Cryptocurrency Exchange Startup Fomo Raises $75 Million in Series B Funding at a $550 Million Valuation

Well-known trader Ouyang Zhuai Bai posted that he remains bullish on the storage sector in the medium and long term, and tends to buy on dips. Regarding SPCX, rather than being "not bearish", the priority now should be "not bullish", mainly due to the upcoming unlock of a large number of shares. Currently, the actual number of SPCX shares being shorted is around 300 million, while approximately 900 million shares are set to unlock today. Another 900 million shares will be unlocked in batches over the next three months, so he believes SPCX’s upside potential is suppressed. A more appropriate medium-term strategy would be to consider establishing short positions if SPCX sees a rapid short-term rally.

The World Gold Council notes that the importance of central bank gold purchases and Asian investor demand continues to rise. These two capital flows do not necessarily fully track shifts in U.S. interest rates, the U.S. dollar, and inflation. This does not mean real interest rates have lost their relevance; rather, gold’s pricing drivers have grown more diverse. In the short term, rising yields may still weigh on gold. But if tight policies eventually trigger "disruptions" to growth, inflation, or a segment of the financial system, long-term yields will decline. Paired with central bank and Asian demand, gold could still hold support, though it may not replicate the outsized gains of 2025. (Jinshi)

According to CNBC, Tom Lee, chairman of BitMine—the largest Ethereum treasury company—said the S&P 500 index could rise to between 7,900 and 8,000 points in August, a 2.3% to 3.6% increase from Wednesday’s closing level of 7,723.55 points. He noted the market has been consolidating for the past 8 to 10 weeks, adding that “the longer the bottom, the larger the breakout.” The S&P 500 has gained 3.1% since August and hit a record high, driven mainly by strong Q2 corporate earnings and market expectations of a deal to reopen the Strait of Hormuz. The tech sector rose 5.8% over the same period; VanEck’s Semiconductor ETF climbed 5.4%, and Roundhill’s Storage ETF advanced 6.7%. Tom Lee pointed out the Nasdaq 100 is currently trading above its 20-day, 50-day, and 200-day moving averages, showing a positive technical performance. He remains bullish on the semiconductor, DRAM, and storage sectors—despite their current correction, he expects them to rebound as they did in 1997 and 1998. Lee believes the current market recovery could be led by the “Magnificent Seven,” software, and Ethereum. Current earnings momentum is not only driving better-than-expected Q2 results but also pushing up 2027 earnings forecasts, with corporate profit growth accelerating.

Traders are showing strong demand for options betting on further gains in the S&P 500. On Tuesday, call option contracts tied to the benchmark index saw trading volume exceed 4 million, hitting an all-time high, while put option volume remained in line with average levels. Jason Coogan, a trader at Simplex Trading, noted that over the two days leading up to Tuesday, the market saw a "one-way inflow of orders". Analyst Tanvir Sandhu said: "The options market is reflecting investors' FOMO (fear of missing out on upside moves). Investors are now more worried about missing the next rally than protecting against a market pullback, a trend reflected in a sharp shift in option skew. Even as stocks continue to rise, strong demand for call options is keeping implied volatility elevated." (Source: Jin10)

Plume announced in a statement that it has joined the Digital Asset Solutions Industry Working Group of the Depository Trust & Clearing Corporation (DTCC). The working group aims to provide feedback on DTCC’s tokenization services and facilitate ongoing in-depth dialogue to drive the widespread adoption and innovation of digital assets.

Jefferies cut SanDisk (SNDK)’s price target from $3,000 to $1,750 while retaining its "Buy" rating. Analyst Blayne Curtis noted that the company delivered strong execution in its June quarter, but its September quarter guidance only met expectations, which may weigh on investor sentiment in the near term. SanDisk expects its NAND revenue year-over-year growth to slow in the September quarter compared to the June quarter, with bit shipment and average selling price (ASP) growth both moderating. Management also lowered its gross margin guidance, as lower gross margins from long-term agreements offset the benefits of price improvements. The edge business remained the largest contributor to growth in the June quarter, with revenue surging nearly 400% year-over-year and accounting for 61% of total revenue. Jefferies believes this may involve aggressive inventory building, which could translate into near-term pressure on bit shipment growth in the coming quarters. Consumer segment revenue fell 32% quarter-over-quarter to $556 million, mainly due to price hikes weighing on market demand. The data center segment will be SanDisk’s key growth driver going forward. The company’s new business model has expanded to 8 clients in the data center and edge segments, with customer commitments secured for over 50% of its planned bit production in fiscal 2027 and around 67% in fiscal 2028.