margin

According to Bloomberg, the prediction market platform Polymarket is seeking regulatory approval in the United States to conduct margin trading operations in compliance.The company submitted a futures commission merchant (FCM) operating application to the National Futures Association (NFA) through its subsidiary Coming Home GBA LLC on July 3. This move will allow users to participate in event betting with less capital and is expected to attract more professional traders to the market.

According to BBX data, yesterday marked a milestone for the global largest IPO completion index, with a historic turning point in the valuation logic of AI transformation in mining companies. The core dynamics are as follows:SpaceX, Inc. (NASDAQ: $SPCX) reported on July 7 that the company was officially included in the Nasdaq 100 index this week, becoming the first in history to have the largest single IPO ($75 billion) included in the Nasdaq 100. CoinDesk also issued a historic warning: "The last two largest new constituents added—Palantir ($PLTR) in December 2024 and Strategy ($MSTR) in early 2025—both experienced a phase decline after inclusion, rather than starting a new round of increases"; analysts pointed out that passive funds tracking the Nasdaq 100 complete "forced buying" at the time of inclusion, and if there are no new fundamental catalysts afterward, stock prices often pull back after technical buying subsides. Specific risks currently facing SpaceX include: a net loss of approximately $4.27 billion in Q1 2026 (mainly due to xAI integration expenses), a $2 billion bond issuance plan, and a 3.4% equity dilution from the $60 billion acquisition of Cursor/Anysphere; Morningstar maintains a fair value estimate of $62 per share, indicating about a 70% implied downside from the current market price. For the market holding SpaceX Bitcoin (18,712 coins, approximately $1.2 billion, held in Coinbase Prime), the inclusion in the Nasdaq 100 will trigger a larger scale of SPCX holdings by passive funds, further bridging the gap between traditional index investors and indirect exposure to Bitcoin assets.TeraWulf Inc. (NASDAQ: $WULF) according to the latest analysis, the company's high-performance computing (HPC) leasing revenue in Q1 2026 reached $21 million, accounting for about 62% of the total revenue of $34 million, surpassing Bitcoin mining revenue for the first time—this marks TeraWulf's first historic revenue structure reversal after transitioning to an AI/HPC infrastructure company, with a 117% increase from the $9.7 million HPC revenue in Q4 2025. The company has currently signed over 522 megawatts of AI/HPC leases with Core42 and Fluidstack, with an expected annual high-margin revenue of approximately $630 million; the energy structure consists of nuclear power + hydropower, with an average electricity cost of about $0.035 per kilowatt-hour, one of the lowest among similar mining companies. The company is also developing a new campus in Kentucky, adding approximately 480 megawatts of grid access capacity; analysts have significantly raised their target price ranges, with Keefe Bruyette & Woods raising from $23 to $37, Clear Street from $26 to $38, Jefferies initiating coverage with a Buy rating and a target price of $37, and BTIG raising at the same time. The company's stock price has increased by approximately 88% year-to-date in 2026, leading the gains in the mining sector.

Bitget's unified account has officially supported the full margin mode for stocks issued by the Reality protocol (rToken). This upgrade incorporates rToken into the unified account's shared fund pool, further connecting the unified fund management scenario between crypto assets and tokenized stocks.Through the unified account, users can manage spot, contract, and leveraged products in one account, eliminating the need for frequent fund transfers between different accounts. Different products can share margin, and profits and losses can be calculated collectively, thereby improving fund utilization efficiency and simplifying asset management.

According to the official announcement, Binance will update the collateral rates for assets such as XRP and HBAR in Portfolio Margin and Portfolio Margin Pro starting from July 3, 2026, at 06:00 (UTC), and will adjust the leverage and margin levels for multiple U-based perpetual contracts, involving contracts such as BICO USDT, FF USDT, DEXE USDT, VANRY USDT, TREE USDT, TLM USDT, AGLD USDT, MUBARAK USDT, RARE USDT, OGN USDT, and AVA USDT. The adjustments are expected to be completed by 06:30 (UTC).

According to the official website of the U.S. Commodity Futures Trading Commission (CFTC), the CFTC and the U.S. Securities and Exchange Commission (SEC) jointly issued a document seeking public comments on further coordination of the regulatory framework for portfolio margin and cross-margin for securities, security-based swaps, futures, swaps, and related positions. The two agencies aim to enhance risk management efficiency, reduce unnecessary market fragmentation, and strengthen customer protection through unified or strengthened coordination.The key points for public comment include existing portfolio margin models and practices, customer protection, cross-margining and inter-product offsets, capital and margin and collateral handling, clearinghouse and clearing organization arrangements, as well as technology and operational implementation, with a comment period of 60 days after the document is published in the Federal Register.

According to Cointelegraph, Hyperliquid's portfolio margin feature has entered the Beta testing phase and increased limits. Users with account values below $25 million can use BTC and HYPE as collateral to trade perpetual contracts, spot markets, and outcome markets.

According to on-chain analyst Ai Yi (@ai_9684xtpa), an on-chain giant whale known as "Iron Head Duo Army" added $8 million in margin early in the morning, currently going long on 120,000 ETH, with an entry average price of about $2,265, and the unrealized loss has exceeded $77.047 million.The liquidation prices for its four associated addresses (bit associated entities) are 1174.6 / 1059.1 / 1064.7 / 1143.6 dollars, and there are still over 6 million USDC available on-chain to be used as margin.

According to The Block, Bitcoin miner revenue continues to decline, with the 7-day moving average dropping to about $30,000,000 per day, down from over $50,000,000 last summer. The contribution from transaction fees has become negligible, at less than $250,000 per day. The current trading price of BTC is about $62,500, significantly lower than JPMorgan's estimated production cost of around $78,000, a gap that has persisted for five months, the longest in this cycle. Production costs have historically been seen as a soft price floor, and currently, about 20% of miners are operating at a loss.Network-level pressure is becoming evident. Over the past six months, the beta value of mining difficulty relative to BTC price has risen to 0.62, with high-cost miners switching off their machines based on price fluctuations rather than continuing to operate at a loss. In the second week of June, difficulty decreased by 10%, marking the second similar adjustment this year. Publicly listed mining companies have sold over 32,000 BTC in the first quarter to cover operating costs, rather than further reducing production capacity.

Bitcoin miner revenue has continued to decline over the past year, with the current 7-day moving average daily income at approximately $30 million, significantly lower than last summer's level of over $50 million. Among this, transaction fees have dropped to less than $250,000 per day, almost negligible compared to block subsidies.Meanwhile, the price of Bitcoin is around $62,500, below JPMorgan's estimated production cost of about $78,000. This state of being below production costs has persisted for five months, the longest duration in this cycle. Historically, production costs are often seen as a soft bottom area for Bitcoin prices. Currently, it is estimated that about 20% of miners are in a loss position at the current price, and the pressure is beginning to reflect at the network level.Over the past six months, the sensitivity of mining difficulty to Bitcoin prices has risen to 0.62, indicating that high-cost miners are increasingly inclined to turn off their mining machines based on price fluctuations rather than continue mining at a loss. In the second week of June, Bitcoin mining difficulty decreased by 10%, marking the second occurrence of a similar magnitude adjustment this year. A comparable adjustment also occurred in the previous quarter, with both instances happening during periods when prices remained below production costs, indicating that pressure on the miner side is deepening.

The cryptocurrency trading platform SuperEx announced that Arcium (ARX) will be launched in the innovation zone, and spot trading for ARX/USDT will officially open at 11:00 Beijing time on June 24, 2026. Currently, the recharge channel for this token has been opened, and withdrawal services will be available soon.In addition, ARX has now been included in the support range for the platform's all-currency contract margin. It is reported that Arcium is a decentralized network focused on trustless computation of all cryptocurrency data, aiming to provide encrypted shared states and encrypted computing capabilities for applications in fields such as blockchain and artificial intelligence through its underlying technology, the Cerberus MPC protocol.

The cryptocurrency trading platform SuperEx has now launched Re (RE) in the innovation zone and opened the RE/USDT spot trading pair. Currently, its deposit, trading, and withdrawal channels have all been activated.In addition, RE has now been included in the platform's support range for all currency contract margins. It is reported that Re belongs to the Real World Asset (RWA) sector, positioned as the capital layer of RWA, aiming to connect global on-chain capital with the reinsurance market, which has a scale of $1 trillion.

According to on-chain analyst @ai_9684xtpa, the address 0xf822...be01a added a margin of 3.5 million USD to Hyperliquid, increasing short positions in contracts such as BTC, ETH, and HYPE.Currently, this address holds a total of approximately 89.57 million USD in short positions, including about 41.5 million USD in BTC shorts, approximately 32.41 million USD in ETH, around 13.12 million USD in HYPE, and about 2.53 million USD in PAXG, with an overall unrealized loss of approximately 1.27 million USD. Its BTC short position has risen to become the second largest short position on the Hyperliquid platform.

The recently released policy simulation report "Europe 2031" points out that, constrained by a shortage of computing power and reliance on external models, Europe may face the risk of economic and political marginalization in the global AI competition if it does not make significant strategic adjustments. The report notes that Europe currently accounts for only 5% of global AI computing power, lacking leverage in technological competition, and its advocated "technological sovereignty" may be difficult to achieve due to insufficient funding and lagging policies, even facing the risk of losing autonomous control over core technology companies (such as ASML).To address the aforementioned challenges, the report proposes a series of countermeasures. It suggests that Europe should mobilize public and private capital on a large scale, focusing investments on foundational computing infrastructure such as energy, semiconductors, and data centers; and form a technology alliance with countries like the UK and Japan to integrate supply chain advantages for international negotiation leverage. Additionally, the report calls for Europe to advance labor market reforms to adapt to the proliferation of AI and tighten scrutiny of foreign investment in local manufacturing to consolidate its existing advantages in industrial AI and robotics.

Bitcoin miners' daily returns have fallen to a historical low of $0.28, with net miner positions remaining negative, and institutional spot flows becoming a key variable in the market.

Nado announced the launch of the industry's first tokenized unified margin system for U.S. stocks, with SPYx (S&P 500) and QQQx (Nasdaq 100) now supported as margin for perpetual contracts. Users can use tokenized U.S. stocks as collateral in a single Nado account to trade cryptocurrencies, foreign exchange, commodities, and stock perpetual contracts, and settle their portfolios through a unified risk control system. This marks the first time in the derivatives market that a margin system for U.S. stock assets and multi-asset perpetual contracts has been integrated, making Nado the first trading platform to support U.S. stocks as cross-asset unified margin, bringing traditional prime brokerage-level capital efficiency to the on-chain trading market.

According to monitoring by Lookonchain, the BIT associated address currently holds a floating loss of 78 million dollars on a long position of 120,000 ETH. To avoid liquidation, it deposited 5.84 million USDC as collateral.The latest liquidation prices on the whale's four addresses are: $1,414.51, $1,366.11, $1,360.73, and $1,309.53.

According to on-chain analyst Yu Jin (@EmberCN), ETH has been continuously declining recently, and the largest long position on Hyperliquid, which opened 120,000 ETH (approximately $271 million) at an average price of $2,261, has seen its unrealized loss expand to $73.66 million.To mitigate liquidation risk, this address recently added $26 million in margin, lowering the liquidation price range from the previous $1,617 to $1,355 down to $1,300 to $1,400. However, the current ETH price has dropped to $1,870, which is only about $470 away from the recent liquidation line, and the pressure from stop-loss and position reduction continues to intensify.

According to the official announcement, as an important upgrade in terms of capital efficiency for the US stock 2.0 product, Bitget has added 15 US stock tokens as collateral currency in the unified account and U-based contract joint margin model.The supported underlying assets include: rAAPL, rAMZN, rMETA, rMU, rTSLA, rGOOGL, rNVDA, rINTC, rMSFT, rASML, rAVGO, rTSM, rSNDK and other core technology assets, as well as the rQQQ and rSPY large-cap index tokens.

According to the official announcement, the cryptocurrency trading platform SuperEx has officially launched Citrea (CTR) in the innovation zone and opened the CTR/USDT spot trading pair. Currently, related deposit, withdrawal, and trading services have been fully activated.In addition, CTR assets have been included in the support range for all-currency contract margin. It is reported that Citrea is a Bitcoin application layer driven by zero-knowledge proof (ZK) technology, aimed at empowering institutions and users to access the Bitcoin capital market. CTR is the coordination and governance token of this network. The project has received support from well-known institutions and investors such as Founders Fund, Galaxy, and Balaji Srinivasan.