Bitget UEX Daily Report | US Treasury Buybacks Double; Anthropic Files for IPO by End of Month; US Stocks Retrace Gains (August 21, 2026)

1. Hot News

Federal Reserve Updates

Waller to Deliver First Speech Since Taking Office at Jackson Hole
Federal Reserve Chair Kevin Waller will speak at the Jackson Hole symposium on August 28, discussing inflation targets, productivity, demographics, and global economic shocks.

With inflation remaining above the 2% target for five consecutive years, the market is keen to see if he provides a more specific anti-inflation statement than just "we are addressing it."

The current target range for the federal funds rate is 3.5%-3.75%. Market Impact: The speech is viewed as an important window to observe the new chair's communication style and policy priorities, which may influence future interest rate path pricing.

International Commodities

Trump's Tough Stance on Iran Continues, Oil Prices Supported
Trump continues to signal pressure on Iran's economy, with Brent crude rising to around $93 per barrel.

Geopolitical uncertainty and supply concerns continue to dominate short-term oil price movements. Market Impact: High oil prices reinforce concerns about persistent inflation, putting pressure on interest rate-sensitive assets.

Macroeconomic Policy

US Treasury Buyback Scale Doubles at Least, Bessent Forecasts New Fiscal Consolidation Measures
US Treasury Secretary Bessent stated that the scale of long-term Treasury buybacks will "at least double," with a single operation next month potentially exceeding $4 billion, and new fiscal consolidation measures expected to be announced as early as this weekend or early next week.

Trump has tasked him with advancing related work with the budget director, with tools including combating fraud, cutting some state-level spending, and tariff revenues. Market Impact: Buybacks temporarily suppress yields, but the market questions their sustainability; long-term yields rebounded on Thursday, and US stocks retraced gains.

2. Market Review

Commodities & Forex Performance

• Spot Gold: Approximately $4,511/oz, -0.19%
• Spot Silver: Approximately $68/oz, -0.11%
• WTI Crude: Approximately $86/barrel, -0.59%
• Brent Crude: Approximately $88.8/barrel, -0.52%
• US Dollar Index (DXY): Approximately 98.8, -0.05%

Driving Factors Analysis: The Treasury's expanded buybacks briefly suppressed long-term yields, but the effect quickly faded, compounded by rising oil prices due to geopolitical factors, reigniting inflation concerns. Gold fluctuated between rising yields and safe-haven demand, while silver performed relatively stronger. Institutions believe that short-term commodities are dominated by "buyback retreat + rising oil prices," with asset linkage reflecting oil price increases → inflation expectations → yield rebounds → risk assets under pressure.

Cryptocurrency Performance

• BTC: Approximately $73,600, +5.88%
• ETH: Approximately $2,338, +3.04%
• Total Cryptocurrency Market Cap: $2.55 trillion, +3.8%

Market Liquidation Situation: Total liquidations of $957 million, with short liquidations of $785 million.

Bitget BTC/USDT Liquidation Map: Current BTC price is approximately $73,659, with significant long liquidation leverage remaining in the 70,000-73,000 range; breaking key support may trigger a chain liquidation; above, the 74,000-76,000 area sees accumulating short liquidation pressure, and if it continues to rise, it may trigger short covering and amplify the upward trend. Short-term leverage focus has clearly shifted upward, with the long-short battle centered around 73,000-74,000.

Spot ETF Net Inflow/Outflow: Yesterday's net inflow was $517 million, with current 24-hour dynamic net inflow of $103 million.

Driving Factors Analysis: Trump's push for cryptocurrency legislation and the residual effects of the White House meeting continue, combined with previous short squeezes, keeping BTC and ETH strong. Rising yields exert some pressure on risk assets, but the cryptocurrency market remains relatively independent of US stock corrections. Institutional consensus points to short-term drivers being policy narratives and liquidity, with attention needed on subsequent capital flows and leverage changes.

US Stock Index Performance

• Dow Jones: Closed at 52,759.21, down 1.32%
• S&P 500: Closed at 7,641.16, down 0.87%
• Nasdaq: Closed at 26,067.17, down 1.00%, with technology and consumer sectors under pressure.

Tech Giants Updates

• NVDA: $216.62, down 0.43%
• AAPL: $311.15, down 1.79%
• MSFT: $481.01, down 0.68%
• GOOGL: $340.48, down 1.23%
• AMZN: $260.14, down 2.14%
• META: $545.68, down 0.06%
• TSLA: $345.35, down 1.64%

Performance Summary and Driving Analysis: Most of the seven giants closed lower. Apple and Amazon saw the largest declines, while Nvidia was relatively resilient. The fading effects of Treasury buybacks, rising long-term yields, and increasing oil prices collectively suppressed risk appetite, with AI hardware and consumer tech facing simultaneous pressure, enhancing defensive capital flows.

Sector Movement Observations

Biotechnology/Pharmaceuticals Saw Significant Pullback
Representative Stocks: Moderna down approximately 23.55%, Biotechnology Index down approximately 2.92%.
Driving Factors: Profit-taking and high volatility following the previous day's surge.

Cryptocurrency Concept Stocks Continue to Strengthen
Representative Stocks: Strategy up approximately 7.81%, Coinbase up approximately 7.58%.
Driving Factors: BTC maintaining high levels and policy expectations supporting.

Consumer and Retail Under Pressure
Representative Stocks: Retail stocks like Walmart weakened.
Driving Factors: Consumer data and earnings guidance raised concerns.

3. In-depth Analysis of US Stocks

1. Moderna (MRNA) - Significant Pullback After Surge

Event Overview: Moderna surged approximately 177% the previous day due to successful cancer vaccine trials, followed by a significant pullback of approximately 23.55% on Thursday. The biotechnology sector also pulled back. Market Interpretation: Institutions view this as a typical technical correction following an event-driven surge, with short-term volatility significantly amplified. The medium to long-term logic still depends on subsequent trial data and commercialization progress. Investment Insight: High-elasticity targets require strict position control to avoid risks of pullbacks after chasing highs.

2. Anthropic - Accelerated IPO Process

Event Overview: Reports indicate that Anthropic may publicly submit IPO documents by the end of this month, with fundraising potentially matching or exceeding SpaceX's previous record. The company reported over $11.5 billion in revenue for Q2, with an annualized run rate of $65 billion, and plans to complete over $10 billion in revolving credit financing. Market Interpretation: Institutions focus on its characteristics of high growth and high losses, as well as potential governance impacts from the super voting rights structure. The acceleration of AI company IPOs will prompt the market to reassess valuation systems. Investment Insight: Pay attention to the formal filing timeline and issuance scale's impact on AI sector sentiment.

3. Broadcom (AVGO) - Negotiating $100 Billion AI Financing

Event Overview: Broadcom is reportedly negotiating approximately $100 billion in debt financing with Blackstone, Apollo, and others to support AI companies like Anthropic in chip and infrastructure procurement. Market Interpretation: Analysts believe this move will help Broadcom expand its market share in AI chips and strengthen competition against Nvidia. Large-scale financing also reflects that capital expenditures for AI infrastructure remain high. Investment Insight: Monitor the financing progress and its actual impact on company orders.

4. Apple (AAPL) - Following Market Pullback

Event Overview: Apple fell approximately 1.75%, showing weaker performance amid overall pressure on the technology sector. Market Interpretation: Rising yields and declining risk appetite make it difficult for the consumer electronics leader to stand out. Investment Insight: Medium-term outlook remains focused on new products and service business, with short-term fluctuations following the market.

5. Strategy (MSTR) - Continued Strength in Cryptocurrency Concepts

Event Overview: Strategy rose approximately 7.81%, and Coinbase rose approximately 7.58%, continuing to benefit from BTC strength and policy expectations. Market Interpretation: Cryptocurrency asset prices and regulatory narratives remain core drivers, with volatility significantly higher than traditional tech stocks. Investment Insight: High-beta allocation requires close tracking of BTC trends and legislative progress.

4. Market & Project Dynamics

1. Grayscale released a research report on Zcash, indicating that with the development of AI bringing new means of financial surveillance, Zcash's privacy features may become a necessary function in the AI era. Zcash achieves shielded transactions through zero-knowledge proofs, hiding the sender, receiver, and amount, possessing cash-like privacy attributes. Currently, shielded transactions account for approximately 90% of transaction volume, with shielded supply around 4.2 million ZEC (25% of circulating supply).

Grayscale noted that Zcash's market cap is approximately $8 billion, accounting for only 0.6% of its category of "currency-type cryptocurrencies" (total market cap $1.4 trillion). If this category's share reaches 5%, ZEC's value would be nine times its current level. The report suggests that the market's current valuation of Zcash reflects the assumption that "privacy will remain marginalized"; if investors ultimately believe privacy should receive a moderate premium, the current valuation may be underestimated. On the risk side, the report mentions long-term risks such as regulation and quantum computing but believes Zcash's shielding technology and selective disclosure tools provide a path for compliance.

2. According to CoinDesk, Bitcoin's recent upward momentum has strengthened, approaching a technical formation widely regarded as a long-term bullish signal. Currently, Bitcoin's 50-day moving average is approximately $63,976, and the 200-day moving average is approximately $69,005. If the 50-day moving average continues to rise and breaks above the 200-day moving average, the market may see a golden cross signal.

The 200-day moving average is typically used to assess an asset's long-term trend. Sustaining above this indicator is often seen as a signal of a market transition from bear to bull; conversely, falling below the 200-day moving average may indicate a weakening long-term trend.

Previously, Bitcoin had been below the 200-day moving average since October 2025, when BTC was priced around $110,000, with the market's long-term trend under pressure. Historical data shows that Bitcoin formed golden crosses in February 2023, October 2023, October 2024, and April 2025, each followed by further upward movements. However, golden crosses are typically confirmed only after price increases, and some investors may have missed early gains.

Analysts warn that the current rise may still be just a technical rebound rather than the start of a new long-term bull market. If Bitcoin subsequently falls significantly below the 200-day moving average, the bullish logic brought by the golden cross may become invalid.

3. US Treasury Secretary Bessent stated that the scale of US Treasury buybacks will at least double and forecasted new fiscal consolidation measures. Long-term bond market investors and macro strategist Mark Connors stated that the US Treasury's plan to conduct regular buybacks of long-term Treasury bonds could become an important catalyst for driving Bitcoin's next rise and create conditions for BTC to reach the $180,000 target.

US Treasury Secretary Scott Bessent stated on Thursday that the government expects to conduct regular long-term Treasury bond buybacks and may expand the scale beyond the previously announced $4 billion plan. Bessent stated that the government hopes to stabilize the bond market through tools to ensure that yield levels reflect economic fundamentals. Following the announcement, Bitcoin prices rose further, nearing $73,000.

Connors believes that the Treasury's intervention in the bond market is an important signal indicating that the government is responding to the pressures of rising long-term borrowing costs. He stated that higher US Treasury yields would attract capital flows to the Treasury market, thereby weakening the inflow of risk assets, including cryptocurrencies; if buyback operations support bond prices and suppress yields, it may alleviate the macro pressures facing Bitcoin.

4. Anthropic is expected to publicly submit IPO documents by the end of this month, with a scale that may match SpaceX.

5. Broadcom is reportedly negotiating approximately $100 billion in debt financing related to AI.

6. Trump signed a memorandum on commercial space, aiming for an average of 1,000 launches per year by 2030.

5. Today's Market Calendar

Important Event Forecast

• S&P Global PMI Preliminary: Validating economic expansion momentum.
• Jackson Hole Preview: Focus on Waller's speech expectations on August 28.
• Anthropic IPO Progress: Tracking filing timeline.

August 21 (Friday)
★★★★ The US will release the preliminary S&P Global Manufacturing/Services PMI for August, validating economic expansion momentum and soft landing continuity.

Institutional Views:

Investment bank analysts believe that the rapid fading of Treasury buyback effects, rising long-term yields, and increasing oil prices collectively suppress US stock risk appetite. Bessent's forecast of new fiscal consolidation measures has met with cautious market sentiment regarding its substantive impact. The acceleration of Anthropic's IPO process and Broadcom's large financing indicate that AI capital expenditures remain high. The cryptocurrency market remains relatively independent of US stock corrections under the support of policy narratives. Overall strategy suggests focusing on yield trends, PMI data, and the Jackson Hole speech, maintaining caution towards high-valuation growth stocks.