According to BlockBeats, on July 20th, Andy Liu, Head and Chief Analyst of HTX Research, was a guest speaker at Huobi's Expert Forum, where he shared his insights on "Q3 2026 Quarterly Outlook: The New Order of the Crypto Market Under Global Liquidity Repricing." He stated that BTC is no longer just a native cryptocurrency asset, but rather a proxy variable for global dollar liquidity. In the third quarter, the three core variables influencing BTC's price movement are: direction (liquidity), elasticity (ETFs), and risk (the US dollar).

When discussing Ethereum, Andy Liu pointed out that the current issue facing Ethereum is not whether its ecosystem grows, but whether that growth can be translated into value for ETH. In the medium to long term, Ethereum remains one of the most important settlement and application infrastructures for cryptocurrencies.

However, in the short term, ETH must prove again that ecosystem growth can translate into ETH value. Therefore, the core assessment of ETH in Q3 is: direction depends on regulation, resilience depends on DeFi, and confirmation depends on Fee and Burn.

According to BlockBeats, on July 20, the cross-chain bridge protocol Allbridge suspended its Core protocol due to a flash loan attack. The attackers have stolen approximately $1.65 million from the Solana stablecoin liquidity pool.

According to analysis by blockchain security firms PeckShield and CertiK, the attackers borrowed $1.12 million in flash loans through the Solana lending protocol Kamino, then manipulated the price mechanism within the Allbridge pool through multiple stablecoin exchange operations to exchange assets at low prices and transfer the funds across chains to Ethereum addresses.

During the attack, the attackers exchanged thousands of dollars' worth of USDT for approximately $2.24 million in USDC, then bridged the funds to Ethereum and further dispersed them. It is currently unclear whether some of the funds are still recoverable.

Allbridge stated that the team has suspended the Core protocol for security reasons and requested affected liquidity providers to immediately withdraw their funds. Because the attack caused an imbalance in liquidity pools, some traders profited by exploiting arbitrage opportunities. Allbridge is urging affected users to return their profits, stating that the funds will be used to compensate affected LPs.

The team stated that there is currently no further risk to user funds and that a detailed incident analysis report will be released after the investigation is completed. They also plan to relaunch the Core protocol after removing the liquidity pool.

This is the second time Allbridge has suffered a similar flash loan attack. In April 2023, the BNB Chain liquidity pool of the protocol lost approximately $573,000 due to a similar vulnerability. The project team later stated that they had recovered most of the funds and adjusted the liquidity calculation mechanism.