Caixin: Virtual currency has become one of the few recoverable assets in the debt of Zou Shiming and his wife.

As $SKHX keeps falling, the shorts are winning big. Whale 0xEbE1 is now up more than $10M on the $SKHX short and has also earned $1.23M in funding fees.

DRW Founder and CEO Don Wilson published a post systematically clarifying common market misconceptions about perpetual futures. He noted that perpetual futures are essentially just futures contracts with no expiration date—nothing more. The market’s current perceptions of perpetual contracts, such as high leverage, auto-deleveraging (ADL), 24/7 trading, and continuous margin settlement, are not inherent attributes of the contracts themselves, but product design choices made by crypto trading platforms leveraging digital collateral and real-time margin calculation environments. Wilson explicitly stated he dislikes the ADL mechanism, emphasizing "there is no reason it must be used on perpetual contracts." He added that the true innovative value of perpetual contracts lies in eliminating the need for investors to repeatedly roll over positions, thereby significantly reducing transaction costs, minimizing market impact and rollover slippage, and allowing positions to track the front end of the futures curve more closely. Regarding the ongoing U.S. regulatory debate over whether perpetual contracts should be classified as futures or swaps, Wilson urged regulators to base their determinations on economic substance: "There is no reason to treat them as swaps solely because they have no expiration date. Economically, they are futures." He called for broader adoption of perpetual futures across various markets—including commodities, securities, and crypto assets—as tools for price discovery and risk management, rather than labeling them as crypto-exclusive high-risk gambling products. Current U.S. market interest in bringing perpetual contracts to regulated platforms continues to rise, with parties still debating their legal classification. Wilson’s remarks provide a clear stance from a seasoned market participant in this regulatory debate.

Fed mouthpiece Nick Timiraos notes that ahead of the U.S. Federal Reserve’s July rate decision, markets have seen rare, sharp divisions in policy expectations. Futures markets currently price in roughly a one-third chance of a July interest rate hike. Analysts argue that if the Fed does proceed with a hike, it would more likely reflect personal policy judgment from new Chair Kevin Warsh rather than signals previously sent by Fed officials. If rates are held steady, markets will watch for dissenting votes in favor of a hike to gauge the strength of the hawkish faction within the rate-setting committee. A surprise rate hike, meanwhile, would signal a major shift in the Fed’s policy stance, sending a clear message that Warsh prioritizes rebuilding the central bank’s anti-inflation credibility. The analysis points out that regardless of the meeting’s outcome, Warsh’s post-meeting remarks will be critical to shaping market expectations. Investors will also closely focus on whether further policy adjustments will come at the September meeting, a decision that will still hinge on inflation data in the coming months.

Gabriel Perez, who has served as Donald Trump's teleprompter operator since the 2016 presidential campaign, is no longer working for the federal government. White House officials confirmed his departure on Tuesday but declined to specify whether he was fired or resigned voluntarily. Less than two weeks ago, ABC News reported that Perez was in settlement talks with the Commodity Futures Trading Commission (CFTC) over related allegations: he is accused of using inside information from advance knowledge of Trump's speeches to predict whether the president would utter specific words or phrases on Kalshi, amassing over $100,000 in total profits. White House Press Secretary Leavitt previously announced that Perez had been placed on unpaid suspension at Trump's direction, calling the allegations "deeply regrettable and frankly a disgrace." Earlier this month, reports stated Perez was under CFTC investigation for potential insider trading, with a CFTC spokesperson declining to comment on the probe's status. The incident has once again sparked concerns about insider trading risks on prediction market platforms: last month, bipartisan senators jointly urged the CFTC to investigate Polymarket for false advertising, and the Perez case has further brought the regulatory gaps in prediction markets and the problem of insiders profiting from information asymmetry to the forefront.

South Korea's Ministry of Finance is internally reviewing measures to stabilize the country's stock market. According to Bitget market data, South Korea's KOSPI index has plunged 6.00% on the day, currently standing at 5653.02 points. SK Hynix has fallen more than 10%.

According to Bitget market data, South Korea’s KOSPI index extended its decline, falling below the 5,700-point threshold to hit a new low since April 7, with an intraday drop of more than 5%. SK Hynix slid over 9%, pushing its total market capitalization below 1,000 trillion won — a roughly 53% fall from its June peak. Samsung Electronics declined 4.1%.