Crypto Morning Brief: Moonshot AI Releases Kimi K3 Open-Weights Multimodal Model, China's Domestic DUV Lithography Machine Enters Mass Production

Author: TechFlow

Yesterday's Market Dynamics

NVIDIA Announces Formation of Open Safety AI Consortium with Multiple Founding Members to Promote AI Safety and Assurance

On July 27, NVIDIA announced the formation of the Open Safety AI Consortium with multiple founding members to promote AI safety and assurance. Founding members are leaders in cloud computing, cybersecurity, enterprise software, open source foundations, and AI research, including: NVIDIA, Adobe, Cadence, Capital One, Cisco, Cloudera, Cloudflare, Cognition, CrowdStrike, Databricks, Dell Technologies, DoorDash, Elastic, HPE, Hugging Face, IBM, LangChain, Linux Foundation, Microsoft, NAVER, NetApp, Nous Research, OpenClaw, Palantir, Palo Alto Networks, Red Hat, Reflection AI, Salesforce, SAP, SK Telecom, ServiceNow, Siemens, Snowflake, SpacexAI, Synopsys, Thinking Machines Lab, and TrendAI.

Country Garden Forced to Liquidate CXMT Equity at Cost, Missing Over 23x Investment Return

On July 27, according to crypto KOL AB Kuai.Dong (@_FORAB), in September 2021, Country Garden invested 2 billion yuan in Changxin at 2.22 yuan/share, acquiring 901 million shares. At the end of 2024, due to being deeply entrenched in the real estate liquidity crisis, Country Garden was forced to liquidate all held Changxin equity at the original price, with Hefei State-owned Capital taking over. If held until now, the return on this investment would be as high as 23 times.

Hefei State-owned Capital continues to bet on Changxin, currently holding 36.79% of shares, with book returns exceeding 1 trillion yuan.

Circle Acquires IBM Blockchain Patent Portfolio, Strengthening On-chain Financial Infrastructure Layout

On July 27, Circle announced the acquisition of IBM's blockchain patent portfolio. The relevant assets cover more than 680 patent families and nearly 1,000 granted patents, spanning areas such as blockchain underlying technology, banking, financial services, insurance, enterprise infrastructure, supply chain verification, and secure cloud operations.

Following this acquisition, Circle stated that it has become a leading enterprise in blockchain patent holdings in the US and will further support USDC, Circle Payments Network, Arc, and other on-chain financial products and infrastructure construction. Both parties also stated that they will explore more commercial cooperation opportunities in the future.

China's Domestic DUV Lithography Machine Has Started Mass Production, Changxin Memory May Become One of the First Customers

According to The Information citing informed sources, a state-owned enterprise in Shanghai has started mass production of independently developed DUV (Deep Ultraviolet) lithography equipment and plans to produce about 5 units in 2026, expanding to about 20 units in 2027. Sources say the equipment is intended for delivery to domestic chip manufacturers such as SMIC, Hua Hong Semiconductor, and Changxin Memory, with Changxin Memory potentially becoming one of the first customers.

This move is seen as a phased progress in the localization and substitution of China's semiconductor manufacturing equipment, but there is still a significant gap in overall capacity compared to ASML.

Moonshot AI Releases Kimi K3 Open-Weights Multimodal Model

Moonshot AI released the open-weights model Kimi K3 on Hugging Face. The model is a native multimodal agent model with a total parameter size of 2.8T, adopting a MoE architecture, with approximately 104B activated parameters, supporting text and image input, and possessing a 1 million Token context window.

Officials state that Kimi K3 is geared towards long-context programming, reasoning, and knowledge work scenarios, supporting deployment via Transformers, vLLM, SGLang, etc., with model weights and code released under the Kimi K3 License.

Changxin Surges 465.8% on First Day of Listing, Total Market Cap Reaches 3.28 Trillion Yuan

On July 27, Changxin surged 465.8% on its first day of listing, closing at 49 yuan. It set multiple A-share records, with a total market cap reaching 3.28 trillion yuan.

US "Clarity Act for Digital Asset Markets" Enters Critical Two-Week Window, Ethical Clause Disagreements Become Biggest Obstacle

According to CoinDesk, the Senate has released the latest consolidated text of the "Clarity Act for Digital Asset Markets" (Clarity Act), integrating drafts from the Senate Banking Committee and the Agriculture Committee, and adding ethical clauses for the first time—prohibiting senior government officials from issuing or sponsoring cryptocurrencies. However, there is still significant uncertainty whether the bill can pass before the summer recess on August 7.

The core disagreement lies in the strength of the ethical clauses: Democrats hope the clauses can substantially constrain Trump's over $1.4 billion in crypto earnings from last year, while the current version agreed to by the White House only requires Trump to complete asset divestiture or establish a blind trust within one year, with enforcement by the Department of Justice—Democrats do not trust this.

From a timeline perspective, if the Senate proposes a "motion to proceed" this Monday or Tuesday and reaches consensus on ethical clauses by July 30 (Thursday), the bill is still expected to complete voting before August 7. The crypto industry generally supports the bill's passage, believing it provides a necessary investor protection framework; Senator Warren stated the bill "should be killed on arrival".

6.93 Million HYPE Tokens to Unstake in Next 7 Days, Scale Approximately $415 Million

According to Onchain Lens monitoring, 6.93 million HYPE tokens will unstake on Hyperliquid in the next 7 days, valued at approximately $415.2 million at current prices. Among them, 3.3 million HYPE tokens will unstake on July 30 alone, valued at approximately $197.53 million, potentially becoming one of the largest single-day unstaking events in Hyperliquid's history.

Whales Also "Double-Killed" by Market, Top 9 Hyperliquid Addresses Lose $48.64 Million Combined

According to Hyperinsight monitoring, the top 9 whale addresses on Hyperliquid currently hold positions close to or exceeding $100 million each, with single address position sizes ranging between $97.84 million and $314 million, totaling a nominal value of approximately $1.285 billion.

Calculated by current net unrealized profit and loss for each address, all 9 addresses have fallen into floating losses, with combined losses of approximately $48.635 million. Among them, the floating losses of the two whales with the largest losses have both exceeded $10 million.

The TOP 1 loss is the "BTC OG Insider Whale". Its current position is approximately $99.35 million, with an overall floating loss of $15.538 million, including a 5x long BTC position valued at approximately $82.906 million, with an average entry price of $76,117.3, and a single position floating loss of $13.636 million; its ZEC short position also has a floating loss of approximately $1.901 million.

Among common loss sources, ETH short positions are the most concentrated. A total of 6 top addresses are shorting ETH, totaling approximately 222,000 tokens, with position value approximately $456 million, and current floating losses totaling $36.208 million.

Among them, "pension-usdt.eth" holds only one 50,000 ETH short position, with a current floating loss of $13.417 million, liquidation price at $2,182.1, approximately 10.9% higher than the current price; "BobbyBigSize"'s 44,200 ETH short position has a floating loss of $6.665 million, and the address overall still has a net loss of $5.317 million.

"Abraxas Capital" main and sub-addresses combined short approximately 94,900 ETH, with related position floating losses of $9.893 million, but HYPE, SOL, and FARTCOIN short position profits offset most of the losses, with a net floating loss of approximately $3.872 million.

The remaining top addresses also failed to remain unaffected: the whale starting with 0xf822 is under pressure from both ETH and BTC short positions; the whale starting with 0x3200 mainly lost on US stock long positions such as GOOGL and MRVL; Wintermute market-making address has a net floating loss of $2.463 million.

This round of collective whale losses does not come from bets in the same direction. ETH price increase concentratedly squeezed top shorts, BTC OG became the biggest loser due to high-position BTC long positions, while some BTC shorts and US stock longs are also in a loss state. With both long and short strategies failing simultaneously, none of the 9 near-$100 million level addresses have temporarily achieved book profits.

Today's Market Conditions

Recommended Reading

100 Crypto Projects Died in 2026: This Time No Implosions, Only Starvation

https://www.techflowpost.com/article/32805

This article argues that the crypto industry is experiencing a "death wave" different from the past in 2026: in past cycles, projects mostly fell due to implosions, hackers, or fraud, while this round is more because business models are unsustainable, currently "starving to death". The exit of old platforms like BitMEX and BitMart indicates that models relying on trading volume growth, token incentives, and new user inflows are failing. The focus of industry elimination is shifting from air projects to medium-sized players that were once mature but lack real profitability. The article points out that the market is moving from a "explosive risk clearance" phase to an "operational capability screening" phase, with capital and user resources further concentrating towards the top. Crypto companies that can truly remain must have stable income, real demand, and sustainable business models. The death list does not mean the market has bottomed out, but rather resembles an industry liquidation bill, representing the crypto industry moving from being driven by narratives and traffic, to being based on products,

Changxin Technology Surges 453% on First Day, Breaking A-Share Trading Record, On-chain Market Called Higher Price Two Weeks Ago

https://www.techflowpost.com/article/32804

On July 27, domestic DRAM leader Changxin Technology listed on the STAR Market, surging 471.59% at the opening on the first day. Its market cap once reached 3.31 trillion yuan, surpassing ICBC to top the A-share market cap list, while simultaneously refreshing the single-day trading record for an individual stock with a turnover of 90.1 billion yuan. But more worthy of attention is that before the official opening of A-shares, the CXMT pre-market perpetual contract on Hyperliquid had already given a price close to the market answer in advance, reaching a high of $8.64, equivalent to about 58 yuan RMB, 18% higher than the actual opening price. Behind this listing carnival, Changxin's valuation also triggered market re-examination: its total market cap has reached about 46% of Micron's, but freely tradable chips are only about 3% of Micron's, and the extremely small floating cap amplified price volatility. At the same time, the on-chain pre-market market showed price discovery capability for A-share IPO targets for the first time, indicating that new connection methods are emerging between traditional capital markets and on-chain trading. Changxin Technology's listing not only represents national

Five Years Ago, She Heavily Bet on Changxin

https://www.techflowpost.com/article/32807

A female investor who has long bet on hard technology—Peng Gui'e, Managing Partner of Walden International. Five years ago, when almost no one was optimistic about the DRAM track, she resisted internal pressure and led Walden to bet against the trend with nearly 900 million yuan on Changxin Technology. At that time, the market worried about huge investments, long cycles, and overseas giant monopolies, but Peng Gui'e believed that what truly determines industrial breakthroughs is not financial models, but the determination and long-termism of the entrepreneurial team. From GigaDevice to Changxin Technology, she witnessed Zhu Yiming's more than ten years of continuous deep cultivation in the storage industry, and also accompanied China's semiconductors from "not being believed" to the global competition stage. Changxin's IPO is about to be unveiled, this is not only a capital milestone for a company, but also a realization of long-termism in China's hard technology investment—in long-cycle tracks like semiconductors, time ultimately becomes the most important investment return.

Podcast Notes | Robinhood Crypto Head Personally Shares: Meme + Tokenized US Stocks Are Our "Barbell" Customer Acquisition Strategy, Currently All Business Lines Have Achieved Hundreds of Millions in Revenue

https://www.techflowpost.com/article/32810

Robinhood Chain mainnet has been online for three weeks, weekly DEX trading volume exceeded $3 billion, number of transactions exceeded 105 million, TVL exceeded $300 million. Johann Kerbrat explained the chain's strategic logic in detail on a podcast for the first time: why choose a "barbell" layout (meme tokens + real-world assets in parallel), why use the Arbitrum tech stack instead of building a proprietary L1, and how to gradually move Robinhood's 27 million funded accounts on-chain. He clearly stated that the focus of competition is on "making the cake bigger" rather than fighting for share with Base, and revealed that tokenized stocks have covered 120+ countries, 90+ targets, and will expand to international stocks and private markets in the future.