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On August 25, CryptoQuant analyst Axel Adler Jr. stated that Bitcoin has regained the short-term holder cost basis of approximately $68,200 after a pullback. The price has also broken through the SMA200 (200-day simple moving average) at around $69,000 and the SMA111 at approximately $67,500 with increased trading volume. This has allowed many recent buyers to return to a profitable state, alleviating the selling pressure from short-term holders who were at a loss. However, the arrangement of Bitcoin's moving averages still maintains a bearish structure, with the SMA111 positioned below the SMA200, and both below the SMA365 at about $83,200. This indicates that the current situation is merely a strong short-term recovery rather than a confirmation of a broader trend reversal. The most significant resistance level above is the SMA365 corresponding to $83,200. If the price is hindered and falls back at this level, the existing bearish structure will be maintained; if it can effectively break above, it may provide the first serious evidence of a trend reversal. The key support below is in the range of $67,000 to $69,000, which includes the short-term holder cost basis and the dense area of SMA111/SMA200. As long as the pullback holds this area, short-term holders can maintain profitability, and the price stays above the moving averages, the market structure still has upside potential; a break below would restore downward risk. The current market state is somewhat positive but has not fully entered a higher risk appetite mode.

On August 25, according to information from the Hong Kong Stock Exchange, Alibaba Group Chairman Cai Chongxin has once again increased his holdings in Alibaba shares by approximately HKD 82 million. This marks the second consecutive trading day that Cai has made purchases following Alibaba's new share placement, bringing the total amount of his acquisitions over the two days to HKD 160 million.

On August 25, according to information from the Hong Kong Stock Exchange, Alibaba Group Chairman Cai Chongxin increased his holdings by approximately HKD 82 million in Alibaba stock. This marks the second consecutive trading day that Cai has made purchases following Alibaba's new stock placement, bringing the total amount of his acquisitions over the two days to HKD 160 million.