Hyperliquid Strategies increased its holdings of 1.444 million HYPE tokens, valued at $135 million, over the past week.

Li Bei, a renowned Chinese hedge fund manager and founder of Shanghai-based Banxia Investment, warned of AI bubble risks in an exclusive interview with Tencent Finance. She noted that while overseas AI capital expenditure (capex) remains on the rise, its quarter-on-quarter growth rate is likely to peak by mid-next year. Earlier, cloud service providers’ increased investment was built on the assumption of rapid linear growth in AI model revenue. Extrapolating from first-quarter trends, total AI model revenue will reach around 500 billion yuan by the end of this year, exceeding 1 trillion yuan in 2025 and 2026. If this aligns with the current annual capex of over 1 trillion yuan, it would not constitute a bubble. However, in reality, annual recurring revenue (ARR) growth slowed significantly in the second quarter. Li added that the AI sector’s correction since July is not a "Davis double play" (a scenario where both valuation and earnings expectations plummet); only valuations have fallen, and the market still expects substantial profit growth in 2027. But if ARR fails to pick up, investment levels will become unsustainable, and capex will likely peak in 2027. If not in 2027, it will peak in 2028. She judged that the AI sector’s "second wave of decline" will only materialize when capex truly peaks and profit expectations start to decline, likely around mid-next year. When the AI boom fades, the U.S. economy slows, U.S. Treasury yields drop, and the U.S. dollar depreciates, China’s consumer sector may instead emerge as an "oasis in the desert" for global assets.

According to market reports, ONDO has partnered with BlackRock to launch tokenized "smart portfolios".

Stablecoin infrastructure company HIFI has raised $37 million in Series A funding, led by Left Lane Capital, with its exact valuation undisclosed. The financing will be used to expand stablecoin payment products and tokenized capital market infrastructure. HIFI currently facilitates on- and off-ramps for funds between U.S. dollars and stablecoins, enables payments via the U.S. banking system and bank cards, and provides U.S. dollar cash settlement services for tokenized repurchase agreements and U.S. Treasury transactions.

Well-known crypto trader Bonk Guy posted that on-chain markets have been choppy over the past two weeks, a sharp contrast to the rally seen in the prior one to two months. With the exception of a handful of tokens like USELESS and STONK, most popular assets have fallen, with many losing half their value or more. Many users are selling their high-conviction positions due to the market’s "weak appearance", but this is exactly the time to make contrarian moves. The hard part isn’t buying during a rally—it’s holding on and buying the dip when the market feels dull and painful. Q4 remains the key focus for the market; the past few months were just a prelude. Don’t let temporary weakness cause you to miss the rally you’ve waited for months.

According to EmberCN’s monitoring, over the past week, Nasdaq-listed HYPE treasury firm Hyperliquid Strategies (PURR) increased its holdings by 1.444 million HYPE tokens at an average price of $93.7, totaling $135 million. The firm now holds approximately 35.1 million HYPE tokens, valued at $3.206 billion. Rough calculations put its average cost price at around $46.7, with an unrealized profit of $1.567 billion. Separately, per market data from BIT (bit.com), Hyperliquid Strategies (PURR) currently has a market cap of $2.758 billion, lower than the intrinsic value of its HYPE holdings. Its mNAV (ratio of enterprise market cap to the value of its held treasury tokens) stands at approximately 0.86.

Renowned trader Bonk Guy noted that on-chain volatility over the past two weeks stands in stark contrast to the parabolic rally of the prior 1-2 months. With the exception of a handful of tokens like USELESS and STONK, most popular assets have declined, with some even halving in value. Many users are now selling their high-conviction positions because the market "appears weak", but this is precisely when one should go contrarian. The challenge isn’t buying during a rally, but holding on and buying the dip when the market feels boring and painful. Q4 remains the market’s core focus; the past few months were merely a prelude. Don’t miss the multi-month awaited rally due to temporary weakness.