KZG Crypto 口罩哥
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KZG Crypto 口罩哥
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Talked to Sister He about a few issues:
1. When will the book be published? Answer: Not recently, the more I see, the less I want to express.
2. How is Binance's AI progress planned? Sister He believes that AI can achieve "quantitative equality." Currently, it is in a "semi-disabled" iteration phase, but will continue to explore the deep integration of Binance AI with financial products.
By the way, everyone can try Binance AI Pro right now.
1. When will the book be published? Answer: Not recently, the more I see, the less I want to express.
2. How is Binance's AI progress planned? Sister He believes that AI can achieve "quantitative equality." Currently, it is in a "semi-disabled" iteration phase, but will continue to explore the deep integration of Binance AI with financial products.
By the way, everyone can try Binance AI Pro right now.
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It's getting better 😂 Today, Big Brother AMA answered my question.
I asked CZ about the recent performance differences between gold and Bitcoin, and the debate in Dubai. Bitcoin has various advantages over gold, but why is gold crushing Bitcoin's trend? CZ's answer,
adoption rate. It's crucially important, and it's still gonna take more time for most people to accept Bitcoin as the new money system.
Just like AI is amazing and can do all kinds of work. But that doesn't mean it can do it today.
This adoption rate is the reason for the noise generated in the time lag! Feeling more confident, continue to HODL!
#CZ币安广场AMA
I asked CZ about the recent performance differences between gold and Bitcoin, and the debate in Dubai. Bitcoin has various advantages over gold, but why is gold crushing Bitcoin's trend? CZ's answer,
adoption rate. It's crucially important, and it's still gonna take more time for most people to accept Bitcoin as the new money system.
Just like AI is amazing and can do all kinds of work. But that doesn't mean it can do it today.
This adoption rate is the reason for the noise generated in the time lag! Feeling more confident, continue to HODL!
#CZ币安广场AMA
Fomo, the interesting part of this money isn’t the valuation—it’s that it wants to turn the transaction entry point into an information feed.
The news says this social trading platform has completed a $75 million funding round, with a post-money valuation of $550 million; after U.S. regulators clarified how broker-dealers registered for non-custodial crypto applications should apply, it rolled out a product that combines multi-chain trading with a social information feed.
You see, the crypto entry point keeps changing.
First it was the exchange page.
Then it became the wallet.
Now someone wants to turn the feed itself into the execution entry.
In plain terms, users don’t research first and then trade.
Many people see a person, see an opinion, see a position—then they click the next step.
Whoever can connect attention and the order path more directly will be more likely to capture the flow.
The news says this social trading platform has completed a $75 million funding round, with a post-money valuation of $550 million; after U.S. regulators clarified how broker-dealers registered for non-custodial crypto applications should apply, it rolled out a product that combines multi-chain trading with a social information feed.
You see, the crypto entry point keeps changing.
First it was the exchange page.
Then it became the wallet.
Now someone wants to turn the feed itself into the execution entry.
In plain terms, users don’t research first and then trade.
Many people see a person, see an opinion, see a position—then they click the next step.
Whoever can connect attention and the order path more directly will be more likely to capture the flow.
On-chain trading is often not about who has the loudest voice, but about who can make the routing path thicker.
Cetus now enables the aggregator to support Haedal PropAMM routing. This PropAMM is Haedal’s in-house market-making engine that was just launched on June 26. It uses a quantitative market-making strategy to process on-chain transaction flow on the Sui network coming from major aggregators and trading entry points.
This update looks small.
But it’s very direct for users.
With one more layer of routing, you have more liquidity sources, and there’s a better chance of getting improved quotes.
In plain terms, in the end, DEX competition isn’t about who has the prettier PPT.
It’s about the moment you tap swap: who gives you a smoother price, fewer slippage, and an easier time getting the trade executed.
Cetus now enables the aggregator to support Haedal PropAMM routing. This PropAMM is Haedal’s in-house market-making engine that was just launched on June 26. It uses a quantitative market-making strategy to process on-chain transaction flow on the Sui network coming from major aggregators and trading entry points.
This update looks small.
But it’s very direct for users.
With one more layer of routing, you have more liquidity sources, and there’s a better chance of getting improved quotes.
In plain terms, in the end, DEX competition isn’t about who has the prettier PPT.
It’s about the moment you tap swap: who gives you a smoother price, fewer slippage, and an easier time getting the trade executed.
Kimi’s remark is pretty realistic: AI isn’t free magic—behind every token is a compute bill.
The head of the Kimi B side at Moonshot AI said that part of the model price increase comes from rising global compute costs, and another part is that chip capacity can’t keep up with the growth in token demand. When judging a model’s cost-effectiveness, you can’t just look at the per-unit input/output price; you also need to consider the Cache hit rate. Kimi’s original factory Cache hit rate has already reached above 90%.
This brings a lot of bubble discussions back to the cost spreadsheet.
The more a model looks like infrastructure, the more you can’t just talk about capabilities.
Whoever has the better cache, whose architecture is more efficient, can run the same kind of agent more cheaply.
This also connects to crypto.
Once on-chain agents really take off, payments and settlement are only the entry point—the inference bill is the electricity expense you pay every day.
The head of the Kimi B side at Moonshot AI said that part of the model price increase comes from rising global compute costs, and another part is that chip capacity can’t keep up with the growth in token demand. When judging a model’s cost-effectiveness, you can’t just look at the per-unit input/output price; you also need to consider the Cache hit rate. Kimi’s original factory Cache hit rate has already reached above 90%.
This brings a lot of bubble discussions back to the cost spreadsheet.
The more a model looks like infrastructure, the more you can’t just talk about capabilities.
Whoever has the better cache, whose architecture is more efficient, can run the same kind of agent more cheaply.
This also connects to crypto.
Once on-chain agents really take off, payments and settlement are only the entry point—the inference bill is the electricity expense you pay every day.
1.61 billion yuan worth liquidated, and the market doesn’t spell the end of the world—though the direction is being very honest.
In this CoinAnk dataset, over the past 24 hours, the total liquidations across the web were about $161 million: long positions about $118 million, and short positions about $42.91 million; Bitcoin about $54.88 million, and Ethereum about $37.89 million.
What does that mean?
The market isn’t just blindly rewarding bearish sentiment.
It’s first clearing out the people trying to catch the rebound.
In many cases, the bottom isn’t called out—it’s when leverage gets flushed once, and then you see whether real spot buyers actually step in.
So don’t rush to slap a label on the direction.
First, after the longs have been wiped out, see whether genuine buying orders come back.
In this CoinAnk dataset, over the past 24 hours, the total liquidations across the web were about $161 million: long positions about $118 million, and short positions about $42.91 million; Bitcoin about $54.88 million, and Ethereum about $37.89 million.
What does that mean?
The market isn’t just blindly rewarding bearish sentiment.
It’s first clearing out the people trying to catch the rebound.
In many cases, the bottom isn’t called out—it’s when leverage gets flushed once, and then you see whether real spot buyers actually step in.
So don’t rush to slap a label on the direction.
First, after the longs have been wiped out, see whether genuine buying orders come back.
New trading pairs, and the most interesting part is often not in the coin name, but in those few small words next to it.
Binance’s announcement is very specific: at 16:00 on June 30, spot trading for the RE/U, RE/USD1, XPL/U, and XPL/USD1 trading pairs will be listed, and a trading bot will also be made available, supporting spot algorithmic orders. RE/U and XPL/U that meet the conditions will receive a zero maker fee, and the trading volume will count toward VIP tiers.
This set of moves is quite direct.
First, the quote route.
Next, the bot.
Then, reduce the cost of placing orders.
And funnel trading volume into the VIP system.
In plain terms, the platform isn’t just putting up the banner.
It’s telling the market: don’t just come chase—it’s time to place orders, to build depth.
Binance’s announcement is very specific: at 16:00 on June 30, spot trading for the RE/U, RE/USD1, XPL/U, and XPL/USD1 trading pairs will be listed, and a trading bot will also be made available, supporting spot algorithmic orders. RE/U and XPL/U that meet the conditions will receive a zero maker fee, and the trading volume will count toward VIP tiers.
This set of moves is quite direct.
First, the quote route.
Next, the bot.
Then, reduce the cost of placing orders.
And funnel trading volume into the VIP system.
In plain terms, the platform isn’t just putting up the banner.
It’s telling the market: don’t just come chase—it’s time to place orders, to build depth.
Partly True
What’s going on? Just when stock tokens were brought to the table, Binance Wallet first adjusted the referral coefficient to 4x.
The announcement is just one sentence: Binance Wallet will, for a limited time, count the trading volume of eligible bStocks toward Alpha Points at 4x, so user scores will rise faster.
See? This is where they push products.
They’re not just standing there talking about how advanced tokenized stocks are.
They directly change the incentives.
Whoever wants Alpha Points will look at bStocks a little more.
To put it plainly, what new assets lack isn’t concepts—it’s the first batch of real clicks, real trades, and real habits.
Once the platform tweaks the points multiplier, user traffic starts getting redistributed.
The announcement is just one sentence: Binance Wallet will, for a limited time, count the trading volume of eligible bStocks toward Alpha Points at 4x, so user scores will rise faster.
See? This is where they push products.
They’re not just standing there talking about how advanced tokenized stocks are.
They directly change the incentives.
Whoever wants Alpha Points will look at bStocks a little more.
To put it plainly, what new assets lack isn’t concepts—it’s the first batch of real clicks, real trades, and real habits.
Once the platform tweaks the points multiplier, user traffic starts getting redistributed.
20% This number is really good at grabbing attention, but what Binance did this time is even more ruthless: it focuses on the first deposit.
The announcement is very detailed: from June 29 to July 19, users who have not previously used crypto deposits, fiat deposits, P2P purchases, or bought coins—after completing identity verification—can subscribe to the USDT Flexible product to get a 7-day Bonus Tiered APR. EEA users are not included.
Look at how they designed this threshold.
They’re not letting all existing users come in and farm it together.
It’s targeting the first deposit.
In plain terms, the hardest action for new users isn’t understanding the market—it’s the first time they put money in.
The platform uses a very eye-catching earnings figure to directly link KYC, the deposit entry, the buy-crypto entry, and flexible investing into one onboarding pipeline.
In the short term, it’s an event.
In the long term, it’s training users into a habit.
The announcement is very detailed: from June 29 to July 19, users who have not previously used crypto deposits, fiat deposits, P2P purchases, or bought coins—after completing identity verification—can subscribe to the USDT Flexible product to get a 7-day Bonus Tiered APR. EEA users are not included.
Look at how they designed this threshold.
They’re not letting all existing users come in and farm it together.
It’s targeting the first deposit.
In plain terms, the hardest action for new users isn’t understanding the market—it’s the first time they put money in.
The platform uses a very eye-catching earnings figure to directly link KYC, the deposit entry, the buy-crypto entry, and flexible investing into one onboarding pipeline.
In the short term, it’s an event.
In the long term, it’s training users into a habit.
This week, crypto isn’t waiting for a single magical needle—it’s waiting for several gates to open at the same time.
In the News piece that lays out the timing very clearly: MiCA goes live at the start of July; US employment data is due; Warsh will have another statement; and Robinhood will also have a product release. Meanwhile, Bitcoin has already fallen below $60,000, and we still haven’t received a macro-approved green light for the bottom-confirmation signal.
That’s the uncomfortable part.
Price has no anchor of its own.
On-chain, it hasn’t fully flushed out yet; in the macro picture, rates-path pricing has to be reset again; and on the regulatory side, they’re still changing the European entry rules.
So right now, it’s not about whether a single headline can save the dip.
It’s about which anchor the market acknowledges first: regulation, employment data, product on-ramps—or whether it continues to believe in liquidity contraction.
In the short term, prices can whip around.
But what can truly change the state is which gate brings the money back in.
In the News piece that lays out the timing very clearly: MiCA goes live at the start of July; US employment data is due; Warsh will have another statement; and Robinhood will also have a product release. Meanwhile, Bitcoin has already fallen below $60,000, and we still haven’t received a macro-approved green light for the bottom-confirmation signal.
That’s the uncomfortable part.
Price has no anchor of its own.
On-chain, it hasn’t fully flushed out yet; in the macro picture, rates-path pricing has to be reset again; and on the regulatory side, they’re still changing the European entry rules.
So right now, it’s not about whether a single headline can save the dip.
It’s about which anchor the market acknowledges first: regulation, employment data, product on-ramps—or whether it continues to believe in liquidity contraction.
In the short term, prices can whip around.
But what can truly change the state is which gate brings the money back in.
Verified
Binance first lists a perpetual contract for a coin—it doesn’t mean the “project has been stamped.”
It’s more like putting volatility into a risk-control box first.
The announcement says it’s a USDⓈ-margined perpetual with CAP, launching on June 27. The core of actions like this isn’t to give you a faith-based entry point, but to connect demand, market making, funding rates, and liquidation lines in advance.
A lot of people, the moment they see a futures launch, start imagining spot.
Don’t rush.
Perpetuals are more like a market pressure test: is there trading depth, are there real counterparties, will funding rates be distorted, and can it withstand extreme volatility?
What’s truly worth watching isn’t whether it got listed.
It’s how liquidity moves after launch, how the spread tightens, and what the funding rate has to say.
It’s more like putting volatility into a risk-control box first.
The announcement says it’s a USDⓈ-margined perpetual with CAP, launching on June 27. The core of actions like this isn’t to give you a faith-based entry point, but to connect demand, market making, funding rates, and liquidation lines in advance.
A lot of people, the moment they see a futures launch, start imagining spot.
Don’t rush.
Perpetuals are more like a market pressure test: is there trading depth, are there real counterparties, will funding rates be distorted, and can it withstand extreme volatility?
What’s truly worth watching isn’t whether it got listed.
It’s how liquidity moves after launch, how the spread tightens, and what the funding rate has to say.
CZ “AI pulls away some of the hot money from crypto”—I think that’s more honest than loudly calling a bull market.
In that News piece, he writes it pretty straightforward: he didn’t give a single answer for why crypto could drop hard in the first half of 2026—geopolitics, AI capital rotation, and the four-year cycle could all be factors working together; but he also said that AI eating up hot money could actually be a positive fact in the long run.
What’s interesting is that he admits the money really is moving tables.
It’s not that crypto has no story.
It’s that when the AI side has a stronger valuation narrative and capex imagination, the hot money goes over first to line up.
But the financial technology track won’t disappear.
The more automated AI becomes, the more transactions, settlement, payments, and asset representation will follow.
So this isn’t AI vs crypto.
More like two sets of infrastructure competing for the same batch of early-risk capital.
In the short term, whoever grabs liquidity first, whoever rises.
In the long term, whoever carries more real transactions and leaves more behind.
In that News piece, he writes it pretty straightforward: he didn’t give a single answer for why crypto could drop hard in the first half of 2026—geopolitics, AI capital rotation, and the four-year cycle could all be factors working together; but he also said that AI eating up hot money could actually be a positive fact in the long run.
What’s interesting is that he admits the money really is moving tables.
It’s not that crypto has no story.
It’s that when the AI side has a stronger valuation narrative and capex imagination, the hot money goes over first to line up.
But the financial technology track won’t disappear.
The more automated AI becomes, the more transactions, settlement, payments, and asset representation will follow.
So this isn’t AI vs crypto.
More like two sets of infrastructure competing for the same batch of early-risk capital.
In the short term, whoever grabs liquidity first, whoever rises.
In the long term, whoever carries more real transactions and leaves more behind.
Base In this review, I think what’s more important than the four words “didn’t lose money.”
News covered it in detail: on June 25 and 26, Base’s mainnet stalled blocks twice—about 116 minutes and 20 minutes. The cause was a sequencer block-production logic defect: failed transactions weren’t cleaned out properly from the historical journal state, which then led to gas calculation errors, and ultimately the system got stuck in an invalid state transition.
User assets weren’t affected, which of course matters.
But the real hard mode for L2 is here: funds being safe doesn’t mean the chain is usable.
When you send a transaction, the mempool gets blocked, and eth_sendRawTransaction is still throwing errors—so at the application layer, everything will stall as well.
So don’t just look at TPS and TVL.
Sequencer behavior, recovery mechanisms, monitoring, fuzz testing, and stress testing—those are the real infrastructure items for L2’s checklist.
News covered it in detail: on June 25 and 26, Base’s mainnet stalled blocks twice—about 116 minutes and 20 minutes. The cause was a sequencer block-production logic defect: failed transactions weren’t cleaned out properly from the historical journal state, which then led to gas calculation errors, and ultimately the system got stuck in an invalid state transition.
User assets weren’t affected, which of course matters.
But the real hard mode for L2 is here: funds being safe doesn’t mean the chain is usable.
When you send a transaction, the mempool gets blocked, and eth_sendRawTransaction is still throwing errors—so at the application layer, everything will stall as well.
So don’t just look at TPS and TVL.
Sequencer behavior, recovery mechanisms, monitoring, fuzz testing, and stress testing—those are the real infrastructure items for L2’s checklist.
Partly True
ETF—what you fear most isn’t that you don’t understand stocks; it’s that you treat the secondary-market price as NAV.
There’s a small detail in the news: Invesco Nasdaq Technology ETF had its trading halted at the June 29 market open, resumed at 10:30, because the secondary-market price was significantly higher than the IOPV; during the halt, redemptions continued as normal.
That’s the toughest lesson of wrapper products.
What you buy isn’t “a name.”
What you buy is the whole plumbing between NAV, quotes, creation/redemption, and market making.
When the price flies faster than the basket, the exchange hits the pause button.
Put this in Bitcoin ETFs, tokenized stocks, or any on-chain stock mapping—the logic is the same.
The secondary market tells the story.
The underlying NAV is responsible for collections.
There’s a small detail in the news: Invesco Nasdaq Technology ETF had its trading halted at the June 29 market open, resumed at 10:30, because the secondary-market price was significantly higher than the IOPV; during the halt, redemptions continued as normal.
That’s the toughest lesson of wrapper products.
What you buy isn’t “a name.”
What you buy is the whole plumbing between NAV, quotes, creation/redemption, and market making.
When the price flies faster than the basket, the exchange hits the pause button.
Put this in Bitcoin ETFs, tokenized stocks, or any on-chain stock mapping—the logic is the same.
The secondary market tells the story.
The underlying NAV is responsible for collections.
BTC-0.77%
QQQETF+1.08%
16 Extreme fear, but the trending topics are still full of a bunch of small coin names—this scene feels very real.
On the right side of Square, the Fear & Greed Index is now 16, and under it, the hot searches for the past 6 hours are again combinations like USDT, PUNDIX, TNSR, and ARB.
Look—people say they’re afraid, but their hands are still looking for volatility.
So the fear index isn’t just an emotional pep talk.
It’s more like a layered chart: big capital pulls back, and retail investors may not necessarily exit—they just drill into smaller, more elastic plays within the main theme.
At this point, the most dangerous thing isn’t fear itself.
It’s the idea that everyone has settled down, when in fact attention is still running all over the place.
On the right side of Square, the Fear & Greed Index is now 16, and under it, the hot searches for the past 6 hours are again combinations like USDT, PUNDIX, TNSR, and ARB.
Look—people say they’re afraid, but their hands are still looking for volatility.
So the fear index isn’t just an emotional pep talk.
It’s more like a layered chart: big capital pulls back, and retail investors may not necessarily exit—they just drill into smaller, more elastic plays within the main theme.
At this point, the most dangerous thing isn’t fear itself.
It’s the idea that everyone has settled down, when in fact attention is still running all over the place.
This thing is very crypto-finance: South Korean stocks dropped sharply, and on-chain someone was already forced out and started bleeding.
A news item said that for a certain blockchain contract exchange, the SK Hynix and Samsung related contracts dropped over the past 24 hours; an address went long on June 24 using 2x leverage, with a position size of $29.09 million, and is now down about $1.77 million—close to 16% of the margin.
Look, when stocks move into the crypto arena, the risk doesn’t get smaller.
It just gets faster.
Previously, you waited for the market to open in South Korea, checked earnings reports, and reviewed exchange rules.
Now it becomes 24/7 pricing, leverage, funding fees, and liquidation lines.
So on the tokenized stock track, I don’t think we can only look at “trading more things.”
More realistically: once traditional assets are brought in, crypto’s leverage system will reprice them again.
A news item said that for a certain blockchain contract exchange, the SK Hynix and Samsung related contracts dropped over the past 24 hours; an address went long on June 24 using 2x leverage, with a position size of $29.09 million, and is now down about $1.77 million—close to 16% of the margin.
Look, when stocks move into the crypto arena, the risk doesn’t get smaller.
It just gets faster.
Previously, you waited for the market to open in South Korea, checked earnings reports, and reviewed exchange rules.
Now it becomes 24/7 pricing, leverage, funding fees, and liquidation lines.
So on the tokenized stock track, I don’t think we can only look at “trading more things.”
More realistically: once traditional assets are brought in, crypto’s leverage system will reprice them again.
This whale's backhand trade is losing money—what’s more interesting is how much more than what he made before.
Just saw on Square: a wallet that once profited about $13.68 million from shorting 16 altcoins has, after June 24, cumulatively transferred $21.82 million worth of ETH to exchanges. Based on the original cost of the positions, the floating loss is roughly $5.48 million.
See, the market loves to tag addresses.
Smart money, whale, insider, on-chain big shot.
The problem is, an on-chain identity won’t take the drawdown for you.
Back then he shorted and made big money—it only means he was right on the structure for that stretch.
Now the assets are moving to Binance, and the cost basis is above water. That turns it into a different story: not a myth—just stop-loss pressure.
So watch the on-chain signals, but don’t kneel and watch.
Wallets can change, positions can change. The most honest part is still the cost basis and the flow.
Just saw on Square: a wallet that once profited about $13.68 million from shorting 16 altcoins has, after June 24, cumulatively transferred $21.82 million worth of ETH to exchanges. Based on the original cost of the positions, the floating loss is roughly $5.48 million.
See, the market loves to tag addresses.
Smart money, whale, insider, on-chain big shot.
The problem is, an on-chain identity won’t take the drawdown for you.
Back then he shorted and made big money—it only means he was right on the structure for that stretch.
Now the assets are moving to Binance, and the cost basis is above water. That turns it into a different story: not a myth—just stop-loss pressure.
So watch the on-chain signals, but don’t kneel and watch.
Wallets can change, positions can change. The most honest part is still the cost basis and the flow.
Not, bro, if you throw 713 billion dollars on the table and the stock price goes down first—that scene is very Korean.
The news just came out: SK Hynix said it will add 1100 trillion won to build a chip cluster, which comes out to about 713 billion dollars; SK Group also plans to put another 1000 trillion won into AI data centers.
What a normal person sees: AI’s huge infrastructure boom is here.
What the market sees: tell me first how the money is going to be earned back.
That’s the most realistic part of the current AI main storyline.
The story isn’t missing anything anymore.
What’s missing is power, depreciation, orders, the cycle—and who will be the one to foot the bill in the end.
So it’s not that AI isn’t good.
It’s that once capex hits the table, the market starts auditing the books.
The news just came out: SK Hynix said it will add 1100 trillion won to build a chip cluster, which comes out to about 713 billion dollars; SK Group also plans to put another 1000 trillion won into AI data centers.
What a normal person sees: AI’s huge infrastructure boom is here.
What the market sees: tell me first how the money is going to be earned back.
That’s the most realistic part of the current AI main storyline.
The story isn’t missing anything anymore.
What’s missing is power, depreciation, orders, the cycle—and who will be the one to foot the bill in the end.
So it’s not that AI isn’t good.
It’s that once capex hits the table, the market starts auditing the books.
Put the word-guessing game on a trading platform, and it’s no longer just a mini-game.
Binance News is very clear: from June 29 to July 5, the WOTD daily vocabulary theme is AI stock trading. Users who answer at least 3 questions are awarded 12 BNB, and those who participate continuously for 5 days will get an additional 3 BNB from the prize pool.
The prize pool isn’t big.
But the actions are pretty interesting.
In the past, trading platforms taught you how to click buttons. Now they’re training you on how to talk about these new assets.
AI, stocks, and crypto—compressed into two vocabulary questions a day.
In plain terms, it turns product education into an attention-based daily check-in.
Users learn the language first, and only then will they be more likely to accept the trading interface later.
Binance News is very clear: from June 29 to July 5, the WOTD daily vocabulary theme is AI stock trading. Users who answer at least 3 questions are awarded 12 BNB, and those who participate continuously for 5 days will get an additional 3 BNB from the prize pool.
The prize pool isn’t big.
But the actions are pretty interesting.
In the past, trading platforms taught you how to click buttons. Now they’re training you on how to talk about these new assets.
AI, stocks, and crypto—compressed into two vocabulary questions a day.
In plain terms, it turns product education into an attention-based daily check-in.
Users learn the language first, and only then will they be more likely to accept the trading interface later.
Verified
Don’t just lightly pass up this short-term money pipeline today.
In Square’s popular section, that one is written very directly: on June 29, the PBOC activated its overnight reverse repos. On that day, it conducted reverse repos with a 7-day term totaling RMB 157.5 billion, at an interest rate of 1.40%, and it also had RMB 300 billion in overnight reverse repos.
Who’s watching this today?
It’s not only interbank traders.
You need to know: when it comes to risk assets, it’s often not that there are no stories—it’s that when short-term liquidity tightens, the stories get directly discounted.
In the past, many people looked at liquidity by only watching the medium- to long-term yields and the huge liquidity numbers.
But once overnight tools are pushed to the front stage, it’s like adding a gauge to the pipes in the back office.
In plain terms, the market will start paying attention to how the central bank sets the pricing for short-term money, and how it keeps money in the system overnight.
Liquidity levels don’t equal a bull market.
But when liquidity levels become a transparent variable, traders will start recalculating the odds.
In Square’s popular section, that one is written very directly: on June 29, the PBOC activated its overnight reverse repos. On that day, it conducted reverse repos with a 7-day term totaling RMB 157.5 billion, at an interest rate of 1.40%, and it also had RMB 300 billion in overnight reverse repos.
Who’s watching this today?
It’s not only interbank traders.
You need to know: when it comes to risk assets, it’s often not that there are no stories—it’s that when short-term liquidity tightens, the stories get directly discounted.
In the past, many people looked at liquidity by only watching the medium- to long-term yields and the huge liquidity numbers.
But once overnight tools are pushed to the front stage, it’s like adding a gauge to the pipes in the back office.
In plain terms, the market will start paying attention to how the central bank sets the pricing for short-term money, and how it keeps money in the system overnight.
Liquidity levels don’t equal a bull market.
But when liquidity levels become a transparent variable, traders will start recalculating the odds.
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