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According to Gate market data, the Hong Kong Hang Seng Index turned negative during the session, having previously risen nearly 1%. The Hang Seng Tech Index's gains quickly narrowed to 0.1%. Lao Pu Gold (06181.HK) fell over 20%, Zhi Pu (02513.HK) fell over 18.5%, MiniMax (00100.HK) fell over 11.3%, and Hua Hong Semiconductor (01347.HK) fell nearly 7%.

According to Gate market data, the Hong Kong stock market opened with the Hang Seng Index up 0.26% and the Tech Index up 0.64%. Stone Pharmaceutical Group and Li Auto both rose over 3%, while Lao Pu Gold fell nearly 13%.

According to Catcher Predict monitoring, in the predicted market Polymarket for the event "Mubadala Citi DC Open: Kei Nishikori vs. Zhang Zhizhen," the sub-market "Mubadala Citi DC Open: Kei Nishikori vs. Zhang Zhizhen Second Set Winner" saw the winning probability for the option "Kei Nishikori" fluctuate dramatically, rising from 47.5% an hour ago to the current 93.5% (a fluctuation of 46%). Please note the impact of related breaking news.

Ondo Finance announced the launch of the new Ondo Network, positioned as a high-performance execution layer, aimed at combining the trading speed of centralized exchanges (CEX) with the non-custodial and secure settlement capabilities of blockchain. Ondo CEO Ian De Bode stated that the Ondo Network is an "evolutionary version" of the previous Ondo Chain plan, and the company will not operate two networks simultaneously, but will adjust the original plan of building a complete blockchain to focus on the execution layer architecture.According to reports, Ondo initially planned to fully bring real-world assets on-chain through Ondo Chain, but after developing the Ondo Perps perpetual contract trading platform and communicating with users, it was found that the current market's core bottleneck is not asset settlement, but rather trading execution efficiency. The Ondo Network adopts a separated architecture for execution, verification, and settlement, utilizing secure hardware to isolate the execution environment, which enhances trading speed while maintaining user asset self-custody, verifiable transactions, and permissionless blockchain characteristics.Currently, Ondo Perps has become the first application built on this network, supporting 24-hour trading of stocks and commodity perpetual contracts, and allowing the use of tokenized real assets as collateral. Ondo stated that in the future, this network will also support applications requiring high performance, privacy protection, and verifiable execution, such as spot trading, lending, and structured products. Furthermore, the launch of the Ondo Network will not change the positioning of the ONDO token. The CEO stated that ONDO will continue to serve as the governance and incentive token for the Ondo RWA ecosystem and market infrastructure, and as the network gradually decentralizes, ONDO will be used to coordinate the incentive mechanisms for verification nodes, observers, and ecosystem participants.

The ETH/BTC trading pair has recently risen to a nearly 3-month high, indicating that Ethereum's performance relative to Bitcoin is improving. The ETH/BTC exchange rate is used to measure the strength of ETH against BTC, rather than its performance in USD.Data shows that ETH/BTC had cumulatively fallen by about 80% from 2021 to 2025, remaining weak for a long time. With the recent rebound of ETH/BTC, the market is beginning to pay attention to whether Ethereum is experiencing a recovery relative to Bitcoin. Analysts point out that the rise of ETH/BTC usually reflects an increase in risk appetite for funds and an improvement in market expectations for the Ethereum ecosystem, application demand, and future growth.

The sports merchandise platform Fanatics will acquire the federally regulated exchange and clearinghouse under BGC to launch and settle its own prediction market business.Fanatics and BGC also plan to develop new market data products that combine prediction market activities with traditional financial market data. This deal allows Fanatics to enter the prediction market space, competing alongside platforms like Kalshi and Polymarket.

According to data from RootData's stock perpetual contract exchange rankings, nearly 30 exchanges that have launched stock perpetual contracts still significantly adhere to the trading rhythm of traditional stock markets: trading volume drops sharply on weekends, and the morning session on Monday warms up as the traditional market approaches recovery, but has not yet returned to the intensity of a full trading day.Comparing trading days with non-trading days, the 24h trading volume of stock perpetual contracts dropped from approximately $39.078 billion to $4.896 billion, a decrease of about 87.5%. However, during the same period, the open interest slightly increased from $10.139 billion to $10.262 billion, indicating that positions have not been withdrawn on a large scale; what has truly decreased is active trading and turnover. A snapshot taken on the morning of Monday, July 27, shows that the 24h trading volume rebounded to $10.617 billion, an increase of about 116.8% compared to Sunday, indicating that market activity is recovering.In terms of liquidity, the weighted market depth (±2%) decreased from approximately $58.92 million to about $47.83 million, a decline of about 18.8%; it rebounded to around $55.68 million on Monday morning, nearing trading day levels. This indicates that the speed of order book recovery is faster than that of actual trading recovery, and market depth has not plummeted as sharply as trading volume.From the performance of exchanges, leading platforms such as Binance, OKX, and Bitget maintained relatively narrow spreads and strong depth on Monday morning; Hyperliquid performed well in rankings, but its trading volume was still below trading day levels; some long-tail platforms still face issues with excessively wide spreads, making it temporarily impossible to assess true liquidity.RootData Research believes that the most prominent value of these stock perpetual contract exchanges is to allow stock risks to be traded, priced, and hedged even on non-trading days of the traditional stock market. The traditional stock market is closed on weekends, with official prices remaining at the previous trading day's closing price, while stock perpetual contract exchanges still have trading, open interest, order books, and spreads on Sundays, indicating that crypto exchanges have broken through the "trading time" limitations of stocks.However, from the current data, they are participating in expected pricing rather than official pricing, making them more suitable for expressing events, emotions, macroeconomic changes, and risk preference shifts on non-trading days. Due to decreased trading volume over the weekend, widened spreads, and some platforms having abnormal data metrics, they currently resemble a "stock pre-opening price discovery layer," having participated in stock pricing but not yet obtaining the primary pricing power of the traditional stock market, nor have they surpassed the liquidity of the traditional stock market.

According to public information and related disclosure documents, Kong Jianping indirectly holds approximately 18.98 million shares of Changxin Technology through Yifang Changda Fund (with a subscription of 21.34 million yuan). Based on the opening price of 49.5 yuan on that day, the corresponding market value of the shares is approximately 940 million yuan, and the estimated return is about 44 times according to related statements.Kong Jianping stated that when he invested in Changxin in 2020, the company's valuation was less than 20 billion yuan, and it has now exceeded 3 trillion yuan.

According to the Bloomberg Billionaires Index, after the IPO of Changxin Technology, CEO Zhu Yiming's wealth surged by nearly 300%, reaching $13.9 billion.In the company's IPO prospectus in May, Zhu Yiming promised to transfer 767.9 million shares for an employee incentive plan. After the stock price of Changxin Technology soared 466% on its first day of trading, the value of these shares has reached $5.6 billion. In other words, 40% of Zhu Yiming's wealth will be distributed as bonuses to employees.Meanwhile, Zhu Yiming also promised not to reduce his shareholding within ten years. However, Changxin Technology's bonus plan has specific conditions, including a three-year vesting period, a ten-year distribution period, and an unclear scope of beneficiaries. The company had a total of 19,298 employees as of the end of 2025.

CryptoQuant data shows that the fund flow of USDC on exchanges has shifted back to net inflow after experiencing over two months of net outflow.This change may indicate that the purchasing power of U.S. funds is re-entering the cryptocurrency market.

According to Caixin, Zhao Yao, a special researcher at the Payment and Clearing Research Center of the Financial Research Institute of the Chinese Academy of Social Sciences, stated that recent offshore digital asset platforms have launched on-chain trading products around Chinese technology companies such as Changxin Technology. This indicates that global digital financial platforms are creating trading exposure around high-quality Chinese technology assets, organizing price expectations, trading liquidity, and cross-border capital entry in advance. Although these products do not correspond to A-share equity, they are synthetic perpetual contracts or pre-market perpetual contracts settled in stablecoins such as USDC and USDT. However, if offshore platforms take the lead in forming a continuous trading market for technology assets, it may weaken the pricing dominance of domestic capital markets over technology assets.Zhao Yao suggested accelerating the construction of digital financial infrastructure for the renminbi, promoting the coordinated development of tokenized deposits by commercial banks, wholesale CBDC, and tokenization of technology assets, and exploring pilot projects for technology asset tokenization in Hong Kong to enhance the capital organization capability and international pricing power of the renminbi in global technology financial competition.

According to Gate market data, the Hong Kong stock market closed with the Hang Seng Index rising by 0.98% and the Technology Index rising by 1.57%. MiniMax (00100.HK) rose by more than 17%, and Xiaomi Group (01810.HK) rose by more than 7.3%.

According to Jinshi reports, Goldman Sachs analysts pointed out in a report that the Federal Reserve is expected to maintain the federal funds rate unchanged at this week's meeting. The impact of this decision will depend on how Federal Reserve Chairman Waller explains this decision and the future policy path.Analysts stated that if the Federal Reserve fails to provide sufficient economic outlook or policy response guidance, it may lead to volatility risks for the currently stable long-term U.S. Treasury yield curve and inflation risk premium. Currently, the money market pricing shows a 31.5% probability of a rate hike by the Federal Reserve this week, but the mainstream market expectation remains that interest rates will stay unchanged.

According to on-chain analyst Ai Yi's monitoring, a certain whale has withdrawn 120 WBTC from the exchange again in the past 2 hours, totaling approximately 7.8 million dollars.As of now, this whale has accumulated 59,400 ETH and 820 WBTC since July, with a total value of 156 million dollars. The average costs are approximately 1,742 dollars and 64,329 dollars, with an unrealized profit of 8.927 million dollars.

According to the official page, Gate has launched the CXMTUSDT perpetual contract, supporting 1-50 times leverage, providing global users with trading tools related to Changxin Storage (CXMT). This contract references the price of Changxin Storage-related stock assets, allowing investors to participate in related market trading through the digital asset trading platform.It is reported that Changxin Storage has today listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with the opening price surging over 470% at one point. As the listing process of domestic semiconductor leading enterprises advances, market attention towards related assets continues to rise.In addition, Gate will launch the CXMT (Changxin Storage) contract hot coin airdrop event from July 27 at 11:00 to August 5 at 11:00 (UTC+8), with a total prize pool of 50,000 USDT. The event features triple benefits, with a maximum of 240 USDT available for a single participant.

According to Jinshi News, Changxin Technology has landed on the Sci-Tech Innovation Board, with an intraday increase of over 530%, a market value of 3.61 trillion yuan, ranking first in A-shares, surpassing the market value of Intel in the US stock market, which closed at 46.56 billion USD (approximately 315 million yuan) on July 24. Currently, Changxin is up 526%, priced at 54.4 yuan, with a transaction volume exceeding 120 billion yuan.

Leading DRAM manufacturer Changxin Technology (688825.SH) today made its debut on the Sci-Tech Innovation Board, with the intraday increase continuing to expand. As of the time of writing, the stock price is 54.35 yuan, up 527.60% from the issue price of 8.66 yuan, with a transaction amount reaching 117.284 billion yuan, a turnover rate exceeding 56%, and a total market value of approximately 3.63 trillion yuan, firmly maintaining the top position in A-shares. The opening price of the stock was 49.50 yuan, with an intraday low of 38.11 yuan, and the current dynamic price-to-earnings ratio is about 36.70 times.