500 million USDT transferred from Tether Treasury to Binance

Micron Technology Chief Commercial Officer Sumit Sadana hinted that "certain specific major clients" (Apple) used negotiating leverage during the last industry downturn to slash prices sharply, severely undermining the company’s ability to invest in production capacity and sowing the seeds for the current severe memory chip shortage. Additional data shows that Apple’s price-cutting practices led to massive losses for suppliers including Micron and SK Hynix in 2022 and 2023, with some posting gross margins as low as -90%. Meanwhile, Apple reaped over $16 billion in profits via its tiered pricing strategy for different iPhone storage capacities. Interestingly, three years later, Apple has reaped what it sowed. Yesterday, Apple was forced to raise prices for its hardware products amid a surge in storage chip costs, a move that subsequently triggered a sharp plunge in the company’s stock price.

Per Bitget market data, U.S. stocks are broadly lower in pre-market trading. Micron and other storage stocks that were relatively strong yesterday are seeing catch-down declines: Micron is down 5.19% pre-market, SanDisk (SNDK) is down 5.91%, and Seagate (STX) is down 4.26%. The CPO sector remains weak: AAOI is down 4.99% pre-market, Corning (GLW) is down 3.93%, Lumentum (LITE) is down 3.92%, and Marvell (MRVL) is down 3.86%. Notably, Strategy’s closely watched perpetual preferred stock STRC has fallen below $73 in pre-market hours, currently trading at $72.91, a 3.67% drop. MicroStrategy’s MSTR is down 0.28%.

Federal Reserve Chair Walsh plans to appoint two senior central bank economists as advisors. Daniel Covitz and Eric Engstrom, both longtime Federal Reserve staff members, will advise Walsh. (Wall Street Journal)

According to Onchain Lens monitoring, a crypto whale has opened a combined short position valued at $73.76 million: 1002.5 BTC (40x leverage) and 89,695.7 SPCX (10x leverage). BTC’s liquidation price is $62,071.8, and SPCX’s liquidation price is $162.79.

According to monitoring by Onchain Lens, after a one-month dormancy period, a whale has withdrawn 1.6 million TRUMP tokens from Binance, valued at $2.7 million. The whale now holds 17 million TRUMP tokens, worth $2.88 million.

Hyperliquid has responded on X to its inclusion in the Monetary Authority of Singapore (MAS) Investor Alert List (IAL), stressing that being listed on the IAL does not amount to a ban, enforcement action or determination of violations. The list only identifies entities that could be misconstrued as holding an MAS license or falling under MAS regulation, and currently features several major exchanges and DeFi protocols. Hyperliquid noted that it is a permissionless infrastructure, has never claimed to hold an MAS license or received its authorization, and no changes have occurred to its network. Users remain fully self-custodied, and all transactions are settled transparently on-chain. The platform added that it will continue to cooperate with global regulators and institutions, and support the establishment of a clear, well-designed regulatory framework for on-chain finance.