On the day the lock-up period for Zhipu's cornerstone investors expired, nearly 70% of them expressed their intention to hold the shares long-term.
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Zhipu surged over 14% intraday after announcing plans to develop its own chips.
According to BlockBeats, on July 8th, Bitget data showed that Hong Kong-listed Zhipu Technology surged over 14% intraday, following its earlier disclosure that it was considering developing its own chips. Furthermore, nearly 70% of Zhipu's investors indicated they would hold the stock long-term.
Large-scale model stocks in Hong Kong extended their gains, with MINIMAX and Zhipu rising over 16%.
Mars Finance reported on July 8th that MINIMAX-W (00100.HK) rose 17%, and Zhipu (02513.HK) rose 16%. In terms of news, Zhipu, a leading Hong Kong-listed large-scale model manufacturer, saw its first share lock-up period expire today, with several core institutional investors clearly choosing to continue their investment. (Science and Technology Treasure Broadcast)
In the past hour, nearly $6 million in SPCX contract liquidations occurred across the entire network, exceeding the figures for BTC and ETH during the same period.
According to Mars Finance, on July 7th, Coinglass data showed that nearly $6 million in SPCX futures contracts were liquidated across the entire network in the past hour, including $4.24 million in SPCX trading pairs and $1.6 million in XYZ:SPCX trading pairs. It's worth noting that while US tech stocks experienced a "Black Tuesday," the Bitcoin and crypto markets remained relatively stable, with only $4.86 million in BTC liquidations and $4.35 million in ETH liquidations during the same period.
Analysis: Bitcoin may be entering a period of bottoming out; Strategy's sale of Bitcoin did not trigger panic.
According to a recent report by Bitfinex Alpha, as Odaily by Odaily, Strategy recently conducted its first large-scale Bitcoin sale, but the market showed strong resilience and no significant selling pressure emerged. Bitcoin rebounded after hitting a low of $57,803 on July 1st, and its performance in July remains positive, consistent with the views expressed in Bitfinex Alpha's previous report (No. 212), suggesting a potential market correction this month. Data shows that Strategy may have executed a BTC sale between June 29 and July 2, but the price of Bitcoin still saw a positive weekly increase during the same period, rising approximately 10.5% from its cycle low. Furthermore, on the last trading day of last week and the first trading day of this week, Bitcoin spot ETFs recorded inflows exceeding $200 million per day, ending a previous 10-day streak of net outflows, with a cumulative outflow of $2.73 billion. June was a challenging month for Bitcoin ETFs, with net outflows for nine consecutive weeks, reaching nearly $4.06 billion in June alone. However, these redemptions primarily reflect authorized participants (APs) returning ETF units and a decrease in passive funding demand, rather than indicating a large-scale immediate sale of Bitcoin through on-chain markets. The market is currently unable to fully determine whether investors have digested recent changes in fund flows, but spot trading volume does not fully reflect the impact of the previous large-scale outflows. With changes in ETF asset allocation and a return to positive fund flows, the Bitcoin market may face new variables in July. After a brief dip following the announcement of the Strategy sale, BTC prices quickly stabilized and have now returned to the lower end of the first quarter trading range, exceeding pre-announcement levels. ETF fund flows have recorded net inflows for three consecutive trading days, and the $61,000 level has become a crucial dividing line between bullish and bearish forces in the market. Bitcoin is currently in a downtrend on a higher timeframe, but the market structure is changing. Approximately 10.83 million BTC are currently in an unrealized loss state, while about 9.22 million BTC remain profitable, marking the first time that the number of losing BTC has exceeded the number of profitable BTC. Historically, this phase typically indicates significant pressure on spot holders and often approaches the bottoming phase of a bear market. However, a true macro bottom still needs confirmation from key indicators, such as Bitcoin consistently recovering to its current "True Market Mean" of around $71,500. While the current market environment may dampen sentiment in the short term, it also creates conditions for long-term funds to absorb selling pressure. As long-term holders and some whale re-accumulate, Bitcoin is shifting from low-conviction holders to high-conviction investors, and the next two to three months may be a crucial window for confirming a temporary bottom.
Ruwei Technology's stock price fell nearly 17% on its first day of trading on the Hong Kong Stock Exchange, closing at HK$18 per share.
Mars Finance reported on July 8th that Ruwei Technology's stock price fell nearly 17% on its first day of trading on the Hong Kong Stock Exchange, closing at HK$18 per share. (Science and Technology Treasure Broadcast)
Nasdaq makes special arrangements for SpaceX: $42 billion in passive funds were invested; the real test will be the unlocking of the shares on August 6.
According to Mars Finance, on July 6th, fund managers tracking the Nasdaq 100 index will complete a mandatory rebalancing after the market closes on Tuesday, with approximately $4.3 billion passively buying SpaceX (SPCX) shares. Tens of millions of US investors holding Nasdaq funds in 401(k), IRA, or regular accounts will become SpaceX shareholders "passively" without their knowledge. Starting July 7th, SpaceX will officially become a Nasdaq 100 component stock—the fastest company to be added to a major US index in history, with related funds holding approximately 0.5% to 0.7% of the index. Previously, Nasdaq required new stocks to be listed for at least three months and have at least 10% public shareholding before inclusion in the index. However, the new rules that took effect on May 1st significantly lowered the threshold—as long as the market capitalization ranks within the top 40 of existing component stocks, only 15 trading days and 5 days' advance notice are required for "fast inclusion." This rule was implemented exactly six weeks before SpaceX's IPO on June 12th. Critics argue that this window is "too short to complete price discovery," even going so far as to call it "the most shameless manipulation of major indices," benefiting the company, existing shareholders, and the exchange, while passive fund holders are forced to bear the price costs. SpaceX's publicly traded shares account for only 3% to 5%, and with the float multiplier, passive buying far exceeds the actual float's capacity. Meanwhile, the S&P 500 remains unchanged, maintaining its existing 12-month observation period and four consecutive quarters of GAAP profitability requirements. SpaceX reported a net loss of $4.28 billion in the first quarter and a projected loss of $4.94 billion for the full year of 2025, meaning it may not meet the S&P inclusion criteria until mid-2027 at the earliest. Analysts point out that the real test will come on August 6th—when the company releases its first quarterly earnings report, and approximately 20% of insider shares will be released from lock-up, potentially reversing the supply-demand balance due to the disappearance of passive buying and potential selling pressure.