Linera Launches Babbage Testnet

According to Hyperinsight monitoring, as of press time, 5 of the 7 SKHX long positions tracked yesterday have reduced their original longs to zero, involving 5,101.544 SKHX units—accounting for 50.2% of yesterday’s total new large long orders. Including the 50.66 units added by two whales before exiting, the 5 addresses have collectively sold 5,152.204 SKHX units, worth ~$6.662 million, at an average transaction price of ~$1,293, with total realized profits of $401,500. The liquidations ran from 17:00 yesterday to 8:00 today, with per-address liquidation average prices ranging from $1,257.50 to $1,342.15, generating realized profits of $55,600 to $130,900 each; the two who exited this morning had average prices above $1,330. Post-liquidation, the five’s positions: one address (0xd65) immediately opened a short of 999 units, with an average entry price of $1,349.27, current position value ~$1.3216 million, and unrealized profit of ~$26,300. Another address (0x111) is waiting for a pullback with no positions, having placed 4 limit buy orders in the $1,236–$1,301 range totaling ~$891,900. The remaining two have exited completely. The other two whales have not traded since yesterday’s update, still holding 5,058.7 SKHX longs worth ~$6.6957 million, with a weighted average entry price of ~$1,232.90, unrealized profit of ~$458,700, and latest liquidation price of $973.87. As SKHX continued to rise overnight, these two inactive whales’ unrealized profit has surpassed the total realized gains of the five profit-takers. On the market front: SKHX is currently trading at ~$1,322.9, up 4.6% from $1,264.7 when yesterday’s update was released, with a 24-hour gain of ~6.6%. SKHY is now at $170.04 (10 units equal $1,700.4), its premium over SKHX expanding from 25.3% yesterday to ~28.5%. Previous news: When SK Hynix rebounded, 7 whales collectively opened $12.8 million worth of SKHX positions in the same direction.

According to local media reports, Pakistan’s Federal Investigation Agency (FIA) has established a cryptocurrency investigation unit under its National Command and Control Center, dedicated to combating illegal and criminal activities involving digital assets. Muhammad Athar Waheed, head of FIA’s Counter-Terrorism Department, stated that the unit will focus on investigating crimes such as money laundering and terrorist financing conducted via cryptocurrency, and will collaborate with Pakistan’s Virtual Assets Regulatory Authority (PVARA) in law enforcement operations. Waheed also recommended that the National Cyber Crimes Investigation Agency (NCCIA) and the Anti-Narcotics Force should set up dedicated teams to strengthen the crackdown on illegal activities like cybercrime and drug trafficking facilitated by cryptocurrency. In recent years, Pakistan has steadily advanced its digital asset regulatory framework. In March this year, Pakistan’s parliament passed the Virtual Assets Act, officially establishing PVARA as a permanent federal regulatory body responsible for issuing licenses to trading platforms, custodians, and token issuers. To date, PVARA has granted operating licenses to several major crypto platforms, including Binance and HTX. Additionally, Bilal bin Saqib, chairman of PVARA, previously noted that Pakistan plans to launch a national sovereign stablecoin, has announced the establishment of a national bitcoin reserve, and allocated 2,000 megawatts of electricity for bitcoin mining and AI data center construction.

The AI industry chain boom has reignited, with chip sectors surging sharply in Japan and South Korea’s stock markets today. South Korean semiconductor giant SK Hynix once climbed over 9%, while Samsung Electronics rose more than 6%, driving South Korea’s KOSPI index to gain over 6% intraday. The Korea Exchange subsequently activated the Sidecar mechanism, suspending KOSPI’s programmatic buy orders. Japan’s stock market moved in tandem, with the Nikkei 225 index rising around 1.7%, led by chip stocks. Kioxia’s share price jumped over 8%, Rohm Semiconductor gained more than 4%, and SoftBank Group advanced over 3%. Overnight, the U.S. semiconductor sector rallied across the board: the Philadelphia Semiconductor Index closed up 5.21%, with all 30 constituent stocks posting gains. Intel and AMD rose over 8%, Arm climbed more than 7%, and TSMC’s ADR increased by over 5%. Storage-related concept stocks performed strongly: SanDisk surged over 14%, SK Hynix’s ADR rose more than 13%, and Micron Technology and Western Digital each gained over 12%. Market analysis notes that the AI capital expenditure cycle is not yet over, with demand for data center construction, computing power, storage, and network infrastructure remaining robust. Recent improvements in Asian export data, plus price hikes by manufacturers like TSMC, have further bolstered market confidence in demand for the AI industry chain.

Wells Fargo Global Head of Equity and Real Assets Strategy Sameer Samana said that after gold corrected more than 20% from its January all-time high, the market’s risk-reward structure has shifted, with the metal’s downside narrowing while its long-term upside potential remains attractive to investors. Samana noted that the market has already priced in most of the Federal Reserve’s interest rate hike risks. If federal funds futures have factored in expectations of two to three additional rate hikes, gold prices have also largely reflected a similar degree of tightening pressure. The key concern for the market now is whether larger-than-expected rate hikes will emerge in the future, a possibility that is low. Recent downward pressure on gold is mainly driven by rising oil prices, growing expectations of Fed tightening, and higher real yields. However, Samana believes market sentiment may have turned overly pessimistic, with most negative factors already priced into prices. He pointed out that gold may continue to dip in the short term, as the technical side has not yet confirmed a bottom, leaving a risk of the price falling to $3,500. Meanwhile, the $4,500 to $4,900 range could act as a resistance level for a rebound, as some investors who bought at higher levels may choose to cut losses and exit positions. But looking at the long-term cycle, Samana argues that gold’s uptrend has not been broken. He said an economic slowdown could push the Fed to resume rate cuts and prompt policymakers to adopt more easing measures, which would provide new upside momentum for gold. Wells Fargo Investment Institute previously projected that gold prices could rise to $5,300 to $5,500 per ounce by the end of 2026, and further climb to $5,800 to $6,000 by the end of 2027.

According to Hyperinsight’s monitoring, a new address (0x4ba6) received approximately $464,000 in funds sequentially from three addresses last night. After UBTC was transferred in, it was immediately swapped for USDC, and the funds were moved into a BTC contract almost without delay. The address first opened a short position of 68.1 BTC, then continuously switched between long and short directions to test positions. About half an hour ago, it bought 181.3 BTC via two orders again, finally completing its current position building, with an average execution price of $66,411.6, totaling roughly $12.039 million based on the transaction price. As of press time, the address holds a 40x leveraged long position of 181.3 BTC, with a position value of approximately $12.026 million, liquidation price of $64,580.7, a temporary floating loss of around $13,000, and a return rate of -4.3%. After completing position building, it immediately placed a take-profit trigger order covering the entire position, with a trigger take-profit price of $67,300.0. The address has been active for less than a day, all its historical transactions are concentrated on BTC, its cumulative trading volume has reached $67.28 million, and the account is currently at an overall break-even.

Elon Musk said that xAI’s AI generation tool Grok Imagine is expected to complete a full-length "historically accurate" adaptation of *The Odyssey* by the end of this year. Musk posted on X that Grok Imagine will be capable of generating a full-length version of *The Odyssey*, emphasizing that the work will strive to align with historical context. *The Odyssey*, an epic poem by ancient Greek poet Homer, tells the story of Greek hero Odysseus’s journey home after the Trojan War. Musk’s latest statement shows that AI video generation technology is evolving toward longer-form, more complex narrative content.