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Grayscale stated HYPE's forward P/E ratio is approximately 15 to 18 times. Hyperliquid possesses real cash flow and can therefore be valued like a stock, but the valuation is based on earnings per token rather than earnings per share. Based on this, compared with fintech peers such as Coinbase, Robinhood, and Circle, HYPE still appears inexpensive. Market data shows that HYPE is currently trading at $55.32, down 1.5% in the past 24 hours.
South Korean AI chip companies Rebellions, FuriosaAI, and DeepX have adjusted their IPO-related plans. Rebellions has rescheduled its listing on the Korea Composite Stock Price Index (KOSPI) to the first half of next year, FuriosaAI is planning for the second half of 2028, and DeepX is targeting 2027 to 2028.The three companies are currently pursuing Pre-IPO and Series D funding rounds respectively. Based on valuations, Rebellions is valued at 3.4 trillion won, FuriosaAI at approximately 3 trillion won, and DeepX at around 2.85 trillion won.Last year, the three companies recorded revenues of approximately 32 billion won, 5.7 billion won, and 3.3 billion won respectively. Related mass production and customer orders include Rebellions' Rebel 100, Renegade and other next-generation chips.
According to public information and related disclosure documents, Kong Jianping indirectly holds approximately 18.98 million shares of ChangXin Memory Technologies through the Yifang Changda Fund (with a capital commitment of 21.34 million yuan). Based on the opening price of 49.5 yuan per share that day, the market value of the holdings is approximately 940 million yuan, with a reported return of about 44 times.Kong Jianping stated that when he invested in ChangXin in 2020, the company's valuation was less than 20 billion yuan, but it has now exceeded 3 trillion yuan.
On-chain data shows that the Worldcoin Foundation sold approximately 217.4 million WLD tokens to institutions such as Pantera Capital, raising approximately $52.5 million. Based on the transaction amount, the transaction price was approximately $0.24, representing a discount of approximately 36% compared to the market price, and the relevant tokens are subject to a one-year lock-up period.
Chinese listed company Zhibao Technology has announced the signing of a non-binding term sheet with Joyer Tech for a PIPE financing based on 3,500 Bitcoins.
SemiAnalysis stated on X platform that traditional backup power equipment for data centers——Reciprocating Engines——are transitioning from an "emergency backup" role to a primary round-the-clock power source to meet the massive electricity demand driven by AI computing expansion.SemiAnalysis points out that in the past, data centers typically only activated on-site reciprocating engine backup power during grid failures, operating for just a few hours annually. However, with increasing grid capacity constraints, more data centers are repurposing these devices for Prime Power, enabling continuous electricity supply.According to SemiAnalysis' energy model estimates, manufacturers of reciprocating engines, including Caterpillar, INNIO, and Cummins, are expected to have signed approximately 1 GW in Behind-the-Meter (BTM) project orders this year; order volumes for 2027 and 2028 are each projected to exceed 4 GW.SemiAnalysis notes that current order volumes are still very limited compared to future potential demand. After modeling US grid constraints, they found that existing power supply margins are expected to be exhausted between 2027 and 2028, and planned utility-scale new generation capacity through 2030 is insufficient to meet the growing data center load demand.Based on its data center model, SemiAnalysis estimates that approximately 140 GW of identified data center projects still need to sign power supply contracts and may adopt behind-the-meter power supply models.Among the technologies available for behind-the-meter power supply, including reciprocating engines, aeroderivative gas turbines, and fuel cells, SemiAnalysis expects reciprocating engines to capture the largest share.The institution believes that reciprocating engines offer the best balance between cost and deployment speed, while also providing modular advantages that support phased data center expansion. Compared to fuel cells, they boast higher commercial maturity and financing feasibility. As manufacturers ramp up production capacity in the coming years, reciprocating engines are poised to become critical infrastructure for AI data centers to solve power bottlenecks.SemiAnalysis states that AI computing growth is driving data centers to shift from relying on traditional grid power to a hybrid model of "grid plus self-owned energy," with energy infrastructure emerging as a new core constraint for AI industry expansion.
According to Decrypt, a report released by the Consumer Federation of America (CFA) shows that estimated losses from cryptocurrency fraud in the US in 2025 reached as high as $80.7 billion, approximately 7 times the amount actually reported to the FBI ($11.37 billion). Based on 2017 Bureau of Justice Statistics survey data, the CFA extrapolated unreported losses using a 7.1x multiplier. Investment fraud was the largest single category, with estimated losses reaching $61.4 billion, a year-on-year increase of 32%; losses were particularly severe for the group aged 60 and above, with losses from crypto fraud alone reaching $4.4 billion. Currently, US law enforcement agencies have taken multiple actions, including the FBI's "Operation Level Up" which has prevented approximately $500 million in losses, and the Department of Justice has also seized over $25 million in crypto assets involved in fraud.
: The South Korean Financial Services Commission has published a revision draft of the "Enforcement Decree of the Special Act on Prevention of Telecommunications-Based Financial Fraud and Refund of Damages." The plan includes transferring funds from phone scams that have been moved into crypto assets under the scope of victim compensation, and clarifies the standards for returning and valuing crypto assets. The relevant regulations are expected to take effect on October 1st.According to the new regulations, if the frozen assets are cryptocurrencies, victims will, in principle, receive compensation in the same type and quantity of assets. If the defrauded assets differ in form from the frozen assets, compensation will be made in the form of the assets actually existing at the time the account was frozen. In cases involving a mixture of cash and crypto assets, regulators will value the crypto assets based on the market price at the time of freezing to determine the final compensation amount. The South Korean Financial Services Commission stated that clarifying the asset form for return and the valuation time point will facilitate faster and fairer compensation in complex cases where funds from multiple victims are mixed. It is reported that the public consultation period for the revision draft will last until August 24th. (Etoday)
Ondo Finance has announced the launch of a third-party custodial tokenized securities solution in the United States, designed to comply with local regulatory frameworks. The underlying assets are issued on the Ethereum blockchain, and the company has partnered with financial infrastructure service provider Broadridge to offer tokenized stock holders comprehensive shareholder governance and proxy voting services.The solution adopts a two-tier compliance architecture: the underlying stocks remain held within the US licensed traditional custody system; Ondo’s registered transfer agent mints tokens on a 1:1 basis and deploys them on the Ethereum public chain, while the underlying physical securities are simultaneously held by a compliant custodian for safekeeping. (Prnewswire)
Odaily, June 24 - According to official sources, SBI Group and Startale Group jointly launched Japan's first yen stablecoin, JPYSC, on June 24, 2026, which is based on a trust structure. Issued by SBI Shinsei Trust Bank, the stablecoin manages its reserve assets through a trust bank, featuring lower transfer costs and support for large-value transactions.As Japan's first stablecoin classified as a Type III electronic payment instrument, JPYSC's core advantage lies in combining the regulatory transparency of the Japanese financial system with the programmability of blockchain technology. It aims to build a yen settlement infrastructure connecting traditional finance with on-chain markets.Initially, the project is limited to use within SBI VC Trade accounts. However, technical preparations for migration to a public blockchain are complete. Once regulatory and tax policies are clarified, external circulation will be opened. JPYSC's application scenarios span six major areas: on-chain foreign exchange markets, institutional lending, RWA settlement, retail payments, cross-border remittances, and over-the-counter (OTC) trading.
According to Fortune, Theodore Gillibrand, son of U.S. Senator Kirsten Gillibrand of New York State, has raised $30 million in funding, valuing his company at approximately $300 million. The company plans to launch a derivatives trading platform named American Perpetuals Exchange Corp. (APEC). The platform intends to apply for a license from the U.S. Commodity Futures Trading Commission (CFTC) and will list perpetual futures on equities and equity indices—not cryptocurrency perpetual contracts.
The Bank of Japan (BOJ) stated that, at today’s monetary policy meeting, the BOJ’s Policy Board reviewed developments and operations in the Japanese government bond (JGB) market and discussed future guidelines for JGB purchases. In principle, long-term interest rates should be determined by financial markets; therefore, it is appropriate for the central bank to conduct JGB purchases in a predictable manner while retaining sufficient flexibility to support JGB market stability. Based on this approach, and to improve the efficiency and stability of the JGB market, the BOJ decided—by a vote of 7 to 1—to implement the following measures: Starting now through March 2027, the BOJ will reduce its monthly JGB purchase target by approximately ¥200 billion per natural quarter, in principle. From April 2027 onward, its monthly JGB purchase target will be maintained at approximately ¥2 trillion. Should long-term interest rates rise rapidly, the BOJ will respond flexibly—for example, by increasing the scale of JGB purchases or conducting fixed-rate JGB purchase operations (both of which are exempt from the monthly JGB purchase target), as well as conducting funding operations against pooled collateral. Furthermore, the BOJ will no longer conduct mid-term reviews of its direct JGB purchase program. However, the BOJ stands ready to adjust the pace of JGB purchases at future monetary policy meetings, as deemed necessary, based on the fundamental principles guiding JGB purchases and other factors—including developments in the JGB market. (Jinshi)
CryptoQuant analyst Darkfost posted that data shows the volume of Bitcoin long-term holders (LTH) inflows to exchanges recently reached a phased high. Based on the 90-day average, current long-term holder inflows account for 5.1% of total exchange inflows, approaching historical highs, surpassed only by the level of approximately 5.5% in 2020.
that, according to Lookonchain monitoring, since June 30, whale address 0x2684 has accumulated purchases of 54,449 ETH (approximately $94 million) at an average cost of $1,726; simultaneously, it has accumulated purchases of 600 WBTC (approximately $38.37 million) at an average cost of $63,950. Based on current prices, the unrealized floating profit for this address has now exceeded $12.5 million.
: According to on-chain analyst Ember's monitoring, an address suspected to be associated with Multicoin Capital (0xaB3...297) is selling 607,000 HYPE, worth $37 million; 4 hours ago, it transferred 395,000 HYPE to Coinbase and requested the redemption of 211,000 HYPE staked on Hyperliquid. These HYPE tokens were purchased 5 months ago via Galaxy Digital OTC at a price of $30. Of these, 210,000 HYPE were deposited into staking, while 395,000 HYPE remained in the wallet. Based on the current HYPE price of $61, its profit stands at $18.8 million.
Odaily News According to on-chain analyst Ai Yi's monitoring, the whale "Set 10 Big Goals First" has started to turn bullish on Bitcoin and bearish on US AI stocks. He stated that the reason all four trades since June 25 have been long positions is his anticipation that BTC will initiate a new round of upward movement, while the corresponding US AI/tech stock sector may face a major correction. Based on this judgment, he will treat the long position opened on July 18 (69.4 BTC) as a medium-to-long-term position, without ruling out the possibility of changing strategy midway.
According to Odaily, monitored by Stalkchain, a group of addresses suspected to belong to a whale accumulated a total of 10.34 million $ANSEM through 6 wallets over the past few days, with an investment of approximately $2.551 million. All holdings were subsequently sold today, resulting in a final loss of about $60,700.On-chain tracking data from Arkham and other platforms shows that the wallet cluster initially built its position through 4 addresses in batches:3 days ago, address Eo3ck...EhWQ purchased 827,000 $ANSEM, valued at approximately $225,000;Address CzZF7...RE74C bought 668,000 tokens, valued at about $191,000;Address FY8nW...b9L5Ag acquired 758,000 tokens, valued at approximately $215,000;2 days ago, address BMRse...25rHT purchased 641,000 tokens, valued at about $184,000.The aforementioned 4 wallets held a cumulative total of 2.894 million $ANSEM (approximately $814,600), all of which were subsequently transferred to the main wallet GFsqy...26SM.This main wallet then further purchased 7.535 million $ANSEM, valued at approximately $1.737 million, bringing the total holdings of the entire wallet cluster to 10.34 million tokens, worth about $2.551 million.However, the whale subsequently began to unwind its position:The main wallet sold 6.938 million $ANSEM, receiving approximately $1.943 million;The remaining 3.491 million tokens were transferred to wallet 62dT...LrUE;About 2 hours later, this wallet sold all 3.491 million $ANSEM, receiving approximately $546,900.Ultimately, the wallet cluster completed its full liquidation. Based on on-chain transaction data, this trading activity resulted in a loss of approximately $60,700.
According to monitoring by on-chain analyst Ai Yi (@ai_9684xtpa), a whale address again withdrew 4,948 ETH from Binance 3 hours ago, valued at approximately $9.01 million. Since July, this address has accumulated a position of 49,407 ETH and 250 WBTC, with average withdrawal prices of $1,705 and $62,628 respectively. Based on current prices, this address currently has an unrealized profit of approximately $5.275 million.
Humanity has announced the $H incident recovery plan: The legacy version of H on Ethereum, BNB Smart Chain, and Humanity Mainnet has been deprecated. A new Ethereum ERC-20 version of H will be airdropped 1:1 to eligible holders based on a pre-attack snapshot. Attackers and associated addresses have been excluded.
OpenAI has released the Frontier Governance Framework, systematically elaborating on how its AI safety and governance practices align with emerging regulatory requirements such as the California Frontier AI Transparency Act and the EU's General-Purpose AI Code of Conduct. Based on OpenAI's existing Preparedness Framework, this framework focuses on areas including cyberattacks, CBRN risks, harmful manipulation, loss of control risks, model reporting, security incident response, and external expert review. It also states that it will be continuously updated as model capabilities and the regulatory environment evolve.
According to Decrypt, OpenAI CEO Sam Altman stated that Anthropic is promoting its AI model Claude Mythos through “fear-based marketing,” using narratives about security risks to justify its limited-open strategy. Claude Mythos has recently drawn attention for its ability to autonomously discover software vulnerabilities and perform complex cybersecurity operations. The report notes that Mozilla previously disclosed that the model identified 271 vulnerabilities in the Firefox browser during testing. Meanwhile, discussions surrounding the model’s potential offensive cybersecurity risks continue to intensify. Altman also emphasized that OpenAI will not scale back its infrastructure investments and will continue expanding its computational capabilities.
Ledger Chief Technology Officer Charles Guillemet pointed out that the development of post-quantum cryptography has entered a critical stage. Although the timeline for a practical quantum computer remains unclear, a full-scale migration of the encryption systems across the industry is an inevitable trend. Led by NIST, the traditional sector plans to phase out high-risk algorithms by 2030 and completely ban them by 2035, with government and enterprise institutions expected to complete their migration layouts by 2029. Encryption and key exchange will adopt ML-KEM to defend against quantum decryption attacks on harvested data, with digital signatures becoming the core of blockchain transformation. The traditional industry prefers ML-DSA hybrid schemes, while the blockchain sector favors the more secure and robust SLH-DSA hash-based signature. Both schemes have their respective advantages and disadvantages. The compatibility challenges of post-quantum algorithms with MPC and threshold signatures remain a key risk that the industry urgently needs to address.
According to Decrypt, a report released by the Consumer Federation of America (CFA) shows that estimated losses from cryptocurrency fraud in the US in 2025 reached as high as $80.7 billion, approximately 7 times the amount actually reported to the FBI ($11.37 billion). Based on 2017 Bureau of Justice Statistics survey data, the CFA extrapolated unreported losses using a 7.1x multiplier. Investment fraud was the largest single category, with estimated losses reaching $61.4 billion, a year-on-year increase of 32%; losses were particularly severe for the group aged 60 and above, with losses from crypto fraud alone reaching $4.4 billion. Currently, US law enforcement agencies have taken multiple actions, including the FBI's "Operation Level Up" which has prevented approximately $500 million in losses, and the Department of Justice has also seized over $25 million in crypto assets involved in fraud.
Odaily Ethereum co-founder Vitalik Buterin has published a new article introducing Diamond iO, a novel cryptographic obfuscation technique. This technology aims to address the extreme inefficiency of traditional indistinguishability obfuscation (iO) schemes, allowing programs to execute while hiding their internal logic and critical data. Traditional iO technology offers privacy protection but at a high computational cost. Diamond iO, by adopting more aggressive new cryptographic assumptions, improves computational efficiency from "cosmological time" to "planetary time," bringing it closer to practical application. Diamond iO is built on technologies such as Attribute-Based Encryption (ABE) and Fully Homomorphic Encryption (FHE). It encrypts programs, enabling users to execute the encrypted program and obtain correct outputs without viewing its internal code or hidden keys. This scheme introduces a new input encoding mechanism and conditional decryption method, reducing computational complexity while ensuring program logic is hidden. Its core application scenarios include protecting programs containing private keys, enabling secure software licensing, building trustless cryptographic services, and supporting blockchain and AI systems with stronger privacy guarantees.Diamond iO is still in its early research stages. Its security depends on novel cryptographic assumptions, including All-Product LWE and Evasive LWE, which require further research and validation. At the same time, the technology still faces efficiency challenges such as high computational overhead and circuit depth limitations. Researchers believe that by optimizing underlying hash functions, improving homomorphic encryption schemes, and reducing security parameter requirements, Diamond iO has the potential to become an important direction for advancing practical program obfuscation technology in the future.
South Korean bank KB Kookmin Bank will launch a blockchain-based corporate cross-border payment service next month, integrating J.P. Morgan’s Kinexys blockchain payment network. This makes it the first financial institution in South Korea to utilize the Kinexys network for corporate import and export settlement services.According to reports, the service will be offered through KB Kookmin Bank's domestic branches in South Korea and its Singapore branch. Initially, it will prioritize supporting USD cross-border remittances, covering 10 countries including South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa. Kinexys is J.P. Morgan's blockchain business platform, providing institutional clients with programmable payments, asset tokenization, and near real-time settlement services. (The Block)
Odaily GLC Research posted on X, stating that Hyperliquid’s “priority fees” mechanism has achieved great success, having cumulatively generated over $5 million in revenue to date.Based on the 14-day and 30-day average, the annualized buyback scale supported by this revenue has exceeded $30 million, accounting for approximately 7% of HYPE’s total revenue. Considering that “priority fees” are still in a very early stage, it is expected that this figure will continue to grow, with the annualized scale of this revenue projected to reach between $50 million and $100 million by the end of the year.
Michael Saylor, founder and Executive Chairman of Bitcoin treasury company Strategy, has once again released information related to the Bitcoin Tracker. Based on previous patterns, Strategy typically discloses changes in its Bitcoin holdings the day after such announcements.
SemiAnalysis posted on X platform, stating that they believe there is upside potential for Wall Street’s revenue expectations for ASML, and they expect ASML to raise its long-term guidance.SemiAnalysis noted that in its Q2 earnings report, ASML raised its fiscal year 2026 performance guidance for the second time in three months, suggesting a further strengthening of the new upturn cycle in the semiconductor equipment industry. Positive signals include order visibility extending to 2028, management proactively preparing for capacity expansion, considering price increases for similar products, a re-acceleration in shipments of DUV immersion lithography machines, and sustained growth in the upgrade service business. Based on these factors, the firm believes there is still room for upward revision in current market revenue expectations for ASML and anticipates that the company will further raise its long-term performance guidance in the future.
: NEAR Protocol announced that users can pay for confidential inference and continuous agent operation fees by staking NEAR tokens, without needing to link a credit card. The staked NEAR is converted into monthly computing credits, with the credit amount growing in line with the staked volume. The funds themselves are not consumed and can be withdrawn after unstaking. All 43 models on NEAR AI, including those from Anthropic, OpenAI, and Google, are accessible through this staking mechanism.
According to Decrypt, a report released by the Consumer Federation of America (CFA) shows that estimated losses from cryptocurrency fraud in the US in 2025 reached as high as $80.7 billion, approximately 7 times the amount actually reported to the FBI ($11.37 billion). Based on 2017 Bureau of Justice Statistics survey data, the CFA extrapolated unreported losses using a 7.1x multiplier. Investment fraud was the largest single category, with estimated losses reaching $61.4 billion, a year-on-year increase of 32%; losses were particularly severe for the group aged 60 and above, with losses from crypto fraud alone reaching $4.4 billion. Currently, US law enforcement agencies have taken multiple actions, including the FBI's "Operation Level Up" which has prevented approximately $500 million in losses, and the Department of Justice has also seized over $25 million in crypto assets involved in fraud.
Trade.xyz stated that although the system operated as designed, it understands users' dissatisfaction regarding the liquidations triggered thereby. Based on the principle of market integrity, the platform has decided to cover the liquidation losses resulting from this abnormal situation. Relevant eligibility criteria will be announced soon, and compensation is expected to be completed within the next few days. The platform also emphasized that this is a one-time discretionary measure and does not indicate that similar measures will be taken in the future.
Grayscale stated HYPE's forward P/E ratio is approximately 15 to 18 times. Hyperliquid possesses real cash flow and can therefore be valued like a stock, but the valuation is based on earnings per token rather than earnings per share. Based on this, compared with fintech peers such as Coinbase, Robinhood, and Circle, HYPE still appears inexpensive. Market data shows that HYPE is currently trading at $55.32, down 1.5% in the past 24 hours.
Odaily Ethereum co-founder Vitalik Buterin has published a new article introducing Diamond iO, a novel cryptographic obfuscation technique. This technology aims to address the extreme inefficiency of traditional indistinguishability obfuscation (iO) schemes, allowing programs to execute while hiding their internal logic and critical data. Traditional iO technology offers privacy protection but at a high computational cost. Diamond iO, by adopting more aggressive new cryptographic assumptions, improves computational efficiency from "cosmological time" to "planetary time," bringing it closer to practical application. Diamond iO is built on technologies such as Attribute-Based Encryption (ABE) and Fully Homomorphic Encryption (FHE). It encrypts programs, enabling users to execute the encrypted program and obtain correct outputs without viewing its internal code or hidden keys. This scheme introduces a new input encoding mechanism and conditional decryption method, reducing computational complexity while ensuring program logic is hidden. Its core application scenarios include protecting programs containing private keys, enabling secure software licensing, building trustless cryptographic services, and supporting blockchain and AI systems with stronger privacy guarantees.Diamond iO is still in its early research stages. Its security depends on novel cryptographic assumptions, including All-Product LWE and Evasive LWE, which require further research and validation. At the same time, the technology still faces efficiency challenges such as high computational overhead and circuit depth limitations. Researchers believe that by optimizing underlying hash functions, improving homomorphic encryption schemes, and reducing security parameter requirements, Diamond iO has the potential to become an important direction for advancing practical program obfuscation technology in the future.
CryptoQuant analyst Darkfost posted that data shows the volume of Bitcoin long-term holders (LTH) inflows to exchanges recently reached a phased high. Based on the 90-day average, current long-term holder inflows account for 5.1% of total exchange inflows, approaching historical highs, surpassed only by the level of approximately 5.5% in 2020.