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South Korean Stock Market Volatility Triggers "Reverse Capital Migration": Over 24 Trillion Korean Won Flows into Time Deposits at Five Major Banks
According to Korean media Daum, volatility in the South Korean stock market has recently intensified, investor risk appetite has clearly cooled, and funds are flowing back from the stock market to safe-haven assets such as banks. Due to adjustments in the semiconductor sector and stricter regulation on leveraged investment, idle funds in the South Korean stock market are withdrawing rapidly, and the market is exhibiting a phenomenon of "reverse capital migration". Data shows that as of the end of July, the time deposit balance at South Korea's five major banks (KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup) reached 973.49 trillion won, an increase of 24.09 trillion won from the end of the previous month, marking the largest single-month increase this year. Funds related to the stock market also showed significant contraction. According to data from the Korea Financial Investment Association, investor securities account deposits (idle funds for stock trading) reached a historical high of 139.69 trillion won on June 4, but as of July 28, had fallen to 107.20 trillion won, a decrease of over 32 trillion won in less than two months. The balance of credit transaction financing, representing the scale of market margin trading, fell to 33.19 trillion won during the same period, a decrease of about 4.5 trillion won from the peak of 37.72 trillion won set on July 2, a decline of approximately 12%.
TownSquare Sonar Public Sale Oversubscribed by 186%, Pre-Market Trading Demand Continues to Rise
According to official announcements, TownSquare's Sonar public sale with a $200 million valuation was completed at 9 PM Singapore time on Sunday night, ending with a 200% oversubscription. This represents the highest oversubscription performance for a Sonar public sale this year, excluding MegaETH. Due to the oversubscription, the public sale will be settled based on proportional rules and an order from small to large amounts.
Hong Kong 26-Year-Old Trader Misappropriates HK$50 Million to Go Long on SK Hynix ETF, Book Losses HK$150 Million
According to Odaily, a 26-year-old male trader at Hong Kong's Chee Fu Management Services Limited allegedly misappropriated HK$50 million of company funds as margin to purchase the CSOP Direxion 2x Long SK Hynix ETF using leveraged financing.Due to the double leverage of margin financing combined with the 2x leveraged ETF, the position incurred paper losses of approximately HK$150 million. The ETF had risen to an all-time high of HK$193.65 in late June, but subsequently corrected along with the semiconductor sector, falling over 72% to HK$52.58 as of July 20.The trader has been arrested by police on suspicion of theft. As the position has not yet been closed, the final loss will continue to fluctuate with price movements. (Tencent News)
Serenity: Micron Signs Long-Term Memory Supply Agreement with Qualcomm; AI Storage Stock Decline May Be More Due to Deleveraging Pressure
"White-Haired Stock God" Serenity stated that today, Micron ($MU) announced the signing of a long-term memory supply agreement with Qualcomm ($QCOM). However, the market reaction was somewhat unexpected, with Micron's stock price subsequently falling by 5.37%.Serenity believes that against the backdrop of the AI industry chain continuously signing long-term supply agreements to lock in future demand, current memory and AI-related stocks themselves have not shown any significant signs of fundamental deterioration.He noted that the recent sector adjustment is more likely due to a chain reaction triggered by market deleveraging and margin pressure, rather than a reversal in AI demand or storage industry trends.Serenity pointed out that as AI infrastructure construction continues to advance, companies across the industry chain are strengthening supply security through long-term agreements. Short-term market volatility may more reflect adjustments in capital flows and valuations, rather than a shift in the long-term growth logic.
Korean stock market forced liquidation volume reaches 344.2 billion KRW in July, credit leverage risks continue to escalate
According to data from the Korea Financial Investment Association, driven by a significant downturn in the stock market, on-exchange credit leverage has entered a phase of concentrated deleveraging. The cumulative forced liquidation amount for July has already reached 344.2 billion KRW, with a single-day liquidation volume of 142.2 billion KRW on July 9 alone. Due to a two-trading-day delay in the reporting of liquidation data, the clearing pressure triggered by the sharp drop in the KOSPI on the 13th has not yet been fully reflected in the statistics, leading market forecasts to anticipate a further increase in subsequent liquidation volumes.On July 13, the Korean stock market experienced severe volatility, with the KOSPI closing down 8.95% and triggering both the Sidecar selling suspension mechanism and a Level 1 circuit breaker during the session. The semiconductor sector led the decline, with SK Hynix falling 15.37%, marking its largest single-day drop in history, while Samsung Electronics closed down 10.7%. Currently, the margin balances and credit financing balances of Korean retail investors continue to shrink, with the market entrenched in a negative deleveraging cycle of "falling stock prices → forced liquidation → further decline in stock prices." (WSJ)
Syndicate Labs Decides to Shut Down Due to Severe Market Contraction
Syndicate Labs stated that after five years of developing on-chain infrastructure for customizable Ethereum Rollups and sequencers, the company has decided to shut down due to a drastic contraction in the Rollup market. Syndicate Labs previously completed a $20 million Series A funding round led by Andreessen Horowitz in 2021.This decision caused the SYND token price to drop 21% in the past three hours, hitting an all-time low of $0.012, a 99.5% decline from its peak of $2.61 in September 2025.Additionally, Syndicate Labs stated that the Syndicate Network Collective operates independently of Syndicate Labs, so the governance of the SYND token will not be immediately affected. The decision to shut down was not influenced by the previous hacking incident involving bridged assets.
South Korean Stock Market Volatility Triggers "Reverse Capital Migration": Over 24 Trillion Korean Won Flows into Time Deposits at Five Major Banks
According to Korean media Daum, volatility in the South Korean stock market has recently intensified, investor risk appetite has clearly cooled, and funds are flowing back from the stock market to safe-haven assets such as banks. Due to adjustments in the semiconductor sector and stricter regulation on leveraged investment, idle funds in the South Korean stock market are withdrawing rapidly, and the market is exhibiting a phenomenon of "reverse capital migration". Data shows that as of the end of July, the time deposit balance at South Korea's five major banks (KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup) reached 973.49 trillion won, an increase of 24.09 trillion won from the end of the previous month, marking the largest single-month increase this year. Funds related to the stock market also showed significant contraction. According to data from the Korea Financial Investment Association, investor securities account deposits (idle funds for stock trading) reached a historical high of 139.69 trillion won on June 4, but as of July 28, had fallen to 107.20 trillion won, a decrease of over 32 trillion won in less than two months. The balance of credit transaction financing, representing the scale of market margin trading, fell to 33.19 trillion won during the same period, a decrease of about 4.5 trillion won from the peak of 37.72 trillion won set on July 2, a decline of approximately 12%.
Claude Adjusts Subscription Strategy Due to Compute Pressure, Fable 5 Included in High-Tier Plan with 50% Quota Limit
Claude announced that effective July 20, Fable 5 will be officially included in the Max and Team Premium subscription plans, and users will receive usage rights equivalent to 50% of the full quota. Pro and Team Standard users can still access Fable 5 by using credits and will receive a one-time $100 quota compensation. Claude stated that due to the difficulty in accurately predicting the scale of demand after Fable 5's launch, a phased rollout strategy was previously adopted, and the scope of subscriber access was expanded multiple times as compute resources increased. This process brought uncertainty to some users, so this adjustment aims to allow users to more clearly understand the model usage rights included in the subscription plans. In the future, continued investment will be made to expand compute capacity, and Fable 5's access policy will be continuously updated based on capacity conditions.
NOXA Experiences Brief Outage Due to Cloudflare Issue, Developing Decentralized Solution
Odaily News: NOXA posted on platform X, stating that its platform domain experienced a brief outage due to an issue with Cloudflare, with the IP address suspected to be blocked. The team is investigating the specific cause and confirmed it is developing a decentralized solution that will host the interface on IPFS via an ENS domain.
"Huawei Genius Youth" Li Bojie Responds to ABCDE Capital Investment Dispute: Investment Funds Not Fully Received, Resigned Due to Family Reasons
In response to public accusations by Du Jun, Co-founder of Huobi and ChainUP and Founder of Vernal Capital, Metagent Co-founder and former CTO Li Bojie (@bojie_li) issued a response. Li Bojie stated that ABCDE Capital committed to investing $1.5 million in the investment agreement, but actually only $500,000 was received, with the remaining $1 million never arriving, yet the company's cap table continued to record their equity based on the $1.5 million share. Affected by this, he and the co-founders voluntarily reduced their salaries, and the company's recruitment and R&D also fell into difficulties. In October 2024, Li Bojie officially resigned with board approval, citing personal family reasons preventing him from leaving mainland China and compliance risks existing in Web3 projects. He stated that during his tenure, he always fulfilled the responsibility of disclosing the cap table and business status on schedule, and after resignation, he also complied with non-compete clauses, voluntarily avoiding startup projects in fields such as Web3, AI infra, and image generation. Previously, Du Jun publicly posted stating that Li Bojie is the "founder with the least contractual spirit" he has ever cooperated with, accusing him of refusing to fulfill basic obligations agreed in the investment agreement, including refusing to synchronize business progress and financial status with investors, and subsequently losing contact.
Privacy Protocol Hinkal Pauses Affected Smart Contracts Due to Abnormal USDC Transactions on Ethereum Chain
Decentralized privacy protocol Hinkal Protocol announced that it has detected abnormal activity involving USDC on the Ethereum network within its system. Currently, only the Ethereum blockchain is affected, while other chains remain unaffected. As a precautionary measure, the affected smart contracts have been paused, and a comprehensive investigation and analysis of relevant on-chain transactions and activities is currently underway. The investigation is still ongoing, and updates will be released once information is confirmed.
South Korea's Mirae Asset Securities Failed to Obtain SpaceX IPO Shares Due to Misunderstanding and Faces Regulatory Inspection
According to Bloomberg, SpaceX's record-breaking IPO was originally viewed as a significant opportunity for South Korea's Mirae Asset Securities to expand its international investment banking business, but due to communication misunderstandings during the allocation process, the broker ultimately did not receive any allocated shares. Following the incident, Mirae Asset Securities has apologized to clients, and South Korean regulators have also intervened to inspect its relevant business processes and internal management.
South Korean Stock Market Volatility Triggers "Reverse Capital Migration": Over 24 Trillion Korean Won Flows into Time Deposits at Five Major Banks
According to Korean media Daum, volatility in the South Korean stock market has recently intensified, investor risk appetite has clearly cooled, and funds are flowing back from the stock market to safe-haven assets such as banks. Due to adjustments in the semiconductor sector and stricter regulation on leveraged investment, idle funds in the South Korean stock market are withdrawing rapidly, and the market is exhibiting a phenomenon of "reverse capital migration". Data shows that as of the end of July, the time deposit balance at South Korea's five major banks (KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup) reached 973.49 trillion won, an increase of 24.09 trillion won from the end of the previous month, marking the largest single-month increase this year. Funds related to the stock market also showed significant contraction. According to data from the Korea Financial Investment Association, investor securities account deposits (idle funds for stock trading) reached a historical high of 139.69 trillion won on June 4, but as of July 28, had fallen to 107.20 trillion won, a decrease of over 32 trillion won in less than two months. The balance of credit transaction financing, representing the scale of market margin trading, fell to 33.19 trillion won during the same period, a decrease of about 4.5 trillion won from the peak of 37.72 trillion won set on July 2, a decline of approximately 12%.
7-hour floating loss of $1.074 million: an address opened 4x leverage on 23,300 SKHX
according to on-chain analyst Ai Yi’s monitoring, an address opened a 4x long position on 23,300 SKHX at 14:38 today, valued at $24.67 million, with an entry price of $1,106.8. The position has now incurred a floating loss of over $1 million. Due to this morning’s flash crash, most leading positions were liquidated or subjected to ADL, and this address has become the second-largest holder of SKHX positions on Hyperliquid.
Loss of $260,000: A Trader's Long Position Liquidated Due to SKHX Abnormal Order
according to Lookonchain monitoring, an abnormal order briefly pushed the SKHX price below $930, triggering the liquidation of over $80 million worth of SKHX positions.Among them, trader 0xc985's long position of 2,026 SKHX, worth approximately $2.08 million, was fully liquidated, resulting in a loss of about $260,000.
Analyst: Bitcoin Spot and Futures Demand Remains Weak, Market Stabilization May Be More Due to Selling Pressure Exhaustion
CryptoQuant analyst Darkfost stated that since the beginning of the year, Bitcoin's overall demand structure has shown weakness, primarily exhibiting two states: first, simultaneous contraction of spot and futures demand; second, a brief rebound in futures demand driven solely by speculation, while spot demand continued to shrink.
Hong Kong 26-Year-Old Trader Misappropriates HK$50 Million to Go Long on SK Hynix ETF, Book Losses HK$150 Million
According to Odaily, a 26-year-old male trader at Hong Kong's Chee Fu Management Services Limited allegedly misappropriated HK$50 million of company funds as margin to purchase the CSOP Direxion 2x Long SK Hynix ETF using leveraged financing.Due to the double leverage of margin financing combined with the 2x leveraged ETF, the position incurred paper losses of approximately HK$150 million. The ETF had risen to an all-time high of HK$193.65 in late June, but subsequently corrected along with the semiconductor sector, falling over 72% to HK$52.58 as of July 20.The trader has been arrested by police on suspicion of theft. As the position has not yet been closed, the final loss will continue to fluctuate with price movements. (Tencent News)
Whale continues to increase BTC long position, position value rises to $108 million
According to EmberCN monitoring, a whale address continued to increase its BTC long position about 50 minutes ago. The BTC long position has now reached 1,662.5 BTC, valued at approximately $108 million.Data shows that the average entry price for this position is around $63,958, with an unrealized profit of about $1.38 million. Due to the use of high leverage for this position, its liquidation price is relatively close to the current price, at approximately $63,142.
ZachXBT Calls on Telegram Users to Support Channel Upgrade: Seeks to Disable Ads Due to Frequent Scam Advertisements
Odaily news "On-chain detective" ZachXBT posted in his personal channel, stating that Telegram continues to allow scam advertisements to be displayed to subscribers in his channel, impacting user experience and posing potential security risks.ZachXBT stated that if users are Telegram Premium members and wish to support upgrading his channel, they can help it reach the required level by using the channel's Boost function, thereby unlocking the ability to disable ads. Currently, the channel needs to reach Level 50 to enable the ad-disabling option.ZachXBT has long focused on scams, hacker attacks, and on-chain fund tracking within the crypto industry, and has repeatedly exposed incidents involving phishing attacks, fake projects, and fund theft.This time, he raised concerns about Telegram's advertising mechanism, arguing that the platform allowing scam advertisements to appear in crypto community channels may increase the risk of users encountering malicious links and fraudulent activities.
US Department of Commerce Evaluates Kimi K3, Claims U.S. Still Leads, But Report Notes Test Was Not Fully Equivalent
the U.S. Department of Commerce's AI Standards and Innovation Center, in collaboration with the UK AI Safety Institute, tested the cyber attack capabilities of Kimi K3, emphasizing that "the United States still leads."However, the value of the evaluation is debated due to limitations in the testing scope. Due to hosting environment constraints, Kimi K3 only participated in partial testing, with its overall cyber capabilities estimated primarily based on 41 exploit benchmarks. In contrast, other models underwent more comprehensive testing, resulting in a larger margin of error for Kimi K3's results.In the exploit testing, Kimi K3 scored approximately 32%, higher than GLM-5.2's 24%, but lower than the average of approximately 76% for leading U.S. models. In a simulated attack chain test, Kimi K3 completed an average of 17 out of 32 steps in the attack chain and successfully breached the network once in 10 attempts, while U.S. frontier models completed an average of 28.5 steps.The report notes that Kimi K3 already possesses a certain level of autonomous attack capability, and its security guardrails did not prevent the model from developing exploits or executing attacks. However, the report also emphasizes that the testing scope was limited.
SecondFi: On-Chain Recovery Plan More Complex Than Expected, Recovery May Exceed Two Weeks
: Cardano wallet service provider SecondFi has released an update on the security incident recovery progress, stating that EMURGO has established an asset recovery fund to return assets to users affected by the attack.SecondFi stated that emergency measures have been taken to protect and restore access to some assets. The team is currently discussing appropriate custody mechanisms with Intersect to ensure the safe return of assets to users.Furthermore, SecondFi is collaborating with a Cardano community-led working group to advance the on-chain recovery plan. Due to the recovery plan being more complex than initially expected, the overall recovery time may exceed the previously estimated two weeks.
Analyst: Base Network Outage Due to Invalid Block Highlights Centralization Risk of Single Sequencer Model
Odaily Odaily News Blockchain analyst Vadim noted that Base experienced a network outage today due to a consensus bug triggered by a single invalid block. All block generation after height 47806542 ceased, halting the network for nearly two hours. Since Base utilizes a single sequencer architecture, when that node encountered an error, the entire network stopped running, with no backup block producer or other validator nodes available to bypass the fault and maintain on-chain activity. During the outage, users were unable to conduct transactions, perform liquidations, or process withdrawals.Furthermore, the network recovery process was not automated; node operators within the ecosystem had to manually restart for block synchronization to gradually resume. This is not the first such incident for Base. In August of last year, the network also experienced a freeze lasting approximately 33 minutes due to a sequencer switching failure. The single sequencer model exposes the centralization risks in some current L2 networks: while offering higher speed, the entire chain can come to a halt due to a single point of failure when the core component malfunctions.
RetoSwap Attacked Due to Haveno Protocol Vulnerability; Minimum Client Version Upgraded
RetoSwap, a Monero ecosystem P2P trading platform, announced that its Haveno trading protocol has been exploited by attackers. The team has urgently suspended trading by raising the minimum required client version to 2.0.0 and blocking the attackers’ Onion addresses. RetoSwap emphasized that its own infrastructure was not compromised; this incident stems from a vulnerability in the Haveno protocol. In May this year, RetoSwap disclosed a prior attack in which attackers exploited a protocol vulnerability to steal approximately 7,000 XMR—valued at roughly $2.7 million at the time.
SlowMist: Aztec Connect Hacked Due to Smart Contract Vulnerability, Losses Estimated at ~$2.19M
SlowMist released a technical analysis stating that the deprecated Aztec Connect RollupProcessor contract was attacked due to a settlement boundary bypass vulnerability, resulting in approximately $2.19 million worth of assets being stolen from the protocol.
ZachXBT Calls on Telegram Users to Support Channel Upgrade: Seeks to Disable Ads Due to Frequent Scam Advertisements
Odaily news "On-chain detective" ZachXBT posted in his personal channel, stating that Telegram continues to allow scam advertisements to be displayed to subscribers in his channel, impacting user experience and posing potential security risks.ZachXBT stated that if users are Telegram Premium members and wish to support upgrading his channel, they can help it reach the required level by using the channel's Boost function, thereby unlocking the ability to disable ads. Currently, the channel needs to reach Level 50 to enable the ad-disabling option.ZachXBT has long focused on scams, hacker attacks, and on-chain fund tracking within the crypto industry, and has repeatedly exposed incidents involving phishing attacks, fake projects, and fund theft.This time, he raised concerns about Telegram's advertising mechanism, arguing that the platform allowing scam advertisements to appear in crypto community channels may increase the risk of users encountering malicious links and fraudulent activities.
Claude Adjusts Subscription Strategy Due to Compute Pressure, Fable 5 Included in High-Tier Plan with 50% Quota Limit
Claude announced that effective July 20, Fable 5 will be officially included in the Max and Team Premium subscription plans, and users will receive usage rights equivalent to 50% of the full quota. Pro and Team Standard users can still access Fable 5 by using credits and will receive a one-time $100 quota compensation. Claude stated that due to the difficulty in accurately predicting the scale of demand after Fable 5's launch, a phased rollout strategy was previously adopted, and the scope of subscriber access was expanded multiple times as compute resources increased. This process brought uncertainty to some users, so this adjustment aims to allow users to more clearly understand the model usage rights included in the subscription plans. In the future, continued investment will be made to expand compute capacity, and Fable 5's access policy will be continuously updated based on capacity conditions.
Galaxy Launches Institutional-Grade DeFi Vault Service “Galaxy Curator”
crypto financial services firm Galaxy Digital (GLXY) has announced the launch of an institutional-grade vault management service, “Galaxy Curator.” Built on the decentralized lending protocol Morpho and made available through Fireblocks Earn to over 2,400 institutional clients, the service helps them generate stablecoin on-chain yields without the need to directly manage DeFi infrastructure.Galaxy stated that the product aims to address the issue of large sums of stablecoins held by institutions remaining idle for extended periods. Due to settlement, capital deployment, and operational requirements, large-scale stablecoin assets often sit in custody accounts, while direct participation in DeFi protocols presents high technical and risk barriers. (CoinDesk)
BNB Plus to Be Delisted from Nasdaq Due to Share Price Below $1, Stock Code BNBX Retained for OTCQB Trading
Odaily News: BNB treasury-listed company BNB Plus has announced that it has received a delisting ruling from the Nasdaq Hearings Panel. The primary reason for the delisting is that the company's stock price has persistently failed to meet the Nasdaq Capital Market's continued listing requirement of a minimum $1 bid price. BNB Plus plans to submit a review request to the Nasdaq Listing Review Committee, but this review will not stay the delisting process. The company's stock will be suspended for trading on Nasdaq at the opening on July 14, 2026. The company has completed preparatory work for listing on the OTCQB Venture Market, and the stock code will remain BNBX. Normal trading on the over-the-counter market is expected to commence at the opening on July 14. (Businesswire)
OpenAI Hardware Device Launch and IPO Plans Face Uncertainty Due to Apple Lawsuit
According to The Information, the rift between OpenAI and Apple continues to deepen, and Apple's lawsuit may cast a shadow over OpenAI's upcoming first hardware device, which is expected to be released as early as February next year.
Privacy Protocol Hinkal Pauses Affected Smart Contracts Due to Abnormal USDC Transactions on Ethereum Chain
Decentralized privacy protocol Hinkal Protocol announced that it has detected abnormal activity involving USDC on the Ethereum network within its system. Currently, only the Ethereum blockchain is affected, while other chains remain unaffected. As a precautionary measure, the affected smart contracts have been paused, and a comprehensive investigation and analysis of relevant on-chain transactions and activities is currently underway. The investigation is still ongoing, and updates will be released once information is confirmed.
Related news
South Korean Stock Market Volatility Triggers "Reverse Capital Migration": Over 24 Trillion Korean Won Flows into Time Deposits at Five Major Banks
According to Korean media Daum, volatility in the South Korean stock market has recently intensified, investor risk appetite has clearly cooled, and funds are flowing back from the stock market to safe-haven assets such as banks. Due to adjustments in the semiconductor sector and stricter regulation on leveraged investment, idle funds in the South Korean stock market are withdrawing rapidly, and the market is exhibiting a phenomenon of "reverse capital migration". Data shows that as of the end of July, the time deposit balance at South Korea's five major banks (KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup) reached 973.49 trillion won, an increase of 24.09 trillion won from the end of the previous month, marking the largest single-month increase this year. Funds related to the stock market also showed significant contraction. According to data from the Korea Financial Investment Association, investor securities account deposits (idle funds for stock trading) reached a historical high of 139.69 trillion won on June 4, but as of July 28, had fallen to 107.20 trillion won, a decrease of over 32 trillion won in less than two months. The balance of credit transaction financing, representing the scale of market margin trading, fell to 33.19 trillion won during the same period, a decrease of about 4.5 trillion won from the peak of 37.72 trillion won set on July 2, a decline of approximately 12%.
Former OpenAI Researcher Leopold's Hedge Fund Urgently Closes Positions Due to Trading Losses
According to CNBC reports, the hedge fund Situational Awareness, founded by former OpenAI researcher Leopold Aschenbrenner, is urgently liquidating a large number of positions to raise capital and meet margin requirements after suffering significant losses from both betting on AI concept stocks and shorting software stocks.
7-hour floating loss of $1.074 million: an address opened 4x leverage on 23,300 SKHX
according to on-chain analyst Ai Yi’s monitoring, an address opened a 4x long position on 23,300 SKHX at 14:38 today, valued at $24.67 million, with an entry price of $1,106.8. The position has now incurred a floating loss of over $1 million. Due to this morning’s flash crash, most leading positions were liquidated or subjected to ADL, and this address has become the second-largest holder of SKHX positions on Hyperliquid.
Loss of $260,000: A Trader's Long Position Liquidated Due to SKHX Abnormal Order
according to Lookonchain monitoring, an abnormal order briefly pushed the SKHX price below $930, triggering the liquidation of over $80 million worth of SKHX positions.Among them, trader 0xc985's long position of 2,026 SKHX, worth approximately $2.08 million, was fully liquidated, resulting in a loss of about $260,000.
TownSquare Sonar Public Sale Oversubscribed by 186%, Pre-Market Trading Demand Continues to Rise
According to official announcements, TownSquare's Sonar public sale with a $200 million valuation was completed at 9 PM Singapore time on Sunday night, ending with a 200% oversubscription. This represents the highest oversubscription performance for a Sonar public sale this year, excluding MegaETH. Due to the oversubscription, the public sale will be settled based on proportional rules and an order from small to large amounts.
Analyst: Bitcoin Spot and Futures Demand Remains Weak, Market Stabilization May Be More Due to Selling Pressure Exhaustion
CryptoQuant analyst Darkfost stated that since the beginning of the year, Bitcoin's overall demand structure has shown weakness, primarily exhibiting two states: first, simultaneous contraction of spot and futures demand; second, a brief rebound in futures demand driven solely by speculation, while spot demand continued to shrink.