Arthur Hayes: FLOP token economics expected to be unveiled next week, white paper still being finalized

According to EmberCN’s monitoring, a whale today continued a cross-chain purchase of 544.5 BTC via THORChain, valued at roughly $42.43 million. As of now, the whale has converted 60.37 million USDC into 767.8 BTC via THORChain over the past two days, with an average purchase price of approximately $78,628.

After the launch of Apple’s first foldable iPhone Duo, Samsung’s official U.S. account posted a series of mocking posts, claiming Apple was “eating leftover scraps”, sparking widespread market discussion. However, behind this “Apple vs. Samsung” feud, the actual technological competition landscape in the foldable phone sector may have long shifted. The iPhone Duo has an unfolded thickness of 5.2mm, weighs 254g, and a crease depth of approximately 150 microns. By comparison, the OPPO Find N5 has a crease of around 101 microns; Huawei’s Mate X6, via its Xuanwu Waterdrop hinge, reduces crease depth to roughly 5 microns; and Honor’s Magic V6 boasts an even slimmer unfolded thickness of just 4mm. In terms of product form, Apple’s first foldable adopts the traditional book-style inward-folding design, while Huawei has launched a tri-fold device, Honor and Xiaomi are focusing on vertical small foldables, and Chinese domestic manufacturers continue to compete in areas like hinges, hover functionality, slimness, and durability. On the market front, while Samsung remains the global leader in foldable phones, Chinese manufacturers are rapidly catching up. Driven by technological iteration and falling prices, competition in the foldable sector has shifted from an “Apple vs. Samsung” dynamic to a multi-dimensional competition led by Chinese brands. Samsung’s jab at Apple for “eating leftover scraps” may hold some truth, but the real pacesetters in today’s foldable race are those vying for lighter, thinner builds, smaller creases, and more diverse form factors.

According to official announcements, users holding at least 246 Binance Alpha points can claim an airdrop of 342 BSB tokens via the Alpha event page. If the total reward is not fully distributed, the point threshold will automatically drop by 5 points every 5 minutes. Claiming the airdrop consumes 15 Binance Alpha points. Users must confirm their claim on the Alpha event page within 24 hours; otherwise, the airdrop will be forfeited.

Nasdaq announced today that it is investing $100 million in Payward, the parent company of Kraken, via its investment arm, valuing Payward at $21 billion upon deal completion. Meanwhile, Intercontinental Exchange (ICE) and OKX announced in June a 50:50 joint venture, which plans to operate as a U.S.-registered broker-dealer and futures commission merchant (FCM) after securing regulatory approval, enabling OKX users access to ICE’s futures markets and the New York Stock Exchange (NYSE)’s tokenized stock market. Both deals point to a shared trend: traditional exchanges are no longer content with merely researching blockchain applications, but are instead directly acquiring access points, licenses, and on-chain settlement capabilities. Deutsche B?rse acquired a roughly 1.5% stake in Payward for $200 million in April; the London Stock Exchange is also advancing tokenization of xStocks for London-listed shares with Payward. Nasdaq, NYSE, Deutsche B?rse, and London Stock Exchange are nearly simultaneously positioning crypto platforms as next-generation market pipelines, rather than competitors. Payward closed an $800 million funding round in November 2025 at a $20 billion valuation, and had secretly filed an S-1 with the SEC, though its IPO has been delayed to as early as Q2 2027. Nasdaq’s latest stake purchase at a $21 billion valuation marks a new high for Payward’s valuation over the past year, and signals that traditional exchanges are willing to pay a premium for tokenization access. Regulatory approval remains a key hurdle: the ICE-OKX joint venture requires U.S. broker-dealer and FCM licenses, while Nasdaq’s equity tokenization plan must align with existing securities frameworks. But the direction is clear: Wall Street does not want to sit on the sidelines of crypto, but rather integrate crypto into its own trading sessions, clearing networks, and retail access points.

According to market sources, Nasdaq has invested in Payward, the parent company of Kraken, at a valuation of $21 billion.

Brent crude oil prices have surged past $102 per barrel, reviving concerns over a prolonged U.S.-Iran conflict. Bloomberg reported that Iranian senior officials stated that with the U.S. continuing its attacks on Iranian territory, Iran has no intention of backing down and is prepared to further escalate its counterattacks. U.S. President Trump meanwhile said the war could last until after the November midterm elections, and gasoline prices are unlikely to drop significantly in the short term, further dimming expectations of an early de-escalation of the conflict. Brent crude has risen nearly 70% so far this year, with its Wednesday physical benchmark price hitting $114 at one point. Meanwhile, U.S. diesel prices are approaching $6 per gallon, and gasoline and diesel prices in Europe have also continued to climb, further intensifying energy inflationary pressures. Market analysts noted that if the conflict further disrupts oil shipments through the Strait of Hormuz, oil prices could continue to rise. Currently, the U.S. is squeezing Iran’s oil exports via maritime blockades, while White House advisors have discussed scenarios where the war could last through the end of Trump’s term. Additionally, a rebound in crude oil purchases by Asian countries has further tightened global supplies, though high oil prices may force some refineries to cut processing volumes. U.S. diesel inventories are projected to fall to their lowest level in over 20 years this month.