Tesla Officially Introduces Doubao

At Binance's offline private sharing event, renowned economist Hong Hao stated that the large-scale correction window previously forecast by his team has opened, and is expected to last until around the end of August. A short-term double-digit rebound is possible, but the market remains in a deleveraging phase, so investors should exercise more patience. Hong Hao pointed out that South Korea's KOSPI index has now fallen significantly from its peak, and the market is entering a phase where "bulls deploy on dips while bears exit via stop-losses". Given that the index's weight is highly concentrated in a small number of tech giants, their fundamental performance will remain the key factor in judging whether the market has truly bottomed out. When asked whether investors should immediately allocate to tech stocks, Hong Hao said that market bottom signals are expected to become clearer over the next two to three weeks, so exercising patience is more important before that. He warned that a typical asset bubble burst often involves a correction of two-thirds or even more. While the market has already fallen by around 50% so far, further downside cannot be ruled out. Hong Hao also noted that besides price trends, factors such as South Korea's regulatory policies, deleveraging process, and overseas leveraged ETFs' impact on the market need to be monitored. He added that if this round of correction is completed quickly, it will also provide more attractive entry opportunities for investors who are bullish on related assets in the long term.

At a Binance offline private sharing event, renowned economist Hong Hao shared his latest views on Bitcoin’s long-term value and market cycles. Hong Hao stated that Bitcoin’s long-term logic is very clear: its fixed supply cap of 21 million coins determines its scarcity, forming a value foundation distinct from the traditional fiat currency system. When discussing the relationship between Bitcoin and gold, Hong Hao noted that both possess scarcity and long-term value storage attributes, though their sources of credit differ. Gold has thousands of years of human credit accumulation, while Bitcoin, backed by a decentralized network and fixed supply mechanism, is forging a new credit system. In the long term, gold’s target is $10,000, while Bitcoin’s target is $1 million. Regarding Bitcoin cycles, a key focus of the market, Hong Hao pointed out that limited supply makes this type of asset inherently cyclical. He believes that, per calculations from his team’s cycle model, an important time window for a new cycle may arrive during the transition between the third and fourth quarters of this year. However, he also reminded investors that, despite the approaching time window, they should remain patient and wait for further resolution of market uncertainties.

CXMT is now in its 5th trading day and has climbed above $8. For now, this battle between the bulls and bears has gone to the bulls. Whale 0xf292 is short 2.9M $CXMT ($23.54M) and is now down $4.67M, while paying $1.42M in funding fees. Whale 0x9a80 is long 1.63M $CXMT ($13.27M) and is now up $2.46M, while earning $823K in funding fees.

According to Lookonchain monitoring, CXMT has entered its fifth trading day since listing, with its price breaking through $8. Long positions currently hold the upper hand in the ongoing long-short game. On-chain data shows whale address 0xf292 is currently shorting 2.9 million CXMT, worth roughly $23.54 million, with an unrealized loss of around $4.67 million, and has paid approximately $1.42 million in funding fees. Another whale address, 0x9a80, holds a long position of 1.63 million CXMT valued at about $13.27 million, with an unrealized profit of roughly $2.46 million, and has earned around $823,000 from funding fees.

The Bank of Japan (BOJ) continued to warn that core inflation could exceed its 2% target, and pledged to keep raising borrowing costs in line with economic and price trends. The central bank also revised its assessment of the balance of risks to economic growth, stating that risks are now balanced rather than skewed to the downside. This signals that the drag from the Middle East conflict is less severe than officials initially feared, as surging global demand for artificial intelligence has acted as a buffer to soften the blow. Overall, the BOJ’s remarks indicate that the yen’s persistent weakness could exacerbate inflationary pressures, fueling expectations of another interest rate adjustment. Investors are increasingly pricing in bets that the BOJ will raise rates before October, and Governor Kazuo Ueda is likely to provide clues supporting this view at a press conference this afternoon.

The A-share market opened higher in morning trade before fluctuating. As of midday close, the Shanghai Composite Index rose 0.76%, the Shenzhen Component Index gained 3.16%, the ChiNext Index climbed 5.04%, the Beijing Securities 50 Index advanced 3.4%, and the STAR 50 Index increased 5.91%. C-Changxin briefly topped 4 trillion yuan in intraday market capitalization, surging over 14% to 60.49 yuan per share, hitting a new all-time high. By sector, the storage chip sector opened higher and fluctuated, with stocks including Lihexing, Juguang Technology, Zhongke Feice, and Nanya New Materials rising over 10%. The robotics concept sector rallied amid fluctuations, with Zhongdali De and Fenglong Co., Ltd. hitting the 10% daily price limit. The computing power leasing sector was active, with multiple stocks including Meiliyun, Yunsai Zhilian, Hongjing Technology, and Litong Electronics hitting the daily 10% price limit.