Crypto Morning Brief: SK Hynix's US ADR Listing Oversubscribed, Strategy Reduced Holdings of 3,588 BTC Last Week
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Crypto Morning Brief: SK Hynix's US ADR Listing Oversubscribed, Strategy Reduced Holdings of 3,588 BTC Last Week
Stablecoin trading volume in June reached a record $1.79 trillion.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
TeraWulf Signs 20-Year Lease Agreement with Anthropic, Expected to Generate $19 Billion in Revenue
According to The Block, TeraWulf signed a 20-year lease agreement with AI company Anthropic, expected to generate approximately $19 billion in revenue. Following the announcement, $WULF stock surged 15% in pre-market trading, currently at $24.80, with gains expanding to 17.09%.
MicroStrategy Reduced Holdings by 3,588 BTC Last Week, Total Position Drops to 843,775 BTC
According to official website data, MicroStrategy reduced holdings by 3,588 BTC last week, valued at over $220 million, currently holding 843,775 BTC.
Market News: Microsoft to Lay Off 6,400 Employees, Half from Xbox Gaming Division Restructuring
Market News: Microsoft (MSFT.O) will lay off 6,400 employees, half of whom are from the Xbox gaming division restructuring. The layoffs account for approximately 2.8% of the total workforce. Microsoft will sell five studios including Compulsion and DoubleFine.
Vitalik Proposes "Minimal Consensus Chain" Solution, Aims to Significantly Compress Ethereum PoS State via STARK and ZK Proofs
Vitalik published a research article proposing a "minimal consensus chain" design concept for Ethereum PoS, combining single-slot finality, recursive STARK signature aggregation, and ZK proofs to shift much of the state management responsibility to the validators themselves.
The proposal aims to remove the need for long-term on-chain storage of validator public keys, withdrawal credentials, and most periodic processing logic, retaining only minimal state such as effective balances and deposit tree indices, thereby reducing consensus layer state burden and enabling scaling to millions of validators. The article also proposes submitting balance update proofs daily, validators updating public keys daily to enhance anonymity, and the concept of implementing Single Secret Leader Election (SSLE) within this framework.
Goldman Sachs Raises Price Targets for Multiple Semiconductor and Tech Stocks, SanDisk Target Raised to $2,200
Goldman Sachs: Raised AMD (AMD.O) price target from $450 to $640, raised SanDisk (SNDK.O) price target from $1,200 to $2,200, raised Qualcomm (QCOM.O) price target from $145 to $180.
Russia's Largest Bank Sberbank Plans to Launch Crypto Wallet Within Year, Implementation Pending New Law Effective in September
According to CoinDesk, Russia's largest bank Sberbank announced plans to launch a cryptocurrency wallet and digital custody services this December, to be integrated into its Sberbank Online and SberInvestments platforms. The plan will launch pending the formal effectiveness of Russia's "Digital Currency and Digital Rights" law, with the First Deputy Governor of the Central Bank of Russia stating the law is expected to take effect on September 1. The new law will issue licenses for businesses involving crypto trading, custody, digital fiat currency exchange, and cross-border settlements, with an annual trading limit for non-qualified investors of approximately 300,000 rubles (about $3,800). Additionally, other major financial institutions such as VTB and T-Bank are also advancing digital custody business layouts.
SK Hynix's U.S. ADR Listing Oversubscribed
SK Hynix's U.S. ADR listing was oversubscribed; SK Hynix will stop accepting subscriptions at 4 PM New York time on July 8.
Stablecoin Trading Volume Hits Record $1.79 Trillion in June
According to Cointelegraph, Visa data shows adjusted stablecoin trading volume hit a record $1.79 trillion in June, up 63% from May's $1.1 trillion, surging 125% year-over-year, surpassing the previous high of $1.78 trillion set in February.
USDC accounted for 67% of trading volume with $1.21 trillion, USDT accounted for 32% or approximately $576 billion. In terms of networks, Coinbase's Base led with $565 billion, followed closely by Ethereum with $562 billion. Visa collaborated with Artemis and other institutions to develop new methodologies, filtering out interfering data such as high-frequency trading to more accurately reflect actual stablecoin usage.
Summer.fi Attacked, Losses of Approximately $6 Million in Funds
According to Blockaid monitoring, Summer.fi was attacked, with losses of approximately $6 million in funds.
Today's Market Conditions
Recommended Reading
Willing to Sell Coins Despite $55 Million Loss, MicroStrategy's Faith Hits Interest Payment Date
https://www.techflowpost.com/article/32383
Michael Saylor posted a tweet on X completely contrary to his persona of the past six years: MicroStrategy has sold 3,588 BTC, cashing out approximately $216 million to pay dividends on digital credit securities. As of July 5, the company still holds 843,775 BTC and $2.55 billion in cash reserves.
This transaction occurred between June 29 and July 5, at an average price of $60,197. MicroStrategy's previous average holding cost was $75,651. In other words, this was a cut-loss sale with a loss of over $15,000 per coin and a total realized loss of approximately $55.45 million. Saylor, who said "never sell coins" and "Bitcoin is an exit, not an entry," chose to sell at a loss when the coin price was approaching the cycle low.
To understand this, two questions need to be answered: Why did he have to sell? How long will this coin selling continue?
JPMorgan Research Report Interpretation: Tesla Deliveries Exceed Expectations by 21%, Rating Maintained at Neutral
https://www.techflowpost.com/article/32375
Tesla delivered 4.801 million vehicles in the second quarter, exceeding Bloomberg consensus by 21%. Amid multiple catalysts such as accelerated deliveries, expansion of FSD approved countries, and start of Optimus Gen 3 production, JPMorgan believes the positive feedback loop between automotive and energy storage businesses should drive up the stock price. However, the neutral rating remains unchanged. The truth behind this is: investors' current buying price has already overdrafted profit expectations for 2035 and beyond. JPMorgan raised 2026 and 2027 EPS to $2.15 and $2.20, but the 2030 target EPS of $7.50 implies a compound growth rate of over 50%. Short-term exceeding expectations cannot change this time mismatch.
Forbes Exclusive Interview with Renowned Fund Manager Bill Ackman: 40% Position Bet on Alphabet, Amazon, Meta, Universal Music Group Stock Undervalued
https://www.techflowpost.com/article/32373
Bill Ackman revealed several specific cards in this interview: he has 38% of his position bet on Alphabet, Amazon, and Meta—while the market fears these companies' tens of billions of dollars in capital expenditures, he sees a buying window of declining valuations and accelerating growth. He is transforming Howard Hughes Holdings from a real estate company into a "mini Berkshire," completing the acquisition of insurance company Vantage next month, using float capital to follow Buffett's path from 60 years ago. Regarding Universal Music Group, he gave a specific price judgment: the current stock price of around 17 euros, through his proposal (moving back to NYSE, canceling 17% of shares, restructuring the board, monetizing Spotify holdings), could become 30+ euros. There is also a counter-intuitive judgment: AI causes explosive growth in music, but this makes record companies more important than ever, because breaking through has become harder.
Account Tracking Trump's Stock Trading Suspended by X One Day After Launch, Quietly Unblocked Days Later
https://www.techflowpost.com/article/32371
An X account specifically tracking Trump's public holdings was suspended for unknown reasons less than a day after launch, and resumed operations a few days later, sparking controversy over X's "freedom of speech" standards; meanwhile, the Trump 2025 financial report compiled by the account shows that his crypto income has exceeded $1 billion, and he holds assets highly related to policies such as Nvidia, rare earths, and private prisons, once again pushing the binding of U.S. political and business interests and the transparency of political figures' investments into the spotlight.
Samsung's Profit This Year Expected to Exceed Cumulative Total of Past 40 Years, Q2 May Set Highest Single Quarter in Tech Company History
https://www.techflowpost.com/article/32364
Samsung's upcoming Q2 performance may set the record for the highest single-quarter profit in the history of global tech companies, behind which is the surge in DRAM and NAND prices driven by AI and continued tight memory supply. This not only means memory manufacturers are welcoming the strongest pricing power in a decade but will also become a key barometer for judging whether the AI hardware and semiconductor industry chain trends can continue to play out.
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