Crypto Morning Brief: Micron Technology’s Q3 Revenue Beats Expectations; Morgan Stanley Buys ~143 BTC on Dip
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Crypto Morning Brief: Micron Technology’s Q3 Revenue Beats Expectations; Morgan Stanley Buys ~143 BTC on Dip
Prediction market platform Kalshi is in talks for a new funding round, with a valuation of approximately $4 billion.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Highlights
Micron’s Q3 Revenue Beats Expectations; Q4 Guidance Far Exceeds Wall Street Forecasts, Driving After-Hours Stock Surge of Nearly 10%
Micron Technology (MU.O) projected fourth-quarter revenue above Wall Street expectations on Wednesday, signaling robust demand for its memory chips driven by strong AI-related infrastructure investment. The company’s stock rose nearly 10% in after-hours trading.
Micron expects fourth-quarter revenue of $5.0 billion (±$1.0 billion), significantly higher than the consensus analyst estimate of $4.358 billion. This performance and outlook reflect how explosive growth in generative AI has made products such as HBM critical components in large data centers—fueling sharp price increases. Micron’s quarterly report also showed third-quarter revenue of $4.14 billion, far surpassing the market expectation of $3.54 billion.
CEO Sanjay Mehrotra stated: “Micron’s record-setting third-quarter financial results and even stronger outlook for the fourth quarter underscore the strategic value of memory in the AI era. We believe our multi-year strategic customer agreements will significantly enhance the durability and predictability of Micron’s strong financial performance.”
Micron’s third-quarter report shows net income of $2.824 billion, or $24.67 per share, compared to $1.89 billion, or $1.68 per share, in the same period last year. On an adjusted basis—excluding certain one-time items—Micron reported earnings per share of $25.11, exceeding the prior analyst consensus of $20.86.
Bitcoin Spot ETFs Saw $469 Million Net Outflow Yesterday
According to Trader T (@thepfund), bitcoin spot ETFs recorded a net outflow of $469 million on June 25—sharply widening from the $114 million net outflow on June 23. Outflows included $239 million from BlackRock’s IBIT, $121 million from Fidelity’s FBTC, $54.34 million from Grayscale’s GBTC, $50.66 million from Ark’s ARKB, and $27.53 million from Bitwise’s BITB. Only Grayscale Mini BTC registered a net inflow of $23.56 million; all other products saw zero net flow that day.
Kraken Partners with Maple to Launch On-Chain Credit Warehousing Facility, Expanding Institutional Crypto-Collateralized Lending
Per The Block, Kraken has partnered with Maple—a leading on-chain institutional lending platform—to launch an on-chain warehousing facility for digital asset-backed loans. The facility will provide USDC liquidity to Kraken’s OTC lending clients, enabling borrowers to use crypto assets—including BTC and ETH—as collateral.
As disclosed, Maple will supply senior financing via a bankruptcy-remote special purpose vehicle (SPV), while Kraken handles loan origination, servicing, and subordinated risk exposure. Underlying collateral assets will be held in custody by Kraken Financial. This model draws structural inspiration from traditional financial markets’ asset-backed securities framework, aiming to improve capital efficiency in institutional lending and enhance on-chain transparency.
SBI Group Announces Acquisition of Cryptocurrency Exchange Bitbank
According to Nikkei, Japan’s SBI Group announced on June 25 its acquisition of cryptocurrency exchange Bitbank for ¥46.7 billion. Upon completion, combined account numbers across SBI VC Trade and Bitbank will reach approximately 2.92 million, with total virtual asset custody valued at roughly ¥1.1 trillion—making it the largest crypto platform in Japan by scale. Earlier, in May, SBI had disclosed ongoing capital and business integration discussions with Bitbank.
Circle Plans Stablecoin FX Instant Settlement Service for Japanese Corporations with Nomura, Targeting Launch as Early as 2027
Per the Nikkei Asian Review, stablecoin issuer Circle plans to collaborate with Nomura Securities to launch foreign-exchange instant settlement services for Japanese enterprises—targeting availability as early as 2027. The initiative aims to boost cross-border payment efficiency and facilitate international investment and trade using stablecoins.
Morgan Stanley Adds ~143 BTC in “Buy-the-Dip” Move; Total Bitcoin Holdings Now Exceed 4,700 BTC
Per Arkham intelligence, Morgan Stanley executed another “buy-the-dip” transaction—acquiring 143.312 BTC through its spot bitcoin ETF MSBT, worth $8.54 million—bringing its total bitcoin holdings to 4,784 BTC, valued at approximately $293 million.
Prediction Market Platform Kalshi Negotiating New Funding Round Valued at ~$4 Billion
According to the Financial Times, prediction market platform Kalshi is negotiating a new funding round valued at approximately $4 billion—potentially closing as early as Q3 this year. Last month, Kalshi raised $1 billion at a $2.2 billion valuation, with investors including Coatue, Sequoia Capital, Andreessen Horowitz, and Morgan Stanley.
10x Research: If ETH Breaks Below $1,600, Next Support Level Likely at $1,200
Per analysis by 10x Research (@10xResearch), Ethereum currently hovers near the $1,600 support level. A break below this level would likely trigger a drop to $1,200—the price range seen before and immediately after the FTX collapse. ETH has already fallen below both its 7-day and 30-day moving averages, posting a 7.4% weekly decline—a dual bearish technical signal. Fundamentally, Ethereum Foundation’s 20% staff reduction has dampened market sentiment, while expiring developer incentive programs raise concerns about funding shortfalls. Persistent net outflows from spot ETFs and weak institutional demand compound the pressure. On-chain metrics further indicate asset accumulation has dropped to multi-year lows and transaction failure rates are rising. Macro headwinds—including hawkish Fed policy, a strengthening U.S. dollar, and equity market volatility—add further downward pressure.
“Machi Brother” Fully Liquidated on ETH 25x Leveraged Long Position, Losing $1.9 Million
Per on-chain analyst Onchain Lens (@OnchainLens), “Machi Brother” was fully liquidated on his ETH 25x leveraged long position—resulting in a $1.9 million loss. Notably, Machi opened a new ETH 25x leveraged long position immediately after liquidation; his cumulative losses now exceed $35.4 million.
CryptoQuant Analyst Recommends Strategy Cease Bitcoin Purchases and Build Cash Reserves
Per Decrypt, CryptoQuant analyst Julio Moreno advised Strategy—the publicly traded bitcoin-holding firm—to immediately halt bitcoin purchases and instead prioritize building cash reserves to ease pressure on its preferred stock STRC. STRC fell to an all-time low of $79.85 on Wednesday; its dividend coverage ratio has plunged from over seven years at the start of 2026 to just 14 months.
Moreno noted that Strategy must rebuild a minimum 24-month dividend coverage cushion in cash and establish a systematic framework for bitcoin buying and selling. The firm currently holds 847,363 BTC—valued at ~$5 billion at current prices—but annual dividend obligations have risen to $1.2 billion, intensifying cash strain.
Today’s Market Overview
Recommended Reading
Research Report Deep Dive: Wafer-Scale Chip Sector Breakthrough—Cerebras’ IPO Debut Exceeds Expectations
https://www.techflowpost.com/article/32213
Morgan Stanley released its first post-IPO follow-up report on Cerebras Systems on June 24, raising its price target from $250 to $273 and maintaining an Overweight rating. The chipmaker occupies a unique position in fast inference, with both revenue and gross margin in its latest earnings report beating expectations. Analysts expect its 750MW capacity agreement and self-built cloud service plan to drive high growth over the next two years. Crucially, market skepticism regarding the scalability of its technology has been dispelled.
2x Leveraged Memory ETF Launches: After Micron’s Blowout Earnings, Should You Use $RAM to Leverage?
https://www.techflowpost.com/article/32211
The 2x leveraged ETF “RAM”—tracking memory chip stocks—launched on June 24, the same day Micron reported record-breaking quarterly results: $4.15 billion in revenue and an 84.9% gross margin—driving a >12% after-hours surge. Its underlying DRAM ETF, launched less than three months ago, has attracted over $20 billion in assets—but has since corrected ~16% from its peak. RAM amplifies both upside gains and downside losses. This article dissects RAM’s product mechanics, core risks, and the current profit-loss calculus for entry. The memory chip sector sits at a delicate inflection point: fundamentals have never been stronger—but prices have pulled back from highs. The newly launched 2x leveraged ETF “RAM” forces every investor watching this space to confront a pivotal question—does leveraging into the dip represent smart bottom-fishing—or an accelerator of losses? Before answering, let’s review what happened that day.
Reddit Retailers “Save” U.S. Fast-Food Giant WEN—Stock Surges 42% in One Day, Igniting Chain-Wide Meme Coin Rally
https://www.techflowpost.com/article/32207
American fast-food chain Wendy’s (WEN) surged 42% intraday—and closed up ~26%—on Wednesday, fueled by a viral “Save Wendy’s” post on Reddit’s WallStreetBets forum. Trading volume exceeded 200 million shares—more than 20x its average daily volume. A crowded short position—34% short interest—created ideal conditions for a short squeeze. Meanwhile, Solana-based meme coin $WEN hit a $439,000 market cap within 24 hours—up over 1,450%.
Another retail-driven movement has erupted on Reddit—this time targeting fast-food giant Wendy’s. On Wednesday, June 24, Wendy’s (NASDAQ: WEN) spiked as high as $8.89 intraday—up 42%—and closed at $7.86, still up over 25%. After-hours trading continued upward. The previous day, WEN had hit a near-20-year low of $6.07. The catalyst was a post on r/WallStreetBets titled “We need to save Wendy’s,” which garnered over 20,000 upvotes.
The poster cited Wendy’s steep multi-year stock decline and half-jokingly wrote: “If this company goes bankrupt, we’ll all be unemployed!” (A common joke among WallStreetBets users who claim to work at Wendy’s.)
Citrini Research: Five Overlooked Investment Themes Masked by AI Trading Hype
https://www.techflowpost.com/article/32208
While analysts across the board tally how many HBM chips and Taiwan-made glass panels data centers need, the truly scarce resource is attention itself. Three years of AI narratives have crowded capital into narrow themes—but the rest of the world keeps turning: life sciences cycles have bottomed, aging real estate is filling up, and sports venues are selling out. These forgotten sectors are quietly repairing their fundamentals… For investors, the biggest alpha may not lie along the AGI timeline—but in small, unmodeled themes no one is tracking.
Comprehensive Analysis of the AI Inference Market—and How Crypto Projects Can Break Through
https://www.techflowpost.com/article/32214
The current AI inference market no longer resembles a monolithic cloud services landscape—it’s more like a high-stakes game of risk chess. Every provider vies for distinct territory: hyperscale cloud providers dominate the enterprise continent; network infrastructure players control trade corridors; and decentralized networks fight fiercely on the open frontier.
The last AI cycle centered on model training—but increasingly, inference is revealing massive economic value. Many may be hearing the term “inference” for the first time—so what exactly is it?
Training creates the AI model; inference is the process by which the model generates responses when prompted or tasked.
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