# Capital Articoli collegati

Il Centro Notizie HTX fornisce gli articoli più recenti e le analisi più approfondite su "Capital", coprendo tendenze di mercato, aggiornamenti sui progetti, sviluppi tecnologici e politiche normative nel settore crypto.

Hash Global Research Report: Bitcoin Hasn't Risen Yet, Why Are We Starting to Think the Bear Market Might Be Over?

Hash Global Research Report: Why We Think the Bear Market Might Be Ending Even Before Bitcoin Rises Over the past six months, AI has dominated market attention, causing a significant shakeout in crypto. Bitcoin has tested the $58-60K support three times since February, with volatility hitting multi-year lows. Despite stagnant prices, key underlying dynamics are shifting. The forces that drove the market down are weakening: macro tightening fears are easing as US inflation and jobs data cool, the perceived systemic risk from large holders like MicroStrategy selling is diminishing as they shore up finances, and institutional outflows have stopped. Simultaneously, on-chain data shows a rare concentration of over 240,000 BTC (approx. 12% of supply) accumulated in the $61-65K range, forming a new, consolidated base reminiscent of historical bottoms. Meanwhile, the AI trade is cooling, potentially redirecting capital towards undervalued crypto assets, as seen in July's relative outperformance. The current phase, where AI money hesitates and crypto veterans await a final dip, creates a "no-man's-land" investment opportunity—a potential entry point before a new consensus forms. While a definitive upturn isn't guaranteed, the confluence of weakening bearish pressures, improved on-chain structure, and a possible capital rotation suggests the window for positioning for the next cycle is opening.

marsbit08/13 03:26

Hash Global Research Report: Bitcoin Hasn't Risen Yet, Why Are We Starting to Think the Bear Market Might Be Over?

marsbit08/13 03:26

Hong Kong Stock Market in July: Super IPOs Coexist with Wave of Breakings, Hard Tech Still the Main Theme

The Hong Kong IPO market in July presented a "two-tiered" scenario characterized by both a mega-IPO and a significant wave of new stock listings falling below their issue price ("breaking issue"). The highlight was Zhongji Innolight's (stock code: 03308.HK) listing on July 30, which raised approximately HK$53.41 billion. This marked the largest IPO on the Hong Kong exchange in nearly seven years since Alibaba's secondary listing. A prominent trend was the continued dominance of A+H listings, with companies like Luxshare (02475.HK) and others contributing significantly to the total monthly fundraising of around HK$116 billion. In stark contrast, the market saw a sharp rise in "broken issues." Out of 17 new listings for the month, 7 broke issue on their debut, with the rate climbing to 47% by month-end. Factors contributing to this included an intense concentration of listings (15 in one week), profit-taking by investors, and a market reassessment of valuations, particularly for companies with unclear commercial prospects. Despite the sell-off, hard tech remained the core theme, accounting for over 70% of July's listings. Key sectors were semiconductors and AI/autonomous driving. However, market enthusiasm became highly selective, with extreme over-subscription for certain niche players while others were heavily sold off. This signals a shift from speculative fervor towards a more value-driven assessment. Looking ahead, recent listing reforms by the Hong Kong Exchanges are expected to attract more tech firms. With a large pipeline of over 350 companies awaiting listing, including potential large offerings like SHEIN, the market is poised for continued activity. Analysts view July's correction not as a downturn but as a healthy valuation reset, emphasizing the need for investors to carefully discern company fundamentals.

marsbit08/04 02:59

Hong Kong Stock Market in July: Super IPOs Coexist with Wave of Breakings, Hard Tech Still the Main Theme

marsbit08/04 02:59

STRC's First Financial Report Post-Depegging, How is Strategy Restoring the Capital Flywheel?

On July 31, 2026, Bitcoin treasury company Strategy released its Q2 financial report. Despite a 6.9% year-over-year increase in revenue to $122 million, the company recorded a substantial net loss of $8.22 billion, primarily due to $8.32 billion in unrealized losses from Bitcoin holdings. While Strategy's core Bitcoin strategy remains intact—its holdings grew 11% to 843,775 BTC—the company is undergoing a fundamental shift in its capital model. Following the de-pegging of its key financing tool, the STRCoin (STRC), from its $100 target in May, Strategy has pivoted from a one-directional "raise funds, buy Bitcoin" cycle to a more dynamic, multi-asset capital management approach. A key part of this new framework is the "Monetization Program," through which Strategy has sold approximately $218.4 million worth of BTC to bolster liquidity. The company's top priority is repairing STRC's peg, committing not to issue discounted shares until it returns to its target range. It has initiated a $1 billion buyback program for discounted digital credit securities, having repurchased $28.9 million face value of STRC so far. Management aims to restore the peg around September 8, 2026. Strategy now actively manages a matrix of assets: Bitcoin (for accumulation or strategic sales), USD cash reserves (now at $3.75 billion), common stock (MSTR), and digital credit securities like STRC. This allows for tactical moves like repurchasing discounted debt or equity to capture value. The future success of Strategy's "capital flywheel" hinges on two factors: the short-term ability to successfully re-peg STRC to restore market confidence in its digital credit system, and the long-term price trajectory of Bitcoin, upon which its entire investment thesis ultimately depends.

Odaily星球日报07/31 03:32

STRC's First Financial Report Post-Depegging, How is Strategy Restoring the Capital Flywheel?

Odaily星球日报07/31 03:32

The Permanent Underclass: No One Can Answer That 17-Year-Old Child

The article "The Permanent Underclass: No One Has an Answer for That 17-Year-Old" explores the concept of a "permanent underclass" emerging in a future where AI can perform most cognitive and physical labor. This theory, gaining traction in tech circles, suggests that as AI reduces the need for human workers, wages lose importance, and wealth increasingly flows to those who own AI models, compute, and data. The core issue is not temporary poverty but the potential breakdown of the traditional ladder of upward mobility—through labor, bargaining, and asset accumulation—making "underclass" a permanent status. The piece highlights a poignant question posed by researcher Jasmine Sun to AI lab personnel: What advice would you give a typical 17-year-old facing this future? Most had no answer, acknowledging the frightening transition ahead. However, while struggling to advise others, many in the AI field are securing their own positions, shifting from research or policy into labs to gain equity and stand on the "capital" side. This creates a vicious cycle: the more people believe labor's bargaining power is vanishing, the fewer work to rebuild it, accelerating its decline. Common personal survival strategies—learning AI skills, acquiring AI company equity, or pivoting to hands-on, in-person work—are analyzed. The author argues these are largely stopgaps, accessible mainly to the privileged, and may collectively undermine labor's overall position. The fundamental question shifts from "how not to fall behind" to "why must one's survival depend on being needed by capital?" The article concludes that the real solution is not individual adaptation but building a new societal "negotiating table"—new laws, forms of collective bargaining, or redistribution mechanisms (like taxes or public funds) to ensure the wealth AI creates is shared, especially with those displaced. It contrasts tentative institutional responses in China with a potential regulatory vacuum in the US, warning that without such frameworks being established before public frustration boils over, social unrest could follow. The 17-year-old’s dilemma underscores a systemic failure: the architects of this future are buying personal insurance but offering no collective answers.

marsbit07/28 08:12

The Permanent Underclass: No One Can Answer That 17-Year-Old Child

marsbit07/28 08:12

Bitcoin Mining Farms Are Becoming AI Factories

Bitcoin mines are transforming into AI factories. This shift is driven by the convergence of three key assets from the previous crypto cycle: infrastructure, talent, and capital. Crypto mining companies like Crusoe, CoreWeave, and Bitdeer are repurposing their core competency—securing power, land, and grid connections in remote locations—to build data centers for AI clients. These firms are signing multi-billion dollar, long-term contracts with companies like Anthropic, AWS, and Microsoft, as AI's demand for reliable, high-capacity compute surpasses the profitability of Bitcoin mining. Simultaneously, crypto entrepreneurs and engineers are applying their skills to new AI ventures. Examples include OpenSea's co-founder launching OpenRouter (an AI model aggregator), and former Coinbase engineers building Fal.ai (a generative media infrastructure platform). Their experience in building scalable, global software networks translates effectively to the AI space. Furthermore, capital accumulated during the crypto boom is now fueling AI. Figures like Jed McCaleb (co-founder of Ripple) funded Voltage Park, a large-scale GPU cloud provider. Notably, some crypto investments, like FTX's early bets on Anthropic and Cursor, have generated astronomical paper returns, demonstrating how high-risk crypto capital flowed into AI before it became mainstream. The transition is not just about repurposing hardware, but about redirecting critical resources—power infrastructure, distributed systems expertise, and venture funding—to the next technological frontier: artificial intelligence.

链捕手07/22 06:33

Bitcoin Mining Farms Are Becoming AI Factories

链捕手07/22 06:33

Amidst Capital's Encirclement, Decentralization is the Sole Defense for Public Blockchains

In a landscape dominated by power and profit motives, the author argues that decentralization is not merely one desirable feature among many in blockchain design—it is the singular, non-negotiable defense against corporate and capital capture. The article adopts a Machiavellian, realist perspective on human institutions, positing that businesses will inevitably attempt to co-opt any valuable network to protect their profits and dominance. While external attacks like 51% forks are often discussed, the greater existential risk is internal capture—the gradual erosion of a protocol’s neutrality by vested interests, as seen historically with platforms like Visa and Google. The piece critiques permissioned chains, highly centralized “permissionless” layer-1s, and layer-2s without sufficient decentralization (e.g., single sequencers) as inherently vulnerable. These compromised systems, promoted by established financial players, are framed as delaying tactics to stifle truly open networks that threaten existing high-fee, inefficient business models. Real-world examples, such as closed enterprise consortiums that exclude competitors, illustrate how such systems cement oligopolies rather than foster innovation. The author concludes that while decentralized protocols like Ethereum are imperfect and costly to operate, they represent the only viable long-term equilibrium. In a market where value naturally flows to the most secure and neutral settlement layer, only maximally decentralized public blockchains can resist being subsumed by capital and powerful incumbents.

Foresight News07/21 06:58

Amidst Capital's Encirclement, Decentralization is the Sole Defense for Public Blockchains

Foresight News07/21 06:58

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