Coinbase Research: Bitcoin Breaks Key Support, Market Possibly in Early Stage of Long-term Downtrend

According to market data from BIT (bit.com), US stock indices are showing divergent trends: the Nasdaq 100 Index fell 1.5%, while the Dow Jones Industrial Average rose nearly 0.5% at one point to a record high.

Ondo Perps has officially launched, offering up to 20x leverage on stock perpetual contracts, allowing tokenized stocks to be used as collateral, and providing rewards of up to $3 million. Ondo Perps noted that Ondo Technology has previously advanced the development of tokenized stocks, and its perpetual contract market now covers assets including oil, gold, silver, Intel, AMD, Meta, Tesla, Apple, Circle, NVIDIA, Oracle, Netflix, DRAM, Micron, the US 100, US 500, SpaceX, Palantir, Amazon, Strategy, Alphabet, Coinbase, Microsoft, and Robinhood, supporting permissionless, 24/7 trading. Ondo Perps claims to be the first platform to allow tokenized stocks as collateral, and is currently open to Pre-Alpha users. RWA perpetual contracts can be traded on the platform, which aims to deliver liquidity and capital efficiency comparable to traditional derivatives trading platforms. Ondo Perps stated that traders can deploy large amounts of capital, execute complex strategies, and manage risks on a single platform, free from the expiration dates and closing times of traditional derivatives venues. The platform is currently open to global users, excluding those in the U.S., Panama, and other restricted jurisdictions.

Bank of America Global Research has initiated coverage on SpaceX for the first time, assigning a "Buy" rating and setting a target price of $235.

According to market data from BIT (bit.com), U.S. stocks opened: the Dow Jones Industrial Average rose 0.09%, the S&P 500 fell 0.22%, and the Nasdaq Composite dropped 0.6%. Chip stocks continued their pullback, with SanDisk (SNDK.O) down 6.5%, Western Digital (WDC.O) down 6.7%, and Micron Technology (MU.O) down 6.07%. SpaceX (SPCX.O) slipped 1.7% as it was officially added to the Nasdaq 100 Index today.

According to monitoring by Beating, China’s leading large language model (LLM) firm Zhipu AI is considering developing its own customized inference chips and has begun inquiring about cooperation with local chip design companies. Zhipu AI is currently on the U.S. Entity List, which bars it from purchasing NVIDIA’s advanced chips. As the daily token usage of its open-source model GLM-5.2 on developer platform Vercel surged 27-fold in a week, its computing resource crunch has grown increasingly severe. While Zhipu AI has deployed domestic computing resources from firms like Huawei and completed extensive software adaptation work, to escape supply chain constraints and lower long-term cloud inference costs, the company has chosen to follow the path of developing its own chips, similar to Google’s TPU and OpenAI’s in-house chip initiatives. This in-house chip project remains in the early discussion stage; if it advances smoothly, manufacturing will be handled by a domestic wafer foundry, with the entire process from design to actual tape-out expected to take over two years.

Li Bojie, one of Huawei’s first batch of "Genius Youths", took to social media to complain about his interview experience at DeepSeek, alleging he was accused of cheating during a coding interview and terminated the interview on the spot. This complaint quickly sparked a new controversy, with Du Jun, a former investor and co-founder of Web3 venture capital firm ABCDE, publicly accusing Li of "lacking contractual integrity". Du Jun alleged that Li and his partner Zhuang Siyuan, during the founding of Metagent in 2024, refused to fulfill their contractual obligation to update on financial and business progress after receiving investment from ABCDE, then went missing and absconded. Du Jun said he could accept any project failure, but could not tolerate the fraudulent act of founders absconding with funds. In response, Li stated: "The investment agreement with ABCDE Capital specified an investment of $1.5 million, but only $500,000 was actually received, with the remaining $1 million never disbursed. The company’s cap table still records the firm’s equity stake at the $1.5 million amount. Due to the delayed investment funds, both I and my co-founders voluntarily took pay cuts, and the company faced difficulties in recruitment and R&D. In October 2024, due to personal and family reasons I was unable to leave mainland China, and given the non-compliance of Web3 projects, I resigned from Metagent, a move that was approved by the board of directors. Until my resignation, as CTO and co-founder, I had consistently fulfilled my obligation to disclose the cap table and business status on schedule. In line with the agreement’s non-compete clause, my subsequent startup projects will avoid sectors including Web3, AI infrastructure, and image generation."