链捕手ChainCatcher

According to ChainCatcher, the Wall Street investment bank TD Cowen cut its target price for Bitcoin treasury company Nakamoto Inc. (NASDAQ: NAKA), reducing the split-adjusted target price from $40 to $17, a decline of 58%, while still maintaining a “Buy” rating. TD Cowen analysts said this adjustment was mainly due to pressure on Nakamoto’s highly leveraged capital structure caused by the decline in Bitcoin prices.
Despite the new target price being 4.65 dollars higher than the current stock price, it still implies about 275% upside potential. However, the company’s stock is more sensitive to volatility in Bitcoin prices. TD Cowen expects that Bitcoin will rebound to $100,000 by the end of 2026, down about 25% from the record high of $126,000 set in October last year. At the same time, the firm also expects Nakamoto to pause further Bitcoin purchases before 2027.

ChainCatcher message: Dutch crypto finance protocol Tori Finance announced that its institutional delta-neutral yield product, strUSD, has completed fundraising for a pre-set amount of $50 million before its official launch, reaching the cap in just 7 days. Tori said that strUSD offers an annualized return of about 12%. The yield comes from a global spread trading strategy long used by traditional financial institutions, not from circulating funds in the crypto market. The strategy locks in USD returns by using low-interest currency borrowing, investing in higher-yield markets, and employing FX hedging—aiming to deliver returns that are less correlated with crypto market cycles.

ChainCatcher reports, citing The Defiant, that the tokenization platform Securitize Corp. (NYSE: SECZ) subsidiary Securitize Capital LLC has registered with the U.S. SEC as an investment adviser, with registration effective as of July 22. The subsidiary previously operated in Florida starting in March 2023 as a relying advisor under an exemption, and could only serve venture capital funds or private funds with assets under management of less than $150 million. This registration removes that cap.
According to reports, this license completion completes the compliance matrix that Securitize has built around tokenized securities. Its U.S. presence now covers registered investment advisers, registered broker-dealers and alternative trading systems, transfer agents, and fund management. Registration also took place on the fifth day after SEC Commissioner Hester Peirce issued a warning on July 22 that on-chain vaults and lending strategies may run into investment-adviser regulatory issues.

ChainCatcher reports that, according to disclosures by DWF Labs, the number of tokenized stock holders grew by 92% in 30 days to reach 752,000. Of this, since Robinhood went live on July 1, it has already accumulated 328,000 holders, accounting for 44% of the market share. However, the total value of its tokenized stocks is only $44 million, lagging clearly behind xStocks’ $487 million and Ondo’s $857 million.
According to the rwa.xyz data it cites, among five platforms, average holdings are extremely divergent. Securitize and Figure skew toward institutions, with average holdings of $4.9 million and $1.03 million respectively, accounting for only 50 and 186 holders. Robinhood skews toward retail, with average holdings of just $134. xStocks and Ondo, through strategic integration and partnerships, serve both types of users, with average holdings of $1,900 and $5,900 respectively.

ChainCatcher message: NVIDIA has released the open-source AI model NVIDIA Ising Calibration 1.5, which is used for automatically analyzing diagnostic data from quantum processing units (QPUs) and autonomously determining device calibration plans, enabling automation of quantum computer calibration workflows. NVIDIA states that Ising Calibration 1.5 is a visual language model (VLM) specifically designed for quantum computing calibration scenarios. It can understand experimental data from quantum chips and perform “zero-shot” analysis when historical cases are unavailable. It can also use related experimental samples for in-context learning (ICL) to help quantum devices continuously optimize their operating status.

Author: Jacob Zhao @ IOSG

Today, “China’s first storage company” — Jinhua Xinzi Memory — officially listed on the ChiNext board, delivering an astonishing surge of 500%, igniting the entire venue. Although the broader memory sector has still been unsettled by the lingering aftermath of a pullback in recent times, AI storage continues to be crazily revalued by capital amid the wave of tech narratives. Meanwhile, in the Web3 space, decentralized storage has fallen into a long period of stagnation and disappointment. Why, with both bearing the name “storage,” does the market perform so differently—like ice and fire? The fundamental answer lies in a deep divide in the underlying value functions.

By: Wall Street Insights

The new Fed Chair, Walsh, is facing a policy question with echoes of history: raising rates—or perhaps precisely doing so—could tamp down long-term yields, thereby helping the Trump administration achieve its long-standing goal of lowering its target for mortgage rates.
Ahead of this week’s Federal Reserve policy meeting, the bond market has already priced a 38% probability that the target federal funds rate will be raised—up sharply from less than 10% before Chair Powell testified before the Senate Banking Committee. A sentiment index based on statements by Fed officials compiled by Bloomberg Economics Research shows that the overall hawkishness of the decision-making leadership is at its highest since the 2023 hiking cycle began. Among the seven voting members, the hawkish lean is evident.

ChainCatcher message: Ondo Finance announced the launch of a new Ondo Network, positioned as a high-performance execution layer. Its goal is to combine trading speeds comparable to centralized exchanges (CEX) with the non-custodial, secure settlement capabilities of blockchains. Ondo CEO Ian De Bode said that Ondo Network is an "evolutionary version" of the company’s earlier Ondo Chain plan. The company will not run two separate networks at the same time; instead, it will adjust its original roadmap for building a complete blockchain to focus on an execution-layer architecture.
According to the report, Ondo initially planned to fully bring real-world assets on-chain through Ondo Chain. However, after developing the Ondo Perps perpetual contract trading platform and communicating with users, the company found that the market’s core bottleneck is not asset settlement, but trading execution efficiency. Ondo Network adopts an architecture that separates execution, verification, and settlement. By using secure hardware isolation for the execution environment, it improves trading speed while maintaining user asset self-custody, trade verifiability, and the permissionless nature of blockchain networks.

Author: Gu Yu, RootData

Recently, as projects such as BitMEX and Bitmart have announced shutdowns one after another, “dead projects” have once again become a focal point of market discussion. At present, RootData’s (2026 Crypto Project Death Compilation) has included more than 100 projects.
The widespread elimination of low-quality projects and the extreme pessimism of sentiment are often seen as signs that a bear market has bottomed out. At this point in time, where exactly are we in the historical cycle of the crypto industry? How are indicators such as the number of new projects, the number of new tokens, and financing data?
Based on these questions, RootData has整理 (organized) multi-dimensional exclusive data within the platform and created five charts to better help everyone understand the current state of development in the crypto industry and where it stands within the overall historical cycle.

ChainCatcher message, reported by The Block: Japanese listed company Metaplanet has acquired Siiibo Securities, which holds a license for a certain financial instruments business, and has been approved to design and sell securities in Japan.
A research firm Benchmark noted that the market generally views this merger and acquisition of about 2.1 billion yen (approximately $13 million) as a small-scale expansion. However, Metaplanet actually plans to issue bitcoin-collateralized bonds “Bitbonds” with an annualized yield of about 4%–6% based on this, then gradually form a secondary market by later migrating on-chain and settling via stablecoins. Metaplanet aims to enable companies that want to adopt a bitcoin assets-and-liabilities strategy to issue bonds on its platform to buy BTC. Under its “Project Nova” roadmap, it plans to build a new type of financial institution centered on bitcoin. Currently, the company holds about 43,000 BTC, making it the world’s third-largest publicly listed bitcoin treasury.