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The product of the AI boom
Manus, Season 2 — the prodigal returns
The acquisition deal between Manus and Meta was reversed due to a ban from the Ministry of Commerce. After the transaction was canceled, they resumed independent operations. ARR still reached $300 million, with zero employee turnover. The founder said that their third startup journey has begun.
Riot became Anthropic’s compute “landlord,” and miners’ valuation logic has changed
Riot and Anthropic signed a $9.1 billion compute deal. Bitcoin miners are pivoting to AI data centers; the valuation logic has been completely reshaped. Miners have shifted from mining to leasing compute capacity.
Will AI suddenly “evolve”? Paradigm shows you the answer with a game.
Paradigm launches an RSI simulator: experience the smart explosive curve of AI recursively self-improving, revealing the battle among compute, human effort, and data—see why crypto VCs are heavily backing frontier technology.
AI leverage, U.S. Treasury yields, and the Strait of Hormuz—three factors dominating global markets this summer.
Global capital has shifted from excess savings to scarcity. AI leverage positions get liquidated; U.S. Treasury yields hit a 19-year high; the Strait of Hormuz sees stoppages and restarts; a “triple kill” in liquidity resonates—high volatility may become the new normal.
AI moves into the crypto security frontier; China’s open-source models “put out fires” for the Bitcoin community.
AI large models are reshaping crypto security offense and defense: the attack threshold drops sharply and the defense side speeds up. Domestic open-source models have become powerful tools for security audits—scanning 85 critical vulnerabilities in 30 hours.
Macro insights.
U.S. stocks and gold rise together; Bitcoin’s rebound is missing—have bottoming signals appeared?
Traditional assets like U.S. stocks and gold rise together, yet Bitcoin continues to lag behind; ETF inflows failing to drive a rebound. Multiple bottom-fishing indicators are flashing—are we near the cycle’s bottom?
Arthur Hayes: a yen “earthquake” is brewing, and a liquidity tsunami will ignite Bitcoin and gold.
A stronger yen will quietly force the Federal Reserve to print money via the FIMA repo facility. Global dollar liquidity becomes abundant again, with Bitcoin and gold taking the biggest hits as he holds large positions in the related assets.
JPMorgan Global Markets Strategy: Are today’s commodities similar to 2022 again?
The Federal Reserve brings forward the rate-hike expectations to December—will commodities repeat the 2022 selloff? Gold faces pressure, but copper looks bullish; one article explains market risks and opportunities.
Hash Global: Bitcoin hasn’t even risen—why are we starting to think the bear market might be over?
The crypto market hasn’t really kicked off yet. In the AI sector, FOMO funds are still in a tug-of-war, while industry capital is waiting for a potential last pullback—though the bear market may already be nearing its end.
Institutional and celebrity ideas.
Exclusive interview with Kalshi CEO: from sports to politics, trying to define “truth” with money-incentive mechanisms.
A 200-person team handles annual trading volume of $178 billion, valuing it at $22 billion. Sports trading accounts for nearly two-thirds—where do the differences with Polymarket lie? With Trump-family ties and Zuckerberg entering the scene.
Exclusive interview with Bitwise CIO: Bad news can’t scare Bitcoin anymore. In the next bull market, institutions will focus on mainstream coins, while on-chain capital goes deep into the application layer.
The biggest catalyst is that in model portfolios on wealth platforms like Morgan Stanley and Wealthfront, just adding a 1%-2% crypto allocation can generate sustained inflows worth hundreds of billions of dollars.
1confirmation: reverse entrepreneurship—perhaps the next Web3 breakout comes from a once-failed track.
NFTs, play-to-earn, the metaverse, and DAOs were all once all the rage, then fell into dormancy—but failures often came down to timing. Now that the infrastructure is in place, the tracks that couldn’t run five years ago have new opportunities.
Unpacking the next Crypto cycle: VC will disappear, the market is overestimated, and who can challenge Hyperliquid among Perp DEXs?
Veteran investor Lao Bai provides an in-depth review: the only things that truly run in crypto are stablecoins and perpetuals. Issuing tokens is a liability, and crypto VCs are about to disappear.
Head of research at VanEck: AI infrastructure isn’t a bubble. Mainstream L1s disappoint institutions, and the CLARITY Act could trigger a token rebound.
In the first five months of this year, the market was highly concentrated: stocks with higher capital expenditures rose well. After June, the logic reversed—software-like assets were sold off. The CLARITY Act could also trigger a token rebound.
Seizing early opportunities.
Tiger Research: $700 trillion won is fleeing overseas—Korea’s market is missing an entire crypto era.
Why are Korean investors heading overseas in droves? A report tracks 120,000 wallets, revealing roughly 700 trillion won flowing to overseas exchanges and on-chain services—the window for capital returning is near.
A bear-market comeback case study: how did Fomo break out on-chain by leveraging social trading?
Fomo rose against the bear market with a 17-person team, raising $94 million. Its social trading product became a new on-chain entry point, pressuring Pump.fun to move in and grab users.
Gas up 10x, rewards cut in half: why did Aptos achieve a value turnaround?
From huge loss to net profit at Aptos: net income for token holders (THNI) turns positive. After Gas fees are raised by 10x and staking rewards are cut in half, network income skyrockets 16x.
A protocol makes $7.4 billion a year, yet the token drops 70%—where exactly is the problem?
Breaking down the four gates from “revenue” to “token holders”: uncover the valuation truth behind Hyperliquid’s +1400% surge and Pump’s -60% drop.
Is it time for the era of Perp DEX burning money for growth to end?
Perp DEX growth depends on token incentives, but users attracted by points-based token drops may not be long-term traders. PopDEX proposes 100% value backflow and explores a new answer for incentive mechanisms.
What’s going on in Web3.
ENS quietly completed a “self-revolution.”
ENS DAO formally passes the “Next Era” proposal: establishes a legal entity foundation, locks the treasury on-chain, and protects rights with a time lock. Can governance reform open a new path for the DAO industry?
588 days: 300+ Web3 projects sink into the deep sea.
Since 2025, more than 78 Web3 projects have shut down, consuming over $900 million in total funding. Insufficient funds, missing demand, and unsustainable models are the main reasons.
A supply surge of 3 trillion units—Harmony, an old-chain network, takes a fatal hit again.
Harmony suffers another hacker attack: using cross-shard receipt validation bugs to mass-forge receipts, illegally minting over 3 trillion ONE tokens. The token price crashes 38%.
After trading volume was cut in half, South Korea’s two major crypto exchanges kick off a listing war.
As Korea’s stock market cools down, the listing competition between Upbit and Bithumb heats up. The battle for listings around existing capital and retail attention has reignited.
Coinmetrics report: behind the trillion-dollar stablecoin transfers, 90% of volume isn’t “real payments.”
Stablecoin transfer volume breaks records, but over 90% comes from flash loans and market makers? USDC’s annual turnover rate is 741 times—ten times that of USDT.
Key news and highlights.
Kalshi is in talks with Sequoia Capital and Wellington Management to raise $750 million at a valuation of $40 billion.
Tether completes its first comprehensive independent financial audit; KPMG issues an unqualified opinion.
DeepSeek API price adjustment announcement—effective August 17.
U.S. July PPI rose 4.7% year over year, below market expectations.
1kx releases its mid-year crypto industry revenue report: total revenue fell 23% year over year to $47 billion.
The Trump family’s crypto project WLFI delays its Maldives resort token issuance plan.
AMD plans to raise up to $5 billion through bond issuance.
The probability that the Federal Reserve will keep interest rates unchanged in September is 65.2%.
Reddit to be included in the S&P 500 index; its share price jumps 11%.
Binance Alpha to list KiiChain (KII) on August 14.
Analysis: investors bet that Anthropic’s revenue will reach the trillion-dollar level by year-end; valuation could approach $3 trillion.
Bit Digital increased its holdings by 8,568 ETH in Q2. Total revenue was $32.1 million, up 15% quarter over quarter.
Crypto exchange Bullish Q2 earnings: net loss of $280 million; digital-asset trading volume of $32.6 billion.
“1011 insider whale” agent: Korean semiconductors get a buy-the-dip point—watch the subsequent deblocking window for SpaceX.
Founder of Formula News: already reduced exposure by 1/3 near $63,000 for Bitcoin; expects to buy back at a lower price within 1–3 years.
Garrett Jin goes long on Bitcoin and loses $16 million.
Ark Invest increases holdings of approximately $1.09 million worth of Securitize stock.
Huobi HTX has listed SAMSUNGEM, HANMI, NAVER, LGELECTRONICS, KODEX200, and VST perpetual contracts.
All three major U.S. stock indexes close higher together; HOOD rises more than 4.40%.
The crypto market trades both up and down; the DeFi sector rises over 1%.