Grayscale: Bitcoin bear market has two evolution paths, still bullish on crypto assets in the long term.

ChangXin Memory Technologies listed today. Northeast Securities cross-validated its valuation using three methods: market share anchoring, profit-split PE, and per-unit production capacity, arriving at a range of RMB 3.2 trillion to RMB 5.7 trillion. The firm noted that ChangXin’s proportion of minority interest profit and loss hit 73.76% in 2025, far higher than Samsung, SK Hynix, and Micron (all below 1%), so this portion must be excluded in valuation. Assuming the proportion remains at 24% in 2026 and 2027, the three methods’ conclusion is as follows: the reasonable valuation after excluding the impact of minority interest profit and loss is RMB 3.2 trillion to RMB 5.7 trillion.

The Intermediate People’s Court of Xilingol League, Inner Mongolia, China, upheld the original judgment in the second-instance trial of Ma’s illegal business operation case. In this series of cases, Zhu and his accomplices set up a fourth-party payment platform to provide fund settlement services for overseas gambling websites. They processed settlements exceeding RMB 2.95 billion through 10 third-party payment companies and 105 merchants, generating illegal profits of approximately RMB 42.85 million. A unique aspect of the case is that some commissions were collected in virtual currencies such as USDT. The court confirmed that wallet addresses linked to Zhang and others repeatedly received and paid millions of USDT (equivalent to tens of millions of yuan), but the final determination of illegal profits was mostly based on the amount of illicit funds returned in RMB. Only Ma, who failed to return the illicit funds, was found to have illegal profits of RMB 2.95 million (calculated from approximately 4.67 million USDT received in the wallet, after deducting refunds). He was sentenced to four and a half years in prison, fined RMB 3 million, and ordered to forfeit his illegal gains. The other four defendants received sentences ranging from 3 to 6 years in prison. Public security authorities obtained evidence by retrieving wallet address data from Tether and transaction records from the OKX exchange. Experts pointed out that while virtual currencies are traceable on-chain, linking them to real-world individuals is difficult under non-real-name systems, and China lacks specialized audit institutions. As a result, the determination of the amount involved in such cases still largely relies on confessions.

According to Lookonchain's monitoring, due to a sudden surge in CXMT's contract price that briefly broke through $7, trader 0x517b's short position of 272,505 CXMT (valued at $1.8 million) was fully liquidated, resulting in a loss of $249,000.

According to Bloomberg, CME Group will launch single-stock futures covering more than 50 U.S. companies including NVIDIA and SpaceX on July 27. The contracts are cash-settled based on the underlying stocks’ closing prices, and will trade 5 days a week for 23 hours daily. CME has partnered with over 35 retail brokers and plans to promote the product to institutional investors.

Due to the sudden surge in $CXMT, trader 0x517b was fully liquidated on a 272,505 $CXMT($1.8M) short position, losing $249K.

According to monitoring by Blockaid, the HTLC of Bitcoin cross-chain interoperability project Garden is under attack, resulting in the theft of approximately 450,000 USDT across Ethereum, Base, Arbitrum and BNB Chain. In response, Garden stated in a tweet that it has detected abnormal activity, temporarily shut down its application and launched a full investigation, with more details to be announced later.