TechFlow Intelligence Bureau said a new reciprocal tariff-cut framework between China and the U.S. has been announced, covering 30 billion versus 30 billion and granting most-favored-nation treatment to more than 90% of products. On Zhihu, the topic reached 4.67 million in heat, making it one of the day’s biggest discussions on the Chinese internet.
That policy relief arrived at the same time as a fresh macro shock. According to the digest, the situation around Iran worsened after Donald Trump rejected a proposal to reopen the Strait of Hormuz, pushing Brent crude above $107. At the same time, the 10-year U.S. Treasury yield rose to its highest level since 2007. Jin10 data showed spot gold down nearly 3% to $4,163 and silver down 5% to $61. Higher oil, higher yields and weaker precious metals left risk assets under pressure.
Bitcoin falls below $83,000 while ETF inflows accelerate
In crypto, Cointelegraph reported that spot Bitcoin ETFs recorded $2.4 billion in net inflows over the week, the highest level since October 2025, even as Bitcoin slipped below $83,000. TechFlow framed the move as a sign that institutional money was entering at a pace not seen for months.
A separate Cointelegraph item said analysts viewed the current price action as a classic liquidity sweep, where stops are taken first and direction is decided after that. The report added that the yearly open has become a key level that bulls have struggled to reclaim.
Putting those points together, TechFlow said the combination of falling price and continued ETF buying suggests the selling pressure is coming more from leveraged positions than from long-term holders.
Bitget restores Bitcoin withdrawals as hacked funds keep moving
On the exchange front, Cointelegraph said Bitget has restored Bitcoin withdrawals. The aftermath of the security incident is still playing out, however, with the hacker’s funds continuing to move on-chain and being swapped into ETH through THORChain.
TechFlow described the resumption of withdrawals as a calmer signal, but not a sign that the story is over.
Ondo leads tokenized Treasuries with about $2.9 billion in TVL
In real-world assets, Ondo said it has become the largest supplier of tokenized U.S. Treasuries, with total value locked at about $2.9 billion. The company also launched a smart portfolio product with strategy support from BlackRock, expanded its tokenized stock offering, and went live on NEAR.
TechFlow’s read was simple: the RWA trade is moving from storytelling to competition over assets under management.
Hong Kong expands financial reporting oversight for licensed crypto firms
Cointelegraph also reported that Hong Kong’s Securities and Futures Commission signed a memorandum with an audit regulator to widen oversight of financial reporting for licensed crypto companies.
In TechFlow’s view, that move pushes disclosure standards for licensed crypto businesses closer to those seen in traditional finance.
China may study a return to buying Nvidia’s new chips
One of the day’s key hardware signals came from The Information, which reported exclusively that China is studying the possibility of resuming purchases of Nvidia’s new chips.
TechFlow said the timing matters. Set against the tariff framework, the report sits right at the intersection of macro policy and compute demand.
IonQ jumps 15% after Nvidia partnership update
Quantum computing company IonQ said it is partnering with Nvidia and showed real-time quantum error correction technology. Its shares rose 15% after the announcement, according to the digest.
TechFlow noted that the hybrid quantum-and-classical compute narrative heated up again, while adding that the stock move reflected the narrative more than revenue.
A-share compute hardware names retreat sharply
According to Cailian Press and Wallstreetcn, compute hardware names in China’s A-share market fell hard. The ChiNext Index and STAR 50 both dropped more than 4%, while Zhongji Xuchuang, Eoptolink and Tianfu Communication each fell by more than 8%.
TechFlow said the retreat in AI hardware, combined with the suspension of a Nasdaq ETF trading at a high premium, spread risk-off sentiment across growth sectors.
Other signals across AI, tech and markets
In AI, Anthropic released prompt-engineering documentation for its new Opus 5.5 model, drawing 124 comments on Hacker News. Debate centered on whether stronger models reduce the need for carefully designed prompts or make prompt work even more demanding.
In another Hacker News thread, a personal story about owing Nvidia stock hit the top ranking with 328 comments. The discussion focused less on chips and more on the “golden handcuffs” built into tech compensation structures.
A separate post asking when Google became so strange reached 1,402 points and 757 comments on Hacker News, with recurring complaints about search quality, ad density and product sprawl.
On the security side, IT Home reported that a 16-year-old used AI tools to uncover an internal Microsoft API vulnerability and received a $5,000 bounty. The report said the issue involved more than 17 trillion rows of data.
On consumer electronics, users on Zhihu called on Xiaomi to remove privacy screens from the Xiaomi 18 lineup, pushing the issue into Lei Jun’s comment section and turning screen viewing angles and brightness into a fresh point of debate.
Space.com also said SpaceX Starship was set for its first orbital launch attempt later in the day.
TechFlow’s cross-market takeaway
TechFlow’s bottom line was that the China-U.S. tariff framework gave supply chains some breathing room, but the Iran situation pushed oil prices and bond yields higher at the same time, leaving risk assets squeezed from both sides. In that setting, $2.4 billion of weekly inflows into spot Bitcoin ETFs was not enough to stop Bitcoin from breaking lower, while the slide in Chinese AI hardware stocks showed that attention was shifting from AI conviction to rate fear.
Within that mix, the report said the possibility of China resuming purchases of Nvidia’s new chips could turn into a larger structural signal than any single headline from the day if it is confirmed.