July 31 centered on Coinbase and Strategy earnings, the forced asset sales tied to AI hedge fund Situational Awareness, and a new batch of regulatory and protocol updates across the crypto market.
CEX leaders and 24-hour gainers
The top 10 CEX-traded names by volume and their 24-hour moves were listed as follows:
- BTC: +0.12%
- ETH: -0.39%
- SNDKB: +29.96%
- SOL: +0.36%
- BANK: -62.82%
- BNB: +2.17%
- SKHYB: +22.74%
- MUB: +20.75%
- XRP: +0.33%
- SOXLB: +26.22%
The 24-hour top gainers on OKX were:
- GRVT: +480%
- MMT: +46.69%
- xSNDK: +29.62%
- xIREN: +29.26%
- xSOXL: +26.13%
- xSKHY: +22.02%
- CARDS: +19.8%
- ROBO: +18.13%
- xMU: +16.87%
- xMRVL: +16.84%
The top-performing tokenized equities over the past 24 hours on msx.com were:
- SNXX: 68.26%
- AXTI: 57.67%
- AAOX: 53.28%
- MUU: 46%
- SKUU: 44.04%
- WDCX: 43.57%
- MVLL: 41.02%
- RAM: 40.95%
- COHU: 40.32%
- KORU: 39.98%
Trending on-chain meme tokens
GMGN listed the following meme tokens as the main on-chain names drawing attention:
- Solana: LUNA, Jimothy
- BSC: MarsCoin, Jacket
- Robinhood: CASHCAT, PONS
Situational Awareness unwinds positions, Citadel reportedly takes most of the stock portfolio
CNBC, citing people familiar with the matter, reported that Situational Awareness, the $24 billion hedge fund founded by former OpenAI researcher Leopold Aschenbrenner, has been unwinding a series of trades and scrambling to raise capital after heavy losses tied to falling AI-related stocks and an unsuccessful short bet against software companies.
Those people said the fund suffered major losses in recent weeks. Its AI infrastructure holdings, including SK Hynix, declined, while short positions against software companies such as Adobe generated large losses. It remains unclear whether the fund is selling assets through negotiated deals to meet margin calls or has already begun a broader liquidation across the portfolio.
They also said the fund has been trying to raise liquidity by selling stakes in private companies, including its holding in Anthropic. The size of any planned Anthropic sale was not disclosed, though people familiar with the transaction process said potential buyers had expressed interest in acquiring part or all of the stake.
Later, The Wall Street Journal reported, again citing people familiar with the matter, that Ken Griffin’s Citadel had acquired most of Situational Awareness’s stock portfolio. Earlier reports said the AI-focused hedge fund, founded by Aschenbrenner, had been forced to sell equity holdings after suffering steep losses on AI-related trades.
According to those people, the fund still holds private equity investments, including Anthropic. Multi-strategy hedge fund Millennium Management had also submitted a bid for Situational Awareness’s stock portfolio. CNBC had earlier reported that Situational Awareness sold its public-market portfolio, while the Financial Times said the fund had been seeking fresh financing support.
JPMorgan trading team flags an S&P 500 buy signal
JPMorgan’s global markets intelligence team said in a report that its U.S. Tactical Positioning Monitor had flashed a buy signal for the S&P 500, with current U.S. equity positioning falling to levels the bank sees as attractive for a contrarian setup.
The report said that, historically, similar shifts in positioning were followed by an average gain of about 3% for the S&P 500 over the next 20 trading days. It said lower Treasury yields, a weaker dollar, solid corporate earnings, easing tensions in the Middle East, and expectations that the Federal Reserve will keep rates unchanged could support U.S. equities in the near term.
Bloomberg said the report also warned that crowded semiconductor positioning and the U.S.-Iran situation remain the main risk factors.
Coinbase misses revenue expectations in the second quarter
Coinbase reported second-quarter revenue of $1.22 billion, down 14% from the prior quarter and below the market expectation of $1.29 billion. The company posted a net loss of $359 million. Transaction revenue came in at $599 million, also below the expected $628 million.
Coinbase said total crypto spot trading volume in the second quarter fell by more than 20% quarter over quarter, citing lower crypto asset prices and market volatility that had dropped to multi-year lows. Even so, the company’s share of the crypto trading market reached a record 10.3%, marking a third straight quarter of growth.
Strategy posts an $8.2 billion loss, says it holds 843,775 BTC
Bitcoin treasury company Strategy reported an $8.2 billion loss for the second quarter, compared with a $10 billion profit in the same period a year earlier. The loss was mainly tied to unrealized mark-to-market losses on its Bitcoin holdings.
Strategy said its Bitcoin holdings increased 11% during the quarter and at one point reached a peak of 846,000 BTC before the company began selling part of its holdings. At the latest disclosure, it held 843,775 BTC.
Since the start of the year, Strategy has sold about $218 million worth of Bitcoin to pay preferred stock dividends. The company had already paused Bitcoin purchases for five straight weeks and shifted its priority toward building up U.S. dollar cash reserves.
At the end of June, Strategy introduced a digital credit capital framework aimed at establishing a minimum dollar reserve sufficient to cover 12 months of preferred dividends and interest expenses. It also authorized a Bitcoin monetization plan of up to $1.25 billion to replenish reserves or pay dividends.
CEO Phong Le said the company cut its convertible debt by 18% in the second quarter to $6.7 billion while lifting dollar reserves by 12% to $2.4 billion. CFO Andrew Kang said current dollar reserves stand at about $3.75 billion, enough to cover related outlays for roughly two years, and that the company has paid dividends on time for 18 consecutive months.
Pavel Durov says Russia labeled him a terrorist after he refused surveillance and censorship demands
Telegram founder Pavel Durov said on his personal channel that Russia had designated him a “terrorist” because he refused demands to make Telegram carry out mass surveillance and content censorship.
Durov said Russian law now bars him from “publishing information on the internet,” adding, “Russian officials have apparently mixed up who can ban whom from the internet.”
Corporate and industry updates
Samsung Electronics says no current plan for ADR issuance
Samsung Electronics said it is not considering the issuance of American depositary receipts at present, though it remains open to the idea over the medium to long term.
TSMC is developing advanced packaging technology for AI chips
The Information, citing two people with direct knowledge of the project, said Taiwan Semiconductor Manufacturing Co. is developing an advanced chip-packaging technology similar to an existing Intel approach.
The report said packaging had long been viewed as a relatively standard step in semiconductor manufacturing, but the AI boom has forced chip designers to integrate more processors and high-bandwidth memory into larger and more complex packages. That has turned advanced packaging into one of the industry’s main bottlenecks.
Intel’s embedded multi-die interconnect bridge, or EMIB, uses small silicon bridges to create high-speed links between processors and memory. Because it can support larger multi-chip designs, the technology has drawn interest from potential customers including Nvidia. People familiar with the matter said TSMC engineers refer to their internal project as “EMIB-like” and have already discussed the approach with some customers.
Moonshot AI changes corporate form and name
According to public corporate registration information and crypto KOL Siwei Guaiguai, Moonshot AI has changed its name to “Beijing Moonshot AI Technology Co., Ltd. (joint stock)” and shifted its corporate type from a limited liability company to a non-listed joint stock company.
Yang Zhilin has become chairman and manager, while Zhang Zitong was added as a director and Song Sijia as financial officer. The market often treats such changes as a shareholding reform step used by domestic companies preparing for offshore listings. Earlier reports said Moonshot AI had sent a shareholder resolution to investors related to a Hong Kong listing and could complete an IPO within half a year, though the company has not formally announced a listing timetable.
Unitree employees plan to join IPO strategic placement through asset management plans
In its IPO prospectus for a STAR Market listing, Unitree disclosed that senior management and core employees intend to participate in the strategic placement through two asset management plans, called Unitree Employee No. 1 and Unitree Employee No. 2.
The placement size will not exceed 10% of the offering, or 4.044643 million shares. Total subscription commitments will not exceed RMB 271.5 million, with the final amount to be set after the offer price is determined.
All funds raised by Employee Plan No. 1 will be used for the strategic placement, with RMB 218.5 million allocated for that purpose. Employee Plan No. 2 will allocate RMB 53 million. The participant list shows 161 people in Plan No. 1, including CFO Wang Feng, and 10 people in Plan No. 2, including chairman Wang Xingxing, whose own subscription amount is RMB 15 million.
Unitree sets dates for IPO process
Unitree said its IPO on the STAR Market will combine strategic placement, offline placement, and online issuance. The company plans to issue 40.446434 million shares, equal to 10% of its enlarged share capital, bringing total shares outstanding after the offering to 404.464340 million.
The preliminary inquiry date is August 5, 2026, and the offline subscription date is August 10, 2026. The company also said it has a special voting rights structure, under which actual controller Wang Xingxing controls 68.78% of voting rights.
Multicoin says it is long Robinhood
Shayon Sengupta, general partner at Multicoin Capital, said on the Hood House podcast that the firm is long Robinhood and that HOOD is now its largest public-equity position.
Robinhood has repurchased 7.5 million shares this year
Robinhood CFO Shiv Verma said on the company’s earnings call that Robinhood raised $2.2 billion in financing in June. The financing carries a 0% coupon and, unless the stock price rises above $300, would not create any net dilution. He also said the company has spent $664 million so far this year to repurchase 7.5 million shares.
Protocol and product updates
Aave to retire 50 low-adoption reserves and shut down six chain deployments
Aave founder Stani Kulechov said that, after a broad review, Aave will retire 50 low-adoption asset reserves across multiple deployments.
The protocol is also winding down deployments on Sonic, Scroll, zkSync, Metis, Soneium, and Aptos, affecting another 25 asset reserves. As part of the same process, 21 matured Pendle PT tokens will also be retired to make room for new maturity products.
In total, the changes cover $98.10 million in supplied assets and $15.60 million in debt. Aave said the measures are part of its new risk framework and technical asset listing framework, with the goal of reducing both economic and technical risk exposure.
Uniswap launches beta tab for token launches
Uniswap said it has launched Launches in beta, a new tab in the Uniswap web app where users can discover trending token launches on Uniswap.
Developers behind launch platforms including Bankr, Pons, and Long have chosen Uniswap as their trading infrastructure. Uniswap said Launches gives projects built on Uniswap a distribution channel and gathers them in one place.
ENS DAO proposes a full-time operating foundation
ENS DAO posted a new proposal on X to create a full-time operating foundation with a five-member board responsible for managing the endowment.
Under the proposal, ENS DAO would allocate 1 million ENS to pay foundation staff. Token holders would retain control over the protocol, including ENS held by the DAO, operational wallets, and the right to appoint or remove foundation directors.
Fundraising and investment
Fortitude Mining commits $45 million to Zcash mining infrastructure
Fortitude Mining, a mining company owned by Digital Currency Group, has signed procurement agreements worth about $45 million for mining hardware and Nebraska infrastructure as it pushes deeper vertical integration in Zcash mining.
The expansion includes $31.5 million in miner purchase commitments and two acquisitions worth a combined $13.9 million covering power contracts, land, buildings, and mining equipment. Fortitude said the data center capacity under its control has risen above 60 megawatts in 2026.
The company is also moving ahead with a proposed merger with Nasdaq-listed HeartSciences Inc. If completed, the deal would give the DCG-owned miner a public listing. In the first quarter of 2026, Zcash accounted for 61% of Fortitude’s mining revenue, while Bitcoin’s share fell to 36%.
SBI Crypto Fund I closes $18.3 million financing round
SBI Crypto Fund I said it had completed an $18.3 million raise with participation from Daiwa Securities Group and others. The fund focuses on Bitcoin and major altcoins while using a mix of staking, rebalancing, and hedging strategies.
Gumi and SBI launch a 3 billion yen crypto asset fund
Japanese game developer Gumi said it will launch a 3 billion yen, or about $18.3 million, crypto asset fund on Saturday with SBI Financial Services, backed by Daiwa Securities Group and other investors.
The fund will be operated by SBI Crypto Fund, a joint venture owned 51% by SBI Financial Services and 49% by gC Labs, a Gumi subsidiary. It will mainly invest in Bitcoin and major altcoins and will use staking, portfolio rebalancing, and hedging strategies.
Gumi said the fund is meant to connect Japan’s corporate sector with the crypto market and build an operating track record before any future easing of Japan’s ban on crypto ETFs. Its crypto business also includes proprietary asset management centered on XRP, portfolio management services through Hinode Technologies, and crypto investment funds.
According to Gumi’s latest annual report, the company held 14.13 billion yen in crypto assets as of April 30, 2026, nearly double the 7.58 billion yen reported a year earlier.
Zeta Network Group signs $10 million private placement
Zeta Network Group said it reached a $10 million private placement agreement under which investors will subscribe using 156.65 BTC.
Policy and regulation
Trump backs Warsh as FOMC split widens
U.S. President Donald Trump said Federal Reserve Chair Kevin Warsh supports lower interest rates but has been unable to push through cuts because of what Trump called a “politicized committee.”
This week’s FOMC meeting ended with a 9-3 vote to leave rates unchanged, with three members publicly favoring a 25-basis-point hike. It was the first time since 2016 that three dissenting votes lined up in the same direction, and one of the rare larger internal policy splits seen in the early period of a new Fed chair over nearly 50 years.
Warsh said after the meeting that rate hikes could still become an option if inflation remains elevated and the labor market stays firm, adding that the Fed will not change policy simply because market expectations shift. Markets now broadly see the September meeting as a key point to watch for any renewed discussion of rate hikes.
Senators send new ethics compromise on the Clarity Act to the White House
U.S. Senators Thom Tillis and Ruben Gallego have submitted a new compromise proposal on ethics provisions to the White House in an effort to move the Clarity Act, a crypto market structure bill, before the Senate goes into recess.
People familiar with the matter said the proposal was delivered Thursday morning, though its exact contents remain unclear. Ethics language is still seen as the main obstacle to passage. The Senate will begin recess on August 7, leaving limited time, and the bill still does not appear to have the 60 votes needed to pass. Reservations remain in both parties.
Over the past year, Democrats have pushed for stricter limits related to Trump’s crypto conflicts of interest. The points of dispute include the meme coin launched before Trump took office and his family’s involvement in World Liberty Financial. Financial disclosures published last month showed Trump received millions of dollars in income tied to WLF.
South Korea completes draft digital asset framework bill
South Korea’s Financial Services Commission said it has completed a draft Digital Asset Framework Act, with only a limited number of issues still requiring coordination. With the National Assembly’s second-half agenda now set, authorities said they will move the legislative process forward as quickly as possible.
South Korea is also considering language in the bill that would provide a legal basis for AI agent payments, in response to the prospect that AI could become a participant in small-value, high-frequency payments. Suggested measures include legal authorization for know-your-customer requirements, payment liability allocation, foreign-exchange reporting for cross-border transactions, and programmable payment standards.
South Korea proposes broader powers to halt suspicious crypto account payments
Lawmaker Kim Sang-hoon of the People Power Party and 15 others on July 28 proposed an amendment to the Act on Reporting and Using Specified Financial Transaction Information. The amendment would allow financial authorities to order the suspension of payments from virtual asset accounts suspected of being used for illicit asset transfers.
The proposal defines an “account” as the unique identifier number an exchange gives to a user. The Financial Intelligence Unit would be able to order a payment halt for 30 days when it judges an account suspicious, with one possible extension. Entities that fail to comply could face fines of up to 100 million won. The law would take effect six months after promulgation.
People and remarks
CZ says he may buy or sell one or two meme coins in the coming weeks
CZ said on X that he did not communicate with the Giggle Team about the recent sale of donated tokens, but that GiggleAcademy usually converts or sells most donated tokens into BNB at the end of each month and that he does not directly manage the address.
He said that if someone sends or donates tokens to another address without a prior agreement or contract, they should not expect the recipient to carry out burns or other actions based on the sender’s wishes. If the transfer is called a donation, he said, the sender should expect the recipient to use the tokens. CZ added that tokens donated to GiggleAcademy will be sold and the proceeds will fund free education for children around the world. He said the project has reached more than 1 million children in less than two years.
CZ also said he supports all meme coins and may buy or sell one or two meme coins in the coming weeks to test some new things.
Robinhood CFO says July trading volumes were broadly in line with Q2
Robinhood CFO Shiv Verma said on the earnings call that average daily trading volume in stocks, options, and event contracts in July was broadly in line with second-quarter levels. He added that current net deposits for July were about $4 billion, excluding deposits into Trump accounts.
Verma also said 7 million children have already registered Trump accounts and that deposits have approached $1.5 billion since the product launched in July.