On August 4, according to 4E Observation, Trump Media, the parent company of Trump's social platform Truth Social, had a net loss of US$20 million in the second quarter of 2025, of which approximately US$15 million was legal fees related to the SPAC merger. After the financial report was released, the stock price fell 3.8%. The company purchased US$2 billion worth of Bitcoin earlier this month, making it the fifth largest listed Bitcoin holder in the world. It plans to launch practical tokens that bind Truth Social and Truth+ platforms, and submit a digital asset ETF application, with the review period temporarily extended to September 18. The price of bitcoin retreated from US$119,800 to US$112,000 in the short term. CryptoQuant analysts pointed out that the key support level fell in the US$110,000 - 113,000 range. If it remains stable and does not break, the market is expected to retest US$119,000-US$122,000; otherwise, it will face the risk of a correction. Glassnode data shows that the proportion of open contracts in Ethereum has risen to nearly 40%, and the focus of speculation continues to tilt towards ETH. At the same time, ADP employment in the United States fell short of expectations, the probability of the Federal Reserve cutting interest rate in September jumped to 80.3%, gold rose, and VIX was at a low level, suggesting that the U.S. stock market and the crypto market may usher in a new round of volatility. 4E reminds investors: Currently, the linkage between encrypted assets and macro policies is increasingly close, and we need to be alert to the short-term impact of market sentiment reversal and policy games.