Dunamu, the operator of South Korean cryptocurrency exchange Upbit, has been selected as the preferred bidder for the Korean National Police Agency’s one-year seized digital asset custody contract.

Procurement records published by South Korea’s Public Procurement Service showed that Dunamu ranked first in the bidding process for the project, which will transfer custody of cryptocurrencies seized during police investigations to an external institution. 

As the preferred negotiating bidder, Dunamu will secure the contract if negotiations are completed successfully without requiring talks with lower-ranked participants.

Dunamu leads technical and price evaluation

Scoring released through the procurement platform showed Dunamu receiving the maximum 10 points for its bid price and 84.73 points in the technical assessment, giving it a total score of 94.73. Korea Digital Asset Custody (K-DAC) placed second with 91.29 points, while Hecto Wallet One finished third with 87.27 points.

Valued at 267 million won (about $195,000), the contract will run for one year and cover the storage and management of digital assets confiscated by police during criminal investigations.

Industry participants, however, questioned whether the tender requirements made it difficult for smaller custody providers to compete. 

According to local media reports, the National Police Agency required bidders to immediately accept full custody of seized cryptocurrencies, maintain a round-the-clock response system, and guarantee full compensation if assets were lost due to hacking.

Several industry officials told local media that those conditions, while reasonable for safeguarding government-held assets, were easier for a large exchange operator such as Dunamu to satisfy than for standalone custody firms with fewer resources. 

One custody industry official said competing against a major exchange under those requirements “wasn’t an easy game from the start.”

Evaluation process draws criticism

Some market participants also expressed disappointment with the evaluation process itself. According to local media, an industry official said Dunamu was likely assessed favorably because of its experience operating a 24-hour exchange infrastructure and handling multiple digital assets, but added that a proposed on-site inspection of competing firms’ security systems and operating infrastructure was not included in the evaluation.

The National Police Agency rejected suggestions that the outcome favored a large company from the outset, with local media reporting that the agency said the operator had been selected through a fair competitive process.

The decision follows previous incidents involving the handling of seized cryptocurrencies by law enforcement agencies. Local reports noted that the need for an external custody provider gained attention after Bitcoin seized by the Gwangju District Prosecutors’ Office was lost, while police also later confirmed that seized Bitcoin had gone missing in a separate 2022 incident.

The latest development comes as Dunamu continues to navigate regulatory scrutiny on other fronts. Earlier this month, the company disclosed that the completion of its planned all-stock share swap with Naver Financial had been postponed for a second time until Dec. 31 as several regulatory approvals remain pending.

Key Takeaways

• Alibaba’s American Depositary Receipts climbed 11% in premarket sessions on Wednesday, reaching $109.38
• A pre-earnings analyst briefing revealed that the company’s instant-commerce division is experiencing reduced losses
• Hong Kong’s Hang Seng Tech Index surged approximately 5%, while Tencent and JD.com both gained around 4%
• South Korea’s KOSPI tumbled 5.4% as capital flowed away from semiconductor stocks including Micron and SK Hynix
• Nasdaq 100 futures declined 1.1% amid concerns over deteriorating U.S.-Iran cease-fire conditions

Alibaba’s American Depositary Receipts rocketed 11% to $109.38 during Wednesday’s premarket session, representing the stock’s most significant single-session rally in Hong Kong trading since September.

Alibaba Group Holding Limited, BABA

The driving force behind this surge was an analyst briefing conducted ahead of the company’s official earnings release. According to Chinese media outlet Jiemian News, Alibaba informed analysts that its rapidly expanding instant-commerce segment experienced narrowing losses during the June quarter, while the company maintained stable profitability across its operations. Market participants responded enthusiastically to these developments.

Shares traded in Hong Kong jumped as much as 12.5% during peak trading, positioning the stock among the strongest performers on the Hang Seng Tech Index, which rallied approximately 5%.

This wasn’t an isolated Alibaba phenomenon. JD.com climbed 3.8%, Baidu advanced 6.4%, and Tencent posted gains of nearly 4%. Chinese technology giants, which had underperformed throughout much of 2026, suddenly recaptured investor interest.

Capital Reallocation Dynamics

The larger narrative involves a meaningful shift in capital allocation patterns. Throughout recent months, artificial intelligence investment themes concentrated heavily on semiconductor manufacturers — especially South Korean companies like SK Hynix and American giant Micron. These equities fueled substantial gains in Korea’s KOSPI index and Taiwanese markets.

Wednesday reversed that trend dramatically. The KOSPI plunged as much as 5.4% as capital rotated away from chip-heavy markets. Micron declined 4.7%, while SK Hynix dropped 5.7%.

Market participants appear to be seeking more attractive valuations within the AI investment theme. Chinese internet companies, which had tumbled into bear market territory in Hong Kong, present lower price-to-earnings multiples compared to their elevated U.S. and Korean peers.

Contributing to the optimistic sentiment surrounding Chinese AI capabilities: Reuters disclosed that DeepSeek is developing proprietary chip technology to support AI infrastructure. The Information separately reported that Zhipu is evaluating the design of its own AI processors — indications that China’s artificial intelligence sector is advancing into hardware development.

American Technology Sector Faces Headwinds

While Chinese technology stocks attracted buying interest, American markets indicated weakness. Nasdaq 100 futures fell 1.1% after President Trump suggested the cease-fire arrangement between the United States and Iran may be unraveling. Rising oil prices unsettled investors across multiple sectors.

Alibaba’s ADRs had experienced significant pressure throughout 2026, declining 33% year-to-date prior to Wednesday’s rally. The weakness stemmed from investor anxiety regarding the company’s substantial expenditures on artificial intelligence infrastructure, including its Qwen large-language model, which management has positioned as a competitor to ChatGPT.

A Barron’s analysis published Monday contended that Chinese AI enterprises are strategically positioned to compete effectively, highlighting the comparatively low pricing of their chatbot services relative to offerings from OpenAI, Anthropic, and Alphabet.

Alibaba is scheduled to release comprehensive earnings results within the coming days. Wednesday’s preliminary briefing indicated that financial results, particularly regarding profitability metrics, may exceed conservative expectations.

The Hang Seng Tech Index had previously entered bear market territory earlier this year due to declining confidence in Chinese e-commerce operations and apprehensions about China’s macroeconomic conditions.

Key Highlights

• Apple has entered into a major multiyear partnership with Broadcom exceeding $30 billion in value, focused on custom semiconductor components and wireless connectivity solutions.
• Over 15 billion chips will be manufactured domestically as part of this arrangement.
• Broadcom plans to commit $1.5 billion toward upgrading its Fort Collins, Colorado production plant.
• The agreement centers on FBAR radio frequency filtering technology, a product line the two companies have jointly engineered since 2023 at minimum.
• This represents Apple’s most substantial American Manufacturing Program (AMP) initiative yet, contributing to its comprehensive $600 billion domestic investment plan spanning four years.

Apple has finalized its most significant U.S.-based manufacturing partnership to date, entering into a multiyear collaboration with Broadcom valued at over $30 billion to manufacture specialized semiconductors and wireless components domestically.

Revealed this Wednesday, the partnership will lead to the domestic fabrication of no fewer than 15 billion semiconductor units, creating employment opportunities for hundreds of Americans throughout the manufacturing ecosystem.

Shares of Apple (AAPL) declined 0.64% during trading, while Broadcom (AVGO) dropped 0.83%, though neither movement seemed directly connected to the partnership reveal.

Apple Inc., AAPL

Broadcom initially revealed the extended supply arrangement this past Monday, verifying it had finalized a contract with Apple extending to 2031. Wednesday’s statement provided the comprehensive specifics.

The semiconductors forming the partnership’s foundation are FBAR filters — specialized radio frequency elements that enable wireless connectivity in Apple’s product lineup. The two technology giants have jointly developed these components since 2023 or earlier.

This partnership falls under Apple’s American Manufacturing Program, an initiative the corporation introduced previously to strengthen domestic supply chain capabilities. This latest agreement represents Apple’s most significant undertaking within that framework.

To accommodate the increased manufacturing capacity, Broadcom will allocate $1.5 billion for renovating and enhancing its Fort Collins, Colorado manufacturing campus. This location will manufacture the FBAR filters alongside other sophisticated wireless connectivity solutions.

Tim Cook described the Fort Collins-produced components as “essential to delivering the incredible performance and connectivity our customers expect.” He additionally expressed appreciation to the Trump administration for backing the initiative.

Broadcom’s CEO Hock Tan stated the company is “pleased to expand our manufacturing footprint in Fort Collins,” emphasizing that the facility manufactures technology that “connects people around the world.”

Apple’s $600 Billion Domestic Investment Strategy

The Broadcom deal forms part of a broader financial pledge Apple has undertaken regarding the American economy. The technology leader has committed to directing $600 billion domestically across four years, encompassing manufacturing operations, employment generation, and technological advancement.

Wednesday’s revelation furthers Apple’s declared objective of establishing a comprehensive silicon supply infrastructure within U.S. borders — an initiative that has gained increased importance amid continuing trade tensions and tariff considerations.

A Multi-Decade Collaboration

Apple and Broadcom have maintained a collaborative relationship spanning many years, with Broadcom furnishing wireless semiconductor solutions utilized throughout iPhone models and additional Apple hardware. This latest agreement substantially strengthens that partnership and prolongs it considerably into the coming decade.

The supply contract running through 2031 provides Broadcom with demand forecasting certainty and validates the capital expenditure in Colorado. From Apple’s perspective, it secures a reliable domestic supplier for critical components during a period when American semiconductor production capacity ranks as a strategic imperative.

Apple verified the partnership on Wednesday, July 8, 2026, with manufacturing of the Fort Collins-produced components anticipated to expand across multiple Apple product categories moving forward.

Ethereum has weakened for a second straight session as a bearish rounding-top pattern and renewed selling pressure threaten a move toward $1,650.

According to data from crypto.news, Ethereum (ETH) was trading near $1,737 at press time, down nearly 2% over the past 24 hours after a wallet linked to a large holder transferred roughly $26.9 million worth of Ether to a centralized exchange.

The move triggered fresh profit-taking after Ethereum’s recent recovery stalled just below a major technical resistance zone between $1,800 and $1,806, where the daily Supertrend indicator and the 50-day exponential moving average converged.

Geopolitical tensions have added another layer of pressure. Oil prices climbed after fresh U.S. military action targeting Iranian energy infrastructure, reviving inflation concerns and lifting Treasury yields. Risk assets weakened across global markets as technology stocks retreated, with cryptocurrencies moving lower alongside equities.

Exchange-traded fund demand has nevertheless remained constructive. U.S. spot Ethereum ETFs have now posted four consecutive days of net inflows, while Coinbase Premium has continued recovering from recent lows, suggesting institutional demand has improved even as price struggles to reclaim overhead resistance.

Derivatives positioning also paints a mixed picture. According to analyst Rain, Ethereum’s recent advance has come primarily from spot buying rather than leveraged speculation.

“$ETH is up 10% this week and open interest barely moved: the actual signal,” Rain wrote on X. “Leverage ratio hasn’t recovered from June, this bounce comes from spot demand.”

Rain added that net taker volume turned positive on June 28, while roughly $76.2 million in positions were liquidated over the past day, with long traders accounting for most of the losses after ETH failed to hold above $1,800.

Ethereum technical structure favors a move toward $1,650

Ethereum’s 4-hour chart has formed a bearish rounding-top pattern after the recovery from late June stalled near $1,830. Price has already broken below the ascending trendline that supported the rally and slipped beneath the 61.8% Fibonacci retracement level around $1,724 after repeated rejection near the 78.6% level at roughly $1,772.

Momentum indicators have also turned weaker. The 4-hour RSI has fallen to around 44 after approaching overbought territory earlier this week, while the MACD remains below its signal line with expanding negative histogram bars. If sellers maintain control, the next major technical objective sits near the 0.382 Fibonacci retracement at approximately $1,657, aligning closely with the projected rounding-top target around $1,650.

The daily chart offers little relief for bulls. Ethereum remains below the 50-, 100-, and 200-day moving averages near $1,789, $2,025, and $2,247, respectively, keeping the medium-term trend under pressure. Chaikin Money Flow has stayed slightly above zero, suggesting spot demand has not disappeared entirely, but buyers have yet to generate enough momentum to reclaim key moving averages.

CoinGlass liquidation data also identifies an important support zone between $1,700 and $1,720, where a large concentration of leveraged long positions remains. A decisive break below that range could force another wave of liquidations and accelerate a decline toward the $1,650 region.

Holding above $1,700 remains critical for bulls

Analyst Ted Pillows believes Ethereum has already lost an important technical level.

“$ETH has lost the $1,750 support zone. A daily close below the level would be really bad for Ethereum.”

A sustained close below the $1,700-$1,720 support band would strengthen the bearish setup and expose Ethereum to additional losses toward $1,650, with the June low near $1,550 becoming the next major support. Renewed geopolitical tensions, elevated bond yields, or another wave of whale selling could add further pressure if risk appetite weakens again.

The bearish outlook would lose momentum if ETH quickly reclaims the $1,800-$1,806 resistance area. A breakout above that zone would invalidate the rounding-top pattern, shift attention back to the recent high near $1,833, and improve the chances of another attempt toward the psychological $1,900 level, particularly if ETF inflows continue and leverage returns to the futures market.

The DAX 40 has shed more than 2% over the past several sessions, breaking a rally that had pushed the index to record highs on the back of Germany’s fiscal pivot toward defence, infrastructure and climate spending. The pullback raises a legitimate question: is this a healthy pause within an intact uptrend, or the start of a deeper correction?

On the macro front, the picture remains mixed but constructive. German durable goods orders surprised meaningfully to the upside, hinting that domestic industry may finally be turning a corner. That said, a portion of this year’s projected GDP growth stems from calendar effects rather than genuine demand recovery.

Monetary policy offers the clearest explanation for the recent weakness. The ECB delivered its first hike since 2023 in June, and the shift in tone alone unsettled rate-sensitive DAX sectors like Financials and real estate, while a firmer euro added pressure on export-driven industrials.

Technical Analysis

As the chart shows, DAX 40 (GDAXI on FXOpen) has climbed steadily from April’s lows along a well-respected ascending trendline, recently pushing to new record highs near 26,000 before the sharp two-session pullback that triggered this correction. Price has now retraced heading to that same trendline, which converges with the 24,500-24,600 support zone—making this an important decision point for the index.

Bullish Scenario

If buyers step back in and defend the trendline together with the 24,500-24,600 zone, the broader uptrend structure remains intact. In this case, the recent drop would look more like a routine shakeout than a genuine reversal. From there, a renewed push back above the 25,400-25,550 resistance area—where the index broke down during the pullback—would be the first sign that momentum is returning. A clean break above that zone would put fresh record highs firmly back on the table, extending the rally that has defined the DAX since April.

Bearish Scenario

On the other hand, a decisive daily close below the trendline and the 24,500-24,600 support would be a meaningful technical signal, suggesting the correction has more room to run. Losing this zone would likely trigger further selling, as it has acted as a springboard for the rally since spring. In that scenario, the index would probably drift toward the 24,000 area first, with 23,000-23,200—the last major support tested back in April—becoming the key downside target if selling pressure intensifies.

With price now sitting exactly on this critical trendline, the coming sessions look set to decide whether the DAX’s record-breaking run continues, or whether this correction has only just begun.

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