唐华斑竹

The market again plays with people. Bitcoin is up another 64,000. Strategy’s announcement that it will sell coins looks like a seemingly certain bearish catalyst. Many people want to take the chance to make a quick profit shorting it—but instead, BTC didn’t drop; it rose, bursting upward and liquidating a batch of overconfident people.
However, the bulls can’t be too happy either. Looking at how BTC is pushing higher with such choppy, difficult progress, it probably won’t be able to hold out for long. It’s likely that one day in the dead of night, it will be crushed by a single rate-hike news headline, then reverse and plunge violently.
What’s most heart-wrenching is the major mainstream altcoins. They’ve already been weakened to the point of near-collapse. Even with the Bitcoin rebound, they don’t really follow suit—it's as if they’re just waiting for BTC to finally exhaust itself and crash again, so they can tumble along. Sigh. $SOL $ETH $ZEC

Dave Portnoy’s “zero-and-hold” declaration marks a shift in his identity from a high-profile trader to a passive holder. The Barstool founder is known for frequently taking part in—and sometimes even spearheading—meme-coin projects such as GREED and JAILSTOOL, along with controversial “dumping” behavior. His market moves are often viewed as short-term traffic arbitrage. Recently, he has been deeply entangled in celebrity-token projects like LIBRA, where losses and gains intertwine, highlighting the high-risk leverage nature of celebrity-driven effects in the crypto market.
The abnormal part of his current stance is that he admits he bought Bitcoin at a high of around $100,000 and is already down by several million dollars, yet chooses to abandon his previous short-term style and instead adopt an extreme passive strategy—“sink with the ship.” This is not really a statement of faith in Bitcoin; it’s more like a public surrender of his poor market-timing ability. From an “active harvester” of meme coins to a passive “bag-holder” of Bitcoin, Portnoy’s case reflects a typical trajectory where crypto celebrities fall from being trend-chasers into trend-prisoners.
On July 5, Barstool Sports founder Dave Portnoy recently said on Fox Business Network’s “Varney & Co.” that even if Bitcoin were to fall to zero, he would not sell his holdings. He told host Stuart Varney, “I’m going to keep holding all the way—if it drops to zero, I still won’t sell,” adding that he would rather “sink with the ship” than repeat the earlier pattern of selling and then watching it surge.
Portnoy also acknowledged that he bought Bitcoin at a high near $100,000 and is currently down by several million dollars. He admitted that with Bitcoin, he “couldn’t have been more wrong”—every time he sold, the price surged; every time he bought, the price fell.
Notably, Portnoy previously racked up many bad records in the MEME coin space. In February 2025, he launched the GREED token on Pump.fun; after buying 35.79% of the supply, he liquidated all at once. The token then crashed 99%, yet he still profited about $258,000. After being criticized, he followed up with GREED2 and JAILSTOOL, and during a livestream he said he “had indeed thought about a rug pull, and I might still be thinking about it.” In addition, he has been tied to the collapse of the LIBRA token backed by Argentine President Milei (buying $4.5 million and later recovering $5 million in compensation), as well as an early SafeMoon lawsuit (settling for $20,000).$BTC

When Waller first chaired an FOMC meeting in June, he established a new style of “less guidance” by signaling policy-path reductions in the statement and choosing not to submit dot plots. This created a vacuum in the market’s understanding of the Fed’s internal decision-making process.
Therefore, the upcoming release of the June meeting minutes has been abnormally magnified in importance. It is no longer a routine record, but the only window through which people can observe the internal debates under Waller and the real disagreements behind them. As questions about reduced information shift, they are turning into heightened pressure for over-interpretation of the minute details within the minutes.
Waller’s reform intent is to reduce “noisy clamor,” but the outcome may be the opposite—less official guidance may force the market to dissect every internal document more meticulously and anxiously, potentially amplifying the noise and volatility in how policy signals transmit.
On July 5, George Gonzalves, U.S. macro strategist for Mitsubishi UFJ Securities Americas, said that Waller’s concise style has made the June meeting minutes carry more weight than usual, offering valuable insight for observing the differing stances among Fed officials. “The minutes will become more important because so far, we don’t know what the Fed is thinking,” Gonzalves said. “Seeing how they debate and what they focus on will be enlightening.”
He added that some investors have questioned Waller’s “hands-off” approach, and many want greater transparency to be restored. Many market participants are not accustomed to reduced information, and there remains a considerable degree of skepticism about how long the Fed can sustain this. For now, we can only try to interpret what’s between the lines.$SOL

Pop Mart is falling apart. Recently, Duan Yongping, who has been loudly calling for buying the dip and has been copying Pop Mart in a high-profile manner, has been questioned by many people. But now there is another claim: that Duan Yongping earns about 200 million (RMB) in premium income every month by selling calls and puts on Pop Mart options. Over a year, that would be about 2.4 billion.
It’s also said that this is basically risk-free, but ordinary retail investors can’t replicate it. (To fulfill 40 million shares of options in a single month would require tens of billions of Hong Kong dollars in margin.)
I don’t know whether this claim has any basis. Can someone who understands it come out and explain— is it true? $SOL

The real estate industry is just that magical. Wang Zhenhua, the chairman of Xincheng Holdings, was reportedly set up back in the day. He was imprisoned in 2019 for molesting a young girl, and was released upon the completion of his sentence in 2024—successfully missing the frenzied debt-fueled boom period. When fortune turns out badly, how do we know it isn’t a blessing? Back then, when the old man went in, banks suddenly called in loans, forcing his son to shrink the scale. But with solid capabilities, he did a great job with the Joy City Plaza; as the company’s finances became increasingly stable, it effectively meant stepping out of a major pit in advance. The result: he was jailed for 5 years, and upon his return, he was still in the top tier in terms of how resilient his private real-estate business was. In the same period, among private enterprises in the Fortune 500, Vanke—while saying “survive” in public—actually increased leverage. Now the roles have effectively been reversed. In other words, Wang Zhenhua went in looking disheveled and came out with a bright smile, while Huang Guangyu complained and grumbled yet still hit a like. $SOL

Zhang Jindong’s $5.2 billion acquisition of Carrefour only sold for $2 million
When fate aligns, all forces act in concert; when fate turns, heroes are powerless.
Once the tycoon who ruled the business world, Zhang Jindong has now entered a “darkest hour.” Just as his personal assets were recently “cleared out,” Suning has also released an announcement: it will sell its Carrefour China business for a price of 2 million to a company registered in Hong Kong.
To be clear, when Zhang Jindong acquired Carrefour in 2019, he paid 5.2 billion—meaning Suning lost 4.998 billion. Add to that the operating losses from 2019 to 2025, and the total expected loss is nearly one hundred billion.
Zhang Jindong is an entrepreneur who refuses to sit still. When the internet wave rose, he actively sought change: he partnered with Alibaba, launched Suning’s e-commerce platform, and opened as many as 5,000 Suning small stores in one go. When the outside world questioned whether Suning’s losses from doing so were too great, Zhang Jindong responded boldly: “Putting money into Suning’s small stores isn’t 1 billion or 2 billion—it’s 10 billion or 20 billion!”
Buying sports teams, getting into esports, acquiring Carrefour, Dragon Ball streaming, Wanjia Department Stores, Redbaby, and daily express delivery...... Suning chased almost every bandwagon, but in the end, none of them made money. Now the massive enterprise has been fractured and sold off—some items sold, others lost.
Did Zhang Jindong get it wrong? Based on the context at the time, he recognized the coming crisis earlier than most traditional offline giants, and he also demonstrated shocking transformation drive. But Suning’s tragedy lies precisely in trying to use the chain-supremacy thinking of one era to forcefully attack the fortress of the internet’s second half.
A group of retail backbones used to making money from entry fees, differences in payment terms, and prime offline locations can hardly rebuild their minds overnight to truly understand the internet logic of high-frequency traffic and refined user operations.
This kind of silent collapse is, in truth, more despairing than simply “going off course.”
Sometimes, an enterprise—or a person—from the peak to being mercilessly discarded by the times isn’t because they made some great mistake, nor because they didn’t work hard or didn’t innovate. It’s just that they’re too old.
If you’re old, you should step down and let the young take over. Don’t have the mindset of parents—thinking young people are frivolous and impatient and can’t get things done. In today’s hottest AI industry, most of the backbone are post-90s and post-00s.
To remove “taste for status,” trust young people—only then can an enterprise and a society stay full of vitality and keep moving forward.$BNB

What is meant by cultural differences?
It’s like you hate the number 200-and-five,
but Americans don’t hate it!
You don’t like 4,
but Americans don’t like 13.
You like the color red,
because red—red-hot and prosperous,
plus, when the stock market goes up, it’s also marked in red!
And Americans like green—
even their money is green.
You like to treat guests,
but Americans prefer splitting the bill (AA).
You cover yourself head-to-toe with a sun umbrella and sun hat,
while Americans like to lie on the beach and soak up the sunshine.
Yes,
just like the title of that song:
We’re not the same! $BB

JustLend DAO’s collaboration with the Binance Wallet is here—only the last two days remain in the countdown. At 8:00 AM on July 6 (Singapore time), the TRON DeFi Summer officially goes into mining.
JustLend DAO’s TVL has long stayed in the global top five for DeFi lending protocols. In Q1 2026, it reached $6.91 billion, with over 482,000 active users. Binance Wallet needs no introduction—it’s a top-tier Web3 wallet and a major traffic gateway. With these two joining forces, it’s essentially a direct connection between TRON DeFi liquidity and Binance Wallet’s user pool. Massive liquidity plus an outstanding experience—once TRON DeFi Summer fires this first shot, the whole room will surely light up.
A total prize pool of $4.5 million, plus exclusive Boost APR收益 boosts. When base earnings stack on top of this prize pool and the rate-boost, the returns hit their peak. Users only need to hold any one of these four assets in Binance Wallet—TRX, USDD, SUN, or JST—or enter the JustLend DAO ecosystem pool via the Binance Wallet DeFi section to subscribe, and they can directly share in the distribution. The entry requirements aren’t high, but the prize pool is truly huge.
The launch countdown is down to just two days. Mining begins on July 6 at 08:00 (SGT) sharp. For the core assets—TRX, JST, SUN, and USDD—make sure you transfer them into your Binance Wallet in advance and get them ready. The early-mover benefits are always the biggest. If your “bullet” isn’t loaded, the first-second earnings won’t have anything to do with you.
In this round of JustLend DAO and Binance Wallet’s partnership, the narrative is backed by the broader macro context of the TRON DeFi Summer. On the earnings side, it’s underpinned by a $4.5 million prize pool and Boost APR. On the execution side, it’s supported by Binance Wallet’s strong entry advantages. With these three factors combined, the wealth code for this summer really is on TRON. Two days left in the countdown—get your assets ready, and see you at 8:00 AM on July 6.

@justinsuntron @TRON DAO #TRONEcoStar $TRX

In 2016, the blockchain industry was rocked by a high-profile security scandal that captured the attention of the entire internet: an attacker spent less than $1 on transaction fees, and with a single line of code written in reverse order, they siphoned off $60 million worth of digital assets from the on-chain contract of the leading project The DAO. There was no brute-force cracking, no illegal intrusion—everything was carried out purely by exploiting a logic flaw inherent in the code itself.
The principle behind this bug was shockingly simple. In a normal withdrawal flow, the contract should first zero out the user’s balance and then execute the transfer. But that year, the contract code was written in the wrong order—sending the funds first, and clearing the balance afterward. The attacker then repeatedly initiated withdrawals inside the callback mechanism triggered by the transfer, taking advantage of the fact that the system hadn’t updated the balance state yet. One withdrawal after another was executed in a recursive loop until the contract’s entire reserves were drained. And the fix required only swapping the order of two lines of code.
The DAO was far from an unknown project. It was the most closely watched benchmark initiative in the Ethereum ecosystem at the time, with a crowdfunding scale of $150 million. The code had undergone multiple rounds of community review and was checked by professional security teams—yet somehow, no one caught this most basic logic mistake.
The incident ultimately forced the Ethereum community to initiate a hard fork, forcibly rolling back the transactions to recover the stolen assets, and it also directly split off the branch chain Ethereum Classic. The industry’s long-standing belief that “code is law” was dealt a harsh reality check for the first time. The debate over whether exploiting a vulnerability is a reasonable operation or theft is still being discussed and continues to simmer to this day.
What’s even more ironic is that more than a decade later, these kinds of basic vulnerabilities have not disappeared at all—they keep resurfacing, disguising themselves as something new. In 2021, the well-known lending protocol CREAM Finance was hit with the same technique, with $130 million stolen. Because the call paths were deeply nested and the logic was obscured and complex, even after a full professional audit, the risk still wasn’t detected.
Beyond that, zero-principal flash loan manipulation attacks, low-level mistakes like writing the wrong function permissions, and even a major cross-chain bridge case where losses of $625 million were caused by nothing more than a phishing email—all have played out in the industry time and again. Many projects, trying to meet launch deadlines and reduce development costs, repeatedly compromise on security. Every moment of shortcutting eventually turns into irrecoverable losses on a staggering price tag. $ETH

Michael Saylor: BTC evolution driven by dynamic consensus among nodes, miners, and holders
Michael Saylor said in a post on the X platform that the future evolution of Bitcoin is jointly determined by dynamic consensus among nodes, miners, and holders, with each party’s influence reflected through different "weights." Nodes demonstrate influence through their ability to validate transactions, miners ensure network security through computing power, and holders shape the network’s direction through economic power. Only when alignment is reached among the three—verification mechanisms, security, and capital—will protocol changes ultimately be approved and take effect.$NVDAB

Megalodon Whales Accumulate, Institutions Exit: Two-Week Inflow of 270,000 BTC Reveals Potential Cycle Bottom Characteristics
Against the backdrop of ongoing outflows of institutional capital in the United States, Bitcoin mega-whales have accumulated more than 270,000 BTC over the past two weeks (about $16.7 billion), showing a clear divergence from the record outflows from US spot Bitcoin ETFs.
Analysts point out that this period of divergence carries recognizable historical cycle traits: while institutional funds withdraw, long-term holders and whale accounts continue to accumulate, resembling the capital redistribution structures commonly seen in prior cycle bottom regions. On-chain data shows that although the spot premium remains negative—indicating that in-market buying pressure is not strong—large wallets continue to add to their Bitcoin holdings. The market is currently in a structural phase of “institutional deleveraging and long-term capital accumulation.” (CoinDesk) $NSC.US

There’s a misunderstanding, a misunderstanding—let’s disperse.
Meta’s Chief AI Officer responds to market misconceptions: Zuckerberg’s AI agent development slowdown remark was not specifically referring to Meta
In response to reports that Meta CEO Mark Zuckerberg told employees in an internal meeting that, over the past four months, the development of AI agents had not “accelerated at the speed we expected,” Meta’s Chief AI Officer Alexander Wang posted to clarify. Wang said that Zuckerberg was referring to the industry’s overall progress in intelligent agent capabilities, rather than Meta itself. He also revealed that Meta will be rolling out a new round of Muse Spark updates, which will significantly enhance the model’s programming abilities and intelligent agent capabilities. This will make it more competitive by benchmarking against leading models in the industry, and it will be gradually deployed to Meta AI and a brand-new API platform. $METAB

See who still dares to talk back to the president
U.S. Treasury Secretary: There’s no problem with the president’s nearly $1.4 billion in crypto income
U.S. Treasury Secretary Scott Bessent said in an interview with CBS News that the roughly $1.4 billion income that President Donald Trump allegedly earned through crypto projects is not a problem for the president. Financial disclosures show that since the start of his second term, Trump has earned about $1.4 billion from crypto partnership companies, including the TRUMP meme coin and World Liberty Financial.
Democratic lawmakers in Congress criticized the situation, saying there is a conflict of interest because the current administration is trying to loosen regulation of cryptocurrencies. White House spokesperson Anna Kelly said there is no conflict of interest. In addition, Bessent expressed optimism about the U.S. economic outlook and noted that more than 6 million Trump accounts have been opened—an initiative meant to help minors invest in the stock market in order to improve financial literacy. (cbsnews）$NVDAB

Cryptocurrency payment company Mesh completes a new round of financing, with Binance leading the round
Crypto payment company Mesh announced it has completed a new round of financing, led by Binance. Post-investment valuation reaches up to USD 2 billion. $MESH.US