Chinese community daily briefing ===== Release date: 2025-08-13 Overall market sentiment ===== The group is significantly bullish on Ethereum's breakthrough, with most traders expecting $5000 to be the next important resistance level. Bitcoin's performance is relatively weak, with market funds clearly rotating towards Ethereum, forming a distinct pattern of capital differentiation. Hot topics ===== • Seller strategies hit hard: sell call strategies have been severely trapped in a one-sided upward market, with multiple traders forced to take losses or roll positions, with gamma losses exceeding theta gains. • North American bull (BMNR) effect emerges: Tom Lee's $20 billion ETH financing plan promotes the coin-stock narrative, with Wall Street funds continuously flowing into ETH spot ETFs. • Volatility structure anomaly: during Ethereum's surge, IV remains stable or even declines, showing characteristics of a gamma vacuum area, with on-site market makers losing pricing reference.