When the nest is overturned, no egg remains intact: South Korea's president's approval rating has declined for two consecutive weeks amid the stock market crash, with retail investors in stock communities expressing widespread distress.
South Korea’s stock market extended its decline today, with retail investors appearing to be in extreme panic. Retail investors on Daum, South Korea’s leading stock forum, are voicing widespread distress, with their main sentiments focused on “regret over buying the dip” and “criticism of inadequate regulation”. Separately, Yonhap News Agency reported that a public opinion survey released on the 27th shows South Korean President Lee Jae-myung’s approval rating has fallen for two consecutive weeks, staying around 40%. Research firm Realmeter analyzed: “The downward trend is likely to persist this week. Negative economic factors such as the stock market crash, coupled with public strong opposition to real estate issues—including the Bundang mortgage sales dispute and remarks on strengthening property taxes—as well as policy conflicts over leveraged ETFs and expanded investigative authority.”
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BNY Mellon to launch digital transfer agency service, putting fund holder records on the blockchain.
Bank of New York Mellon (BNY), which oversees over $59 trillion in assets under custody and management, is set to launch a digital transfer agency business. The initiative will migrate fund transaction processing and holder records to blockchain while retaining the firm’s traditional transfer agency system. BNY’s transfer agency business currently services approximately $8.6 trillion in assets and 7.6 million accounts. Baillie Gifford will be the first to use this system for the UK’s first fully native regulated tokenized fund, with BlackRock and BNY subsidiary Dreyfus also expected to adopt it in upcoming funds.
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K33: Bitcoin trading volume in July hits its lowest level since 2023
K33 Research stated in a report that Bitcoin has stayed in a narrow consolidation range of $60,000 to $66,000 over the past week. In July, the average daily spot trading volume was only around $2.2 billion, CME’s open interest is near multi-year lows, and open interest in perpetual contracts has stalled at roughly 300,000 Bitcoin. Bitcoin’s trading volume in July hit its lowest level since November 2023.
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Circle’s EU Policy Director: “The MiCA stablecoin regulation bill has significant gaps, and an overseas token recognition mechanism needs to be introduced.”
Circle’s Senior Director of EU Strategy and Policy Patrick Hansen (@paddi_hansen) published an article noting that since the EU’s Markets in Crypto-Assets (MiCA) regulation took effect, roughly 35 electronic money tokens (EMTs) from 21 institutions have secured compliance certifications. Banks and e-money institutions are entering the space, with strong local issuance momentum. However, among the world’s top 50 stablecoins, only three—USDC, USDG, and EURC—currently meet MiCA requirements, while the rest operate outside the regulatory framework, leaving EU users facing a dual dilemma: either insufficient protection or forced access restrictions. Hansen argues that for MiCA to truly serve as a global regulatory benchmark, two goals must be achieved in parallel: first, drive local EMTs to go global via a competitive regulatory regime; second, establish a recognition mechanism for overseas compliant stablecoins to attract global issuers to join the MiCA framework, rather than making local issuance the sole entry path.
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Whale Alert: Smart Money Places 41x Leveraged Short Position on S&P 500 Ahead of FOMC, Worth $24 Million
According to Hyperinsight’s monitoring, the U.S. Federal Reserve will announce its FOMC interest rate decision at 2:00 AM Beijing time tomorrow, followed by a press conference at 2:30 AM. Ahead of the decision, a whale (0x927) opened a new short position from scratch last night, completing the build-up of the new short position in roughly two hours. Currently, it holds a 41x leveraged isolated short position on 3,250 SP500 contracts, with a position value of approximately $24.202 million, an average entry price of $7,410.7, an unrealized loss of around $117,000, and a liquidation price of $7,516.9. No open orders have been placed for this position so far. Historical completed trades show its win rate over the past 30 days stands at 80%, with a total of 50 SP500 trades executed previously.
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20 minutes ago
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