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Korean regulators have begun proactively “deleveraging” the market. In addition to focusing on monitoring margin financing and margin trading and other margin-related transactions to prevent market pullbacks from amplifying retail investors’ losses, they also require insurance institutions to reduce the risk of asset-liability duration mismatch.
Against the backdrop of major volatility in South Korea’s stock market, heightened tensions in the Middle East, and rising expectations for further interest-rate hikes by the Federal Reserve, regulators are clearly more concerned about liquidity risk

US stocks opened mixed: the Dow edged lower, but tech stocks remained strong. Capital continued to concentrate on the AI and semiconductor sectors. SK #Hynix ADR surged more than 11%. Sandisk, Micron, Intel, and Qualcomm all rose together, reflecting an optimistic view in the market that memory chip prices will increase and AI compute demand will keep growing. From the market tape, the AI theme still remains the strongest consensus in the US stock market right now—so long as there is no clear turning point in capital expenditure and demand expectations.

#SpaceX and Cursor's first jointly developed AI model is expected to be released as early as this week, targeting OpenAI GPT-5.5 and Anthropic Opus 4.8. SpaceX has acquired Cursor's parent company Anysphere for $60 billion and continues to ramp up investment in the AI tool space. From acquiring Cursor to launching its own model, SpaceX's strategy is expanding from simply building models to gradually forming a complete AI development ecosystem.

AI investment is becoming the core of a new round of capital expenditure for American enterprises. Alphabet, Amazon, Meta, Microsoft, and Oracle are expected to spend approximately $1.1 trillion on AI capital expenditure by 2027, accounting for 3.2% of U.S. GDP, surpassing defense spending for the first time. In terms of trends, tech giants are entering a new "arms race," with computing power, data centers, and AI infrastructure remaining the most certain areas of investment in the coming years.

The size of U.S. national debt has risen to about $39 trillion, approaching the entire annual U.S. GDP, with annual interest payments of about $1 trillion, already exceeding the defense budget.
U.S. Treasuries have long been a core asset of the global financial system, but as debt continues to climb, market concerns about their long-term sustainability are also heating up.
By 2056, the U.S. debt-to-GDP ratio could rise to 175%, further increasing fiscal pressure, and the credit system of U.S. Treasuries and the U.S. dollar is facing a long-term test.

Samsung Electronics plans to raise the average selling price of DRAM in the third quarter of this year by 20% quarter-on-quarter, and has already verbally informed some customers of the price increase. Industry insiders confirm that the relevant price adjustments have been communicated since June and are expected to gradually pass through to consumer electronics terminal prices.
As demand from AI servers, high-performance computing, and other areas continues to grow, the memory chip industry's cycle is recovering. The DRAM price hike also signals that the semiconductor supply chain is poised

Yesterday, the US Bitcoin spot ETF recorded a net inflow of $223.5 million, ending a streak of 10 consecutive trading days of net outflows. Among them, FBTC had a net inflow of $166 million, ARKB had a net inflow of $91.8 million, while IBIT had a net outflow of $40.4 million. At the same time, the Ethereum spot ETF continued to see capital inflows, with a net inflow of $29 million yesterday, and ETHA had a net inflow of $29.7 million. #比特币 #Bitcoin spot

For the week ending June 26, U.S. spot Bitcoin ETFs saw net outflows of $1.79 billion, marking the second-largest single-week net outflow record in history and extending a seven-week streak of capital outflows.
The continuous outflows reflect that institutional short-term risk appetite remains weak, but ETF funds have always been lagging indicators. Compared to weekly data, what is more noteworthy is when funds will start flowing back in, which will be more indicative than short-term price fluctuations.
#BTC #ETF

SpaceX will be included in the NASDAQ 100 Index on July 7, 2026. #SpaceX

Strategy perpetual preferred stock STRC's 90-day correlation with Bitcoin has risen to approximately 0.70, a new high since the product's launch.
As $BTC pulls back, STRC has also fallen over 23% this month, with its stable income attribute weakening. Due to the stock price staying below the $100 face value for a long time, Strategy's ability to buy coins through additional issuance for financing is limited, and it has even recently started selling BTC on a small scale to pay dividends, marking a shift in its "never sell" strategy.
#BTC

South Korea's cryptocurrency tax controversy continues to escalate.
A petition by citizens calling for the "abolition of virtual asset taxes" has gained over 58k signatures, reaching the threshold for submission to the National Assembly for review.
Starting from January 2027, South Korea will impose a 22% income tax on crypto gains exceeding 2.5 million won.
South Korean investors' opposition is not primarily to paying taxes itself, but to the fact that the tax exemption limit for stock investments is much higher than for cryptocurrencies, raising questions about the fairness of the tax

The European Union will implement the new AML regulations in July 2027.
The new rules require crypto platforms to perform stricter KYC for single transactions exceeding 1,000 euros, and services related to anonymous accounts and privacy coins will be fully banned.
At the same time, the EU has set the limit for commercial cash payments at 10k euros, and cash transactions over 3,000 euros must complete identity verification.
Whether in cash or crypto assets, the space for anonymous transactions is rapidly shrinking.
#加密货币 #AML #KYC #European Union

Illinois officially passes the Digital Asset Tax Act, which will impose a 0.2% tax on digital asset transactions and services provided to users within the state starting January 1, 2027. The tax will be collected and remitted by exchanges, custodians, and brokers. Several industry organizations warn that this could become one of the strictest crypto tax regimes in the United States, potentially increasing user costs and prompting companies and developers to leave. #Crypto # Cryptocurrency regulation

Pokémon cards are becoming a new on-chain hotspot. By mapping physical cards to NFTs or digital certificates and combining the "gacha" mechanism, on-chain collectibles are replicating the fun of offline card draws. In May, tokenized card trading volume on seven chains including Solana, Polygon, Base, and BNB reached $230 million, nearly 10 times higher than the previous year. #NFT #Pokemon #Crypto

The SEC officially approved T. Rowe Price Active Crypto ETF for listing and trading. Unlike traditional spot ETFs, this product adopts an actively managed approach, planning to allocate 5 to 15 mainstream cryptocurrencies, including tokens such as $BTC , $ETH , $SOL , and $XRP , and may hold USDC as a liquidity management tool. This means the U.S. market is gradually moving from single-asset ETFs to multi-currency, actively managed crypto funds.

#On the eve of SpaceX’s listing, space-related concept stocks surged together. SPCE rose 21.7%, ASTS increased 11.7%, RKLB gained 9.3%, and RDW climbed 14.9%; after-hours trading also continued the upward trend. DXYZ, which holds equity in SpaceX, likewise jumped significantly. The market is trading expectations for SpaceX’s IPO in advance—an ultra IPO with an estimated valuation of about $1.77 trillion and the stock code SPCX. After the U.S. stock market opens tonight, SpaceX will officially begin trading.

#Meta and Manus acquisition may face major changes
Meta has completed the operational separation from Manus and stopped data sharing between the two parties.
Meta employees are no longer allowed to use Manus tools, and the Manus team cannot access Meta's internal systems.
This move is to establish a substantial "firewall" under regulatory pressure, preparing for the formal termination of the approximately $2 billion acquisition deal.
As AI competition heats up, regulation is becoming an important variable affecting tech giants' mergers and acquisitions.

DCG founder Barry Silbert commented on Zcash's recent fluctuations, stating that instead of mocking ZEC's price returning to levels from six weeks ago, it's better to focus on more important issues.
As AI and quantum computing develop rapidly, one of the biggest challenges the crypto industry will face in the future is the underlying security problem.
Compared to short-term price fluctuations, projects should proactively review and upgrade their technical architecture to prepare for potential new attack risks that may emerge in the future.