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Today · 2026-08-05 · Wed

A midday review of major developments on 20 July

THE FOLLOWING KEY WORDS: STARFLEET, JAPAN, SOUTH KOREAN STOCK MARKET 1. CITIGROUP DOWN THE KOREAN STOCK MARKET RATING TO “NEUTRAL”; 2. MASK: STARFLEET'S NEXT LAUNCH ATTEMPT IS SCHEDULED TO TAKE PLACE ON THURSDAY THIS WEEK; 3. PEPSI FINANCE IS ABOUT TO ANNOUNCE THE LAUNCH OF THE HONG KONG DOLLAR STABILIZATION CURRENCY “HKDAP”; 4. JAPAN'S INFLATION RATE IS ANNOUNCED ON FRIDAY, AND THE US DOLLAR/JAPANESE YEN MAY CONTINUE TO BE TRADED THIS WEEK NEAR THE PEAK OF THE YEAR; 5. “BIG SKY” CHANOS: THE BULL CITY IS WILLING TO PAY A PREMIUM ON ITS PROMISE, WITH A REALISTIC DISCOUNT ON THE BEAR CITY; 6. THE UNITED STATES' CURRENTBITCOIN ETF NET IN THE US$ 75.7 MILLION LAST WEEK AND UNITED STATES CURRENTS IN THE US$ 105.4 MILLION NET IN THE TOKYO ETF LAST WEEK; 7. IMPORTANT EVENTS AND DATA FORECAST THIS WEEK: CENTRAL BANK OF EUROPE'S INTEREST RATE RESOLUTION, INTENSIVE REPORTING ON TECHNOLOGY STOCKS SUCH AS GOOGLE, INTEL AND TESRA。

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Hyperliquid HIP-4 will open up the market for unlicensed deployment results and support a maximum of 50 per cent of the fee split

On 20 July, Hyperliquid issued a bulletin that HIP-4 (Outcome Markets, Outcome Markets) planned to support unlicensed deployment in future network upgrades and would take the lead in online testing, which would then be extended to the main network. The team indicated that, similar to the market for spot and durability contracts, the resulting market-related technology would need to be fully tested in the certifying officer ' s deployment environment before being gradually opened to permit deployment to ensure system stability. Hyperliquid states that, as a result, the market has a tradable scale of events that go well beyond current and sustainable contracts and, therefore, non-licensed deployment is particularly critical for ecological development. To ensure clear market definitions and harmonization of rules, certifiers will vote to determine the available outcome market template, which will be stored and implemented on the chain. Deploymentists can create markets on the basis of any template and are responsible for completing market definition and settlement as specified in the template, and the agreement allows multiple deployments to deploy the same market as the template. Under the programme, 500,000 HYPEs are pledged by HIP-4 deployments, and the certifying officer may vote for the confiscation of the pledge if the market definition is not clear, the settlement is not done correctly, or the correct settlement is not completed within one week of the market result. Deployment pledge is for a period of six months and all market settlements are to be completed before the pledge is released. In the initial phase, each deployor can create 100 results (200 for Outcome Token) and the auction mechanism will be introduced to expand the quota. In addition, the HIP-4 deployments could in the future set a maximum 50 per cent share of the fees for the deployed market, and the associated rate configuration functionality would be rolled out in a subsequent version. The official standard market can still be deployed directly by the certifying officers, but it is expected that the number will be within 10 per year. Hyperliquid stressed that the above-mentioned design was still a preliminary one, that it would be adjusted in the future on the basis of community feedback and that more details would be published once the testing network was open without a permit for deployment and after official files were updated。

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Jason Yanowitz: There are about 800 encrypted liquidity funds worldwide

According to early releasein A, well-known trader Ansem asked about the number and size of liquidity funds in encryption, and Jason Yanowitz, co-founder of Blockworks, replied that there were approximately 800 encrypted liquidity funds worldwide, of which 470 were on the list. There were 1,500 at the beginning of 2022, and some 250 are currently active, most of them on a smaller scale, such as small funds of $10 million, and most asset management is concentrated in a few。

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"HKDAP" IS ABOUT TO BE ANNOUNCED

On 20 July, according to the newspaper newspaper, Hong Kong's stabilization currency is about to be released, and the Bank of Slag Chartered (Hong Kong)-led Anchorp Point, one of the two institutions that received the Hong Kong Financial Authority's first issuer's licence in April this year, has issued a joint announcement, the fastest by the end of this month (i.e. within the next two weeks), announcing the introduction of a stabilization currency linked to the Hong Kong dollar. As previously reported, the Hong Kong Monetary Authority announced in April this year the award of the first issuer licence to the Bank of Monopoly and HSBC。

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Anthropic exposed to AMD GPU AI giants are systematically reducing their single-calculation dependency

On 20 July, Anthropic was integrating AMD into its system of computing suppliers. According to SimiAnalysis, a chip industry analyst, the Senior Director of AMD AI Operations disclosed relevant information in the public GitHub code, indicating that Anthropic would be an AMD client. This movement suggests that Anthropic is proactively broadening the source of the chip and reducing reliance on a single supplier. On Monday, according to the analysis posted by SemiAnalysis on social media platform X, the agency arrived at the conclusion that Anthropic would procure the AMD chip by reading the GitHub code publicly released by the senior director of AMD AI, in which SemiAnalysis indicated that he would further explain the code details and the context. If the above information is true, AMD will acquire an important new customer in the high-end AI training market, previously led by Inverda and Google, and it will also mean that Anthropic ' s computing infrastructure layout is accelerating in the direction of diversification。

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The largest withdrawal of the Serena account reached 49.4 per cent, and still looks good on the basics in late 2027. Points

According to Aunt Ai (@ai 9684xtpa), US equity investors who had achieved a return of up to 4502.45 per cent in 2026, Serentity (@aleabitoreddit) disclosed the withdrawal of their accounts. Owing to the fact that its holdout is mainly concentrated in artificial intelligence bottlenecks and small capitalization shares in restricted areas, including AXTI, SIVE, AAOI, etc., the current downturn has had a direct impact on their accounts, with the higher points of the account retreating by 49.4 per cent, close to cutting the waist. However, in view of its early build-up, it is more likely that it is now reflected in a clear contraction of prior-period profits. At the same time, Serenity indicated that it was able to withstand higher fluctuations and expected that the relevant revenue point would appear in the second half of 2027。

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Julie Biel: SpaceX fell six days in a row, falling about 45 per cent above historical heights. Price

On July 20, according to news from Kayne Anderson Rudnick, a leading market strategist, Julie Biel, on CNBC Fast Money, said that SpaceX had fallen six consecutive trading days, about 45 per cent higher than in post-market history, and could not easily be described as cheap even if the stock price returned to a distribution price close to $135. In her view, the valuation of approximately $175 trillion at the time of SpaceX ' s listing did not come entirely from rocket, star chain and starship operations, and XAI was the main driver in the investor ' s original valuation model; if combined with the pre-merger segment valuation, SpaceX and XAI could have combined only about $90 billion, which was significantly lower than the overall listing valuation。

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Coinbase CEO: AI or long-term attraction of Bitcoin for mining, but BTC price core remains driven by inflation expectations

Coinbase CEO Brian Armstrong responded to Chamath Palihapitiya's views on changes in the Bitcoin market on platform X. Armstrong indicated that, of the two issues mentioned by Chamath, the shift in marginal liquidity to predict speculation in markets and stock markets may be only temporary, while the trend of bitcoin mining energy to AI calculating demand may have a longer-term impact. Armstrong also noted that the calculator or energy input of a Bitcoin mine would not determine the price of Bitcoin (the network would be automatically adjusted to maintain the same block output rate if miners exit). In the long run, the price of bitcoin reflects mainly concerns about inflation, and there appears to be no end to the current persistent fiscal deficit of Governments around the globe。

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Zhusu: Oil may be the best analogy for AI, and eventually commercialize

On 20 July, Zhu Su, the co-founder of the three arrow capital, wrote that oil was probably the best analogy for AI. They all take many different forms, but ultimately they will be commodified; they will require large-scale, and often State-supported, capital to drive development; their benefits will be broadly beneficial to society as a whole, and they will be accompanied by external negative impacts that need to be properly managed - – Environmental pollution for oil, and possibly energy consumption, employment shocks and other social risks for AI。

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Oil prices rebounded, and hedge funds rose to a record high in New York City

THE RECENT REBOUND IN GLOBAL OIL PRICES HAS BROUGHT THE HEDGE FUND TO AN ALL-TIME HIGH OF 29,582 HANDS, UP FROM 2006. DATA FROM THE COMMODITY FUTURES TRADING COMMISSION (CFTC) INDICATE THAT, AS OF THE WEEK OF 14 JULY, THE NET EMPTY HOLD OF THE DOLLAR HAD INCREASED BY 1907 HANDS. THE EMPTY POSITION CONTRASTS WITH THE RECENT REBOUND OF THE NEW YORK DOLLAR, WHICH IS LARGELY DRIVEN BY THE HAWK POLICY ADOPTED BY THE NEW ZEALAND FEDERAL RESERVE. IN ADDITION, INVESTOR CONCERNS ABOUT THE NEW ZEALAND ENERGY-IMPORTING ECONOMY ARE REFLECTED IN EMPTY BETS. THE ESCALATION OF TENSIONS BETWEEN THE UNITED STATES AND IRAN HAS LED TO A NEW BREAKTHROUGH OF $90 PER BARREL IN CRUDE OIL PRICES, AN OIL PRICE SHOCK THAT COULD FURTHER EXACERBATE THE COUNTRY ' S TRADE BALANCE, AND LAST MONTH THE COUNTRY BARELY AVOIDED A TRADE DEFICIT, WHILE DOMESTIC CONSUMPTION SPENDING DECLINED。

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Zhu Su: Oil may be the best analogy for AI, and eventually commercialize

According to Zhu Su, the co-founder of the three arrow capital, oil is perhaps the best analogy to AI, both of which are in many forms and eventually commercialized, requiring large-scale, and often State-supported, capital-driven development with benefits that will benefit society, along with external negative impacts that need to be managed, such as environmental pollution of oil, and energy consumption, employment shocks and other social risks。

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Goldman Sachs: The growth of Korean resident assets may have a limited boost to consumption

On 20 July, Goldman Sachs analysts stated that the benefits that Korean residents would derive from the rise in local stock markets could have a limited boost to consumption. In a study, they noted that this year ' s increase in the wealth of residential stock could increase Korean consumption by about 0.3 per cent of GDP. However, as the Central Bank of Korea restarts its interest-rate hike, some small increases may be offset by higher debt service costs. In addition, they mentioned that the volatility of stock returns and recent market reversals could lead residents to view stock market earnings as temporary, which would also limit the transmission effects of stock wealth growth on consumption. Kim Xian

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The game station revealed an eBay share of nearly 10%, and the CEO reaffirmed the acquisition target

On 20 July, the video game retailer game station disclosed that it held more than 43.4 million eBays, equivalent to 9.8 per cent of shares, a significant increase from the start of the $56 billion purchase offer in early May. In another SEC document submitted last Friday, the company published the transcript of CEO Cohen's interview with Bloomberg, who stated: “I will not show my play in advance, but we will do anything to eBay.”

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