hang

The domestic DRAM leader Changxin Technology (688825.SH) today listed on the Sci-Tech Innovation Board for the first time, opening at 49.5 yuan, a 471.59% increase from the issue price of 8.66 yuan, with a market value reaching 3.3 trillion yuan, ranking first in A-shares. This IPO raised approximately 57.9 billion yuan (before the full exercise of the over-allotment option), making it the largest IPO on the Sci-Tech Innovation Board to date. Based on the opening price, investors who subscribed earned 20,000 yuan.Nomura Securities simultaneously initiated coverage on Changxin Technology, giving a target price of 116 yuan, based on an expected earnings per share of 5.8 yuan in 2028 and a target price-to-earnings ratio of 20 times, implying an approximate 13.4 times increase from the issue price, with an implied market value of about 7.76 trillion yuan. Nomura believes this valuation is about twice that of Micron, primarily based on expectations of market share growth for Changxin Memory and the valuation premium in the Chinese market.

Market data shows that Changxin Technology's Hyperliquid contract price briefly surged, breaking through 7 dollars, currently reported at 7.16 dollars.

According to market information, Changxin Technology's auction price is temporarily reported at 49.5 yuan, corresponding to an issuance price of 8.66 yuan per share, with an increase of 471.59%.

According to Jinshi News, Changxin Technology will officially land on the Sci-Tech Innovation Board, with an issue price of 8.66 yuan per share. Based on an average increase of 278.01% for all new shares, the profit from a single subscription for Changxin Technology is approximately 12,000 yuan; based on an average increase of 466.67% for new shares on the Sci-Tech Innovation Board, the profit from a single subscription for Changxin Technology is approximately 20,200 yuan. Institutions have pointed out that there has been a temporary rebound in the new share sector recently, and panic sentiment has somewhat eased. Reviewing the current changes in new share cycle indicators, the cycle pricing indicators and sentiment indicators have basically returned to a neutral or slightly below neutral position for the year, and the sharp release of high-level risks may come to an end. The new share sector may be expected to initiate a relatively balanced oscillation game between bulls and bears; however, it should be noted that a return to strength for the new share sector may require more time. On one hand, it needs to wait for the cycle indicators to continue to converge and stabilize, and on the other hand, it may need to wait for the gradual reconciliation of bullish and bearish divergences.

Mango Labs founder @dov_wo expressed market views stating, "I have gone long on Changxin Technology. In my opinion, Changxin presents a rare 1:5 betting opportunity with a 20% downside and a 100% upside, risking one to gain five."@dov_wo listed the reasons for being bullish as follows: low circulation ratio, regulatory intervention, and institutions optimistic about its investment opportunities below a market value of 3 trillion. The suggested strategy is "if it opens high tomorrow, directly close the position to take profit; if it opens low and rises, patiently wait, and resolve the battle within 3 days."

Jiang Zhuoer posted on platform X: "Changxin Storage is likely to open high, surge, and then fall back, with the first day being the historical highest price. If you want to buy Changxin in the A-shares, make sure Hyperliquid funds are ready. The perfect script is to buy at the A-share opening, sell during the noon surge, and then sell A-shares the next day while buying back at Hype to settle."

In response to the shutdown of BitMEX, BitMart, and rumors of several CEXs facing shutdowns, Zhao Changpeng stated, "It's too cruel, I hope this is a bottom signal."

Michael Saylor, the founder and executive chairman of Bitcoin Treasury Company Strategy, has once again released information related to Bitcoin Tracker.According to previous patterns, Strategy usually discloses changes in Bitcoin holdings the day after relevant news is released.

The South Korean media Digital Asset conducted a survey of the top 50 overseas derivatives exchanges ranked by CoinMarketCap and found that at least 29 of them have been removed from the Korean Google Play Store, including OKX, Bybit, MEXC, KuCoin, BingX, Gemini, BitMEX, Backpack Exchange, and others.

Binance founder CZ responded to the question "Why not acquire smaller CEXs" by stating that acquiring centralized exchanges is different from other businesses. Once a hack occurs after the acquisition, it is difficult to determine whether it is a backdoor left by the previous team or a new issue, thus the security and compliance risks are higher. He emphasized that acquiring CEXs is still possible, but the due diligence and risk control processes are more complex.

Meanwhile, Dogecoin (DOGE) only rose about 6% during the same period, while other dog-themed tokens saw increases of around 10%, indicating that funds were mainly concentrated in SHIB.In the derivatives market, during this round of increases, approximately 2,300 traders' SHIB positions and 1,000 SHIB positions were liquidated, with a total liquidation amount of about 6 million dollars, of which short positions accounted for about 5 million dollars. However, analysts believe that the short position liquidations were more a result of the price increase rather than the main driving factor of this market trend.

According to on-chain analyst @ai_9684xtpa's monitoring, the largest short address for Changxin Storage (CXMT) is still increasing its position. Two hours ago, this address added 2 million USDC in margin to Hyperliquid and continued to place limit sell orders through TWAP.Currently, this address holds a 1x leveraged short position of 2.072 million CXMT, with a nominal value of approximately 12.78 million USD, an average opening price of 6.4434 USD, and an unrealized profit of about 563,000 USD. In addition, there are still 435,677.8 CXMT limit sell orders at 6.11 USD that have not been executed, with a total value of approximately 2.66 million USD.

According to on-chain analyst Yu Jin's monitoring, the AFX Trade hacker has exchanged 12,467.4 ETH for BTC.On July 23, the AFX Trade Arbitrum cross-chain bridge was attacked by hackers, resulting in a loss of approximately 24 million USDC. Subsequently, the attacker gradually transferred the stolen funds from Arbitrum to Ethereum.

Zhao Changpeng reposted a previous post on the X platform about "whether to find the best entry point for long-term holding in a bull market or bear market," and replied "DCA."DCA stands for Dollar-Cost Averaging, which refers to investors investing funds at fixed intervals, reducing the impact of price fluctuations at a single point in time on the cost of their holdings by buying in batches.Zhao Changpeng also stated that if one does not understand this term, they can search and learn on their own, and emphasized that mastering basic financial terminology is very important.

According to on-chain analyst Yu Jin's monitoring, the AFX Trade hacker has begun exchanging ETH for BTC through the cross-chain exchange tool THORChain. The bridge of AFX Trade was hacked two days ago, resulting in the theft of 24.15 million USDC, which were subsequently exchanged for 12,500 ETH.One hour ago, the hacker started exchanging ETH for BTC across THORChain, and so far, 655.4 ETH have been exchanged for 18.86 BTC.

CryptoQuant analyst Darkfost stated that since 2025, the inflow of stablecoins into exchanges has been continuously declining, reaching the lowest level since that period. Currently, the monthly average inflow of stablecoins (USDT, USDC) is about $2.3 billion, with an annual average inflow of about $3.7 billion. When the price of Bitcoin reached its historical peak, the monthly average inflow was $5.6 billion, and the annual average inflow was $4.3 billion. This dynamic clearly indicates the current weak demand and lack of investor interest. However, it is important to note that when the inflow of stablecoins peaks, it is often a lagging signal. When some investors accelerate profit-taking, exchanges increase the supply of stablecoins, while new investors continue to bet that the price of Bitcoin will keep rising. Currently, market demand still needs improvement.

Coinbase is undergoing the largest executive reshuffle in recent years. Chief Talent Officer Lawrence Brock has stepped down and transitioned to an advisory role, while co-head of the institutional division Greg Tusar has moved to a policy position; previously, General Counsel Paul Grewal planned to leave, and Jesse Pollak has stepped down as head of the Base app. After laying off 14% of its workforce in May, Coinbase is accelerating its transformation into a comprehensive trading platform that includes stocks and prediction markets.

CryptoQuant analyst Darkfost stated that there has been a noticeable increase in on-chain activity from the oldest group of Bitcoin holders recently. Data shows that the daily UTXO (Unspent Transaction Output) movement for BTC holders with holding periods of 5 to 7 years and 7 to 10 years has exceeded 5000 BTC multiple times.Darkfost pointed out that the spending of UTXOs does not necessarily mean selling. Long-term holders typically move Bitcoin for two main reasons: one is for security considerations, such as changing wallet addresses which leads to the transfer of UTXOs from the original address; the other is to sell assets. However, current on-chain data does not show a significant flow of funds to exchanges, indicating that these long-term holders are not currently engaging in large-scale selling of BTC. It is noteworthy that this behavior occurs as Bitcoin tests the $60,000 mark again, similar to market trends observed from February to March this year. The market will continue to monitor whether the activities of long-term holders will further impact the supply and demand dynamics of BTC.

According to Jinshi reports, Morgan Stanley strategists stated in a report that recent data indicates the Federal Reserve will remain steady at the July meeting and may keep interest rates unchanged for the remainder of the year. They noted that the inflation trend in the coming months is crucial, and inflation is expected to decline as anticipated; otherwise, the Federal Reserve may raise interest rates later this year.Currently, the money market has priced in expectations for nearly two rate hikes by the Federal Reserve before the end of the year, but the trend of slowing inflation may prompt the Federal Reserve to maintain the federal funds rate in the range of 3.5% to 3.75%.