[Zhipu AI Launches $560 Million Hong Kong IPO, Plans to List on January 8] Chinese artificial intelligence company Zhipu AI has launched its initial public offering (IPO) in Hong Kong, aiming to raise HK$4.35 billion (approximately $560 million) with an offering price of HK$116.2 per share. The company is expected to be listed on January 8, with an estimated valuation of HK$51.16 billion. Zhipu AI will become the first large language model (LLM) developer to be publicly listed in Hong Kong. Previously, it completed over RMB 8.3 billion in financing, with investors including Meituan, Alibaba, Tencent, and Xiaomi.

The bank raised its its price target on the shares to $24 from $9.50. What to know : KBW upgraded TeraWulf to outperform from market perform and lifted its price target from $9.50 to $24. The bank said AI and HPC leasing will eclipse bitcoin mining as the company's main earnings driver. Rapid EBITDA growth and valuation upside is expected as lease revenues scale.

[Jump Crypto Receives 9.28 Million LIT Airdrop Worth $24.2 Million] Jump Crypto received an airdrop of 9.2848 million LIT, valued at approximately $24.2 million. Since mid-November, Jump Crypto has been market-making on Lighter, with 323,900 LIT allocated to newly created wallets, possibly as market-making rewards, and the remaining LIT distributed to 24 associated accounts. This airdrop accounts for 0.93% of the total LIT supply and 3.72% of the circulating supply.

Long term holders have ended their 6-month Bitcoin sell-off and are now in a net buying state. （The Bitcoin Historian）

[Whales Adjust Positions On-Chain Today, Temporary Calm in Long-Short Battle] From 10:00 to 20:00 on December 31, Hyperinsight monitoring revealed the following adjustments in long and short positions by whales: On the long side, Huang Licheng reduced his 25x leveraged ETH long position to 8,500 units, realizing a floating profit of $119,000. Whale address 0x10a3c closed long positions in ETH, SOL, UNI, and PUMP, switching to long positions in BTC and FARTCOIN, with a floating loss of $153,000. On the short side, whale address 0x5d2f4 reduced its LIT short position, lowering the entry average price to $2.8, while opening a 20x leveraged short position of 499.9 BTC, approximately $44.2 million. Another whale increased its LIT short position to $6.26 million, becoming the largest short position holder on-chain. Additionally, a whale opened a 20x leveraged short position of $70.72 million in BTC and a $16.71 million ETH long position for hedging, with a total floating loss of $240,000.