深潮_TechFlow

“The Big Short” real-life model, Michael Burry, discloses his latest short portfolio, for the first time shorting Caterpillar, the best-performing stock in the S&P 500 this year $CAT (up 86% in the first half).
On the same day, he also opened shorts in the NVIDIA, Applied Materials, Tesla, and the Philadelphia Semiconductor ETF $SOXX .
The hottest picks in AI infrastructure—he went short on them all at once.
Burry’s judgment is: the valuation has reached extremes he hasn’t seen in 30 years—“it’s just a matter of time.”

Bitcoin ETFs posted their worst monthly performance since launch in June.
The 13 U.S. spot $BTC ETFs saw a total net outflow of over $4.1 billion in June, the largest monthly redemption since the product's launch in January 2024, surpassing the previous record of $3.56 billion set in February 2025.
$IBIT saw outflows of about $3 billion, accounting for the majority of the month's total outflows.
In the last full trading week of June, the weekly outflow reached $1.79 billion.

Japan and South Korea stock markets deliver impressive performance in first half of the year
The first half of the year officially concluded for Japan and South Korea stock markets, driven mainly by demand for AI memory chips. South Korean stocks accumulated gains of about 100% in the first half, repeatedly hitting new highs. The two tech giants Samsung Electronics and SK Hynix rose about 180% and 310% respectively during the year.
Driven by multiple factors such as corporate reforms, AI, and the semiconductor industry boom, the Nikkei 225 index has accumulated gains of about 40% this year

On Monday, foreign investors net sold 7.7 trillion won worth of KOSPI stocks, setting a record for the largest single-day sell-off.

Crypto venture capital firm Multicoin Capital published a report stating that hyperliquid:native is significantly undervalued, giving a base target price of $319 for 2028, representing over 400% upside from the current price of around $63.
The firm disclosed that it has been "aggressively building a position" in HYPE since February, and it has become one of the largest positions in its hedge fund.
Multicoin's core argument is that the market is pricing Hyperliquid as a fast-growing perpetual contract DEX, but it is evolving into an "everything exchange."

8 months ago, $BTC was the 7th largest asset globally, with a market cap of nearly $2.5T.
8 months later today, it ranks 19th, with a market cap of $1.19T.

The 2x leveraged memory chip ETF jointly issued by Roundhill and T-REX $RAM was listed on Cboe BZX on June 24, with the underlying being the DRAM ETF. After hours on the same day, Micron $MU reported its strongest quarterly results ever, with $41.46B in revenue and an 84.9% gross margin.
The DRAM ETF was listed on April 2, and its AUM exceeded $1B within 10 trading days. As of June 24, its AUM surpassed $20B, with a total return of 179.84%, making it the fastest-growing product in the ETF industry.
Holdings are highly concentrated: SK Hynix at approximately 29%, Micron at approximately 27%,

SK Hynix's board resolution on June 24th, to issue ADRs on the Nasdaq, with an estimated fundraising total of about 45 trillion Korean won (approximately $29 billion).
If completed at this scale, it will surpass Alibaba's 2014 IPO of $25 billion.
The maximum issuance of new shares is 17.79 million shares, accounting for about 2.5% of the total share capital, with a reference issue price of 450k Korean won per share (closing price on June 23rd), and the final price will be determined after bookbuilding.
Initially, new shares will be issued in Korea, deposited with the Korea Securities Dep

This May, the China Securities Regulatory Commission and seven other departments cracked down on cross-border internet brokerages such as Tiger, Futu, and Changqiao.
The direct trading channels for mainland residents to access U.S. stocks have been narrowed, and funds are shifting toward indirect overseas asset allocation through cross-border TRS private placement products, which are now also suspended from new investments.

SK Hynix's market value surpasses Samsung Electronics for the first time in 26 years. In the AI era, companies directly benefiting from infrastructure construction have received higher valuation premiums than diversified giants.
On June 22, SK Hynix's intraday stock price rose to a record high of 2.95 million won, with a market capitalization reaching 208.1 trillion won, surpassing Samsung Electronics' 207.3 trillion won. This is the first time since November 2000 that Samsung has lost its position as the top market cap in the Korean stock market. SK Hynix has gained a total of 341.9% this y

Regarded as one of the most aggressive AI investors globally, Leopold Aschenbrenner is shorting NVIDIA, ASML, and Oracle in the public markets with a nominal position of about $9 billion, while shifting funds into deeper AI infrastructure and model assets.
His positioning logic can be broken down into three directions, one judgment:
Short chips. His hedge fund, Situational Awareness LP, has built approximately $8.46 billion in put options on the semiconductor sector, covering NVIDIA, Broadcom, AMD, Oracle, Micron, TSMC, and others. He mentioned in a paper that by the end of 2025 or early 2

Super Rich People Record Cash Hoarding in February, New US Stock Highs After 4 Months, Who's Calling Who Out?
This February, the US money market fund size hit a record peak of about $8.25 trillion, a 65% increase from approximately $5 trillion in 2022.
Before Buffett retired, Berkshire Hathaway's cash reserves were piled up to about $381.7 billion, and PayPal co-founder Peter Thiel sold about $100 million $NVDA worth of stocks through hedge fund Thiel Macro in Q3 2025.
The narrative at the time was clear: smart money was hiding in cash.
By June, the story reversed.
According to offi

Bitcoin ETF Continues Outflows, Record $4.4 Billion, Funds Rebound for the First Time in Three Weeks.
From May 15 to June 3, the US spot Bitcoin ETF experienced 13 consecutive trading days of net outflows, totaling approximately $4.37 billion, equivalent to about 59k Bitcoins. This is the longest continuous outflow since its listing in January 2024, surpassing the previous record of 8 days and $3.2 billion in February 2025, which was doubled. The cumulative net inflow in 2026 has also turned negative for the first time.
The biggest outflow was from BlackRock IBIT, which withdrew about $3.3

21Shares’ spot HYPE ETF attracted $161 million in net inflows one month after listing on Nasdaq, and the three US spot HYPE ETFs have already drawn $161 million in net inflows.
June 5 was the only trading day with net outflows; on that day, Bitwise’s BHYP redeemed $2.9 million, while on every other trading day the funds were net inflows.
DefiLlama data shows that Hyperliquid’s 30-day perpetual contract trading volume is $240.5 billion, with current open interest of $8.6 billion, annualized fees exceeding $1 billion, and annualized revenue nearing $886 million. Of this, 99% of the fee inflows i