The Telegram-internal Gram wallet: Moon’s Dark Side plans to raise funding at a $50 billion valuation

Top Story

▌Telegram founder: Will embed native non-custodial Gram wallets for all users

On July 21, Telegram founder Pavel Durov said in a post on his personal channel that instant, zero-fee crypto trading for more than 1 billion users is about to become a reality. Telegram is building a native non-custodial Gram wallet into every Telegram app.

▌The Dark Side of the Moon reportedly in talks for Pre-IPO financing at a $5 billion valuation

July 21, market news: The Dark Side of the Moon is reportedly in talks for Pre-IPO financing at a $5 billion valuation.

Market

As of the time of publication, according to CoinGecko data:

BTC price is $66,432.12, 24h change +1.7%;

ETH price is $1,923.70, 24h change +1.0%;

BNB price is $573.20, 24h change +0.4%;

SOL price is $78.09, 24h change +0.4%;

DOGE price is $0.07327, 24h change +1.5%;

XRP price is $1.14, 24h change +2.7%;

TRX price is $0.3295, 24h change +0.8%;

WLFI price is $0.05681, 24h change -0.7%;

HYPE price is $60.74, 24h change -2.8%.

Policy

▌China-US plan AI talks in September to discuss regulatory risks for cutting-edge models

Citing five informed sources, Reuters reported that China and the United States plan to hold AI-related talks in September to discuss regulatory risks posed by increasingly powerful frontier AI models. The sources said the U.S. side expects the talks to be led by U.S. Treasury Secretary Scott Bessent, and that both sides are still determining attendees, agenda, and the meeting location. (CNBC)

▌U.S. President Trump is likely to impose new tariffs on dozens of countries as early as this week

According to the Financial Times, U.S. President Trump may roll out a new round of tariff measures on dozens of countries as early as this week. Meanwhile, advisers to the Trump administration have warned that restarting the original trade war could create risks of economic shocks ahead of the midterm elections. People familiar with the plans said U.S. officials have prepared multiple options so that Trump can authorize new tariffs on dozens of countries after his 10% global tariff measure expires later this week. The first tariffs expected to be implemented are expected to be roughly equivalent to the current 10% tariff level, but the U.S. government is also conducting other investigations that could provide legal grounds for proposing higher tariffs. Two informed sources said that privately, senior U.S. officials have been urging Trump to maintain stable relations with trade partners and comply with the trade agreements with other countries that the U.S. reached in 2025 to reduce tariffs.

▌U.S. Trade Representative Grievel says the U.S. is preparing a new round of tariffs

July 21, via The Wall Street Journal: U.S. Trade Representative Grievel said the U.S. is preparing a new round of tariffs.

Blockchain and AI applications

▌Kalshi files with the CFTC to launch perpetual futures linked to gold

July 21, prediction market platform Kalshi filed with the U.S. Commodity Futures Trading Commission (CFTC) to launch perpetual futures linked to gold. (Jin Ten)

▌Beijing: Will build and develop a Token factory, aiming to add 50,000P of intelligent computing power in the second half of the year

July 21, according to Beijing Daily News (Beijing News), from the Beijing Municipal Commission of Economy and Information Technology, in the first half of the year, the city’s added value from the digital economy grew by 7.8%; among this, the core industries of the digital economy grew by 9.8%, significantly driving growth in the city’s GDP. In the second half of the year, Beijing will advance AI enabling across the entire domain, and promote applications such as intelligent translation and intelligent simultaneous interpretation in the cultural and tourism consumption sector. In the second half of the year, the Beijing Municipal Commission of Economy and Information Technology will focus on key annual tasks for building benchmark cities for the digital economy, deeply implement the “AI+” action plan, and fully unlock new drivers for the intelligent economy. Accelerate the development of new forms of the intelligent economy. Formulate Token economic development policies, and around key links such as Token production, distribution, and application, plan and build a Token factory and Token distribution platform, and promote innovative applications in key areas such as industry, education, and culture and tourism. Host the “Create a Win for the Future” OPC special session roadshow to stimulate the AI application and creation vitality of super-individuals. Develop high-quality AIGC training courses for OPC to unleash the value of AIGC technology. Rely on the Open-Source Chip Research Institute and the Beijing Tongminghu Information Technology Application Innovation Center to build an open-source and open ecosystem of “RISC-V+AI OS,” and form an end-to-end autonomous technology system from chip instruction sets to operating systems to agent applications. Further enhance the capacity to supply intelligent computing power. Build a support system of “super nodes + industry nodes,” aiming to add 50,000P of intelligent computing power in the second half of the year, and exceed 130,000P in total computing capacity within the year. Continue to advance green transformation of existing data centers, improve the utilization rate of renewable electricity, and achieve an annual renewable electricity consumption for data centers of over 3 billion kWh.

▌National supercomputing internet launches Kimi K3 API services

Recently, the national supercomputing internet launched Kimi K3 model API call services. Enterprises and developers do not need cumbersome environment configuration and can quickly call the capabilities of this open-source large model with 2.8 trillion parameters. At present, this API is compatible with the OpenAI and Anthropic interface specifications, supporting rapid, low-cost deployment of diverse AI applications. Currently, the supercomputing internet’s model API services have gathered open-source large models including MiniMax, DeepSeek, Qwen, GLM, Kimi, and others, covering AI capabilities across all dimensions such as text generation, image generation, video generation, speech synthesis, and multimodal. (Supercomputing internet)

Cryptocurrencies

▌Bessent: Freezes $130 million crypto wallets linked to Iran’s Islamic Revolutionary Guard Corps

U.S. Treasury Secretary Bessent: freezes $130 million crypto wallets linked to Iran’s Islamic Revolutionary Guard Corps.

▌BlackRock withdraws 1,789.65 BTC from Coinbase Prime, worth about $119 million

July 22, according to Onchain Lens monitoring, BlackRock increased its holdings again and withdrew 1,789.65 BTC from Coinbase Prime to its IBIT ETF wallet, worth about $119 million.

▌Morgan Stanley bought 115 BTC in the past week, total holdings surpass 5,800 BTC

According to Arkham monitoring data, Morgan Stanley again “buys the dip” in the past week. Through its spot bitcoin exchange-traded fund MSBT, it added about 115 BTC. As of now, its total bitcoin holdings have reached 5,876 BTC, worth more than $389 million.

▌Tether-backed trio of crypto companies merger falls through; Twenty One Capital CEO steps down

July 21, according to Bloomberg, the three-way merger plans for the crypto companies Twenty One Capital, Strike, and Elektron Energy have been terminated. Jack Mallers, CEO of Twenty One Capital and Strike, has stepped down as CEO of Twenty One Capital, with Raphael Zagury, CEO of Elektron Energy, taking over. The report said the three companies had previously planned to integrate their businesses with Tether’s support, but the deal has now fallen through, and Twenty One Capital will have Zagury manage the relevant business lines centrally.

▌Global tokenized stocks total market cap reached about $1.7 billion by end-June

July 21, a16z crypto posted: based on the latest industry data, as of end of June, the total market cap of tokenized stocks worldwide was about $1.7 billion, up more than 5x from $329 million in the same period last year, making it one of the fastest-growing subcategories in the real-world asset tokenization (RWA) track. Unlike issuing demand directly corresponding to stablecoin market cap (single-coin pegged to $1), the market cap of tokenized stocks moves in sync with the underlying share price, so market cap growth cannot be directly decomposed into independent contributions from new token issuance and repricing of existing token prices. Now, when breaking down the data, more than half of the current market cap comes from assets that had not been on-chain a year ago; most of the remaining market cap was launched only in mid-year, at which point the underlying share’s year-to-date price fluctuations were already largely completed, so the contribution of share price increases to overall market cap growth is limited.

▌Multicoin Capital unstaked 1.96 million HYPE

July 22, according to Onchain Lens monitoring, Multicoin Capital unstaked 1.96 million HYPE, about $120 million, spread across three wallets.

**▌Selini Capital unstaked 504,000 HYPE, worth $31.7 million

July 21, according to Markets Alpha monitoring, Selini Capital has just submitted a request to cancel the staking of 504,000 HYPE, worth $31.7 million. The address deployed the HIP-3 Dreamcash market. After announcing the market’s closure, Selini is unstaking the HYPE required to deploy and maintain the market; in this “investment,” it has profited nearly $20 million.

▌Crypto bank Augustus completes $180 million funding round; Tiger Global leads

July 21, Augustus is a startup building a federally chartered clearing bank. The company said it has raised $180 million to expand its U.S. dollar payment infrastructure, as stablecoins are reshaping the global financial system. The valuation of Augustus in this round reached $1 billion. The round was led by Tiger Global Management, with participation from investors including Hummingbird Ventures, QED Investors, and founders from Nubank, Ramp, Circle, and Deel.

▌Yili Huashuo: Bitcoin has room to break through $68,000; next leg’s upside is highly certain

July 21, Liquid Capital (formerly LD Capital) founder Yili Huashuo said he hopes to push through $68,000 strongly in one go. That way, even if there’s a final dip, it won’t be too low (around $55,000?). You can never rely on “shorting the bottom.” After all, in the next market cycle, the certainty of returns is relatively high. After our efforts in the AI field, our AI fund Axiom Investment is about to publish an AI U.S. stock research report. In the AI space, besides headline star enterprises, there are many under-the-radar firms with huge potential for breakout opportunities.

Major economic developments

▌JPMorgan: Korea’s deleveraging process is already 75% done; maintains an “overweight” rating

July 21, JPMorgan said that forced deleveraging driven by leveraged ETFs is the main reason behind the recent sharp drop in the Korean KOSPI index. The firm’s analysis suggests that it is the liquidation of leveraged fund positions—not worse corporate earnings or deteriorating fundamentals—that has amplified market volatility. It expects leveraged ETF assets to have shrunk to around $26 billion, with the deleveraging process now about 75% complete. Korea’s corporate fundamentals remain healthy, but heavy deleveraging pressure has weighed on stock prices. The firm predicts that stronger regulatory measures—such as raising base deposit margin requirements by Korean financial authorities and pausing the listing of new leveraged ETFs for individual stocks—will further push the deleveraging process. The report also assessed that hedge fund leverage is decreasing quickly as well. JPMorgan said that the size of long/short positions under hedge fund management has fallen from more than 5.5 times net assets to less than 4 times, estimating that deleveraging is already more than halfway complete. This year, net foreign selling of Korean stocks is expected to exceed $110 billion, but about 90% is concentrated in storage semiconductor stocks; with the recent decline in storage chip weights, foreign selling pressure is gradually easing. The bank is also optimistic about the medium- and long-term outlook. AI investment and data center investment remain solid; a slowdown in demand for memory chips has not been confirmed; and improvements in profitability across industrial, financial, and consumer goods sectors—as well as improvements in corporate governance structures—are positive factors for the Korean stock market. JPMorgan maintains an “overweight” rating for the Korean stock market and expects a 12-month target price for the KOSPI index of 12,500 points, consistent with earlier views. Its base-case target is 12,500 points, bull-case is 15,000 points, and bear-case is 8,000 points. (Jin Ten)

▌Changxin Technology: Online investors abandon subscription for 6,586,227 shares

July 21, Changxin Technology (688825.SH) announced that the results of the company’s initial public offering and listing on the STAR Market have been released. The issue price was 8.66 yuan per share, with the initial number of shares issued of 66,880.8608 million shares, representing about 10% of the company’s total share capital after issuance. The final strategic placement amount was 16,670.4720 million shares; the final subscription rate for online investors was about 0.47141739%. Online investors paid to subscribe for 3,844,517,273 shares and abandoned subscription for 6,586,227 shares; offline investors paid to subscribe for 2,173,101,821 shares and abandoned subscription for 31,567 shares. The joint lead underwriters underwrote 6,617,794 shares on a firm commitment basis, with a firm-commitment amount of 57.3101 million yuan. Before exercising the over-allotment option, the issuance expenses were 281 million yuan.

▌Liang Wenfeng’s Huafang and Jiuzhang take the largest shares in Changxin Technology private placement new share bids

July 21, based on Changxin Technology’s preliminary results for offline allocation, a total of 113 private fund products under 2459 products obtained the offline allocation of Changxin Technology, for a total allocated quantity of 161 million shares, and an allocated amount of 1.436 billion yuan. The announcement shows that offline institutional investors are divided into A-class (public funds, social security, pensions, annuities, bank wealth management, insurance, QFII) and B-class (private funds, securities firms’ proprietary trading, trust companies, finance companies, etc.), with A-class investors mainly public funds. A-class investors obtained 1.978 billion shares, accounting for 91% of the total offline offering. B-class investors, mainly private funds, obtained 196 million shares, accounting for 9% of the total offline offering. In the private fund list, ranked by number of allocation recipients, the top ten are all leading quant private funds. Shanghai Yanfu has 282 allocation recipients, the highest number among private funds. Frontier Century, Jiukun Investment, Shanghai Chengqi, and Huafang quant had 209, 194, 167, and 153 allocation recipients respectively. Lingjun Investment, Shanghai Jinde, and Mingxun Investment also had more than 100 allocated products, at 107, 105, and 100 respectively. Notably, DeepSeek founder and private fund heavyweight Liang Wenfeng took the largest share among private funds. Public information shows that two leading hundred-billion yuan private funds, Ningbo Huafang Quant and Zhejiang Jiuzhang Asset’s actual controller, are both Liang Wenfeng. That means Liang Wenfeng, through his two private fund vehicles, had a total of 194 private fund products receive allocations, totaling 20.2497 million shares allocated, with a total allocation amount of about 175 million yuan.

▌Probability that the Federal Reserve will keep interest rates unchanged in July is 74.9%

July 22, according to CME “FedWatch”: the probability of the Federal Reserve keeping interest rates unchanged in July is 74.9%, while the probability of cumulative rate hikes of 25 basis points is 25.1%. The probability of the Federal Reserve keeping interest rates unchanged through September is 28.9%, the probability of cumulative rate hikes of 25 basis points is 55.7%, and the probability of cumulative rate hikes of 50 basis points is 15.4%.

Golden Encyclopedia

▌In a geopolitical crisis, can Bitcoin still be called “digital gold”?

Every time a geopolitical crisis hits, gold prices rise while Bitcoin prices crash. After six tests, the claim of “digital gold” has never been confirmed by data. Countries stockpile gold but exclude Bitcoin from reserves. For investors, Bitcoin has asymmetry: it falls when stocks fall, but it doesn’t rise when stocks rise. Three structural asymmetry factors prevent Bitcoin from attaining a safe-haven status: excess derivatives (market structure), the dominance of leveraged traders (participant composition), and the lack of repeated behavior records (behavior accumulation).

Bitcoin is not a safe-haven asset, but it is a “useful asset during crises,” and it can indeed play a role when borders are closed and banks fail. If these three asymmetries shrink, Bitcoin might no longer be a copy of gold, but become a brand-new “next-generation gold.” The key factors that could accelerate this process are generational leadership change and the widespread application of algorithms.