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On July 28, the onshore yuan against the US dollar (CNY) closed at 6.7625 at 03:00 Beijing time, an increase of 77 points compared to last Friday's night session. The trading volume was 29.356 billion USD.

[Onshore Yuan Rises 77 Points Against US Dollar Compared to Last Friday's Night Session]On July 28, the onshore yuan against the US dollar (CNY) closed at 6.7625 at 03:00 Beijing time, an increase of 77 points compared to last Friday's night session. The trading volume was 29.356 billion USD.

Onshore Yuan Rises 77 Points Against US Dollar Compared to Last Friday's Night Session

On July 28, Wall Street investment bank TD Cowen lowered the target price for Bitcoin treasury company Nakamoto Inc. (NASDAQ: NAKA), reducing the split-adjusted target from $40 to $17, a decrease of 58%, while still maintaining a 'Buy' rating. TD Cowen analysts stated that this adjustment is primarily due to the pressure that the decline in Bitcoin prices has placed on Nakamoto's highly leveraged capital structure. Although the new target price implies an upside of approximately 275% from the current stock price of $4.65, the company's stock is highly sensitive to fluctuations in Bitcoin prices. TD Cowen expects Bitcoin to rebound to $100,000 by the end of 2026, which is about 25% lower than the historical high of $126,000 set last October. Furthermore, the firm anticipates that Nakamoto will pause further Bitcoin purchases before 2027. Analysts noted that Nakamoto's core value still derives from its Bitcoin holdings, with the company currently holding 4,467 BTC valued at approximately $290 million, ranking 22nd among publicly traded companies in terms of Bitcoin holdings. However, the company's debt and preferred stock financing structure have also compressed the asset value available to common shareholders. Recently, Nakamoto has completed several financial adjustments, including repaying approximately $45 million in debt, extending the maturity of $105 million in principal to June 2027, reducing financing costs, and approving a $25 million stock buyback plan. Additionally, the company has closed its previously operated medical clinic business and will focus on Bitcoin media, asset management, and consulting services in the future. Data shows that NAKA's stock price has fallen over 71% this year, while Bitcoin has declined about 26% during the same period. Market attention is shifting from 'continuously buying BTC' to the asset-liability structure and financing capabilities of Bitcoin treasury companies.

[TD Cowen Cuts Nakamoto Target Price by 58% Amid Bitcoin Pullback, Maintains 'Buy' Rating]On July 28, Wall Street investment bank TD Cowen lowered the target price for Bitcoin treasury company Nakamoto Inc. (NASDAQ: NAKA), reducing the split-adjusted target from $40 to $17, a decrease of 58%, while still maintaining a 'Buy' rating. TD Cowen analysts stated that this adjustment is primarily due to the pressure that the decline in Bitcoin prices has placed on Nakamoto's highly leveraged capital structure. Although the new target price implies an upside of approximately 275% from the current stock price of $4.65, the company's stock is highly sensitive to fluctuations in Bitcoin prices. TD Cowen expects Bitcoin to rebound to $100,000 by the end of 2026, which is about 25% lower than the historical high of $126,000 set last October. Furthermore, the firm anticipates that Nakamoto will pause further Bitcoin purchases before 2027. Analysts noted that Nakamoto's core value still derives from its Bitcoin holdings, with the company currently holding 4,467 BTC valued at approximately $290 million, ranking 22nd among publicly traded companies in terms of Bitcoin holdings. However, the company's debt and preferred stock financing structure have also compressed the asset value available to common shareholders. Recently, Nakamoto has completed several financial adjustments, including repaying approximately $45 million in debt, extending the maturity of $105 million in principal to June 2027, reducing financing costs, and approving a $25 million stock buyback plan. Additionally, the company has closed its previously operated medical clinic business and will focus on Bitcoin media, asset management, and consulting services in the future. Data shows that NAKA's stock price has fallen over 71% this year, while Bitcoin has declined about 26% during the same period. Market attention is shifting from 'continuously buying BTC' to the asset-liability structure and financing capabilities of Bitcoin treasury companies.

TD Cowen Cuts Nakamoto Target Price by 58% Amid Bitcoin Pullback, Maintains 'Buy' Rating

On July 28, Dutch crypto finance protocol Tori Finance announced that its institutional-level Delta neutral yield product, strUSD, has successfully raised a pre-launch amount of $50 million in just 7 days. Tori stated that strUSD offers an annual percentage yield (APY) of approximately 12%, with returns derived from global interest rate arbitrage strategies traditionally employed by financial institutions, rather than from the circulation of funds in the crypto market. This strategy achieves low correlation with crypto market cycles by borrowing in low-interest currencies, investing in high-interest markets, and utilizing foreign exchange hedging to lock in dollar returns. Tori's founder, Samed Duzcay, noted that such trades have primarily been participated in by large institutions like pension funds and banks, typically requiring a capital threshold of tens of millions of dollars and involving complex processes including local bank accounts, custody, taxation, and compliance approvals. Tori aims to democratize these institutional strategies for regular users through on-chain tokenization. Users can deposit USDC or USDT to obtain the synthetic dollar asset trUSD and stake to earn strUSD. This asset is based on the ERC-20 standard and can be integrated with DeFi protocols such as Morpho, Pendle, and Curve, and can also be used as collateral for lending to further amplify returns. Tori claims that the protocol constructs an on-chain balance sheet using zero-knowledge proofs and trusted execution environments, with real-time audits of off-chain funds conducted by independent verification agency Accountable. Additionally, digital asset investment firm RockawayX serves as the risk management party and anchor liquidity provider. Furthermore, Tori's smart contracts have been audited by Sherlock and Nethermind, and Hypernative has been introduced for round-the-clock security monitoring, with all contract upgrades set to a 24-hour delay mechanism. Tori aims to integrate decades-old neutral yield strategies used by traditional financial institutions into the on-chain financial system, promoting the fusion of real yield with DeFi infrastructure.

[Tori Raises $50 Million in 7 Days Before Launching Institutional-Level Arbitrage Strategy on Chain]On July 28, Dutch crypto finance protocol Tori Finance announced that its institutional-level Delta neutral yield product, strUSD, has successfully raised a pre-launch amount of $50 million in just 7 days. Tori stated that strUSD offers an annual percentage yield (APY) of approximately 12%, with returns derived from global interest rate arbitrage strategies traditionally employed by financial institutions, rather than from the circulation of funds in the crypto market. This strategy achieves low correlation with crypto market cycles by borrowing in low-interest currencies, investing in high-interest markets, and utilizing foreign exchange hedging to lock in dollar returns. Tori's founder, Samed Duzcay, noted that such trades have primarily been participated in by large institutions like pension funds and banks, typically requiring a capital threshold of tens of millions of dollars and involving complex processes including local bank accounts, custody, taxation, and compliance approvals. Tori aims to democratize these institutional strategies for regular users through on-chain tokenization. Users can deposit USDC or USDT to obtain the synthetic dollar asset trUSD and stake to earn strUSD. This asset is based on the ERC-20 standard and can be integrated with DeFi protocols such as Morpho, Pendle, and Curve, and can also be used as collateral for lending to further amplify returns. Tori claims that the protocol constructs an on-chain balance sheet using zero-knowledge proofs and trusted execution environments, with real-time audits of off-chain funds conducted by independent verification agency Accountable. Additionally, digital asset investment firm RockawayX serves as the risk management party and anchor liquidity provider. Furthermore, Tori's smart contracts have been audited by Sherlock and Nethermind, and Hypernative has been introduced for round-the-clock security monitoring, with all contract upgrades set to a 24-hour delay mechanism. Tori aims to integrate decades-old neutral yield strategies used by traditional financial institutions into the on-chain financial system, promoting the fusion of real yield with DeFi infrastructure.

Tori Raises $50 Million in 7 Days Before Launching Institutional-Level Arbitrage Strategy on Chain

On July 28, it is projected that the number of software security vulnerabilities found in popular tech products in 2026 will reach approximately twice the number discovered in 2025, primarily due to the continuous enhancement of artificial intelligence systems. The US National Vulnerability Database shows that from January to this past Monday, a total of 45,207 vulnerabilities have been recorded, nearing the total for the entire year of 2025. Last year, the number of vulnerabilities recorded in this database reached a historic high. Oracle (ORCL.N) reported that its monthly software updates in July fixed 1,449 security vulnerabilities, setting a new record; in contrast, the updates during the same period last year included only 309 fixes. Microsoft (MSFT.O) disclosed 642 security vulnerabilities in July, also a historic high, nearly five times the number from the same period last year. Google (GOOG.O) discovered and fixed 433 such vulnerabilities in its latest Chrome browser update, compared to just 11 in a similar update a year ago. Gabriel Shapiro, an outstanding AI research scientist at cybersecurity company SentinelOne, stated, 'We must face the fact that these tools are enhancing people's ability to discover software vulnerabilities.' Doug Turner, engineering director for Google Chrome, noted that vulnerabilities are being discovered at 'an unprecedented scale and speed' thanks to advancements in AI models and corresponding investments.

[US Agency: Number of Cybersecurity Vulnerabilities Discovered by AI This Year Will Double Last Year's Total]On July 28, it is projected that the number of software security vulnerabilities found in popular tech products in 2026 will reach approximately twice the number discovered in 2025, primarily due to the continuous enhancement of artificial intelligence systems. The US National Vulnerability Database shows that from January to this past Monday, a total of 45,207 vulnerabilities have been recorded, nearing the total for the entire year of 2025. Last year, the number of vulnerabilities recorded in this database reached a historic high. Oracle (ORCL.N) reported that its monthly software updates in July fixed 1,449 security vulnerabilities, setting a new record; in contrast, the updates during the same period last year included only 309 fixes. Microsoft (MSFT.O) disclosed 642 security vulnerabilities in July, also a historic high, nearly five times the number from the same period last year. Google (GOOG.O) discovered and fixed 433 such vulnerabilities in its latest Chrome browser update, compared to just 11 in a similar update a year ago. Gabriel Shapiro, an outstanding AI research scientist at cybersecurity company SentinelOne, stated, 'We must face the fact that these tools are enhancing people's ability to discover software vulnerabilities.' Doug Turner, engineering director for Google Chrome, noted that vulnerabilities are being discovered at 'an unprecedented scale and speed' thanks to advancements in AI models and corresponding investments.

US Agency: Number of Cybersecurity Vulnerabilities Discovered by AI This Year Will Double Last Year's Total

On July 28, Wall Street investment bank TD Cowen lowered its price target for Bitcoin treasury company Nakamoto Inc. (NASDAQ: NAKA), reducing the stock-split-adjusted target from $40 to $17, a decrease of 58%, while still maintaining a 'Buy' rating. TD Cowen analysts stated that the adjustment is primarily due to pressure from Bitcoin's price decline on Nakamoto's highly leveraged capital structure. Although the new target price still implies an upside of approximately 275% from the current stock price of $4.65, the company's shares are highly sensitive to Bitcoin price fluctuations.

[TD Cowen Cuts Nakamoto Price Target by 58%, Maintains 'Buy' Rating]On July 28, Wall Street investment bank TD Cowen lowered its price target for Bitcoin treasury company Nakamoto Inc. (NASDAQ: NAKA), reducing the stock-split-adjusted target from $40 to $17, a decrease of 58%, while still maintaining a 'Buy' rating. TD Cowen analysts stated that the adjustment is primarily due to pressure from Bitcoin's price decline on Nakamoto's highly leveraged capital structure. Although the new target price still implies an upside of approximately 275% from the current stock price of $4.65, the company's shares are highly sensitive to Bitcoin price fluctuations.

TD Cowen Cuts Nakamoto Price Target by 58%, Maintains 'Buy' Rating

On July 28, Microsoft AI launched MAI-Cyber-1-Flash, a new cybersecurity model independently developed by the company.

[Microsoft AI Launches MAI-Cyber-1-Flash]On July 28, Microsoft AI launched MAI-Cyber-1-Flash, a new cybersecurity model independently developed by the company.

Microsoft AI Launches MAI-Cyber-1-Flash

On July 28, US and Brent crude oil prices briefly dropped by over $0.5, currently trading at $82.28/barrel and $86.45/barrel respectively. On the news front, US President Trump told reporters on Monday while aboard Air Force One en route to Michigan that the US is currently holding 'good negotiations' with Iran. Trump said he has 'plenty of time' to deal with the Iran issue. When discussing a possible deal with Iran, he stated: 'Something could very well happen.' Additionally, he mentioned that he will ask Russia whether it can provide satellite imagery to assist with Iran. Trump noted that once the war ends, you will see a significant drop in prices.

[US, Brent Oil Dip as Trump Says in 'Good Negotiations' with Iran]On July 28, US and Brent crude oil prices briefly dropped by over $0.5, currently trading at $82.28/barrel and $86.45/barrel respectively. On the news front, US President Trump told reporters on Monday while aboard Air Force One en route to Michigan that the US is currently holding 'good negotiations' with Iran. Trump said he has 'plenty of time' to deal with the Iran issue. When discussing a possible deal with Iran, he stated: 'Something could very well happen.' Additionally, he mentioned that he will ask Russia whether it can provide satellite imagery to assist with Iran. Trump noted that once the war ends, you will see a significant drop in prices.

US, Brent Oil Dip as Trump Says in 'Good Negotiations' with Iran

On July 28, U.S. Treasury Secretary Scott Bessent stated that "Trump Accounts" have become "the most successful launch project in the history of the U.S. government," with approximately 7 million children having registered. Bessent revealed at the Financial Literacy Education Committee meeting that the number of registrations has further increased from 6.5 million earlier this month. The Treasury Department stated that the early registration speed of Trump Accounts has surpassed other digital platforms and financial products. The Trump Account, officially launched on July 4, is also known as the 530A account, and is open to all U.S. children under 18 who have a Social Security number. According to the plan, children born between 2025 and 2028 will receive a one-time initial deposit of $1,000 from the U.S. Treasury. Parents, guardians, grandparents, etc., can deposit an additional up to $5,000 annually, with funds invested in an ETF tracking the S&P 500 index. Bessent said the project will help ordinary American families enter the capital market, "creating a new generation of shareholders," allowing families long excluded from Wall Street to participate in stock investments. Consulting firm McKinsey previously analyzed that if widely participated, Trump Accounts could accumulate approximately $80 billion to over $900 billion for American children over the next decade. However, the final scale depends on family participation rates, willingness to continue investing, and long-term investment performance.

[Trump Account Registrations Exceed 7 Million, U.S. Treasury Secretary Calls It Most Successful Government Launch in History]On July 28, U.S. Treasury Secretary Scott Bessent stated that "Trump Accounts" have become "the most successful launch project in the history of the U.S. government," with approximately 7 million children having registered. Bessent revealed at the Financial Literacy Education Committee meeting that the number of registrations has further increased from 6.5 million earlier this month. The Treasury Department stated that the early registration speed of Trump Accounts has surpassed other digital platforms and financial products. The Trump Account, officially launched on July 4, is also known as the 530A account, and is open to all U.S. children under 18 who have a Social Security number. According to the plan, children born between 2025 and 2028 will receive a one-time initial deposit of $1,000 from the U.S. Treasury. Parents, guardians, grandparents, etc., can deposit an additional up to $5,000 annually, with funds invested in an ETF tracking the S&P 500 index. Bessent said the project will help ordinary American families enter the capital market, "creating a new generation of shareholders," allowing families long excluded from Wall Street to participate in stock investments. Consulting firm McKinsey previously analyzed that if widely participated, Trump Accounts could accumulate approximately $80 billion to over $900 billion for American children over the next decade. However, the final scale depends on family participation rates, willingness to continue investing, and long-term investment performance.

Trump Account Registrations Exceed 7 Million, U.S. Treasury Secretary Calls It Most Successful Government Launch in History

On July 28, data from the Korea Exchange showed that the combined daily turnover of 16 single-stock leveraged and inverse ETFs tracking Samsung Electronics and SK Hynix fell below the 10 trillion won mark on Monday (July 27), reaching 7.46 trillion won. This represents a 27% decrease from the previous trading day and a decline of over 30% compared to the average daily turnover of the prior week, with their share of total ETF market turnover also dropping to 36.9%. Among them, SK Hynix-related products still dominated trading, accounting for approximately 70% of all single-stock leveraged and inverse ETF turnover. Market analysts attribute the cooling trading activity to new financial regulatory measures in South Korea. Starting July 31, individual investors in South Korea must hold a cash margin of at least 30 million won to purchase or increase positions in single-stock leveraged ETFs/ETNs. Additionally, regulators plan to raise the minimum trading unit to further curb high-frequency short-term trading.

[South Korea Single-Stock Leveraged ETF Daily Turnover Falls Below 10 Trillion Won Ahead of New Regulations]On July 28, data from the Korea Exchange showed that the combined daily turnover of 16 single-stock leveraged and inverse ETFs tracking Samsung Electronics and SK Hynix fell below the 10 trillion won mark on Monday (July 27), reaching 7.46 trillion won. This represents a 27% decrease from the previous trading day and a decline of over 30% compared to the average daily turnover of the prior week, with their share of total ETF market turnover also dropping to 36.9%. Among them, SK Hynix-related products still dominated trading, accounting for approximately 70% of all single-stock leveraged and inverse ETF turnover. Market analysts attribute the cooling trading activity to new financial regulatory measures in South Korea. Starting July 31, individual investors in South Korea must hold a cash margin of at least 30 million won to purchase or increase positions in single-stock leveraged ETFs/ETNs. Additionally, regulators plan to raise the minimum trading unit to further curb high-frequency short-term trading.

South Korea Single-Stock Leveraged ETF Daily Turnover Falls Below 10 Trillion Won Ahead of New Regulations

According to Jin10, the Governor of the Bank of England, Bailey, said that cryptocurrencies may have "external" value, and cryptocurrencies have no "intrinsic" value. People like to collect cryptocurrencies and give it value. Unsecured crypto assets are "very high risk".

Detail

【BoE Governor: Crypto assets have no "intrinsic" value】According to Jin10, the Governor of the Bank of England, Bailey, said that cryptocurrencies may have "external" value, and cryptocurrencies have no "intrinsic" value. People like to collect cryptocurrencies and give it value. Unsecured crypto assets are "very high risk".

BoE Governor: Crypto assets have no "intrinsic" value

NFTs That Can Earn Stock Tokens? What Exactly is StonkBrokers?

Zhongji Innolight Leads Investment in a Tsinghua '90s Postgraduate

Trump Relents on Ethics Provisions, 《CLARITY Act》 Makes Final Push Before Senate Recess

Gate Research Institute: The 'Wall Street-ization' Wave of Crypto Financial Products – Competition or Integration?

BIT Trading Moment: BTC Still Suppressed by Weekly 200 EMA, Rejection May Restart Decline; Storage and Semiconductors that Surged Last Night Begin Falling in Evening Trading

BUILDon loses 15% as Futures activity cools down — Another decline incoming?

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BoE Governor: Crypto assets have no "intrinsic" value

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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