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According to Bloomberg, DeepSeek announced the suspension of its second round of financing and verbally notified some potential investors that it would not sign investment agreements as expected. This suspension partly stems from founder Liang Wenfeng's dissatisfaction with the leak of a 4-hour internal transcript during its first financing deal, where he made 52 statements in an investor meeting regarding DeepSeek's organizational culture, open-source logic, technology roadmap, and views on the competitive landscape of the industry. The nearly 4-hour meeting record recently went viral on social media, including statements such as "The biggest gap between China and the U.S. in AI is computing power resources." Both DeepSeek and Liang Wenfeng have not confirmed the authenticity of the leaked record.DeepSeek stated that it may still choose to resume the transaction process in the future and has begun preparations for an initial public offering, with the IPO potentially being filed as early as this year.DeepSeek completed its first round of external financing in June 2026, raising over 50 billion yuan, approximately 7.4 billion dollars, with a post-investment valuation of about 50-59 billion dollars. It adopted a special structure, with most funds entering a limited partnership managed by Liang Wenfeng, where investors have no voting rights and are locked in for 5 years. Liang Wenfeng himself contributed about 20 billion yuan as the largest contributor, with participation from Tencent, CATL, JD.com, NetEase, and the Chinese National AI Fund. DeepSeek subsequently initiated discussions for its second round of financing in mid-July, targeting a valuation of about 71 billion dollars.

Citrini analyst Jukan published a response to the recent market rumors regarding bearish notes on NAND and negative news about QLC price negotiations. It is not surprising that SanDisk accepted a price lower than the initial offer when signing a long-term agreement with Meta, as SanDisk is one of the most proactive NAND manufacturers in pursuing LTAs, planning to allocate over 50% of its total shipments to such agreements. Based on this strategy, it is naturally willing to accept LTA prices lower than the current quarterly contract price, and it cannot be inferred that "SanDisk cannot seamlessly resell all orders to higher-bidding North American customers."In response to rumors that Chinese module manufacturers were rejected by domestic CSPs when promoting eSSD, Jukan explained that Chinese CSPs have direct procurement channels with Yangtze Memory Technologies and that the issue is not a lack of demand. Regarding the claim that large-scale cloud providers are driving down prices for QLC eSSD, leading to some volumes not being sold, he believes that new cloud providers have sufficient demand to absorb these volumes.Jukan concluded by stating that negative headlines are more easily amplified when storage stocks perform poorly, but the fundamentals have not shown substantial deterioration. He reiterated that he remains bullish on storage. Previously, Jukan had stated that DRAM contract prices still have about a 40% upside potential until the end of 2027, and HBM supply continues to be tight. This clarification on the NAND side further solidifies his bullish stance on the entire storage sector.

CryptoQuant analyst Darkfost stated that since 2025, the inflow of stablecoins into exchanges has been continuously declining, reaching the lowest level since that period. Currently, the monthly average inflow of stablecoins (USDT, USDC) is about $2.3 billion, with an annual average inflow of about $3.7 billion. When the price of Bitcoin reached its historical peak, the monthly average inflow was $5.6 billion, and the annual average inflow was $4.3 billion. This dynamic clearly indicates the current weak demand and lack of investor interest. However, it is important to note that when the inflow of stablecoins peaks, it is often a lagging signal. When some investors accelerate profit-taking, exchanges increase the supply of stablecoins, while new investors continue to bet that the price of Bitcoin will keep rising. Currently, market demand still needs improvement.

According to monitoring by Catcher Predict, in the prediction market Polymarket for the event "Cincinnati Reds vs. St. Louis Cardinals," the "Over" option in the sub-market "O/U 8.5" has experienced a drastic fluctuation in winning probability, plummeting from 46.5% an hour ago to the current 16% (a fluctuation of 30.5%). Please note the impact of related breaking news.

According to monitoring by Catcher Predict, in the prediction market Polymarket for the event "Arizona Diamondbacks vs. Washington Nationals," the "Arizona Diamondbacks" option in the sub-market "Arizona Diamondbacks vs. Washington Nationals" has experienced a dramatic fluctuation in winning probability, soaring from 47% an hour ago to the current 86.5% (a fluctuation of 39.5%). Please note the impact of related breaking news.

Coinbase Institutional and Glassnode released the report "Charting Crypto Q3 2026," maintaining a neutral outlook on the crypto market.The report shows that on-chain data indicates Bitcoin may be transitioning from a correction phase to an accumulation phase, but the Fed's hawkish stance, weak spot ETF demand, and geopolitical risks continue to pressure the market outlook.

According to Cointelegraph, the Securities and Exchange Commission (SEC) of Thailand has filed a criminal complaint against the digital asset exchange Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, accusing them of involvement in false reports related to a cyber attack in 2021.The SEC stated that a cyber attack in May 2021 resulted in the theft of 16 digital assets from Bitkub, valued at approximately 1.7 billion Thai Baht, or about 50 million USD. The regulatory agency claimed that Bitkub subsequently replenished the stolen assets before October 31, 2021, but the daily net capital flow reports submitted from May 10 to October 30, 2021, did not accurately reflect the reduction in assets.Bitkub stated on the X platform that the case stems from disclosure decisions made after the cyber attack in May 2021 and is not an act of fraud. The exchange claimed that the delay in disclosing the compromised wallet was to avoid a bank run, and the co-founder subsequently purchased an equivalent amount of digital assets to cover the stolen funds, with no financial losses incurred by the company or its clients. Bitkub was established in 2018 and is one of Thailand's major cryptocurrency exchanges. Bitkub's parent company is considering a potential initial public offering, including the possibility of listing in Hong Kong.

According to market data, the current on-chain total value of the tokenized stock market has approached 2 billion dollars, with over 471,000 on-chain holders. The report selected four assets—NVIDIA, Microsoft, Meta, and Tesla—that have effective two-way order books across various testing platforms for horizontal comparison.The research results show that Bitget rToken achieved optimal execution performance in both the $10,000 and $50,000 order tests, presenting the most balanced order book liquidity within a price range of ±50 basis points. Among them, the slippage for the $50,000 order was 58% lower than that of other tokenized stock products. This is mainly attributed to Bitget rToken's 1:1 alignment with the liquidity of traditional markets such as the NYSE and NASDAQ, providing more efficient execution for large transactions.

The overall profitability status of the Bitcoin market is improving, but on-chain data shows that it is still insufficient to confirm that a new bull market has begun, and there remains a risk of another decline. CryptoQuant data shows that the Bitcoin Supply in Profit has risen to 57.5%. This indicator represents the proportion of BTC supply in the current market where the price is above the holding cost, which has significantly rebounded from the low of 46.2% on June 30, 2026, and is currently close to 60%.However, the recovery of the profitable supply ratio still requires continuous verification. Historical cycles show that the true end of a bear market usually requires two conditions to be met simultaneously: first, the 30-day simple moving average of the Long-Term Holder Profit and Loss Ratio (LTH-SOPR) must remain above 1 for an extended period without falling below it; second, the Bitcoin Supply in Profit must stabilize above 64%. Analysts indicate that this cycle has previously experienced a "false breakout." From April 28 to June 1 of this year, the average LTH-SOPR was above 1 for 35 consecutive days, while the profitable supply ratio once rose to 67%, but the market subsequently declined again. Currently, the Long-Term Holder 30-day SMA indicator has been below 1 for over 50 consecutive days, which remains an important risk signal for assessing the strength of market recovery. Although the BTC profitable supply ratio is improving, the market needs further confirmation of the behavior of long-term holders and changes in the profit structure to determine whether the current rebound truly marks the beginning of a new upward cycle.

Cryptocurrency analyst Ali Charts stated that Ethereum rebounded after testing the lower edge of the price channel. Currently, $1850 is a key support level, and as long as this position holds, Ethereum may rise back towards the upper edge of the channel near $2060.

CryptoQuant analyst Darkfost stated that there has been a noticeable increase in on-chain activity from the oldest group of Bitcoin holders recently. Data shows that the daily UTXO (Unspent Transaction Output) movement for BTC holders with holding periods of 5 to 7 years and 7 to 10 years has exceeded 5000 BTC multiple times.Darkfost pointed out that the spending of UTXOs does not necessarily mean selling. Long-term holders typically move Bitcoin for two main reasons: one is for security considerations, such as changing wallet addresses which leads to the transfer of UTXOs from the original address; the other is to sell assets. However, current on-chain data does not show a significant flow of funds to exchanges, indicating that these long-term holders are not currently engaging in large-scale selling of BTC. It is noteworthy that this behavior occurs as Bitcoin tests the $60,000 mark again, similar to market trends observed from February to March this year. The market will continue to monitor whether the activities of long-term holders will further impact the supply and demand dynamics of BTC.

A report jointly released by the Bitcoin collateral lending platform CoinRabbit and the computing power platform GoMining points out that managing Bitcoin is more important than mining it. As the block reward drops to 3.125 BTC and the overall network difficulty approaches historical highs, low electricity prices and high uptime only constitute a survival baseline. What truly differentiates mining companies is the method of handling Bitcoin after it is mined.The report suggests that mining companies are shifting from direct sales to collateralized lending to cover recurring expenses such as electricity, custody, and labor. This approach retains exposure to holding Bitcoin while generating cash flow, avoids taxable sales, and preserves the deduction space for operating expenses. The trade-off is that mining companies simultaneously bear the dual risks of price and liquidation when Bitcoin prices decline.Jeremy Dreier, Chief Business Development Officer of GoMining, stated that the miners who can succeed after the halving are those who operate efficiently and have set aside cash in advance for this purpose. The current decline in Bitcoin prices has actually lowered the cost of increasing computing power, creating a window of opportunity for investing in expanding mining machines.

According to BBX data, yesterday and in recent days, global companies listed on the US stock market have disclosed the latest real announcements regarding digital asset transformation and ecological strategic investments. The core dynamics are as follows:Canton sells traditional business to fully transition to blockchain clearing: Canton Strategic Holdings, Inc. (NASDAQ: $ CNTN) officially announced that it has sold its biotechnology R&D department Gravitas Life Sciences, LLC to Gravitas Collective Corp. The transaction was completed on July 17, 2026. The company clearly stated that this divestiture is an important milestone in its transformation into an operating company, and in the future, it will support the Canton Network through Canton Coin and promote the on-chain digital transformation of traditional financial markets as a strategic investor.Empery Digital invests $20 million in cross-industry computing power electricity park: The US-listed company Empery Digital Inc. (NASDAQ: $ EMPD), which adopts a Bitcoin fund management strategy, announced that it has completed a $20 million preferred stock investment (holding approximately 8%) in Cardinal Data Power, Inc. (CDP) on July 20, 2026. CDP focuses on building electricity-driven data center parks, and this round of financing will support its construction of the first gigawatt-level data center park covering over 3,000 acres in West Texas (Phase I is planned to be operational in 2027, with a long-term plan exceeding 5GW) to meet the next generation of AI and computing power energy demands.

According to the Bitwise "Q3 2026 Staking Report," Q2 2026 presents a divergent pattern of "increased on-chain activity and decreased fee revenue," with the core driving factor being various protocols actively reducing block space costs.In terms of core data across chains, Ethereum's active staking volume reached a historic high of 40.2 million ETH (accounting for 33% of the total supply), while network revenue decreased by 51% year-on-year to $64 million, although it rebounded in ETH terms quarter-on-quarter; Solana's Q2 Real Economic Value (REV) dropped to $51 million, significantly down from the peak of $812 million in Q1 2025, but non-voting transaction volume reached 9.8 billion, maintaining resilience in on-chain activity; Hyperliquid's Q2 total protocol revenue was $174.8 million, with perpetual contract trading volume reaching $65.2 billion, and the proportion of non-crypto assets (commodities, stock indices, etc.) rose to 32%; Avalanche C chain's transaction volume grew approximately fourfold year-on-year to 236 million transactions, but network revenue plummeted due to a significant drop in fees, leaving only $330,000; NEAR saw a dramatic 75% drop in on-chain transaction volume to 77.7 million transactions due to the collapse of Kai-Ching application activity, but the Intents execution layer generated fees approximately 68 times that of the base chain.In terms of institutional adoption, BlackRock launched an Ethereum staking ETF (ETHB), Coinbase and Circle each staked 500,000 HYPE, and Bitwise, 21Shares, and Grayscale successively launched HYPE spot ETFs. Additionally, the stablecoin payment chain Tempo, incubated by Stripe and Paradigm, processed $386 million in transfers in its first quarter, while the global payroll platform Deel distributed approximately $30 million to 7,200 contractors through this chain.

According to a report by businesswire, Empery Digital Inc. (NASDAQ: EMPD), a publicly traded company in the U.S. that adopts a Bitcoin fund management strategy, announced that it has completed a $20 million preferred stock investment in Cardinal Data Power, Inc. (referred to as "CDP") on July 20, 2026, holding approximately 8% of its equity.CDP is a subsidiary of Hunt Properties, focusing on the construction of power-driven data center parks, dedicated to providing power and construction for next-generation gigawatt-level data center parks in West Texas and West Virginia.This investment is part of CDP's approximately $70 million Series A financing, aimed at supporting its first park project located in West Texas, which covers over 3,500 acres. The first phase of the project is scheduled to go into production in 2027, with a total installed capacity expected to reach about 1 gigawatt by 2029, and future plans to expand to over 5 gigawatts. The Series A financing is led by Hood River Capital Management.

According to PR Newswire, stablecoin operator Notabene announced a strategic investment from Ripple, with the specific investment amount not disclosed. The two parties will collaborate on enterprise-level stablecoin payments, including the integration of Ripple's USD stablecoin RLUSD into Notabene Flow B2B stablecoin payment platform.They also plan to further expand the application of RLUSD in institutional payment networks, accelerating the adoption of compliant stablecoin infrastructure by banks, payment institutions, and fintech companies.

Pendle co-founder TN and Head of Growth Dan reviewed the developments in the first half of 2026 during the latest community meeting and announced the roadmap for the second half of the year. The team stated that in the first half, Pendle's ecosystem focused on building fixed income infrastructure, with Pendle V2 continuing to solidify its position as an on-chain fixed income protocol, while Boros made initial progress in the on-chain interest rate derivatives market.Data shows that Pendle V2 had an average daily TVL of approximately $1.3 billion in the first half of the year, with 9 out of the 11 major markets on the platform adopting real-world assets (RWA) as collateral, reflecting that institutional funds are continuously flowing into the RWA sector. Additionally, Pendle has launched on the Monad network and within less than a month became one of the top five protocols by TVL on that network, with a locked amount of approximately $150 million. In terms of protocol upgrades, Pendle has completed the migration from vePENDLE to sPENDLE, with about 36% of PENDLE currently staked, of which 93% of stakers have not yet unstaked. The protocol has also utilized revenue to repurchase approximately 2 million PENDLE and significantly reduced weekly liquidity incentives from about 90,000 to 21,000, further enhancing capital efficiency.At the same time, Pendle launched an in-app one-click Loop feature to simplify the operational process of leveraged yield strategies. Another core product, Boros, has surpassed $14 billion in cumulative trading volume within less than a year since its launch, with the number of users increasing by 50% since the beginning of the year. It has also introduced four-legged arbitrage strategies, acceptance of block trades, and a funding rate data dashboard to meet professional trading needs. Looking ahead to the second half of 2026, Pendle will focus on advancing curation infrastructure, allowing external teams to create PT/YT markets, and promoting PT assets as collateral for lending protocols; at the same time, it will collaborate with partners like Morpho to launch Pendle-branded yield vaults, expanding distribution channels for fixed income products. In terms of institutional business, the team is working with several RWA issuers in New York, planning to introduce tokenized ETFs, single bonds, and other on-chain yield products to Pendle, creating a platform for institutional RWA yield discovery and distribution. Boros will shift its strategic focus to cross-exchange funding rate arbitrage, prioritizing services for institutional arbitrageurs, and plans to launch a peer-to-peer acceptance market, funding rate visualization tools, and one-click strategy products for ordinary users, further improving the on-chain interest rate derivatives ecosystem.