The popular AI framework Virtuals Protocol will host an in-person meet-up in Hong Kong on Friday, January 17.

According to market data from BIT (bit.com), Baidu’s US-listed shares rose nearly 3% in pre-market trading. The Chinese tech firm announced today that its board of directors has approved a motion to seek a voluntary conversion to a primary dual listing on the Hong Kong Stock Exchange (HKEX) Main Board, in line with HKEX Guidance Letter HKEX-GL112-22. The conversion is expected to take effect this year. The board also authorized the company’s management to conduct relevant preparations and take necessary steps to complete the conversion. Following the conversion, Baidu will hold primary dual listings on both the HKEX Main Board and the Nasdaq Global Select Market. Its Class A ordinary shares and American Depositary Shares (ADS) will continue to trade on the two exchanges (as applicable) and remain convertible between each other.

Binance Alpha will host an airdrop at 19:00 today (UTC+8). Users holding at least 250 Alpha points will be eligible to claim the tokens on a first-come, first-served basis, until the entire airdrop pool is fully distributed or the event concludes. More details will be announced soon.

According to HTX market data, Bitcoin has fallen below $64,000, with a 24-hour decline of 0.89%. Ethereum has dropped below $1,900, and its 24-hour gain narrowed to 1.3%.

CryptoQuant analyst Crazzyblockk released on-chain data showing that Bitcoin trading platform leverage is currently in a highly fragile state. Measured by the relationship between open interest and stablecoin reserves, the expansion of lending margins far outpaces what spot liquidity can support; leverage deployment has entered the top 5% of historical extremes, and is now severely overheated and above the historical average. This means the current rally is built on lending leverage lacking underlying spot liquidity support, with traders "burning through their last drop of fuel". The analyst pointed out that the market environment forms a dangerous psychological trap: seemingly rising prices fuel risk appetite, attracting retail investors to pile into high-leverage long positions, while the depletion of underlying stablecoin reserves creates a massive risk-off trigger. Smart money and market makers can see this top-heavy order book structure; when leverage deviates so far from the average without capital backing, prices will be pulled down. The path of least resistance is the violent liquidation of these overextended positions—deleveraging is not a matter of probability, but a mathematical necessity to reset indicators back to equilibrium. The recommendation is to cut margins, protect spot holdings, and wait for leverage to cool before seeking new entry points.

According to Bitget market data, during the late trading session of Hong Kong stocks after South Korean equity markets closed, Hong Kong-listed Southern 2x Long SK Hynix and Southern 2x Long Samsung leveraged ETFs saw their losses widen, both falling by over 20%. Today, South Korea’s SK Hynix closed down 11.53%, while Samsung Electronics ended the day 8.77% lower.

According to market data from BIT (bit.com), pre-market trading in US-listed storage chip-related stocks saw broad declines: SK Hynix ADR fell around 5%. South Korea today announced it will raise the minimum margin requirement for chip-focused leveraged ETFs and ban the listing of new single-stock leveraged products. TSMC dropped roughly 2% after reporting its Q2 financial results earlier today, which showed strong performance alongside an upward revision to its capital expenditure forecast for the next three years. SanDisk fell about 4%, Western Digital fell around 4%, and Seagate Technology declined approximately 3%.