Ethereum falls below $2,400

On-chain analyst Ai Yi (@ai_9684xtpa) has monitored that Bitcoin (BTC) has fallen below $76,000, and the whale's short positions under the "10 Big Targets" strategy are back in profit. The whale holds: - BTC short positions: 1,830.724 BTC, valued at approximately $139 million, with an average entry price of $76,397.56, generating an unrealized profit of around $800,000 currently; - ETH short positions: 12,756.739 ETH, valued at about $30.25 million, average entry price of $2,371.57, with an unrealized loss of roughly $30,000 at present. It remains unclear whether the address has already closed positions or re-established short positions after reducing its holdings earlier.

Alibaba announced on Sunday that it plans to conduct a new share placement in Hong Kong. The total size of the offering is HK$80 billion (US$10.2 billion). The company stated that this transaction will be the largest primary follow-on offering in the history of Hong Kong-listed firms, the largest Regulation S stock offering on record (for securities issuance and sales outside the United States), and the third-largest primary follow-on stock offering globally this year, following Alphabet and Intel. Alibaba added that it plans to use 100% of the net proceeds from the placement to invest in its full-stack artificial intelligence (AI) capabilities, including expanding and upgrading its AI infrastructure.

According to HTX market data, Bitcoin has dropped below $76,000, with a 1.9% decline in the past 24 hours.

According to a New York Times report, European crypto exchange Zondacrypto is in crisis. After its founder Sylwester Suszek went missing in 2022, Przemyslaw Kral, who took over as the exchange’s CEO, also lost contact this April. This incident has once again drawn external attention to fund security and regulatory issues in the crypto industry. Zondacrypto, formerly known as BitBay, was founded in Poland in 2014 and was once one of the largest crypto exchanges in Central and Eastern Europe. Suszek was dubbed the "Crypto King" by Polish media, but he disappeared near a fuel depot in southern Poland in March 2022. His family later received messages allegedly from kidnappers demanding a ransom in Bitcoin. Polish prosecutors have previously launched an investigation into suspected unlawful deprivation of liberty involving relevant individuals. After Suszek’s disappearance, Kral, a lawyer and his assistant, took over the company’s operations. This April, Zondacrypto’s website shut down, leaving users unable to withdraw funds or conduct trades. Kral had previously claimed the platform held Bitcoin reserves worth over $330 million, but accessing the assets required digital keys held by Suszek. This claim has been met with skepticism, as the associated wallet has shown no activity for a long time. Zondacrypto had previously claimed to have around 1.3 million users, and expanded its influence through sponsorships of football clubs, the Polish Olympic Committee, and other entities. However, as user withdrawal issues persisted, Estonia’s financial intelligence agency revoked its parent company’s operating license on June 29. Currently, Polish prosecutors are investigating the establishment and operations of Zondacrypto, and Kral has not made any public appearances for several consecutive months.

According to Coinglass data, as Bitcoin fell below $76,000, the crypto market experienced a wave of rapid liquidations. In the past hour, total liquidations across the network hit $91.27 million, with long positions accounting for $84 million and short positions totaling $7.44 million.

According to Reuters, South Korea’s KOSPI has dropped 30% from its June 19 peak, as the stock market frenzy driven by the AI boom and leveraged funds has swiftly turned into pessimism. The South Korean government had planned to eliminate the "Korea Discount" by introducing more investment tools and improving corporate governance, but sharp market volatility has put the effectiveness of these policies and investors’ risk tolerance under scrutiny. South Korean regulators greenlit single-stock leveraged ETFs for launch on May 27, requiring investors to complete only a one-hour training session and deposit at least 10 million won to participate. During the same period, Samsung Electronics and SK Hynix each hit a $1 trillion market cap, pushing the KOSPI to more than double its October 2023 level and cross the 8,000-point mark. Retail investors borrowed heavily to chase the AI rally, lifting the KOSPI’s margin balance to a record 29.8 trillion won on June 24, up roughly 75% year-to-date. With Samsung and SK Hynix together accounting for over 53% of the KOSPI’s total market value, related leveraged products have further amplified market swings. In early July, South Korea’s volatility index VKOSPI surged to 97.99, the highest level since the index’s launch in 2009. Citigroup estimated on July 28 that retail investors’ losses on leveraged ETFs reached $38.7 billion. The market correction has also brought social strain. A Seoul psychiatrist said the number of his patients with stock investment-related issues rose from 7 to 8 per day last year to an average of 11 per day since June this year. Busan police arrested a man in his 20s suspected of stabbing a YouTuber, who allegedly blamed the content creator for his stock losses. South Korean authorities have since tightened restrictions on individual investments in leveraged ETFs. Analysts note that the excessive volatility could also undermine South Korea’s goal of being included in the MSCI Developed Markets Index.