BlackRock's CEO: Very optimistic about the crypto market's outlook over the next year, and no longer concerned about excessive leverage risks.

Market research firm Citrini Research’s latest forecast indicates that by 2030, the global DRAM market will still face a massive supply gap, estimated at 28.7 EB, accounting for roughly 18% of total demand that year—compared to this year’s global total production capacity of around 40 EB. According to data from Citrini researcher Zephyr, global DRAM (including HBM) demand is projected to hit 157.5 EB in 2030, while supply capacity will only reach approximately 128.8 EB. General-purpose DRAM will be the biggest bottleneck: its annual supply is estimated at 91 EB, but demand stands at 120 EB, with the gap ratio expected to widen from the current 18% to around 25%. The report stresses that even as Samsung, SK Hynix, Micron, and Chinese manufacturers continue to expand production, new capacity may be quickly absorbed by surging AI demand. The core driver of the supply-demand imbalance is the boom in AI infrastructure: large model training and inference, plus HBM becoming a core component of AI accelerators, have jointly pushed up demand for traditional server DRAM. In a tight balance scenario, DRAM’s average selling price (ASP) is likely to stay high long-term, projected at $1.5–$2 per Gb, with memory costs for servers, PCs, and consumer electronics continuing to face pressure.

Bank of America (BofA) says the U.S. stock market is showing another signal similar to that during the dot-com bubble era. On Tuesday, the bank noted the market faces a new "shock risk" due to a concerning divergence in recent trading: individual stock volatility is rising, while overall market index volatility remains relatively stable, even as capital continues rotating within tech stocks. A June report from the Chicago Board Options Exchange (CBOE) shows the gap between the S&P 500 Individual Equity Volatility Index (VIXEQ) and the VIX volatility index has widened to an all-time high. VIXEQ measures volatility of individual S&P 500 stocks, while the VIX is widely regarded as the "fear index" for overall market volatility. As of Tuesday, VIXEQ stood at around 50 points, up roughly 46% year-to-date; by contrast, the VIX was at about 16 points, with a year-to-date gain of only ~13%. BofA’s Global Equity Derivatives Research Team stated a similar divergence occurred just before the dot-com bubble burst. Currently, the team’s tracked individual stock realized volatility metric has rebounded to levels seen before that bubble’s collapse. The analysts wrote: "The gap between individual stock and index volatility is approaching the extreme levels of the dot-com bubble. The market’s shock risk is real." They pointed out that index volatility remains low, fueling the continued widening of this historic divergence. If in the future, not only stock prices rise but valuations also further enter bubble territory, this divergence could even exceed the dot-com era’s extreme levels. Additionally, BofA warned U.S. stocks are entering a seasonally weak period. Historical data shows May through October is typically the six weakest months for U.S. equities annually.

According to on-chain analyst Ai Yi (handle @ai_9684xtpa), a crypto whale withdrew 50 WBTC from Binance 8 hours ago. The whale’s holdings now stand at 49,407 ETH and 300 WBTC, with a total value exceeding $103 million.

South Korea’s domestic stock market has experienced sharp fluctuations over the past nine trading days, with stock-based leveraged ETFs—where retail investors hold a large share—suffering cumulative valuation losses exceeding 8.8 trillion won. According to data released on the 15th by FnGuide Quantwise and Mirae Asset Securities, four single-stock leveraged ETFs issued by Mirae Asset Global Investments and Samsung Asset Management, tracking Samsung Electronics and SK Hynix, recorded a combined valuation loss of 8.8337 trillion won between July 1 and 13. During the same period, the assets under management (AUM) of these ETFs shrank by 37.7%, falling from 14.3518 trillion won to 8.9389 trillion won. All 14 listed single-stock leveraged ETFs in South Korea that track Samsung Electronics and SK Hynix saw their total AUM drop by 41.4% over the same period, from 15.9349 trillion won at the end of June to 9.3386 trillion won on the 13th of this month. Specifically, AUM of Samsung Electronics leveraged ETFs decreased by 35.3%, while that of SK Hynix leveraged ETFs fell by 44.9%. Data from the Korea Capital Market Institute shows that as of June 19, individual investors had made net purchases of single-stock leveraged ETFs totaling 8.2 trillion won, accounting for around 60% of the AUM of these ETFs, meaning a large portion of the recent losses may be borne by retail investors.

According to Bitget market data, the Hang Seng Tech Index has continued its strong rally, climbing over 2%. Among its constituent stocks, Alibaba surged more than 5% to lead the gains, while the Hang Seng Index is currently up 1.77%. As reported yesterday, Apple Intelligence has completed its first generative AI registration in China and confirmed integration with Alibaba’s Tongyi Qianwen capabilities.

As reported by CCTV International News, the U.S. Central Command (CENTCOM) issued a statement on local time July 15, stating that it had concluded a round of nighttime strikes against Iran at 9 p.m. Eastern Daylight Time on July 15. The statement noted that U.S. forces targeted Iran’s command centers, air defense positions, missile and drone facilities, and coastal surveillance installations, aiming to further weaken Iran’s ability to threaten the safety of merchant ship crews in the Strait of Hormuz. U.S. forces used precision-guided weapons to strike targets at multiple locations, including Bandar Abbas.