Weekly Highlights丨Manus Acquisition Reversed, Harmony Under Attack, Kalshi Seeks $40 Billion Valuation Financing

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Products Under AI Heat

Manus Season 2, The Prodigal Son Returns

The acquisition deal between Manus and Meta was reversed due to a ban from the Ministry of Commerce. After the deal was canceled, Manus resumed independent operations, maintaining an ARR of $300 million, with zero team turnover. The founder stated that the third entrepreneurial journey has begun.

Riot Becomes Anthropic's "Landlord" for Computing Power, Valuation Logic of Mining Companies Changes

Riot signed a $9.1 billion computing power deal with Anthropic, transforming from a Bitcoin mining company to an AI data center, fundamentally reshaping the valuation logic, as mining companies shift from mining to power leasing.

Will AI Suddenly "Evolve"? Paradigm Uses a Game to Tell You the Answer

Paradigm launched the RSI simulator, allowing users to experience the intelligent explosion curve of AI recursive self-improvement, revealing the game between computing power, human resources, and data, and explaining why crypto VCs are heavily investing in cutting-edge technology.

AI Leverage, U.S. Treasury Rates, and the Strait of Hormuz - Three Major Factors Dominating Global Markets This Summer

Global capital is shifting from surplus savings to scarcity. AI leverage is collapsing, U.S. Treasury rates have reached a 19-year high, and repeated ceasefires in the Strait of Hormuz have caused a liquidity triple whammy, making high volatility a new norm.

AI Invades the Heart of Crypto Security, Chinese Open-Source Models "Put Out Fires" for the Bitcoin Community

AI large models are reshaping crypto security offense and defense, lowering the attack threshold and speeding up defenses. Domestic open-source models have become powerful tools for security audits, identifying 85 serious vulnerabilities in 30 hours.

Macroeconomic Insights

U.S. Stocks and Gold Rise Together, Bitcoin's Absence in the Rebound - Are Bottom Signals Emerging?

While U.S. stocks and traditional assets like gold are rising, Bitcoin continues to lag behind, with ETF funds failing to boost the rebound. Multiple bottom indicators are lighting up; is the cycle bottom near?

Arthur Hayes: A "Yen Earthquake" is Brewing, Liquidity Tsunami Will Ignite Bitcoin and Gold

A stronger yen will force the Fed to quietly print money through FIMA repurchase agreements, leading to a resurgence of global dollar liquidity, with Bitcoin and gold poised for significant gains. He has heavily invested in related assets.

J.P. Morgan's Global Market Strategy: Are Current Commodities Reminiscent of 2022?

The Fed's interest rate hike expectations have been moved up to December. Will commodities repeat the downturn of 2022? Gold is under pressure, but copper prices are bullish; this article details market risks and opportunities.

Hash Global: Bitcoin Hasn't Risen Yet, Why Are We Starting to Feel the Bear Market Might Be Ending?

The crypto market has yet to start, with FOMO funds in the AI sector still in play, while funds within the industry are waiting for a potential final drop, but the bear market may be nearing its end.

Insights from Institutions and Celebrities

Exclusive Interview with Kalshi CEO: From Sports to Politics, Attempting to Define "Truth" with Monetary Incentives

A team of 200 has achieved an annual trading volume of $178 billion, with a valuation of $22 billion; sports trading accounts for nearly two-thirds. What are the differences with Polymarket? Connections to the Trump family and Zuckerberg's entry.

Exclusive Interview with Bitwise CIO: Bad News No Longer Scares Bitcoin; Future Bull Market Will Focus on Mainstream Coins, On-Chain Capital Deepening Application Layer

The biggest catalyst lies in the model portfolios of wealth platforms like Morgan Stanley and Wells Fargo. Just a 1%-2% crypto allocation could lead to inflows of hundreds of billions of dollars.

1confirmation: Reverse Entrepreneurship, the Next Web3 Hit May Come from Previously Failed Tracks

NFTs, play-to-earn, metaverse, and DAOs have all been popular and then faded, but failures often stem from timing. Now that infrastructure is in place, tracks that couldn't run five years ago are seeing new opportunities.

Dissecting the Next Round of Crypto: VCs Will Disappear, Predicting the Market is Overvalued, Who Can Challenge Hyperliquid in Perp DEX?

Veteran investor Lao Bai conducts a deep review: The only successful aspects of Crypto are stablecoins and perpetual contracts; issuing tokens is a liability, and Crypto VCs are about to disappear.

VanEck Research Director: AI Infrastructure is Not a Bubble, Mainstream L1s Disappoint Institutions, CLARITY Act Will Trigger Token Rebound

In the first five months of this year, the market was highly concentrated, with stocks that had large capital expenditures performing well; after June, the logic reversed, with software assets being sold off, and the CLARITY Act may trigger a token rebound.

Seizing Opportunities

Tiger Research: 700 Trillion Won Flee Overseas, South Korea is Missing the Entire Crypto Era

Why are South Korean investors heading abroad? The report tracks 120,000 wallets, revealing that approximately 700 trillion won is flowing to overseas exchanges and on-chain services, with a capital return window approaching.

Bear Market Comeback Sample: How Fomo Uses Social Trading to Launch an On-Chain Breakthrough?

Fomo has risen against the bear market trend with a 17-person team, raising $94 million, with social trading products becoming a new entry point on-chain, forcing Pump.fun to step down and compete for users.

Gas Prices Surge 10 Times, Rewards Halved: How Did Aptos Achieve a Value Rebound?

Aptos has turned from a huge loss to a net profit: net income for token holders has turned positive, with gas prices raised tenfold and staking rewards halved, leading to a 16-fold increase in network revenue.

Protocol Earns $7.4 Billion Annually, Yet Tokens Drop 70% - Where's the Problem?

Dissecting the four gates from "revenue" to "token holders" to understand the valuation truth behind Hyperliquid's 1400% rise and Pump's 60% drop.

Is the Era of Perp DEX Burning Money for Growth Coming to an End?

Perp DEX growth relies on token incentives, but the points from airdrops may not attract long-term traders. PopDEX proposes 100% value return, exploring new answers for incentive mechanisms.

Web3 Matters

ENS Completes a Quiet "Self-Revolution"

ENS DAO has officially passed the "Next Era" proposal, establishing a physical foundation, with treasury locked on-chain and time-locked for governance. Will governance reform pave a new path for the DAO industry?

588 Days, 300+ Web3 Projects Sink into the Deep Sea

Since 2025, over 78 Web3 projects have shut down, consuming over $900 million in funding. Insufficient funds, lack of demand, and unsustainable models are the main reasons.

Supply Surges by 30 Trillion, Veteran Public Chain Harmony Faces Another Fatal Blow

Harmony has been hacked again, exploiting a cross-shard receipt verification vulnerability to forge receipts in bulk, illegally minting over 30 trillion ONE tokens, causing the token price to plummet by 38%.

After Trading Volume Halved, Two Major Crypto Exchanges in South Korea Start Token Listing Wars

As the South Korean stock market cools, the competition for token listings between Upbit and Bithumb heats up, reigniting the token listing war around existing capital and retail investor attention.

Coinmetrics Report: Behind the Trillion Stablecoin Transfers, 90% of Trading Volume is Not "Real Payments"

Stablecoin transfer volumes have hit record highs, but over 90% actually come from flash loans and market makers? USDC's annual turnover rate reaches 741 times, ten times that of USDT.

Key News

• Kalshi is in talks with Sequoia Capital and Wellington Management to raise $750 million at a $40 billion valuation.
• Tether completes its first comprehensive independent financial audit, with KPMG issuing an unqualified opinion.
• DeepSeek API price adjustment announcement, effective August 17.
• U.S. July PPI rose 4.7% year-on-year, lower than market expectations.
• 1kx releases a report on the first half of the crypto industry's revenue: total revenue decreased by 23% year-on-year to $47 billion.
• The Trump family's crypto project WLFI has postponed its token issuance plan for the Maldives resort.
• AMD plans to raise up to $5 billion through bond issuance.
• The probability of the Fed maintaining interest rates in September is 65.2%.
• Reddit will be included in the S&P 500 index, with its stock price rising by 11%.
• Binance Alpha will launch KiiChain (KII) on August 14.
• Analysis: Investors bet that Anthropic's revenue will reach hundreds of billions by the end of the year, with a valuation potentially hitting $3 trillion.
• Bit Digital increased its holdings by 8,568 ETH in the second quarter, with total revenue of $32.1 million, a 15% quarter-on-quarter increase.
• Crypto exchange Bullish reports a net loss of $280 million in the second quarter, with digital asset trading volume at $32.6 billion.
• "1011 Insider Whale" agent: South Korean semiconductors are approaching a buy point, focusing on the subsequent unblocking window for SpaceX.
• The founder of Formula News: has reduced holdings by one-third near Bitcoin's $63,000 mark, expecting to buy back at a lower price within 1-3 years.
• Garrett Jin lost $16 million betting on Bitcoin.
• Ark Invest increased its holdings of Securitize stock by approximately $1.09 million.
• Huobi HTX has launched perpetual contracts for SAMSUNGEM, HANMI, NAVER, LGELECTRONICS, KODEX200, and VST.
• U.S. stock indices collectively closed higher, with HOOD rising over 4.40%.
• The crypto market showed mixed results, with the DeFi sector rising over 1%.

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