BREAKING: $435 million has been liquidated from the cryptocurrency market in the past 12 hours.

Crypto clearing startup Glacis Labs has closed a $6.8 million seed round. The round was led by Lightspeed Faction, with participation from Franklin Templeton, Coinbase Ventures, A.GAIN (formerly IDC Ventures), Protein Capital, and Techni Ventures, structured as an equity-plus-token warrant deal. The funding will primarily be used to expand its core product, the ZeroDelta platform, and support the growth of its engineering, compliance, and marketing teams. ZeroDelta is a multi-chain clearing platform that facilitates matching, netting, and final settlement of cross-chain digital assets. It currently focuses on serving stablecoins and has processed over $1 billion in cumulative trading volume to date.

US Treasury Secretary Scott Bessent announced today that the U.S. Mint will produce a $1 commemorative "gold coin" — gold in appearance but containing no actual gold or precious metals — to mark the 250th anniversary of the founding of the United States. The obverse features a portrait of President Trump in a suit and tie, paired with the inscriptions "LIBERTY," "IN GOD WE TRUST," and the dates 1776-2026; the reverse displays the U.S. Great Seal eagle, marked with "$1" and "250." The coin is expected to be released this fall. The move breaks the longstanding tradition that living presidents typically do not appear on U.S. currency, with Bessent describing it as a "lasting symbol of patriotism" and "a commemoration of the legacy of freedom."

Trump posted that data centers are one of the biggest drivers of future job growth. They are large-scale, powerful, and have broad prospects, serving as cash cows for their respective states. However, for political reasons, the Governor of New York State terminated all data center projects under construction or planned in New York. These companies are now flocking to Alabama, Florida, Texas, Arizona, and many other states. The tax revenues and jobs brought by data centers are truly a huge source of wealth! New York State has made a bad decision. All this revenue and other benefits will flow to so-called "red states" (states dominated by the Republican Party) and some "blue states" (states dominated by the Democratic Party). These states not only have lower taxes but also can create record job opportunities. They will bear their own water and electricity costs, and the remaining funds will be returned to state governments and local communities. For the states and communities fortunate enough to secure data centers, these facilities are undoubtedly huge assets. New York State should immediately reverse its policy. We must never allow radical left-wing Democrats to make us lose data centers, artificial intelligence, and all these amazing new technologies, letting them fall into the hands of other countries!

Citirni analyst Jukan referenced Goldman Sachs’ monthly conference call remarks on the memory sector, noting clients’ strong resistance to DRAM price hikes approaching 30%, leading to a modest downward revision of third-quarter DRAM price growth expectations. Meanwhile, the outlook for NAND has grown more optimistic: AI-related KV cache offloading demand continues to exceed expectations, paired with an emerging trend of using NAND to replace expensive DRAM, further supporting NAND demand. The analyst holds a positive view on SK Hynix’s second-quarter performance, projecting revenue of approximately 85 trillion won and a gross margin of 63%. Relevant stocks include SK Hynix, Micron, and SanDisk. The commentary also reveals structural shifts in the memory market. Previously, explosive HBM demand from AI servers drove DRAM prices soaring, but once price increases hit the 30% threshold, clients began resisting further hikes, leading to a temporary slowdown in the pace of DRAM price growth. NAND is taking on a new role in AI infrastructure: KV cache is critical in inference scenarios, and using cheaper NAND to partially replace expensive DRAM to reduce costs is becoming a practical trend. This divergence also implies that internal capital rotation within the storage industry chain may continue; investors should exercise greater caution regarding short-term earnings expectations for DRAM-related stocks, while the fundamental improvement in the NAND segment may not yet be fully priced in.

Kraken Institutional has announced a partnership with on-chain yield platform Upshift, allowing qualified institutional clients to earn returns on idle Bitcoin, Ethereum, stablecoins and other crypto assets directly within Kraken’s compliant custody framework. Unlike traditional pooled vaults, Upshift will build dedicated, customized vaults for each client, fully tailored to their investment strategies, risk parameters, liquidity needs and asset portfolios. Assets will be allocated to these non-custodial vaults, then deployed to selected on-chain contracts, with clients’ segregated Kraken custody accounts receiving a receipt token.

According to market data from BIT (bit.com), during U.S. stock intraday trading, SpaceX (SPCX) fell below its IPO price of $135 for the first time, currently trading at $133.6. U.S. space-related stocks declined across the board: AST SpaceMobile (ASTS) dropped 5.26%, Rocket Lab (RKLB) fell 3.4%, and Redwire (RDW) declined 3.4%.