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The Federal Reserve's hawkish expectations are rising, and Gate institutions are helping professional users seize cross-market allocation opportunities

According to Gate's latest weekly report, the Federal Reserve maintained interest rates, but hawkish expectations have risen. The high interest rate environment combined with the deleveraging effects of derivatives has put overall pressure on the crypto market, with BTC and ETH dropping approximately 2.8% and 3.6%, respectively. Meanwhile, U.S. stocks continued to recover last week. In terms of capital flow, BTC spot ETFs have turned to net outflows, while ETH spot ETFs still maintain a slight net inflow, showing some resilience in institutional capital allocation.On-chain, PancakeSwap's weekly trading volume surpassed Uniswap, and the Robinhood Chain, RWA, and Meme ecosystems remain active. In the derivatives market, BTC open interest (OI) rose and then fell, with funding rates remaining positive, and DVOL continuing to decline, while the market overall still maintains high-level fluctuations.In response to the evolving macro policies, institutional capital flows, and on-chain ecosystems, Gate is continuously building a multi-asset trading system covering digital assets, stocks, indices, foreign exchange, and commodities. Relying on institutional-level trading, liquidity, custody, lending, asset management, and API services, it provides professional investors with a one-stop institutional solution.At the same time, Gate is continuously improving its global institutional ecosystem layout, strengthening trading execution efficiency, cross-market liquidity, and risk management capabilities, helping institutional clients respond more efficiently to market fluctuations and seize global asset allocation and structural trading opportunities.

Duan Yongping responds to reducing holdings in Pop Mart: only because of the expiration of put options

Duan Yongping responded on Xueqiu today regarding the reduction of his position in Pop Mart, stating, "It's just that the put expired, and part was called away by the call." (This means that the put option expired, and a portion of the stock was called away by the call option.)ChainCatcher previously reported that earlier today, the Hong Kong Stock Exchange disclosed that the long position ratio of H&H International Investment, managed by Duan Yongping, in Pop Mart International Group Limited decreased from 7.65% to 5.55% as of July 30, 2026.According to a detailed interpretation of the announcement, this reduction was caused by the exercise of sold calls (call options). Duan Yongping holds the underlying stock of Pop Mart through H&H International Investment while selling call options to earn premiums. After part of the calls expired and were exercised on July 30, Duan Yongping had to deliver stocks at the agreed price, resulting in a decrease in physical holdings, and the disclosed long position ratio dropped from 7.65% to 5.55%.This time, Duan Yongping had part of the calls expire and be exercised, delivering some stocks at an average settlement price of approximately HKD 162.50, resulting in a net decrease of about 8.9328 million shares in physical holdings. Additionally, other option positions expiring or converting contributed to the overall decrease in the disclosed total long position ratio.Duan Yongping is accustomed to using sold options to enhance returns or build positions, and he has performed similar operations on stocks like Apple. On July 23, Duan Yongping had just responded to investors on Xueqiu, stating, "I just started buying Pop Mart, and I probably won't sell for the next 10 years." This decrease in ratio is mainly due to passive reduction caused by option settlements, rather than actively selling in the market. The actual decrease in physical holdings is not as exaggerated as the disclosed ratio suggests, as the disclosed long ratio also includes the impact of related derivative positions.

Duan Yongping's reduction of holdings in Pop Mart is not an active sell-off; this reduction is a passive exercise of subscription options

Earlier today, the Hong Kong Stock Exchange disclosed that the long position ratio of H&H International Investment, managed by Duan Yongping, in Pop Mart International Group Limited decreased from 7.65% to 5.55% as of July 30, 2026.According to the detailed interpretation of the announcement, this reduction was caused by the exercise of sold call options. Duan Yongping holds the underlying shares of Pop Mart through H&H International Investment while selling call options to earn premiums. After some calls expired and were exercised on July 30, Duan Yongping had to deliver shares at the agreed price, resulting in a decrease in physical holdings, and the disclosed long position ratio fell from 7.65% to 5.55%.This time, Duan Yongping had some calls expire and be exercised, delivering part of the shares at an average settlement price of approximately HKD 162.50, resulting in a net decrease of about 8.9328 million shares in physical holdings. Additionally, the expiration or conversion of other option positions contributed to the overall decline in the disclosed total long position ratio.Duan Yongping is accustomed to using sold options to enhance returns or build positions, and he has previously engaged in similar operations with stocks like Apple. On July 23, Duan Yongping had just responded to investors on Xueqiu, stating, "Pop Mart has just started buying, and it is highly likely that I won't sell within the next 10 years." The decrease in ratio this time is mainly due to passive reduction caused by option settlements, rather than actively selling in the market. The actual decrease in physical holdings is also not as exaggerated as the disclosed ratio suggests, as the disclosed long position ratio also includes the impact of related derivative positions.

hot_img In July, quantitative private equity faced widespread drawdowns, with multiple products from Huansquare dropping over 20% in a single month. Institutions assess that AI has entered the "second half."

According to the Daily Economic News, the July quantitative private equity industry experienced a systemic drawdown, with several institutional products seeing a monthly net value decline of over 20%, turning year-to-date returns from positive to negative. Specifically, among the 9 displayed products under Huansquare Quantitative, 8 have recorded negative returns year-to-date, with all monthly declines in July exceeding 20%, and the maximum drawdown reaching 22.15%; among the 14 products displayed by Mingcong Investment, 9 have recorded negative returns year-to-date; in Jiukun Investment's 15 products, 14 still have positive returns year-to-date, but the monthly drawdown is also significant. In contrast, Yanfeng Investment has shown relatively stable performance.Regarding this drawdown, multiple institutions believe that this round of adjustment is more due to emotions and trading structures rather than the end of the AI industry trend. Freshwater Spring Investment pointed out that AI is still rapidly developing in terms of model capability enhancement, cost reduction, and the diffusion of application scenarios. Referencing experiences from the internet era, it is normal for there to be fluctuations during the advancement of technological waves. Institutions believe that AI investment is gradually transitioning from the previous focus on computing power infrastructure in the "first half" to "intelligent equity" in the "second half"—that is, a phase where the cost of intelligent usage continues to decline and application scenarios are accelerated in unlocking, providing opportunities for supply chain companies that can offer cost-effective solutions for leading model companies and large cloud vendors.

South Korea's increase in margin thresholds for leveraged ETFs has taken effect, with the trading volume of single-stock leveraged products dropping to one-tenth of its peak

After South Korea raised the margin requirements for single-stock leveraged ETF investors, the trading activity of related products has significantly decreased, with trading volume dropping to about one-tenth of the previous peak level.According to data from the Korea Exchange, the total trading volume of 16 single-stock leveraged and inverse ETFs related to Samsung Electronics and SK Hynix in the KOSPI market was 12.388 trillion won within two trading days after the new measures were implemented, a decrease of 58.6% compared to 29.907 trillion won on the day the measures were implemented (July 31).Previously, South Korean regulators raised the minimum cash margin requirement for single-stock leveraged ETF investors from 10 million won to 30 million won. Compared to the trading volume of 124.485 trillion won on the last trading day before the measures were implemented (July 30), the current trading scale of related products has dropped to about one-tenth.The enthusiasm of retail investors has cooled significantly. Data shows that the trading volume of retail investors in single-stock leveraged and inverse products has fallen to 250.7 billion won, less than a quarter of the 929.9 billion won on July 31.Analysts indicate that after raising the margin threshold, the effect of restricting speculative capital inflow has begun to show, and the trading pattern of retail investors continuously buying leveraged products during declines in the underlying stocks is changing.
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