Strategy incurred a loss of approximately $18.77 million from selling its crypto assets last week, while Bitmine’s overall crypto holdings carry an unrealized loss of roughly $8.871 billion.

According to Bit.com market data, Amazon’s market capitalization has for the first time surpassed $3 trillion, hitting $3.09 trillion, with its stock currently up 5.45%. The stock has rallied around 17% in just the past week. Data from institutions indicates that based on fair value analysis, Amazon’s current stock price remains slightly undervalued. The stock’s all-time high reflects investors’ confidence in Amazon’s sustained growth capacity and market dominance. The company is continuously expanding its business footprint across multiple sectors including e-commerce, cloud computing, and digital streaming. Recently, Amazon Web Services (AWS) has made notable progress: AWS revenue grew 37% in the latest quarter, and after excluding one-time items, the company’s total revenue and operating profit exceeded market expectations by 2% and 11% respectively. The market responded positively to this performance, with multiple institutions including Benchmark, UBS, and TD Cowen raising their price targets for the company.

Morgan Stanley has downgraded Circle (CRCL)’s stock rating from “Hold” to “Underweight” and slashed its price target for the firm from $106 to $38. Morgan Stanley analyst James Faucette noted the downgrade is primarily driven by the contraction in USDC circulation, which exposed the sensitivity of Circle’s reserve income and revealed the company’s business is shifting to a transaction revenue model with lower profit margins. The report added that Morgan Stanley has cut its USDC size forecasts for Circle by roughly 33% and 44% for 2027 and 2028 respectively, and projects the firm’s GAAP earnings per share will be about 3% and 20% below market consensus. The analyst pointed out that tokenized money market funds and bank deposit products may exert pressure on USDC balances and revenue sharing ratios, while Circle’s USYC product has a relatively weak economic model. Additionally, the agency payment business remains small in scale, with daily trading volume falling to around $41,900, implying an average transaction value of roughly $0.24. Morgan Stanley further stated that Open USD, which uses a shared governance and reserve revenue model, may raise Circle’s costs for maintaining USDC distribution channels.

BlackRock announced the launch of two tokenized money market products: the on-chain share class of the BlackRock Select Treasury Based Liquidity Fund (BSTBL) built on the Ethereum blockchain, and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV). According to the announcement, BSTBL is a tokenized share class of an existing money market fund, allowing investors to transfer holdings via approved wallets while complying with regulatory requirements. BNY Mellon will serve as the transfer agent and tokenization service provider for BSTBL. BRSRV, meanwhile, is a new tokenized money market fund tailored for institutional digital asset investors, supporting daily dividend reinvestment and multi-blockchain access, and applicable to various digital asset use cases including stablecoin reserve management. Securitize will act as the transfer agent and tokenization service provider for this fund. Both products aim to generate returns for investors while maintaining liquidity and principal stability by investing in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by U.S. Treasuries. Jon Steel, global head of product and platforms at BlackRock’s Cash Management division, noted that U.S. money market funds have surpassed $8.4 trillion in total assets, with investors consistently prioritizing liquidity, capital preservation, and yield. As demand for high-quality reserve assets rises among stablecoins and other tokenized financial products, tokenized money market funds will offer clients a new option connecting traditional finance and digital markets. Currently, BlackRock’s Cash Management Group manages nearly $1.1 trillion in cash strategy assets.

According to market data from BIT (Bit.com), at the opening of US stock markets, the Dow Jones Industrial Average rose 0.52%, the S&P 500 gained 0.33%, and the Nasdaq advanced 0.3%. Alibaba (BABA.N) climbed 3.5% following the release of its Qianwen 3.8-MAX artificial intelligence model, while SpaceX (SPCX.O) fell 3%. Storage-related concept stocks declined, with Micron Technology (MU.O) down 5% and SanDisk (SNDK.O) dropping 5%.

Crypto KOL Ansem recently stated in a post that this cycle will be "very, very crazy". He pointed out that in the previous cycle, roughly 90% of retail investors became exit liquidity for smart money, as centralized exchanges only listed meme coins when their market cap reached billions, suffered from long-term infrastructure instability, and lacked user-friendly mobile apps. This cycle is a stark contrast: retail investors can buy any popular on-chain asset with one click across multiple chains in under a minute, and frictions in speculating on low-market-cap tokens have fallen to an all-time low. Centralized exchanges, having missed out on massive trading volumes, are now more proactive in listing tokens; Coinbase has integrated its native Coinbase Wallet, allowing users to participate in new token launches instantly. Ansem believes meme coin trading volume will not only attract retail capital but also draw developers: open blockchains enable skilled developers to quickly turn their ideas into immediate liquidity using AI tools like Fable. He is bullish on tokenization and innovative applications, and specifically noted that tokens capable of continuously capturing and compounding attention (such as ANSEM) will see significant gains in the bull market. Ansem argues that an on-chain supercycle has arrived.

According to monitoring by AI Yi, a mysterious crypto whale has been steadily accumulating crypto assets recently, having bought more than $220 million worth of ETH and WBTC since July. On-chain analyst AI Yi detected that this address withdrew 200 BTC from Binance four hours ago. As of now, the whale has withdrawn a total of 74,265 ETH and 1,400 WBTC from exchanges, with average costs of approximately $1,770 and $63,887 respectively. The position currently has an overall unrealized profit of around $3.8 million, with the ETH holding in profit while the WBTC holding remains in unrealized loss.