MicroStrategy (MSTR) says it has generated a 42% annualized return since adopting Bitcoin reserves, though its holdings still carry an unrealized loss of roughly $11.4 billion.

K33 Research stated in a report that Bitcoin has stayed in a narrow consolidation range of $60,000 to $66,000 over the past week. In July, the average daily spot trading volume was only around $2.2 billion, CME’s open interest is near multi-year lows, and open interest in perpetual contracts has stalled at roughly 300,000 Bitcoin. Bitcoin’s trading volume in July hit its lowest level since November 2023.

Circle’s Senior Director of EU Strategy and Policy Patrick Hansen (@paddi_hansen) published an article noting that since the EU’s Markets in Crypto-Assets (MiCA) regulation took effect, roughly 35 electronic money tokens (EMTs) from 21 institutions have secured compliance certifications. Banks and e-money institutions are entering the space, with strong local issuance momentum. However, among the world’s top 50 stablecoins, only three—USDC, USDG, and EURC—currently meet MiCA requirements, while the rest operate outside the regulatory framework, leaving EU users facing a dual dilemma: either insufficient protection or forced access restrictions. Hansen argues that for MiCA to truly serve as a global regulatory benchmark, two goals must be achieved in parallel: first, drive local EMTs to go global via a competitive regulatory regime; second, establish a recognition mechanism for overseas compliant stablecoins to attract global issuers to join the MiCA framework, rather than making local issuance the sole entry path.

According to Hyperinsight’s monitoring, the U.S. Federal Reserve will announce its FOMC interest rate decision at 2:00 AM Beijing time tomorrow, followed by a press conference at 2:30 AM. Ahead of the decision, a whale (0x927) opened a new short position from scratch last night, completing the build-up of the new short position in roughly two hours. Currently, it holds a 41x leveraged isolated short position on 3,250 SP500 contracts, with a position value of approximately $24.202 million, an average entry price of $7,410.7, an unrealized loss of around $117,000, and a liquidation price of $7,516.9. No open orders have been placed for this position so far. Historical completed trades show its win rate over the past 30 days stands at 80%, with a total of 50 SP500 trades executed previously. - HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable the "Send messages" permission) to automatically sync on-chain information.

Grayscale Research’s latest report notes that Hyperliquid’s native token HYPE remains undervalued relative to publicly listed fintech companies. Research head Zach Pandl applied a valuation metric analogous to stocks’ earnings per share (EPS) — earnings per token — projecting Hyperliquid’s protocol profit will reach approximately $1 billion in 2027, a roughly 20% increase from 2025. The report forecasts HYPE’s circulating supply will rise to 270 million to 310 million tokens by the end of 2027, corresponding to earnings per token of $3.25 to $3.75. At its current price of around $54, HYPE’s forward price-to-earnings (P/E) ratio stands at 15 to 18 times, a valuation Grayscale says is still lower than most fintech firms. However, the report flags key risks including underperforming protocol revenue growth and overly rapid token supply expansion. Meanwhile, HYPE has fallen roughly 29% from its June all-time high, with recent institutional unstaking and capital outflows continuing to weigh on market sentiment.

The United States announced a letter of intent for semiconductor R&D investment totaling $874 million, aimed at further strengthening its domestic chip technology R&D capabilities. Meanwhile, U.S. authorities announced that GlobalFoundries, a wafer foundry, will receive up to $300 million in government funding to support its semiconductor R&D and advanced manufacturing capacity building. (Jinshi)

Blockchain analytics firm Elliptic has released a report stating that A7A5, a ruble stablecoin backed by a sanctioned Russian state-owned bank, has facilitated over $100 billion in cumulative fund transfers in its first year of launch and was used to evade Western sanctions. Today, the token’s market size has shrunk by 96%. Elliptic notes that while A7A5’s smart contract remains operational, a stablecoin only holds practical value if it can be redeemed. After the U.S., U.K., and EU imposed sanctions on the network behind A7A5, on-chain funds linked to the token now carry clear "sanctioned" labels. Major trading platforms typically conduct compliance screening on deposit addresses, using on-chain analytics tools to identify related fund flows and freeze or block such funds. Even if A7A5 itself cannot be frozen, as long as its fiat on-ramps, off-ramps, and trading access points are blocked, its actual circulation capacity will remain severely limited.