Analysis: Approximately $12.6 million in Funds Suspected to be Frozen by Circle Linked to Overnight

Thanks to the strong rebound in $SKHX, whale 0xC8b5 has turned a loss into a profit. The whale's 37,229 $SKHX ($43M) position is now up more than $6.44M, fully recovering all previous losses.

According to Lookonchain monitoring, a large whale that deployed $31 million into a long position in SK Hynix (SKHX) has now booked an unrealized profit of $6.44 million. The whale had previously spent $31 million on the long position immediately after SK Hynix released its earnings report, at one point incurring an unrealized loss of $3.13 million. Its entry price stood at $981.59, with SKHX hitting a low of $897.43 during the period.

According to Bitget's market data, the Nikkei 225 index has breached the 64,000 level, gaining 3.57% intraday. SoftBank Group's share price on Japan's stock market rose 14%.

Korea Exchange has activated the sidecar mechanism for the KOSPI, suspending program trading for 5 minutes.

According to Bitget's market data, the Nikkei 225 index touched 63,000 points intraday, gaining 2.00% on the day.

Bitcoin treasury firm Strategy released its second-quarter financial results, posting an $8.2 billion loss, compared to a $10 billion profit in the year-ago period. The loss stemmed primarily from unrealized paper losses on its Bitcoin holdings. As of press time, Strategy’s stock edged up 0.01% in after-hours trading. The company said its Bitcoin holdings rose 11% in Q2, hitting a peak of 846,000 BTC before it began selling off some of the assets. As of the latest filing, Strategy holds 843,775 BTC. Year-to-date, the firm has sold roughly $218 million worth of Bitcoin to cover preferred stock dividend payments. It had paused Bitcoin purchases for five consecutive weeks, prioritizing instead to expand its U.S. dollar cash reserves. At the end of June, Strategy rolled out its Digital Credit Capital Framework, which plans to build a minimum U.S. dollar reserve covering 12 months of preferred stock dividends and interest expenses, and authorized a maximum $1.25 billion Bitcoin monetization program to replenish reserves or fund dividend payments. CEO Phong Le noted that the company cut its convertible bond size by 18% to $6.7 billion in Q2, while lifting its U.S. dollar reserves by 12% to $2.4 billion. CFO Andrew Kang added that the firm’s current U.S. dollar reserves total around $3.75 billion, enough to cover related expenses for roughly two years, and it has made on-time dividend payments for 18 consecutive months.