margin

Bitget Unified Account (UTA) launches a zero-interest lending program for USDGO holdings, with the event running from July 29 at 15:00 to August 29 at 15:00 (UTC+8). During the event, users holding USDGO can borrow USDT under the unified account and receive a zero-interest borrowing limit equivalent to 30% of the value of their USDGO holdings, with a maximum zero-interest limit of 10 million USDT per user. Related rights will automatically take effect during the event, and users do not need to manually claim or register. For more details, please refer to the official Bitget platform.

According to Tencent News "Frontline," a 26-year-old male employee of Hong Kong Central Wealth Management Services Limited misappropriated 50 million Hong Kong dollars as margin without authorization, using it to finance the purchase of a double long position in the Southern Eastern Ying Hynix ETF (07709.HK), resulting in a paper loss of up to 150 million Hong Kong dollars. The trader was arrested by the police on July 20 on suspicion of "theft," with the incident occurring from January 9 to July 20.Financial analysts in Hong Kong stated that the reason the 50 million principal turned into a 150 million loss was due to the combination of margin financing and the double leverage of the long ETF. This ETF surged to a historical high of 193.65 Hong Kong dollars at the end of June, driven by the storage chip concept, but then the semiconductor sector sharply corrected, falling to 52.58 Hong Kong dollars by July 20, a decline of over 72%. The police revealed that the relevant positions had not yet been forcibly liquidated, and the final loss would still fluctuate with the stock price. The incident was discovered during a recent audit of the company, which reported it to the police. Central Wealth Management is not a licensed company by the Securities and Futures Commission, and Central Wealth Securities stated that the involved personnel are not their employees and are unrelated to the incident, but after the event, some clients exhibited risk-averse withdrawals.

According to on-chain analyst Ai Yi's monitoring, a certain address opened a $2.155 million short position on Changxin Storage TWAP. If fully executed, it will become the second largest position in Hyperliquid CXMT. The TWAP size is 300,000 CXMT, with an opening average price of $7.1825, and currently 1.14% has been executed, with an account margin of $15 million.

Bitget has launched the industry's first Unified Trading Account (UTA) across assets, currently incorporating over 370 assets including 100 U.S. stock tokens (rToken) into a unified margin pool. Under this mechanism, the U.S. stock tokens (rToken) held by users not only allow for dividend distribution but can also serve as margin and collateral for lending, further enhancing capital efficiency.The first batch of U.S. stock tokens included in the margin system covers 100 mainstream assets such as Apple (rAAPL), Nvidia (rNVDA), and Tesla (rTSLA), with discount rates set by asset tiers, reaching up to 95%. With product iterations, Bitget will continue to expand the list of assets that can be used as margin and support leveraged trading, further bridging the liquidity gap between traditional financial assets and cryptocurrency trading scenarios.

Mizuho downgraded Circle's rating from Neutral to Underperform and lowered the target price from $85 to $50, citing increasing competitive pressure from OpenUSD.The firm stated that OpenUSD's direct pass-through model could force Circle to share more reserve income with distribution partners, thereby compressing profit margins. Mizuho lowered Circle's adjusted EBITDA forecast for 2027 to $699 million, approximately 25% below Wall Street consensus expectations, and warned that the upcoming Coinbase revenue sharing renewal could increase pressure.

According to Yicai, global chip stocks faced a Black Monday. On that day, during the Asian trading session, rising geopolitical tensions in the Middle East suppressed risk appetite, with SK Hynix plunging over 15% on the Korean Exchange, marking the largest single-day drop in 18 years; the South Korean benchmark index KOSPI fell more than 9% in a single day, retreating 25% from its historical high on June 22.Data from the Financial Supervisory Service of Korea shows that the total amount of forced liquidations across the entire South Korean market reached 344.2 billion won in a single day, the largest scale of credit liquidation this year. Retail investors accounted for 92% of leveraged positions, referred to as "ant investors," who made full bets on memory chips and have very weak capacity to withstand volatility. As of Monday, over 1.2 million leveraged retail accounts in the entire South Korean market had reached the margin call line. Among them, approximately 320,000 to 360,000 accounts have been fully liquidated by brokerages, resulting in the loss of principal, with some accounts even owing debts to brokerages.Institutions believe that the short-term Gamma effect of leveraged shorts in South Korea cannot be eliminated, and the trillion-won level of leveraged selling pressure has not been fully cleared, with the risk of volatility still unresolved. However, this round of decline is not a reversal of the industry's fundamentals but rather a concentrated deleveraging event following macro shocks faced by crowded high-position leveraged trades.

After recently launching the financing trading feature, BIT today announced the official launch of the US stock margin trading (short selling) feature. Regarding this business upgrade, BIT brokerage head Elio Cui stated: "With the launch of margin trading, BIT brokerage has become one of the very few in the industry to support financing, margin trading, and options preparation on a trading platform under the real US stock framework. Our product planning has been aimed from the beginning at building a complete traditional brokerage investment experience. Within the same account, users can seamlessly connect long and short positions and risk hedging to respond to different market cycles with higher capital efficiency."After the launch of this feature, BIT margin account users who meet the initial margin requirements can short sell specified US stocks. The platform will dynamically update key risk control indicators such as margin rates, borrowing interest, and margin pool limits in real-time to ensure transparency and efficiency in trading.In conjunction with the new business launch, BIT brokerage is offering a limited-time "0 fee" promotional activity. The activity is subject to relevant terms and conditions; details can be found on the BIT US stock channel X platform.

According to Bloomberg, the prediction market platform Polymarket is seeking regulatory approval in the United States to conduct margin trading operations in compliance.The company submitted a futures commission merchant (FCM) operating application to the National Futures Association (NFA) through its subsidiary Coming Home GBA LLC on July 3. This move will allow users to participate in event betting with less capital and is expected to attract more professional traders to the market.

According to BBX data, yesterday marked a milestone for the global largest IPO completion index, with a historic turning point in the valuation logic of AI transformation in mining companies. The core dynamics are as follows:SpaceX, Inc. (NASDAQ: $SPCX) reported on July 7 that the company was officially included in the Nasdaq 100 index this week, becoming the first in history to have the largest single IPO ($75 billion) included in the Nasdaq 100. CoinDesk also issued a historic warning: "The last two largest new constituents added—Palantir ($PLTR) in December 2024 and Strategy ($MSTR) in early 2025—both experienced a phase decline after inclusion, rather than starting a new round of increases"; analysts pointed out that passive funds tracking the Nasdaq 100 complete "forced buying" at the time of inclusion, and if there are no new fundamental catalysts afterward, stock prices often pull back after technical buying subsides. Specific risks currently facing SpaceX include: a net loss of approximately $4.27 billion in Q1 2026 (mainly due to xAI integration expenses), a $2 billion bond issuance plan, and a 3.4% equity dilution from the $60 billion acquisition of Cursor/Anysphere; Morningstar maintains a fair value estimate of $62 per share, indicating about a 70% implied downside from the current market price. For the market holding SpaceX Bitcoin (18,712 coins, approximately $1.2 billion, held in Coinbase Prime), the inclusion in the Nasdaq 100 will trigger a larger scale of SPCX holdings by passive funds, further bridging the gap between traditional index investors and indirect exposure to Bitcoin assets.TeraWulf Inc. (NASDAQ: $WULF) according to the latest analysis, the company's high-performance computing (HPC) leasing revenue in Q1 2026 reached $21 million, accounting for about 62% of the total revenue of $34 million, surpassing Bitcoin mining revenue for the first time—this marks TeraWulf's first historic revenue structure reversal after transitioning to an AI/HPC infrastructure company, with a 117% increase from the $9.7 million HPC revenue in Q4 2025. The company has currently signed over 522 megawatts of AI/HPC leases with Core42 and Fluidstack, with an expected annual high-margin revenue of approximately $630 million; the energy structure consists of nuclear power + hydropower, with an average electricity cost of about $0.035 per kilowatt-hour, one of the lowest among similar mining companies. The company is also developing a new campus in Kentucky, adding approximately 480 megawatts of grid access capacity; analysts have significantly raised their target price ranges, with Keefe Bruyette & Woods raising from $23 to $37, Clear Street from $26 to $38, Jefferies initiating coverage with a Buy rating and a target price of $37, and BTIG raising at the same time. The company's stock price has increased by approximately 88% year-to-date in 2026, leading the gains in the mining sector.

Bitget's unified account has officially supported the full margin mode for stocks issued by the Reality protocol (rToken). This upgrade incorporates rToken into the unified account's shared fund pool, further connecting the unified fund management scenario between crypto assets and tokenized stocks.Through the unified account, users can manage spot, contract, and leveraged products in one account, eliminating the need for frequent fund transfers between different accounts. Different products can share margin, and profits and losses can be calculated collectively, thereby improving fund utilization efficiency and simplifying asset management.

According to the official announcement, Binance will update the collateral rates for assets such as XRP and HBAR in Portfolio Margin and Portfolio Margin Pro starting from July 3, 2026, at 06:00 (UTC), and will adjust the leverage and margin levels for multiple U-based perpetual contracts, involving contracts such as BICO USDT, FF USDT, DEXE USDT, VANRY USDT, TREE USDT, TLM USDT, AGLD USDT, MUBARAK USDT, RARE USDT, OGN USDT, and AVA USDT. The adjustments are expected to be completed by 06:30 (UTC).

According to the official website of the U.S. Commodity Futures Trading Commission (CFTC), the CFTC and the U.S. Securities and Exchange Commission (SEC) jointly issued a document seeking public comments on further coordination of the regulatory framework for portfolio margin and cross-margin for securities, security-based swaps, futures, swaps, and related positions. The two agencies aim to enhance risk management efficiency, reduce unnecessary market fragmentation, and strengthen customer protection through unified or strengthened coordination.The key points for public comment include existing portfolio margin models and practices, customer protection, cross-margining and inter-product offsets, capital and margin and collateral handling, clearinghouse and clearing organization arrangements, as well as technology and operational implementation, with a comment period of 60 days after the document is published in the Federal Register.

According to Cointelegraph, Hyperliquid's portfolio margin feature has entered the Beta testing phase and increased limits. Users with account values below $25 million can use BTC and HYPE as collateral to trade perpetual contracts, spot markets, and outcome markets.

According to on-chain analyst Ai Yi (@ai_9684xtpa), an on-chain giant whale known as "Iron Head Duo Army" added $8 million in margin early in the morning, currently going long on 120,000 ETH, with an entry average price of about $2,265, and the unrealized loss has exceeded $77.047 million.The liquidation prices for its four associated addresses (bit associated entities) are 1174.6 / 1059.1 / 1064.7 / 1143.6 dollars, and there are still over 6 million USDC available on-chain to be used as margin.

According to The Block, Bitcoin miner revenue continues to decline, with the 7-day moving average dropping to about $30,000,000 per day, down from over $50,000,000 last summer. The contribution from transaction fees has become negligible, at less than $250,000 per day. The current trading price of BTC is about $62,500, significantly lower than JPMorgan's estimated production cost of around $78,000, a gap that has persisted for five months, the longest in this cycle. Production costs have historically been seen as a soft price floor, and currently, about 20% of miners are operating at a loss.Network-level pressure is becoming evident. Over the past six months, the beta value of mining difficulty relative to BTC price has risen to 0.62, with high-cost miners switching off their machines based on price fluctuations rather than continuing to operate at a loss. In the second week of June, difficulty decreased by 10%, marking the second similar adjustment this year. Publicly listed mining companies have sold over 32,000 BTC in the first quarter to cover operating costs, rather than further reducing production capacity.

Bitcoin miner revenue has continued to decline over the past year, with the current 7-day moving average daily income at approximately $30 million, significantly lower than last summer's level of over $50 million. Among this, transaction fees have dropped to less than $250,000 per day, almost negligible compared to block subsidies.Meanwhile, the price of Bitcoin is around $62,500, below JPMorgan's estimated production cost of about $78,000. This state of being below production costs has persisted for five months, the longest duration in this cycle. Historically, production costs are often seen as a soft bottom area for Bitcoin prices. Currently, it is estimated that about 20% of miners are in a loss position at the current price, and the pressure is beginning to reflect at the network level.Over the past six months, the sensitivity of mining difficulty to Bitcoin prices has risen to 0.62, indicating that high-cost miners are increasingly inclined to turn off their mining machines based on price fluctuations rather than continue mining at a loss. In the second week of June, Bitcoin mining difficulty decreased by 10%, marking the second occurrence of a similar magnitude adjustment this year. A comparable adjustment also occurred in the previous quarter, with both instances happening during periods when prices remained below production costs, indicating that pressure on the miner side is deepening.

The cryptocurrency trading platform SuperEx announced that Arcium (ARX) will be launched in the innovation zone, and spot trading for ARX/USDT will officially open at 11:00 Beijing time on June 24, 2026. Currently, the recharge channel for this token has been opened, and withdrawal services will be available soon.In addition, ARX has now been included in the support range for the platform's all-currency contract margin. It is reported that Arcium is a decentralized network focused on trustless computation of all cryptocurrency data, aiming to provide encrypted shared states and encrypted computing capabilities for applications in fields such as blockchain and artificial intelligence through its underlying technology, the Cerberus MPC protocol.

The cryptocurrency trading platform SuperEx has now launched Re (RE) in the innovation zone and opened the RE/USDT spot trading pair. Currently, its deposit, trading, and withdrawal channels have all been activated.In addition, RE has now been included in the platform's support range for all currency contract margins. It is reported that Re belongs to the Real World Asset (RWA) sector, positioned as the capital layer of RWA, aiming to connect global on-chain capital with the reinsurance market, which has a scale of $1 trillion.

According to on-chain analyst @ai_9684xtpa, the address 0xf822...be01a added a margin of 3.5 million USD to Hyperliquid, increasing short positions in contracts such as BTC, ETH, and HYPE.Currently, this address holds a total of approximately 89.57 million USD in short positions, including about 41.5 million USD in BTC shorts, approximately 32.41 million USD in ETH, around 13.12 million USD in HYPE, and about 2.53 million USD in PAXG, with an overall unrealized loss of approximately 1.27 million USD. Its BTC short position has risen to become the second largest short position on the Hyperliquid platform.