ChainFeeds’ July 14 research digest pulled together five major themes shaping current crypto and adjacent markets. One report argued Ethereum’s investment case is shifting as Layer 2 growth, lower mainnet fee capture and weak on-chain yield change how ETH should be valued. Another, citing BlackRock and Morningstar data, said the current AI rally has not matched the late-stage surge of the dot-com bubble, even as some long-term valuation gauges have returned to historically stretched levels. The digest also featured comments from Multicoin Capital managing partner Tushar Jain, who said he believes the crypto market has bottomed and outlined why he favors Solana, Hyperliquid and Zcash in this cycle. On the AI side, IOSG examined why financial institutions are pushing back against public large language models and why private AI demand is rising, with attention on TEE, OHTTP, end-to-end encryption, FHE and agent workflows. The final piece focused on tokenized gold and argued the next phase for on-chain real-world assets is not just bringing assets on-chain, but turning idle holdings into productive positions through structured strategies such as covered calls.

Taiwan’s Legislative Yuan has moved a proposed amendment to Article 36 of the Telecommunications Management Act through committee review, a step widely seen as opening the door for international satellite communications operators such as SpaceX’s Starlink. The draft would let regulators approve satellite network applicants on a case-by-case basis without applying current rules that require a Republic of China national as the responsible person and cap direct foreign ownership at 49% and combined ownership at 60%. The proposal still requires strict review covering national security, public telecom network security, telecom resource usage, overall network planning, industry and service market development, and public interest needs. Taiwan’s three major telecom operators — Chunghwa Telecom, Taiwan Mobile and Far EasTone — said they respect and support the direction of the amendment, while stressing the need for safeguards around national security, data sovereignty and local oversight. The Taiwan Communications Society urged policymakers to study Japan’s approach, where KDDI, NTT DOCOMO and SoftBank have worked with Starlink on direct-to-cell satellite services under conditional and phased supervision. The policy debate has also spilled into the local supply chain: D-Link recently confirmed an order tied to Starlink’s low-earth-orbit network infrastructure, with shipments expected to begin in September.

Binance founder Changpeng Zhao, better known as CZ, said he found more than 10,000 airdropped memecoins in his personal wallet and has already burned some of the more popular tokens. He also advised users to send unwanted tokens directly to a burn address. Techub, citing Cointelegraph, said the comment comes as several well-known figures in the crypto sector have recently been receiving frequent memecoin airdrops. Zhao’s move and his suggestion offer one possible way to handle unsolicited or low-value token distributions that appear in personal wallets. The report did not disclose which tokens were burned or provide further on-chain details.

China’s commercial space sector saw a sharp market reversal after a headline technical breakthrough. On July 10, Long March 10B completed its maiden flight from the Hainan commercial launch site and achieved what the source described as China’s first controlled recovery of a heavy-lift rocket first stage and the world’s first net-based recovery. The news sparked a trading frenzy, with more than 30 stocks hitting their daily upper limit and major names such as China Spacesat and China Satcom surging. By July 13, however, the sector had turned lower across the board, with several names dropping sharply as funds rotated back into previously popular AI plays. The source argues that the gap between industrial progress and secondary-market pricing comes down largely to market structure. Citing Securities Times, it says mutual funds and social security funds remain underweight or absent from many commercial space names, leaving the sector without a stable long-term shareholder base. In that setup, quantitative funds, which the article says account for 20% to 30% of A-share turnover, can exert outsized influence. The piece also contrasts the short-term volatility of listed stocks with continued primary-market interest, including 89 disclosed financing events worth 15.13 billion yuan in the first half of 2026, and lays out a series of second-half tests, from reusable rocket trials and IPO progress to earnings reports across the supply chain.

China’s commercial space sector saw a sharp reversal after what had looked like a major industry catalyst. On July 10, Long March 10B completed its maiden flight and achieved what the article described as the world’s first rocket net-based recovery, sending more than 30 related stocks to limit-up and pushing heavyweight names such as China Spacesat and China Satcom sharply higher. But by July 13, the sector had turned lower across the board, with several names posting steep losses as money rotated back into previously popular AI plays. The source article argues that the disconnect was not primarily about the news itself, but about market structure. Citing Securities Times, it says public funds and social security capital remain underweight or absent in much of the commercial space segment, leaving prices more exposed to short-term trading. In that setup, quant strategies that thrive on volatility can exert outsized influence. The article contrasts that with sustained primary-market interest, including 89 disclosed domestic financing events worth RMB 15.13 billion in the first half of 2026, according to Taibo Think Tank. It also reviews three waves of sector trading over the past two years, moving from concept speculation to policy support and then technical validation. Looking ahead, the article points to upcoming recovery tests, reuse attempts, IPO progress and interim earnings as the next checkpoints for how China’s commercial space valuation framework will be tested in public markets.

IOSG argues that demand for private AI is rising across both enterprises and consumers as concerns over intellectual property leakage, data retention, and legal discovery become harder to ignore. The report maps the current privacy stack, from contract-based zero data retention and anonymous proxies to trusted execution environments, end-to-end encryption, fully homomorphic encryption, and local inference. Its main point is that the tradeoff is no longer as simple as privacy versus performance. A central example comes from Bridgewater’s AIA Labs and Thinking Machines. In a June 30 case study, an expert-tuned open model, Qwen3-235B, outperformed frontier models on financial judgment tasks while also delivering much lower inference cost. The model scored 84.7% on an independent test set, above an 80% threshold set by investment professionals. Frontier models averaged about 50% with simple prompts and reached 78.2% with expert prompting. By the report’s framing, the fine-tuned Qwen made 29.8% fewer mistakes than the best frontier baseline and ran at 13.8x lower inference cost. IOSG also says infrastructure for private inference and post-training is starting to mature. Enclave-based services from companies such as Phala, Tinfoil, and NEAR AI are pushing privacy costs down, in some cases to parity with or below plain-text routes. Still, major gaps remain in tool calling, agent workflows, and encrypted search, where privacy guarantees often break once requests leave the model layer.

IOSG argues that private AI is moving from a niche concern to a practical deployment choice for both enterprises and consumers. The report says the core issue is no longer abstract model safety, but where plaintext prompts, internal data, and company-specific judgment end up once they leave a user’s device. It reviews the current privacy stack, from contractual zero-data-retention and anonymous relays to trusted execution environments, end-to-end encrypted inference, fully homomorphic encryption, and local inference, and finds that costs and performance penalties are falling for several of these approaches. A central example comes from a June 30 case study by Bridgewater’s AIA Labs and Thinking Machines. In that work, an expert-tuned open model based on Qwen3-235B outperformed frontier models in both accuracy and inference cost on investment-related tasks, scoring 84.7% versus 78.2% for the best frontier setup using expert prompts, while cutting inference cost by 13.8x. IOSG’s argument is not that privacy AI is solved. Tool calls in agent workflows, encrypted search, and private post-training remain major gaps. But the report says the infrastructure needed to train and run open models inside controlled, attestable environments is arriving piece by piece, giving companies a clearer path to keep their own alpha inside their own boundary.

China’s commercial space theme swung sharply after the Long March 10B completed its maiden flight and achieved what the source article described as China’s first controlled recovery of a heavy-lift rocket first stage and the world’s first net-based rocket recovery. More than 30 stocks hit their daily limit on July 10, but the sector then reversed on July 13, with several names falling and broader indexes also sliding. The source article argues that the disconnect has less to do with the launch news itself and more to do with market structure. Citing Securities Times, the piece says mutual funds and social security capital remain underweight or absent in the sector, leaving commercial space stocks without a stable long-term base. In that setup, quantitative trading can have an outsized impact. The article contrasts the volatile secondary market with continued primary-market backing, including 89 disclosed financing events worth 15.13 billion yuan in the first half of 2026, according to Taibo Think Tank. It also frames the sector’s past two years as a progression from concept trading to policy support and then to technical verification, with reusable rockets, IPO progress, and interim earnings now serving as the next tests for valuation.