On the afternoon of August 26, during the Bitcoin Asia 2026 Conference, the global digital asset financial service group BIT (formerly Matrixport) held an Investment Opportunity Forum in Hong Kong with the theme "Traditional Capital Markets, Digital Assets, and More Possibilities." The forum brought together over ten keynote speakers including institutional investors, family office representatives, prominent stock analysts, media, and scholars to engage in in-depth discussions on macroeconomic cycles and digital asset allocation strategies. As the forum took place, Bitcoin was experiencing a strong rebound, briefly surpassing the $80,000 mark to reach a three-month high. Driven by changes in macro liquidity expectations and a recovery in market risk appetite, the discussion about whether digital assets have emerged from a temporary low point and entered a new phase of allocation continued to heat up. Over two hundred investors, institutional representatives, and industry partners from Hong Kong and around the world attended the event.
Macro Outlook: Transitioning from Digital Assets to Multi-Asset Allocation, Understanding Merrill's Clock and Asset Rotation Patterns
The forum was opened by Cynthia Wu, Founding Partner and Chief Business Officer of BIT. Over the past seven years, BIT has consistently regarded security and risk management as a crucial foundation of its business development, continuously enhancing its trading, custody, and operational systems. For over seven years, BIT's business has always revolved around the core principle of providing customers with long-term sustainable financial services on a foundation of controllable risk. This year, BIT has further extended this approach to more asset classes, officially transitioning to a multi-asset digital financial platform: it launched US stock spot trading services in February, followed by the subsequent introduction of US stock margin trading and options, with a total traded volume of approximately $4 billion in related products. By integrating risk management into its business development, BIT aims to provide long-term services to customers. This process would not have been possible without the long-standing trust of customers and the support of partners in infrastructure, products, and services. BIT is still in a phase of continuous learning and development. Moving forward, the platform will continue to enhance its service system by introducing features such as HKD deposits and withdrawals and HK stock trading, further bridging the gap between traditional finance and digital assets.
Following this, BIT's special guest analyst, Markus Thielen, delivered an in-depth presentation on macro cycles, systematically reviewing historical patterns while helping investors at the event understand the next direction of asset value. Based on an analysis of historical data on Bitcoin's market price over nearly fourteen years, Markus further distilled the "35-month rise, 12-month correction" price fluctuation pattern on top of the market consensus of the "four-year halving" cycle: a price drop below the one-year moving average usually corresponds to a bear market stage, but when the price reclaims the one-year line and the 21-week moving average, coupled with monthly RSI approaching cyclic lows, fading demand for put options, and the breach of a long-term downtrend, it often signals the end of a correction and the start of a new upward cycle. However, he emphasized that Bitcoin's own price cycle, when superimposed with the longer-term macro "debt-liquidity supercycle," exhibits a staggered progression rather than a simple linear relationship: the scale of US debt does not move in sync with Bitcoin's price fluctuations, but rather the debt trend determines the slope of the long-term upward trajectory, the dollar and liquidity decide when the market rally begins, and Bitcoin's price cycle determines the pace of this cycle's rise and correction. According to his analysis, the current convergence of "debt expansion continuing, the end of dollar strength, and Bitcoin coincidentally completing a correction of about 12 months" signifies the initiation of a new upward cycle lasting approximately two to three years. He shared an intuitive valuation anchor from his research: based on the current US debt scale, Bitcoin's fair value should be around $100,000, indicating that the current price is still relatively low.
Roundtable: As the Valuation Logic of the AI Sector is Restructured, Where Will Global Funds Migrate
The first roundtable was hosted by PANews CEO Sunny, inviting BIT Brokerage Business Leader Elio Cui, AVS CEO Ming ZHAO, Delin Family Office CEO Crystal He, and renowned Hong Kong stock commentator and full-time trader, Grandmaster Sun, to discuss the current situation where cash flow is tightening for AI giants: Can AI still attract long-term fund inflows, or has fund rotation already opened up new directions.
In June of this year, the combined market value of the seven technology giants evaporated by approximately $2.4 trillion, setting the stage for this discussion. The guests discussed whether the capital expenditure guidance in the AI industry would slow down and whether cash flow could cover such a massive investment as debt levels continue to expand at various companies. Looking at a longer tech cycle perspective, this adjustment seems more like another benign cleansing of the 2000 Internet bubble— the race track itself will not disappear, and only companies that can survive the cycle will settle down.
Regarding the next step in fund allocation, the guests' assessment presents a dual trend of "defensive certainty assets" and "structural high-volatility assets": Some funds are still willing to stay in high-growth tracks like AI to seek excess returns, while others are turning to gold, RWA, and high-quality assets with stable cash flow to hedge against uncertainty, with gold continuing to be sought after amid geopolitical uncertainty. Elio explained this by stating that as the market's expectations for rate hikes or a Fed pivot heat up, funds will shift from pursuing high-volatility, high-growth assets to assets like gold, Bitcoin, which are relatively scarce and have higher predictability— this is also why he is currently focusing on gold, Bitcoin, RWA, and high-quality cash flow infrastructure companies. He is optimistic about the growth potential of stablecoins and RWAs, but also admits that RWA's development still cannot escape a universal challenge— despite the large issuance, transactions are still sparse. Crystal He further confirmed this from an institutional investor perspective: trillion-dollar institutions such as BlackRock and Franklin Templeton are all long-term positioning in this track, but currently still face four limitations— a limited range of asset types (about 40% of the $31.4 billion issuance is U.S. Treasury bonds), insufficient liquidity, mostly single-chain development without cross-chain collaboration, and the need for ongoing compliance and policy guidance.
The tokenization of the highest-ranking category in RWA issuance is also facing a similar challenge. On the surface, this is because US stocks have a strong wealth effect and attractiveness, allowing a broader set of investors to touch this asset class for the first time. However, the fundamental reason is actually "lowering the barrier to entry," rather than the new asset itself—tokenization has allowed users who were previously unable to open accounts to buy US stocks for the first time. According to industry data, in June 2026, the total on-chain monthly trading volume of tokenized US stocks was approximately $9.22 billion, equivalent to a weekly average trading volume of about $2.1 billion, still only 1/180th of the Nasdaq Exchange's daily trading volume (approximately $383.7 billion). It can be seen that after the barrier to entry was lowered, the question of whether liquidity and the underlying assets can truly be redeemed has never been truly validated by the market: once large buy or sell orders or redemptions are required, investors often find that the liquidity of the underlying US stocks behind the tokens is not as abundant as imagined. This phenomenon reflects that the ability to directly connect to the US capital markets to provide a real target and a liquidity trading channel, in the short term, still has irreplaceable advantages.
Fireside Chat: The Web3 industry is transitioning from a conceptual narrative-driven growth to a verifiable trust institutionalized phase
Wendy Jiang, General Manager of Cactus Custody under BIT, and Daniel Zhang, Head of the Chinese Zone of the Solana Foundation, discussed the development ecosystem of public chains and the institutionalization path of stablecoins and RWAs. As the Web3 industry gradually transitions from a narrative-driven growth stage of "storytelling and concepts" to an institutional stage dominated by institutional funds, where trust is established through verifiable records, the competition between public chains is no longer about whose story is more appealing, but about who can produce a secure record and real fund activity that can withstand the test of time and regulation. Daniel pointed out that the Hong Kong Securities and Futures Commission has currently only approved BTC, ETH, and Solana as the three cryptocurrency spot ETFs, with the Solana ETF being the world's first of its kind to be launched in Hong Kong; and under the Hong Kong regulatory framework, the number of token types approved for trading open to retail investors is still few, and the public chains that can truly accommodate the long-term, large-scale RWA and stablecoin distribution demand has in fact narrowed down to only ETH and Solana. He also proposed a professional judgment criterion: to measure whether a public chain has real economic vitality, one cannot just look at the total issuance of stablecoins but must also consider the "velocity of money"—in terms of transaction volume, Solana is currently on par with Ethereum in the global top tier. Wendy used the analogy of the "highway" to describe the role that custodial institutions play as "service areas" in the process of institutional funds flowing into the public chain ecosystem—the larger the traffic of vehicles (institutional funds) on the road, the more need for well-equipped gas stations and service facilities; both parties agreed that the "window of opportunity" left for new public chains by the industry has closed, and historical records that can be accepted by institutions and regulators are difficult to replicate by latecomers.
Summit Discussion: The New Stage of Digital Asset Investment, from "Whether to Allocate" to "How to Allocate"
The second roundtable discussion was hosted by Megan Xiao, Head of BIT Structured Products, and invited TDTC's Investment Director, Ding Long, B7 Capital's CIO, Charles, Fosun Wealth Holdings' Digital Asset Director, Hu Xuanfeng, and Uweb's Principal, Yu Jianing, to explore the new stage of digital asset allocation. In the past, the focus was on whether "BTC will rise," but now investors are more concerned about "believing in the direction but missing the right timing to buy" — how to manage this price exposure and utilize structured tools for multi-asset allocation is gradually becoming a new approach. With this question in mind, the guests provided responses from their respective professional perspectives.
Uweb's Principal, Yu Jianing, first approached from the investor mindset: he observed that students are transitioning from speculators to multi-asset allocators, no longer persisting in waiting for the "final dip," and summarized four main allocation themes: "carbon-silicon coexistence, doubled lifespan, quantum leap, deglobalization." Fosun Wealth's Hu began with asset attributes: crypto assets are evolving from "hype concepts" to containers that package traditional assets onto the chain, with institutional-grade custodians being the key infrastructure for institutions to truly deploy global assets. Charles then pointed out from the perspective of quantitative trading that while the Sharpe ratio of crypto strategies is higher than the traditional market, stability is lacking, the increase in market makers and institutions is squeezing arbitrage profits, the high-frequency trading volume is too low, and the era of lying down and winning with a single strategy "only holding one direction" is passing. In asset allocation, a portion of stable income products unrelated to Beta should be retained, and not all assets should be bet on the coin price itself. TDTC's Ding Long supplemented from the industrial end: "mining production assets" and "balance sheet management" are two completely different things. Miners not only need to consider the stability of their power source but also need to utilize structured products from platforms like BIT to manage and enhance cash flow.
Megan, starting from BIT's own structured business, concluded: digital asset allocation is no longer just "Buy & Hold," but a dynamic management process based on structured tools — "recognizing trends" is important, but "anchoring tools and execution paths" determine whether one can cross the cycle. The structured products of BIT are the specific carriers of this "tool + path" strategy: by tooling and productizing professional strategies such as volatility management and yield enhancement, ordinary investors can obtain structural returns that were previously only accessible to institutions without building complex positions themselves. This is a solution to the question of "how to allocate."
Final Dialogue: Face-to-Face with Ni Da — From Federal Reserve Policy to Whether Young People Should Leverage
At the final session of the forum, BIT's Head of Brokerage Business, Elio Cui, had a dialogue with Phyrex Ni, a well-known Web3 industry KOL, on-chain data and macroeconomic analyst, addressing several highly anticipated topics and once again delving into Ni's unique insights.
Focusing on the market's high attention towards the Federal Reserve and Treasury Department's policy path for the second half of the year, Ni provided a different assessment from the mainstream expectations: he believed that the Fed is highly likely to remain unchanged this year—"neither raising nor lowering interest rates." Ni analyzed the economy from a perspective closer to the lives of the people: from the supply chain transmission of oil prices to the drag on employment data from immigration repatriation policies, and to the United States' debt level being too high to withstand further tightening, even the new Fed chair quietly abandoning forward guidance—various signs, in his view, all point to a signal that "interest rates are likely to go down."
On the most market-focused question of "why did Bitcoin suddenly break $80,000 these past two days," Ni, as a trading veteran, offered his solid observation on market liquidity—this round of price increase did not actually see a particularly high trading volume; a more accurate statement would be "there are fewer sellers and more buyers," with the imbalance in supply and demand driving the price up, rather than a surge of incremental funds. When it came to the bottom of this cycle, Ni clearly had a "reckoning" in mind: he judged that the current bottom structure has basically been established, and even if there is another retest, it would most likely only be in the range of $57,000 to $58,000, with little possibility of dropping below $51,000. Supporting this judgment is his observation of Bitcoin spot ETF fund flows and institutional holding behavior: ETF funds have recently shifted from a previous stage of net outflows to continuous net inflows, most high-net-worth institutions and publicly listed companies holding Bitcoin have not seen significant large-scale sell-offs in recent months, and some institutions that had previously sold off have stopped selling recently and are now turning towards stabilization—these signals collectively indicate institutional acceptance of the current price level.
Faced with the sharp question being hotly debated online, "should young people use leverage or not," Ni refused to preach from a position of superiority. He admitted that for young people with meager capital, leverage is indeed one of the few realistic paths to amplify returns within their risk tolerance range; however, the real challenge has never been about daring to use leverage or not, but about whether one can always retain the ability to "stay at the table"—this is what requires long-term learning and practice. When discussing the "hand of cards he holds," he revealed that he has always been using leverage through options and margin financing tools on the BIT U.S. stocks platform to dollar-cost average into index ETFs such as VOO and QQQ. It is the secure and stable leverage ratio settings on the BIT platform that allow him to enhance capital efficiency.
From the macro debt cycle to stablecoin infrastructure, from the public chain competitive landscape to real drawdown data of quantitative strategies, and to senior traders' candid interpretation of the Fed's policy and leverage philosophy, this forum, known for its professionalism, presented attendees with a panoramic view of the next wave of investment opportunities. As the viewpoints acknowledged by the attending guests have always emphasized, "the market never lacks opportunities; what is lacking is the understanding of it at the right time and in the right way."
About BIT
BIT (formerly Matrixport), established in 2019, is a leading global digital asset financial service group. Headquartered in Singapore, the Group has offices in seven countries and regions globally, connecting traditional finance with the digital asset market through robust governance, technical capabilities, and compliance operations.
BIT provides comprehensive digital asset services to global institutions and professional investors, covering trading, custody, asset management, liquidity, and financing services, and supports the on-chain introduction and application of real-world assets (RWA). Its entities hold corresponding licenses in Singapore, Hong Kong, Switzerland, the UK, the US, and Bhutan and are regulated locally, including the Major Payment Institution license in Singapore (MPI) and the Collective Asset Management license issued by FINMA in Switzerland.
The Group currently manages assets exceeding $6 billion, with a monthly trading volume surpassing $7 billion, a total interest paid to customers of over $2 billion, a valuation exceeding $10 billion, and has been listed in the "2024 Hurun Global Unicorn List" and "2025 Singapore Fintech Unicorn List."
Disclaimer
1. This content is only for event summaries and general information sharing, does not constitute investment advice, financial advice, tax advice, nor does it constitute an offer, solicitation, or recommendation of any securities, digital assets, or other financial products.
2. The guest speeches, viewpoints, and data contained in the article represent the personal views of the speakers, have not been independently verified by BIT, and do not represent the opinions of BIT and its affiliates. BIT makes no statement or warranty regarding their accuracy, completeness, or timeliness.
3. This article may contain forward-looking statements and descriptions of future markets, businesses, or products. Such statements are based on assumptions as of the publication date, are subject to uncertainty, and actual results may differ significantly. The launch time and availability of related businesses and products depend on regulatory approval and internal arrangements, and may be changed or not launched.
4. Digital asset prices are highly volatile and may experience significant fluctuations in a short period due to market, technical, or regulatory factors, and investors may lose their entire capital. Past performance does not guarantee future results.
5. Trading on margin, securities lending, and options carry a higher level of risk, where losses may exceed the initial investment and lead to a margin call. Such products may not be suitable for all investors, and investors are responsible for their investment decisions.
6. Structured products and certain services are only offered to professional investors who meet the relevant jurisdiction's suitability requirements. The specific terms, risks, and target clients are outlined in the product's legal documentation.
7. The data in this article is sourced from third-party public information and industry reports, as of August 28, 2026.
8. This content is not directed at individuals in jurisdictions where the dissemination or use of such information is prohibited by local laws and regulations, nor does it constitute solicitation in those areas.
9. The services provided by entities under the BIT umbrella and their licensing status vary by jurisdiction, and the licensing scope of each entity shall prevail.
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