Token | Trading Volume 【TON】119.87 million 【PI】2.27 million 【TIA】39.26 million 【DASH】51.73 million 【FIL】42.37 million 【LGNS】8.03 million 【NOT】14.65 million 【TRUMP】37.80 million 【BTC】4.36 billion 【CHZ】9.02 million

According to Huoxun Finance, monitoring shows that address 0x128e deposited approximately 500,000 USDC into HyperLiquid and then opened a short position of 250 BTC with 40x leverage, with a nominal value of approximately $20.32 million and a liquidation price of $82,236.61.

According to Huoxun Finance, following inquiries from the China Securities Regulatory Commission (CSRC) regarding overseas shareholding structures, several Chinese tech startups, including Moonshot AI and DeepRoute.ai, are assessing the feasibility of relocating their company registration from overseas back to China. They are currently discussing related plans with lawyers and have not yet made a final decision. Shanghai-based AI model developer StepFun has already initiated the process of dismantling its overseas shareholding structure to expedite its Hong Kong IPO regulatory approval process. The immediate trigger for this tightening of regulations was Meta's $2 billion acquisition of Manus, an AI agency founded by Chinese individuals. Relevant departments have ordered the cancellation of the acquisition, triggering a systematic review of the "domestic operation, overseas registration" company model by regulators. Dismantling a red-chip structure is a complex process, typically taking six months to a year, involving multiple steps such as repurchasing offshore shares, establishing joint ventures, and investors reinvesting. Furthermore, the lock-up period for joint ventures listed in Hong Kong is as long as 12 months, twice that of ordinary red-chip stocks. Analysts point out that if red-chip structures are comprehensively restricted, it will significantly weaken the ability of Chinese startups to obtain dollar financing from overseas.

According to a report by Kaiko, an analysis firm, open interest, funding rates, and on-chain transaction patterns in the perpetual contract market suggest that some traders may have positioned themselves in advance before the Robinhood crypto token listing announcement. The most typical example is wallet address 0xa1E, which opened a long position in Lighter (LIT) on Hyperliquid at 11:05 AM on January 15th. About an hour later, Robinhood announced the token's listing, and the wallet immediately closed the position after the announcement. The same address also opened a short position in HOOD a few hours before Robinhood announced lower-than-expected first-quarter revenue on April 28th. Several tokens, including ZEC, SNX, and NEAR, experienced abnormal spikes in open interest and funding rates, as well as price drifts, before their listing announcements. Researcher Fraussen stated that traders familiar with microstructures may notice public signals such as soaring funding rates and increased trading volume and make positions accordingly. However, such positioning is statistically consistent and recurs across multiple events, reflecting privileged access to Robinhood's online pipeline or a highly reliable method of getting ahead based on public signals.

According to Huoxun Finance, Bitcoin on-chain activity has fallen to a two-year low, with an average of approximately 531,000 active wallets and 203,000 new wallets per day. This data is significantly out of sync with Bitcoin's breakthrough of $80,000 (the first time in three months). Typically, price increases should attract more users and on-chain activity, but the current Bitcoin price surge is driven by a smaller number of participants rather than a widespread influx of new and returning users. Price increases lacking on-chain participation are often fragile, and when large holders take profits, there may be insufficient new demand to take over. Historically, bottoms in network activity often mark the end of a lull, and once retail investor interest returns, prices may have more room to rise.