Crypto Morning Brief: BitMart Announces Orderly Cessation of Operations, Musk's Net Worth Plummets

Author: TechFlow

YesterdayMarket Updates

BitMart Announces Orderly Cessation of Operations, Trading Services to Stop on August 26

July 26, According to BitMart's announcement, due to an assessment of the company's operational status, market environment, and future development direction, BitMart has decided to orderly cease platform operations and will gradually shut down related services.

BitMart will stop new user registration and digital asset and fiat currency deposit services starting from July 26, 2026, 09:30 (UTC+8), while closing new spot orders. Futures accounts will be adjusted to reduce-only mode, and automated trading functions such as copy trading, grid trading, API, etc., will be gradually stopped.

The platform plans to stop spot, futures, and other trading services on August 26, 2026, at 09:00 (UTC+8). Users need to complete identity verification, close trading positions, and submit withdrawal applications before this time. BitMart expects to officially cease platform operations on January 31, 2027, at 23:59 (UTC+8).

BitMart reminds users to handle withdrawals through official channels and beware of scams involving impostors claiming to be customer service requesting passwords, verification codes, private keys, or demanding payment of 'unlock fees'.

Liang Wenfeng Dissatisfied with Leak of Internal Remarks, DeepSeek Pauses Second Round of Financing

July 25, DeepSeek has paused its second round of financing. Part of the reason for this adjustment is related to founder Liang Wenfeng's dissatisfaction with the leak and online spread of content from an internal exchange lasting about 4 hours.

Jensen Huang Speaks on X for the First Time: Open Models Significant for AI Safety, Innovation Diffusion, and Technological Sovereignty

July 24, NVIDIA CEO Jensen Huang has registered an account on the X platform, and the official NVIDIA account NVIDIA AI has followed this account.

In his first post, Jensen Huang shared an open letter signed by NVIDIA, highlighting the importance of open models. He stated that AI will reshape various industries, empower various enterprises, and will be built jointly by countries around the world. Jensen Huang believes that open models help improve safety and cybersecurity levels, accelerate the process of technological innovation and adoption, and enhance the technological sovereignty of various countries. At the same time, the world needs both cutting-edge closed-source models and cutting-edge open models.

The open letter points out that open-weight models can expand access to the AI economy, enhance market competition, and give users more control. Co-signers include Meta, Microsoft, Andreessen Horowitz, Hugging Face, IBM, Mistral AI, Palantir, Perplexity, Mozilla, Y Combinator, etc.

The letter also mentions that although open-weight models carry certain risks, their development should not be restricted by prohibition, but rather AI safety and cybersecurity capabilities should be enhanced through openness. Jensen Huang emphasized again: "The world needs both cutting-edge closed-source models and cutting-edge open models."

Former BitMart CEO: Did Not Participate in Decision to Cease Platform Operations, Removed from Position on July 24

July 26, Former BitMart Global CEO Nenter Chow stated on the X social platform that he was informed on July 24 that his Global CEO position would be terminated and the departure process would begin immediately, and he has not yet received a confirmed final departure date. Since that date, he has no longer participated in BitMart's management and decision-making, nor has he been consulted on any operational matters.

Nenter Chow stated that the orderly cessation of operations announcement released by BitMart on July 26 was not formulated with his participation, he was not previously informed of the relevant decision, but learned of the news only after the announcement was made public. He reminded users to refer only to BitMart's official channels to handle account-related matters and operate according to the official announcement guidelines as soon as possible.

Previously reported, BitMart Announces Orderly Cessation of Operations, Trading Services to Stop on August 26.

SHIB Market Cap Surges Approximately $1 Billion in Single Day, Korean Exchanges Become Main Source of Buying Pressure

July 26, According to CoinDesk, Shiba Inu (SHIB) once rose 36% to about $0.0000057 on Sunday, single-day market cap increased by about $1 billion to $3.4 billion, but there were no major announcements or project developments in the market. Data shows that the trading volume of the SHIB/KRW pair on Korean exchange Upbit was about $62 million, accounting for over 10% of global volume, and there was a slight premium compared to USD trading markets such as Binance, considered to be the main driving force of this round of rise.

At the same time, Dogecoin (DOGE) rose only about 6% during the same period, other dogecoin-themed tokens mostly rose around 10%, indicating funds mainly concentrated flowing into SHIB. In terms of the derivatives market, during this rise, about 2,300 traders' SHIB and 1000SHIB positions were liquidated, total liquidation amount about $6 million, of which shorts accounted for about $5 million, but analysis believes short covering was more a result of the price rise, not the main driving factor of this market trend.

'The Big Short' Michael Burry Reportedly Increases Short Positions on Micron and NVIDIA

July 26, According to foreign media, 'The Big Short' Michael Burry continues to short Micron, NVIDIA, and other semiconductor companies. Burry stated in a Substack post that he further shorted Micron Technology (MU.O) at the $933.86 price level, and increased short positions in NVIDIA (NVDA.O) at the $210.28 price level. Burry also further shorted Caterpillar (CAT.N) at the price of $893.49, and increased short positions in iShares Semiconductor ETF (SOXX) at the price of $535.83.

Musk's Net Worth Plummets, Jokes He is a 'Former Trillionaire'

July 26, Tesla (TSLA.O) stock price fell nearly 20% this week, closing at $313.03/share, creating the largest single-week drop since 2022; SpaceX (SPCX.O) closed at $115.07/share, the lowest level since the company's IPO last month. Data from the Bloomberg Billionaires Index shows Musk's personal wealth evaporated about $130 billion (about 880 billion RMB) in just five trading days, and just a few weeks ago, he just became the first billionaire in human history to break through a net worth of $1 trillion. Musk himself joked on social platforms that he is a '(Former) Trillionaire'.

Latest Draft of 'CLARITY Act' Proposes White Hat Hacker Reward Mechanism, Encouraging Disclosure of Security Vulnerabilities

July 25, The latest draft of the U.S. Senate's 'CLARITY Act' added white hat hacker incentive clauses, proposing to reward individuals who discover and responsibly disclose cybersecurity vulnerabilities to strengthen digital asset infrastructure security.

Anthropic Launches Opus 5 AI Model, Performance Close to Fable 5, Price Halved

July 25, Anthropic officially released the Opus 5 AI model, officials stated its performance is close to the cutting-edge model Fable 5, but the price is only half of the latter.

Today's Market Trends

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Podcast Notes | Jensen Huang's Latest Interview: Chip Industry Needs to Expand 5 to 10 Times More, Chinese Models Benefit Everyone

https://www.techflowpost.com/article/32794

The CEO of the company with the highest global market cap sits in his newly built Texas factory, addressing almost all hot controversies in the AI industry one by one. Jensen Huang spoke very plainly: Wall Street's panic over Chinese AI models is a misunderstanding, AI doomsday theory is 'nonsense', the chip industry needs to expand 5 to 10 times in the next decade, a bubble is unlikely to appear within five years. He also publicly stated that Anthropic's Mythos model should be open to everyone, OpenAI and Anthropic will be 'the most successful IPOs in human history'. Talking about Trump, he said the president has an excellent memory, able to remember chip models like H20, H200, Blackwell, Rubin, the only thing that worries him is that the government might be misled by 'science fiction narratives' and over-regulate.

BofA Research Report Interpretation: NVIDIA and AMD Face Off, Who Defines the New Standard for Agent CPU?

https://www.techflowpost.com/article/32781

NVIDIA and AMD are engaging in a struggle for the right to define standards around the $170 billion agent CPU market.

Under the wave of Agent AI, server CPU architecture routes are diverging. NVIDIA advocates for faster cores, believing single-core performance determines the system ceiling. AMD focuses on more cores, emphasizing concurrent throughput is the key.

NVIDIA released the Vera CPU architecture last week, equipped with 88 custom ARM cores, 1.2TB/s memory bandwidth, adopting a monolithic compute die design. The logic lies in Agent AI requires repeated interaction between CPU and GPU, each round of loop depends on the previous step completion, therefore single-core performance directly determines overall response speed. AMD will announce its response at Thursday's AI Day, market expects it to focus on the 'more cores' route. Currently EPYC 9965 in a 100kW deployment scenario, rack-level throughput has reached 2.4 times that of Vera.

BofA's judgment on this route dispute is clear: whoever can define the industry's next-generation measurement standard will win.

JPMorgan Research Report Interpretation: Google Cloud Revenue Surges 82%, Recommend Buying on Dips

https://www.techflowpost.com/article/32779

Google's Q2 financial report presents two core main lines: AI commercialization process accelerates realization, while capital expenditure expectations are revised upward again.

Cloud business revenue increased 82% year-over-year, search business increased 17% year-over-year, TPU contributed revenue exceeding $1 billion for the first time in a single quarter. AI driving force has penetrated into Google's various business lines. The company revised its 2026 capital expenditure guidance from the $180 billion to $190 billion range to the $195 billion to $205 billion range, and indicated that 2027 capital expenditure will continue to grow significantly. JPMorgan predicts 2027 capital expenditure will reach $378 billion, an 85% year-over-year increase.

JPMorgan maintains Google's overweight rating, target price $420, corresponding to 25 times P/E ratio of 2028 GAAP EPS $16.66, recommends buying on dips. The institution believes AI investment has entered the return realization period, capital expenditure revision is demand-driven, profit margin pressure is a phased phenomenon. If the market sells off due to concerns about capital expenditure scale, it will constitute a better timing for layout.

Selling Tools or Selling Results? AI Companies Are Moving Towards Two Completely Different Futures

https://www.techflowpost.com/article/32784

This article believes AI companies will differentiate into two routes in the future: 'Augmenters' and 'Automators'. The former sells AI tools to traditional enterprises, improving the efficiency of existing organizations such as lawyers, recruiters, educational institutions, etc.; the latter directly replaces some service providers, turning AI into the service itself. Judging which route an industry is more suitable for, key depends on three factors: liability risk, result verification cost, and human-to-human relationship dependence. Fields with high liability, high verification cost, strong relationship dependence (such as large enterprise legal, education) are more suitable for augmentation mode; while low risk, easy to verify, process standardized fields (such as contract processing, talent screening) are easier to be disrupted by automation. As model capabilities improve, verification costs decrease, and user acceptance increases, automated AI companies may gradually enter more complex markets. Future truly potential AI startups, not just selling software, but directly reconstructing the service industry, becoming new 'service providers'.