SanDisk rises nearly 9% again, the market is trading more than just storage price hikes SanDisk closed the latest trading day up 8.94%, at one point rising over 11% intraday, while Micron also rose 4.12%. This round of capital continues to chase storage stocks, with the core reason not being short-term speculation, but the market re-evaluating the long-term storage demand brought by AI. SanDisk's FY2028 to FY2030 targets are quite aggressive: revenue to maintain mid-to-high double-digit growth, non-GAAP gross margin around 80%, operating margin about 75%, adjusted free cash flow margin about 50%; after completing business investments, it also plans to return 100% of excess cash to shareholders. More importantly, there is certainty. The company has signed long-term agreements with 8 customers, including 3 major U.S. hyperscale cloud providers, expected to cover about 50% of shipments in FY2027, increasing to about two-thirds by FY2028. In the last fiscal quarter, SanDisk's revenue was $8.965 billion, a 51% quarter-over-quarter increase, with data center business revenue doubling quarter-over-quarter and a gross margin reaching 84.6%. Simply put, AI is pushing NAND from a strong cyclical commodity to an infrastructure asset with long-term orders and cash flow attributes. However, the stock price's year-to-date increase has been very exaggerated; what really needs to be tested next is whether the 80% gross margin can withstand the storage cycle, rather than only holding during the tightest supply and demand periods. #AI

BTC is not lacking positive news now, but incremental buying power Recently, BTC seems stable around $63,000, but the market is actually quite "cold": trading volume has clearly shrunk, and volatility has dropped to a several-month low. On the surface, it doesn't fall, but behind the scenes, it looks more like both bulls and bears are unwilling to take the initiative. ETF data is even more direct. At the beginning of August, BTC spot ETFs had continuous inflows, but recently have weakened again: from August 12 to 14, net outflows were $61.1 million, $131.1 million, and $56.2 million respectively, bleeding for three consecutive days. Macro data has cooled down, but BTC shows no obvious reaction, indicating that what the market truly lacks now is not positive news, but funds willing to continuously buy in. ETH is relatively more resilient. In July, ETH spot ETF net inflows accounted for about 3.19% of fund size, while BTC was only 0.34%, a relative strength close to 9.4 times; ETH also saw continuous inflows in early August. But in recent days, ETH funds have also started to stagnate, indicating this is more like a phase rotation rather than the start of a main upward wave. My view is simple: low volatility will not last forever. If BTC can stabilize again and break through $64,000 with volume, and ETFs resume continuous net inflows, then buying power is truly warming up; otherwise, it looks more like the calm before the storm. As for ETH, it is indeed stronger than BTC in the short term, but without BTC stabilizing the overall market, relying solely on fund rotation is unlikely to go far. #BTC #ETF

How to get merchants to accept Crypto? But what @RiverdotInc has been doing recently in Brazil makes me think this question might have been asked wrong from the start. On August 14, River announced that satUSD can now be directly used to scan PIX QR codes. Users pay with satUSD, and merchants ultimately receive BRL. The settlement is completed through @yodlpay. The key point is that merchants don’t have to change their original payment methods at all. This is what I find most interesting. Crypto payments that can truly scale might not be about having "support USDT, support satUSD" stickers everywhere, but about users paying with on-chain assets while merchants continue to receive their familiar fiat currency. Crypto is hidden within the payment process. For users, it’s satUSD in their wallets. For business owners, it’s just a normal PIX deposit. Neither side needs to learn a new payment system. Brazil itself is a very suitable market to validate this model. PIX is deeply integrated into daily consumption scenarios, widely used from street shops to e-commerce. So this time, I don’t see it as River "adding another payment feature." What it truly validates is something else: Can stablecoins be integrated under the world’s most mature existing payment network? If this model can be replicated in more countries in the future, then satUSD’s competitors might not just be other stablecoins. It’s competing for something bigger— to become the settlement layer between users’ wallets and the real world. The day stablecoins truly go mainstream, ordinary people might not even know which chain they are using behind the scenes. That is the best product experience. @RiverdotInc $RIVER

"S&P Earnings Exploded, But 8000 Points Is Not Given Away for Free" The S&P 500 closed last week at 7785.76 points, rising for the third consecutive week, less than 3% away from 8000 points. What truly supports this rally is not just the expectation of rate cuts, but the fact that corporate earnings are indeed very strong. FactSet data shows that the S&P 500's Q2 earnings growth has exceeded 50%, the highest level since 2021, with about 86% of companies beating expectations. However, it’s important to note that investment gains from companies like Alphabet and Amazon have boosted the overall figures. Excluding these special factors, earnings growth is still around 32%, which remains very strong. Wall Street has also started raising targets. Goldman Sachs and JPMorgan Chase have both raised their year-end targets for the S&P 500 to 8000 points, with JPMorgan expecting earnings per share to reach $365 by 2026. The issue is that the forward 12-month P/E ratio of the index is already around 20 times, so it’s definitely not cheap. Therefore, the key going forward is not "whether we can reach 8000 points," but whether AI investments can truly translate into cloud business, orders, and cash flow, and whether earnings can spread from a few tech giants to more industries. My judgment is: there is a high probability that 8000 points will be tested, but the upside space is not large. If earnings continue to be revised upward, the market can grind higher; however, if consumption weakens or AI returns fall short of expectations, both the US stock market and high-volatility assets like BTC will face valuation pullbacks. It’s a good time to be bullish, but not suitable for blindly chasing highs.

Stablecoins are not just "safe havens"; they can also be tools for capital efficiency. When the market fluctuates repeatedly, many people convert their funds into stablecoins, but the problem is straightforward: the coin price doesn't fluctuate, so the funds remain idle. I checked out OKX's RLUSD event this time, and the mechanics are not complicated. From July 21, 2026, to August 20, 2026, the first 2,000 RLUSD held in the main account can enjoy up to a 10% annualized subsidy; no subscription, staking, or locking is required. Once held in the account, rewards are automatically calculated and distributed weekly, with the option to receive RLUSD or XRP. For amounts exceeding 2,000 RLUSD, ordinary users get 3.5% annualized, VIP users up to 4.1%, with specific rates subject to adjustment. Event details:⁠ What interests me more is not just the pure 10%, but that it does not lock liquidity. RLUSD can continue to be used for trading margin or borrowing collateral, allowing participation in trading while retaining holding yields; the event page also shows that it can be combined with flash earning strategies, making capital utilization higher than simply lying idle in the account. RLUSD itself is issued by Standard Custody, a Ripple subsidiary regulated by the New York State Department of Financial Services, with reserves mainly in USD, cash equivalents, and short-term U.S. Treasury securities and other highly liquid assets, and provides monthly third-party attestations. As of August 6, 2026, the official disclosed circulation is about $1.5896 billion, with reserve funds around $1.7026 billion.⁠ Only a few days remain before the 10% limited-time subsidy ends. If you already have idle stablecoins, you might want to consider this; but be clear, the 10% is a limited-time annualized rate, not a direct 10% gain for holding one month, nor a risk-free guarantee. #OKX达人

When the market isn't hot, it's the best time to see whether a DeFi protocol really has active users. I recently revisited the data of @protocol_fx over the past couple of days, and there was a change that surprised me. Currently, f(x) Protocol's TVL has reached about $94.56 million, with nearly 10% growth in the last 30 days. Even more interestingly, in the Dual-Token Stablecoin category tracked by DefiLlama, f(x) currently holds about 60% of the TVL. In the current market environment, I think this data carries more weight than simply announcing a new feature. Because now is not the stage where "just launching a rewards program can boost TVL." For funds to stay, ultimately three things matter: Whether yields can be sustained, whether the stablecoin can maintain its peg, and whether the protocol itself has real usage demand. And f(x) is actually starting to connect these three aspects. fxUSD handles the stablecoin layer, fxSAVE meets the demand for stable yields, xPOSITION / sPOSITION provide leveraged trading, and the upcoming FX100 continues to expand into higher leverage markets. The team currently positions FX100 as an important trading product for the next phase. More importantly, the protocol is not just about TVL. DefiLlama data shows that in the past 30 days, f(x) has generated about $323,000 in fees, indicating that these funds are not just sitting idle in the protocol waiting for subsidies. So now, when looking at @protocol_fx, I think the focus can gradually shift from "what new products have they launched" to another question: Can these products convert more and more TVL into sustainable revenue? In the end, DeFi is never about who tells the biggest story, but about who can truly close the loop between TVL, trading, and revenue.

It's easy to evaluate a DeFi project during a bull market because the higher the APY, the more attention it attracts. The real challenge comes when the market cools down: subsidies disappear, so where does the yield come from? Recently, after revisiting @RiverdotInc, I started paying more attention to the satUSD+ layer. Many people know about satUSD but tend to overlook satUSD+. Simply put, users can stake satUSD to receive satUSD+, which itself is a tradable, composable yield-bearing asset that can be further used in other DeFi scenarios. What truly interests me is its yield logic. According to River's official documentation, the current yield of satUSD+ mainly comes from fees generated by the protocol itself, including Omni-CDP minting, redemption, liquidation, and the usage income of satUSD across the entire ecosystem, rather than relying solely on continuously issuing tokens to subsidize APY. These two models both appear to "provide yield," but their underlying logic is completely different. Token subsidies can quickly boost TVL, but once subsidies stop, funds may leave immediately; if yields come from the protocol's real business, then as satUSD usage grows, there is a chance to form a long-term cycle between protocol revenue and holders. This is another metric I now observe for @RiverdotInc: Not just how much satUSD can be issued, but how much real revenue the entire system can generate. If future Mint, Swap, cross-chain usage, and more ecosystem integrations continue to expand, satUSD+ may truly realize its value. In the end, DeFi might not be about who dares to offer the highest APY. But about who can still make money after subsidies end. $RIVER

The official renaming has a very elegant name, looking forward to the Chinese-speaking community becoming more and more lively.