Citrini analyst: Nvidia’s Rubin architecture release may be delayed again
Analyst Jukan from Citrini posted on X, stating that according to information from an expert conference call, the release of NVIDIA’s next-generation Rubin architecture products may be delayed again, to the point where he “cannot even rest on Saturdays.”
As of now, NVIDIA has not officially responded to the rumors of the Rubin project’s delay. Rubin is considered NVIDIA’s next-generation AI chip architecture following Blackwell, and its R&D and mass production progress has been closely watched by the market. The aforementioned news is still unconfirmed market speculation, and the specific release time awaits official disclosure from NVIDIA.
[PANews]
Bitcoin Hits Record Oversold Level Against Gold, Echoing a 660% Rally
Bitcoin has reached its most oversold level against gold on record, according to on-chain data. The last time this exact setup appeared, a powerful 660% macro rally in Bitcoin followed. Here is what the signal means and how history frames the current setup.
What the Bitcoin vs Gold Signal Actually Means The BTC/Gold ratio measures how many gold ounces one Bitcoin can buy, tracking the relative strength of the two assets. An oversold reading means Bitcoin is trading at a deep discount versus the precious metal, hinting that selling pressure may be nearing exhaustion.
The current setup is extreme by any measure. The BTC/Gold oscillator now sits at -1.81 standard deviations from its long-term trend. Furthermore, it trades below its conservative four-year average of -1.42, marking the deepest reading since 2010.
On-chain highlighted the depth of the move. Bitcoin now trades below both the power-law trend and its four-year average simultaneously. Moreover, the structural fair value of that trend currently implies a Bitcoin price near $283,000.
The signal draws on specific technical measures. These include deviation readings and oversold levels for the BTC/Gold ratio. As a result, the combination points to an unusually stretched relationship between the two assets right now.
Gold’s recent strength reflects its traditional role as a safe-haven asset during uncertain times. However, Bitcoin’s relative weakness amid volatility and macroeconomic pressure has driven the ratio to its 2026 trough, one of the lowest points on record.
Would This Signal Spark a Macro Rally Extreme oversold conditions in the BTC/Gold ratio have repeatedly marked major opportunity zones for Bitcoin. The chart shows previous troughs during the 2015 and 2018-19 bear markets, COVID (2020), and the FTX collapse (2022), each near a key turning point.
The most notable precedent stands out clearly. Following those lows, Bitcoin launched a multi-year advance exceeding 660%. Similarly, deep drawdowns during earlier cycles preceded outsized gains as capital rotated back into Bitcoin from other assets across the market.
Data from Delphi Digital reinforces the pattern. Larger ratio drawdowns, around -62%, have historically preceded strong recoveries. Also, the average subsequent rally across completed ratio crosses sits near 160%, with the deepest declines producing even bigger rebounds.
The setup resembles a coiled spring, though it guarantees nothing. Bitcoin often begins to outperform once broader liquidity conditions or risk sentiment improve. Consequently, shifts in monetary policy or rising risk appetite could catalyze a rotation back toward Bitcoin.
The market now sits at a potential inflection point. With the spring coiled after this rare signal, many participants are watching closely. A macro reversal could once again position Bitcoin for significant gains relative to gold.
China’s AI Models Process 98 Trillion Tokens, 85% Above US
China now accounts for roughly 40% of the 50 most widely used artificial intelligence (AI) models worldwide. Its models have also overtaken US rivals in monthly token usage. The numbers point to developers increasingly reaching for Chinese systems, even as US usage keeps rising.
China Closes the Gap in Global AI Usage Just 5 of the top 50 models were Chinese at the start of 2025. That count reached around 20 by May 2026, a fourfold rise that lifted its share to 40%.
According to Apollo Global Management, US models moved in the opposite direction. Their count in the top 50 fell to around 28 from 33 over the same stretch.
Token usage tells a sharper story. Among the top 20 most used models, Chinese AI models processed 98 trillion tokens in June, against 53 trillion for US models.
Chinese token usage climbed 113% from May to June. US usage grew 43% over the same month. That widened China’s lead to 85%, well above the 24% margin recorded in May, the Kobeissi Letter noted.
Rising Usage Meets Deepening US-China Friction The usage boom arrives as ties between US and Chinese AI firms fracture.
Alibaba banned its staff from Anthropic’s Claude Code from July 10, citing back-door risks, and told them to switch to its own Qoder tool. Anthropic had earlier accused Alibaba of the largest known distillation attack against it.
The firm has also pressed Washington for tighter chip export controls, arguing the US can still secure a decisive edge. Beijing is tightening its own grip. A regulatory purge removed more than 14,000 non-compliant AI products from Chinese networks this month.
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Yangtze Memory Technologies announced its IPO tutoring team, comprising a total of 31 professionals from CITIC Securities and China Securities.
According to the official website of the China Securities Regulatory Commission (CSRC), the “Progress Report on the IPO Tutoring Work for Yangtze Memory Technologies Co., Ltd. (Phase I)” was updated on July 10. CITIC Securities and CITIC Construction Investment, two securities firms, jointly deployed a tutoring team comprising 31 professionals. The current tutoring period runs from May 19 to June 30, 2026, and tutoring activities include on-site due diligence, organized centralized training sessions, and targeted issue consultations.
The next phase of tutoring will focus on two key areas: First, promptly coordinate discussions among all intermediaries and the company regarding issues identified during the work, jointly study and finalize standardization plans, and urge the tutoring subject to rigorously implement rectification requirements.
[PANews]
Eni CEO: If Middle East conflict continues, oil market may break current range in early 2027
Claudio Descalzi, CEO of Italy’s state-controlled energy group Eni, stated that if the Middle East conflict persists, the global oil market will break out of its current range of approximately $80–$100 per barrel no later than Q1 2027, driving up inflation and reducing energy demand.
In an interview published by Il Sole 24 Ore on Saturday, Descalzi said that the release of strategic reserves has so far helped keep crude oil prices broadly within this range—but this strategy faces growing risks as global reserves are finite. “The long-term solution is to enhance energy security through diversification of supply sources and routes,” he said.
Descalzi noted that global oil inventories have been declining at an average rate of 3.8 million barrels per day due to disruptions linked to the Iran-related war that erupted at the end of February—and this decline accelerated to 4.6 million barrels per day in May. He urged countries to focus on producers in North Africa and Sub-Saharan Africa, Latin America, and Southeast Asia, while reducing reliance on controlled maritime chokepoints. (Jinshi)
[Odaily]
Brazil Upgrades Crypto Regulation: “Operation Maya Veil” Targets Money Laundering Network Involving 87 Shell Companies
On July 10, the Brazilian Federal Police launched “Operation Veil of Maya,” simultaneously executing nine search and seizure warrants in São Paulo, Ribeirão Preto, Porto Alegre, and Canoas to dismantle a money laundering network involving 87 shell companies.
According to authorities, these companies posed as legitimate commercial entities but were in fact used to transfer funds from illegal gambling operations. The operation’s name draws from the philosophical concept of the “Veil of Maya,” symbolizing an illusion that conceals reality.
Investigations revealed that cryptocurrencies primarily served as a vehicle for cross-border fund transfers within this money laundering network. Criminals received illicit gambling proceeds through shell companies, converted the funds into crypto assets, and then transferred them overseas—exploiting the speed of digital asset cross-border transactions to evade traditional financial oversight.
[PANews]
Gyeonggi Province, South Korea, announced that it will officially launch a stablecoin proof-of-concept test in August this year.
According to Etoday, Gyeonggi Province, a first-level administrative region in South Korea, announced that it will launch a proof-of-concept (PoC) project based on stablecoins in August, exploring the application of blockchain stablecoins to local currencies, public subsidies, and payment systems.
It is understood that this PoC will focus on verifying three core technologies: programmable payments, zero-knowledge proofs, and reserve proofs that verify in real-time whether the issuance of stablecoins matches the reserve assets.
If the progress is smooth, it will enter the second phase of testing and expansion from October to December, focusing on evaluating the prevention of fund misuse, privacy protection mechanisms, screening of applicable businesses, and feedback from residents and businesses.
[PANews]
UK FCA and Central Bank Advance Crypto Regulation Rules, Removing Restrictions on Fiat-Pegged Stablecoin Holders
Last month, the UK Financial Conduct Authority (FCA) finalized its crypto regulations, providing guidance on capital requirements, entry and disclosure rules, and a broader conduct framework for crypto firms.
The Bank of England scrapped its previously proposed cap on holdings of fiat-pegged stablecoins and reduced the reserve requirement that issuers must hold at the central bank from 40% to 30%. The stablecoin proposal, first put forward in November 2025, had capped individual holdings of systemic sterling stablecoins at £20,000 and corporate holdings at £10 million. (CoinDesk).
[Odaily]
Ethereum Foundation: AI discovered a vulnerability that could cause validator nodes to go offline, but human verification is still required to confirm its authenticity.
The Ethereum Foundation recently disclosed that its security team used AI agents to test the software running Ethereum validator nodes and successfully discovered a vulnerability that could be remotely triggered, causing nodes to crash. However, researchers emphasized that manual review remains a crucial step in distinguishing real vulnerabilities from false positives among the large volume of security reports generated by AI.
The vulnerability discovered this time exists in the Ethereum network’s message propagation protocol, gossipsub. Attackers can remotely trigger the node software into an abnormal computational state, causing the program to crash and shut down, taking the validator node offline until the operator manually restarts it. The vulnerability has since been fixed and registered as security vulnerability number “CVE-2026-34219”.
[PANews]
Ethereum Foundation: AI Discovers Vulnerability That Could Take Down Validator Nodes, But Human Verification Still Needed
On July 11, according to CoinDesk, the Ethereum Foundation recently disclosed that its security team used AI agents to test software running on Ethereum validator nodes and successfully identified a remotely triggerable vulnerability that could cause nodes to crash. However, researchers emphasized that manual review remains the critical step for distinguishing real vulnerabilities from false positives among the large volume of security reports generated by AI.
The vulnerability, discovered in this instance, resides in the Ethereum network’s message propagation protocol, gossipsub. Attackers can remotely trigger the node software into an abnormal computational state, causing the program to crash and shut down—taking the validator node offline until operators manually restart it. The vulnerability has been patched and registered under the identifier “CVE-2026-34219.”
Nikos Baxevanis, a member of the Ethereum Foundation’s Protocol Security Team, stated that what was truly surprising about this incident was not AI’s ability to find vulnerabilities, but rather the significant amount of time the team spent discerning which vulnerabilities were genuine and which were merely plausible “hallucinations.”
[TechFlow]
MSTR CEO: The market underestimates the valuation of the company’s U.S. dollar reserves; using those reserves to repay convertible bonds caused STRC to decline.
MSTR CEO Phong Le admitted that he underestimated the market’s valuation of the company’s dollar reserves. He explained that the use of dollar reserves to repay convertible bonds triggered market concerns and led to a drop in STRC. (Bitcoin News)
[Odaily]
Grayscale: Ethereum, Solana, BNB Chain, Avalanche, and Canton Network are expected to benefit from stock tokenization
Grayscale released research on July 9 stating that stock tokenization will undergo three stages of development, with Ethereum, Solana, BNB Chain, Avalanche, and Canton Network most likely to benefit as ownership models evolve.
Grayscale stated that third-party wrapped tokens account for over 70% of the market value of tokenized stocks. In this model, traditional stocks are placed in a special purpose vehicle, and investors receive tokens representing claims on the vehicle’s equity, rather than direct ownership. Such wrapped assets operate on Ethereum, Solana, and BNB Chain, are tradable, and can be integrated into decentralized finance applications.
Grayscale listed the pilot program planned by DTCC as the second stage of tokenized stock development, with Canton Network set to be the first blockchain used in the DTCC tokenization pilot.
The third stage is issuer-sponsored tokenization, where companies issue securities natively on-chain. Securitize became the first publicly traded company to tokenize its own common stock upon listing on the New York Stock Exchange.
Grayscale expects wrapped tokens, the DTCC equity model, and issuer-sponsored offerings to coexist for years to come. (Bitcoin.com News).
[Odaily]
Today’s Market Pulse
Bitcoin’s record oversold level against gold—matching precedents that preceded 660% rallies—marks a critical inflection point. Coupled with China’s surging AI token usage and emerging regulatory clarity in crypto, this points to a coiling market poised for macro rotation—though NVIDIA’s delayed Rubin chip adds near-term noise.
Key Themes
Macro Technical Warning Sign
Bitcoin’s BTC/Gold ratio at -1.81σ—its deepest since 2010—sits below both its 4-year average and power-law trend. Historically, such extremes preceded explosive rallies post-2020, 2022, and earlier cycles.With gold at safe-haven demand peaks and Bitcoin oversold, a liquidity or risk-sentiment shift could ignite a multi-month outperformance relative to precious metals—potentially targeting $283K as per trendfair value.
AI Leadership Rebalance
China’s AI models processed 98T tokens in June—113% MoM vs US’s 43%—giving it an 85% usage lead. With 20 of the top 50 global models now Chinese (up from 5 in Jan 2025), the US edge is narrowing fast. This reflects not just volume but adoption: Alibaba’s forced switch from Claude to Qoder, coupled with Beijing’s 14k+ regulatory takedowns, shows top-down momentum. NVIDIA’s unconfirmed Rubin delay only adds pressure to American chip dominance—though still unverified.
Regulatory Convergence & Stablecoin Normalization
The UK’s removal of stablecoin holding caps and reduction of reserve requirements to 30% signals regulatory maturation. Meanwhile, Korea’s August stablecoin PoC (programmable payments, ZKPs, reserve proofs) and Brazil’s “Operation Maya Veil”—cracking down on crypto-enabled gambling laundering—show divergent but purposeful paths: Europe and Asia are building infrastructure, while BRIC nations enforce compliance. Tokenized stocks (via Ethereum, Solana, BNB Chain, Canton) further integrate legacy finance with on-chain rails—Grayscale sees wrapped, DTCC, and issuer-sponsored models coexisting for years.
RichSilo Verdict
Smart money should watch for two catalysts: (1) a reversal in the BTC/Gold oscillator or breakout from Bitcoin’s 4-year trend channel, and (2) NVIDIA’s official Rubine announcement—or silence. With USD reserves’ undervaluation haunting MicroStrategy and tokenized equities accelerating, infrastructure-ready Layer 1s (especially Ethereum and Solana) offer asymmetric exposure. However, prolonged Middle East instability (per Eni’s warning) and AI supply-chain tensions could delay macro rotations. Monitor token flows into wrapped assets and Korean/Korean-related stablecoin pilots for early sentiment inflection.
