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Goldman Sachs: Korean retail investors are flowing funds into cryptocurrency, and KOSPI's upward movement relies more on foreign investment

Goldman Sachs Global Investment Research Department's South Korea stock analyst Chris Cha stated in a report on September 23 that KOSPI has the conditions for a short-term tactical breakout, but the continuous flow of liquidity from South Korean retail investors into the cryptocurrency market will make the index's subsequent upward movement more reliant on foreign capital and local institutions reconfiguring. The report noted that concerns about the Federal Reserve's interest rates have been partially digested by the market, and risk appetite has shifted towards proxy AI themes.The report pointed out that South Korean memory chips provide fundamental support, with fourth-quarter DRAM contract prices expected to grow double digits quarter-on-quarter, and the ramp-up of HBM4 capacity will continue to limit the supply of standard server DRAM. Samsung Electronics' large shareholder returns, continuous buying by institutions, and foreign capital turning into net buying may drive KOSPI towards the resistance zone of 7000 to 7200 points.The report also indicated that the capacity of local South Korean retail investors to absorb has weakened. After Bitcoin returned to $85,000, cryptocurrency trading in South Korea has heated up. According to DefiLlama data cited in the report, Upbit's single-day spot trading volume on June 13 was approximately $770 million, which rose to $1.817 billion on September 22, an increase of about 136%. Based on the total trading volume of $3.27 billion on that day across South Korea's five major trading platforms, Upbit alone accounted for over half. Goldman Sachs believes this will make KOSPI more reliant on foreign and institutional buying in the future, and October is a critical window to test whether foreign capital will continue to increase its investment in South Korean semiconductor and AI assets.

The list of the first batch of award winners for the Sun Yuchen Prize is now under public notice for 14 days, and the on-chain prize pool address has been credited with 10 million USD

According to official news from the Sun Yuchen Prize, the first batch of award winners has officially entered a 14-day public notice period starting September 19. The topics currently under public notice are questions number 305, 371, 381, 526, 866, and 1001, among which candidates for questions 305, 371, and 381 are formal verifiers, candidates for questions 866 and 1001 are mathematical problem solvers, and question 526 has candidates from both roles. The public notice information has been made available on the official GitHub candidate registration form, and the public can submit formal challenges.It is reported that the Sun Yuchen Prize is the world's first zero-trust decentralized academic reward mechanism based on a list of questions, with a maximum single-question prize of 1 million US dollars. On the day of its establishment, the first batch of 66 mathematical problems was announced, with the highest prize of 1 million US dollars awarded to the OpenAI research team in recognition of their solution and formal proof regarding the "existence and smoothness problem of the three-dimensional Navier-Stokes equations." At the same time, the prize operating organization also announced the on-chain address of the prize pool, which has already deposited 10 million US dollars. After the public notice period ends, the prize will be distributed in USDT (TRC20) or USDC (ERC20), and the winners will also receive certificates and medals.

first_img StarkWare stated that the cost of quantum-safe Bitcoin transactions has decreased to 67 USD, a reduction of approximately 79%

StarkWare stated in an update on September 23 that the estimated GPU computing cost for preparing a quantum secure Bitcoin (QSB) transaction has dropped to below $67, a decrease of about 79% compared to the approximately $320 computing expenditure for the first similar mainnet transaction in August. According to StarkWare, the first QSB transaction was packaged and confirmed on August 26, with the engineering work completed by Tomer Giladi, and submitted directly through MARA's Slipstream service. The preparation process consumed about 3100 GPU hours, utilized around 100 GPUs, and incurred a computing cost of approximately $320, excluding Bitcoin network transaction fees.This cost reduction resulted from the quantum secure Bitcoin optimization challenge initiated on September 16 by StarkWare, Yukon Research, and Eigen Labs. The challenge invited developers, researchers, and AI agents to optimize transaction construction software, ultimately resulting in 62 adopted improvements across two computational tasks required to prepare a QSB transaction, with benchmark tests showing an estimated computing cost reduction of about 79%. The relevant dashboard currently indicates that the estimated cost has further decreased to $66.The QSB proposal was released by StarkWare researcher Avihu Levy in April, introducing hash-based quantum attack protection for transactions without altering Bitcoin's consensus rules. Due to limited cost, complexity, and applicability, he described it at the time as an emergency measure while continuing to advocate for adjustments at the protocol level.

Galaxy Digital invested 100 million USD to purchase sUSDS, Forward Industries plans to raise 25 million USD to increase its holdings in SOL

According to BBX data, yesterday global publicly listed companies in the U.S. stock market announced their latest accounts regarding digital asset treasury allocation, targeted private placements, and stock repurchases at a discount. The core updates are as follows:Galaxy Digital (TSX: GLXY) invested $100 million to purchase sUSDS and increased its holdings in SKY tokens: The well-known cryptocurrency financial services firm Galaxy Digital announced that it has utilized $100 million of its own funds to officially incorporate the interest-bearing stablecoin sUSDS from Sky Protocol into its corporate treasury. At the same time, Galaxy has approved sUSDS as compliant collateral for its institutional trading business, allowing institutional clients to apply for loans by pledging sUSDS while continuing to enjoy Sky's savings interest rate benefits. Additionally, Greg Feibus, the global head of capital markets at Sky Frontier Foundation, confirmed that Galaxy also purchased an undisclosed amount of SKY tokens. The two parties have established a new tripartite lending arrangement and are discussing expanding the existing $500 million warehouse financing limit.Forward Industries (NASDAQ: $FWDI) plans to raise $25 million through a registered direct offering, fully allocated to increase its holdings in SOL: The publicly listed company Forward Industries, which is part of the Solana treasury, announced that it has signed a securities purchase agreement with institutional investors to sell 3.125 million shares of common stock at a price of $8 per share through a registered direct issuance, raising a total of approximately $25 million (expected to complete settlement around September 24). A.G.P./Alliance Global Partners is acting as the exclusive placement agent. Forward Industries clearly stated that the net proceeds from this offering will be fully used to increase its holdings in SOL in the secondary market, to expand its SOL treasury size and enhance the per-share fully diluted SOL content.Silvia (formerly ProCap Financial, NASDAQ: $SVIA) reduced its holdings by repurchasing 124 BTC, bringing total holdings down to 5,130 BTC: The Nasdaq-listed company Silvia, under cryptocurrency entrepreneur Anthony Pompliano, announced that since September 15, it has repurchased an additional 2.3% of its circulating common stock at a market discount below net asset value (NAV). Since the repurchase program began, the cumulative repurchase ratio has reached approximately 14.5%. As of the market close on September 22, the company's circulating shares have been reduced to 82,881,223 shares, with the treasury holding approximately 5,130 BTC (a decrease of about 124 BTC from approximately 5,254 BTC on September 15), and the NAV per share is approximately $4.27. The company reiterated its firm commitment to selling some assets to repurchase shares until the secondary market trading price is no longer below NAV.
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