律动BlockBeats

BlockBeats report: On July 20, according to data from the Kobeissi Letter, the latest auction yield on the U.S. 30-year Treasury rose to 5.06%, the highest level since 2007, pushing long-term U.S. Treasury yields back above 5%. For comparison, the yield on U.S. Treasuries of the same maturity was about 2% at the start of 2022.
The analysis suggests that a rise in long-term yields implies an increase in the risk-free rate, which will raise the discount rate for risk assets and create structural pressure on high-risk assets such as Bitcoin. The current risk-free rate above 5% has increased the allocation threshold for speculative capital, and the expansion of the fiscal deficit has also driven up debt financing costs, which in the short term has sent a risk-avoidance signal to the market.

BlockBeats message: On July 20, Multicoin Capital, as the sole institutional investor, invested $1.75 million in seed-round funding into Trasia Labs, officially entering the Hyperliquid ecosystem. Trasia is a perpetual contracts trading platform natively built on Hyperliquid, mainly targeting the Asian market.
Trasia was co-founded by Mable Jiang, former partner at Multicoin Capital and former Stepn team Chief Revenue Officer, along with Edison Chen, a Web3 practitioner. It launched its first Web version on July 17, supporting both Chinese and English. The mobile app is expected to be released in August, and the invitation-only Asia Points rewards program has already been launched.

BlockBeats report: On July 19, market analyst Noname posted a rebuttal to the current narrative that “the bottom has already been reached,” arguing that it is too early to judge the bottom. He believes that the current range-bound consolidation is essentially indecision: “Indecision at this level usually first breaks downward, and only then moves upward.”
Analyst provided a clear forecast for the second half of 2026: In July, there will be a “false stabilization” and a rebound from the short trap, with choppy action used to shake out weak positions. In August, the real decline begins, with the first test of the $50,000 area. In September, pressure continues and a W-shaped bottom structure starts to form. October is when the true bottom and accumulation zone arrive—at which point the participation strategy will turn aggressive. In November, there are initial signs of recovery, and price begins rebounding from the bottom. In December, there is a possibility of returning to $100,000 for the first time since the bear market began.

BlockBeats message: On July 19, Chinese homegrown storage-chip leader CXMT (Changxin Memory Technologies; the listed entity is Changxin Tech) today announced approximately 7.702 million winning bid numbers. According to Hyperinsight monitoring, on Hyperliquid, the Pre-IPO contract price for CXMT (Changxin Memory; the listed entity is Changxin Tech) has fallen below $7, now at $6.81, down more than 5% over the past 24 hours. This corresponds to a RMB share price of 46.15 yuan. Based on the total number of shares outstanding after the issuance (66.881 billion shares), the implied on-chain market value is about $455.4 billion, equivalent to approximately RMB 3.08 trillion.
Based on this market cap, for retail investors in the online application, after winning the bid, the application cost per 500-share lot is 4,330 yuan. The estimated market value of 500 shares on the first day of trading is 23,075 yuan, implying a profit of about 18,700 yuan per lot.

BlockBeats message. On July 19, the Financial Supervisory Service of South Korea issued an inspection opinion letter to its parent company Dunamu regarding last November’s Upbit hacking incident, officially initiating the sanctions process. Dunamu only disclosed the hacking facts after the merger-related activities with Naver Financial concluded on the same day, sparking controversy over “late reporting.” The company subsequently froze and reclaimed approximately KRW 2.6 billion in assets; the remaining KRW 38.6 billion in user losses were fully compensated by Upbit’s own funds.
South Korea’s current regime (the Virtual Asset User Protection Act) centers on user protection and unfair trading, and lacks direct punitive provisions for hackers and system incidents. Whether this round of sanctions can be escalated to severe penalties remains unclear. The head of the Financial Supervisory Service had previously also admitted that “the enforcement authority is relatively limited, but this is not an issue that can be overlooked easily.” South Korea’s financial regulators plan to add sanction and compensation provisions for hackers and system incidents in the second stage of legislation under the (Basic Act on Digital Assets). After Dunamu completes its explanation procedure, the Financial Supervisory Service will determine the final level of sanctions through votes by the Sanctions Review Committee, the Securities and Futures Commission, and the Financial Committee.

BlockBeats message, July 19: South Korea’s Ministry of Planning and Finance today, together with the Financial Services Commission, the Bank of Korea, the Financial Supervisory Service, and other institutions, officially released the “Korean Won Internationalization Roadmap.” The goal is to transform the won from a managed currency into a “fully convertible currency,” creating a trading environment not constrained by time or location. Key measures include: building an “offshore Korean won payment network” by the Bank of Korea on the basis of the already launched 24-hour operation of the foreign exchange market. After overseas financial institutions register as offshore settlement institutions, foreigners can complete deposits, remittances, and payments without needing to open a Korean account. The advance reporting requirement for won capital transactions between foreign investors will be greatly lifted. Foreign exchange controls will be loosened significantly: the thresholds for reporting won loans and capital transactions by foreigners will be doubled, shifting the framework from prior declaration toward a post-event reporting system. Won accounts will be standardized and simplified to improve convenience of use. In the field of digital finance, the South Korean government will, in accordance with the (Digital Assets Basic Act), develop rules for the issuance and circulation of won stablecoins, promote pilot projects for Korean banking institutions using CBDC and tokenized government bonds, and participate in the Agora project led by the Bank for International Settlements to secure a foothold in the digital international settlement market.