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2025-08-01 05:30:32
Planet Noon News | August 1
1. Tether: Q2 net profit was US$4.9 billion, and the cumulative profit in the first half of the year was US$5.7 billion; 2. 0xSun: We have gone long on ETH and shorted altcoins to hedge our positions. We do not believe that funds flowing into ETH will spill over into altcoins. 3. Hong Kong's Stablecoin Bill officially came into effect; 4. SharpLink: Since launching its treasury strategy, the ETH reserve support for every 1,000 shares has increased from approximately 2 to approximately 3.4; 5. Figma founder Dylan holds more than $1.7 million in AGLD tokens; 6. Bitcoin spot ETFs saw a total net outflow of $115 million yesterday, while Ethereum spot ETFs saw a total net inflow of $16.9996 million yesterday; 7. Bridgewater Associates founder Ray Dalio sold his remaining shares and will resign from the board of directors; 8. Mining company Riot Platforms reported net revenue of $219.5 million in the second quarter, with mining costs doubling year-on-year. 9. Nasdaq-listed company Intchains Group has partnered with FalconX to expand its ETH reserves. 10. Standard Chartered Bank: It is studying relevant documents for Hong Kong stablecoins and aims to submit an application as soon as possible; 11. The Ethereum Foundation published a document titled "Lean Ethereum," outlining its vision for the next decade. 12. Trump's reciprocal tariffs will be delayed by one week to August 7; 13. James Wynn's multiple PEPE orders in another address were liquidated, with total losses exceeding $1 million.
2025-08-01 02:33:39
0xSun: I have gone long on ETH and shorted altcoins to hedge. The logic is that the funds flowing into ETH will not overflow into altcoins.
Odaily Planet Daily reported that crypto KOL 0xSun (@0xSunNFT) posted on social media that the current market is seriously divided between bulls and bears, and that he has opened a hedging transaction (long ETH while shorting a basket of altcoins) with a position of approximately 1:1. The logic behind this operation is that ETH was the primary driver of the late June rally, and institutions, following MicroStrategy's lead, purchased ETH through coin-to-equity financing. Within the stablecoin narrative, ETH is also a core infrastructure and settlement layer. Considering MicroStrategy's previous purchase of BTC, which drove the price upward, most altcoins ultimately saw gains far less than Bitcoin. The funds used by coin-to-equity and institutions to purchase ETH are unlikely to spill over into other altcoins. According to CMC data, only 20 of the top 200 tokens have seen a greater increase than ETH in the past 30 days, including BONK, ZORA, CFX, and ENA, which were clearly driven by favorable events. The altcoins follow the previous short-selling logic, giving priority to those with high market capitalization, non-leading, weak performance, and low presence, and short selling is dispersed, with stop-loss orders set to prevent a single target from exploding. 0xsun added that if the bull market continues in the second half of the year, ETH will likely continue to drive it. If the market enters a bear market, altcoins won't be immune, and ETH at least has institutional buying power to back it up. This hedging strategy could fail if either the altcoin season truly arrives, with most altcoins consistently outperforming ETH, or if ETH experiences volatility or leads the decline, while other altcoins don't fall much. Based on my experience over the past few months, I personally believe this scenario is unlikely.
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