24/7 News

1. U.S. sources reveal Donald Trump that the decision to temporarily suspend the expansion of military operations against Iran was driven by concerns over an escalation of the conflict;
2. Tom Lee responds to Ethereum claims that Ethereum is being eroded by Layer 2 solutions: He disagrees, stating that ETH is a native on-chain currency;
3. A 2.95 billion yuan online gambling case has been exposed; multiple individuals were sentenced for using the Sifang Payment platform to settle transactions involving virtual currencies such as USDT;
4. The three major U.S. closed-source AI giants—OpenAI, Anthropic, and Google—have not yet signed the joint open letter from Jensen Huang;
5. Kioxia undergoes a shareholder shakeup: SK Hynix may become the de facto second-largest shareholder;
6. Huaxia Fund discloses that some of its ETFs may face net asset value discrepancy risks on Changxin Technology’s first day of trading;
7. Analysis: Bitcoin’s rebound faces four major pressures, with rising U.S. Treasury yields exacerbating market risks;
8. South Korea’s SK Telecom bets 750 billion won on AI infrastructure by establishing SK Hyper, ramping up its hyperscale AI data center (AIDC) deployment;
9. CXMT is set to list on the STAR Market tomorrow, with Hyperliquid’s CXMT contract pricing mechanism facing a critical test;
10. With MiCA taking effect in Europe, the crypto industry faces a “major shakeup”: high regulatory barriers may spur a new wave of mergers and acquisitions.

Svmuu News: The battle over the EU’s “Markets in Crypto-Assets Regulation” (MiCA) is coming to an end, but the real challenges for businesses are just beginning. The high costs of maintaining ongoing compliance systems may reshape the European crypto industry landscape. In the future, the focus of industry competition may shift from “who can obtain a license” to “who can afford the regulatory costs,” driving companies to achieve scale through mergers and acquisitions, joint ventures, or partnerships with banks. As MiCA is gradually implemented and the UK’s crypto regulatory framework nears completion, the European crypto industry is entering a new phase of consolidation. Industry insiders believe that stringent regulatory requirements may drive a new wave of mergers and acquisitions, and collaboration between crypto-native companies and traditional financial institutions will deepen further.
This trend may be even more pronounced in the UK market. The UK’s Financial Conduct Authority (FCA) is developing a new regulatory framework for crypto assets, which is expected to integrate crypto businesses into the existing financial services regulatory system, subjecting them to capital, operational, and client asset protection requirements similar to those faced by traditional investment institutions. Steven Lightstone, a partner at Morgan Lewis’s London office and co-head of the global fintech team, stated that while the FCA aims to promote market competition and support new entrants, its regulatory standards will be very strict when it comes to consumer protection. Unlike the EU’s standalone MiCA framework, the UK’s approach will directly utilize the existing financial regulatory system to oversee crypto firms.
Meanwhile, increased regulatory certainty is driving European banks to accelerate their entry into the digital asset space. Simon Schneider, CEO of Sygnum Europe, noted that currently, fewer than 20% of European banks offer crypto-related services, indicating a significant market gap. The greatest value of MiCA lies not merely in creating a new licensing system, but in providing legal certainty for financial institutions entering the digital asset market. Citing Switzerland as an example, he noted that following the introduction of distributed ledger technology regulations, most major Swiss banks have begun offering digital asset services, and other parts of Europe may follow this path in the future. In the future, banks will not necessarily replace crypto-native companies but are more likely to rely on specialized infrastructure service providers to collaborate in areas such as custody, brokerage, staking, and asset tokenization.
As firms that fail to obtain MiCA licenses gradually exit the European market, assets may become further concentrated among regulated institutions. However, Schneider believes that self-custody and institutional custody models will continue to coexist for the long term.
Industry insiders believe that the European crypto sector is entering a “regulation-driven consolidation cycle.” For crypto startups that have historically relied on rapid innovation and asset-light models, core competitiveness in the future may no longer lie solely in the speed of technological development, but rather in compliance capabilities, capital scale, and the ability to integrate financial infrastructure. (CoinDesk)

Svmuu News: On-chain analyst “Aunt Ai” posted that CXMT (CXMT) will list on the STAR Market on July 27, which will put the CXMT futures pricing mechanism, funding rates, and liquidity performance on Hyperliquid to a major test.
The analysis notes that following Changxin’s official listing, the CXMT futures price on Hyperliquid will gradually transition from the internal oracle price used during the pre-IPO phase to an external oracle price that tracks actual A-share trading prices.
Specifically, once the STAR Market opens and the market has sufficiently stable external price data, the system will automatically trigger the price transition. The new price anchor will shift from the internal oracle generated by TradeXYZ based on the order book to an external oracle price that tracks Changxin’s A-share spot price and is converted according to real-time exchange rates.
Since the oracle price is updated approximately every 3 seconds, with each fluctuation limited to ±1%, even if there is a significant deviation between the contract price during the pre-IPO phase and the actual market price, convergence will occur gradually; however, liquidation risk may still arise during this process.
Regarding the funding rate, Hyperliquid CXMT contracts will revert to the standard mechanism after Changxin’s listing.Previously, during the pre-IPO phase, to reduce funding costs for traders holding long positions while awaiting the listing, the funding rate multiplier was set at just 1% of that for standard contracts—reduced from 0.5 to 0.005. Following the official listing, this parameter will revert to 0.5, and the funding rate adjustment mechanism will take effect once again.
Regarding price formation during A-share market closures, analysts note that Hyperliquid CXMT prices will revert to internal oracle prices based on its own order book, effectively entering an “internal market” trading phase.
However, price fluctuations during market closures will still be subject to the Discovery Bound mechanism.Each price re-anchoring adjustment is capped at ±20%, with a maximum of seven dynamic boundary adjustments allowed to mitigate the risk of price manipulation during periods of insufficient liquidity.
Additionally, as a new listing on the STAR Market, Changxin will have no daily price fluctuation limits for the first five trading days after its listing, but trading constraints will still apply:
The call auction phase runs from 9:15 to 9:25, during which orders can be canceled from 9:15 to 9:20, and orders can only be placed (but not canceled) from 9:20 to 9:25;
Once the price reaches or exceeds a 30% or 60% daily price fluctuation limit for the first time after the market opens, a temporary trading halt will be triggered; each halt lasts 10 minutes, with a maximum of four such triggers per day;
Starting on the sixth trading day, the STAR Market’s standard daily price fluctuation limits will resume.
As of 5:40 p.m. on July 26, the open interest (OI) for the Hyperliquid CXMT contract stood at approximately $63.9 million, with a contract price of about $6.18, corresponding to a price of approximately 41.9 yuan.
Based on the current contract price, CXMT’s estimated market capitalization is approximately 2.8 trillion RMB, slightly higher than Industrial and Commercial Bank of China’s (ICBC) market capitalization of approximately 2.76 trillion RMB. The market is watching to see if the company has the potential to become one of the highest-valued companies on the A-share market after its listing.
With the launch of spot trading for Changxin, Hyperliquid—as an on-chain derivatives platform exploring price discovery mechanisms for traditional stock IPOs—will also face its first large-scale market test.

Svmuu News: At the inaugural Energy Investment Forum (EIF) held in Dallas, Texas,attendees noted that the AI wave is essentially driving a large-scale energy infrastructure buildout, rather than merely a competition in software. Bitcoin-based mining companies, drawing on years of experience in sourcing low-cost electricity, building modular computing facilities, and participating in grid regulation, hold certain advantages in the expansion of AI data centers. However, possessing electricity resources does not automatically mean a company is qualified to build an AI data center.
Alexander Neumüller, a researcher at the Cambridge Centre for Alternative Finance, stated that preliminary data indicates global annual electricity consumption for Bitcoin mining rose from 138 terawatt-hours (TWh) to approximately 190 TWh between June 2024 and December 2025,with about 10% of mining companies having already begun to divert some of their electricity to AI or high-performance computing (HPC), and more than 40% exploring such a transition.In the future, the integration of mining companies with AI infrastructure may take various forms, including building large-scale AI data centers, providing distributed computing power, continuing to operate Bitcoin mining operations, or transitioning to become grid service providers. (News.bitcoin)