唐华斑竹

South Korean stock market sees wild swings with repeated circuit breakers; at least 320,000 accounts’ principal wiped out

On July 16, 2024, South Korean stocks plunged sharply, with the KOSPI falling by more than 6%. The country’s composite share price index was down 26% from its June peak. Just on July 13, the South Korean market suffered a “massacre,” with the KOSPI dropping nearly 9% and falling below the 7,000-point mark.

Since the beginning of this year, the Korea Exchange has triggered “temporary trading halts” 37 times; during those periods, sharp declines alone have caused the circuit breaker mechanism to be activated 8 times.

According to the Financial Supervisory Service of Korea, as of July 13, more than 1.2 million leveraged retail accounts in the Korean market had received margin call notices. Of these, about 320,000 to 360,000 accounts have been forcibly liquidated by brokers, with investors’ principal reduced to zero, and some accounts even showing negative balances.$SOL

Binance officially launched the SPCX/USD1 perpetual contract on July 20, 2026 at 17:00, connecting an important channel between traditional U.S. stock derivatives and crypto derivatives—the underlying asset is SpaceX listed on the Nasdaq (stock code: SPCX), while settlement is done using the USD1 stablecoin.

SpaceX listed on the Nasdaq on June 12 at $135 per share, setting a record for the largest IPO in history, raising more than $85 billion. On the third trading day after listing, the share price surged to an all-time high of $225.64. The market cap briefly exceeded $2.6 trillion, even surpassing Microsoft and Amazon.

SpaceX’s moat is substantial. The commercial launch market accounts for more than 80% of the world’s space-launch-in-orbit quality capacity. As of June 5, 2026, Starlink broadband users have reached approximately 12 million. By the first half of 2026, 1,589 Starlink satellites were deployed, and nearly 11,000 are currently in orbit. William Blair analyst raised the valuation of SpaceX’s rocket launch business from $300 billion to $546 billion, maintaining a “outperform” rating. Goldman Sachs’ inaugural coverage assigned a Buy rating and a target price of $205, breaking SpaceX down into three major businesses: space launches, Starlink connectivity, and AI computing power—each targeting trillion-dollar-plus markets.

Binance’s SPCX/USD1 perpetual contract supports up to 25x leverage, with a minimum trading unit of 0.01 SPCX, a minimum notional value of $5—making the barrier very low. It offers around-the-clock 24/7 trading and supports a multi-asset collateral mode. These designs are friendly to both short-term traders and long-term holders, balancing liquidity and ease of participation.

USD1 is a stablecoin issued by World Liberty Financial, pegged 1:1 to the U.S. dollar. It has partnered with Spacecoin to deploy USD1 into low-Earth-orbit satellite networks. This SPCX/USD1 contract effectively opens an entirely new application scenario for USD1—settlement for traditional U.S. stock derivatives. WLFI’s line on social media, “BTC. ETH. Now SpaceX → $SPCXUSD1. All settled in USD1,” also suggests they want to push USD1 adoption to a new level through this collaboration.

So the significance of Binance launching the SPCX/USD1 perpetual contract is that it presents SpaceX—an asset with trillion-dollar growth potential—to global investors in a very low-threshold, highly liquid, and leveragable way.

#USD1 #WLFI #Binance $SPCX

An ancient whale transfers 1,000 BTC to Binance, worth about $65.56 million

On July 21, according to OnchainLens monitoring, a dormant ancient whale transferred 1,000 BTC to the Binance trading platform after being inactive for four months. Based on the current price, the value is approximately $65.56 million, possibly in preparation for a sale.

The whale began accumulating Bitcoin in November 2013 and has continuously been reducing its holdings over the past year.

After being dormant for four months, the ancient whale that built up its position in 2013 transferred another 1,000 BTC to Binance, continuing the sustained pattern of sell-offs seen over the past year. This is not an isolated incident: since August 2025, this address has repeatedly moved BTC to exchanges, with each transfer ranging from 250 to 1,000 BTC, for a total of at least 3,500 BTC. Of particular interest is that over the past few months, multiple similar events—such as dormant addresses transferring coins to exchanges after years of inactivity—have been recorded, forming a clear signal of “ancient holdings getting unstuck.” However, the most unusual detail in this latest quick update is the “four-month” dormancy interval: compared with the prior instance in March 2026 where it transferred 1,000 BTC as well, this time the inactivity period was shorter, suggesting that this OG whale holding for more than twelve years may be accelerating its asset liquidation pace.$BNB

SPCX falls below its issue price, and market expectations for “Nasdaq inclusion” have fully been priced in. This whale (0x899c) went all-in long at an average price of $167.7 on June 15, betting on a bullish run ahead of July 7’s inclusion in the Nasdaq 100. Since then, the position has not changed; passively, it has been carried through the shift from “speculation on expectations” to “good news realization,” and into the subsequent ongoing selloff. Its position now has only about $4 in buffer and is facing liquidation.

Notably, this whale is not a newcomer. Its trading history shows that it once went long on BTC in early March and profited $620,000, but later gave back all of those gains in its oil trade and this SPCX trade. This highlights a typical risk for leveraged traders operating across markets and asset classes: profits from a successful strategy can be quickly wiped out by later “narrative trades” amplified by high leverage and inflexible positions. With SPCX’s thin circulating float combined with high leverage in crypto derivatives, it is continuously producing precisely targeted liquidation cases like this.

According to monitoring by Hyperinsight, on Hyperliquid, SPCX has continued to drop, currently quoted at $120.66, down 47.5% from the prior $230 high. SpaceX previously priced its IPO at $135 per share; it is now down about 10.6% below the issue price, and today’s low touched $119.7.

The whale starting with 0x899c that was tracked earlier opened this SPCX position just before the “good news” of inclusion in the Nasdaq. After that, for more than a month, the address made no additions or reductions—holding the position unchanged as the market priced in the news (“price in”), and it also rode through the continued selloff and the break below the issue price ever since. Now it has been brought to the liquidation line, with only about $4 in buffer left.

On the morning of June 15, it bought 16,082.2 shares of SPCX. Since then, the position size has not changed. As of the time of this release, it holds this long position with 3x cross margin, with a position value of about $1.94 million, an unrealized loss of about $756,000, and a return of approximately -84.1%. The liquidation price is around $116.6. The account currently has only about $111,500 in margin remaining, all of which has been used to maintain this position.

Trading records show that this whale is a left-side trader. It once went long on BTC in early March and profited $620,000; after that, the subsequent long positions in oil and this SPCX position together have fully given back all of that profit.

Earlier news: a whale bought $2.72 million worth of SPCX on full margin long, expecting the price to strengthen before Nasdaq 100 inclusion. $SPCXB

What goes around comes around. From stock trading and financial freedom to “daytime security guard, nighttime food delivery”? Rumors say the “Byte Tencent stock god” had heavy positions in SK Hynix and got liquidated, losing everything he invested within 3 days—and even owes his broker RMB 2.1 million

According to financial media reports: a month ago, he was a role model in the eyes of countless office workers—a “made it” case. After more than a dozen days, he became a “liquidation gambler” devoured by leverage. Two screenshots, two lives—separated by only 13 days.

“Working a job can only sustain your current life. Only investing can lead to a better one.”

The story began at the end of June. The admin of an overseas (U.S.) stock investment group inside ByteDance, on the day of his resignation, left two lines behind: “A job can only maintain your existing life; only investing can help you live better”; “The probability of achieving financial freedom through investing is far greater than getting by at ByteDance and ending up at level 4-1.”

In rumors, this early employee—dubbed by netizens as the “Byte stock god”—made 30 million yuan through U.S. stock investments, achieved financial freedom, and chose to resign voluntarily. The post quickly went viral, and countless office workers treated him as a “made it” example—crossing class through investing and using compounding to fight against overwork. It was even said he “didn’t even care” about ByteDance stock options. Yet from the mountaintop to the abyss, it only took less than two weeks.

13 days—from 30 million to owing 2.1 million

During this round of plunge by the Korean storage-chip giant SK Hynix, the second legend about the “Byte stock god” spread rapidly: the investor who allegedly made 30 million after resigning, due to his heavy position in SK Hynix, lost all his principal in just 3 days and even ended up owing his broker RMB 2.1 million.

The online narrative became even more dramatic: he had already gone back to his hometown. By day he worked as a security guard in an office building; at night he delivered food. At dawn he would set up a stall to sell barbecue. In the morning he still had to sell breakfast at the school gate. He slept only 3 hours a day. Since the people chasing his debts were blocking his home, he didn’t dare return. He opened a treasure box to get food, went to the company toilet to shower. He has already reached a repayment plan with the bank and expects to repay it over 50 years.

At present, there is no reliable channel to confirm the identity of the person in the incident, his investment background, or the exact amount of losses. The descriptions above contain clear dramatized elements from the internet; the truth is still to be verified. $BNB

The world is just a ragtag operation.
Following the revelation that the MetaMask team hired North Korean hackers: the hackers’ identities were made public as early as September 2025, yet they still entered MetaMask in March of this year via subcontracting to bypass background checks

DeFi researcher @Zun2025 posted on X, saying: “MetaMask hired a developer who is linked to DPRK hackers, and they didn’t even conduct proper background checks. They could have found out his identity.

The hacker’s GitHub account is imyugioh, which has been publicly listed on the Lazarus Group website since September 2025, but MetaMask still hired this person in March 2026. Source: lazarus.group/team/mauro-liu. Imagine it—one of the biggest wallets actually granted access to its core code repository to someone who was already publicly listed on the DPRK hacker roster. Now think about what might happen to those smaller protocols that don’t even have a security team at all.”

Earlier reports said that the MetaMask team was infiltrated by a North Korean hacker named Tyler Knapp, who entered MetaMask in a subcontracting arrangement through an HR staffing supplier with whom he had long collaborated, bypassing the company’s direct-hiring background checks. He worked at the company for a month and participated in developing the wallet’s fiat on/off-ramp functionality. During that time, the company’s security monitoring detected abnormal IP and behavior. The company then immediately revoked all his permissions and halted all product releases he had handled. To date, no substantial data or financial losses have occurred.$BNB

Still only a small number of people profit! Over 66% of addresses lose—big profits in the Polymarket World Cup champion market are concentrated among a few traders

In Polymarket’s market for predicting the World Cup champion, among more than 194,000 independent trading addresses, nearly 130,000 addresses made incorrect predictions and incurred losses. Losses account for 66.7%. Of these, 114,000 addresses had losses within $100, with an average loss of under $10; 43 addresses lost more than $100,000, totaling over $15 million. On the winning side, most addresses that profited did so within $100, with average profits of under $5. Large gains mainly came from a small number of traders: 54 addresses earned more than $100,000, totaling over $22 million. $PFS.US

After SpaceX went public, its stock price fell below its offering price. Short sellers are currently up by nearly $4 billion, and the company’s market value has shrunk by about $860 billion from its June peak. At this moment, releasing its first quarterly report is a crucial stress test of the logic behind its $177 billion valuation.
The market had previously been watching two key developments: the rapid inclusion into the Nasdaq-100 index in early July, which triggered about $4.3 billion of passive buying, and the mid-August earnings report and the release of shares from lockups. Passive inflows failed to prevent the stock from sliding, indicating that investors are paying more attention to fundamentals.
The most concerning detail in the earnings report concerns the true extent of losses in its AI business. The prospectus shows that the company’s net loss in 2025 will be $4.94 billion, and market rumors suggest that its AI unit, “xAI,” is the main drag. If the Q2 report confirms that the AI division continues to burn huge amounts of cash with unclear path to commercialization, it will shake the narrative foundation of SpaceX’s “space-rocket cash machine subsidizing the future of AI,” and intensify selling pressure after the lockups are lifted.
SpaceX will release its 2026 Q2 earnings report on August 4

On July 21, SpaceX will release its 2026 second-quarter earnings report on August 4 and hold an online earnings call broadcast. At that time, it will also be streamed live on the X platform. $SPCXB

A real-life version of “trading stocks until you become a controlling shareholder”: it got so big that Duan Yongping was just one step away from becoming the largest shareholder! After continuously buying the dips and repeatedly getting stuck in losses, Duan Yongping has now secured the position as Bubble Mart’s second-largest shareholder.

Not sure if he was eager to get out of his position, Old Duan has repeatedly shown affection for Wang Ning in a high-profile way! Recently, he finally got his wish to meet in person offline, but unfortunately it didn’t draw much attention, and Bubble Mart’s stock price didn’t show any improvement either.

Recently, a netizen posted on a social platform claiming that Bubble Mart’s founder Wang Ning met offline with the well-known investor Duan Yongping. In the related video footage, Long Jiasheng also appeared on-site, and the three were seen together in the same frame.

On May 25, Duan Yongping, through H&H International Investment Limited under his control, purchased 9.8232 million shares of Bubble Mart’s ordinary stock. Together with parties acting in concert, his total shareholding ratio was 5.69%, making him Bubble Mart’s second-largest shareholder, just behind founder Wang Ning (holding about 44.85%).

That evening on May 25, Duan Yongping replied to a netizen on a social platform: “I think Wang Ning’s understanding of his own products, as well as his pursuit, are on the same level as Steve Jobs—at least in the future it will be. Wang Ning’s understanding of business seems to be a bit stronger than Steve Jobs’s.”

Earlier, when Duan Yongping discussed Wang Ning and Bubble Mart’s business model, he said that Wang Ning’s understanding of business is top-tier. He described Wang Ning as an entrepreneur who is diligent and good at thinking, while paying attention to details, adding that he “really admires Wang Ning and his team.”

Later, Duan Yongping even directly said, “I’m a fan of Wang Ning.”

Last December, in an interview with Wang Shi, Duan Yongping once said: “I highly recognize the capability to turn emotional-value products into something like this. It’s not just some random success, and it can’t be attributed to luck.” At the time, he also said, “I don’t understand Bubble Mart, so I won’t invest in it or buy its stock.”

But this year in March, his attitude toward Bubble Mart took a major turn. On March 30, Duan Yongping changed his stance: “Withdraw the statement that I won’t invest—it's been a long time since I felt this excited.”

On April 2, a netizen asked Duan Yongping on an investment and exchange platform: “Should we dig deeper into whether Bubble Mart would make fake accounts internally?”

On April 3, Duan Yongping replied: “I don’t think they would make fake accounts. Just listen to what Wang Ning said—you’ll probably understand.” $POL

Byte’s “most steadfast” U.S. investor exits the market, turning its Byte investment into a 15,000x profit
In the history of global venture capital, most “rags-to-riches” legends are difficult to replicate—but this 15,000x return on an investment in ByteDance still remains unsurpassed.

Recently, the foreign media outlet The Information confirmed a major industry development: ByteDance’s earliest and most core angel investor, SIG Haina International of the United States, has officially and comprehensively withdrawn from China’s VC market. This long-established overseas firm, which has focused on China for two decades and backed hundreds of high-quality projects, has completely shut down its domestic venture capital business and bid farewell to the Chinese market.

What’s especially dramatic is that SIG chose to leave while holding the most outrageous wealth-making legend in China’s venture capital history—back in 2012, SIG invested only $6 million to bet on ByteDance in its early stage. At its peak, its paper gains surpassed $90 billion (9,000億美元), and the investment return reached as high as 15,000x.

In 2012, ByteDance’s Series A valuation was merely $9 million—an obscure project that the entire industry looked down on. No one expected that thirteen years later it would grow into a global mega-giant with a valuation of $600 billion.

Over those thirteen years, ByteDance’s valuation surged step by step, creating a venture capital miracle that the world has yet to replicate:
In 2014, the valuation was $500 million; in 2016 it rose to $11 billion; in 2018 it reached $75 billion; in 2020 it broke the $100 billion mark; and by the end of 2025 it strongly surpassed $600 billion.

At its peak, SIG held about 15% of ByteDance’s shares, with a paper market value exceeding $90 billion. Turning $6 million into a 15,000x fortune—these explosive figures have topped the global VC history charts, with no precedent and few if any to follow.

This “supreme” investment directly propelled SIG’s core circle to new heights, maximizing the wealth-creation effect. Arthur Dantchik, a co-founder of the fund, saw his fortune surge by $6.5 billion, while Jeff Yass, the key figure, saw his fortune exceed $59 billion thanks to indirect shareholding, placing him at the top as the richest person in Pennsylvania, USA.

Arthur Dantchik, the co-founder, saw his fortune surge by $6.5 billion; Jeff Yass, the key figure, saw his fortune exceed $59 billion through indirect shareholding, directly taking the No. 1 spot as the richest person in Pennsylvania.

It’s not just ByteDance—SIG’s investment instincts have been extremely sharp. In the early years, SIG backed the overseas short-video platform Musical.ly. Later, ByteDance acquired it for $1 billion outright. Building on that foundation, SIG helped incubate TikTok, allowing SIG to reap another massive wave of benefits—precisely catching the global short-video boom.
$BNB

I think the analysis is excellent!
Ansem: The infrastructure and market sentiment already meet the conditions—this crypto cycle may bring the largest-scale retail participation yet

On July 20, crypto KOL Anse posted that although the current market is still in a pullback phase, this cycle has multiple conditions that can drive large-scale retail participation.

Ansem noted that Solana is down about 75% from its historical highs, and Bitcoin is down about 50% from its highs, but the industry’s underlying infrastructure and user experience have improved significantly compared with the previous cycle. This includes more mature mobile trading experiences, more convenient cross-chain functionality, and lowering the barrier for new users to enter.

He said that in this cycle, more high-quality developers are building projects by combining tokens with equity, while institutional interest in RWA (real-world assets), the regulatory framework related to the “Clarity Act,” and crypto initiatives from traditional tech companies like Stripe and Robinhood continues to rise.

Ansem believes that the explosive growth of AI stocks over the past few years, as well as cases in the crypto market where Meme coins created a wealth effect, are increasing the market’s focus on short-term trading opportunities. Some Meme coins previously rose from zero to market capitalizations of tens of billions of dollars, while current popular Meme projects are still in a relatively early stage with lower circulating valuations.

He said that with the development of perpetual futures contracts, institutional-grade trading products, and a trading ecosystem for Meme coins and small-cap tokens, this cycle may attract both institutional investors and high-risk retail participants at the same time.

Ansem said that if the team can successfully advance its mobile app rollout, it will further attract new users who previously hadn’t entered the crypto market due to operational complexity, helping this cycle become one of the largest retail-participation cycles. $ETH

CZ’s remarks place Bitcoin within a parallel macro narrative alongside AI, with the core message emphasizing the non-dilutability of assets in an inflationary environment. This continues the path he has taken since his debate with Peter Schiff at the end of last year, continuously defending Bitcoin’s position as a “digital store of value,” aiming to respond to the view in the market that the two are merely simple substitutes.

On July 20, Binance founder CZ recently posted on a social platform saying that artificial intelligence (AI) and Bitcoin (BTC) serve different functions: AI boosts productivity, while Bitcoin is used to combat inflation and protect wealth.

CZ said, “AI is great, but it can’t protect you from inflation—Bitcoin can.” He believes the market often treats AI and Bitcoin as two of the hottest investment themes, but in essence they are not the same. AI is a technology that improves enterprise efficiency and economic productivity, while Bitcoin is a digital asset with a fixed supply.

He pointed out that the AI industry is developing rapidly; global companies continue investing billions of dollars in AI software, data centers, chips, and other infrastructure, driving transformation across sectors such as healthcare, finance, and manufacturing. However, AI companies can issue more shares and expand through financing; the investment value still depends on company operating performance and market competition.

By contrast, Bitcoin’s total supply is fixed at 21 million coins, and holders own a non-dilutable scarce asset. CZ believes this feature gives Bitcoin long-term store-of-value characteristics, providing protection when fiat purchasing power declines due to inflation.

CZ has also previously said that the AI boom may attract some capital that would otherwise flow into the Bitcoin market. As AI companies such as OpenAI and Anthropic receive more capital attention, some investors may sell other asset allocations to invest in AI-related opportunities.

However, CZ believes AI and Bitcoin are not competing products; they should be viewed as complementary assets: AI drives technological progress and improves production efficiency, while Bitcoin offers a value-storage method not affected by supply expansion. $BNB

The current fragmentation within the Bitcoin whale cohort is a clear signal that chips are rapidly transferring between key holder tiers. Since 2025, the sustained accumulation by large whales (typically referring to those holding more than 1,000 BTC) has formed a trend, aligning with early 2026’s shift to net accumulation by long-term holders and whale actions such as withdrawing BTC from exchanges. Meanwhile, the behavior of the mid-sized group holding 100 to 1,000 BTC has historically often coincided with short-term market turning points.

Within 60 days, mid-sized wallets net sold about 77,800 BTC. Analysts describe the scale and speed of this activity as “one of the most aggressive selling periods.” This group net bought more than 92,000 BTC on April 25 this year; afterward, the market experienced a nearly 29% pullback about 10 days later. Their large-scale reverse move now may indicate that the market is undergoing a sharp rotation of supply, with liquidity shifting from short-term speculators to more patient long-term capital.
On July 20, crypto analyst Amr Taha noted that recent developments among Bitcoin holders have shown clear divergence: large whales continue to accumulate, while mid-sized wallets are selling at an increasingly faster pace.
Specifically, over the past 60 days, wallets holding 1,000 to 10,000 BTC have seen net accumulation of about 66,700 BTC—nearly matching the level of 68,000 BTC set on June 16. By contrast, wallets holding 100 to 1,000 BTC have net sold about 77,800 BTC, which is one of the most aggressive selling periods in the current data.
Historical data shows that the behavior of wallets holding 100 to 1,000 BTC aligns with major short-term market turning points. On April 25, this cohort’s net accumulation exceeded 92,000 BTC. About 10 days later, Bitcoin entered a short-term correction, ultimately falling by roughly -29%.
Amr Taha believes that continued accumulation by large holders will reduce the supply available immediately—especially during periods when smaller cohorts actively distribute Bitcoin. While it’s impossible to determine future price direction based on cohort data alone, the current shift in supply toward large wallets may signal a positive outlook for Bitcoin in the medium term. $BTC

It’s so annoying—when you see this, trading coins doesn’t feel appealing anymore.

A DeepSeek intern’s salary is 5,500 yuan per day; to have your pay inverted, you’ll first need to pass the gate of the senior employees.

Rumor has it that DeepSeek offered a pre-tax daily wage of 5,500 yuan to a Tsinghua Yaoban intern. Based on 22 workdays per month, the monthly salary exceeds 120,000 yuan. DeepSeek has not yet publicly confirmed this. Publicly posted intern daily wages are typically 500 to 1,000 yuan. $AI $SOL

Binance Wallet’s Meme Rush feature is rapidly expanding from launchpads for aggregated native chains like BSC and Solana into a new layer of emerging capital. The newly included Virtuals Protocol, Flap, and Bankr are all located on the Robinhood Chain. As an L2 under Robinhood built on Arbitrum Orbit, the chain has been live on the mainnet for less than three weeks. This is not simply an add-on of features—it represents Binance’s first direct integration with an ecosystem on a traditional brokerage chain.

The key move lies in choosing the target audience. The Flap protocol was already integrated into the Binance Wallet half a year ago; this time, it was included alongside the overall onboarding of the Robinhood Chain. Virtuals Protocol, meanwhile, serves as an early AI-themed concept meme launchpad in the Base ecosystem. Its cross-chain deployment to the Robinhood Chain and swift acquisition of a Binance entry point indicate that capital is trying to replicate the “Base model” on brokerage-chain rails—attracting liquidity through meme trading and then routing it toward mainstream narratives such as RWA.

The Robinhood Chain mainnet went live on July 1. Its first breakout meme coin appeared on July 8, and the Binance Wallet integration announcement was released on July 18. In fewer than 20 days—from the chain’s launch and the emergence of wealth-creation effects to being captured on the front end of the largest trading platform—the pace far exceeds integration cycles of any new chain in the past. Behind this is Binance’s sharp sensitivity to changes in retail traffic entry points. With Robinhood serving as a channel for traditional stock investors to enter crypto, the early on-chain opportunities on its chain have become a battle that cannot be missed.
Binance Wallet Meme Rush adds Robinhood Chain launchpad selection options such as Virtuals Protocol, Flap, and Bankr
BlockBeats report: On July 19, according to official announcements, Binance Wallet Meme Rush added launchpad selection options on the Robinhood Chain, including Virtuals Protocol, Flap, and Bankr, to help users discover more on-chain token opportunities.
Users can use Meme Rush to follow tokens on BSC, Solana, ETH, Base, and the Robinhood Chain at the same time—one single feed to keep track of multi-chain hotspots.$MEME

Brothers, buckle up and hang tight—Bitcoin options implied volatility has fallen to a near-freeze. After three times like this so far this year, a sharp crash has always followed! BTC could be set for another halving-style drawdown and plunge!

On July 20, crypto analyst Murphy noted that Bitcoin options implied volatility (IV) is currently extremely low: 1-week IV at 33% and 1-month IV at 34%, both below the 40% historical range, suggesting the market may be facing “a major volatility move.”

Murphy统计 that in the past year, there have been two similar instances. After 15 days when 1-month IV fell below 40% at the start of January, BTC dropped from $97,000 to $62,000; after 14 days when late April’s IV fell below 40%, BTC slid from $82,000 to $60,000; and after June 15, BTC fell from $66,000 to $58,000.

Murphy said that low IV is driven by market consensus aligning, volatility-arbitrage capital accumulating, and the market makers’ short-gamma mechanism—all of which amplify the impact of events beyond expectations. He warned derivatives traders to prepare accordingly.

Bitcoin options implied volatility has again broken below the key 40% level—this is the third time this year. After the first two low-volatility periods, there were selloffs with a rapid drop of more than 30%. Continued compression in volatility is due to the market’s near-term directional consensus converging, along with market makers accumulating short-gamma positions in a low-vol environment. Together, these factors form a high-leverage, fragile balance.

When low volatility shows up this time, the Bitcoin price has already pulled back significantly from its all-time high. The market structure itself is already fragile. Low IV isn’t simply a calm market—it effectively hands pricing power over to any “above-expectations” shock in either direction. Unlike the mid-2025 environment of subdued IV caused by narrow-range consolidation and selling call-option strategies, the current setup is closer to the “fragile zone” Glassnode warned about in late 2025—where unrealized losses and weak demand coexist. The options market is quietly pricing in a violent liquidation event, regardless of whether it’s pushed by bulls or bears. $BTC

Binance has stopped supporting the MOVR and GLMR mainnets—an inevitable result of Moonbeam’s ecosystem migration to Base. Previously, on July 4, Moonbeam announced that it would fully migrate to the Base network and transition into an AI Agent communication and settlement network, with the cross-chain token transfer deadline set for July 31. Binance’s move is intended to align with the project’s network migration plan, ensuring a seamless service switch to the Base network rather than shutting down the project itself.

Although Binance has previously paused deposits and withdrawals for certain networks multiple times due to network upgrades or ecosystem adjustments, this action is directly tied to a major strategic pivot: a Polkadot parachain abandoning its native mainnet and fully shifting to another Layer 2 network. This is not merely an infrastructure switch—it also signals that, under the narratives of AI and on-chain economies, some original multi-chain ecosystem projects are accelerating their move toward the “superchain” camp, backed by stronger capital and broader developer consensus.
On July 20, according to an official announcement, Binance will stop supporting the Moonriver (MOVR) and Moonbeam (GLMR) mainnets, and will enable the above tokens to be deposited and withdrawn via the Base network. $GLMR

The core controversy of BIP-110 is far more than the data size limit. It lowers the miner support threshold for protocol upgrades from 95% down to 55%—a move that directly challenges Bitcoin’s conservative governance paradigm of the past decade. It aims to reduce the consensus cost for contentious operations such as “clearing inscriptions.”

Although the proposal claims to protect Bitcoin’s monetary attributes, critics such as Michael Saylor point to its deeper risks: it could set a precedent for on-chain censorship based on subjective value judgments, and it may hinder the development of Layer 2 solutions that rely on complex scripting. More importantly, the proposal bundles two major changes—“data limits” and “lowering the threshold”—making it less like a straightforward technical optimization and more like a sudden seizure of governance power.

Even though node support reached 2.38% in January, miner support has remained close to zero, and the UASF deadline at the beginning of August proved effectively meaningless. The real signal is that upgrade proposals driven by grassroots developers—such as BIP-119 and BIP-348—have been recently active, showing that the non-core developer community is trying to redefine Bitcoin’s evolution rules. BIP-110 may fail, but the radical governance experiment it represents will not end there. $BTC

Hong Kong really about to issue a stablecoin?!
Anchorpoint Finance is about to announce the launch of the Hong Kong dollar stablecoin “HKDAP”
On July 20, according to the Sing Tao Daily, the issuance of stablecoins in Hong Kong is set to begin. Anchorpoint Fintech, led by Standard Chartered Bank (Hong Kong), is one of the institutions that obtained Hong Kong Monetary Authority’s first approval of two stablecoin issuer licenses in April this year. Standard Chartered and Anchorpoint Fintech are expected to issue a joint announcement by the end of this month—within the next two weeks at the latest—announcing the launch of the Hong Kong dollar–pegged stablecoin “HKDAP”.

Earlier reports said that in April this year, the Hong Kong Monetary Authority announced that it had granted Anchorpoint Fintech and HSBC Bank the first batch of stablecoin issuer licenses. $AAPL.US