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On August 21, The Block reported that John Hoffman, Managing Director of Ondo Finance, stated at a blockchain seminar in Wyoming that tokenized assets are progressing along the same trajectory as ETFs, with early skepticism shifting towards a growth phase of adoption. He noted that ETFs faced similar doubts as tokenization does now, and the adoption rate of tokenized products has already surpassed that of stablecoins and government bonds: it took three years for stablecoins to reach $1 billion, 18 months for tokenized government bonds, while Ondo Stocks achieved $1 billion in Total Value Locked (TVL) in just eight months. The Ondo perpetual contract platform has launched with a nominal trading volume of approximately $9 billion over seven weeks, and the company plans to introduce a 'smart portfolio' that bundles tokenized stocks. Hoffman stated that with increased regulatory clarity, legislation such as the Clarity Act could open doors for the U.S. market.

On August 21, The Block reported that John Hoffman, Managing Director of Ondo Finance, stated at a blockchain seminar in Wyoming that tokenized assets are progressing along the same trajectory as ETFs—early skepticism is shifting towards a phase of adoption and growth. He noted that ETFs faced similar doubts as tokenization does now, and the adoption rate of tokenized products has already surpassed that of stablecoins and government bonds: stablecoins took three years to reach $1 billion, tokenized government bonds took 18 months, while Ondo Stocks achieved $1 billion in Total Value Locked (TVL) in just eight months. The Ondo perpetual contract platform launched with a nominal trading volume of approximately $9 billion in seven weeks, and the company plans to introduce a 'smart portfolio' that bundles tokenized stocks. Hoffman mentioned that as regulatory clarity improves, legislation such as the Clarity Act could open doors for the U.S. market.

On August 21, Bitcoin surpassed $73,000 for the first time since June. The day before, the crypto market saw a record approximately $2.75 billion in Bitcoin short positions liquidated, with the short squeeze further accelerating this rally. Analysts indicate that this market movement is not solely driven by short covering; spot and ETF demand is improving, alongside a decline in U.S. long-term Treasury yields and a clearer regulatory environment for cryptocurrencies, which also supports the market rebound. Gideon Hyams, co-founder of STS Digital, stated that while a short squeeze can initiate a rally, it is difficult to sustain the trend on its own. Factors such as ETF capital inflow, declining long-term yields, and clearer regulatory pathways for U.S. cryptocurrencies are also at play. The key for the market is whether Bitcoin can maintain its position above the trading range established since June. Nicolai Søndergaard, a senior research analyst at Nansen, believes that while short covering accelerated the breakout, it is not the sole reason for the price increase. Currently, Bitcoin's technical indicators have improved, supported by stronger spot and ETF demand. However, as the short squeeze comes to an end and leveraged long positions increase, Bitcoin's ability to hold above $70,000 will depend on whether spot buying can continue. Ki Young Ju, founder of CryptoQuant, noted that for the first time since the historical peak in October 2025, both spot and perpetual contract demand for Bitcoin have turned positive. He believes that while the current demand scale is still small, if this trend can persist for a month, it would be reasonable to conclude that the bear market has ended and a new bull market cycle is beginning. Meanwhile, market trading activity has significantly rebounded. Paul Howard, senior director at Wincent, stated that trading volume in the past 24 hours has increased about fivefold compared to the annual low set last weekend. Previously, the market was in a low volatility and low liquidity environment, where any positive news could be amplified, leading to significant price fluctuations. As of the time of publication, Bitcoin is priced at approximately $73,300. Analysts believe that '$70,000 is a crucial support level for this rally; if it can hold, the market is likely to evolve into a further upward trend; if it falls back to around $69,700 to $69,000, it may just be a normal pullback after the breakout.'