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UBS: SK Hynix 1.66x P/B Ratio Implies ROE Less Than 20%, Actually Can Earn 40%
According to TechFlow Research, UBS pointed out in its research report on July 29 that SK Hynix's stock price has fallen 52% from its high on June 22, with a current price-to-book ratio of only 1.66x, implying a long-term ROE of 18.9%. However, UBS predicts the average ROE from 2027 to 2031 will reach 40.2%, a difference of 21 percentage points between the two. DRAM bit demand growth is expected to increase from 22% in 2026 to 36% in 2027, HBM capacity will increase from 230,000 wafers/month at the end of 2026 to 270,000 wafers/month at the end of 2027, and SK Hynix will maintain a 48% shipment share in the HBM industry in 2026. UBS believes the market valuation downward revision lacks basis, AI agents are driving accelerated memory demand, 10 long-term agreements have been signed, and although LTAs suppress ASP in the short term, they benefit profit margins in the long term. UBS maintains a Buy rating, lowering the target price from 3.2 million Korean won to 3 million Korean won, expects to launch a share buyback of about 12 trillion Korean won in the second half of 2026, and will use 50% of free cash flow for shareholder returns in the long term.
MEXC and CoinGecko Release Report "How Crypto Exchanges Are Reshaping Traditional Asset Trading," MEXC TradFi Monthly Trading Volume Surges Approximately 59x
MEXC, in collaboration with CoinGecko, has released the latest report "How Crypto Exchanges Are Reshaping Traditional Asset Trading," which provides an in-depth analysis of the rapid expansion of traditional financial assets on centralized crypto exchanges and the shift in global investor behavior.Key findings of the report:1. The TradFi (Traditional Finance) trading volume of six major centralized exchanges surged from $3.46 billion in January 2025 to $393.15 billion in June 2026, representing a growth of over 100 times. Among this, perpetual contracts accounted for 98.5% of the total trading volume in June 2026.2. In June 2026, US equities surpassed precious metals to become the largest TradFi asset class, with monthly trading volume increasing by 337.4% to $189.84 billion, capturing a 48.3% market share. Meanwhile, precious metals trading volume decreased by 48.2% from its March peak, falling to $122.59 billion.3. MEXC's TradFi monthly trading volume grew approximately 59 times, rising from $1.54 billion in November 2025 to $91.12 billion in May 2026. Between January and May 2026, MEXC maintained the second-largest market share among the six exchanges for five consecutive months.4. In precious metals trading, MEXC ranked first among the six exchanges for two consecutive months, with trading volumes reaching $72.12 billion and $85.15 billion in April and May 2026, respectively.5. Among native crypto users, 61.9% have begun trading traditional assets through crypto exchanges.6. Among users with traditional finance experience, 74.2% have transferred some or all of their traditional asset trading to crypto exchanges.7. Across all respondents, 83.3% indicated plans to further increase their scale of trading traditional assets on crypto exchanges.
“AI Stock God” Faces Trading Drawdown, Seeking New Funding Support
The Situational Awareness fund, managed by "AI Stock God" Leopold Aschenbrenner, accumulated a gain of 439% before June 2026. However, it suffered severe setbacks during the AI sector sell-off in July. The fund is currently communicating with existing investors and lenders to seek new capital and is offering some LPs the opportunity to purchase assets from its portfolio.Sources say this capital discussion appears more like an ad-hoc response than an organized new fundraising round. The fund had previously used leverage through prime brokers at several major investment banks to amplify its AI trading exposure, turning market drawdowns further into funding pressure.In a letter to investors on July 24, Aschenbrenner acknowledged that the fund failed to avoid this market shock, noting that Asian markets were particularly affected. However, he believes this sell-off could present the best buying opportunity since early 2025. He plans to open a window for new capital on August 1st and views Anthropic's potential IPO as a catalyst for the second half of the year.According to disclosures, some holdings saw significant declines in July. Oracle and AMD fell approximately 20% for the month, while Nebius, Saronic AI, Bloom Energy, Sandisk, and others saw even larger drops. The Nasdaq 100 index fell about 10% in July, and South Korea's Kospi index dropped by roughly one-third.Currently, lacking specific data on the fund's exact drawdown magnitude, it is difficult to determine whether this fundraising is a passive capital injection driven by leverage pressure or an active move to increase positions for an opportunity. However, market trends suggest it is closer to the former. If forced selling occurs, the deleveraging process could also create discount opportunities in assets whose fundamentals haven't materially changed.
JPMorgan: After KOSPI Plummeted 40%, Deleveraging Nears End, Valuation Enters Repair Window
According to TechFlow Research, JPMorgan's research report on July 29 noted that the South Korea KOSPI Index has fallen nearly 40% from its high on June 22, leveraged ETF size shrank from $50 billion to $17 billion, the hedge fund long/short ratio dropped from 5.7x to 3.2x, and deleveraging progress has exceeded 90%. The KOSPI forward P/E ratio fell to 5x, at a crisis level. Foreign investors have cumulatively net sold over $110 billion, but 90% was concentrated in two memory chip giants. As their weights in the MSCI Emerging Markets Index decreased from 9.5% and 8.3% to 6.5% and 4.5%, passive selling pressure has significantly eased. JPMorgan believes that position clearing combined with cheap valuations means the South Korean stock market has entered a valuation repair window, and it is bullish on wealth effect-related sectors, biopharmaceuticals, preferred stocks, and bank stocks.
Decline in AI concept stocks triggers margin pressure; Wall Street banks require some hedge funds to post additional collateral
According to the UK's Financial Times, AI concept stocks have recently continued to correct, and Wall Street banks have required some hedge funds with concentrated positions and high leverage to post additional collateral to maintain existing financing levels. The Nasdaq 100 Index fell by as much as 10% from its early June highs, while the Philadelphia Semiconductor Index has cumulatively dropped about 25% since the end of June. Against the backdrop of sharp declines in related individual stocks, long-short and multi-strategy hedge funds recorded significant single-day drawdowns, reflecting that risks from crowded AI trades and leverage are being exposed at an accelerated pace.
Financing debt rises to $1.53 trillion, U.S. investors increase leverage to chase highs
crypto KOL Phyrex posted on platform X, stating that U.S. investors are pursuing stock market highs with increasingly high leverage. As of June, the net credit balance of U.S. brokerage accounts fell by approximately $70 billion in a single month to a negative $1.061 trillion, hitting a record low. During the same period, margin debt increased by about $86 billion to $1.53 trillion, rising for the third consecutive month and setting a new record.Phyrex pointed out that the continuous deterioration of the net credit balance indicates that investors' cash buffers are shrinking, and their dependence on borrowing to maintain stock positions is increasing. Currently, leverage in the U.S. market is widespread across the entire brokerage system. During an uptrend, rising stock prices increase account net worth, which can further release margin capacity, creating mechanical buying pressure. However, once the market weakens, margin pressure may force investors to add cash or sell stocks, turning the leveraging capital that previously fueled the rally into mechanical selling pressure. Phyrex believes that the U.S. stock market is currently facing both high valuation and high leverage conditions. If the influx of new funds slows down, leveraged positions could further amplify market volatility.
UK FCA: Stablecoins Have Greatest Potential for Cross-Border Payments, Domestic Retail Adoption Remains Limited
According to Cointelegraph, the UK Financial Conduct Authority (FCA) has released a "Stablecoin Sprint" policy research report, consolidating opinions from industry participants such as banks, payment companies, and stablecoin issuers. The report indicates that stablecoins currently demonstrate the most prominent advantages in the cross-border payment sector, particularly offering significant benefits to emerging markets with limited access to US dollars; however, in UK domestic retail payment scenarios, due to the existing payment system being relatively fast and low-cost, consumers lack the motivation to switch, and adoption is expected to be relatively slower. The aforementioned research findings have been incorporated into the final regulatory rules released by the FCA on June 30, requiring stablecoins issued in the UK to be fully backed by reserve assets and redeemable at par value.
UK FCA: Cross-Border Payments Are the Clearest Near-Term Use Case for Stablecoins
the UK Financial Conduct Authority (FCA) has published the results of its March Stablecoin Sprint policy initiative, which brought together banks, payment companies, stablecoin issuers, and other industry participants to explore the use of stablecoins. Participants indicated that cross-border payments are the clearest near-term use case for stablecoins, particularly in emerging markets with limited access to US dollars. In major payment corridors where existing systems are already fast and relatively low-cost, stablecoins offer fewer advantages. Participants also noted that the incentive for domestic UK consumers to shift to stablecoin payments is limited, given that existing payment methods are already fast and low-cost. However, merchants could benefit from lower costs and faster settlement times. The feedback has been incorporated into the FCA’s final rules on June 30 and will influence its subsequent stablecoin payment policies.
Kalshi Settles $3.32 Million Spotify Prediction Market After Fraudulent Streaming Warning
Odaily News Kalshi trader Caleb Davies stated that he had requested Kalshi to delay the settlement of a Spotify prediction market to allow the执法 team to review suspected artificially manipulated streaming data. The market focused on which artists would top the Spotify US Daily Chart, with a trading volume of $3.32 million. Davies stated that Malcolm Todd's song "Earrings" surged approximately 70% in a single day and reached the top of the Spotify US Chart on June 29. Kalshi's Head of Enforcement and Legal, Robert DeNault, responded that only Spotify could verify whether the data originated from genuine listens or manipulation. Kalshi finalized the settlement minutes after issuing this response. Davies noted that the open interest for the "Earrings" outcome rose from $2,000 to over $70,000 in the days leading up to the emergence of the disputed streaming data. The following day, Spotify removed 523,000 streams from the cumulative data for "Earrings," meaning that under the adjusted data, the song would have ranked fourth on June 29 instead of first. Subsequently, Spotify requested Kalshi and Polymarket to remove its branding, stating that neither party had established a partnership with the streaming service. Kalshi has removed the relevant branding and modified its wording. Spokesperson Elisabeth Diana stated that the company is contacting Spotify and conducting an investigation; Kalshi has not yet published the investigation results, rescinded the settlement, or announced compensation.
Asset manager Franklin Templeton, with $1.79 trillion in assets under management, supports the CLARITY Act
Asset management firm Franklin Templeton announced its support for the CLARITY Act on July 27. Franklin Resources had previously disclosed that as of June 30, its assets under management totaled $1.79 trillion, up from $1.78 trillion a month earlier. Franklin Templeton stated that the CLARITY Act would establish clearer rules for digital assets, help investors understand the protections available, and increase corporate certainty regarding the division of federal regulatory responsibilities. BlackRock, Fidelity Investments, Goldman Sachs, and Charles Schwab have previously publicly supported this market structure bill. Senate Republicans released an updated version on July 22, proposing to divide the regulatory oversight of digital assets between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
900 trillion USD annual trading volume of perpetual futures enters Wall Street, major banks remain cautious
Odaily reports: After perpetual futures entered the regulated US market, Wall Street institutions are still taking a wait-and-see approach. Bank of America estimates that the global annual trading volume of perpetual futures is approximately 90 trillion USD; within a week of Kalshi launching perpetual futures in June, trading volume exceeded 1 billion USD. Perpetual futures are similar to standard futures but have no expiration date, meaning traders do not need to close or roll over positions monthly or quarterly. Instead, periodic funding rates keep the contract price close to the underlying asset. On May 29, the US Commodity Futures Trading Commission (CFTC) approved Kalshi to offer such contracts, and Coinbase also received approval to list regulated perpetual futures in the US. Insiders say that large financial institutions are still studying these products, with proprietary trading firms, market makers, and emerging clearing firms likely to be the first to participate. Large banks face stricter capital rules, client obligations, and reputational risks, and typically wait for years of data, clear regulatory treatment, and stable infrastructure. Perpetual futures may also be used to manage weekend risk, but market depth remains a concern. Industry insiders note that regulatory disagreements are emerging over whether certain contracts should be classified as futures or swaps, and CME has already challenged the CFTC's handling of Kalshi's Bitcoin perpetual contract.
Gemini donates $10 million in Bitcoin to Trump-supporting MAGA Inc.
Cryptocurrency exchange Gemini has donated approximately $10 million worth of Bitcoin to MAGA Inc., a super PAC supporting former US President Donald Trump. According to a report filed with the US Federal Election Commission (FEC), Gemini co-founders Cameron Winklevoss and Tyler Winklevoss completed the donations in two installments on June 19, each worth over $5 million. This donation occurred about three weeks after the CFTC and Gemini jointly filed a motion with the US District Court for the Southern District of New York, seeking to vacate the $5 million settlement agreement reached in January 2025. The settlement stemmed from the CFTC's earlier allegations that Gemini had made false or misleading statements. MAGA Inc. can use these funds to support independent political expenditures for Donald Trump. Previously, the Winklevoss brothers each donated $1 million to Donald Trump's 2024 campaign and contributed $21 million worth of Bitcoin to the Digital Freedom Fund PAC to support the crypto policy direction of the Trump administration. Currently, the court has not yet ruled on the motion to vacate the settlement between the CFTC and Gemini. Meanwhile, CFTC Chairman Michael Selig remains the sole commissioner of the agency. As of June 30, MAGA Inc. has reported receiving over $397 million in funds.
Hyperliquid trader YGNH94 deposits 100,300 HYPE to OKX; selling a portion of holdings would incur a loss of $471,000
Odaily News: According to on-chain analyst Ai Yi's monitoring, Hyperliquid trader YGNH94 (0xe8Fe...0941) redeemed 100,300 staked HYPE 5 hours ago and subsequently deposited them to OKX, valued at $5.57 million. He had previously withdrawn 60,100 HYPE from OKX on June 27 at $63.36 each; selling this portion now would result in a loss of $471,000.
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.
“AI Stock God” Faces Trading Drawdown, Seeking New Funding Support
The Situational Awareness fund, managed by "AI Stock God" Leopold Aschenbrenner, accumulated a gain of 439% before June 2026. However, it suffered severe setbacks during the AI sector sell-off in July. The fund is currently communicating with existing investors and lenders to seek new capital and is offering some LPs the opportunity to purchase assets from its portfolio.Sources say this capital discussion appears more like an ad-hoc response than an organized new fundraising round. The fund had previously used leverage through prime brokers at several major investment banks to amplify its AI trading exposure, turning market drawdowns further into funding pressure.In a letter to investors on July 24, Aschenbrenner acknowledged that the fund failed to avoid this market shock, noting that Asian markets were particularly affected. However, he believes this sell-off could present the best buying opportunity since early 2025. He plans to open a window for new capital on August 1st and views Anthropic's potential IPO as a catalyst for the second half of the year.According to disclosures, some holdings saw significant declines in July. Oracle and AMD fell approximately 20% for the month, while Nebius, Saronic AI, Bloom Energy, Sandisk, and others saw even larger drops. The Nasdaq 100 index fell about 10% in July, and South Korea's Kospi index dropped by roughly one-third.Currently, lacking specific data on the fund's exact drawdown magnitude, it is difficult to determine whether this fundraising is a passive capital injection driven by leverage pressure or an active move to increase positions for an opportunity. However, market trends suggest it is closer to the former. If forced selling occurs, the deleveraging process could also create discount opportunities in assets whose fundamentals haven't materially changed.
"Trader Loracle" SKHX Long Position Loss Reaches -193%, Weekly Cumulative Loss Exceeds $7.3 Million
According to Hyperinsight monitoring, storage stocks continue to correct, and the SKHX long position held by "Trader Loracle" is under increasing pressure. This position was opened on June 24 with 2x leverage, with a size of approximately $2.548 million and an average price of $1,229.4. As SKHX dropped to $992.3, the cost basis has been breached by 19.3%. This position shows an unrealized loss of approximately $609,000, with a return rate of -192.9%, and the loss is close to 1.93 times the margin.
Kalshi Settles $3.32 Million Spotify Prediction Market After Fraudulent Streaming Warning
Odaily News Kalshi trader Caleb Davies stated that he had requested Kalshi to delay the settlement of a Spotify prediction market to allow the执法 team to review suspected artificially manipulated streaming data. The market focused on which artists would top the Spotify US Daily Chart, with a trading volume of $3.32 million. Davies stated that Malcolm Todd's song "Earrings" surged approximately 70% in a single day and reached the top of the Spotify US Chart on June 29. Kalshi's Head of Enforcement and Legal, Robert DeNault, responded that only Spotify could verify whether the data originated from genuine listens or manipulation. Kalshi finalized the settlement minutes after issuing this response. Davies noted that the open interest for the "Earrings" outcome rose from $2,000 to over $70,000 in the days leading up to the emergence of the disputed streaming data. The following day, Spotify removed 523,000 streams from the cumulative data for "Earrings," meaning that under the adjusted data, the song would have ranked fourth on June 29 instead of first. Subsequently, Spotify requested Kalshi and Polymarket to remove its branding, stating that neither party had established a partnership with the streaming service. Kalshi has removed the relevant branding and modified its wording. Spokesperson Elisabeth Diana stated that the company is contacting Spotify and conducting an investigation; Kalshi has not yet published the investigation results, rescinded the settlement, or announced compensation.
Kimchi-associated wallet accused of buying and selling for profit shortly after the launch of tokens such as STAR
According to on-chain investigator Specter, the wallet (2yu...BMC) publicly shared by Kimchi in an X reply in April 2024 is linked to trading activity following the listing of several tokens. On May 30, 2024, at 13:41 UTC, within the same minute as the STAR deployment, the Kimchi-associated wallet purchased tokens for 2.96 SOL (valued at $407) and later sold them for $45,600. On June 11, 2024, at 23:38 UTC, two minutes after the deployment of DADDY ANSEM, the Kimchi-associated wallet bought tokens for 4.94 SOL ($730) and later sold them for $14,600. On June 26, 2024, at 22:45 UTC, one minute after the deployment of MUVA, the Kimchi-associated wallet bought tokens for 2.9 SOL ($407) and later sold them for $53,000. Specter also stated that a cluster of exchange deposit addresses revealed 5 additional wallets involved in the same MUVA launch bundle trade; currently, there is no verifiable evidence to prove that Kimchi obtained eight-figure dollar profits from the TRUMP token.
Taiko: Attack Resulted from Off-Chain Signature Key Leak and Verification Process Gap
Odaily News: Ethereum Layer 2 network Taiko released a post-mortem of the June 21 security incident, stating that the attack resulted from an off-chain signature key leak and a verification process gap. The attacker exploited these to forge proofs and bypass the Prover whitelist, rather than breaking ZK cryptography or smart contracts. The attacker stole approximately $1.75 million from cross-chain bridges and Vaults, but over $11 million in assets were protected, and no user funds were lost. Taiko has fixed the vulnerability, restored the pre-attack state, and resumed operation on July 2; an OpenZeppelin audit confirmed the fixes with no high, medium, or low-risk vulnerabilities identified. The official statement also indicated that the Unzen upgrade, scheduled for August 6, will require ZK proofs for every block to further enhance network security.
DeFi asset management and risk analysis company Gauntlet secures $125 million financing from Japanese financial giant SBI Holdings
According to Fortune, DeFi asset management and risk analysis company Gauntlet completed a $125 million financing round, exclusively invested by Japanese financial group SBI Holdings. The financing was completed in June this year, and the specific valuation was not disclosed. This is Gauntlet's largest financing round since its establishment in 2018, far exceeding its $24 million Series B round in 2022 led by Ribbit Capital at a $1 billion valuation. Gauntlet was founded by former Wall Street quantitative trader Tarun Chitra. It initially focused on providing stress testing and vulnerability analysis services for DeFi protocols. Later, as the DAO governance model waned, it gradually transitioned to a "treasury curation" business—assessing yield strategy risks through quantitative analysis to help institutional investors manage digital asset allocation. Currently, its clients include asset management giant Apollo, Coinbase, and stablecoin issuer Circle.
Polymarket: "WTI crude oil will rise to $80 by July 2026" probability reaches 47%, up 28% in 24 hours
According to PPP Prediction Market Tool monitoring, the probability of "WTI crude oil rising to $80 by July 2026" on Polymarket has reached 47%, up 28% in 24 hours.Trump stated today that he may launch a large-scale attack on Iran. As the 60-day ceasefire agreement between the US and Iran becomes precarious, oil tanker traffic through the Strait of Hormuz has "basically come to a standstill." Kpler senior oil analyst Navin Das stated that since the US and Iran reached a 60-day ceasefire agreement on June 17, the average daily number of tankers passing through has been approximately 32. This figure is nearly three times the average daily traffic between the outbreak of the conflict (February) and the signing of the agreement on June 17, though still far below pre-war levels.Join the PPP Signal Push Community to stay ahead and seize the opportunity.
Zcash close to completing mathematical proof to prevent hidden inflationary vulnerability, ZEC up 12%
Odaily Zcash's native token ZEC rose over 12% on Tuesday after the team responsible for developing its privacy pool said it is nearing completion of a mathematical proof to confirm that there are no undetectable counterfeit minting vulnerabilities in the latest Zcash shielded pool.The verification work, driven by Project Tachyon, is aimed at Zcash's upcoming Ironwood shielded pool. Zcash founder Zooko Wilcox stated that the project is on the verge of producing a mathematical proof, with the goal of proving that the latest Zcash privacy pool has no undetectable minting vulnerabilities.This development follows the disclosure last month of a serious counterfeit vulnerability in the Zcash Orchard shielded pool. At the time, the flaw sparked market concerns about the potential for undiscoverable, hidden inflation risks within Zcash's privacy system, causing ZEC to drop by over 40% within two days.Developers say that with the help of AI-assisted formal verification, proof work that previously might have taken years has now been compressed to a few weeks. The news pushed ZEC back above $500, its highest level since early June. (The Block)
Specter Reveals Clues to BONK DAO Governance Attack: Realms Founder's Fund Flow Suspectedly Linked to Attacker
Odaily, on-chain security firm Specter has released preliminary findings on the BONK DAO governance attack. After tracing on-chain fund flows, significant suspicions have emerged: the Realms founder, an address associated with Crypto Notte, shows signs of capital flow interaction with the suspected attacker's wallet.According to the review, the attacker published a malicious governance proposal on June 30. The proposal required 1% of the total BONK circulating supply in voting power to pass. Between July 4 and 5, the attacker acquired sufficient voting weight by purchasing tokens through exchanges and borrowing from Marginfi, totaling approximately $4 million, thereby pushing forward and executing the governance attack.
PeckShield: A total of 40 major hacking incidents occurred in the crypto sector in June, with total losses of approximately $75.87 million.
According to monitoring by on-chain analyst PeckShield (@PeckShieldAlert), a total of 40 major hacking incidents occurred in the cryptocurrency sector in June 2026, with total losses of approximately $75.87 million, down 7.13% month-over-month from May ($81.7 million). The top three incidents with the largest losses this month were: $31 million stolen from Humanity Protocol, $10 million lost from Syscoin Bridge, and $7.5 million stolen from the JaredFromSubway.eth MEV bot.
Tether Reports $1.5 Billion Net Operating Profit in Q2, Reserve Buffer Reaches $4.11 Billion
: Tether International, S.A. de C.V. has released its Q2 2026 assurance report, prepared by global independent accounting firm BDO, confirming Tether's financial data and reserve report, and outlining the assets backing USD₮ as of June 30, 2026. As of the end of Q2, USD₮ issuance stood at approximately $184.6 billion, an increase of about $446 million from the end of Q1, with its stablecoin market share exceeding 60%. Tether reported a net operating profit of approximately $1.5 billion in Q2, primarily derived from U.S. Treasuries and repurchase operations. As of quarter-end, Tether's total assets were $187.751 billion, with total liabilities of $183.642 billion, of which $183.622 billion was related to issued digital tokens. Its assets exceeded liabilities by approximately $4.11 billion, and secured loan exposure decreased by approximately $2.38 billion, a reduction of 15%. Tether CEO Paolo Ardoino stated that USD₮ remains fully backed by reserves, with 14 tons of physical gold added during the quarter and a global user base expansion of over 30 million new users. Tether also continued to advance the audit process with Big Four accounting firms during Q2.
Quantum Solutions Sells Another 1,000 ETH, Loses Position as Japan's Largest Corporate ETH Holder
Japanese listed company Quantum Solutions has sold another 1,000 Ethereum, cashing out approximately $1.9 million to support its AI data center expansion. Following this sale, the company has reduced its ETH holdings by nearly 30% since mid-June.According to company documents, Quantum Solutions' subsidiary, GPT Pals Studio, sold this batch of ETH on Thursday at an average price of $1,903. The company expects to record a loss of approximately $100,000 from this transaction. After the sale, Quantum Solutions' remaining ETH holdings amount to approximately 4,765, which is lower than the 4,976 ETH held by Def consulting, thereby losing its position as the largest corporate ETH holder among Japanese listed companies.Quantum Solutions has sold a total of 1,904 ETH in less than two months, accounting for approximately 28.6% of its pre-sale holdings of 6,668.8 ETH. Previously, GPT Pals had sold 904 ETH on June 16, cashing out about $1.6 million.The company acquired the majority of its ETH during the crypto market highs of the fourth quarter of 2025, when ETH prices were in the range of approximately $4,000 to $4,500.
MEXC and CoinGecko Release Report "How Crypto Exchanges Are Reshaping Traditional Asset Trading," MEXC TradFi Monthly Trading Volume Surges Approximately 59x
MEXC, in collaboration with CoinGecko, has released the latest report "How Crypto Exchanges Are Reshaping Traditional Asset Trading," which provides an in-depth analysis of the rapid expansion of traditional financial assets on centralized crypto exchanges and the shift in global investor behavior.Key findings of the report:1. The TradFi (Traditional Finance) trading volume of six major centralized exchanges surged from $3.46 billion in January 2025 to $393.15 billion in June 2026, representing a growth of over 100 times. Among this, perpetual contracts accounted for 98.5% of the total trading volume in June 2026.2. In June 2026, US equities surpassed precious metals to become the largest TradFi asset class, with monthly trading volume increasing by 337.4% to $189.84 billion, capturing a 48.3% market share. Meanwhile, precious metals trading volume decreased by 48.2% from its March peak, falling to $122.59 billion.3. MEXC's TradFi monthly trading volume grew approximately 59 times, rising from $1.54 billion in November 2025 to $91.12 billion in May 2026. Between January and May 2026, MEXC maintained the second-largest market share among the six exchanges for five consecutive months.4. In precious metals trading, MEXC ranked first among the six exchanges for two consecutive months, with trading volumes reaching $72.12 billion and $85.15 billion in April and May 2026, respectively.5. Among native crypto users, 61.9% have begun trading traditional assets through crypto exchanges.6. Among users with traditional finance experience, 74.2% have transferred some or all of their traditional asset trading to crypto exchanges.7. Across all respondents, 83.3% indicated plans to further increase their scale of trading traditional assets on crypto exchanges.
“AI Stock God” Faces Trading Drawdown, Seeking New Funding Support
The Situational Awareness fund, managed by "AI Stock God" Leopold Aschenbrenner, accumulated a gain of 439% before June 2026. However, it suffered severe setbacks during the AI sector sell-off in July. The fund is currently communicating with existing investors and lenders to seek new capital and is offering some LPs the opportunity to purchase assets from its portfolio.Sources say this capital discussion appears more like an ad-hoc response than an organized new fundraising round. The fund had previously used leverage through prime brokers at several major investment banks to amplify its AI trading exposure, turning market drawdowns further into funding pressure.In a letter to investors on July 24, Aschenbrenner acknowledged that the fund failed to avoid this market shock, noting that Asian markets were particularly affected. However, he believes this sell-off could present the best buying opportunity since early 2025. He plans to open a window for new capital on August 1st and views Anthropic's potential IPO as a catalyst for the second half of the year.According to disclosures, some holdings saw significant declines in July. Oracle and AMD fell approximately 20% for the month, while Nebius, Saronic AI, Bloom Energy, Sandisk, and others saw even larger drops. The Nasdaq 100 index fell about 10% in July, and South Korea's Kospi index dropped by roughly one-third.Currently, lacking specific data on the fund's exact drawdown magnitude, it is difficult to determine whether this fundraising is a passive capital injection driven by leverage pressure or an active move to increase positions for an opportunity. However, market trends suggest it is closer to the former. If forced selling occurs, the deleveraging process could also create discount opportunities in assets whose fundamentals haven't materially changed.
Pump.fun Launches BOOST Mechanism, Token Graduation Rate Surges to 6.7%
According to The Block, following the launch of Pump.fun's new default launch mechanism BOOST, the platform's token graduation rate has significantly increased. Last Friday, the graduation rate reached 6.7%, approximately 8 times the average level in June; the average for the preceding four days also remained at 4.7%, higher than the 2.5% of the previous week. The BOOST mechanism targets the approximately 20% of migrated liquidity previously permanently locked in the PumpSwap pool, automatically executing market buys and burning the acquired tokens within the first five minutes after token migration, incentivizing traders to participate more actively in bidding for tokens before bonding by ensuring immediate buy pressure and supply burn. It is worth noting that BOOST only takes effect after a token completes bonding and does not directly increase the proportion of tokens reaching the bonding threshold.
UK FCA: Stablecoins Have Greatest Potential for Cross-Border Payments, Domestic Retail Adoption Remains Limited
According to Cointelegraph, the UK Financial Conduct Authority (FCA) has released a "Stablecoin Sprint" policy research report, consolidating opinions from industry participants such as banks, payment companies, and stablecoin issuers. The report indicates that stablecoins currently demonstrate the most prominent advantages in the cross-border payment sector, particularly offering significant benefits to emerging markets with limited access to US dollars; however, in UK domestic retail payment scenarios, due to the existing payment system being relatively fast and low-cost, consumers lack the motivation to switch, and adoption is expected to be relatively slower. The aforementioned research findings have been incorporated into the final regulatory rules released by the FCA on June 30, requiring stablecoins issued in the UK to be fully backed by reserve assets and redeemable at par value.
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Tether Reports $1.5 Billion Net Operating Profit in Q2, Reserve Buffer Reaches $4.11 Billion
: Tether International, S.A. de C.V. has released its Q2 2026 assurance report, prepared by global independent accounting firm BDO, confirming Tether's financial data and reserve report, and outlining the assets backing USD₮ as of June 30, 2026. As of the end of Q2, USD₮ issuance stood at approximately $184.6 billion, an increase of about $446 million from the end of Q1, with its stablecoin market share exceeding 60%. Tether reported a net operating profit of approximately $1.5 billion in Q2, primarily derived from U.S. Treasuries and repurchase operations. As of quarter-end, Tether's total assets were $187.751 billion, with total liabilities of $183.642 billion, of which $183.622 billion was related to issued digital tokens. Its assets exceeded liabilities by approximately $4.11 billion, and secured loan exposure decreased by approximately $2.38 billion, a reduction of 15%. Tether CEO Paolo Ardoino stated that USD₮ remains fully backed by reserves, with 14 tons of physical gold added during the quarter and a global user base expansion of over 30 million new users. Tether also continued to advance the audit process with Big Four accounting firms during Q2.
Pump.fun Exposed for Layoffs Before PUMP Token Unlock, Some Former Employees Miss Out on Substantial PUMP Allocation
According to Sandmark, Pump.fun is alleged to have conducted two rounds of layoffs prior to token unlocking. Documents and recordings show that the first round of layoffs occurred in early April, prior to the token unlocking time originally scheduled to begin in June for relevant employees, meaning at least one former employee may have thereby lost PUMP token allocations worth up to seven figures in USD at current prices. Co-founder Noah Tweedale stated in an internal meeting that the reason for the layoffs was that the company "expanded too fast".
UBS: SK Hynix 1.66x P/B Ratio Implies ROE Less Than 20%, Actually Can Earn 40%
According to TechFlow Research, UBS pointed out in its research report on July 29 that SK Hynix's stock price has fallen 52% from its high on June 22, with a current price-to-book ratio of only 1.66x, implying a long-term ROE of 18.9%. However, UBS predicts the average ROE from 2027 to 2031 will reach 40.2%, a difference of 21 percentage points between the two. DRAM bit demand growth is expected to increase from 22% in 2026 to 36% in 2027, HBM capacity will increase from 230,000 wafers/month at the end of 2026 to 270,000 wafers/month at the end of 2027, and SK Hynix will maintain a 48% shipment share in the HBM industry in 2026. UBS believes the market valuation downward revision lacks basis, AI agents are driving accelerated memory demand, 10 long-term agreements have been signed, and although LTAs suppress ASP in the short term, they benefit profit margins in the long term. UBS maintains a Buy rating, lowering the target price from 3.2 million Korean won to 3 million Korean won, expects to launch a share buyback of about 12 trillion Korean won in the second half of 2026, and will use 50% of free cash flow for shareholder returns in the long term.
Hyperliquid trader YGNH94 deposits 100,300 HYPE to OKX; selling a portion of holdings would incur a loss of $471,000
Odaily News: According to on-chain analyst Ai Yi's monitoring, Hyperliquid trader YGNH94 (0xe8Fe...0941) redeemed 100,300 staked HYPE 5 hours ago and subsequently deposited them to OKX, valued at $5.57 million. He had previously withdrawn 60,100 HYPE from OKX on June 27 at $63.36 each; selling this portion now would result in a loss of $471,000.
Loss of $8.2 billion, Strategy's Bitcoin holdings once reached 846,000 in Q2
Bitcoin treasury company Strategy has released its second-quarter financial results, recording a loss of $8.2 billion, compared to a profit of $10 billion in the same period last year. The loss mainly stemmed from unrealized book losses on its Bitcoin holdings. Strategy stated that its Bitcoin holdings increased by 11% in the second quarter, peaking at 846,000 BTC before the company began selling off some assets. As of the latest disclosure, the company holds 843,775 BTC. Since the beginning of this year, Strategy has sold approximately $218 million worth of Bitcoin to pay preferred stock dividends. The company had previously paused Bitcoin purchases for five consecutive weeks, prioritizing the expansion of its U.S. dollar cash reserves instead. At the end of June, Strategy launched a Digital Credit Capital Framework, planning to establish a minimum U.S. dollar reserve covering preferred stock dividends and interest expenses for 12 months. It also authorized a Bitcoin monetization plan of up to $1.25 billion to supplement reserves or pay dividends. CEO Phong Le stated that the company reduced its convertible bond scale by 18% to $6.7 billion in Q2, while increasing its U.S. dollar reserves by 12% to $2.4 billion. CFO Andrew Kang noted that the company's current U.S. dollar reserves stand at approximately $3.75 billion, enough to cover related expenses for about two years, and it has paid dividends on time for 18 consecutive months.
Brazil's crypto asset demand reached $14.68 billion in the first half of the year, with stablecoins accounting for over 90%
the Central Bank of Brazil has disclosed that crypto asset purchases in Brazil reached $14.68 billion in the first half of 2026, a 135% increase compared to $6.24 billion in the first half of 2025. The statistics include transactions involving Bitcoin, Ethereum, and stablecoins processed by registered Virtual Asset Service Providers (VASPs). In June, crypto asset purchases in Brazil totaled $2.54 billion, up from $1.48 billion in June 2025. Stablecoin purchases in May approached $2.632 billion, a 158% increase compared to May 2025. Fernando Rocha, head of the statistics department at the Central Bank of Brazil, stated that the country's crypto asset market has moved past its initial phase and is now expanding and exploring use cases. Fernando Rocha noted that demand growth is being driven by USD-pegged stablecoins, which now account for over 90% of demand and can be used for payments and cross-border settlements. The Central Bank of Brazil has classified VASPs under Class 3, meaning that starting from January 2027, these institutions will need to comply with the same requirements as securities brokers, securities distributors, and foreign exchange brokerage firms.