Important News from Last Night and This Morning (August 3 - August 4)

Société Générale: Fed Expected to Raise Rates Three Times Starting in December
Société Générale predicts that U.S. Treasury yields will continue to rise as the market digests expectations for future Federal Reserve rate hikes. The bank forecasts that the Fed will raise rates three times starting in December and believes that investors will continue to question the Fed's credibility after last week's decision to keep rates unchanged (despite three dissenting votes supporting a hike).

Trump Family Bitcoin Mining Operation Reports $57.2 Million Loss in Q2, Bitcoin Holdings Increase to 8,002 Coins
The Trump family's Bitcoin mining operation recorded a net loss of $57.2 million in the second quarter, primarily due to impairment losses on digital assets, with losses related to digital assets reaching $71.2 million in Q2. The financial report indicates that price volatility in digital assets remains a significant factor affecting the profitability of crypto mining companies. Despite the pressure on performance, the company continues to expand its Bitcoin reserves, holding 8,002 coins at the end of the quarter, a 14% increase from before. Additionally, the company's mining revenue reached $67 million in Q2, and with the expansion of Bitcoin holdings and increased mining revenue, its strategic focus remains on accumulating more BTC assets and improving mining operational efficiency.

James Wynn's Bet Against the S&P 500 Faces Four-Day Losing Streak, Account Balance Drops to $6,500
Renowned trader James Wynn faced liquidation for four consecutive days due to short positions on the S&P 500. Data shows that from last Friday to this Monday, James Wynn was forced to close his short positions on the S&P 500, with his account balance now down to approximately $6,500. Previously, he had scaled up his trading capital to $100 million in the crypto market, and now, after consecutive losses, market attention is on whether he can achieve a significant turnaround again.

Analysts: Semiconductor ETFs Rarely Dominate Fund Flows, Investors Take Profits Amid Chip Stock Rebound
Senior ETF analysts stated that market data shows the top three ETFs with the largest inflows this week are all semiconductor-themed ETFs, a phenomenon considered historically rare. The recent significant pullback and volatility in semiconductor stocks have created an "opportunity window" for high-risk traders. Speculative funds rushed to buy before the rebound in chip stocks, driving a rapid recovery in the related sector. The semiconductor index has rebounded about 7% recently, with leveraged semiconductor ETFs rising by approximately 24%. However, as short-term profits are realized, some funds have begun to withdraw, indicating signs of outflows from related ETFs. The market is watching whether the semiconductor sector's rebound is sustainable or merely a short-term trend driven by trading volatility.

Coldcard Multi-Signature Wallet Migration Guide Released: High-Risk Users Advised to Transfer Assets Immediately via Slipstream
A Bitcoin wallet service provider has released an important update, advising users of multi-signature wallets containing Coldcard-generated keys to migrate their funds promptly due to recent security incidents related to Coldcard. The company stated that users should take different measures based on the risk level of their multi-signature wallets:

• Immediate Migration: If the number of affected Coldcard-generated keys has reached the wallet's signing threshold, for example, in a 2-of-3 multi-signature wallet with two keys generated by Coldcard, attackers could theoretically transfer funds directly.
• Prompt Migration but No Urgent Action Required: If the wallet contains only one Coldcard-generated key and is below the signing threshold, the single affected key cannot move funds alone, but migration is still recommended. If the number of Coldcard keys is uncertain, it should be treated as a high-risk situation. The company stated that an upcoming mobile update will automatically enable the Slipstream channel for paid users: any auxiliary multi-signature wallet transaction containing at least one Coldcard key will bypass the public mempool and submit through Slipstream, reducing the risk of transaction monitoring and replacement. For those wishing to act immediately or free users, the company offers a manual migration option. Users need to create a migration transaction, complete multi-signature signing but not broadcast it, and then submit the raw transaction data to the Slipstream platform.

Disclosed Sale of 1,637 Bitcoins Last Week, Valued Over $102 Million
Disclosed the sale of 1,637 Bitcoins last week, valued over $102 million, reducing holdings to 842,138 Bitcoins.

From FTX to AI Fund Crisis: Elite Investors Often Ignore Risks in Pursuit of Narratives
The founder of 1confirmation commented on the AI investment fund crisis, stating that recent discussions surrounding the fund reflect a long-standing issue in the investment community: many so-called "elites" and "smart money" lack basic risk judgment abilities. The founder noted that he does not understand all the details of this incident and does not wish to comment on the specific liquidation process, but he believes a deeper issue is that many investors, driven by wealth and attention, gradually ignore facts, risks, and judgments about others. He cited the collapse as an example, stating that many could sense abnormalities after brief interactions with the founders, but a large amount of "smart money" chose to continue investing and endorsing it in pursuit of returns and market narratives. The founder pointed out that similar phenomena occurred among the founders of Situational Awareness and the investment circles supporting the fund: similar types of investors pursued grand narratives, provided funding, and promoted publicity, but ultimately the fund fell into trouble due to high-risk bets and market reversals. He called on industry participants to learn from this and avoid repeating the cycle of "chasing hot trends - ignoring risks - collective pitfalls."

Transferred 1,948.07 BTC
Transferred 1,948.07 BTC, valued over $122 million, holding 737,118.26 BTC (approximately $46.18 billion) as of July 31, with a return rate of 12.18% since the fund's inception as of June 30, while its one-year return rate stands at -45.62%.

ADR "Quiet Period" Set to End, Market Bets on Upcoming Shareholder Return Plan
Analysts state that the previously anticipated shareholder return plan has not yet been launched, possibly due to information disclosure restrictions following its U.S. ADR listing. Reports indicate that the U.S. Securities and Exchange Commission (SEC) restricts the disclosure of significant information not included in the prospectus for a period after a company completes its ADR listing, to avoid new listing companies from disclosing important matters that differ from their listing documents, thus triggering risks under U.S. securities laws. The market generally believes that this restriction period lasts for 25 days from the ADR listing date (including weekends). Since the ADR began trading in the U.S. on the 10th of last month, the relevant restrictions are expected to end after the evening of August 4, Korean time. Analysts believe that with the opening of the disclosure window, specific shareholder return plans, including stock buybacks, dividends, or other capital return measures, may be announced at any time. The market is closely watching the potential impact of this news on the company's stock price and the Korean semiconductor sector.

An Early Ethereum Whale Sells 2,250 ETH After Three Years of Silence, Valued at $4.15 Million
An early Ethereum whale sold 2,250 ETH after three years of silence, valued at $4.15 million, with these ETH purchased eight years ago at an average price of only $489.

Increased Holdings by 10,399 ETH Last Week, Total Holdings Rise to Approximately 5.79 Million ETH
The Ethereum treasury company disclosed an increase of 10,399 ETH last week, with its crypto asset holdings including 5,797,813 ETH, 209 BTC, equity in Eightco Holdings valued at $61 million, and shares in Beast Industries valued at $173 million.

Later, it was reported that it re-staked 150,000 ETH, approximately $280 million.

A Whale Address Holding 500 BTC Activated After 12.7 Years of Silence
A whale address holding 500 BTC was activated after 12.7 years of silence, with these Bitcoins currently valued at $31,315,572, compared to only $507,500 in 2013.

Korean Chip Unicorn Valuation Soars to $2.2 Billion, Nearly Quadrupling from Previous Round
A Korean AI chip design company recently completed a new round of financing, with its valuation nearly quadrupling from the previous round, reflecting the market's continued enthusiasm for investing in companies related to the artificial intelligence industry chain. According to insiders, this startup, headquartered in Banpo, Gyeonggi Province, has a valuation of approximately 3.14 trillion won (about $2.2 billion) in the latest round of transactions. The company has signed initial agreements for D-round financing, securing 42 billion won from existing investors.

Launched Two Tokenized Money Market Funds BSTBL and BRSRV to Expand Blockchain Cash Management
A major asset management firm has launched two tokenized money market products—BSTBL and BRSRV—to further expand its blockchain cash management business. The new products combine the liquidity and stability of traditional money market funds with blockchain infrastructure, providing institutional investors with cash management tools across traditional finance and digital asset markets.

BSTBL is based on Ethereum and offers tokenized shares on the existing money market fund, which can be transferred between approved wallets under compliance conditions, serving as a transfer agent and tokenization service provider. BRSRV is designed for digital-native institutional investors, supporting daily dividend reinvestment and multi-blockchain access, and can be used for stablecoin reserve management, acting as a transfer agent and tokenization service provider. Both products invest in cash, short-term U.S. Treasury bonds, and overnight repurchase agreements secured by Treasury bonds. The cash management group manages nearly $1.1 trillion in assets, and this move is seen as a significant step in traditional asset management's layout of RWA and on-chain financial infrastructure.

A Mysterious Whale Withdraws 200 BTC from Binance Four Hours Ago, Total Withdrawals Now at 74,265 ETH and 1,400 WBTC
A mysterious whale has built a position of over $220 million in ETH and WBTC since July. Four hours ago, this whale withdrew 200 BTC from Binance, with total withdrawals now at 74,265 ETH and 1,400 WBTC, with an average cost of approximately $1,770 and $63,887.37, yielding a profit of $3.8 million; among which ETH is in profit while WBTC is in loss.

Official Release of the First Financial World Model, Building On-Chain Financial Infrastructure for Agents
The first Financial World Model has been officially released, aiming to place real capital execution and continuous learning within the same closed loop, relying on real-time market data to construct a high-fidelity financial intelligence training and execution environment. This model will serve as a universal foundational layer, conducting refined training for various financial scenarios such as high-frequency trading, perpetual contracts, and foreign exchange, and supporting human participants and AI agents in continuous learning and optimization in real markets, becoming the infrastructure for any future intelligent execution. It was also announced that core infrastructure capabilities will be integrated into its existing underlying technology stack to enhance real liquidity access and market feedback capabilities, accelerating the implementation of the first Financial World Model.

Successfully Raised a Record $19.2 Billion Infrastructure Fund, Betting on Data Center Transformation
Raised the largest infrastructure fund in the company's history, aiming to seize opportunities in the data center and related asset sectors. The company stated in a statement on Monday that the fund raised $19.2 billion, primarily investing in North America and Western Europe. For this new funding pool, the company identifies three key investment areas: digital assets (such as data centers and fiber optics), energy power and transformation, and storage and logistics.

Initial Surge of Over 4%, Total Market Value Reaches $3.05 Trillion, Breaking Historical Highs

The world's largest cloud provider saw its stock rise over 4% in early trading, reaching a total market capitalization of $3.05 trillion, a historic high. The revenue growth from cloud services has reached an 18-quarter peak. The company has raised its full-year capital expenditure guidance for 2026 and provided an optimistic outlook on the long-term trillion-dollar revenue potential of AI; the trend of AI computing power being in short supply is expected to continue. Analysts predict that with the acceleration of commercialization of generative AI and the ongoing penetration of enterprise-level AI applications and cloud-based intelligent agents, the nine major core cloud service providers will experience a wave of capital expenditure increases by the end of July. Major companies both domestically and internationally are simultaneously ramping up investments in intelligent computing centers, GPU clusters, self-developed chips, and supporting infrastructure, with the expansion of computing power exceeding previous market expectations.

The total market capitalization has reached $4.51 trillion, surpassing Apple to become the second largest globally.

The ranking of U.S. stocks has changed again, surpassing Apple to become the second largest globally. As of the time of writing, the stock price has fallen by 1.03%, with a total market capitalization of $4.81 trillion. The stock price rose by 3.5%, with a total market capitalization of $4.51 trillion. The stock price fell by 0.7%, with a total market capitalization of $4.48 trillion.

An ancient Bitcoin whale transferred 500 BTC, possibly due to increased security measures following the Coldcard incident.

An ancient Bitcoin whale, after being dormant for over 12 years, transferred all 500 Bitcoins (approximately $31.27 million) to a new wallet one hour ago. This address had not seen any activity for a long time, and this large transfer has attracted market attention. On-chain analysts speculate that the holder may have heightened their asset security awareness due to the recent Coldcard security incident, migrating the BTC to a new wallet address. It is currently unclear whether this transfer is directly related to the Coldcard incident, but recent discussions surrounding the security risks of hardware wallets and multi-signature wallets are prompting some long-term holders to reassess their asset custody solutions.

Data shows that 300 billion yuan flowed into Chinese AI startups in the first half of the year, with venture capital accelerating towards AI and hard technology.

From a global perspective, the rise of many leading tech companies has been supported by venture capital. In the first half of this year, investment in high-tech industries grew by 4.6% year-on-year, reflecting a continued rebound in venture capital activity. Industry insiders generally believe that the development of AI technology is the core driving force behind this round of venture capital market recovery, with funds accelerating towards AI, quantum technology, and computing power. Data shows that in the first half of 2026, the total financing amount for Chinese AI startups exceeded 300 billion yuan, surpassing the total for the entire year of 2025. The concentrated influx of funds has led to a rapid rise in valuations, with "securing quotas" becoming a key phrase in the primary market.

Announced the end of operations, as the crypto market cycle and distribution model struggle to support long-term sustainable development.

The co-founder of an Ethereum ecosystem digital collectibles project announced that after more than five years of operation, it will officially cease development. A review stated that it had issued millions of digital collectibles in hundreds of communities and collaborated with global institutions, but the financing cycle and distribution model of the crypto industry made it difficult for the project to establish a sustainable business model without sacrificing core values. Building on a rapidly changing and relatively fragile technological infrastructure also increased the difficulty of long-term development.

Summarizing three points of experience: user communities are the most undervalued asset of a company; connecting people remains the core value; long-term accumulation and brand trust will become important moats in the future. Founded around 2021, it is an important representative of early NFT applications, recording offline activity participation experiences through on-chain certificates. This closure reflects the long-term challenges faced by Web3 applications transitioning from community value to commercialization. The next steps are not yet determined, but they stated they are considering how market entry strategies will change in the AI era.

Castle Securities: New debt for AI chip financing will exceed $500 billion by 2028.

Castle Securities predicts that by 2028, new debt for financing AI chips will exceed $500 billion.

Trump announces that nothing can enter Iran without U.S. approval.

U.S. President Trump announced that nothing can enter Iran without U.S. approval, and the Strait of Hormuz is controlled by the U.S. Navy.

In a counter-cyclical expansion, holdings increased by 9.5%, with investors holding 612,823.66 tokens.

The company's tokenized gold product saw a 9.5% increase in investor holdings in the second quarter, indicating a continued demand for on-chain gold assets. Data shows that as of June 30, 2026, investor holdings increased from 559,598.64 tokens at the end of the first quarter to 612,823.66 tokens, with a quarterly increase of 53,225.02 tokens, corresponding to approximately 1.66 tons of physical gold. During the same period, international gold prices fell by 14.1%, closing at $4,008.02 per ounce at the end of the quarter, yet investors continued to buy.

Founder: I have never sold Bitcoin, and my belief in Bitcoin remains unchanged.

The founder stated on the platform: "When I say 'never sell your Bitcoin,' I am speaking as a holder to another holder. I have never sold my Bitcoin, not even one satoshi. It is a publicly traded company, not my personal wallet. Since 2020, the company has disclosed that it may buy or sell BTC for capital management. Our shared belief in Bitcoin remains unchanged."

Laid off 10% to cope with the crypto market downturn and withdrew the application for a Singapore license.

A digital asset brokerage has laid off 10% of its staff to cope with the prolonged downturn in the crypto market. Sources say that about half of the employees in the Singapore office (including senior management and sales and accounting personnel) were laid off, and the company is adjusting its strategy to focus on unlicensed crypto derivatives trading and plans to withdraw its license application submitted to the Monetary Authority of Singapore. The company stated it is concentrating resources on priority areas while maintaining its Asia-Pacific business and expanding regulated operations in Europe.

The White House has not responded to the new compromise proposal on the ethical clause of the bill, and the biggest point of contention remains unresolved.

The White House has yet to respond to the alternative proposal for the ethical clause put forward by senators, and the biggest point of contention in the bill remains unresolved.

Due to ongoing AI-assisted attacks, platform services have been suspended, but user funds are unaffected.

A non-custodial cross-chain bridge for Bitcoin announced on its platform that its services will remain disabled until further notice. The API can still be used for collaborative processing of refunds, and unilateral refunds do not rely on its infrastructure and can still be used normally. The company stated that this is not a response to a single security incident; its infrastructure has been continuously subjected to automated AI-assisted attack detection over the past few months, and multiple exploitation incidents have been handled. Although all have been controlled, the speed of the attackers' iterations has exceeded the team's ability to discover and patch. In recent days, the attacks have accelerated further, and the team believes that this asymmetric situation will not reverse, and exchange services will not be restored in the short term. The company emphasized that its non-custodial design has never put user funds at risk, and losses are borne by the company.

The proportion of spot trading volume reached a new high of 24%, while spot trading volume fell to a 12-month low.

The proportion of spot trading volume reached a historical high of 24% in July, up from 17% a year ago, while the spot trading volume on centralized exchanges is expected to hit a 12-month low, dropping from a yearly high of $2.23 trillion to $670 billion. The decline in trading volume is partially attributed to predicted market diversion and also reflects a general weakening of interest in crypto. Meanwhile, on-chain trading products continue to improve, with deeper aggregator liquidity and faster cross-chain exchange routing, narrowing the execution gap with centralized exchanges. Analysts expect that the improved experience and cost will continue to drive users towards on-chain alternatives.

The protocol suffered a $700,000 loss due to an attack, with the attacker profiting from flash loans and price manipulation.

An attack on the protocol was detected yesterday, resulting in a loss of approximately $700,000. The attacker borrowed about $44 million in flash loans, artificially inflated the token price by 71 times on a DEX, and then used tokens worth only about $2 million to fabricate approximately $140 million in deposits within the protocol. One second later (just crossing the daily interest settlement boundary of the protocol), the attacker collected the interest on this inflated position for the entire day, triggering the protocol to liquidate its entire liquidity pool and pay out the stolen funds. After repaying all loans, the attacker profited about $700,000 and immediately transferred the funds through Relay and TornadoCash.

Executive: The cost of discovering vulnerabilities may be only $2; AI security reinforcement must be invested in.

A managing partner analyzed the incident on the platform, pointing out that the key in the security field has become a cost competition—the cost of attackers using cutting-edge AI to scan for vulnerabilities compared to the investment in AI security reinforcement by the attacked party. The ability to discover the vulnerability in 8 minutes, with GLM reproducing it in 20 minutes, indicates almost zero investment in AI security reinforcement. It is estimated that the cost of GLM reproducing the attack is only about $2, meaning that it only takes $2 to discover this vulnerability using AI, and there is no reason not to do so. He warned that small companies will struggle to survive in the field of security-sensitive products and emphasized that any security-sensitive product should undergo AI security scanning with every release. Related reading: AI locates a 5-year vulnerability in 8 minutes, theft triggers cold wallet trust crisis.

Completed the acquisition of a stablecoin infrastructure company.

Announced the completion of the acquisition of a stablecoin infrastructure company to enhance global stablecoin service capabilities. The Chief Product Officer stated that in a multi-currency world where various values coexist, including fiat currencies, stablecoins, and tokenized deposits, the next generation of payment models will be determined by the efficiency of connections across different tracks. The company's on-chain infrastructure and stablecoin-native technology will help financial institutions, fintechs, and enterprises expand stablecoin application scenarios for cross-border B2B payments, remittances, settlements, and fund flows. Earlier in March, it was reported that the company planned to acquire the firm for up to $1.8 billion.

The foundation is expanding senior positions to focus on AI, stablecoins, and the Asian market.

The foundation is hiring for multiple senior positions, including head of stablecoins, general manager of AI ecosystem, head of institutional growth in Greater China, head of institutional growth in Japan, and head of DeFi growth, marking its strategic shift towards expanding into AI, stablecoins, and the Asian institutional market.

Will close the Bitcoin ETF, with the last trading day on August 17.

Announced the closure and liquidation of its Bitcoin ETF, which managed approximately $14.7 million in assets as of July 30. The company stated that the decision to close the fund was based on factors such as asset management scale, trading liquidity, operating costs, investor interest, and product line positioning. The last trading day for the ETF will be August 17, after which it will stop accepting creation orders and will be delisted from NYSE Arca. Shareholders holding until the last trading day will receive cash liquidation distributions around August 28. The company still manages over $200 million in products available for U.S. investors.

Digital asset policy advisor has left.

The senior official responsible for digital asset policy has left. This official joined the Treasury Department in early 2025, previously serving as policy director and playing a key role in advancing the government's agenda to "make the U.S. the crypto capital of the world." The Treasury Secretary confirmed that the official's last working day was last Friday, stating that they "played an important role" in advancing the government's digital asset agenda. The official's departure comes as the bill is stalled in Congress, having been held up before the August recess due to disagreements over ethical clauses, requiring 60 votes to pass.

Due to concerns over "quantum threats," plans to liquidate Bitcoin.

The host of the show "Mad Money" stated that he plans to sell all of his Bitcoin holdings because he believes quantum computing could potentially breach the security of this cryptocurrency within three years. This statement came after an interview with the chairman and CEO on July 30, during which the chairman warned that investors should remain "vigilant" about the ability of quantum computing to challenge modern cryptography within three to four years, mentioning progress made in commercial quantum computers. This timeline quickly drew the attention of Bitcoin observers, as every significant breakthrough in quantum hardware reignites the same debate: whether theoretical risks are finally evolving from academic speculation to engineering problems. The host responded that he intends to completely liquidate his Bitcoin position, citing that this technology could threaten the Bitcoin network within the same timeframe. His comments sparked widespread discussion on social media, with crypto users viewing it as a contrarian signal, stating that "contrarian" trading is once again in play.

Report: Event losses exceed $100 million, with 1,596 BTC confirmed stolen.

The report states that losses from the incident have exceeded $100 million, with 1,596 BTC confirmed stolen, and potential losses could rise to $130 million.

Becoming a Super Validator
The company announced that it has become a super validator to deepen its commitment to blockchain infrastructure. It stated that financial institutions should not only use blockchain but also participate in its operation, as traditional finance and decentralized finance are merging, creating on-chain infrastructure designed for institutional finance. By becoming a super validator, the company will participate in securing the core infrastructure that guarantees transaction safety, laying the groundwork for institutional capital to be brought on-chain.

Removed from Apple iOS App Store
The app has been removed from the Apple iOS App Store.

Launch of 24/7 Perpetual Contracts for Gold, Silver, and Crude Oil
The CEO announced on the platform that gold, silver, and crude oil are now available for direct trading as perpetual contracts 24/7.

Suspected Addresses Transfer $53.53 Million HYPE to Staking
Two suspected addresses transferred 979,000 HYPE (worth $53.53 million) to staking eight hours ago.

Chairman: Will Deepen Policy Coordination with Hong Kong Regulators in AI and Blockchain
During a visit to Hong Kong for the offshore government bond futures listing ceremony, the chairman announced five new policy measures to deepen practical cooperation between the mainland and Hong Kong to support Hong Kong's development. The chairman stated that they will strengthen cooperation with Hong Kong regulators under bilateral and multilateral mechanisms, promote pilot sustainable information disclosure for listed companies in both regions, and deepen mutual learning and policy coordination in cutting-edge innovation fields such as artificial intelligence and blockchain, enhancing the improvement and mutual recognition of international rules and standards, and increasing China's participation and influence in global financial governance.

AI Insights

Selected the most noteworthy AI news from the last 24 hours to help filter out the noise.

Release of Qwen3.8-Max: 2.4 Trillion Parameter MoE Model, Open Source Weights Coming Next Week
The Qwen team officially released Qwen3.8-Max, a 2.4 trillion parameter mixture of experts model that supports text, image, and video input, claiming it to be the strongest model in the Qwen family to date. The model's API is now open, with open-source weights expected to be released next week.

Next-Generation Model Astra Solves 10 Fields Medal-Level Math Problems at a Total Cost of Less Than $2,000
A significant breakthrough by the internal model Astra on 10 long-standing unsolved math problems was published in a 249-page paper, covering areas such as high-dimensional geometry, group theory, and lattice cryptography, described by mathematicians as "Fields Medal-level achievements." Remarkably, the total cost of generating all proofs is less than $2,000 based on API pricing.

Musk: AI Growth is a "Supersonic Tsunami," Entering a New Phase in 2026
Musk released a graph of AI development on the platform, comparing current AI advancements to a "supersonic tsunami," stating that from 2026 onwards, technological evolution will enter a new phase. This statement sparked intense discussions among experts about when AGI will surpass human capabilities.