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Market data shows that BTC has fallen below $62,000, currently priced at $61,956.59, with a 24-hour decline of 3.59%. The market is experiencing significant volatility, so please ensure proper risk management.

[BTC Falls Below $62,000]Market data shows that BTC has fallen below $62,000, currently priced at $61,956.59, with a 24-hour decline of 3.59%. The market is experiencing significant volatility, so please ensure proper risk management.

BTC Falls Below $62,000

Market data shows that TAO has fallen below $220, currently priced at $219.9, with a 24-hour decline of 5.5%. The market is experiencing significant volatility, so please ensure proper risk management.

[TAO Falls Below $220]Market data shows that TAO has fallen below $220, currently priced at $219.9, with a 24-hour decline of 5.5%. The market is experiencing significant volatility, so please ensure proper risk management.

TAO Falls Below $220

HTX data monitoring shows that BTC has dropped below 62000 USDT, currently reported at 61984.09 USDT, with a 24H decline of 3.49%.

【BTC drops below 62000 USDT】HTX data monitoring shows that BTC has dropped below 62000 USDT, currently reported at 61984.09 USDT, with a 24H decline of 3.49%.

BTC drops below 62000 USDT

On June 23, the VIX, or volatility index, surged over 18% to reach 20.54.

[VIX Surges Over 18% to 20.54]On June 23, the VIX, or volatility index, surged over 18% to reach 20.54.

VIX Surges Over 18% to 20.54

On June 23, JPMorgan raised the price target for IBM (IBM.US) from $270 to $291, upgrading the rating from Neutral to Overweight.

[JPMorgan Raises IBM Price Target to $291]On June 23, JPMorgan raised the price target for IBM (IBM.US) from $270 to $291, upgrading the rating from Neutral to Overweight.

JPMorgan Raises IBM Price Target to $291

On June 23, Zhipu AI (02513.HK), the first AI stock in China, had approximately 17.35 million shares available for trading at the time of its listing. As a low liquidity, high FDV 'trading' stock, Zhipu will face an equity unlocking on July 8. According to current public information, the most certain batch of unlocks on July 8 includes about 25.68 million shares from cornerstone investors. A total of 11 cornerstone investors subscribed for approximately HKD 2.984 billion at an issue price of HKD 116.2, translating to about 25.68 million shares, which accounts for approximately 5.76% of the total share capital. After July 8, the trading volume will expand from 17.35 million shares to approximately 43.03 million shares, nearly 2.5 times the original amount. Based on the intraday high on June 22, the 25.68 million shares correspond to a book value of about HKD 73.4 billion, indicating a shift in supply and demand for shares. On June 22, Zhipu's market capitalization was approximately USD 137 billion, with projected revenue of around USD 100 million for the full year of 2025, corresponding to a price-to-sales ratio (PS) of about 1280 times. In comparison, OpenAI is projected to have a revenue of about USD 13 billion and a valuation of USD 730 billion in 2025, resulting in a PS of approximately 56 times. Using OpenAI's multiples, Zhipu's 'reasonable' market value is estimated to be between USD 4 billion and USD 8 billion. Even with JPMorgan's forecast of a 534% revenue increase in 2026 (approximately USD 640 million), applying OpenAI's multiples would only support a market value of USD 25 billion to USD 50 billion. Zhipu's current price is supported by scarcity, imagination, and capital structure. For more reports, see 'Institutions Earn 100 Times, Is Zhipu's Stock Price at Its Peak?'

[Zhipu AI Faces Major Equity Unlocking Test in July with Trading Volume Increasing 2.5 Times, New Chips Worth Approximately HKD 73.4 Billion]On June 23, Zhipu AI (02513.HK), the first AI stock in China, had approximately 17.35 million shares available for trading at the time of its listing. As a low liquidity, high FDV 'trading' stock, Zhipu will face an equity unlocking on July 8. According to current public information, the most certain batch of unlocks on July 8 includes about 25.68 million shares from cornerstone investors. A total of 11 cornerstone investors subscribed for approximately HKD 2.984 billion at an issue price of HKD 116.2, translating to about 25.68 million shares, which accounts for approximately 5.76% of the total share capital. After July 8, the trading volume will expand from 17.35 million shares to approximately 43.03 million shares, nearly 2.5 times the original amount. Based on the intraday high on June 22, the 25.68 million shares correspond to a book value of about HKD 73.4 billion, indicating a shift in supply and demand for shares. On June 22, Zhipu's market capitalization was approximately USD 137 billion, with projected revenue of around USD 100 million for the full year of 2025, corresponding to a price-to-sales ratio (PS) of about 1280 times. In comparison, OpenAI is projected to have a revenue of about USD 13 billion and a valuation of USD 730 billion in 2025, resulting in a PS of approximately 56 times. Using OpenAI's multiples, Zhipu's 'reasonable' market value is estimated to be between USD 4 billion and USD 8 billion. Even with JPMorgan's forecast of a 534% revenue increase in 2026 (approximately USD 640 million), applying OpenAI's multiples would only support a market value of USD 25 billion to USD 50 billion. Zhipu's current price is supported by scarcity, imagination, and capital structure. For more reports, see 'Institutions Earn 100 Times, Is Zhipu's Stock Price at Its Peak?'

Zhipu AI Faces Major Equity Unlocking Test in July with Trading Volume Increasing 2.5 Times, New Chips Worth Approximately HKD 73.4 Billion

HTX data monitoring shows that XRP has fallen below 1.1 USDT, currently reported at 1.1 USDT, with a 24H decline of 2.87%.

【XRP falls below 1.1 USDT】HTX data monitoring shows that XRP has fallen below 1.1 USDT, currently reported at 1.1 USDT, with a 24H decline of 2.87%.

XRP falls below 1.1 USDT

On June 23, U.S. stock index futures saw an increase in losses, with Nasdaq 100 futures down 2.5%, S&P 500 futures down 1.4%, and Dow futures down 0.7%.

[Nasdaq 100 Futures Drop 2.5%]On June 23, U.S. stock index futures saw an increase in losses, with Nasdaq 100 futures down 2.5%, S&P 500 futures down 1.4%, and Dow futures down 0.7%.

Nasdaq 100 Futures Drop 2.5%

On June 23, Hong Kong's storage concept stocks collectively suffered significant declines. As of now, the Southern Double Long Position in Samsung Electronics has dropped over 24%, while the Southern Double Long Position in SK Hynix has fallen over 23%. Additionally, Lanqi Technology has decreased by over 12%, and Zhiyu Innovation has dropped by over 10%. Investors have intensified their sell-off of leading chip stocks, raising concerns that the recent rally may have been overstretched. The South Korean stock market also experienced a sharp decline today, with the KOSPI closing down 9.99% at 8204.06 points, marking the largest single-day drop since March 4 of this year. Both Samsung Electronics and SK Hynix saw their shares fall by over 12%.

[Double Long Positions in Samsung Electronics and SK Hynix Plummet]On June 23, Hong Kong's storage concept stocks collectively suffered significant declines. As of now, the Southern Double Long Position in Samsung Electronics has dropped over 24%, while the Southern Double Long Position in SK Hynix has fallen over 23%. Additionally, Lanqi Technology has decreased by over 12%, and Zhiyu Innovation has dropped by over 10%. Investors have intensified their sell-off of leading chip stocks, raising concerns that the recent rally may have been overstretched. The South Korean stock market also experienced a sharp decline today, with the KOSPI closing down 9.99% at 8204.06 points, marking the largest single-day drop since March 4 of this year. Both Samsung Electronics and SK Hynix saw their shares fall by over 12%.

Double Long Positions in Samsung Electronics and SK Hynix Plummet

On June 23, the Federal Reserve's overnight reverse repurchase agreement (RRP) usage was $3.925 billion (with 4 counterparties) on Monday, compared to $251 million on the previous trading day.

[Federal Reserve Overnight Reverse Repo Usage at $3.925 Billion on Monday]On June 23, the Federal Reserve's overnight reverse repurchase agreement (RRP) usage was $3.925 billion (with 4 counterparties) on Monday, compared to $251 million on the previous trading day.

Federal Reserve Overnight Reverse Repo Usage at $3.925 Billion on Monday

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Federal Reserve Overnight Reverse Repo Usage at $3.925 Billion on Monday

Disclaimer：Il contenuto di cui sopra non rappresenta le posizioni di HTX.，HTX non fornisce alcuna raccomandazione di trading.。

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