TRUMP unlocked 40 million tokens 5 hours ago, equivalent to around 300 million US dollars

According to Bitget market data, Hong Kong stocks have extended losses since opening today. The Hang Seng Index fell 2.7% intraday, breaking below the 23,000-point mark; the Hang Seng Tech Index dropped 4.38%, with the artificial intelligence sector slumping—Days Innovations and Zhipu AI both fell more than 9%.

According to Yonhap News Agency, South Korea's Financial Services Commission Chairman Lee Eoguen told the National Assembly's Administrative Committee during a comprehensive audit that "various factors need to be fully considered" regarding virtual asset taxation set to take effect next year. People Power Party lawmaker Song Eon-seok on the same day questioned whether the tax should be scrapped or delayed, arguing that taxation is being advanced before the nature of digital assets and policy direction are clarified, and that the "Digital Asset Basic Act" should be prioritized for drafting. Lee responded that digital asset-related bills are in the final negotiation stage and will be pushed for discussion as soon as possible. On the taxation front, opinions from all sides are diverse and still being gathered. South Korea's virtual asset tax was introduced in 2020 via an amendment to the Income Tax Act, and has been delayed three times previously. The government is currently proceeding with administrative procedures in line with the January next year implementation schedule, but industry stakeholders and even some ruling party members argue the timing is premature due to unclear standards and insufficient infrastructure.

Hong Kong-listed large language model (LLM) giants MiniMax and Zhipu AI continue to slump: MiniMax fell below its IPO price of HK$165 during intraday trading, while Zhipu AI also extended its decline, with both pulling back over 80% from their all-time highs. On-chain long positions are also under pressure: the former largest long holder of Zhipu AI liquidated their position with losses exceeding $2.7 million, while the current largest long holders of both contracts still hold a combined unrealized loss of around $1.53 million. According to TradingBeats monitoring, the perpetual contracts for MINIMAX and ZHIPU on Hyperliquid are trading at $20.593 and $58.354 respectively. Among them, the current largest long holder of Zhipu AI (wallet address 0xddb8) holds a ZHIPU position valued at approximately $1.7119 million, with an average entry price of $105.091, resulting in an unrealized loss of around $1.3711 million. The current price is about 44.5% lower than its cost basis, and the liquidation price is $34.55. This account opened its position on the evening of July 6. The current largest long holder of MiniMax (wallet address 0xd33c) holds a MINIMAX position valued at around $331,200, with an average entry price of $30.7616, and an unrealized loss of approximately $163,600. The current price is about 33.1% lower than its cost, and the liquidation price is $16.95. The former largest long holder of Zhipu AI (wallet address 0x8b3f) liquidated their position at a loss the day before yesterday. This account had opened a long position worth $4.5445 million, incurring a loss of around $2.7063 million; had they not exited, the loss would have widened further.

According to TradingBeats monitoring, from last night to the present, six whale addresses (each holding over $1 million) on Hyperliquid have been liquidated for a total of roughly $25.911 million, including $18.5024 million in short positions and $7.4086 million in long positions. Both long and short sides saw consecutive liquidations. Trader Aguila Trades was partially liquidated four times today, while another multi-million-dollar short whale retained a large position after multiple rounds of liquidations. Over the past half hour, trader Aguila Trades (0x1f25) has been partially liquidated four times in a row on its BTC long positions, with a total of 21.12 BTC (worth around $1.7612 million) liquidated, resulting in a loss of approximately $25,900. The account currently holds 14.65 BTC long positions, valued at around $1.2144 million, with a liquidation price of $82,695. The largest liquidation in this round stemmed from an account starting with 0x4b62. Last night, this whale’s BTC and ETH short positions were partially liquidated multiple times, with a total of 203.60 BTC and 565.16 ETH liquidated, amounting to around $18.5024 million. The account has continued trading since, and currently holds roughly $29.1877 million in BTC short positions. The remaining four addresses also faced million-dollar-level liquidations one after another. Among them, the account starting with 0x89f had its entire BTC long position of around $2.2222 million liquidated, with no perpetual positions left; the account starting with 0x3f5f had its BTC and ZEC long positions liquidated for around $1.1842 million and $116,900 respectively, while still holding remaining positions. Additionally, the account starting with 0x7c1 had around $1.117 million in BTC long positions liquidated over the past half hour; the account starting with 0x9bb had around $1.0072 million in BTC long positions liquidated over the past hour.

According to Bitget's market data, Hong Kong's stock market saw a clear downward trend today. The Hang Seng Index fell over 2%, and the Hang Seng Tech Index dropped 4%, with all constituent stocks declining. Tianshu Zhixin fell more than 8%, Zhipu dropped 7.7%, MINIMAX-W, NetEase-S, Lenovo Group, and Horizon Robotics all fell over 6%, while Alibaba declined 5.9%.

According to Lookonchain's monitoring, four new wallets have received a total of 1,127 BTC from crypto market maker Wintermute, valued at approximately $93.45 million. Calculated based on the transfer amount, the average price of the BTC is around $82,900.