1. Headline

1. Musk claims that real-time AI video rendering technology is expected to be realized within 3-6 months.

Tesla and Spa CEO Elon Musk revealed that his artificial intelligence company xAI is accelerating the development of real-time video rendering technology. Musk stated that the technology has made significant progress, with the rendering time for a 6-second video reduced from 60 seconds to 15 seconds, and it is expected to achieve real-time rendering within 3 to 6 months.

This breakthrough will bring revolutionary changes to AI video generation. Currently, video generation still consumes a lot of time and computational resources, and the realization of real-time rendering will greatly improve efficiency, paving the way for large-scale production and application of AI video content. Industry insiders believe this will promote the widespread application of AI videos in entertainment, education, news, and other fields, giving rise to new business models and industrial ecosystems.

At the same time, the maturity of real-time video rendering technology will provide important support for the construction of the metaverse. In the virtual world, real-time generation of high-quality video content is key to creating an immersive experience. Musk has previously stated multiple times that the goal of xAI is to provide strong AI support for the metaverse. The breakthrough in this technology will give wings to the construction of the metaverse.

2. Hong Kong Legislative Council Member: Stablecoins have no speculation opportunity.

Hong Kong is formulating regulations for stablecoins. Legislative Council member Chan Ka-kai stated in an interview that the core feature of fiat currency and stablecoins is that they must be backed 100% by highly liquid monetary assets. Currently, they are mainly used for international payments, with no opportunity for speculation.

Qiu Dagen explained that during the formulation of the "Stablecoin Regulations", Hong Kong referenced relevant regulations from the United States, Japan, the European Union, and Singapore. The legislative considerations are based on the demand for stablecoins in international circulation, aiming to adhere to international standards. He emphasized that the issuance and use of stablecoins must be built on a foundation of prudent regulation to ensure financial stability and investor protection.

Industry insiders point out that Hong Kong's stance reflects the regulatory authorities' prudent attitude towards stablecoins. On one hand, they recognize the application value of stablecoins in areas such as cross-border payments; on the other hand, they also realize the financial risks that stablecoins may bring, hence the need to establish a strict regulatory framework.

In addition, Hong Kong's regulatory measures reflect the tightening global regulatory environment. As the development and application of stablecoins continue to expand, countries are intensifying legislation to regulate this new financial instrument. Experts say that a unified international regulatory standard may become a key focus in the next steps.

3. Whale "set 10 big goals first" Bitcoin long position floating profit of about 1.31 million US dollars

The cryptocurrency market is constantly fluctuating, but it also brings profit opportunities for traders. According to the latest data released by the well-known whale trader "Set 10 Big Goals First", his 5x leveraged Bitcoin long position has realized an approximate floating profit of $1.31 million.

It is reported that the whale opened this long position when the price of Bitcoin was $112,992.84, with a total holding of 1,930.979 Bitcoins and a margin as high as $43.9 million. As the price of Bitcoin rises, the floating profit of this long position continues to expand.

Analysts believe that the trading moves of this whale are worth paying attention to. On one hand, its massive position is enough to influence market trends; on the other hand, as an experienced trader, its operational decisions often indicate changes in market sentiment.

At the same time, there are opinions that the large-scale operations of whales carry certain risks. If the market experiences severe fluctuations, it could trigger forced liquidations, further exacerbating market turbulence. Therefore, investors should remain cautious when following whale operations.

Overall, the actions of whale traders are highly scrutinized by the market. Their operations not only influence the flow of funds but also to some extent guide market sentiment, becoming an important force in the operation of the cryptocurrency market.

4. Insiders: Our country currently has no globally influential public chain.

The development of blockchain technology relies on the support of public chains, but according to insiders, there are currently no public chain projects in our country that have significant influence globally.

An insider interviewed stated that public chains are the infrastructure for issuing stablecoins, which is of great significance for building a self-controlled, safe, and efficient financial infrastructure system in the digital financial era. However, whether in Hong Kong or the mainland, our country lacks truly globally influential public chain projects.

Another insider suggested that state-owned enterprises should lead the construction of national-level backbone public chains, while industry-level public chain construction can open up to market competition, and scenario-level public chains should be entirely driven by market competition. This layered construction model is beneficial for our country to achieve breakthroughs in the field of public chains.

The importance of public chains as the underlying infrastructure of blockchain is self-evident. Having a self-controlled public chain not only helps to ensure the financial security of the country, but is also an essential path for China to participate in global digital economy competition.

Industry experts point out that the construction of public blockchains needs to adhere to independent innovation, while also paying attention to an international perspective. Our country should base itself on its own national conditions, combine international experiences, and create public blockchain projects with global influence, injecting new momentum into the development of the digital economy.

5. Entrepreneurs' Confusion: The Phased Death of Industry Underlying Logic

During the TOKEN2049 conference, many entrepreneurs and investors expressed their confusion about the industry's prospects. One investor bluntly stated that 98% of AI+We applications have been debunked, and most projects in this field currently belong to the "Meme" concept.

In the past year, popular sectors such as blockchain games, NFTs, WeChat social, and Ethereum Layer 2 scaling have all stagnated and faced repeated setbacks. In the face of the industry's downturn, practitioners' confidence has also declined.

At the same time, traditional internet companies' attempts to transform into We are also facing challenges. Some social platforms have seen their founders and investors cashing out significantly after launch, exacerbating the liquidity crisis in the industry.

Analysts believe that the industry is currently in a phase of adjustment. The frenzied development of the past year or two is difficult to sustain, and the industry needs to re-evaluate its business models and explore genuine user demands and application scenarios. Only by breaking free from excessive hype can it regain its momentum for growth.

At the same time, the industry is facing multiple challenges such as regulation and technology. Experts urge entrepreneurs and investors to maintain patience and composure, to develop real hard power during difficult times, and to lay a solid foundation for the long-term development of the industry.

2. Industry News

1. Bitcoin faces short-term pressure, but the long-term outlook remains bullish.

The price of Bitcoin has dropped in the past 24 hours, reaching a low of $112,584. Despite facing short-term pressure, analysts believe that Bitcoin's long-term prospects remain bullish. Bitcoin miners' revenue reached $1.66 billion in July, marking the highest level since the halving in April 2024, reflecting miners' confidence in Bitcoin's long-term value. Meanwhile, institutional investors continue to increase their holdings of Bitcoin, demonstrating a preference for Bitcoin as a store of value.

Analysts point out that Bitcoin's short-term volatility is mainly influenced by geopolitical factors and investor sentiment. However, in the long run, as a decentralized digital asset, Bitcoin's function as a store of value and a hedge against inflation will become increasingly prominent against the backdrop of turmoil in the global monetary system. Furthermore, the continuous development of the Bitcoin ecosystem, including technological innovations such as the Lightning Network, will also inject new momentum into the long-term value growth of Bitcoin.

2. Ethereum experiences a short-term correction, but institutional demand continues to grow.

The price of Ethereum has seen a pullback in the past 24 hours, dipping as low as $3414. Analysts believe that this pullback is mainly due to short-term profit-taking by investors, but in the long run, the development prospects for Ethereum remain positive.

The Ethereum ecosystem continues to expand, attracting more and more institutional investors to participate. Data shows that in the past 7 days, 641,600 Ether have flowed out of cryptocurrency exchanges, reflecting the ongoing buying demand from institutional investors. In addition, an increasing number of publicly listed companies are starting to incorporate Ether into their financial strategies, such as SharpLink Gaming and Mine Immersion, which have increased their holdings of Ether and engaged in staking.

Analysts believe that Ethereum's leading position in the fields of smart contracts and decentralized finance ( DeFi ) is a key factor attracting institutional investors. With the clarification of the regulatory environment and the continued growth of institutional demand, Ethereum is expected to maintain a strong development momentum in the near future.

3. The Solana ecosystem continues to heat up, with institutional funds continuously flowing in.

The Solana ecosystem has recently performed well, with the price of the SOL token remaining relatively stable over the past 24 hours, dipping to a low of $159.55. Analysts believe that the continued warming of the Solana ecosystem is the main driving force behind the rise in SOL prices.

Data shows that institutional buyers have accumulated $367 million in SOL tokens under recent bearish technical signals. This reflects institutional investors' confidence in the long-term development prospects of the Solana ecosystem. With advantages such as high throughput and low fees, Solana has performed excellently in the decentralized application (DApp) and non-fungible token (NFT) fields, attracting a large number of developers and users.

Analysts expect that with the continuous expansion of the Solana ecosystem, the price of the SOL token is likely to maintain an upward trend in the near future. However, it is also necessary to be vigilant about potential risks, such as network congestion and security vulnerabilities, which may have a certain impact on the development of the Solana ecosystem.

4. The volatility in the altcoin market is increasing, and investors need to remain cautious.

In the past 24 hours, there has been significant volatility in the altcoin market. Some popular altcoins such as Pump.fun, IKA, and PENGU have surged over 35% in a short period, reflecting investors' enthusiasm for high-risk, community-driven assets. However, at the same time, many altcoins have faced sell-offs, resulting in substantial price declines.

Analysts point out that the extreme volatility in the altcoin market is primarily due to speculative trading behavior. These altcoins often lack practical use and long-term value support, and their prices are more dependent on market sentiment and the level of hype. Therefore, investors need to be particularly cautious when participating in altcoin trading, fully assess risks, and avoid blindly following trends.

At the same time, analysts also remind that the excessive speculation in the altcoin market may have a negative impact on the entire cryptocurrency market, exacerbating market volatility and uncertainty. Therefore, regulatory authorities and industry participants need to work together to regulate the development of the altcoin market and maintain the healthy growth of the market.

3. Project Highlights

1. Grok Imagine: Musk envisions real-time AI video rendering technology to be realized within 3-6 months.

Tesla and Spa founder Elon Musk recently shared the latest developments of his artificial intelligence company Grok Imagine in video rendering technology. Grok Imagine is a branch of Musk's AI company xAI, focused on developing advanced video generation and editing tools.

According to Musk, the rendering speed of Grok Imagine's videos has significantly improved over the past 10 days. It initially took 60 seconds to render a 6-second video, but now it only takes 15 seconds, and it is expected to be further reduced to 12 seconds this week. It is worth noting that while the rendering speed has been increasing, the visual quality of the videos has not been compromised.

In addition to video rendering, Musk also revealed that Grok Imagine is making significant upgrades to audio tracks. He confidently predicts that real-time AI video rendering technology will achieve breakthroughs within the next 3 to 6 months. Once realized, this technology will greatly enhance the efficiency of video production, providing content creators with a completely new creative experience.

The technological advancements of Grok Imagine have attracted widespread attention in the industry. Analysts believe that if Musk's expectations come true, real-time AI video rendering will bring revolutionary changes to fields such as video production, virtual reality, and gaming. Some technology companies have already begun exploring the possibility of applying this technology to their own products and services.

However, some experts remain cautious about Musk's optimistic expectations. They point out that although Grok Imagine has made remarkable progress, achieving true real-time video rendering still faces many technical challenges and requires more time and resources. As a result, there are still divergences within the industry regarding when this technology can truly be implemented.

2. Sui Network: The rapid rise of the Move ecosystem new star

Sui is a brand new blockchain network created by engineers who previously participated in Ethereum and Diem(, the former Facebook cryptocurrency). As a rising star project in the Move language ecosystem, Sui has recently developed rapidly and attracted widespread attention.

The core goal of Sui is to provide a highly scalable and low-cost blockchain infrastructure to support large-scale Web applications. It utilizes an innovative parallel execution engine and an object-based data model, aiming to break through the current performance bottlenecks of blockchain.

Recently, Sui launched the SuiPlay gaming platform, which has the largest booth at the KBW game exhibition in South Korea. In addition, Sui has also partnered with Grayscale Trust to launch a native USDC stablecoin on the network. These initiatives are expected to further promote the development of the Sui ecosystem.

Although Sui currently has few tradable assets, several projects have already launched on it, including Cetus, Navi, and Scallop. Sui has also partnered with Cetus to launch an incubation program to attract more developers.

Analysts believe that Sui, as a rising star project in the Move language ecosystem, has tremendous development potential. The similarity between the Move language and the Rust language allows projects in the Solana ecosystem to relatively easily migrate to the Sui network. Additionally, Sui's technological advantages are expected to attract more innovative projects to join.

However, there are also views that the main challenges currently facing Sui are the lack of star projects and liquid assets. There is also a certain degree of uncertainty in the development direction of the Aptos Foundation, which may affect the overall development of the Move ecosystem. Therefore, Sui needs to continue to launch more high-quality projects and applications in order to truly become the leader of the Move ecosystem.

3. Aptos: The leader of the Move ecosystem faces challenges in its development direction.

Aptos is one of the most notable public chain projects in the Move language ecosystem, founded by former Meta( Facebook) employees. With outstanding technical strength and strong financial support, Aptos was once regarded as the leader of the Move ecosystem. However, the recent confusion of the Aptos Foundation regarding its development direction has raised some doubts about its future.

As a brand new blockchain network, Aptos attracted a lot of attention and funding right from its launch. Its innovative consensus mechanism, smart contract language, and scalability are considered promising for advancing blockchain technology.

However, over time, the Aptos Foundation's confusion about its development direction began to emerge. On one hand, Aptos hopes to attract more enterprise-level applications; on the other hand, it is also striving to promote the development of innovative applications such as decentralized finance ( DeFi ). This dilemma has left Aptos's development strategy lacking a clear focus.

In addition, there are differences in the expectations of the Aptos Foundation regarding the community. Some community members hope that Aptos will focus more on innovations in underlying technology, while others expect Aptos to launch more applications aimed at the general public. This divergence has also influenced the development process of Aptos to some extent.

Analysts point out that Aptos needs to clarify its development priorities as soon as possible and formulate a consistent development strategy. Only in this way can Aptos fully leverage its technological advantages to attract more quality projects and developers, thereby consolidating its leading position in the Move ecosystem.

At the same time, there are views that believe the confusion of Aptos reflects the overall uncertainty of the development of the Move ecosystem. As an emerging ecosystem, the Move language still has many unknowns in terms of application scenarios and development paths. The dilemma faced by Aptos as a leader also reflects the challenges faced by the entire ecosystem.

4. Economic Dynamics

1. The Federal Reserve's rate hike pace slows, inflation pressure persists.

Economic Background: The U.S. economy showed weakness in the first half of 2025, with a second-quarter annualized GDP growth rate of only 1.1%, well below expectations. Despite a relatively robust job market, inflation rates remain high, with the core PCE price index rising 4.8% year-on-year in June, far exceeding the Federal Reserve's target level of 2%.

Important Event: At the Federal Open Market Committee meeting at the end of July, the Federal Reserve decided to raise interest rates again by 25 basis points, bringing the target range for the federal funds rate to 5.25%-5.5%. This marks the tenth consecutive rate hike by the Federal Reserve, although the pace of increases has slowed compared to previous hikes.

Market Reaction: Federal Reserve Chairman Powell stated at a press conference that inflationary pressures remain severe and is expected to maintain a hawkish stance. However, he also acknowledged that the economy is slowing down, and the pace of future interest rate hikes will depend on the data. The market generally expects the Federal Reserve to raise interest rates by another 25 basis points in September, after which it may pause rate hikes.

Expert Opinion: Jeffrey Sachs, an economics professor at Columbia University, believes that the Federal Reserve should immediately stop raising interest rates, as excessive tightening could lead to a hard landing for the economy. He warns that if the inflation rate does not significantly decline in the coming months, the Federal Reserve may be forced to start cutting interest rates in the first half of next year.

2. The pace of China's economic recovery is accelerating, and policy support is increasing.

Economic Background: In the first half of 2025, China's economy showed weak growth due to the impact of a new wave of pandemic shocks and geopolitical tensions. The GDP growth in the second quarter was only 4.5% year-on-year, far below the target of around 5.5% set at the beginning of the year. However, as the pandemic was brought under control and policy support increased, the pace of economic recovery accelerated towards the end of the second quarter.

Important events: In response to economic downward pressure, the Chinese government and the central bank have recently introduced a series of policy measures. These include further reductions in the reserve requirement ratio, the launch of a new round of infrastructure investment plans, and the expansion of automobile and home appliance subsidies to rural areas. Meanwhile, after significant fluctuations in June, the RMB exchange rate has stabilized.

Market reaction: Following the expected policy stimulus, the Chinese stock market has rebounded since June, with the CSI 300 index rising nearly 10%. However, investors remain cautious about the economic outlook, and the renminbi has weakened against the US dollar again in July.

Expert Opinion: Liu Yuanchun, Dean of the Chongyang Institute for Financial Studies at Renmin University of China, stated that the current policy mix is quite strong and is beneficial for stabilizing economic growth expectations. However, he also pointed out the need to guard against rising inflation risks and to maintain the stability of monetary policy. He expects that in the second half of the year, China's economic growth rate will rebound to around 6%.

3. The energy crisis in Europe intensifies, increasing the risk of economic recession.

Economic background: Affected by Russia's reduction in natural gas supply, energy prices in Europe remained high in 2025. Meanwhile, high inflation and the interest rate hike cycle have put pressure on the eurozone economy, with a quarter-on-quarter GDP growth of only 0.2% in the second quarter, hovering on the edge of stagflation.

Important event: At the end of July, Russia announced it would further reduce the natural gas supply to Europe through the Nord Stream pipeline. This has exacerbated the energy shortage crisis in Europe and raised concerns about heating this winter. In response to the crisis, EU member states are developing emergency plans, including gas usage restrictions and seeking alternative energy sources.

Market reaction: Natural gas prices soared over 20% in July, reaching an all-time high. The inflation rate in the Eurozone rose further to 8.6% in June, putting a heavy burden on households and businesses. Major European stock indices fell over 5% in July, reflecting market concerns about an economic recession.

Expert Opinion: Clemens Fuest, Chief Economist at the German Economic Institute, believes that if Russia completely cuts off natural gas supplies, the eurozone economy will inevitably fall into recession. He predicts that in this scenario, the eurozone's GDP will shrink by about 1.5% in 2023.

5. Regulation & Policy

1. Beijing explores the disposal mechanism for involved virtual currencies

Background: Since 2021, when our country strictly prohibited virtual currency transactions, how to handle the virtual currencies involved in cases has become a major challenge. The Legal Affairs Division of the Beijing Municipal Public Security Bureau has collaborated with the Beijing Property Exchange to establish a cooperative mechanism for the disposal of virtual currencies involved in cases, aiming to create a standardized disposal process.

Policy Content: The main process of this mechanism is as follows: The public security organs entrust the physical virtual currency involved in the case to the Beijing Stock Exchange for disposal. The Beijing Stock Exchange selects professional service institutions to conduct operations such as testing, receiving, and transferring the virtual currency involved in the case, and publicly liquidates and sells it through a compliant licensed exchange in Hong Kong. The foreign exchange is then transferred to a special account for the funds involved in the case held by the public security organs, and subsequently confiscated according to the law and turned over to the national treasury or returned to the victims.

Market Reaction: This mechanism provides a feasible path for the disposal of involved virtual currencies, helping to standardize the disposal actions of law enforcement agencies and maintain judicial fairness. However, there are also some controversies, such as the potential regulatory challenges of cashing out through overseas exchanges.

Expert Opinion: Professor Li Guoan from the Law School of Peking University stated that this mechanism is beneficial for improving the transparency and standardization of the disposal of virtual currencies involved in cases, but specific operational details still need to be further clarified. Lawyer Liu Jie believes that disposing of virtual currencies involved in cases through legal and compliant means helps to protect the legitimate rights and interests of the parties involved.

2. Hong Kong Legislative Council Member: Stablecoins have no speculative opportunities.

Background: Hong Kong is formulating the "Stablecoin Regulation" to regulate the issuance and circulation of stablecoins in the region. Hong Kong legislator, Yau Tat-Kin, accepted an interview regarding the process of drafting the regulation and elaborated on his understanding of stablecoins.

Policy Content: Qiu Dagen stated that the core feature of fiat-backed stablecoins is that they must be 100% backed by highly liquid currency-like assets. The main function currently is international payments, with no speculation opportunities. The regulations were formulated with reference to relevant laws in the United States, Japan, the European Union, and Singapore, aiming to adhere to international standards.

Market Response: Industry insiders generally believe that the regulation of stablecoins in Hong Kong will set a benchmark for the global development of stablecoins. However, there are also views that overly strict regulations may limit the development space for stablecoins in Hong Kong.

Expert Opinions: Professor Chen Shouxin from the Hong Kong University of Science and Technology believes that the regulation of stablecoins should balance innovation and risk, creating a favorable environment for industry development. Associate Professor Zhang Jialang from the Chinese University of Hong Kong's Department of Law pointed out that the regulations should clarify the legal status and regulatory requirements of stablecoins.

3. Insiders: It is suggested that central state-owned enterprises lead the construction of a national-level public blockchain.

Background: The issuance of stablecoins relies on public chain infrastructure. However, currently, our country does not have a globally influential public chain, which poses challenges for the development of stablecoins. Some insiders have suggested this.

Policy Content: An insider stated that the national-level backbone public chain should be led by central state-owned enterprises, while the construction of industry-level public chains can be open to market competition, and scenario-level public chains should be completely market-oriented. Another individual believes that a self-controllable public chain is of great significance for building the infrastructure system in the digital financial era.

Market Reaction: Industry insiders generally agree on the need to strengthen public chain construction, but there are differing opinions on the主体 and model of construction. There are also views that public chain construction needs to fully consider technological innovation and ecological development.

Expert Opinion: Zeng Yi, Executive Dean of the Internet Industry Research Institute at Tsinghua University, believes that the construction of public chains should follow the principles of "unified planning, layered deployment, and division of responsibilities." Niu Dun, Deputy Director of the Chongyang Institute for Financial Studies at Renmin University of China, stated that the construction of public chains requires a combination of government leadership and marketization.