Today’s Macro Calendar
Today at 5:00 PM, Federal Reserve Chair Jerome Powell will deliver a speech. The signals he provides regarding the September interest rate decision could be decisive in determining whether the ongoing sell-off in the crypto markets will pause or continue.
Whale Position in Bitcoin Converted to ETH Position
A large whale that had been accumulating Bitcoin for seven years sold 670 BTC, converting $76 million in funds into a long position of 68,000 ETH. The whale sold 670 Bitcoin for $76 million on Wednesday and used the funds to purchase a total of 68,130 ETH across four positions.
Spot ETF Entries
The negative trend in Spot ETFs was reversed for Ethereum.
Bitcoin ETFs: -194.4 million $ outflow occurred.
Ethereum ETFs: 287.6 million $ inflow occurred.
Solana ETF: -2.9 million $ outflow occurred.
Taiwan Semiconductor Manufacturing Company (TSMC) and the Trump Administration’s Policies Regarding the US Chips Act (Chip and Science Act)
TSMC executives are considering returning the Chips Act subsidies they received from the US government if the Donald Trump administration demands an equity stake in the company. This comes amid speculation that the government could demand shares in exchange for the $6.6 billion in funds provided to TSMC. TSMC received a $6.6 billion subsidy for its Arizona factory in 2024 and committed to a total investment of $165 billion. However, since the Trump administration announced its plan to provide funding to Intel in exchange for a 10% stake, there has been talk that a similar policy could be adopted for other major recipients. The Trump administration has stated that it is not seeking stakes in companies like TSMC and Micron that have made significant investments, but that this policy could focus on smaller firms. This increases the likelihood of TSMC taking a step back.
NVIDIA’s Strategic Position in the Chinese Market
The Information first shared this information on August 22, 2025. The news is based on NVIDIA’s internal documents related to its supply chain and anonymous sources. NVIDIA has suspended production of the H20 chip; this decision was made due to declining demand in China and government pressure. Production has been halted with partners such as TSMC in Taiwan and Samsung in South Korea. The H20 was an AI chip specifically designed for the Chinese market and was developed as a performance-reduced version of the H100 to comply with U.S. export restrictions. The Cyberspace Administration of China (CAC) and other regulatory agencies issued guidance in July 2025 advising domestic technology companies (e.g., Tencent, ByteDance, Alibaba) to halt purchases of NVIDIA H20 chips. This was linked to national security concerns (data privacy and “backdoor” risks) and efforts to promote domestic chip development (Huawei Ascend).
