US stocks

7 days agoNews Editor

Chip stocks sink as AI trade cools, hedge funds cut exposure and leveraged liquidations hit linked crypto perps

Nvidia CEO Jensen Huang’s latest defense of memory demand failed to spark the kind of rally markets had rewarded before. Speaking during GTC in Berlin on Oct. 21, Huang said the chance of a memory glut before 2029 was low. A day later, U.S. tech shares sold off sharply: the Nasdaq Composite fell 2.6%, its biggest one-day drop since June, while the Philadelphia Semiconductor Index lost about 6.72%. Nvidia, AMD, Intel, Micron, TSMC and Meta all moved lower. The pullback had been building. Goldman Sachs prime brokerage data showed hedge funds had been cutting technology exposure, with semiconductors among the biggest areas of selling, even as retail investors kept buying chip, storage and AI cloud names. Citadel founder Ken Griffin said investors could be "almost certain" there was an AI bubble, while Michael Burry shifted much of his bearish options exposure toward Nasdaq 100 and semiconductor ETF puts. Jim Chanos, for his part, targeted newer cloud companies that borrow to build data centers and rent out AI compute. The pressure also spilled into crypto-linked leveraged products. CoinDesk, citing CoinGlass, reported that on Oct. 17, during a U.S. stock market holiday, crypto perpetual futures tied to chip stocks and semiconductor ETFs saw about $51.6 million in liquidations in 10 minutes, including roughly $38 million from longs. The episode added another sign that AI-related trading now stretches across round-the-clock leveraged markets.

500

Supreme People's Procuratorate

9 days agoNews Editor

China’s top prosecutors say internal-dealing crypto perpetual platforms may constitute casino operations

China’s Supreme People’s Procuratorate said in a theoretical article published on June 15 that crypto perpetual contract platforms should be examined on a look-through basis. According to the article, any platform that lacks genuine external matching, settles trades internally, acts as the house, and ties user profit and loss to market moves should be treated as an online gambling platform and characterized under the crime of operating a casino. The article also said a defense based on 「using public market quotes」 does not stand. It added that the crime of illegal business operations applies only to intermediary models with real external matching and no bookmaker-style counterparty setup. The piece said more than 95% of platforms currently on the market fall into the internal-dealing category, and that beneficial controllers as well as personnel involved in technical development, operations and marketing, and fund settlement may all face liability. It also stated that such transactions are invalid civil legal acts, meaning investor claims for principal repayment or payout of returns generally would not be supported, while losses would be borne by investors themselves.

450

Coinbase

10 days agoNews Editor

Coinbase says users can trade US500 and crypto perpetuals through AI agents

Coinbase said in a post on X that users can now trade indexes and crypto perpetual contracts through AI agents including Claude, ChatGPT, and Grok. The company also said users can take long positions on the US500 index. The update was cited by Odaily, which reported the statement as a newsflash. The source text did not include more detail on rollout timing, eligible regions, product structure, or platform requirements. No additional figures, launch schedule, or supporting documentation were provided in the input. Based on the available information, the announcement centers on AI-agent access to index and crypto perpetual trading, with US500 specifically named as a supported long trade.

600

Robinhood

1 months agoNews Editor

Robinhood starts U.S. crypto perpetuals rollout with up to 10x leverage

Robinhood has begun rolling out crypto perpetual futures trading in the United States, offering up to 10x leverage in its initial launch. According to TheDefiant, the first phase includes eight contracts and gives users access to no-expiry trading. The product is being offered through Robinhood Derivatives and Bitstamp. The report also said broader access is planned over the coming months, indicating the rollout is starting with a limited group before expanding further. The launch adds a new leveraged crypto trading product to Robinhood’s U.S. lineup while relying on its derivatives infrastructure and Bitstamp for execution and access.

570

Kalshi

1 months agoNews Editor

Kalshi volume reporting faces scrutiny as combo bets make up about 61% of prediction market activity

Kalshi is facing fresh scrutiny over how it reports trading activity, with criticism that first emerged around its crypto perpetuals now spreading to its core prediction market business. Traders had questioned why ETH perpetual open interest was only in the low millions of dollars while daily volume ran into the hundreds of millions, producing unusually high turnover figures. Kalshi crypto lead IcoBeast responded by separating the perpetuals business from the crypto prediction market, saying the prediction market does not use the same kind of market-making rebates and that its reporting methodology can be compared with peers. The debate did not stop there. Prediction market trader @retardmode said roughly 61% of Kalshi’s disclosed volume comes from multi-event combination bets, or parlays, where several outcomes are bundled into a single ticket and all must be correct to win. According to that explanation, Kalshi counts volume based on the $1 face value of each contract rather than the user’s actual cash outlay. In one example, a user spends $1 on a combo ticket that pays $14.1 if every leg wins, while the platform records $14.1 in volume. Based on that method, Kalshi’s real daily volume was estimated at about $136 million, versus $1.91 billion reported publicly.

600

Bitcoin

1 months agoNews Editor

Coinbase CEO Brian Armstrong says $400,000 Bitcoin by 2030 remains a reasonable target

Coinbase CEO Brian Armstrong said Bitcoin reaching $400,000 by 2030 still looks like a reasonable target, even with BTC trading near $77,000. Speaking to CNBC's Squawk Box Asia on Thursday, Armstrong said he believes the latest Bitcoin cycle has already found its bottom after the market moved through roughly a year of decline. He also pointed to Bitcoin's familiar four-year cycle and said rallies often appear ahead of halving events, with the next halving due in about 18 months. In his view, the next one to two years should be favorable for Bitcoin. Armstrong also spoke positively about U.S. crypto regulation. He said the Senate is set to vote on the Clarity Act on September 15 and that, based on his conversations in Washington, the bill appears ready to win approval. He added that law enforcement groups, many banks, and crypto companies support it, while earlier Coinbase objections have been addressed. The unresolved issue involves ethics rules tied to the president's family crypto ventures. Even if the bill stalls, Armstrong said the SEC and CFTC are prepared to move ahead with rulemaking and innovation exemptions under existing authority, leaving him expecting regulatory clarity within a month. He also said passage of the bill would open the door to tokenized equities and perpetual futures for U.S. customers.

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Hyperliquid

1 months agoNews Editor

Hyperliquid policy arm backs CFTC, seeks dismissal of CME lawsuit

Hyperliquid Policy Center has filed a legal brief in federal court in Washington, D.C., asking the court to throw out a lawsuit brought by CME against the U.S. Commodity Futures Trading Commission, according to Hyperliquid News. The dispute stems from the CFTC’s earlier approval allowing Kalshi to offer regulated cryptocurrency perpetual contracts in the United States. CME had previously challenged that regulatory decision in court. In its filing, Hyperliquid’s policy arm sided with the CFTC and argued that CME’s case should be dismissed. The move places Hyperliquid Policy Center directly behind the regulator in a case tied to the legal treatment of crypto perpetual products in the U.S. market.

1140

Crypto Perpetuals

2 months agoNews Editor

Lawyer Examines When Crypto Perpetuals Could Be Treated as Gambling in Mainland China

WuBlockchain republished an article by lawyer Liu Zhengyao that analyzes how crypto perpetual contracts may be treated under mainland China’s criminal law. The piece says the key issue is not the product label itself, but how a platform is structured and operated. It reviews the legal distinction between gambling and operating a casino, then tests crypto perpetuals against several factors cited by the Procuratorial Daily, including chance-based outcomes, whether the platform acts as a broker or a house, whether USDT can count as property used for betting, and whether the business shows operational and control characteristics. The article argues that extremely high leverage combined with unusually low liquidation thresholds can push perpetual trading closer to a gambling model, especially if the platform profits directly from user losses or manipulates K-line data. It also discusses when fraud or illegal business operation charges might apply, and stresses that liability should be assessed separately for investors, developers, operators, agents, and ordinary users. Liu’s conclusion is that in mainland China, perpetual contract business has no lawful operating space, and criminal exposure depends heavily on the actual design and role of each participant.

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