K33: Bitcoin trading volume in July hits its lowest level since 2023

South Korea’s stock market extended its decline today, with retail investors appearing to be in extreme panic. Retail investors on Daum, South Korea’s leading stock forum, are voicing widespread distress, with their main sentiments focused on “regret over buying the dip” and “criticism of inadequate regulation”. Separately, Yonhap News Agency reported that a public opinion survey released on the 27th shows South Korean President Lee Jae-myung’s approval rating has fallen for two consecutive weeks, staying around 40%. Research firm Realmeter analyzed: “The downward trend is likely to persist this week. Negative economic factors such as the stock market crash, coupled with public strong opposition to real estate issues—including the Bundang mortgage sales dispute and remarks on strengthening property taxes—as well as policy conflicts over leveraged ETFs and expanded investigative authority.”

According to Bitget's market data, WTI crude oil gained 5% intraday, trading at $83.25 per barrel.

Bank of New York Mellon (BNY), which oversees over $59 trillion in assets under custody and management, is set to launch a digital transfer agency business. The initiative will migrate fund transaction processing and holder records to blockchain while retaining the firm’s traditional transfer agency system. BNY’s transfer agency business currently services approximately $8.6 trillion in assets and 7.6 million accounts. Baillie Gifford will be the first to use this system for the UK’s first fully native regulated tokenized fund, with BlackRock and BNY subsidiary Dreyfus also expected to adopt it in upcoming funds.

Circle’s Senior Director of EU Strategy and Policy Patrick Hansen (@paddi_hansen) published an article noting that since the EU’s Markets in Crypto-Assets (MiCA) regulation took effect, roughly 35 electronic money tokens (EMTs) from 21 institutions have secured compliance certifications. Banks and e-money institutions are entering the space, with strong local issuance momentum. However, among the world’s top 50 stablecoins, only three—USDC, USDG, and EURC—currently meet MiCA requirements, while the rest operate outside the regulatory framework, leaving EU users facing a dual dilemma: either insufficient protection or forced access restrictions. Hansen argues that for MiCA to truly serve as a global regulatory benchmark, two goals must be achieved in parallel: first, drive local EMTs to go global via a competitive regulatory regime; second, establish a recognition mechanism for overseas compliant stablecoins to attract global issuers to join the MiCA framework, rather than making local issuance the sole entry path.

According to Hyperinsight’s monitoring, the U.S. Federal Reserve will announce its FOMC interest rate decision at 2:00 AM Beijing time tomorrow, followed by a press conference at 2:30 AM. Ahead of the decision, a whale (0x927) opened a new short position from scratch last night, completing the build-up of the new short position in roughly two hours. Currently, it holds a 41x leveraged isolated short position on 3,250 SP500 contracts, with a position value of approximately $24.202 million, an average entry price of $7,410.7, an unrealized loss of around $117,000, and a liquidation price of $7,516.9. No open orders have been placed for this position so far. Historical completed trades show its win rate over the past 30 days stands at 80%, with a total of 50 SP500 trades executed previously. - HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable the "Send messages" permission) to automatically sync on-chain information.

Grayscale Research’s latest report notes that Hyperliquid’s native token HYPE remains undervalued relative to publicly listed fintech companies. Research head Zach Pandl applied a valuation metric analogous to stocks’ earnings per share (EPS) — earnings per token — projecting Hyperliquid’s protocol profit will reach approximately $1 billion in 2027, a roughly 20% increase from 2025. The report forecasts HYPE’s circulating supply will rise to 270 million to 310 million tokens by the end of 2027, corresponding to earnings per token of $3.25 to $3.75. At its current price of around $54, HYPE’s forward price-to-earnings (P/E) ratio stands at 15 to 18 times, a valuation Grayscale says is still lower than most fintech firms. However, the report flags key risks including underperforming protocol revenue growth and overly rapid token supply expansion. Meanwhile, HYPE has fallen roughly 29% from its June all-time high, with recent institutional unstaking and capital outflows continuing to weigh on market sentiment.