Core Insights - The demand for tokenized US stocks has seen unprecedented growth, with spot trading volume increasing by 452% month-over-month and futures trading volume surging by 4,468% during the last financial reporting season [2] Group 1: Market Trends - The report highlights three fundamental drivers behind the growth of tokenized equities: the composition of the asset class, the shift towards 24/7 accessibility, and the influence of a diverse global user base [2] - The futures market has exhibited aggressive trading behavior, particularly around large tech stocks, with notable month-over-month increases in trading volumes for Meta (40,774%), Microsoft (24,339%), and MicroStrategy (11,684%) [4] - Spot market participation shows a more balanced allocation, with Nvidia leading at 1,888% month-over-month growth, and significant increases in index funds like QQQ (3,492%) and SPY (3,247%) [4] Group 2: User Behavior and Demographics - The user base remains significantly international, with East Asia accounting for the highest proportion (39.66%), while Latin America, South Asia, Southeast Asia, and Europe also hold substantial shares [5] - High-frequency traders, referred to as "whales," average 51.7 trades per day, while retail investors tend to engage in selective trading around key events like earnings releases [5] Group 3: Company Overview - Bitget, established in 2018, is the largest universal exchange (UEX) globally, serving over 120 million users with access to millions of crypto tokens, tokenized stocks, ETFs, and other real-world assets [6] - The ecosystem aims to enhance trading intelligence through AI-powered tools and seamless access to real-world asset channels, connecting blockchain infrastructure with everyday financial scenarios [6] Group 4: Strategic Partnerships - Bitget leads cryptocurrency promotion through strategic partnerships, including being the official cryptocurrency partner of La Liga in East Asia, Southeast Asia, and Latin America [7] - The company collaborates with UNICEF to provide blockchain education support to 1.1 million people by 2027, and is the exclusive cryptocurrency exchange partner for MotoGP™ [7]

Core Viewpoint - ARK Innovation ETF, led by Cathie Wood, has rebounded over 50% since early April, but investor confidence remains low, leading to significant outflows and increased short positions [1][2]. Group 1: Performance and Investor Sentiment - Despite a strong performance, ARKK has not restored market confidence, with short positions reaching a record 37% of its float, surpassing previous pandemic peaks [2][4]. - In June alone, short sellers incurred over $300 million in mark-to-market losses due to ARKK's performance, with a 4.4% rise on a recent Monday adding approximately $93 million to their losses [2][3]. - The fund has experienced over $840 million in outflows this year, marking five consecutive weeks of net redemptions [4]. Group 2: Competitive Landscape - New single-stock ETFs are emerging, allowing investors to build potentially better-performing portfolios without relying on fund managers, which has contributed to ARKK's declining popularity [5][6]. - The asset management size of single-stock ETFs has grown to nearly $21 billion since regulatory approval in 2022, providing leveraged exposure to companies like Nvidia and Tesla [6]. - The proliferation of leveraged and inverse ETFs targeting ARKK's holdings poses a risk of obsolescence for flagship thematic ETFs like ARKK, as investors prefer direct investments [6]. Group 3: Long-term Performance - Despite recent rebounds, ARKK's five-year return is essentially zero, while the S&P 500 has seen total returns exceeding 100% during the same period [6].