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HODLer, Trader (aka 韭菜), Entrepreneur, Creator, Podcaster @SeaTalk_ ◦ 最好用的 OKX 钱包 https://t.co/H7nSwjf3wn ◦ 三亿人用的币安 https://t.co/VcwyhGDh5g
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The Southbound Eastspring's double long Hynix ETF (7709.HK) has indeed trapped quite a few people.
Just saw a news report that a 26-year-old male employee of "Wealth Management Company" embezzled HKD 50 million from the company to buy 7709, resulting in a book loss of HKD 150 million.
Many people who buy leveraged ETFs actually haven't done the math clearly: if SK Hynix's stock price is 100, it rises 10% on the first day, then falls 10% on the second day, the price returns to 99, a total loss of 1% over two days; but if you buy 7709, after the second day it only remains at 96, actually a loss of 4%, the path-dependent loss is very significant.
This "Wealth Management Company" and "Wealth Securities" are both companies under the "Wealth Group". Recently, many crypto KOLs promoted Wealth Securities.
Twitter (𝕏) has never changed; it’s about following What’s happening, what’s happening right now
This is also why on 𝕏, consistent output is more important than occasionally writing a viral post
If you don’t tweet for more than 3 days, you temporarily exit this "attention market." No matter how good your old content is, it will be drowned out by new events, new narratives, and new debates
𝕏 is an ever-forward rolling river of information, rushing endlessly; it is not a content repository for searching and reviewing
To maintain influence, you must continuously engage with the present
With the recent sharp decline in SpaceX and Tesla stock prices, Elon Musk's net worth has fallen below $1 trillion, but he remains the world's richest person
Elon tweeted jokingly that he is a former trillionaire
SeaBitcoin
SpaceX successfully IPOs, setting six records in US stock market history
1/ World's first trillion-dollar billionaire
Elon Musk was already the world's richest person, and now his net worth exceeds $1 trillion, 3.3 times that of second place Larry Page, and 2.29 times the combined wealth of China's top 10 billionaires
2/ Largest fundraising scale: $75 billion
This is 2.55 times the $29.4 billion raised by second place Saudi Aramco in 2019
3/ Highest IPO valuation in history: $1.75 trillion
Surpassing Saudi Aramco's $1.707 trillion valuation at its 2019 IPO
4/ Most aggressive IPO retail allocation ratio: 30%
In other large IPOs, the allocation is usually between 5-10%; Fidelity lowered the subscription threshold from $500,000 to $2,000; retail enthusiasm was indeed very high, with cumulative investments exceeding $70 billion
5/ Fastest inclusion into the Nasdaq 100: 15 trading days
Previously, new listings usually had to wait for the annual reconstitution and an observation period of about 3 months; FTSE Russell also changed rules to include companies in its index series as early as the fifth trading day after listing
6/ Largest employee wealth creation: 4,400 millionaires
It is expected to make about 4,400 current and former employees millionaires (in USD), with about 400 reaching over $100 million, surpassing previous numbers at Alibaba, Google, Facebook, and others
Binance hasn't listed new coins for a long time but has continuously launched perpetual contracts for stocks. The reason is in this report.
Looking at TokenInsight's exchange Q2 report this week, besides the regular data, a highlight was found: the new growth point for exchanges is traditional asset perpetual contracts (TradFi Perp).
Everyone knows that perpetual contracts are the profit source for almost all exchanges, previously mainly focused on top crypto assets like BTC / ETH.
Now, exchanges are expanding perpetual contracts to traditional financial assets: Hong Kong and US stocks, crude oil/commodities, gold/silver, forex, indices, etc.
The report shows that these TradFi Perp are the fastest-growing trading category in the past six months, with trading volume increasing from $52 billion in January to $268 billion in June, more than 5 times; among them, stock perpetual contract trading volume alone reached $141 billion in June.
This is mainly because exchanges like Binance, Bitget, Bybit, MEXC, and Gate launched tokenized stocks, US stock spot trading, or IPO-related products in Q2.
Specifically, Binance's TradFi Perp trading volume in Q2 reached $38 billion, accounting for 59.96% of the overall market, more than the combined volume of the next several competitors. For stock perpetual contracts, Binance's market share reached 63%, with a 21.5% growth in Q2.
For Binance, TradFi Perp accounts for 8.65% of all its derivatives trading volume, growing rapidly and becoming impossible to ignore.
Why is TradFi Perp growing so fast? A major reason is that throughout Q2, US stock AI-related underlying assets surged wildly, attracting global investors' attention, while the crypto space itself lacked innovation. Through perpetual contracts, users don't need to actually buy the assets but can gain larger exposure with less capital, participating in global competition 24/7.
Future competition among exchanges will not only depend on who has more Crypto users but also on who can become the gateway for global users to trade global assets. Exchanges are evolving from single trading products into super apps connecting Crypto stablecoins × (new assets + traditional assets).
SeaBitcoin
The exchange BitMEX, which invented the 100x perpetual contract 10 years ago, will shut down on September 23rd.
BitMEX is not suddenly collapsing; this is the result of careful consideration by the team, and users can withdraw normally. This is different from Mt. Gox and FTX, so the closure of BitMEX should not be seen as a sign of the bear market bottom.
Perpetual contracts are one of the most important financial innovations in crypto, ushering in an era where "everything can be leveraged." They have inspired countless exchanges and become the profit source for most leading exchanges; at the same time, they cause hundreds of billions of dollars in liquidation events annually, causing many traders to lose everything.
Perpetual contracts are not only in the crypto world but have also been expanded by various exchanges into traditional financial assets, including precious metals, Hong Kong and US stocks, bonds, forex, and crude oil.
The closure of BitMEX once again shows that in the business world, innovation ≠ success. The pioneer of a sector is not necessarily the final winner. The companies that laugh last and achieve the greatest results in a sector are the result of multiple comprehensive factors. Cases of latecomers winning are not uncommon in business history.
The exchange BitMEX, which invented the 100x perpetual contract 10 years ago, will shut down on September 23rd.
BitMEX is not suddenly collapsing; this is the result of careful consideration by the team, and users can withdraw normally. This is different from Mt. Gox and FTX, so the closure of BitMEX should not be seen as a sign of the bear market bottom.
Perpetual contracts are one of the most important financial innovations in crypto, ushering in an era where "everything can be leveraged." They have inspired countless exchanges and become the profit source for most leading exchanges; at the same time, they cause hundreds of billions of dollars in liquidation events annually, causing many traders to lose everything.
Perpetual contracts are not only in the crypto world but have also been expanded by various exchanges into traditional financial assets, including precious metals, Hong Kong and US stocks, bonds, forex, and crude oil.
The closure of BitMEX once again shows that in the business world, innovation ≠ success. The pioneer of a sector is not necessarily the final winner. The companies that laugh last and achieve the greatest results in a sector are the result of multiple comprehensive factors. Cases of latecomers winning are not uncommon in business history.
As one of the four kings in the Zk Rollup track, with a final round valuation of $1.8 billion, backed by multiple top VCs, airdrop expectations attracting a large number of users to interact, and TVL surpassing $1 billion,
the latest data for the Scroll project is:
◦ Token circulating market cap is 4.47 million, FDV only 23.55 million
◦ DeFi TVL is 11.9 million
◦ 24h revenue is $26
