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Analysis: The AI investment boom is cooling down, and the market is reassessing the sustainability of chip and data center spending.
According to Odaily Odaily, the AI infrastructure investment boom is cooling down, and the market is beginning to reassess the sustainability of chip and data center spending. As investors re-examine whether AI infrastructure investment can be sustained, "AI deals" covering the semiconductor, memory chip, and data center industry chain are showing signs of cooling. Recently, AI-related chip stocks such as Micron Technology (MU) and SanDisk (SNDK) have been under pressure. Samsung Electronics previously reported record second-quarter results, but revenue fell short of market expectations, causing its stock price to drop nearly 7%, dragging down the entire AI chip sector. Market concerns are growing that the current AI boom, driven by GPUs, high-bandwidth memory (HBM), and data center construction, may face repricing as cloud computing giants (Hyperscalers) may slow their investments in AI infrastructure. Meanwhile, South Korean memory chip giant SK Hynix's stock price has fallen about 25% from its all-time high ahead of its US IPO, which is also attracting some funds away from existing chip stocks. Analysts point out that after SpaceX's massive IPO boosted valuations of AI-related assets, investors are reassessing the growth logic for the next phase of the AI market. If the AI investment fervor cools further, some funds may flow back from the AI industry chain to other risky assets, including crypto assets. (CoinDesk)
Ondo Perps officially launched, propelling the on-chain derivatives market into a new phase of capital efficiency.
According to official news from Odaily Odaily, Ondo Perps has officially launched and is now open to non-US investors. As a perpetual contract platform supporting tokenized stocks and stablecoins as margin for derivatives, Ondo Perps aims to drive the on-chain derivatives market into a new era of capital efficiency. Its core advantages include: Tokenized shares as collateral: No need to maintain separate cash reserves on multiple platforms; Market depth comparable to traditional finance: achieving extremely low spreads and slippage; Its execution speed rivals that of top-tier crypto CEXs: order routing, margin updates, and settlements are all processed in real time while ensuring decentralization. Currently, Ondo Perps supports assets including stocks, indices, and commodities such as SPCX, MU, NVDA, TSLA, AAPL, gold, and crude oil, and offers leverage up to 20x, providing global investors with 24/7 trading. According to reports, Ondo Perps is built on Ondo Finance technology, with Ondo Global Markets providing the underlying tokenized stock infrastructure, and its total TVL has exceeded $1 billion.
On the eve of SPCX's inclusion in the Nasdaq: Retail investors tend to be bullish and chase the rally, but whale place a $4.4 million sell order above.
According to BlockBeats, on July 7th, Hyperinsight monitoring showed that SPCX would be officially included in the Nasdaq 100 index before the US stock market opened today. However, Hyperliquid showed no signs of a one-sided long position. As of press time, SPCX was trading at $156.2, with a 24-hour trading volume of approximately $290 million. The large order book structure shows approximately $4.96 million in short covering buy orders in the $135-$155 range, while approximately $4.45 million in sell orders are located above this range of $156.3-$175.0. The SPCX order book is as follows: - Short covering/profit-taking buy orders: 116 orders, price range $135.0 - $155.1, approximately $4.95 million; - Sell orders at the top: 26 orders, price range $156.3 - $175.0, approximately $4.44 million; - Below are 17 buy orders, with a price range of $147.5 - $155.9, totaling approximately $1.8 million. Among the three types of orders, short covering buy orders ranked first in both number and size. Coupled with selling pressure above, large funds intend to "distribute at higher prices and buy back at lower prices". On the open interest side, there is a stratification between long and short positions, with the degree of shortness increasing progressively with position size, indicating that retail investors tend to be bullish. - Fully visible positions of $100,000 or more: 183 trades, totaling approximately $141 million, with a short/long ratio of approximately 1.15; - Large positions exceeding $1 million: 17 transactions, totaling approximately $55.76 million, with a short/long ratio of approximately 2.06; - Small to medium positions of $100,000 to $1,000,000: Long/Short ratio of approximately 1.25, which is the only level with a net bullish bias. At the whale cost line, the weighted cost of large long positions is about $164.59 and the weighted cost of short positions is about $169.68, both higher than the current price. Short positions are generally in profit while long positions are generally trapped. On the liquidation line, the most recent short liquidations are concentrated around $195.7 to $198.0, totaling approximately $10.44 million; long liquidations are mainly located around $97 and $110, both of which are far from the current price.
Coinbase: Advancing its "One Asset, One Market, One Platform" strategy in the first half of the year
Odaily Odaily reports that Coinbase released its monthly review on July 1st, stating that in the first half of the year, it advanced its product portfolio around the principle of "one asset, one market, one platform," covering tokenized stocks, pre-IPO perpetual contracts, stock options, crypto options, stock index perpetual futures, AI tools, payments, stablecoins, and on-chain infrastructure. Coinbase stated that its tokenized stocks are 1:1 backed by US company stock and are expected to include dividends, on-chain trading, holding, and redemption features, but are not available to US users. Coinbase also stated that its pre-IPO perpetual contracts will begin with SpaceX, then expand to OpenAI and Anthropic, and will offer crypto options through Deribit integration. Coinbase CEO Brian Armstrong stated on July 3rd that Coinbase is one of the companies with the highest level of AI adoption globally. Coinbase also stated that it has launched a direct INR channel in India, become the official deployer of Hyperliquid's USDC treasury wallet, and is partnering with Ethena on assets exceeding $5 billion. It also mentioned transferring approximately $4.4 billion in USDC to Hyperliquid. (Bitcoin.com News)
Binance Research released a stablecoin industry report: platform stablecoin reserves reached $53 billion, with market share rising to 57%.
Odaily Odaily that Binance Research has released an industry report titled "Stablecoins: Reshaping the Financial Landscape." The report shows that as of now, Binance's stablecoin reserves have reached $53 billion, increasing its market share from 54% to 57%, approximately $42 billion higher than the second-largest exchange. Meanwhile, in the first five months of 2026, the cumulative trading volume of TradeFi-related perpetual contracts exceeded $1.1 trillion, with Binance accounting for over $500 billion, representing approximately 47% of the market share. Furthermore, since 2022, Binance Wealth Management has distributed $1.2 billion in yield to over 14 million stablecoin users; BNB Chain sees 10 million daily stablecoin transactions and 15 million monthly active addresses, representing a market share of approximately 24% by transaction volume. The report points out that stablecoins are evolving from crypto asset trading tools into a crucial global financial settlement infrastructure, and Binance has built a one-stop stablecoin financial ecosystem covering trading, payments, yields, investment, and on-chain ecosystem.
Opinion: South Korea has not yet truly entered the stablecoin market; it needs to first answer why it is worthwhile to use it.
According to Odaily Odaily, Yoon Seung-sik, head of Tiger Research, stated that the South Korean won stablecoin market does not yet have a real place, not because it lacks potential, but because South Korea has not yet experienced enough market practice and discussion. Unlike the United States, which has undergone years of trial and error, regulation, and market evolution in the field of stablecoins, related discussions in South Korea are just beginning. South Korea's financial infrastructure is already very well-developed, and the real challenge lies in answering "why consumers need to use won stablecoins." Yin Chengzhi believes that the core keywords for the digital asset industry in the first half of this year were stablecoins, tokenization, and RWA. While AI Agents and DeFi have long-term potential, they are still far from large-scale implementation. Stablecoins and tokenization, on the other hand, have accumulated numerous global case studies, driving more institutions to accelerate their entry. It is expected that the digital asset market in the second half of the year will continue to focus on regulatory developments, the actual effectiveness of stablecoins and RWA implementation, and new retail market narratives. (Etoday)