Core Viewpoint - Oriental Harbor Investment Fund, led by Dan Bin, has revealed its latest adjustments in U.S. stock holdings for Q2, showing a significant increase in total market value and a focus on AI and cryptocurrency sectors [1][2][3]. Group 1: Holdings Overview - As of the end of Q2, Oriental Harbor held 13 U.S. stocks with a total market value of $1.126 billion, up from approximately $868 million at the end of Q1 [2]. - New purchases in Q2 included Tesla, Netflix, and Coinbase, with Tesla being bought at 198,300 shares valued at $63.01 million and Netflix at 42,800 shares valued at $57.23 million [4][5]. - Coinbase, the largest cryptocurrency exchange in the U.S., was newly added to the portfolio with a holding value of approximately $54.7 million [5]. Group 2: Major Holdings and Adjustments - Nvidia remains the largest holding, slightly reduced by 110,000 shares, with a market value of $200 million, while Google has been increased to the second-largest holding with a market value of $163 million [5][6]. - There were reductions in holdings of Apple, Amazon, Microsoft, and Meta [6]. Group 3: Investment Strategy - The investment strategy shows three main characteristics: a focus on the AI industry, the use of leveraged tools to bet on market growth, and a significant allocation to derivative funds [7][10]. - The fund has invested in leveraged ETNs, including $129 million in a three-times leveraged FANG+ index ETN, which carries high risk due to its nature of daily adjustment [10][11]. - Despite a significant recovery in fund performance, the aggressive strategy has raised market skepticism, especially after a notable drawdown earlier in the year [8][13].

Core Insights - The Hong Kong digital asset ecosystem is experiencing expansion opportunities as regulatory frameworks are being optimized, allowing licensed institutions to broaden their business scope [1][3][4] Regulatory Developments - Hong Kong regulators are loosening restrictions on licensed institutions, with the Securities and Futures Commission (SFC) recently approving licensed crypto exchanges to offer staking services upon separate approval [3][4] - The regulatory environment is evolving from strict to more permissive, enabling a wider range of products and services within the digital asset space [3][16] - The principle of "same activity, same risks, same regulation" is being adopted to foster a vibrant and innovative digital asset ecosystem [3][16] Competitive Landscape - The Hong Kong cryptocurrency market consists of three main participants: global exchanges without local licenses (e.g., Binance), licensed exchanges and brokers (e.g., OSL and Futu), and offline stores facilitating small-scale crypto transactions [4][17] - Licensed exchanges and brokers have advantages such as connections with local banks, enhanced customer protection, and the ability to conduct marketing activities in Hong Kong [4][17] - OSL's fee structure for OTC trading is 25 basis points, with comprehensive solutions charging 10-15 basis points, and payment services around 2.5%, which is higher than international peers like Coinbase [4][20] Stablecoins and Their Role - Stablecoins play a crucial role in the Hong Kong digital asset ecosystem, with exchanges facilitating a significant volume of stablecoin-related transactions [5][21] - OSL is applying for stablecoin licenses in the EU and considering applications in Hong Kong and Singapore, emphasizing the importance of sustainable use cases for stablecoin issuance [5][21] - The transition from mainstream stablecoins to Hong Kong dollar-backed stablecoins may face challenges, leading most licensed institutions to operate primarily as stablecoin distributors rather than issuers [5][21][22] RWA Tokenization - The tokenization of Real World Assets (RWA) in Hong Kong is still in its early stages, with OSL providing end-to-end solutions and custodial services [6][23] - Current RWA transactions are conducted in fiat, limiting the potential for 24/7 trading; however, using stablecoins could enable real-time transactions [6][23][24] - The slow development of RWA tokenization presents opportunities for the application of Hong Kong dollar stablecoins [6][24][25] Cross-Border Payment Solutions - OSL is building a global payment network that supports both crypto and fiat transactions, with stablecoins playing a key role [26][30] - The application of stablecoins in payments can significantly reduce transaction times compared to traditional banking methods, which typically take 2 to 5 business days [28][30]

Group 1 - The total liquidation amount across exchanges is significant, with Binance leading at $8.21 million, followed by Bybit at $5.13 million and OKX at $4.03 million [3] - The majority of liquidations are from short positions, with Binance showing 65.36% short, Bybit at 64.66%, and OKX at 79.9% [3] Group 2 - The reported liquidation amounts indicate a volatile trading environment, which may present both opportunities and risks for investors [3]

Core Viewpoint - Cryptocurrency trading is primarily dominated by hedge funds and retail investors, facilitated through top centralized exchanges, with significant regulatory developments enhancing compliance and service offerings in the sector [1][2][3]. Group 1: Cryptocurrency Trading Dynamics - As of Q2 2025, 69% of Bitcoin is expected to be held by individuals, while approximately 80% of trading volume is driven by institutional investors such as hedge funds, leaving retail investors with only 20% of the trading volume [1][2]. - Major centralized exchanges like Binance, MEXC, and HTX are estimated to account for 50% of global trading volume, serving as crucial liquidity centers [1][2]. Group 2: Regulatory Developments - The EU introduced the MiCA regulation in June 2023, allowing securities firms to register as Crypto Asset Service Providers (CASP) to offer various services including custody and trading [3]. - The U.S. House Rules Committee passed a cryptocurrency bill on July 14, 2025, enabling brokers to register with the CFTC as Digital Commodity Exchanges (DCE) and engage in trading and market-making activities [3]. - The Hong Kong SFC's A-S-P-I-RE roadmap allows securities firms to apply for licenses to operate digital asset trading platforms or act as intermediaries [3]. - New regulations in Singapore require digital token service providers to register as DTSPs to conduct digital token trading and related services [3]. Group 3: Internet Brokerage and Liquidity Provision - Internet brokerages leverage their retail customer flow to provide liquidity to exchanges, enhancing their business models [4]. - The Payment for Order Flow (PFOF) model allows brokerages like Robinhood to package customer orders and sell them to market makers, generating spreads while offering commission-free trading to retail clients [4]. - Firms like Futu and Tiger Brokers connect retail customer flow to exchanges, charging lower fees (0.08%-0.05%) compared to exchange trading fees (0.1%-0.3%) [4]. - The PFOF model retains customer assets within brokerage accounts, facilitating the expansion of business scenarios, including crypto asset staking and self-custody wallets [4].

Core Viewpoint - The Hong Kong Stablecoin Regulation will take effect on August 1, prohibiting unlicensed stablecoin operations in the region, raising questions about the future of stablecoins like USDT and USDC in Hong Kong [1][4]. Group 1: Current Operations of Crypto Exchange Shops - Crypto exchange shops in Hong Kong, such as "One Bitcoin" and "Fangbei," continue to operate normally ahead of the regulation's implementation, with limited customer traffic observed [2][3]. - The shops offer services for exchanging fiat currency for various cryptocurrencies, including USDT and USDC, with transaction fees varying based on the method of purchase [3][4]. - Staff at these shops expressed uncertainty about the impact of the new regulation on their operations, indicating they had not received official notifications regarding changes [3][4]. Group 2: Regulatory Environment and Future Implications - The Hong Kong government is welcoming licensed virtual asset trading platforms, and any unlicensed sale of USDT and USDC to retail customers will be deemed illegal post-regulation [4][6]. - The government is considering establishing a licensing regime for virtual asset OTC services, as current operations remain largely unregulated [6][7]. - A significant number of physical virtual asset OTC shops and digital platforms are currently operating in Hong Kong, with some providing services to mainland residents [5][6].

香港《稳定币条例》将于8月1日正式生效，其禁止未获发牌而在香港经营稳定币业务。那么，像 USDT、USDC这些稳定币在香港的使用会否因此受到限制？ 在香港的街头，加密货币找换店随处可见，它们提供法币与稳定币之间的兑换服务，并能现场完成交 易。 《稳定币条例》正式生效前夕，这些街边找换店经营情况如何？条例的生效又是否会对其后续经营造成 影响？近日，《每日经济新闻》记者（以下简称每经记者）走访香港街头。 加密货币找换店仍在正常营业 7月28日，每经记者依据手机地图的指引，抵达了香港湾仔区"铜锣湾地带"商场二层。这个商场的大部 分商铺均为抓娃娃店，仅二层便设有十余家，吸引了不少年轻人在此扎堆。 在该楼层，每经记者发现了两家加密货币找换店，分别名为"一宗比特币"和"方贝"。这两家店铺的规模 都不大，仅有几平方米。每经记者在店铺附近停留逾半个小时，其间仅1名男士走进"一宗比特币"店铺 进行咨询。 对于8月1日之后在该店铺是否还能继续用港元兑换USDT等加密货币，店员表示不清楚，"我们暂时还 没有收到通告。" 在同楼层的另一家店铺"方贝"，店铺内同样有一台小液晶显示屏，上面播放着不同加密货币的买入和卖 出价格，可交易币种 ...

Coinbase(COIN.US)一度涨超4%，最高触及386.58美元。消息面上，摩根大通与Coinbase建立战略合作 伙伴关系，开通银行直充、信用卡支付及积分兑币服务。(格隆汇) ...

Group 1 - Coinbase's stock rose over 1% in pre-market trading [1] - JPMorgan Chase has established a strategic partnership with Coinbase [1] - The partnership includes services such as bank direct deposits, credit card payments, and points redemption for cryptocurrency [1]

Core Viewpoint - JPMorgan has established a strategic partnership with Coinbase, enabling direct bank deposits, credit card payments, and points-to-crypto conversion services, leading to a pre-market increase of over 1% in Coinbase's stock price [1] Group 1 - JPMorgan and Coinbase's partnership aims to enhance user experience by providing more payment options [1] - The introduction of direct bank deposits and credit card payments is expected to attract more users to Coinbase's platform [1] - The partnership reflects a growing trend of traditional financial institutions collaborating with cryptocurrency platforms [1]

Group 1 - The core viewpoint of the article is that JPMorgan Chase has established a strategic partnership with Coinbase, making the purchase of cryptocurrencies unprecedentedly simple [1] Group 2 - The collaboration aims to enhance the accessibility of cryptocurrency transactions for users [1] - This partnership signifies a growing trend of traditional financial institutions engaging with the cryptocurrency market [1]