PA Daily | The U.S. Senate temporarily shelves the Clarity Act; X Money begins rolling out to U.S. Premium and Premium+ subscribers

Today’s Headlines:

U.S. Senate temporarily shelves the Clarity Bill, prioritizes other agendas

Hyperliquid responds to the “Hynix contract insertion” claim: the contract deployment and operations party Trade.xyz is investigating

South Korea considers capping “borrow-to-invest in stocks” at 20%

South Korea’s People Power Party discusses filing national compensation claims against the government over losses in Samsung Electronics and SK Hynix leveraged ETFs

Psalion launches a $50 million third venture capital fund focused on blockchain technology applications

X Money starts rolling out to U.S. Premium and Premium+ subscribers starting today

Jiang Zhuoer: BTC has broken below its rising channel; shorting target switches from ETH to BTC

Analysis: Not all Bitcoin miners can pivot to AI—power resources have become the core competitive advantage

Regulation & Macro

South Korea considers capping “borrow-to-invest in stocks” at 20%

At a discussion forum, Lee E-won, chair of the Financial Services Commission, said the government will first closely monitor the policy effects of supplementary measures such as the reinforced basic deposit from July 31. If demand fails to cool sufficiently, it will also begin studying and preparing additional measures in advance. The option currently under review is to set total volume management rules, limiting the individual stock leverage portion to within 20% of the total investment amount of personal financial investment products. For example, if the investment amount of a financial investment product is 100 million won, then at most 20 million won can be invested in a single-stock leveraged product.

South Korea’s People Power Party discusses seeking national compensation from the government over losses in Samsung Electronics and SK Hynix leveraged ETFs

People Power Party lawmaker Kim Eun-hye is exploring the possibility of filing a lawsuit for national compensation against the government regarding losses suffered by investors in Samsung Electronics and SK Hynix single-stock leveraged ETF products. Fellow party lawmaker Na Kyung-won also publicly argued for a full investigation into citizens’ losses and actively considering national compensation, proposing to examine the process of “rushed introduction” to the Blue House and financial authorities through parliamentary investigations and special checks. The controversy stems from the Financial Services Commission’s May 27 approval to launch single-stock leveraged products tracking the daily up/down move (2x) of Samsung Electronics and SK Hynix. After listing, capital surged in sharply; mechanical rebalancing amplified price volatility. As of June 25, 14 products’ net assets totaled 16.28 trillion won, with daily trading volume reaching 14.48 trillion won. On July 16, the financial regulator raised the base margin from 10 million won to 30 million won in cash, and advanced the previously scheduled August measure to July 31. The Financial Services Commission argued that the amendments followed lawful procedures, and the two sides are expected to spar at the parliamentary level.

U.S. Senate temporarily shelves the Clarity Bill, prioritizes other agendas

Senate Majority Leader John Thune has temporarily set aside the Clarity Bill to prioritize pushing forward the confirmation of government nominees and a Russia sanctions bill. This week, the Senate will also spend Tuesday and Wednesday due to the funeral of the late Senator Lindsey Graham. Senate procedure limits the ability to consider two controversial bills at the same time; the Clarity Bill may not be able to reach a vote until next week at the earliest (the last few days before the August recess). Both parties are still seeking a compromise on a morals clause—limiting federal officials, including President Donald Trump, from participating in crypto projects. The White House announced last week that Trump agreed to the clause, but Democrats said the strength was insufficient, and both sides agreed to continue negotiations. If it can’t pass this year, the industry will face regulatory uncertainty. Even if the Senate passes it, the House of Representatives would still need to approve again, and recent internal disagreements among House Republicans have affected progress on other legislation. After the September return, there are only a few weeks; after the November election, the lame-duck session could either produce legislation or fall into a political stalemate.

BlackRock publicly supports the Clarity Bill as the Senate legislative window narrows

BlackRock, the world’s largest asset manager, has publicly backed the Clarity Bill. Samara Cohen, global head of markets development at BlackRock, said the bill is “an important step toward building an investor-first digital asset regulatory framework,” helping the U.S. “shape the next era of market structure.” Fidelity, as well as Goldman Sachs CEO Solomon and Charles Schwab, have also recently expressed support for the Clarity Bill. Senate Majority Leader John Thune said Senate work might extend beyond the August recess, with the legislative window narrowing, and some policy analysts have lowered the probability of passage this year to 30%.

Franklin Templeton backs the Clarity Bill, calls for regulatory clarity for the industry

Franklin Templeton (Franklin Templeton) has publicly supported the passage of the Clarity Bill, saying it will clarify the regulatory framework for crypto assets so investors understand the protections that apply, and businesses know which regulator is responsible. The time has come to provide the regulatory clarity the industry needs.

Project Updates

Chalk Group discloses “stock-trading losses of $56 million”; former CEO Zhang Xiaolong previously boasted of earning $53 million in a month from stock trading

Hong Kong-listed Chalk Group (02469.HK) released a mid-term earnings forecast, disclosing that between July 1 and July 7 it sold certain ETF products and listed securities purchased through the public market, recording total investment losses of about $8.3 million (about RMB 56.15 million). As of the close of last Friday (July 24), among its investments measured at fair value with changes recognized in profit or loss for the current period, it still holds listed securities of three public companies with a total value of about $8.5 million. The board said it will closely monitor the performance of the investment portfolio. Earlier, on June 3, Chalk CEO Zhang Xiaolong, at a speech at Renmin University of China, said that last month he used 80 million yuan in cash to enter the market and earned 53 million yuan in one month, and advised students that they should “trade tech stocks better” and “trade U.S. stocks even better,” then after receiving a lukewarm reaction from the audience he swore and left. In early month, Zhang Xiaolong stepped down as Chalk’s executive director, CEO, and chairman of the board. Today, Chalk’s share price plunged nearly 17% to a historical low at one point.

Hyperliquid responds to the “Hynix contract insertion” claim: contract deployment and operations party Trade.xyz is investigating

Hyperliquid responded to the “Hynix perpetual contract insertion incident,” stating that the SKHYNIX perpetual contracts were deployed and operated by the Trade.xyz team. The team is investigating the relevant situation and will update after reaching a conclusion. Hyperliquid also explained the HIP-3 market mechanism: deployers are responsible for pushing the index/mark price, oracle, and external price inputs for their markets. They can use a mark price method similar to the perpetual contracts operated by verifiers—the protocol contributes one of three median components; the other two components are pushed by the deployer and affect the final mark price. For example, if the on-chain median is 100 and the deployer pushes 150 and 151, the mark price will be 150. Previously, Hyperliquid’s SKHX flashed down 17.9% due to abnormal orders from the Korean SK Hynix, with liquidation amounts exceeding Binance.

Binance will remove multiple spot trading pairs including ERA/BNB and MAGIC/USDC on July 31

Based on recent review results, Binance will remove and stop trading the following spot trading pairs on 2026-07-31 at 11:00 (UTC+8): ERA/BNB, MAGIC/USDC, MASK/USDC, MOVE/TRY, MOVE/USDC, POL/BTC, STORJ/TRY, and SUSHI/USDC. Spot trading bot services for the above pairs will also be terminated simultaneously. Users are advised to update or cancel in advance. The delisting of the spot trading pairs does not affect the availability of the tokens on Binance spot markets; users can still trade the related tokens via other trading pairs.

Binance Wallet launches perpetual contract trading for Changxin Technology, supporting up to 20x leverage

X Money starts rolling out to U.S. Premium and Premium+ subscribers starting today

SK Hynix follows in SpaceX’s footsteps after a price break

SK Hynix’s American depositary receipt (ADR) (SKHY.O) slid to a new low since listing on Monday. Earlier this month it listed on the U.S. market with a fundraising size of $26.5 billion, but as investors continued to pull out from the overvalued semiconductor sector, the stock price fell sharply. It sank as much as 10% intraday to $139.01, far below the $149 offering price, and ultimately closed at $143.02. With this move, SK Hynix joined individual stocks such as SpaceX as one of the first companies among this year’s largest U.S. IPOs to trade below the offering price. Semiconductor stocks overall faced pressure; the widely watched semiconductor index extended recent declines, closing at its lowest level since May 19. At the same time, costs to provide default protection for corporate bonds of NVIDIA (NVDA.O) rose as investors worried about the massive costs of building AI infrastructure, and the AI chip sector moved lower overall.

SpaceX’s market value has evaporated by over $1.2 trillion—already “down” one Tesla

Since its June peak of $225.64, SpaceX’s market value has evaporated by more than $1.2 trillion, almost equal to the market value of another company under its founder Elon Musk—Tesla. On Monday, SpaceX fell for the 13th time in 16 straight trading days, closing at $113.50, down more than 1%. In the options market, retail investors continued to buy call options that are nearly impossible to exercise, betting on a quick rebound. SpaceX’s first quarterly report will be released next week; from August 6, the lock-up period for about 911.5 million shares of internal stock will begin to expire, representing about 20% of total shares outstanding. Traders believe the expiration of the lock-up may not be as severe as the market fears, but it also won’t support the stock price.

Hyperliquid SKHX flashes down 17.9% due to an abnormal order from Korean SK Hynix; liquidation amounts exceed Binance

Hyperliquid’s SKHX flashed down 17.9% this morning, with liquidation amounts over Binance in a four-hour window. The cause was an abnormal order during pre-market trading for SK Hynix’s NXT (executed 1 share at 162.8k won, about $867). It triggered a trading halt after a drop of up to 30% due to poor liquidity. Hyperliquid’s price crashed further as the oracle followed suit; Binance’s price also fell due to arbitrage transfers. The current price has now returned to normal.

Domestic immersive DUV lithography machine from DUV starts small-batch production; first batch this year is 5 units

A state-owned company in Shanghai has begun small-batch production of a domestically made immersive DUV lithography machine. This year it plans to ship about 5 units, increasing to about 20 units in 2027. The first batch of equipment will be delivered to Semiconductor Manufacturing International Corporation (SMIC), Huali Microelectronics, and Changxin Technology. The wafer fab will need to verify precision, stability, and integration with existing production lines; the process may continue for several months or even longer. Reports say most components have been localized, but some key components still rely on Japan. Overall performance and manufacturing quality remain behind ASML, while ASML delivered about 131 immersive DUV lithography machines in 2025 alone; domestic equipment still has a gap to large-scale substitution.

Apple’s market value surpasses NVIDIA, returns to the No. 1 global spot

As of Monday local time, Apple overtook NVIDIA to become the world’s highest market-cap company again, for the first time since April 2025. NVIDIA shares fell nearly 5% on Monday; its market cap dropped to $144.8k, as investors worried about the massive costs of building AI infrastructure and the AI chip sector declined broadly. At the same time, Apple’s shares rose 1%, lifting its market cap to $495 billion; the company will release its highly anticipated earnings report on Thursday after the close. After NVIDIA took the top spot from Microsoft in June 2025, it maintained the position until briefly touching a $5 trillion market cap in October last year. In 2026 to date, NVIDIA’s share price has risen only 4%, while Apple is up 24%. Apple has outperformed the broader market because it stays cautious about AI capital expenditures and is more inclined to lease computing power rather than build infrastructure in-house—an approach investors have recognized.

Strategy cash reserves increase by $525 million to $3.75 billion; 843,775 BTC holdings unchanged

Strategy disclosed in its 8-K filing to the SEC that during July 20 to July 26 it sold 12k shares of MSTR via its ATM plan, raising net proceeds of about $545 million. Other series of preferred stock were not sold during the week; as of July 26, the available MSTR issuance amount was about $22.98 billion. In the same period, under a share repurchase plan, the company repurchased 288,930 shares of STRC preferred stock for $25 million; no MSTR was repurchased. In the BTC portion, the company made no additional buys this week. Its holdings remain 843,775 bitcoins, with total capital deployed of about $63.69 billion, an average buy price of about $75,476 per BTC, and cash reserves of $3.75 billion.

Anthropic misconfiguration caused Claude shared chats to be publicly searchable, leading to user privacy leaks

Anthropic’s Claude chat sharing feature lacked a noindex tag, causing conversations generated via “share links” to be indexed by Google and become publicly searchable. A Reddit user on July 25 found hundreds of full Claude conversations with a simple search, exposing sensitive information including crypto wallet mnemonics, Social Security numbers, and legal discussions. The root cause was the missing noindex tag on the shared links—while robots.txt blocked crawling, once the links appeared on third-party platforms, Google could still index the pages and display entries saying “no information available.” This vulnerability also affected Claude’s public Artifacts, leaking employee salary spreadsheets, internal CRM chat logs, and unreleased product roadmaps. Google began removing the relevant results on July 26, but Bing is still indexing them. A GitHub repository archived 453 Claude conversations and 519 Grok conversations, totaling 11,241 messages. Users can revoke sharing through settings pages, but any saved data cannot be deleted. OpenAI previously leaked thousands of conversations to search engines in September 2025 due to a similar issue.

Solido Money suffered an attack over the weekend; about 293.7 million SUPRA stolen

Solido Money disclosed over the weekend that it was attacked, with about 293.7 million SUPRA stolen, of which about 220 million SUPRA were stored in what appears to be a Gate充值 (deposit) address. The official report says about 90% of the affected funds belonged to the foundation.

Coinone, a crypto exchange, integrates entry points for Korean investment securities stock trading

South Korean crypto exchange Coinone partnered with Korean investment securities to launch its first joint service. Coinone’s app home page adds a “Stock Investment” tab. After users click it, they are redirected to Korean investment securities’ web trading system page, where they can view real-time hot domestic stock information. Once verified by the Korean internet platform Naver, users can trade directly. Users without a Korean investment securities account can open an account on the redirected page and then use the service. Both sides said the move aims to make it easier for users who invest in both crypto assets and stocks. In the future, the cooperation will be gradually expanded. In May this year, Korean investment securities made a strategic equity investment in Coinone.

Kimi open-sources K3 model weights and releases technical report

The Moonshot AI team released the model weights and technical report for its most advanced large model, Kimi K3. Kimi K3 is a MoE architecture model with 2.8 trillion parameters, with native multimodal visual understanding capabilities, supporting a 1 million token long context. The new architecture claims an intelligence-level improvement of about 2.5x under the same compute. In addition to the model itself, Kimi also simultaneously open-sourced high-performance attention operator, MoE communication library, and infrastructure code for running large-scale agent environments. These resources have been published on Hugging Face, GitHub, and the official technical blog.

Fundraising & Investment News

Psalion launches a $50 million third venture capital fund, focused on blockchain technology applications

Singapore digital asset investment management firm Psalion launched its third venture capital fund with a size of $50 million, the largest fund the company has launched to date. It focuses on blockchain technology applications. The fund will invest in seed rounds and pre-seed companies in areas including infrastructure, middleware, trade finance, RWA, stablecoins, and DeFi. It will especially focus on consumer applications of Web3 in how assets are owned, traded, and interacted with. Psalion managing partner Tim Enneking said the first two funds were launched during market downturns, and they believe “the best opportunities often appear in down markets—valuations are more reasonable and founders are more focused.”

AI robotics company Enigma completes a $71 million seed round; Index Ventures leads, among others

AI robotics company Enigma completed a $71 million seed round. It was jointly led by Index Ventures and Ribbit Capital, with participation from individual investors in the AI field including Conviction Partners, OpenAI, Anthropic, DeepMind, xAI, Cognition, and Wiz. The company was founded 11 months ago, and this round is one of the largest seed rounds in the physical AI space. The funds will be used to expand research and engineering teams, improve compute infrastructure, and increase deployments in real environments. Enigma has developed over 100 sets of proprietary robot systems, operating in California and Israel, and it has opened remote interactions to collect training data. The company believes the biggest barrier to robot adoption is human-machine interaction, and its platform uses a hardware-agnostic strategy so it can adapt to robots from different manufacturers.

Opinions & Analysis

Jiang Zhuoer: BTC has broken below its rising channel; shorting target switches from ETH to BTC

Leabit mining pool founder Jiang Zhuoer said that after finishing this leg of the move, he will no longer short ETH and will instead short BTC. Previously, his strategy was to stake ETH into WBETH as margin, and short ETH in equal quantity on perpetual contracts—effectively equivalent to selling spot without leverage and liquidation risk, while retaining staking interest and collecting the long funding rate. The new strategy uses WBETH as margin, and the short position is BTC spot in an equivalent quantity converted by the exchange rate. Jiang Zhuoer judges that BTC has broken below its rising channel, while ETH remains near the bottom edge of its rising channel. This bear market phase may repeat the prior pattern where BTC and ETH did not bottom at the same time—the lowest point for ETH in the previous cycle was June 18, 2022 (exchange rate 0.05), and BTC’s lowest point was November 21, 2022 (exchange rate 0.0698). This time, ETH may have already bottomed out on June 6, 2026.

Coinbase CEO: AI will make crypto technology more important; agent payments may become a key application

Coinbase CEO Brian Armstrong said AI will make crypto technology more important rather than replace it. AI agents will rely on stablecoins and blockchain networks for payments, trading, and financial services, and in the future the total daily transaction volume completed by AI agents may exceed the sum of all human activity. He pointed out that traditional banking systems weren’t designed as always-on software, and AI agents need real-time programmable money. Coinbase is positioning USDC, the Base blockchain, and the x402 payment protocol as core infrastructure for this market. x402 allows software to pay for online resources via machine-readable payment requests. Armstrong said these tools have already supported most agent-driven payments, and Coinbase calls this strategy “agent finance” (AiFi). It has recently launched USDC AI agent payment features for businesses via Coinbase Business and calls it a “high-conviction bet.”

Analysis: Not all Bitcoin miners can pivot to AI—power resources are the core competitive advantage

At the first Energy Investment Forum (EIF) held in Dallas, participants said that the AI wave is essentially driving a large-scale buildout of energy infrastructure rather than a pure software competition. Bitcoin miners may have some advantages in AI data center expansion thanks to years of experience finding low-cost power, building modular compute infrastructure, and participating in grid balancing. However, having power resources does not automatically mean they have the conditions to build AI data centers. Alexander Neumüller, a researcher at the Cambridge Centre for Alternative Finance, said preliminary data shows that from June 2024 to December 2025, global Bitcoin mining annual electricity consumption rose from 138 TWh to about 190 TWh, and about 10% of mining companies have begun using some electricity for AI or high-performance computing (HPC). More than 40% of firms are exploring related pivots. In the future, the combination of miners and AI infrastructure could take many forms, including building large AI data centers, providing distributed compute, continuing to operate Bitcoin mining, or transitioning into grid service providers.

Key Data

Analyst: Bitcoin spot trading volume has crashed 75% versus the end of 2024, the lowest since the 2023 bear market

CryptoQuant analyst Darkfost said spot trading volume on major exchanges fell by more than 75% versus the end of 2024. Binance’s trading volume in July was over $35 billion, far below $246 billion in November 2024; Bybit plunged 85%, Coinbase fell 61%, and OKX dropped 67%, the lowest level since the later stage of the 2023 bear market. Analysts noted that escalating tensions in the U.S.-Iran conflict have suppressed risk sentiment, inflation has raised concerns about higher interest rates, and the stock market has continued absorbing liquidity—each of which is unfavorable for speculative assets. From Bitcoin’s perspective, a return to a bullish trend requires a shift in the macro environment and renewed demand.

South Korea’s KOSPI index breaks below 6,000; down more than 30% from June peak

South Korea’s KOSPI index late in the day widened its losses; it plunged 11% intraday. For the first time since April 14, it fell below 6,000, down more than 30% from the June peak. SK Hynix fell more than 14% intraday, while Samsung Electronics dropped more than 13%.

Robinhood Chain application deposits top $600 million, up about 50% over the past week

Analysis: Binance BTC retail inflows are about twice those of whales; whale inflows are down 44.3% from the recent high

CryptoQuant said Binance’s Bitcoin inflow data shows significant divergence. Whales’ 30-day total inflow was $3.9 billion, down 44.3% from the June 12 peak of about $7.0 billion; retail inflow was $7.8 billion, down only 22% from about $10.0 billion on June 5. Retail inflows are currently about twice whales’, with a gap of $3.9 billion. This divergence coincides with the eve of the July 28–29 Fed FOMC meeting. Fed funds futures are currently pricing about a 36% probability of a 25 bps rate hike, with maintaining the target range of 3.50%–3.75% the more likely scenario. From Bitcoin’s perspective, an unexpected rate hike could support the dollar and Treasury yields and increase volatility in risk assets. If rate hikes pause alongside a more dovish guidance, it could partially ease macro pressure. The Fed’s Wednesday decision will be the key variable to test whether this divergence persists or starts to converge.

Gen Z makes up nearly half of new TradFi users on Binance; annual trading volume hits $80 billion

Two newly created wallet addresses withdrew 6,765 BTC from Binance, worth about $440 million

Hyperliquid’s largest SK Hynix short is up $6.1 million unrealized

With SK Hynix’s crash, Hyperliquid’s largest Hynix short is already up $6.1 million unrealized. It shorted SKHX worth $40.5 million at $1,275.7; the current price is $1,083, yielding a $6.1 million unrealized gain. It also shorted BRENTOIL worth $19.15 million at $97.7, with a $2.43 million unrealized gain.

A-shares open; Changxin C falls 7.7%

South Korea’s KOSPI index’s decline widens to 7%; SK Hynix down 10%