Group 1 - The core issue involves Kraken, a cryptocurrency trading platform, investigating problems related to order execution [1] Group 2 - The investigation may impact user trust and trading volume on the platform [1] - Kraken's response to the issue will be crucial for its reputation in the competitive cryptocurrency market [1]

市场消息：佛罗里达州总检察长调查Robinhood(HOOD.O)推动加密货币交易的努力。 ...

Group 1 - Morgan Stanley upgraded Futu Holdings' rating, believing that its cryptocurrency business is expected to become a growth engine for the coming years [1] - The firm forecasts a 27% average annual profit growth for Futu from 2025 to 2027, driven by strong potential in its cryptocurrency operations in Hong Kong, Singapore, and the U.S. [1][18] - Futu's comprehensive licensing advantages and strong brand trust position it well to capture significant market share in the rapidly growing cryptocurrency trading market [1][9] Group 2 - The global cryptocurrency market is experiencing significant growth, with its market capitalization increasing from under $2 trillion at the beginning of 2024 to approximately $3.4 trillion currently [4][6] - Regulatory developments, such as the approval of a spot Bitcoin ETF by the SEC in January 2024, have been key drivers of market growth [6][7] - Futu has obtained a brokerage license in Hong Kong and a VATP license, positioning it among the first regulated financial companies in the market [9] Group 3 - Futu has built a strong customer base and brand trust, with 2.4 million active accounts and customer assets reaching HKD 829 billion in Q1 2025 [10] - The company's one-stop platform integrates various asset classes, lowering entry barriers for new investors [10][14] - The expected contribution from cryptocurrency trading could significantly enhance Futu's revenue, with projections indicating an additional HKD 34 billion from spot trading alone by 2027 [14][16] Group 4 - Futu's current forward P/E ratio is approximately 15 times, slightly above the average of 14.3 times over the past four years, yet analysts believe the stock remains undervalued [2] - The target price for Futu has been raised from $140 to $160, with a projected forward P/E of 20 times by 2026 [2] - Compared to U.S. retail broker Robinhood, which has a forward P/E of 63 times, Futu's valuation appears attractive [2]

106.20万美元 ~761.76元元 62.69万美元 ~449.68万元 40.48万美元 ~290.40万元 金十图示：2025年07月09日（周三）全网加密货币实时爆仓数据 ▸交易所爆仓信息(4小时) @ JIN10.COM 金十数据 |一个交易工具 | 交易所 | 爆仓金额 | 多单爆仓 | 空单爆仓 | 多空占比 | | --- | --- | --- | --- | --- | | | (美元) | (美元) | (美元) | | | Binance | 312.15万 | 159.03万 | 153.12万 | 50.95%做多 | | Bybit | 170.45万 | 82.22万 | 88.23万 | 51.76%做空 | | OKX | 82.61万 | 27.31万 | 55.30万 | 66.94%做空 | ...

Response welcomes progress but calls for more inclusive, globally aligned framework London, 8 July 2025 – 21Shares, one of the world’s leading issuers of crypto exchange-traded products (ETPs), has submitted its official response to the UK Financial Conduct Authority’s (FCA) Consultation Paper CP25/16, which proposes lifting the current ban on the sale, marketing, and distribution of crypto exchange-traded notes (cETNs) to retail clients admitted to UK recognised investment exchanges (UK RIEs). While 21Shar ...

核心功能全景图：从汇率波动到加密浪潮 平台以外汇交易为基石，支持EUR/USD、GBP/JPY等主流货币对及新兴市场货币组合。这类工具如同"经济体温计"，实时反映各国货币政策与市 场情绪，例如当美联储加息预期升温时，投资者可通过做多美元相关货币对捕捉汇率波动红利。对于偏好避险资产的用户，平台提供现货黄金 T+0交易，允许当日多次买卖，配合杠杆机制（如1:50比例），1,000美元本金即可操作价值5万美元的黄金合约，显著提升资金效率。 在差价合约（CFD）领域，平台覆盖股指、大宗商品等标的，其核心逻辑在于"价格差博弈"。例如当纳斯达克指数与标普500走势分化时，投资 者可同时做多强势指数、做空弱势指数，形成对冲策略。而加密货币交易模块则接入了比特币、以太坊等主流币种，结合市场深度指标（Order Book）与波动率指数（如BTC Volatility Index），帮助用户预判短期价格突破点。 数据指标库：从基础参数到高阶信号 在2025年全球金融市场持续波动的背景下，投资者对交易平台的功能需求愈发多元。Velos Markets威马证券凭借"外汇+差价合约+加密货币"的三 维产品矩阵，为不同层级的投资者提供了 ...

Company Insights - Guotai Junan International has received approval from the Securities and Futures Commission to provide virtual asset trading services, marking a strategic upgrade from traditional securities services to a comprehensive digital asset service hub [1] - As the first Chinese broker to obtain this license, Guotai Junan has established a full-service capability in virtual asset trading, custody, consulting, issuance, and derivatives [2] - The core value of this upgrade includes the opening of high-value revenue sources through cryptocurrency and stablecoin trading commissions, cross-border stablecoin clearing profits, and structured derivative design and issuance [2] Industry Implications - The approval of Guotai Junan serves as a significant demonstration effect for leading brokers, accelerating competition within the industry [3] - This development validates the feasibility of Chinese brokers engaging in compliant virtual asset operations, paving the way for other major firms like CITIC Securities and CICC to follow suit [3] - The focus of competition is shifting from low-value, homogeneous channel services to building core capabilities in cross-border digital financial infrastructure, including clearing hubs and securitization engines [3] Non-Bank Ecosystem - The wave of virtual asset compliance will reshape the entire non-bank financial industry chain, accelerating the formation of a collaborative ecosystem around digital asset issuance, circulation, management, and application [4] - Financial technology companies will see a surge in demand for blockchain infrastructure, smart contract auditing, and on-chain compliance monitoring services [4] - Payment institutions will seamlessly integrate into the stablecoin clearing system, significantly enhancing efficiency and sharing transaction fees, while asset management companies will develop new programmable assets to meet global investor demand [4]

币界网报道，美联储主席鲍威尔在国会山的证词中强调，美国经济目前并未陷入衰退，劳动力市场依然 强劲。鲍威尔指出，预计从六月份开始，关税引发的通胀压力将逐渐显现，美联储预计在6月、7月和8 月将会看到关税对通胀产生显著影响。这些经济因素将直接影响美联储未来的货币政策走向，从而对加 密货币市场产生深远影响。 图片来源：币界网 XBIT去中心化交易所平台分析显示，鲍威尔的证词对市场形成了积极影响。特别是他提到"如果通胀可 能会低于预期，这将支持提前降息"的言论，为比特币价格提供了上涨动力。XBIT交易数据反映，投资 者对美联储未来政策预期正在转向乐观，这直接推动了比特币今日价格人民币换算值的提升。 机构资金持续流入比特币ETF市场 据币界网APP数据显示，，机构投资者对比特币的兴趣持续增长。昨日FBTC净流入8520万美元，BITB 净流入980万美元，HODL净流入600万美元。这些数据表明，尽管市场波动，机构投资者对比特币的长 期看好态度并未改变。 XBIT去中心化交易所数据进一步显示，贝莱德旗下的比特币ETF——IBIT的持仓量相比1月1日增加了 130,850个比特币，价值约138亿美元。这一数据佐证了机构资 ...

恒指高开0.62%，报24327.82点；恒生科技指数涨0.90%。比亚迪股份、阿里巴巴等涨超2%。国泰君安 国际涨超14%，此前正式获批提供加密货币等虚拟资产交易服务。曹操出行、香江电器上市首日分别跌 超19%、7%。 ...

环球市场动态 美 国 放 松 SLR 监 管 规 则 有 望 短 期 落 地 股 票 中东紧张局势持续，全球股市表现 不佳，A 股港股均走势低迷，全市 场普遍下跌；欧洲股市表现疲软， IMF 警告欧洲区仍面临经济停滞风 险；美股六月节休市。 外 汇 / 商 品 特朗普将在两周内决定是否打击伊 朗，市场对美国立即参战的猜测降 温，原油价格涨幅收窄，周四布伦 特期油收盘仍上涨近 3%。 固 定 收 益 周四美国休市，下周将有多年期美 债拍卖。亚洲债券市场表现偏软， 利差扩大 1-10 个基点。中国投资级 债券交投清淡，国企高质量债券买 盘较好。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 ▪ 美国放松补充杠杆率 (SLR) 监管规则的改革方向颇具确定性，改革方案有望在未来数月内公布并落地，直接 下调 SLR 的要求数值底线或缩窄 SLR 分母的统计口径都可达到放松监管的效果。放松 SLR 监管规则能直接 改善美债市场流动性，但仅可带来接近两千亿美元的增量美债需求 (基于 eSLR 最低要求降至 3.5%~ 4.25%的 假设)，我们估算后者大致相 ...