SHELL Buyback Address has once again withdrawn 1 million tokens from Binance, and the buyback progress has reached 81.2%.

Multicoin Capital managing partner Tushar Jain said on a podcast that the crypto market has hit bottom and entered a critical turning phase. He noted that current market sentiment has fully cleared out, recent negative news including major hacks has not triggered mass sell-offs, while rising application adoption rates and the growing divergence between asset prices and fundamentals are both signaling a market reversal, with the current environment shaping a "perfect storm". Jain remains bullish on the long-term potential of Solana (SOL) and Hyperliquid (HYPE), arguing that SOL is ideal infrastructure for spot trading and tokenized securities development, while Hyperliquid holds a leading position in on-chain derivatives. He currently holds significant allocations to both assets across his personal and Multicoin’s institutional funds. Additionally, he revealed that Multicoin has accumulated a substantial portion of Zcash (ZEC)’s total supply, and views the project as a return to cypherpunk ideals, with potential to rank among the top five crypto assets by market cap in the future. For position management, Jain uses a "trichotomy" strategy: allocating one-third of capital immediately, deploying a second portion via dollar-cost averaging (DCA), and holding the final third to hedge against sharp market pullbacks. Following Zcash’s earlier code vulnerability incident, after the team confirmed no exploitation by hackers, Jain increased his position in the asset.

According to Bitget market data, WTI crude oil prices rose 5.0% intraday to $75 per barrel. Reports indicate that Iran’s Islamic Revolutionary Guard Corps has attacked U.S. military assets in Oman and Bahrain.

According to Bitget market data, the Southern 2x Long Samsung Electronics product’s decline widened to 20% in the afternoon, while the Southern 2x Long SK Hynix product dropped more than 30%.

According to Bitget's market data, South Korea's KOSPI index dipped to 6,800 points, falling 9.07% intraday. SK Hynix is currently down 14.5%, while Samsung Electronics has dropped 11%.

According to Hyperinsight monitoring, following SK Hynix’s continued sharp drop, the SKHYNIX perpetual contract on Binance trades at $1,275, down 13.82% over 24 hours; the SKHYNIX contract on Hyperliquid is around $1,261.80, down 14.50% in the same period. The price gap between the two is roughly $13.3, with Binance’s transaction price carrying a premium of about 1.05% over Hyperliquid. Calculated by mark price, Binance’s mark price is $1,273.80, while Hyperliquid’s is $1,257.60, widening the spread to $16.20, with a premium of approximately 1.29%. Yet the reference prices on both platforms are largely aligned: Binance’s index price stands at $1,240.97, and Hyperliquid’s oracle price is $1,242.00, a difference of just $1.03. Funding rates also signal that long positions remain crowded: Binance’s 8-hour funding rate has climbed to 0.5%; Hyperliquid’s hourly funding rate is around 0.0698%, translating to roughly 0.56% on an 8-hour static basis, with both rates requiring long positions to pay short positions.

According to Hyperinsight monitoring, as of press time, SKHX on Hyperliquid trades at around $1,276, down over 13% from the previous trading session. US stock trader "yixie" currently holds a 2x isolated long position in SKHX on Hyperliquid, with a position size of ~$12.855 million, an unrealized loss of roughly $1.801 million, and a position return of -24.6%. The average entry price of the position is $1,461.8, and the liquidation price is approximately $792.8. The trader previously held a large long position in Micron Technology (MU), buying a total of 8,949.192 shares for ~$7.865 million in transaction value, ultimately closing out the entire position for a profit of around $870,000. After locking in gains from the MU long, his funds shifted further to SK Hynix. Data shows "yixie" added heavily to his SKHX position between July 9 and 10, rather than the US ADR contract SKHY; his entry timing, however, came right before the official listing of SK Hynix’s ADR, likely aiming to bet on the ADR’s price performance following its Monday opening. Despite the current unrealized loss on the position, he still has a high-level take-profit plan in place. He has placed a take-profit sell order at $1,598.8, with 5,418.676 shares, a notional value of ~$8.663 million, covering about 54% of his existing position. This order price is roughly 24.7% higher than the current level. Previous whale update: Micron’s earnings report drove SK Hynix’s stock price up 11%, expanding trader "yixie"’s unrealized gains to $1.3 million.