoins and crypto assets ETFs.

5. Sequans plans to acquire 100,000 Bitcoins before 2030.

6. Bitpanda officially enters the UK market, launching Crypto Assets trading and infrastructure.

7. BtcTurk: Most assets are stored in secure cold wallets, and user assets are unaffected.

8. USDC Treasury minted 100 million USDC on the Ethereum chain.

9. The stablecoin protocol USD AI has completed $13 million in Series A financing, led by Framework Ventures.

10. The legal name of MicroStrategy Inc. has been changed to Strategy.

11. Dinari will launch a blockchain based on Avalanche, positioned as "stock token DTCC".

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Today's homework is a bit light, mainly due to the PPI issue causing uncertainty in the market regarding the interest rate cut in September. Previously, under Bessent's comments, the market was not only certain that the Federal Reserve would cut rates in September, but some investors even believed that a 50 basis point cut was possible. However, today's PPI data from the Bureau of Labor Statistics has significantly raised inflation, which means talking about a 50 basis point cut again, that is, another 50 basis point cut again, another 50 basis point cut again, and so on. But whether the data is useful, I still maintain my consistent view that the current data is not very significant, as the focus is still on the game between Trump and the Federal Reserve. As long as Trump's people have enough votes in the September meeting, then regardless of whether the PPI data rises by 1% or even 5%, Trump might still cut rates. Of course, I believe that the Federal Reserve's board members still have a sense of responsibility. If it only increases slightly and follows Trump's comments, there’s no problem, but if it really rises a lot, maintaining a 25 basis point cut would already be good. Next, we still need to see what cards Trump has left. Today, Bessent mentioned considering using other methods to obtain BTC to support America's Bitcoin strategic reserve, which is one of those cards. Today, there are no URPD data because of the historical new high. Additionally, there was concern yesterday about whether there would be a URPD gap after the new high, but fortunately, there wasn't."