Bernstein gives Circle an Outperform rating, sets target price at $140

Fidelity International portfolio manager George Efstathopoulos said the gold holdings of the fund he manages have doubled over the past three weeks, with increased uncertainty over Federal Reserve policy acting as the catalyst. After lifting the fund’s gold allocation to his self-set cap of 5%, Efstathopoulos noted he would consider raising this cap if the U.S. dollar’s status as a safe-haven asset continues to weaken. He began boosting gold holdings amid a sell-off in long-term U.S. Treasuries following the Fed’s July meeting. “My take is this stems from the Fed’s lack of credibility and heightened policy uncertainty,” Efstathopoulos said. He also added that the U.S. Treasury’s unexpected expansion of long-term bond buybacks appears more like “manipulating yields rather than addressing the root causes of why yields are rising.” “The focus for gold now is no longer the rise in yields themselves, but why yields are rising.”

According to Reuters, CCSH Corporation, the parent company of China’s largest flash memory chip maker Yangtze Memory Technologies Co., Ltd. (YMTC), has had its initial public offering (IPO) application on the Shanghai Stock Exchange’s Science and Technology Innovation Board (STAR Market) accepted. Market expectations are that the company will go public next year. The IPO is projected to raise 33 billion yuan (approximately $4.9 billion), with CCSH planning to issue between 1.98 billion and 2.43 billion new shares. According to its prospectus, the company’s revenue in the first quarter of 2026 (January to March) reached 47 billion yuan, a nearly five-fold year-on-year increase; net profit stood at 33.38 billion yuan, more than double its full-year 2025 net profit of 14.21 billion yuan. Meanwhile, YMTC’s factories are currently operating at near full capacity, and it continues to expand sales in the tight NAND flash memory market. In Q1 2026, the average selling price of NAND flash memory hit 2.73 times the 2025 average, while gross margin surged from 35.3% in 2025 to 76.8%. CCSH plans to use 20.8 billion yuan of the IPO proceeds to expand production lines, and another 12.2 billion yuan for research and development of next-generation NAND flash memory and high-speed storage products.

Recent reports indicate that some banks in Hong Kong have initiated a capital source declaration process for existing mainland Chinese investment clients, setting deadlines including August 20 (failure to submit may lead to suspension of investment services) and September 12 (failure to submit may result in termination of investment services). According to multiple sources familiar with the matter, some licensed Hong Kong institutions—including HSBC Hong Kong and Hong Kong branches of Chinese state-owned banks—have indeed taken such steps recently, targeting mainly long-term inactive accounts. An HSBC spokesperson stated: "When managing investment client relationships, we comply with relevant regulatory requirements. Therefore, we invite relevant mainland Chinese investors to provide self-declarations and confirm that the information they submitted in the Know Your Customer (KYC) and Customer Due Diligence processes is up-to-date and valid. This move helps us continue providing uninterrupted services to clients. The latest declaration requirement applies only to our investment service clients." It is understood that these measures by Hong Kong banks are based on a circular issued by the Hong Kong Monetary Authority (HKMA) on May 22 (synchronized with a circular from the Hong Kong Securities and Futures Commission), rather than any new policy or regulatory guidance. (Yicai)

According to foreign media reports, the Iranian rial has hit an all-time low against the US dollar. This comes after the US announced it would impose unprecedented pressure on Iran's economy. Data from exchange rate tracking website Bonbast shows that on Monday, the rial fell to 2.039 million against the US dollar in Iran's unofficial market. Against the backdrop of the US's efforts to further isolate Iran, the rial has remained under sustained pressure. The US is cutting off Iran's economic lifelines by threatening its few remaining trade partners, blocking its major Persian Gulf ports, and curbing its oil exports. Iran's leading financial newspaper World Economy stated that the rial's depreciation is driven by multiple factors, including blocked foreign exchange transfers, declining exports, rising import demand, and mounting inflation expectations.

In a recent video interview with the Altcoin Daily podcast, Arthur Hayes stated that his new startup project Flop Network plans to airdrop 20% of its total 10-year supply, though this figure may be adjusted later. The purpose of disclosing this number is to collect user feedback, and the FLOP token is expected to rank among the top two cryptocurrencies in the market.

On-chain analyst Ai Yi (@ai_9684xtpa) monitored that Hyperliquid’s largest LIT short seller today urgently added $2.5 million in margin, posting an unrealized loss of $5.605 million. The trader holds 2.528 million LIT short positions (valued at approximately $8.9 million) with an average entry price of $1.3. Following LIT’s listing on Upbit today, the token saw a brief rally; to mitigate liquidation risk, the short seller added margin. Currently, the single-coin margin stands at a high of $7.16 million, with a liquidation price of $5.78.