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I just took a look at Binance’s latest published compliance report, and there are a few figures in it that are quite surprising.

First, let’s talk about staffing. The company now has nearly 1,500 employees related to compliance, accounting for roughly a quarter of the entire firm. Based on that, Binance’s total headcount is probably around 6,000. Then there’s the spending: the amount allocated to compliance each year reaches up to $300 million, which is 57% higher than that of traditional financial institutions. The intensity of this investment is really something.

Next, regarding enforcement requests: in 2025 as a whole, it handled 72,000 cases. Just in the first half of this year, it already dealt with 36,000—at this pace, it likely will break records again by year’s end.

All in all, Binance is really going full speed down the road to becoming a “compliance giant.” $BNB

This time, Big Pie may really not be able to hold on!？？？

Look at MicroStrategy—the well-known company that’s loaded with Bitcoin. Just yesterday, they officially announced a large-scale plan to sell Bitcoin and bring the cash back to repurchase their own shares. Last time they sold coins was just a test; this time they’re directly dumping $1.2 billion—clearly they mean business.

So what does that mean?

The key level at 60,000 is very likely to be effectively broken downward, and this is only the beginning. A liquidity crisis is already knocking at the door. If it really starts to fall, first keep an eye on the range from 49,000 to 55,000.

A storm is coming—everyone, hold on tight. $BTC

The AI sector’s signals have recently seemed a bit split: semiconductors and storage are telling two completely opposite stories. On the semiconductor side, U.S. stocks surged nearly 4% yesterday, and AI-related names like Astera Labs even jumped 16%. But oddly enough, last week hedge funds sold technology stocks at a record scale—clearly showing institutions are trimming positions on the rebound, while buyers are mainly retail investors and smaller funds.

At the same time, Morgan Stanley is warning that semiconductors may be topping out. In Asia, SK hynix is still falling too, which suggests capital is shifting from hardware toward more specific, application-layer areas.

Storage, however, is a different picture. Winbond? (No.) GigaDevice has publicly said that storage capacity will increase and prices will fall. That implies the storage price-hike cycle boosted by AI may be nearing its end.

What’s subtle is that Apple and Microsoft have just raised prices because chip costs went up—consumers only start paying now. But by the time the price increase reaches the end market, upstream costs may already be moving downward, and the timing difference happens to line up right at this point.

Overall, the first half of the big AI cycle—when infrastructure expanded rapidly and compute power prices went crazy—is basically over. The second half will be more differentiated. Those who are purely “selling shovels” will face price pressure, while the real winners will be the ones that can build a moat at the application layer. But this logic still hasn’t been fully priced into the secondary market. Astera Labs’ 16% one-day gain suggests smart money has already rotated into more practical, deployment-close sub-sectors like AI network infrastructure.

For crypto, the AI narrative shifting from a hardware super-cycle to application-layer differentiation doesn’t have a direct impact on BTC in the short term, but the overall sentiment for the AI + crypto theme will continue to be dragged by the volatility in the semiconductor segment.

$BTC is down slightly by 0.77% today, still churning in the $59K–$60K range. With month-end rebalancing plus macro uncertainty, the real direction will have to wait for Thursday’s Non-Farm Payrolls.

$SLX This project has been quite intriguing from the start.

First, it went live on Upbit, but was postponed twice due to liquidity issues; then the team played the game of unlocking delays—originally June 25, pushed to July 5, and then again to July 9. The reason given was to wait for better liquidity. Honestly, you can listen to that kind of excuse. If they didn’t manage the trading properly, they’d probably still push it back after the 9th.

On-chain it’s also quite interesting: Bitget hot wallets transferred funds to the Upbit top-up address, then switched to a new address, and finally deposited the money back to the Bitget deposit address. It detoured and then came right back to the hot wallet. In plain terms, it’s still just playing with liquidity—making it easier to control.

There’s also the “dog pool” style: they like to place a bunch of buy and sell orders with roughly the same amounts at the same time—one side holds it down with sell walls, the other side supports with buy walls. They build depth on the order book while simultaneously creating direction for the market, and as a bonus, they lure retail traders to follow along. It’s the classic “妖币” (manipulative coin) playbook.

So the biggest issue with $SLX right now is still that liquidity isn’t enough. The market maker hasn’t decided it’s a good time to move it out yet.

So many people keep asking me, “Is it over already? Are we done yet?” My answer never changes: just wait for the black swan.

Look at history: 2014 Mentougou, the 2018 ICO crash, and in 2022 LUNA, Three Arrows, and FTX all blew up one after another. In every bear market, when it bottoms, there’s always a big bomb to go with it. This time, it hasn’t exploded yet.

That drop back in May has already been the third wave after the 100,000 drop. By cyclical patterns, this very likely is the last wave.

Next, watch two things: whether the U.S. stock market can truly hold up, and whether MicroStrategy will run into trouble. Also pay attention to how the Federal Reserve signals on CPI—don’t let them wipe out rate-cut expectations. Until things are clearer, saying “it’s the bottom” is just nonsense.

But there is one figure we can estimate first: the top was 126,000. A 60% drop gives 51,000, and a 66% drop gives 43,000. So around 50,000, it’s likely the bottom region. Don’t try to bet on the absolute lowest point—bet on the lower edge of the range.

That long wick to 58,000 on June 25—if you didn’t dare to act then, over the next few months the market will very likely give you another opportunity. The focus is on July to August.

The market has clearly become much harder to trade lately. A few coins that are still somewhat decent—like $SYN , $SLX , $VELVET (this one is more “wild”), and $allo—are performing a little better, while basically everything else doesn’t work.

The Alpha project starts off at a very high level right away, with only a small upside/downside range—it's not as easy to make money as before.

It feels like a lot of low-market-cap projects are no longer being taken care of; for example $NFP—its 2nd contract is going to be delisted, and the market cap is only about $3 million.

For Legion’s public offering: if it goes live via squidrouter, you could make around 2 to 3 times. If it doesn’t, you might lose more than half. How to choose depends on you—at least the odds are still fairly good.

Going forward, the main focus should be on the “front line” on Solana. The foundation, together with ansem, has already pulled together a MEME coin with a market cap of 100 million. If Sol wants to regain attention, it probably won’t just do this one.

Overall, things are not very friendly for retail traders right now—it's difficult. The best approach is to play around a bit to get a feel for the market, or just don’t move at all.

Feels like $MAME is basically there—looks like the direction is coming out really soon!

Four days after launch, the ones who should have left have left, and the ones who couldn’t hold out have also couldn’t hold out. There are clearly far fewer people on the train, and the hype isn’t as crazy as before. The market cap has been hovering between $7 and $10 million, mainly stuck on the tax issue. A 6% tax—retail investors really do seem not to dare to jump in.

Next, we’ll see how the big dog/whales move it: either lower the tax and ride the momentum to pump it up; or first do a “needle insert” to wash out the market, knocking down the entry threshold, then pull it up. Anyway, the direction should be close—just wait patiently for the signal! #MEME

This time, MicroStrategy really hit rock bottom—bad luck piled on bad luck!

Michael Saylor’s Bitcoin whale firm, Strategy, has just been officially placed under investigation by top U.S. securities law firm Rosen.

This firm isn’t anything to dismiss. In the realm of class-action lawsuits in U.S. stocks, it has been at it for decades and has long ranked among the top players. Years ago, it even handled what was the largest collective settlement of a China concept stock in history, helping investors worldwide recoup more than $1 billion—its track record is very solid.

This time, the key issue Rosen is focusing on is that Strategy’s public disclosures about its business operations may have been seriously misleading, potentially violating U.S. securities laws. The firm has already publicly reached out to affected investors and is preparing to launch a large-scale class action.

A chain reaction may already be on the way. If more firms follow and, combined with negative factors like the stock price breaking below its offering price, mounting capital pressure, and a collapse of market confidence, are all piled on at once, the stock is likely to fall into a vicious cycle of continued declines. The risks going forward really can’t be underestimated.

So, does MicroStrategy really have to accelerate into a death spiral now?

Every time $BTC can resurrect from the dead—what’s different this time?

2010: Bitcoin drops to $0.1

2011: Bitcoin drops to $1

2013: Bitcoin drops to $50

2015: Bitcoin drops to $200

2018: Bitcoin drops to $3,000

2022: Bitcoin drops to $15,000

2024: Bitcoin drops to $39,000

2025: Bitcoin drops to $74,000

2026: Bitcoin drops to $59,000

Bitcoin has been declared “dead” 446 times.

Many people are talking about whether MicroStrategy will blow up?

My answer is: it won’t blow up, but it will speed up the occurrence of a death spiral—accelerating Bitcoin’s drop to its bottom! $NVDAB