Jiang Zhuoer: Buying US-listed BNC with a 5% position is equivalent to purchasing BNB at a 50% discount.

Apple today unveiled its first foldable iPhone, the iPhone Duo, alongside Chinese mainland pricing for its new iPhone lineup: the iPhone 18 Pro starts at 9999 yuan, the iPhone 18 Pro Max starts at 10999 yuan, and the iPhone Duo starts at 15999 yuan. At current cryptocurrency prices, the iPhone Duo’s price equals 0.025 BTC. Estimated Bitcoin prices of previous iPhone launches are as follows: iPhone XS Max – 0.169 BTC, iPhone 11 Pro Max – 0.107 BTC, iPhone 12 Pro Max – 0.068 BTC, iPhone 13 Pro Max – 0.024 BTC, iPhone 14 Pro Max – 0.056 BTC, iPhone 15 Pro Max – 0.045 BTC, iPhone 16 Pro Max – 0.019 BTC, iPhone 17 Pro Max – 0.010 BTC, iPhone 18 Pro Max – 0.016 BTC.

Renowned DeFi researcher Ignas notes that the current crypto-meme narrative relies on trading volume and transaction fees, not fundamentals. Once trading volume shrinks, dividends, buybacks, and token burns immediately decline, reducing traders’ incentive to hold, which usually leads to selling pressure. Coinbase’s trading volume hit $547 billion in Q4 2021, falling to $145 billion a year later—a roughly 74% drop; for meme tokens, a 50% cut in trading volume can trigger a market cap decline of over 95%. Uniswap’s trading volume has already started to fall. The same logic applies to established DEXs like ZCAT, STONK, PONS, INDEX, SHROOM, CASHCAT, and RAY, which use transaction fees for buybacks: once volume dries up, their incentives vanish. Robinhood Chain’s weekly fee revenue was roughly 73% of Uniswap’s UNI token burn revenue last week, indicating market enthusiasm persists—but all projects are tied to one core assumption: that people will keep trading. Trading interest will only last until traders stop making profits or grow fed up with losses. Extrapolating full-year returns from current fee revenue is essentially predicting the market will never cool down—a ridiculous proposition.

According to GMGN data, the on-chain meme token Bundle Cat (BUN) on Robinhood has surged to a market cap of over $37 million, hitting an all-time high, with a 24-hour gain of 38% and trading volume of $1.5 million. Bundle Cat (BUN) is the mascot of Mosh and its first experimental token. Mosh is an experimental token issuance framework not yet fully launched on Robinhood Chain, and Bundle Cat (BUN) serves as its first test run. Mosh is a protocol layered on the Robinhood Chain launch platform, centered on the fair launch narrative of "community lockups + AI market making". Note: This token is not a finalized governance token, and its official endorsement remains unconfirmed. Investors should exercise caution. BlockBeats reminds users that most meme tokens lack practical use cases, are highly volatile, and require careful investment consideration.

According to EmberCN’s monitoring, a trader spent $200,000 buying LAPTOP tokens last night, only for the value to plummet to just $700 a few hours later. The trader added to their position in the early morning, spending $49,000 to purchase 24,367 LAPTOP at a price of $2 per token. LAPTOP has now fallen to $0.8 per token. The trader currently holds 25,286 LAPTOP, with an average cost basis of $9.8 per token, resulting in a 92% unrealized loss of $227,000.

According to TradingBeats monitoring, Loracle, the largest short seller on the PONS chain, has turned profitable. Its current PONS short positions are valued at $17.78 million, with an unrealized profit of $660,000. The entry price is $0.67, while the current price is $0.64; earlier, its PONS short positions once posted an unrealized loss exceeding $7 million. Loracle’s total net unrealized loss from major short positions now stands at approximately $16.2 million, with key positions as follows: Short HYPE worth $36.99 million, entry price $53.97, current price $83.25, unrealized loss of $13.01 million; Short SNDK worth $27.71 million, entry price $1,485.67, current price $1,748.50, unrealized loss of $4.17 million; Short NVDA worth $18.96 million, entry price $225.70, current price $223.10, unrealized profit of $220,000; Short MU worth $10.68 million, entry price $870.69, current price $1,020.20, unrealized loss of $1.57 million; Short CASHCAT worth $5.87 million, entry price $0.21, current price $0.16, unrealized profit of $1.66 million.

According to EmberCN’s monitoring, crypto KOL XXAntiWar—who earlier booked over $860,000 in unrealized profit from chasing the "Niu Lai" rally—shorted ZEC worth $6.62 million in the early hours of today. 2.19 million USDC was transferred to his Hyperliquid address overnight, used to short 5,200 ZEC at an entry price of $1,273, amounting to $6.62 million.