South Korea's KOSPI index plummeted 4% intraday.

According to official announcements, Entropy has closed a $14 million funding round led by Ribbit Capital, alongside $40 million in HYPE staking support, to build enhanced and new markets. Its first Anthropic pre-IPO market has launched on Hyperliquid. Entropy is a HIP-3 market deployer, enabling perpetual futures trading for global stocks, commodities, and indices, as well as innovative products like long-dated pre-IPO equities. The Entropy team comprises researchers and traders from Citadel Securities, Optiver, Polymarket, and Millennium, focused on advancing its capital markets vision: enabling 24/7 trading of all assets in a single venue with deep liquidity. The firm is developing new trading primitives to address related pain points; its first innovation is a liquidity-weighted oracle that adjusts the confidence of external oracle prices based on the market’s executable depth, allowing price discovery to occur directly on the order book.

According to Yu Jing Monitor, the largest long position holder on Hyperliquid closed out 60,000 ETH and 1,200 BTC in the early hours of today to lock in profits of $45.3 million. The holder’s long position size dropped from $537 million to $143 million. It currently holds 1,800 BTC in long positions, with an unrealized profit of $21.08 million.

The Solana community is advancing two governance proposals, SGP-0002 and SGP-0003, aimed at tightening SOL token supply via a dual mechanism of reducing new issuance and increasing token burns. SGP-0003 (with detailed mechanisms outlined in SIMD-0553) proposes introducing a resource consumption-based transaction fee model, charging fees based on network resources consumed by transactions. It is projected to lift daily SOL burns from the current ~650 tokens (≈$65,000) to 7,500–9,000 tokens (≈$750,000–$900,000). The other proposal, SGP-0002 (detailed in SIMD-0550), plans to double SOL’s annual inflation reduction rate, bringing the 1.5% minimum inflation target forward to 2029 (from the original 2032). It is expected to cut ~18.9 million SOL in new issuance over the next six years, worth ~$1.89 billion at current prices. Both proposals have entered the voting phase. SGP-0002 has a 16.71% voter turnout, with 16.24% in favor, 0.31% against, and 0.16% abstentions. SGP-0003 has a 13.53% turnout, 13.23% in favor, 0.27% against, and 0.03% abstentions. Both require a 1/3 participation rate to pass. If the proposals secure sufficient support, the Solana network will further optimize its token supply structure by combining reduced new issuance and higher transaction fee burns. Voting remains ongoing, with future progress dependent on voter participation and support levels.

Arthur Hayes said in an interview that he expects Bitcoin will soon experience a parabolic rally, with BTC’s price surging rapidly to hundreds of thousands of dollars. "Now is the time to hold BTC—buy the dip before it’s too late," he noted.

According to Yonhap News Agency, the union of SK Hynix has rejected the preliminary salary agreement struck with the company’s management. The preliminary deal was voted down by 50.08% of opposing votes. Prior to submitting the agreement to a membership ballot, the union leadership and management had already finalized the preliminary deal.

According to Bloomberg, Lambda is an AI cloud computing service provider backed by NVIDIA. Sources familiar with the matter revealed that the company is in talks for a funding round of up to $3 billion, which could pave the way for its IPO next year. As one of the "neocloud" firms offering chip and other AI infrastructure leasing services, Lambda has discussed a fundraising at a valuation of up to around $12 billion or higher. Since the relevant discussions remain unpublicized, the sources requested anonymity. The sources added that the funding negotiations are still ongoing and the deal terms have not been finalized.