fold

CryptoQuant analyst Axel Adler released a weekly analysis indicating that the yield on the U.S. 10-year Treasury bond has recently risen to about 4.7%, approaching the upper limit of the range over the past five years. The high interest rate environment is tightening financial conditions, increasing financing costs and asset discount rates, and putting more pressure on risk assets. Currently, the futures market expects a roughly 38% probability of the Federal Reserve raising interest rates at its next meeting, but a survey of 104 economists by Reuters generally expects rates to remain unchanged.In terms of the Bitcoin market, Axel Adler pointed out that BTC rebounded about 11% from a low of around $59,000 in June to nearly $66,000, but has now fallen back to about $64,300. The market is currently facing four potential risks: first, volatility has significantly compressed, with actual volatility in July dropping 31%, falling to the 8th percentile of the historical range, suggesting that more extreme market movements may occur; second, demand in the U.S. spot market remains weak, trading at a discount for about two and a half months, with no sustained inflow of funds; third, there is insufficient buying liquidity in the market, with stablecoins continuously flowing out of exchanges and new fund activity nearing annual lows; fourth, investors are still realizing losses, and some positions are choosing to exit during the profit recovery phase, putting pressure on prices.Additionally, Adler mentioned that MicroStrategy founder Michael Saylor has not continued to make large-scale Bitcoin purchases recently, but instead published a lengthy article recommending 38 books on civilization, currency, energy, and technological development, attempting to construct a theoretical framework for Bitcoin as a result of long-term financial evolution. Adler believes that the market is currently still in a critical observation phase, requiring attention to changes in liquidity, the recovery of U.S. demand, and whether investor behavior improves.

According to Blockworks Research data, on-chain consumption of tokenized collectible card games reached a historic high of $324 million in June 2026, an increase of over five times compared to approximately $50 million in the same period last year, while Bitcoin fell over 20% to a 21-month low, with spot ETFs recording a record outflow of $4.5 billion.Platforms like Collector Crypt and Courtyard store professionally rated physical Pokémon cards in vaults and issue corresponding NFTs. Users receive tokens backed 1:1 by real cards after purchasing random card packs, which can be traded, held, or redeemed for physical cards. According to Global Market Insights data, the global collectible card market size reached $9.2 billion.Pokémon became the best-selling toy brand in the United States in 2025, with sales reaching $2.5 billion, an 87% year-on-year increase. Collector Crypt has tokenized approximately $40 million worth of cards, purchasing about $2 million weekly, with around 30% of users ultimately redeeming for physical cards. According to Dune data, 5% to 8% of NFTs on Courtyard are destroyed weekly to redeem for physical cards.

Bitget CEO Gracy Chen posted on the X platform, pointing out that the situation in the Middle East changed dramatically this weekend. As the traditional U.S. stock market closed and global traders sought outlets, Bitget's U.S. stock tokens (rToken) served as RWA assets supporting 24/7 trading, absorbing the overflow of trading demand. Data shows that the trading volume of rToken reached ten times that of the previous week, with an increase of about 2.2 times compared to the average of weekends in June; among them, rNVDA, rMU, and rGOOGL ranked in the top three for trading volume, and the weekend trading activity of VIP users on the platform was stronger than the average user.Gracy Chen emphasized that although the absolute trading volume of U.S. stock tokens over the weekend is still in its early stages, the moments of market volatility have highlighted the importance of 24/7 trading.

According to a report by the Procuratorial Daily, researchers from the People's Procuratorate of Yuhu District, Xiangtan City, Hunan Province, and the Law School of Xiangtan University have jointly written an article proposing a systematic response plan to the regulatory dilemmas of money laundering crimes using virtual currency. The article points out that current judicial practice faces three major dilemmas: first, Article 191 of the Criminal Law limits money laundering crimes to seven types of upstream crimes, resulting in many cases being treated as "concealment crimes"; second, methods such as mixers, privacy coins, and cross-chain transfers lead to fragmented evidence chains, making traditional investigative methods difficult to penetrate; third, conflicts in the legal attributes of virtual currency, a vacuum in procedural rules, and barriers to cross-border cooperation make it difficult to recover assets.In response, the article suggests promoting "dual investigations for one case," establishing the principle of self-authentication of blockchain data, constructing a tiered standard of proof, and establishing a national-level custody and disposal platform for involved virtual currencies, while actively promoting the signing of special agreements for international criminal justice assistance in virtual currency crimes.

Analyst Ming-Chi Kuo from Tianfeng International Securities stated that the foldable iPhone may repeat the iPhone X scenario, being launched alongside other models but with pre-order and official sale dates delayed, and supply constraints potentially lasting until the end of 2026.From the inventory levels in the third quarter of 2026, the foldable iPhone is likely to be similar to the iPhone X in 2017, which was announced alongside the iPhone 8 / 8 Plus on September 12, but due to insufficient inventory, its pre-order and official sale dates were postponed to October 27 and November 3, respectively. Given the limited shipment of the foldable iPhone in the third quarter, pre-orders and official sales may not open until the fourth quarter of 2026.Kuo mentioned that after communicating with telecom operators, sales channels, and resale/purchasing agents, he believes that even if the foldable iPhone is priced around $2300 to $2500, demand could remain strong at least until the end of 2026. This means that once pre-orders for the foldable iPhone open, it may sell out quickly, and the waiting time for shipments could extend to 4 to 6 weeks or even longer, continuing into December.He believes that the initial scarcity of the foldable iPhone, its high recognizability, and its innovative user experience could drive up short-term resale prices, making it possible for resale prices to exceed the official price by 50% to 100%.

Bitcoin Treasuries.NET posted on platform X that the publicly traded company Fold Holdings has sold 633.8 BTC to repay a $20 million debt secured by BTC, and currently holds a total of 192.2 BTC.

According to on-chain analyst Yu Jin's monitoring, VELVET has surged 10 times in the past few days (from $0.09 to $0.9). During the price surge, addresses associated with the project transferred 22 million VELVET (worth $19.8 million) to exchanges such as Bitget, Gate, and Kucoin in the past 3 days.In addition, VELVET's market maker DWF Labs has also transferred 6.68 million VELVET (worth $6 million) to the aforementioned exchanges in the past month.

According to GlobeNewswire, Bitcoin financial services company Fold Holdings (NASDAQ: FLD) announced the completion of a series of capital transactions to strengthen the company's balance sheet. Fold liquidated approximately $45 million in Bitcoin at an average price of about $71,000 per coin, repaid $200 million in Bitcoin collateralized debt, and allocated the remaining $250 million in unrestricted cash for business growth.After this transaction, the company has eliminated all secured debt, enhanced liquidity, improved monthly net cash flow, and retained a certain amount of Bitcoin reserves. Company CEO Will Reeves stated that this move aims to reduce financing risks and ensure that short-term market fluctuations do not affect the execution of the product roadmap.

According to Onchain Lens monitoring, as the ETH trading price falls below 1,600 USD, the ETH short position held by "pension-usdt.eth" (3 times) currently has an unrealized profit of over 14,000,000 USD.

In a recent speech, the Chairman of the Hong Kong Securities and Futures Commission, Huang Tianyou, revealed that the trading volume of 12 licensed virtual asset trading platforms in Hong Kong has exceeded HKD 640 billion for 2025, with the trading volume in the first quarter of this year increasing nearly threefold year-on-year.In addition, brokers engaged in virtual asset-related businesses saw their commission income related to this sector grow by over 80% year-on-year last year.

Ethereum co-founder Vitalik Buterin recommended the Interfold project, stating, "More people should learn about Interfold, which is a general implementation of the MACI (Minimal Anti-Collusion Infrastructure) concept that I have been advocating for nearly a decade. This project is essentially a privacy protocol optimized for scenarios such as voting and secret auctions, allowing more people to pay attention to and understand this technological advancement."Vitalik also mentioned that the core mechanisms of Interfold include generating threshold encryption keys, users submitting votes on-chain with ZKP qualifications, and performing arbitrary computations followed by threshold decryption in fully homomorphic encryption (FHE), which can achieve unconditional voter anonymity, Ethereum-level censorship resistance, and ZK over FHE ensuring result correctness, among other strong security guarantees. The current main limitation is the high cost of complex computations (such as multiplication), with only addition-based voting being mature. Optimizations such as slashing-based approaches are being advanced, with the long-term goal of achieving obfuscation techniques to eliminate M-of-N committee dependency.

Bloomberg's senior ETF analyst Eric Balchunas posted on the X platform that the 2x leveraged SK Hynix ETF has grown its asset size by about 10 times this year, and it has now become the third largest ETF in the Hong Kong market, accounting for approximately 8.5% of total ETF assets.Eric Balchunas also pointed out that the ETF's daily trading volume exceeds the $1 billion level. When calculated in terms of the U.S. market size equivalent, this is about $150 billion in daily trading volume, which is considered extremely rare in the global ETF market. If proportionally converted, the scale of this ETF in the U.S. market would be equivalent to about $1.3 trillion level ETFs, but products of this magnitude do not currently exist globally.

According to Globenewswire, Bitcoin financial services company Fold announced a four-year secured revolving credit agreement with Encina Lender Finance, securing a credit line of $150 million to support the expansion of its Bitcoin rewards credit card business, facilitating ongoing card issuance and scalable growth.

According to on-chain analyst Yu Jin's analysis, WLFI has spent over $115 million in 4 months (in the form of WLFI) to expand the market for USD1, including USD1 interest rate subsidies on CEX (such as Binance, Bybit), activity subsidies on Aster, and interest rate subsidies on on-chain lending platforms (Dolomite), among others.On this basis, the scale of USD1 has increased by 50% (from $3.137 billion to $4.76 billion), rising from 7th to 4th place among dollar stablecoins, surpassing USDe and PYUSD, and now only behind USDT, USDC, and DAI. The trading volume of USD1 has increased tenfold, from an average daily trading volume of $200 million before the subsidies to the current average daily trading volume of $2 billion. Benefiting from the subsidies, users are attracted to hold and trade USD1, and there is support for USD1 as margin trading on CEX and Perp DEX.

According to GMGN monitoring, the long-established Meme coin of Solana, aura, surged 600% within the day, with its market cap rising from a low of 8 million to 63 million USD.The trader (9MUN) who recorded the largest profit in this round of market saw an unrealized gain of 330,000 USD, approximately 66 times the principal. This trader had purchased aura before the main upward wave started last June, when its market cap was 890,000. The market cap then skyrocketed to 236 million USD within a few days, with an unrealized peak profit reaching 1.25 million USD, about 250 times the investment, but did not take profits, leading to a significant retreat in unrealized gains. Today, this address finally took profits on about 7% of its holdings, marking its first profit-taking since entry.It is reported that this round of increase was triggered by a meme image posted on Binance's official Twitter this morning, accompanied by the caption "aura maxxxxing," which immediately ignited the market for the similarly named Meme coin on the Solana chain.ChainCatcher reminds users that trading Meme coins is highly volatile, largely relying on market sentiment and speculative hype, and has no actual value or use case, so investors should be aware of the risks.

According to a report by The Information, Starlink's global user count has increased to approximately 7.8 million in 2025, marking significant growth compared to 2021. However, its average monthly revenue per user (ARPU) has decreased by about 18% during the same period, reflecting the company's strategy to capture the global market through lower prices and large-scale expansion.The report states that Starlink's current growth mainly comes from emerging markets and the expansion of low-cost packages, including parts of Africa, Latin America, and Asia. Meanwhile, although high-profit businesses such as enterprise, aviation, and maritime are still growing, they account for a limited proportion of overall revenue.Analysts believe that Starlink is gradually shifting from "high-end satellite internet services" to a more mainstream global broadband network, diluting launch and satellite deployment costs through scale expansion, and further strengthening Elon Musk's influence in the global communications infrastructure sector.