Odaily reported that according to Gate data, New York gold futures have reached $4,050 per ounce, up 1.03% intraday. Spot gold surged about $30 in a short period, briefly breaking through $4,040 per ounce, up 0.98% intraday.

According to Onchain Lens monitoring, two newly created wallets, which may belong to the same whale, deposited $8 million into Hyperliquid to open a 20x leveraged long position on Bitcoin. The position currently holds 400 BTC, valued at $23.5 million.

Odaily reported that a federal judge in Boston, Massachusetts, has blocked the implementation of U.S. President Trump’s executive order aimed at tightening mail-in voting regulations, preventing the order from taking effect before the November elections that will determine control of Congress. U.S. District Judge Indira Talwani supported the claims of a coalition of Democratic-led states, which argued that Trump is unlawfully attempting to interfere with state administration of federal elections.

The judge noted that the President lacks the authority to compile state voter rolls, and the U.S. Postal Service also has no statutory authorization to establish binding mail-in voting rules. Under the U.S. Constitution, the responsibility for administering federal elections lies with the states. (CCTV)

Odaily reports that apxUSD, a stablecoin backed by preferred shares including STRC, has dropped to approximately $0.78, a decline of 22%. As Bitcoin briefly fell below $60,000, the shrinking value of its collateral caused the stablecoin to lose its peg.

Odaily reports that blockchain IP project Story Protocol has announced its transition into the DATA Foundation, shifting its core focus from general intellectual property (IP) infrastructure to an AI training data network. This move addresses the rapidly growing demand for "licensable and traceable training data."

Alongside this transition, the project launched a new product called Trace. As an on-chain AI training data registration and auditing system, Trace generates verifiable on-chain "contribution certificates" for each piece of data. These certificates record the source, licensing terms, user consent, and payment information, helping AI model trainers confirm data compliance and traceability. (The Block)

Odaily星球日报讯 标普全球能源公司 25 日发布报告说，24 日共有 78 艘船舶通过霍尔木兹海峡，创下伊朗战事爆发以来单日最高通航纪录。本月霍尔木兹海峡的船舶日均通航量已恢复至冲突前水平的约 57%。

报告说，截至 24 日，本月累计有 551 艘船舶通过霍尔木兹海峡，有望成为战事爆发以来通航量最高的月份。报告指出，近期驶离霍尔木兹海峡的船舶不仅包括因冲突而长期滞留的船舶，也包括近期进入的船舶，反映出航运活动初步正常化迹象。

不过，海峡通航量回升态势能否持续仍有待观察，相关协议仍需进一步巩固和落实。（新华社）

Odaily reported that Jiang Zhuoer stated on X that Strategy’s preferred stock, STRC, has significantly de-pegged, hitting a low of approximately $73. This reflects the current panic sentiment in the US stock market towards Bitcoin (BTC)-related assets. Market concerns about “systemic risk” (such as FUD) have been amplified. In theory, Strategy could still raise funds by issuing more common stock, but in an mNAV < 1 environment, such issuance would dilute the BTC per share, making it a “dilutive financing method” and therefore considered a high-cost operation.

Jiang Zhuoer added that over the past three weeks, Strategy has employed this financing method multiple times. In the first two weeks, part of the funds were used to purchase approximately 1,500 BTC. However, in the third week, despite the larger issuance scale, the amount of BTC purchased decreased to about 520 BTC, as most of the funds were used to maintain STRC dividend payments. Based on this, it is believed that the company’s short-term strategy has clearly shifted toward “prioritizing STRC interest payments,” implying that the pace of BTC accumulation may slow significantly, or even halt temporarily, in the coming months. However, STRC is essentially a preferred stock, not a debt instrument, and therefore has no forced liquidation mechanism. With Strategy’s overall debt-to-equity ratio at roughly 10%, the probability of a “blow-up risk” is low as long as BTC does not enter a prolonged deep bear market.

Odaily reported that Arkham's analysis pointed out that Strategy's preferred stock STRC has significantly depegged, currently trading at approximately $76.2, a discount of about 25% from its $100 par value. STRC is a perpetual preferred stock with an annualized dividend yield of approximately 11.5%, with a total of approximately 104.89 million shares issued, corresponding to an annual dividend cost of about $1.2 billion. As of Monday, Strategy holds approximately $1.4 billion in dollar reserve funds on its balance sheet.

Unlike the Terra (LUNA) mechanism, Strategy and its founder Michael Saylor do not face the structural risk of being "forced to liquidate." The price of STRC more reflects market expectations regarding the sustainability of future dividends rather than a forced liquidation mechanism. STRC dividend payments are not a legal obligation; therefore, if the financing environment deteriorates, the company can choose not to maintain dividends, thereby avoiding a structural collapse similar to a "death spiral."

The current decline in STRC is believed to primarily stem from market concerns about future financing capabilities, dividend sustainability, and the opportunity cost of capital, rather than an immediate solvency crisis.

Arkham stated that this mechanism does not directly threaten Strategy's survival, but in the long run, if high dividends rely on sustained capital market financing, it may affect the attractiveness of new capital for MicroStrategy's common stock, $MSTR.

Odaily reports that Iran has proposed charging transit fees in the Strait of Hormuz with its Gulf neighbors, estimating the strait could generate $40 billion in revenue annually. (WSJ)

Odaily Odaily News According to on-chain analyst Ember's monitoring, following tonight's crypto market decline, multiple whale ETH lending positions on-chain are approaching liquidation levels and facing liquidation risks. The first liquidation tier has a liquidation price of $1,472, involving 72,700 ETH worth $114 million; the second liquidation tier has a liquidation price of $1,355, involving 167,600 ETH purchased by a whale earlier this month, worth $263 million; the third liquidation tier has a liquidation price of $1,160, involving 120,000 ETH in long positions held by the largest bull on Hyperliquid, worth $188 million.

According to market sources: As the Supreme Court completes the drafting of its opinion, the ruling in the Federal Reserve Governor Cook case is expected to be announced next week. (Jin Shi)

Odaily reports that Ondo has officially launched a 24/7 instant minting and redemption service for tokenized U.S. stocks and ETFs. Previously, the platform only supported minting and redemption windows 24 hours a day, five days a week (24/5). With this upgrade, eligible users can now mint or redeem supported tokenized assets at current market prices at any time, including weekends and U.S. public holidays. The first batch of assets supporting 24/7 instant minting and redemption includes six tokenized stocks: SPYon, QQQon, CRCLon, NVDAon, TSLAon, and GOOGLon. These are currently live on Ethereum and BNB Chain, with Solana support coming soon.

Odaily reports that on-chain analytics platform CryptoQuant stated Strategy should stop buying Bitcoin and strengthen cash reserves.

US stock market data shows Strategy's share price has fallen below the $90 mark, currently trading at $89.9, with its market cap approaching a drop below $2 billion.

Odaily Odaily reports that on-chain security analyst Specter has stated that a suspected phishing attack targeting Polymarket users is underway, with cumulative losses currently estimated at approximately $2.94 million. According to their monitoring, the attacker has transferred funds from over 11 victim wallets holding PUSD, swapping the stolen assets for ETH. Specter also reminds users to be vigilant against phishing risks and notes that the incident is still being actively tracked.

Odaily Odaily News: According to on-chain analyst Ai Yi's monitoring, BTC has once again fallen below $60,000. The 5x leveraged long Bitcoin position held by Garrett Jin, the agent of the "1011 Insider Whale," now has an unrealized loss of $21.12 million. The opening price of his 1,268.33 BTC position was $76,117, while the mark price is $59,466, representing a decline of 21.8%.

Odaily Odaily reports that data from Hyperbot shows a sharp short-term crash in the crypto market brought Brother Machi (Maji), Huang Licheng’s, 25x leveraged long position on Ethereum to the brink of liquidation. In response, Brother Machi has begun adding to his position. He currently holds 151 ETH, with his floating loss narrowing to 5,000 USD and a return on investment of negative 52.86%.