最新报道：According to Bijie.com, on September 4th, Chloe (@ChloeTalk1), a columnist for HTX DeepThink and researcher at HTX Research, analyzed that international markets have recently exhibited a risk-averse atmosphere: the US dollar index has strengthened, the US 30-year Treasury bond yield has continued to rise, gold prices have broken through historical highs, and long-term bond yields in Europe and Japan have generally risen, while US stocks have experienced a slight correction. Supply pressure on European and American bonds and political uncertainty in Japan have triggered a global sell-off in long-term bonds; investors have therefore turned to assets such as gold and Bitcoin, pushing gold prices above $3,500 per ounce. On-chain data shows a divergence in Bitcoin network activity: active addresses declined 2.2% to 692,000, but on-chain transaction volume increased 8% to $10.3 billion, indicating a decline in retail investor participation and a rise in the proportion of large traders. The Bitcoin futures/spot ratio has fallen to its lowest level since October 2022, with spot trading volume three times that of altcoins. The taker buy/sell ratio is as high as 1.21, indicating continued strong spot demand from large traders. In derivatives, BTC's long-term realized volatility fell to near its 2023 low, but long-dated options' implied volatility was higher than realized volatility, reflecting market expectations of a rebound in volatility before the end of the year. ETH's realized volatility continued to rise, with investors again buying call options. The most popular contracts were the $4,500 and $4,900 call contracts expiring on August 29th. For BTC, the most actively traded were the $122,000 call option expiring on August 29th and the $116,000 put option expiring on August 22nd. The implied volatility skew for short-term and 30-day ETH options turned positive, with open interest concentrated in the $4,900-$5,200 call range and the $3,900-$4,200 put range. Overall, the macroeconomic environment has stimulated demand for safe-haven assets such as gold and Bitcoin. On-chain and options data indicate strong spot buying of Bitcoin and a clear bullish sentiment among institutions, but retail investor interest has declined, and the market remains in a volatile consolidation phase.