Author: 行政

ARK Invest research associate Lorenzo Valente said crypto is entering its biggest consolidation phase yet, putting Hyperliquid and Pump.fun at roughly 67% of application revenue and nearly 80% once Ethena is added. A review of DefiLlama data puts the three at 18.1% of application revenue over 30 days and 19.3% over a year, counting every protocol outside the stablecoin-issuer and chain categories. Ethena earned US$41,047 (AU$59,108) in the past 30 days, against a peak month of US$123.69 million (AU$178.11 million) in February 2024. ARK Invest research associate Lorenzo Valente said crypto is entering its biggest consolidation phase yet, writing on…

Tokenised traditional assets listed on major crypto exchanges have expanded almost fivefold since January 2025 as exchanges diversify beyond digital assets. Investor demand has shifted from precious metals towards US stock perpetual futures, making equity-linked products the market’s leading segment. Competitive pressure from decentralised exchanges and traditional brokerages is encouraging crypto platforms to broaden their product offerings. Crypto exchanges are increasingly adding tokenised traditional financial assets as competition from decentralised platforms and established brokerages reshapes the industry, according to new research. The report showed the combined market capitalisation of tokenised traditional assets listed across six leading cryptocurrency exchanges increased from…

Bitcoin entered today (July 29) with three demand channels losing momentum near $64,000. Four consecutive US spot Bitcoin ETF sessions saw a combined $526.5 million in net outflows, while Glassnode reported weaker perpetual futures buying and stagnant broader on-chain capital inflows.Bitcoin traded near $64,200, leaving $64,000 as an immediate market test rather than a guaranteed floor.Farside Investors data shows ETF outflows of $225.1 million on July 23, $240.1 million on July 24, $11.6 million on July 27, and $49.7 million on July 28. As of about 08:50 UTC on Wednesday, July 28 was the latest session listed.Those outflows show weakness…

Raphael Zagury, the newly appointed CEO of Bitcoin-focused public company Twenty One Capital, says the premium-funded model behind Bitcoin treasury firms cannot provide easy returns forever. His answer is to build cash-generating businesses around the company’s BTC balance sheet.In a July 22 fireside chat furnished to the SEC, Zagury described issuing shares above the net asset value of a company’s Bitcoin holdings and using the proceeds to buy more BTC as a temporary market dislocation. As more companies copy the strategy, he said, their market-value premiums should converge toward 1x.“There’s no free money forever,” Zagury said. The premium could return,…

Hidden trading rules often matter more than profit splits. Compare drawdown and payout rules before buying a challenge. Rulebook transparency helps traders avoid costly surprises. HONG KONG, July 29, 2026 — Velotrade today released its 2026 Prop Firm Transparency Report, a comparative review of the published rulebooks of six proprietary trading firms, Topstep, FTMO, FundingPips, Blue Guardian, HyroTrader and Velotrade. The report examines the terms that determine whether a funded trader is ultimately paid, and concludes that most funded accounts are closed not because of poor trading, but because of rules set out in evaluation guides and help-center pages. According…

Investors who put $1,000 into a GS Finance note linked to Strategy’s MSTR shares are on track to get about $217 back at its July 29 maturity.MSTR’s July 24 close pushes the note deep into the downside formula in Goldman’s filing, pointing to a loss of roughly $783, or 78.3%, of the principal. Goldman Sachs & Co. LLC still controls the final calculation and can postpone the date or adjust the terms.GS Finance issued the note, with The Goldman Sachs Group, Inc. backing the payout. Strategy’s share price decides what investors receive, but payment responsibility rests with GS Finance and…

The market values Hyperscale Data’s common equity below its disclosed Bitcoin holdings. Whether that gap belongs to common shareholders is a much harder question.The company said Tuesday that its wholly owned Sentinum and Ault Capital Group subsidiaries held 1,106.0467 Bitcoin as of July 27. It valued the combined position at about $71.7 million using a Bitcoin closing price of $64,784.A MarketWatch quote backed by FactSet placed Hyperscale Data’s market capitalization near $56.4 million after the July 28 close. The adjacent-day figures leave the disclosed gross Bitcoin value roughly $15 million above the equity value, even before assigning anything to the…

Core Scientific, a longtime Bitcoin miner now converting sites for AI computing, reported a negative 56% self-mining gross margin in the second quarter as its colocation business generated sharply higher profit.The company’s Q2 results show self-mining generated $21.5 million of revenue against $33.7 million of cost of revenue. That left a $12.2 million segment gross loss for the three months ended June 30.High-density colocation, which provides powered data-center capacity for AI customers, moved in the opposite direction. The segment produced $136.7 million of revenue and $80.0 million of gross profit at a 59% margin. That gross profit exceeded Core Scientific’s…

Morgan Stanley’s new Ethereum and Solana exchange-traded products generated roughly $38 million in combined trading volume on their first day, giving the Wall Street firm an immediate presence in two crypto fund markets dominated by earlier entrants.The Morgan Stanley Ethereum Trust (MSSE) recorded 933,715 shares traded Tuesday and attracted $5.15 million of net inflows. The Morgan Stanley Solana Trust (MSOL) traded 951,216 shares, producing roughly $19 million of turnover but no net creations. Each product began trading on NYSE Arca at around $20 per share.Data from SoSoValue shows that the MSSE’s inflows represented more than a third of the roughly…

Strive, the Bitcoin treasury company, reached 20,000 BTC last week, but the amount it held per effective common share moved in the opposite direction.The per-share measure matters because a growing Bitcoin balance does not automatically improve the ratio for shareholders when the common-share count is also rising.Strive bought 79 BTC from July 20 through July 24 at an average price of about $65,723 per coin, including fees and expenses, according to a July 27 SEC filing. The purchase lifted its holdings from 19,921 BTC to 20,000 BTC.During the same week, Strive’s Effective Common Shares Outstanding rose by 430,000, from 83,669,973…