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Goldman Sachs and JPMorgan Explore "Computing Power Financialization," Plan to Launch GPU Rental Futures to Hedge AI Risks
sources familiar with the matter have revealed that Goldman Sachs and JPMorgan are exploring trading methods based on the cost of computing power, including futures contracts linked to GPU rental prices. As one of the scarcest resources amid the AI boom, related futures for GPUs are expected to be listed on exchanges later this year.Industry insiders stated that this move reflects how the influx of hundreds of billions of dollars into data centers and the chip sector is reshaping the financial market landscape. For banks financing the construction of AI infrastructure, such innovative instruments could become a new means of risk management. (The Information)
Crypto Hedge Funds Shift to Traditional Assets; Crude Oil, Copper, and Nasdaq-100 Appear on All-Weather Trading Platforms
According to Bloomberg, cryptocurrency hedge funds are extending their trading activities into traditional commodities and stock indices. Previously, these funds operated in the cryptocurrency markets—long overlooked by Wall Street—trading tokens on 24/7, clearinghouse-free, and unregulated platforms. Now, traditional assets such as crude oil, copper, and the Nasdaq-100 Index are increasingly appearing on these platforms, signaling that cryptocurrency trading infrastructure is penetrating mainstream financial assets.
Paul Tudor Jones: Bitcoin is the Undisputed Best Inflation Hedge
Odaily Macro investor and hedge fund manager Paul Tudor Jones stated in a recent podcast interview that Bitcoin is the "unequivocally the best inflation hedge" and called it a "knockout opportunity" in the market.Paul Tudor Jones pointed out that truly major trading opportunities often arise when market structures are imbalanced, assets are underallocated, or when policymakers misjudge the situation. He believes that due to its scarcity and decentralized characteristics, Bitcoin outperforms gold in inflation trades. He emphasized that Bitcoin's total supply is capped at 21 million coins, with less than 1 million remaining to be mined, while gold's supply continues to increase annually. Therefore, Bitcoin holds a stronger advantage in the dimension of scarcity.Paul Tudor Jones recalled that in 2020, against the backdrop of Federal Reserve and fiscal expansion, Bitcoin became one of the most outstanding inflation-hedging assets at the time, and he subsequently increased its allocation to around 5% of his investment portfolio. However, he also warned of risks: in the event of large-scale "momentum conflicts" or cyber warfare-level incidents, the electronic asset system could face systemic disruption risks, and Bitcoin may also be impacted. Additionally, future cryptographic risks driven by quantum computing and AI could become a source of long-term uncertainty. (The Block)
U.S. SEC and CFTC Propose Tightening Hedge Fund Reporting Requirements, Raising Form PF Filing Threshold to $1 Billion
According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly proposed scaling back hedge fund reporting requirements—specifically, eliminating reporting obligations for smaller advisers and raising the Form PF reporting threshold for private fund managers’ assets under management from $150 million to $1 billion. The two regulatory agencies stated that data collected via Form PF would be used confidentially for examinations and investigations of private fund advisers.
0xSun: News-Driven Trading Still Holds Advantages, Currently Inclined to Long BTC and Hedge by Shorting Altcoins
Odaily News Trader 0xSun posted stating that news-driven trading remains one of the more cost-effective strategies in the current crypto market, with its core lying in the directionality and volatility brought by events.Reviewing several recent events, including abnormal ETH transactions, Arc fee adjustments, TAO ecosystem changes, RAVE-related investigations, and the KelpDAO security incident, all triggered significant price fluctuations within a short period. He believes that participating in such opportunities relies on either the speed of information acquisition or the ability to judge the impact of events.Furthermore, he indicated that as the recent altcoin market has gradually cooled down, he has resumed the strategy of going long on BTC while hedging by shorting some altcoin assets. He believes that against the backdrop of relatively weak liquidity and the fading of certain narratives, the overall performance of altcoins may face relatively more pressure.
Crypto Hedge Funds Shift to Traditional Assets; Crude Oil, Copper, and Nasdaq-100 Appear on All-Weather Trading Platforms
According to Bloomberg, cryptocurrency hedge funds are extending their trading activities into traditional commodities and stock indices. Previously, these funds operated in the cryptocurrency markets—long overlooked by Wall Street—trading tokens on 24/7, clearinghouse-free, and unregulated platforms. Now, traditional assets such as crude oil, copper, and the Nasdaq-100 Index are increasingly appearing on these platforms, signaling that cryptocurrency trading infrastructure is penetrating mainstream financial assets.
Data: Hedge funds sell global tech stocks at fastest pace in three days since 2016
Odaily News: The Kobeissi Letter posted on X platform that in the three days through July 28, hedge funds sold global information technology stocks at the highest pace since records began in 2016. Meanwhile, hedge funds recorded their largest three-day reduction in total stock exposure since November 2022, with selling pressure spreading across all sectors. This unwinding was primarily driven by short covering in macro products such as index futures and ETFs. Additionally, single stocks recorded their fifth-largest three-day selling volume in the past five years. By region, North America accounted for the majority of selling volume, followed by Europe. Hedge funds are significantly reducing their stock exposure.
Bloomberg ETF Analyst: Waste Management Stocks Have Become a "More Effective" Hedge Asset Than Bonds
Odaily News: Bloomberg ETF analyst Eric Balchunas posted on X platform, noting that the inverse correlation of waste management stocks is quite evident today, with DRAM up 13% and WM down 4%. He stated that the problem with a good hedge is that it falls when other assets rise, and expressed uncertainty as to why waste management stocks have become a better diversification tool than bonds.
Bloomberg ETF Analyst: Bonds Fail to Hedge Stock Declines Again, Money Market Funds and Buffer ETFs See Inflows Increase
Bloomberg ETF analyst Eric Balchunas posted on X, stating that bonds have once again failed to hedge against stock declines. Since SPY retreated from its June highs, AGG, TLT, and LQD have all fallen. Although the time window is relatively short, it somewhat resembles the situation in 2022. He noted that many people have long relied on the 40% bond portion of the 40/60 portfolio to hedge against the 60% equity portion, which is also the reason behind the significant inflows into money market mutual funds and buffer ETFs.He further stated that this is not to say bonds will never hedge against stocks in the end, but their recent track record is less than ideal. The Fed's long-term rate cuts once pushed both bonds and stocks higher simultaneously. In 2022, when rates were unexpectedly hiked, both fell in tandem. Recently, rising crude oil prices have fueled inflation concerns, leading to a similar scenario once again.
Analysis: Hedge funds are rapidly exiting safe-haven assets, pivoting to oversold Asian equities, U.S. Treasuries, and consumer sectors.
the U.S.-Iran peace agreement will be officially signed this Friday, marking a major turning point for global markets. Hedge funds are rapidly exiting safe-haven assets, pivoting to oversold Asian equities, U.S. Treasuries, and consumer sectors, in an effort to recreate the profit logic of the pre-war market. Currently, global hedge fund managers are frantically dusting off the "pre-war playbook," attempting to capture the first wave of premiums following the retreat of inflation.In the bond market, hedge funds are actively betting on the Federal Reserve's "hawkish pivot." Grey Value Management in Florida and Reed Capital in Singapore are both bullish on short-term U.S. Treasuries. Analysts believe that as falling crude oil prices ease cost-push inflation, traders are significantly reducing their bets on Fed rate hikes. The yield on the two-year U.S. Treasury note has already retreated notably. Compared to longer-dated bonds, the release of its safe-haven premium offers more robust allocation value.
Goldman Sachs and JPMorgan Explore "Computing Power Financialization," Plan to Launch GPU Rental Futures to Hedge AI Risks
sources familiar with the matter have revealed that Goldman Sachs and JPMorgan are exploring trading methods based on the cost of computing power, including futures contracts linked to GPU rental prices. As one of the scarcest resources amid the AI boom, related futures for GPUs are expected to be listed on exchanges later this year.Industry insiders stated that this move reflects how the influx of hundreds of billions of dollars into data centers and the chip sector is reshaping the financial market landscape. For banks financing the construction of AI infrastructure, such innovative instruments could become a new means of risk management. (The Information)
0xSun: News-Driven Trading Still Holds Advantages, Currently Inclined to Long BTC and Hedge by Shorting Altcoins
Odaily News Trader 0xSun posted stating that news-driven trading remains one of the more cost-effective strategies in the current crypto market, with its core lying in the directionality and volatility brought by events.Reviewing several recent events, including abnormal ETH transactions, Arc fee adjustments, TAO ecosystem changes, RAVE-related investigations, and the KelpDAO security incident, all triggered significant price fluctuations within a short period. He believes that participating in such opportunities relies on either the speed of information acquisition or the ability to judge the impact of events.Furthermore, he indicated that as the recent altcoin market has gradually cooled down, he has resumed the strategy of going long on BTC while hedging by shorting some altcoin assets. He believes that against the backdrop of relatively weak liquidity and the fading of certain narratives, the overall performance of altcoins may face relatively more pressure.
JP Morgan: Liquidation of Korean Stock Leveraged ETFs Completed, Hedge Funds 90% De-Risked
JP Morgan has published a report indicating that the liquidation process for Korean stock leveraged ETFs has been completed, and hedge funds have achieved 90% de-leveraging. Although there may be aftershocks in the coming days, the overall situation has become investment-attractive.
Binance Coin-Margined Futures Position Mode Will Be Upgraded on June 15
According to the official announcement, the position mode settings for Binance Coin-Margined Futures contracts will be upgraded starting at 11:00 (UTC+8) on June 15, 2026. This upgrade will unify the position mode settings for both USD-Margined and Coin-Margined Futures contracts. If a user’s position mode settings differ between USD-Margined and Coin-Margined Futures contracts, the Coin-Margined Futures position mode will be adjusted to match the USD-Margined Futures setting. For example: if a user has set “Hedge Mode” for USD-Margined Futures but “One-Way Mode” for Coin-Margined Futures, after the upgrade, both USD-Margined and Coin-Margined Futures will adopt “Hedge Mode.”
Related news
Data: Hedge funds sell global tech stocks at fastest pace in three days since 2016
Odaily News: The Kobeissi Letter posted on X platform that in the three days through July 28, hedge funds sold global information technology stocks at the highest pace since records began in 2016. Meanwhile, hedge funds recorded their largest three-day reduction in total stock exposure since November 2022, with selling pressure spreading across all sectors. This unwinding was primarily driven by short covering in macro products such as index futures and ETFs. Additionally, single stocks recorded their fifth-largest three-day selling volume in the past five years. By region, North America accounted for the majority of selling volume, followed by Europe. Hedge funds are significantly reducing their stock exposure.
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.
Bloomberg ETF Analyst: Waste Management Stocks Have Become a "More Effective" Hedge Asset Than Bonds
Odaily News: Bloomberg ETF analyst Eric Balchunas posted on X platform, noting that the inverse correlation of waste management stocks is quite evident today, with DRAM up 13% and WM down 4%. He stated that the problem with a good hedge is that it falls when other assets rise, and expressed uncertainty as to why waste management stocks have become a better diversification tool than bonds.
Bloomberg ETF Analyst: Bonds Fail to Hedge Stock Declines Again, Money Market Funds and Buffer ETFs See Inflows Increase
Bloomberg ETF analyst Eric Balchunas posted on X, stating that bonds have once again failed to hedge against stock declines. Since SPY retreated from its June highs, AGG, TLT, and LQD have all fallen. Although the time window is relatively short, it somewhat resembles the situation in 2022. He noted that many people have long relied on the 40% bond portion of the 40/60 portfolio to hedge against the 60% equity portion, which is also the reason behind the significant inflows into money market mutual funds and buffer ETFs.He further stated that this is not to say bonds will never hedge against stocks in the end, but their recent track record is less than ideal. The Fed's long-term rate cuts once pushed both bonds and stocks higher simultaneously. In 2022, when rates were unexpectedly hiked, both fell in tandem. Recently, rising crude oil prices have fueled inflation concerns, leading to a similar scenario once again.
JP Morgan: Liquidation of Korean Stock Leveraged ETFs Completed, Hedge Funds 90% De-Risked
JP Morgan has published a report indicating that the liquidation process for Korean stock leveraged ETFs has been completed, and hedge funds have achieved 90% de-leveraging. Although there may be aftershocks in the coming days, the overall situation has become investment-attractive.
JPMorgan: Deleveraging Only Partially Complete, US Stocks May Still Need to Fluctuate for Three Months in Short Term
According to TechFlow Research, JPMorgan's July 15 capital flow report noted that the deleveraging process initiated in June is still ongoing; leveraged ETFs, options, and margin accounts still have room for compression, and US stocks still face short-term pressure. Since the June peak, leveraged ETF assets have contracted by 34%, and market-wide leveraged ETFs have contracted by 13%. There is "convexity decay" in the leveraged product structure: continuously consuming their own scale during range-bound oscillations, requiring about three more months of oscillation to return to pre-April levels. Retail call option buying volume has retreated from the June 5 peak, but remains distant from historical bottoms; margin account leverage remains at levels comparable to peaks at the end of 2021 and mid-2018. Hedge fund leverage ratios have retreated from June historical highs, and semiconductor positions are beginning to be reduced. Risk parity fund leverage has returned to normal. In the medium to long term, long-term funds such as retail, CTAs, and sovereign wealth funds still provide net demand support, with annual net equity demand approximately $275 billion. JPMorgan believes short-term volatility may be the end stage of deleveraging, rather than a signal of deteriorating fundamentals.