Hyperliquid: Recommends users immediately convert USDH to USDC

Binance Research’s latest report shows that the on-chain tokenized Real World Assets (RWA) market has surged 589% since the start of 2025, now topping $31.4 billion – up from $21.5 billion at the start of 2026, and roughly five times its size at the start of 2025. The main growth comes from bonds and money market funds, which together added around $6.5 billion, with an 83% increase. Tokenized U.S. Treasuries, money market funds, gold-backed assets, and tokenized listed stocks are the primary drivers of this expansion. Among these, tokenized stocks, while having a smaller base, have seen particularly robust growth, signaling that issuers are testing whether blockchain can support the circulation of a broader range of traditional securities assets. Analysts note that this RWA growth cycle differs from previous narratives in the crypto space, which centered on speculative trading or DeFi yields. It is more closely tied to traditional financial infrastructure, focusing on institutional needs like settlement efficiency, collateral liquidity, and programmable asset services. However, compared to the global bond, money market fund, and stock markets worth tens of trillions of dollars, $31.4 billion remains a negligible fraction. The report highlights that the key to the next phase of growth is not token issuance itself, but improvements in liquidity depth, legal enforceability, custody standards, and secondary market access. Regulatory frameworks remain the core bottleneck restricting further scale expansion.

According to Hyperinsight’s monitoring, the total trading volume of crypto market SPCX (SpaceX)-linked contracts reached $5.3 billion in the last trading session. Against the Nasdaq’s concurrent SpaceX trading volume of $23.9 billion, the crypto market’s SPCX volume equals roughly 22.1% of that, with an overall market share of 18%, and penetration continues to climb. Of this, Binance contributed around $3 billion in volume, while Trade.xyz added approximately $820 million. For Trade.xyz’s overall performance, its total daily trading volume hit $3.4 billion. Over the past week, its trading volume share across multiple traditional asset underlyings—including DRAM, SpaceX, SK Hynix, and CBRS—has hit new highs, each accounting for roughly 2% of the corresponding traditional market’s volume, reflecting a steady rise in on-chain traditional asset trading. Note: As crypto market transactions are contract-dominated, the actual trading scale may decrease when calculated on a de-leveraged basis.

Goldman Sachs’ latest report notes that the AI capital expenditure (capex) boom is driving Korea’s chip cycle with greater intensity and duration than expected, and the AI-fueled massive trade surplus will persist through the end of the year. The bank projects Korea’s full-year exports to exceed $1 trillion, with the current account surplus rising to 15% of GDP. On the U.S. front, a new study from the Federal Reserve Bank of Dallas shows that oil prices surging above $120 per barrel this spring trimmed U.S. economic output by roughly 0.3 percentage points, though the impact is far milder than similar oil shocks in the 1980s, reflecting the U.S. economy’s vastly improved resilience to oil price shocks. For the Eurozone, ING analysts point out that June PMI data still signals business activity in contraction territory, but the easing of inflation pressure from cooling energy prices is encouraging, with growth in input costs for both manufacturing and services slowing. Weak growth paired with fading inflation concerns will deter the European Central Bank from implementing large interest rate hikes. On the Australia front, Westpac has maintained its forecast for the Reserve Bank of Australia (RBA) to raise rates in August, while warning that "second-round effects" from Middle East supply shocks are spreading: rising costs for fuel, transportation, and chemicals have started to spill over into more sectors beyond energy, wage cost pressures could further stoke inflation in the second half of 2026, and the withdrawal of policy support measures will also keep inflation risks lingering beyond the August policy meeting.

Prediction market platform Predict.fun data shows that the 2026 US-Canada-Mexico World Cup match between Brazil and Scotland, scheduled to kick off at 6 AM Beijing time on the 25th, has the following win probabilities: Brazil (BRA) holds a 75% chance of victory, Scotland (SCO) has a 10% chance, and a draw is priced at 18%. Market data indicates that the platform has given higher support to the overall strength of the Brazil national football team led by Neymar.

According to Bitget market data, U.S. storage sector stocks rose broadly in pre-market trading, with Seagate Technology (STX) up 1.68%, Western Digital (WDC) up 2.56%, SanDisk (SNDK) up 3.79%, and Micron Technology (MU) up 4.49%.

According to Bitget market data, SK Hynix’s South Korean shares rose 5.5% in after-hours trading. On the news front, SK Hynix plans to raise up to 45 trillion won (approximately $290 billion) by issuing American Depositary Receipts (ADRs) in New York, with the relevant transactions set to launch in July. If successfully completed, the financing scale will exceed Alibaba’s 2014 $25 billion IPO, making it one of the largest overseas equity financing projects in South Korean corporate history and approaching a global capital market record.