Citi: US stock market bulls hold unrealized gains, and weakening growth expectations may trigger profit-taking.

A newly created wallet received 9.3M $KTA ($685K) and 2B $GALA ($3M) via cross-chain bridges, then sold them for 1,902 $ETH($3.64M). This caused $KTA to crash 37% and $GALA to crash 15%. Looks a bit suspicious.

According to Lookonchain monitoring, a newly created wallet received 9.3 million KTA (valued at approximately $685,000) and 2 billion GALA (valued at around $3 million) via a cross-chain bridge, then sold all these tokens to obtain 1,902 ETH (worth about $3.64 million). This large-scale sell triggered sharp market volatility; data from HTX’s market shows that KTA’s price once dropped by 37%, while GALA’s price fell by 15%.

According to Lookonchain monitoring, a newly created wallet received 9.3 million KTA (valued at approximately $685,000) and 2 billion GALA (worth around $3 million) via a cross-chain bridge, then sold all these tokens to acquire 1,902 ETH (valued at roughly $3.64 million). This large sell-off triggered severe market volatility. Per HTX market data, KTA’s price plunged 37% at one point, while GALA’s price dropped 15%.

According to The Wall Street Journal, OpenAI disclosed to investors that its second-quarter revenue rose 18% quarter-over-quarter, climbing from $5.7 billion in Q1 to $6.7 billion. While nearly $7 billion in quarterly revenue is an impressive scale for most startups, this growth rate has still left some shareholders disappointed amid OpenAI’s current valuation, financing plans, and IPO expectations. What has drawn even more market attention, however, is the widening losses. The report states that OpenAI’s Q2 operating loss expanded to $12.3 billion from $9.3 billion in Q1, outpacing revenue growth. Since this figure includes stock-based compensation expenses, the company is further from its profitability target, prompting investors to reassess its pre-IPO financial path. By contrast, Anthropic is emerging as a source of pressure for OpenAI. The WSJ reports that Anthropic’s Q2 revenue rose to $11.6 billion, surpassing OpenAI for the first time, and the firm posted a small operating profit. While Anthropic’s profitability metrics still need further verification from its IPO prospectus, the company has already achieved notable growth in segments such as enterprise AI, code generation, and Claude Code, sparking market discussion over whether the commercialization pace between leading AI labs has reversed.

Solana core developer and Anza CEO Brennan Watt announced in a post that Solana is rolling out its first slot time reduction upgrade on the mainnet, which is expected to lower block generation time from the current ~400 milliseconds to 350 milliseconds, with the adjustment set to take effect starting at Epoch 1020. Watt cautioned developers about transition issues linked to the upgrade, noting that some SDK constants—including DEFAULT_MS_PER_SLOT—have not yet been updated to match the new parameters. The official team will release a version containing the latest values after the feature is activated. The upgrade uses a delayed activation mechanism: the feature will enter a pending activation state at Epoch E, activate at Epoch E+1, and become fully effective at Epoch E+2. For applications that rely on SDK constants to align with the mainnet’s actual slot time, Watt advised adding adaptation logic during the transition period, such as setting function switching mechanisms based on Epoch slot boundaries, to prevent service anomalies caused by parameter changes. Long-term, Solana plans to migrate these network parameters on-chain to allow direct queries by clients. For now, the team needs to complete this upgrade, describing the process as similar to Solana’s early "tough but fast iteration" development phase. Watt also revealed that the team expects the vast majority of nodes to meet the "two-slot latency" target in most scenarios; related restrictions will be further relaxed in the upcoming Anza v4.3 update.

The latest Bank of America (BofA) Global Fund Manager Survey reveals that global investors’ risk appetite is surging rapidly. As US stocks edge closer to record highs, fund managers’ allocation to equities has climbed to a five-year peak, while cash holdings have fallen to 3.5% — a sign the market has largely recovered from earlier jitters over growth slowdown and an AI bubble. BofA strategist Michael Hartnett pointed out that a record 56% of surveyed fund managers expect no significant “landing-style” slowdown in the global economy. In other words, the market’s dominant positioning is betting on economic resilience, sustained corporate earnings expansion, and risk assets will continue to get liquidity support. Notably, the survey shows AI capital expenditures have not yet become a top concern for investors. Even as tech giants keep boosting budgets for data centers, GPUs, servers and power infrastructure, talk of “overheated AI spending” is on the rise — but the BofA survey finds fund managers are currently not overly worried about growth, interest rate hikes, AI capital expenditures or US political risks.