According to BlockBeats, on August 25th, market expectations for a de-escalation of the US-Iran conflict rose, leading to a general rebound in global risk assets. The New York Times reported that the US is preparing to return previously evacuated diplomats to its embassies in the Middle East, leading the market to believe that Washington may not expect a full-blown conflict with Iran in the short term. Brent crude oil briefly fell below $90 per barrel, a daily drop of over 3%; WTI crude oil also fell by about 3%.

U.S. stock futures rose, with S&P 500 futures up 0.4% and Nasdaq 100 futures up 0.9%, led by the semiconductor sector. Nvidia rose about 0.9% pre-market, poised to end a seven-day losing streak; AI-related stocks such as Micron and Seagate also showed significant strength. The yield on the 10-year U.S. Treasury note fell about 3 basis points to 4.66%, with declining yields providing support for risk assets.

In the cryptocurrency market, BTC briefly broke through $80,000, the first time since mid-May, before the gains narrowed. The market believes that the renewed activity in the dollar depreciation trade and US Treasury Secretary Bessenter's recent intervention in the bond market, prompting some funds to seek alternative assets to the dollar, contributed to BTC's rise.

Meanwhile, billionaire investor Stanley Druckenmiller wrote an article in The Wall Street Journal criticizing Bessant's intervention in the bond market, saying, "Government attempts to decouple prices from fundamentals will ultimately fail."

The market continues to focus on Nvidia's earnings report, US PCE inflation data, and Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole conference this Friday. These events may further determine the direction of market and interest rate expectations in September.

According to BlockBeats, on August 25th, the recent surge in BTC to $80,000 was primarily driven by short covering rather than a large influx of new buying. Glassnode data shows that as short positions were liquidated, BTC futures open interest fell to a five-month low of approximately 587,584 BTC.

There is a clear difference between forced short covering driving up prices and active buying by new funds; the former may indicate that the upward trend has relatively limited sustainability. Previously, when BTC broke through $70,000, over $4 billion in short positions were liquidated within two days, further amplifying the upward momentum.

According to BlockBeats, on August 25, JPMorgan Chase reiterated its "overweight" rating and $240 price target for SpaceX (SPCX.O), citing its growing confidence in the prospects of Grok's artificial intelligence.

The report highlighted SpaceX's acquisition of Cursor, noting that Cursor's annual recurring revenue (ARR) is approximately $4 billion, with 75% coming from its enterprise business. JPMorgan Chase expects Cursor to enhance SpaceX's enterprise AI strategy, model training data, and Grok's performance.

According to BlockBeats, on August 25th, yesterday's spot demand for BTC was roughly the same as the previous day, but demand in the futures market continued to grow, putting upward pressure on BTC prices. Currently, whales are actively buying BTC futures positions, and once they complete their position building, a larger-scale upward trend may follow.

Retail investors are expected to enter the market after the initial surge, further increasing spot demand and potentially leading to a stronger rally. Analysts suggest we are still in the early stages of a bull market, and a truly larger-scale rally will unfold after a significant rebound in BTC spot demand.

Recent market data also shows that BTC futures positions and demand have increased significantly, but spot demand remains a key variable in determining whether the upward trend can continue.