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Having just finished nails, it's inconvenient to type, But I have to say this market situation Her nails aren't dry yet Push notifications one after another All the headlines were 'Something Happened Again.' I blew it dry while it was on fire The game public chain WEMIX It was rumored to be a suspected security vulnerability The loss was about $700,000 The numbers are not the largest in history But it reminds you of one thing Safety incidents are not based on market value rankings He always picks when you slack off Then guess what CZ came out to comment on BitMart's closure Shutting down a centralized exchange is not easy There are also concerns that the former team is leaving a backdoor This statement is tougher than any slogan A checkpoint does not mean the end of the clearance System permissions and historical interfaces is the thunder lurking in the shadows Add in the aftermath of AFX attacks from a few days ago Stories of hackers swapping warehouses and moving bricks are still circulating on the blockchain You will understand Transparent on the chain is a double-edged sword Bad things can also be livestreamed Dabing is still green near 64513 tonight It was as if nothing had happened But security incidents have never been digested by candlestick charts It eats trust and habit Who still uses 'audit screenshots' as a get-out-of-jail-free card? Who's setting the stage for the next chapter? My fingernails are not suitable for typing I have even less interest in chasing so-called hacker concept coins That kind of thing gets hot quickly All that remains is a record of failed transfers So my judgment is Security modules must be audited in a single session Switching to continuous monitoring and permission convergence At the CEX level, listen to CZ's reminder Shutdowns and handovers themselves are risk events Individual Unlimited Authorization Less Bridges and unconventional contracts are best avoided if possible Green plates can't change my obsession Let's also talk about a few hot topics🚨 BREAKING: 🇮🇷🇺🇸 Iran Signals It Will Halt Attacks If The US Keeps Strikes Paused A possible off-ramp. Iran says it will stop its attacks as long as the US maintains the pause in its military operations. This follows the US holding off on new strikes for the first time in nearly two weeks, after 13 straight days of bombing Iranian targets. Why it matters for markets is the oil chain. This conflict has kept a floor under crude by threatening the Strait of Hormuz, the waterway carrying a fifth of the world's oil. Every escalation pushed oil up, which revived inflation fear, which kept the Fed boxed in on rate cuts and pressured risk assets like Bitcoin. A genuine pause reverses that. Softer oil eases inflation worry, and that is the friendly setup crypto has been waiting for into the July 29 Fed meeting. Here is the honest part, and it's essential. This exact scenario has played out three times already this year. Ceasefires in April, June, and again in July all collapsed within days, each time sending oil spiking and markets lower. The pause is a de-escalation signal, not a resolution. Netanyahu visits Trump next week, Trump has already threatened more strikes, and the mediators have watched every prior truce unravel. What to watch: Whether the pause holds through Netanyahu's visit and into next week. Oil's reaction, and whether Bitcoin can reclaim $65K on the relief. A ceasefire signal is genuinely good news, but this conflict has burned every optimist who bought it as permanent. Trade the confirmation, not the headline, and keep risk tight into an event that has flipped overnight before. Does this pause finally hold, or crack like every truce before it? Not financial advice. $BTC $CL $BZ Real-time market overview 🖥️ $SHIB suddenly erupted on July 26, becoming the focus of the market. The price surged sharply from around $0.0000042, reaching an intraday high of $0.0000058, marking a more than two-month high. At the time of writing, SHIB was fluctuating around $0.0000056, with a 24-hour increase of as much as 35.37%. Trading volume expanded simultaneously, with market capitalization surging by about $1 billion in a single day. South Korea's Upbit exchange has become the main source of buying, and SHIB has reestablished its position as the "second-largest meme coin by market capitalization." --- Key support and resistance levels 📊 After five consecutive massive 4-hour candlestick spikes, the price has broken through several short-term resistance levels. The RSI surged to the extreme overbought zone at 79.88. The daily chart shows SHIB testing the 200-day moving average near $0.0000050. Resistance levels: 0.0000058 - 0.0000060 (intraday high and integer level); 0.0000067 (May high, strong medium-term resistance); 0.00000628 (Key support lost in May, now turning into resistance). Support below: 0.0000050 (200-day moving average and psychological barrier); 0.0000045 (Previous resistance, turned to support after breakout); 0.00000412 (June low and last line of support for bulls). --- On-chain market players and capital movements 🐋 Whale Re-enters: A SHIB whale that has been dormant for about six months has resumed accumulating, buying over 30 billion SHIB for approximately $125,000. Exchange reserves hit a historic low: SHIB reserves on centralized exchanges have dropped to about 86.1 trillion, a historic low. In recent weeks, SHIB holdings on exchanges have continued to decline, and selling pressure may be easing. Mysterious whales locked up for a long time: a whale cluster that has held about 103 trillion SHIB since 2020 (accounting for 8.51% of total supply) has not been sold off on a large scale to date. Contract shorts were washed out: During this rally, about 2,300 traders were liquidated, totaling approximately $6 million, with shorts accounting for about $5 million. --- Positive factors ✨ Burn rate surges 3200%: SHIB's burn rate surged over 3200% in the past 24 hours, about 500% weekly. The cumulative burned amount has exceeded 410.84 trillion, with the original supply down by 41.08%. Korean retail investors are buying frenziedly: SHIB's trading volume on South Korea's Upbit exchange is almost on par with Binance, with KRW trading pairs accounting for over 10% of global trading and showing a slight premium over the US dollar market. Whales resume accumulating: whales who had been dormant for half a year are buying again, combined with exchange reserves hitting historic lows—the dual tightening on the supply side creates strong supply and demand support. --- Bearish factors ⚠️ Technical indicators are overbought across the board: RSI reached 79.88, %B value as high as 1.44 (price well above the upper Bollinger Band). Historically, there is a high probability of mean reversion within 1-3 trading days after such extreme readings. Trading volume does not match gains: Binance spot trading volume is only $42.9 million. For a 32% gain, this volume is clearly low, more like amplification caused by thin liquidity. KOL Collective Silence: SHIB surged over 30% in a single day, but mainstream crypto opinion leaders collectively remained silent—historically, this silence often appears at the top of peak candles. --- Comprehensive assessment 🧐 $SHIB is currently in an extremely overbought state, following a typical short squeeze rally. Frenzied buying by Korean retail investors, whale accumulation, and a 3200% surge in burn rates have all acted as strong short-term catalysts. However, technical signals such as an RSI close to 80, a %B as high as 1.44, and mismatched trading volume and gains are all warning signs—CoinCodex forecasts a year-end target of only $0.0000034, about 18% lower than the current level. In the short term, watch if 0.0000050 can hold: If the sideways movement with shrinking volume cools the overbought indicator, there is a chance to re-attack 0.0000058-0.0000060; if it falls back quickly, the first support below is at 0.0000045. Chasing at higher prices carries great risk; it is recommended to wait for stabilization signals after a pullback. The above analysis is based on publicly available market data and does not constitute any investment advice. Please assess the risks yourself. #多数党领袖称CLARITY休会前难通过 #美军暂停对伊空袭, progress in the Strait navigation negotiations #交易之声: Your experience deserves to be heard Sisters, my hands were shaking while putting on makeup today Not because of a date But because I came across a set of "slow money" data My hand trembled and my eyeliner got smudged Over at Hyperliquid HYPE cumulative burn is about 47,270,000 tokens Approximately 4.73% of the maximum supply Burning is not just a market manipulation tactic It's a real supply-side slimming down And guess what The Ethereum validator exit queue Has dropped close to zero Those who wanted to leave have mostly left Staking-side pressure is easing up Hayes is still buying ETH Recently accumulated about 3,900 tokens Putting these three things together The picture is clear Some are locking Some are burning Some are quietly moving spot assets Not the kind of hype you hear in the square About doubling tonight BTC is still hovering around 64,513 ETF recent readable data still shows outflows of about 225 million Institutional ledgers are cold On-chain slow money is relatively warm Two clocks running simultaneously Easiest to make impatient people do the opposite I used to treat staking and burning As bull market side dishes Now they feel more like ballast stones in a choppy market They don’t guarantee a rise tomorrow But they punish you for putting all your positions On weekend sentiment My hands are shaking while putting on makeup Mostly from FOMO Not a signal What should really shake is Whether you’ve confused leverage with slow money So my judgment is Slow money is suitable for base position logic Not for ultra-short-term ignition HYPE burn and ETH queue zeroing I will keep them on my mid-term watchlist Positioning will continue to favor spot and low leverage Leave the "shaking hands" to makeup Not to the open position button I glanced at today’s news, a few points to mention: #黄仁勋首推开源AI公开信，获行业集体背书 The open-source initiative has pushed AI narrative back to the center of public opinion, but the competition between computing power and model routes may not immediately turn into crypto buying pressure. Slow money prefers cash flow and lock-up structures, not the hype of an open letter. I treat this as a backdrop for tech risk appetite; main position logic still focuses on BTC levels and ETH staking supply and demand. #RWA永续月交易量4700亿美元 RWA perpetual volume hitting $470 billion shows that after traditional assets go on-chain, there really is a trading layer, not just a custody narrative. Like burning and staking, it belongs to the "slow structure," winning on sustainability and fees, not weekend sentiment pulses. I will track share and basis, not speculate on unknown altcoins just because of the RWA acronym. #以太坊验证者退出队列已降至零 Queue zeroing reduces recent concerns about concentrated exits, a plus for ETH mid-term supply and demand, but short-term still depends on overall market risk appetite. Hayes’ continued buying looks more like high-net-worth cash flow voting, not retail slogans. My approach is to treat ETH as a slow position to observe, not to chase a queue number with high leverage over the weekend. $ETH $BTC #慢钱 #质押A friend said he knew a giant whale, But that giant whale turned out to be himself When he showed off screenshots of his holdings to me, I didn't see Fuying at first glance Let's first look at funding rates Because this is the most honest thing And what happened? BTC perpetual fees are only a little over 0.01%. Converting to annual discounts isn't scary either ETH is about an order of magnitude SOL is slightly higher Nor is it a feverish crowd BTC contract positions on OKX Approximately 31,700 units This amounts to around 2 billion US dollars The quantity is still there But the temperature wasn't high This combination has a name I privately call it cold leverage The position is still hanging But no one dared to bet heavily on the direction Weekends are more likely to become fee collectors And the price Big Cake 64513 A slight increase of 0.7%. ETH1885 SOL is almost 75 The candlestick looks decent But the rates tell you This isn't just everyone going all-in together Trend in the night My friend's 'I'm the whale' Most likely, it's a hot illusion added to the cold market The screenshot is beautiful It does not equal crowding supporting the trend Once Monday's external variable flipped The first to suffer are those with low rates but heavy positions U.S.-Iran easing has eased oil prices first Risk appetite has picked up But the rate doesn't match the attack script Explain the smarter money I'd rather see Monday verification Not on Sunday nights to the max So my judgment is The futures market is now suitable for downsizing It's not suitable to leverage based on intuition Discount rates to zero and increase holdings The biggest fear is a false breakout and a real stop-loss I only kept Kocang for trial and error The main warehouse continues to focus on spot trading The phrase "I know the whale" Deleted from the trading log And by the way, let's take a look at what everyone has been talking about lately: #多数党领袖称CLARITY休会前难通过 If the bill's progress is further delayed, contract trading usually cuts event gambling positions first, and the rate discount actually means the same thing: no one wants to pay a high cost of funding for an uncertain calendar. Regulatory gaps will prolong the volatility period and do not equate to a one-sided crash order. I will treat CLARITY as a source of volatility, not betting on the recess narrative. #美军暂停对伊空袭, negotiations on the opening of the strait made progress Geopolitical easing is most directly impacted by oil prices and risk premiums. It's reasonable for crypto to rise slightly over the weekend, but the rate not rising suggests that leverage remains cautious. If ceasefires or negotiations are repeated, it is most likely to cause back-and-forth losses on the contract side. In terms of trading, I'd rather express optimism with spot trading than push the multiplier up in a news vacuum. #韩国存储双雄获AI双巨头大单 AI hardware orders can boost risk appetite, but it's hard for crypto funding rates to be directly raised over the weekend—the clocks for these two are fundamentally different. The heated equity narrative and cold contract sentiment are typical cross-market misalignments. I only treat the chip orders as background warmth, not as "tonight should go twenty times." $BTC $SOL #合约费率 #冷杠杆My roommate was secretly trading contracts late at night and I caught him. His screen was lit up. I thought he was scrolling through short videos. But when I looked closer, it was all position colors. I was speechless. Tonight's closing market news is even noisier. On one side, someone is moving chips to exchanges. On the other, someone is continuing to accumulate on-chain. And then guess what? A team related to TRUMP deposited about $21,940,000 worth of tokens into a centralized exchange. The market's first reaction to this kind of move is probably selling, or at least preparing liquidity. On the other side, a giant whale increased holdings by about 1,580,000 LINK worth roughly $13,200,000 in the past week. Arthur Hayes also bought over 600 ETH, accumulating about 3,900 ETH recently. On the same screen, selling pressure expectations and accumulation signals stand side by side, making it easy to get whipsawed back and forth. My roommate’s kind of secret late-night trading fears this kind of split market the most. Every piece of news tells a story, but the price only allows narrow fluctuations. BTC is still around 64,513, ETH 1885, SOL nearly 75, like deliberately teasing those itching to trade. Funding rates for BTC are near zero, indicating leverage isn't wildly taking sides. The anomalies are more about token and address behavior, not an index-level trend shift. So my judgment is closing anomalies should be analyzed separately. Depositing to exchanges doesn’t mean immediate dumping. Accumulating doesn’t mean a pump tomorrow. My own rule is not to follow celebrity addresses’ emotions, only treat large inflows and outflows as risk signals. Positions remain biased toward spot. And I’m uninstalling my roommate’s late-night all-in trading from my computer. Back to hot topics outside the main market, a few things are interesting today: #Ethereum validator exit queue has dropped to zero Queue at zero means the pressure to withdraw staked assets has eased temporarily, and the narrative about queuing to enter is being brought up again. ETH is relatively stronger today, which aligns somewhat with the "staking willingness stabilizing" logic, but price elasticity is still constrained by the overall market and risk appetite. I treat queue data as a mid-term supply-demand background, not a reason for ultra-short leveraged trades. #Samsung Galaxy Wallet will natively support stablecoins The mobile giant embedding stablecoins into its system wallet is a payment-level signal, more useful than publishing a hundred educational articles. Actual implementation depends on regions, coins, and fee structures, and it’s unlikely to immediately boost public chain altcoins. I’m more focused on whether stablecoin circulation and on-chain activity will rise afterward, rather than chasing concept tokens first. #Earnings observers: Who can understand the real report cards from Google and Tesla this time? The aftershocks of tech giants’ earnings still anchor risk assets. Weekend crypto showed independent small fluctuations, which doesn’t mean equity risk is fully released. If closing anomalies coincide with fast-report narratives, it’s easy to get a mismatch of "full stories, empty positions." I choose to treat earnings as a Monday linkage variable, just recording today without chasing the rally. $ETH $BTC #closing_anomalies #whales7月26日WLFI全天震荡缓慢下行，无像样反弹，日内高点0.0572美元，日内新低0.0548美元，24小时累计跌幅4.12%，现价0.055美元；历史高点0.46美元，累计最大跌幅82.7%，7.23拉高0.068后暴力砸盘，回到震荡区间0.055-0.057阴跌，无意向上拉盘，高处接盘的散户解套已无望 - 链上筹码：总供应量1000亿枚，当前流通仅31.77%，剩余近70%团队、机构、特朗普家族筹码分多年线性解锁，持续新增供给压制价格；金库持有73亿枚WLFI，账面浮亏超3.4亿美元，存在长期变现预期。 WLFI宣称DeFi去中心化，但项目方合约内置黑名单后门，可单方面冻结任意用户钱包代币。 此前项目方直接冻结孙宇晨29.9亿枚WLFI代币，引发巨额诉讼纠纷，市场彻底质疑资产安全；散户、机构担心自身持仓随时被冻结，长期持续减仓出逃，无长期资金锁仓持有。 治理权完全被特朗普关联实体掌控，代币持有者投票权上限仅5%，项目方拥有一票否决权，完全违背DeFi共识，机构持续规避配置。 WLFI本质依托特朗普政治IP募资，总募资14亿美元，特朗普家族提前锁定约10亿现金收益，无需币价上涨即可完It's not that they're timid—Coinbase's move today is too aggressive. They officially moved perpetual contracts into the US, starting with $BTC and $ ETH nano contracts start rolling 24/7, come with built-in leveraged tracking, spot prices have no expiration date. Yes, that's the financial monster that supports 90% of global crypto trading. Now it's openly stepping into the compliant market. I stared at the screen for a long time, and honestly, my fingers were shaking. Previously, if you wanted to play perpetual, you had to go to offshore exchanges. Now, locally you can run a certain institution with automatic settlement of funding rates. Isn't this basically opening a legal casino for American retail investors? CME got anxious and immediately sued to crush it. The established exchanges panicked, because once perpetual contracts are implemented, who would still play traditional futures? ？ There's no expiration date, no need to repeatedly move positions; liquidity absorbed in an instant. I actually think the more urgent CME is, the more it shows this thing is really damaging. But think about how small retail investors used to be on offshore exchanges when they blew positions, at least they could shift blame on the platform. Now it's compliant and it crashes, so it's a real blowout. Liquidation engines won't talk about perpetual sword. It's a double-edged sword. In overseas markets, it has already proven its ability to attract money and cut losses. Especially with high emotional leverage, once leverage, a ten-minute reverse direction can take you out. Compliant liquidation, on-chain battle royale, used to be a covert game, now openly brought up. Institutional entry definitely benefits liquidation, but for ordinary players, I think it's better to stabilize first Chasing the high without answering the needle should wait until the market has digested this wave of shock. Sisters, holding steady in this situation isn't something that can be done overnight. Let the big players attack first. Let's see clearly before following the #加密行情回暖. Bitcoin rises #芯片股反弹, US stocks bear#美军暂停对伊空袭, negotiations on the opening of the strait made progress On July 25, Trump ordered a pause in airstrikes against Iran. Thirteen consecutive days of strikes, with a daily battle plan review. On the 14th day, the plan was laid out on the table but not signed. A few hours earlier, the Omani delegation had just arrived in Tehran. The discussion concerns the reopening of the Strait of Hormuz. The Qatar Maritime Authority acted even faster—directly announcing the full resumption of all maritime shipping starting July 26. Regional countries have already confirmed that risks have decreased. But Trump's exact words were: "If you can't get what you want 100%, you will definitely consider resuming total war." So it's not a ceasefire. It's a pause. Two words make up an entire peace agreement. $CL Direct Reaction — Single-day -4.33%, pulling back from above $100. $BZ -4.47%。 That is, go long ...... crude oil around $100, and in the middle of the night, Trump sent a message with a gap of 3% at the open. The volatility of this product is not determined by technical factors; it is determined by a single word from one person. Some people in the community are selling CL 10x for over 10x, costing 85.14, and the current price is just right above the cost line. This position is awkward: if it's flat, there's fear of a weekend agreement and oil prices crash; if not, fears Trump might post another message in the middle of the night. There was a detail that caught me off guard—the Chairman of the Joint Chiefs of Staff had privately warned that expanding operations would dangerously deplete the Patriot interceptor missile stockpiles. Someone in the community put it even more bluntly: the missiles were almost all fired and had to stop. It's exactly like trading—you're not defeated by the market, you are defeated by margin. There are currently two core issues with oil prices: whether a verbal ceasefire can be turned into a written agreement, and whether shipping across the strait can be restored. Issue a written agreement, and oil prices will move below $90. The negotiation broke down, and prices kept rising above $100. Some community views suggest that the roots are in the midterm elections in November. Oil prices push up inflation, inflation drives up prices, and prices affect votes. "All policies are for votes, every market movement is emotional fluctuations"—this statement may not sound flattering, but it is powerful enough to explain. $CL At the $100 level, everything depends on Trump's message, so technical pricing is impossible. Before the weekend negotiations are finalized, don't bet on direction. Whether Oman can reach a written agreement in negotiations over the weekend, and the actual implementation of Qatar's maritime resumption—these two issues will be directly priced into the opening price of CL/BZ during Monday's Asian session. Just keep an eye on it. Without an agreement, airstrikes could resume at any time. The price of $100 for oil won't disappear on its own. --- The above personal views do not constitute investment advice.Today is the market of "narrative remains, but capital needs validation." Crypto prices did not crash, but ETF outflows and the Fear index indicate weak risk appetite; The AI community has shifted from product entry point competition to skepticism about agent security and ROI; The AI capex review of the US stock market will, in reverse, affect Hong Kong tech and crypto beta. If Hong Kong stocks are under pressure along with U.S. growth stocks, it indicates that funds are contracting in duration; If it resists declines, it shows that Asian funds have independent risk appetite. The forecasting market is turning into a cross-market sentiment dashboard: not for shouting orders, but for seeing which narrative retail investors and arbitrage funds are betting on.AI信仰一夜崩塌。纳斯达克被血洗，科技巨头财报季撞上市场对AI支出的集体反水，中国 DeepSeek 更是点燃了火药桶。但你看加密：比特币纹丝不动，SHIB 单日暴涨 20%，钱没走，只是换了赌桌。 本文大纲 - 💥 AI信仰崩盘，纳指遭血洗 - 🛡️ 钱往哪逃？道指、黄金与 BTC - 🐕 加密内部：BTC 稳如泰山，Meme 翻江倒海 - 🧠 谁在追逐 SHIB 和 DOGE？ - 🗺️ 宏观风暴中的避风港逻辑 今日快照 $BTC 64,466，+0.57% $ETH 1,884，+1.06% $QQQ -1.12%，$SPY +0.10% $DXY +0.03%，$GLD +0.10% $IBIT -0.82% VIX 18.57，-0.64% $USO 136.69，-2.01% 道指 51,947.25，+0.46% 一、AI 信仰崩盘，纳指遭血洗 💥 市场最不想看到的一幕还是发生了。对 AI 支出的集体反叛从财报电话会蔓延到盘面，纳斯达克 100 ($QQQ) 今日重挫 1.12%，科技巨头领着大盘往下砸。新闻头条写道：“Big Tech Earnings Sl#以太坊验证者退出队列已降至零 Ethereum validator exit queue cleared: the door was open, no one left Exit the channel, empty. The data on the beaconcha.in is cold: the exit queue resets to zero, you can unlock it anytime, and the funds arrive instantly. Meanwhile, 2.48 million ETH are lining up to enter the market, stuck at the entrance, waiting an average of 43 days. Half a year ago, this channel was blocked with 2.6 million coins, causing a stir in the market. Now that the escape route is open, no one is taking that step. Two streams of people once brushed past each other in the passage, bidding farewell and going their separate ways. Now, the people who brushed past each other are gone—the old players are gone, but new players keep coming in. Total staked is 40.9 million tokens, accounting for 33.55% of supply, with 885,000 validators online. The direction has already been cut: net outflow is reversed into net inflow. You ask why? Yield: 2.64%. In 2023, it can be strong; for now, neighboring US Treasuries are 4.5%, oil prices are in triple digits, and inflation is suffocating the FOMC. 2.64% In this environment, whether you count the returns or the faith depends entirely on how you define "opportunity cost." So here's the question: 2.48 million coins waiting to enter the market—whose money is it? Part of it is institutional allocation, looking at ETH's USD exposure, not annualized USD. 2.64% is just a bonus; the underlying logic is "I need to occupy a spot on the network." The other part is overseas capital, bypassing compliance hurdles and completing its layout before CLARITY is implemented—regardless of what next year's bill looks like, just standing at the node first. The consensus between the two groups is: 2.64% are not here to make money, but to buy positions. But if ETH's price reaches a certain tipping point, the exit gate becomes crowded instantly. Nowadays, no one is leaving—not because they don't want to, but because the price isn't at the level that makes people want to leave. Oil prices are waiting for protocols, bills for clauses to be removed, ETH staking waiting for prices to give new answers. Everyone was waiting. But at least for now, the direction is clear: the exit door is open, and no one steps out. The line for entry was lined up, and no one left. Waiting for the wind? The wind is already in the staking pool.After showering and lying in bed at night, I watched the market downward and saw BTC fall from 66,900 to 63,700 this round, then slowly recover to around 64,500. I feel the current market state is quite interesting. Those who have been waiting for a correction for days ago may have really found their chance. Bottom-fishing funds entering near 63,666 have indeed secured a good position. BTC is currently fluctuating around 64,500. If you follow a short-term perspective, some may consider placing a 3x leveraged limit long position, with a stop-loss at 63,500 and targets above 65,800 and 66,300. However, from my own perspective at this level, I wouldn't blindly chase long positions just because it dropped; I still need to consider several signals. First, the 63,666 area is quite critical because it rebounded after testing twice on July 20 and July 24, indicating some short-term capital support here. Second, the current funding rate is only about 0.004%, with no signs of overheating in the long market. At the same time, OI saw a net inflow of about $110 million today, and ETFs have continuously attracted funds for seven consecutive days, totaling nearly $1 billion. These figures show that the market is not entirely without capital attention. Of course, if you're not used to leverage, I think placing spot in batches is much more comfortable. The biggest risk in a contract is not directional judgment, but leverage turning normal volatility into forced exit. Now let's look at the surrounding environment. Last night, U.S. tech stocks came under pressure, with the Nasdaq falling 0.64%; A-shares also performed weakly, with the Shanghai Composite Index down 1.61%, and the Hong Kong tech sector also showing weakness, with overall market risk appetite clearly declining. Additionally, escalating tensions in the Middle East have pushed Brent crude toward around $100, raising the market's probability of a rate hike in September to 61%. According to traditional logic, these factors would put pressure on risk assets. Interestingly, BTC did not continue to weaken sharply, instead holding steady near 64,500. My own feeling is that the market is now undergoing a wave of emotional cleansing. Funds that chased previous gains were shaken out, and those hoping to buy at low prices began to re-observe, and the market actually entered a more balanced state. Technically, the 66,924 on July 21 and 66,711 on July 22 have connected, forming a short-term downward resistance line. Although the slope is not very large, it does limit the rebound potential. The good news is that the support at 63,666 has already been tested twice. Currently, BTC is trading sideways around 64,500, with open interest (OI) turning positive for three consecutive days and funding rates dropping from 0.006% to 0.004%. My understanding is that some of the leveraged sentiment in the market has already been released, unlike the crowded phase of chasing rallies at high levels. If it rebounds to around 66,300, I personally prefer to observe first and even reduce positions in batches, rather than blindly hoping for further gains. Although the MACD green bars are shortening, they have not yet formed a clear golden cross, so there is no need to aggressively advance too early. The flow of funds is also worth attention. BTC saw a net OI inflow of about $114 million today, marking three consecutive days of positive gains; ETH also saw a net inflow of about $71 million. Both sides have capital participating, but BTC is relatively more stable. In terms of fees, BTC is currently moderately bullish, with no obvious overheating; ETH has even turned negative, indicating that bears are paying the cost of funding to the bulls. Now let's look at ETH. ETH fell from $1,959 to $1,846, then rebounded to around $1,881, showing greater volatility and greater resilience than BTC. Notably, the ETH funding rate has become **-0.0019%**, meaning short sellers must pay long positions funding every 8 hours. Historically, such situations sometimes serve as rebound signals. But I think ETH's current problems are also obvious, with a cumulative pullback of about 5% this week, and market confidence has not fully recovered. So if I were to do contracts, I personally would still prioritize BTC, which is a relatively stable product. If I want to bet on an ETH rebound, I tend to favor a light position near $1,870, with a focus on the risk level below $1,840. Overall, I think the market is not simply bullish or bearish but waiting for new catalysts. There is capital holding support at the bottom, but the pressure above is also real. For me, the most important thing right now is to control my position size. Don't let a slight rebound make you leverage too much. #OKX星球话题来啦 $BTC $ETH $KAITO is printing strong momentum with solid buy pressure behind it. As long as volume stays healthy, this rally has room to run. Trade Setup: Entry point : Wait for breakout confirmation Target: +25% Stop Loss : Below support zone NFA. Size responsibly and manage risk. #EarningsRealityCheck #CLARITYActStalled #DailyOrbit @OKX Orbit Historically, the best return for $QQQ in July each year was 12.55% in 2020, and the worst rate was -1.68% in 2024. So far, QQQ's return rate in July this year is around -7%, marking the worst return in history. In the past 15 years, only one year was negative; the other years had decent returns. I still have a feeling that next week will be a pretty intense one. The data will all experience significant corrections...... $QQQ If it drops a bit further, it will enter my batting and set throwing space.📊 $LAB Quick Overview of Liquidation Scale of liquidations · 1 hour: $3,110.23 · 4 hours: $24,200 · 12 hours: $103,400 · 24 hours: $142,100 Mostly and bearish distribution Cycle: Bull liquidation, short liquidation, long position 1h $83.70 $3,026.53 2.7% 4h $16,700 $7,408.19 69.3% 12h $86,300 $17,000 83.5% 24h $118,500 $23,600 83.4% Duokong interpretation One-hour short liquidations dominate (97.3%), but the scale is very small; From 4 hours onward, long positions are liquidated, suddenly crushing short positions (69.3%~83.5%), with a sharp reversal within 1-4 hours, turning into a sustained one-sided decline; The 12-hour and 24-hour bullish positions remained stable at 83%, with the bullish trend continuing into the later stages. Ultimate winner: Bears—The price shows a continuous one-sided downward trend, while the bulls have cleared out consecutive stop-losses. Time distribution · 1 hour accounts for 2.19% of 24 hours · 4 hours accounts for 17.0% of 24 hours · 12 hours accounts for 72.8% of 24 hours Liquidations are concentrated in the 12-hour cycle (over 70%), indicating that the main downward wave has exploded within 12 hours; The 24-hour total is 1.37 times that of the 12-hour period, with an increase in the last 12 hours but a weaker intensity. Currently, the market is at the end of a bear-led sustained decline, with the bullish forces basically cleared out. In the short term, we need to wait for signals of shrinking volume. A one-sentence explanation $LAB 24-hour long liquidations at $118,500, accounting for 83.4% of the total; 12-hour concentrated breakout mainly triggered a downward wave, with bears winning decisively. 🔥 Market Barometer | July 24th Today's three hot topics point to the same theme: the cost of AI, regulatory stalls, and the breathing on the edge of the geopolitical cliff. 📊 Google and Tesla: The "bill" for the AI feast has arrived Two financial reports have revealed the harsh truth behind AI narratives. Google beats expectations but comes at a heavy cost: total revenue of $119.8 billion, up 24% year-on-year; Google Cloud revenue was $24.77 billion, an 82% year-on-year increase. However, capital expenditures reached $44.9 billion, and free cash flow turned negative for the first time to -$5.9 billion. After hours, it once fell nearly 5%. Tesla's revenue growth without profit growth: revenue of $28.24 billion, up 26% year-on-year; However, operating profit was only $398 million, a year-on-year plunge of 57%, with an operating margin of just 1.4%. Free cash flow turned negative for the first time in over two years. It fell more than 4% in after-hours trading. Signal: Google's AI has formed a closed revenue loop in its cloud business; Meanwhile, Tesla's Robotaxi and Optimus remain at the "story" stage. The market is punishing AI narratives that are concept-heavy but lack cash flow. 📜 CLARITY Act Stalled: A $1.4 Billion Ethical Dilemma Regulatory hopes for the crypto industry are fading. Although Senate Republicans released updated text and added a morality clause, seven Democratic senators collectively vetoed it. Senate Majority Leader Toon Toon made it clear that the bill is unlikely to pass before the August 7 recess. Fundamental obstacle: The roughly $1.4 billion gains Trump gained from crypto business became the biggest obstacle. The Democrats are demanding stricter ethical clauses to prevent the president from continuing to profit from the crypto industry under government oversight. Polymarket forecasts show that the probability of passing within the year has plummeted from over 80% to 37%. Missing the August window and dragging into the autumn elections will greatly reduce the chances of passing in 2026. 🚢 U.S. military pauses airstrikes: a breather on the edge of a geopolitical cliff On July 25 local time, Trump ordered the U.S. military not to launch new airstrikes on Iran that day, ending a 13-day continuous daily strike campaign. A few hours before the airstrike pause, the Omani delegation had already arrived in Tehran to begin negotiations to resume navigation in the Strait of Hormuz, reportedly making progress. Brent crude had previously surpassed $100 per barrel, and if negotiations break through, oil prices are expected to retreat. Signal: This is a tactical pause—to leave room for diplomacy, but the U.S. military is still preparing contingency plans for resuming strikes. 💎 Summary Three events outline the core contradictions in the current market: The bill for AI is approaching—Google and Tesla are telling the market that, for the first time ever, negative cash flow is heating up faster than expected; The regulatory window is closing—the $1.4 billion ethical dilemma makes it hard for the CLARITY Act to pass within the year; How long the pause in the geography lasts depends on the success or failure of Oman's mediation. #财报观察员: Who can truly understand the real answer sheet from Google and Tesla this time? #多数党领袖称CLARITY休会前难通过 #美军暂停对伊空袭, negotiations on the opening of the strait made progress Quant has become a systemic variable in China's socio-economic system. In the first quarter of 2026, quant accounted for over 35% of the average daily turnover in A-shares, with daily trading volumes often reaching hundreds of billions to over a trillion yuan. Quant is now the core force directly involved in price discovery, liquidity, and volatility structures. Any state apparatus, once it realizes that a significant portion of market pricing power is in the hands of algorithms and computing power, will instinctively tighten for control. Fang Xinghai's investigation is just one of the triggers; he represents the previous open-minded approach of liberalizing quantitative trading, introducing short selling, and market-oriented tools. As soon as he fell, the space that had been tacitly allowed instantly narrowed. The essence of regulation is to re-imprison quantitative metrics in a controllable cage. JPMorgan's move is focused on options-style hedging. Earlier this year, they formed a dedicated China quantitative trading and research team, aiming to accelerate electronic trading and compete with non-bank giants like Citadel and Jane Street. Now, people are concentrated in Singapore, retaining access capabilities, but core models and talent are placed where rules are clear, political friction is low, and data and infrastructure are more user-friendly. Singapore has already become their clear Asia-Pacific Center of Quantitative Excellence. Stripping unpredictable policy risks off the balance sheet. Truly high-end institutional decisions have never been about risk-adjusted expected returns—whether it's still worth placing core assets here China is actively abandoning path dependence on efficient markets. Mature markets accept quant as an efficiency engine, but the cost is that retail investors are systematically at a disadvantage in information and speed. China has repeatedly chosen another path: using administrative means to suppress unfair advantages, in exchange for stable retail sentiment and controllable narrative. As a result, A-shares have long remained in a retail-dominated model characterized by "high turnover, high volatility, and low pricing efficiency." With such a high proportion of quantitative assets, continuing to wear the tightening spell is essentially telling global capital that the market structure here prioritizes political and social goals, rather than capital allocation efficiency. 
Talent outflow, model relocation, and the shift of core R&D focus southward are natural outcomes of this choice. Singapore and Hong Kong are riding the wave of this spillover effect #财报观察员: Who can truly understand the real answer sheet from Google and Tesla this time? Looking at the overall pace of U.S. stocks throughout 2026, no week's information density, market weight, or pricing influence can rival the just-started final trading week of July. This is truly the most prestigious Super Week of the year. Four major macro data points—the Federal Reserve's July interest rate decision, the preliminary US Q2 GDP, core PCE inflation, and the Employment Cost Index—were all released together, combined with the four trillion-dollar AI tech giants Microsoft, Meta, Apple, and Amazon releasing their earnings intensively. Macro policies, inflation fundamentals, economic growth, and AI industry profitability logic will all complete centralized pricing within a week. The more than half year of AI market debate, expectations of high interest rates to persist, and the valuation battles among U.S. growth stocks have all reached their final showdowns. 1. Market Review This Week: AI Valuation Logic Completely Changed, Market Enters a New Pricing Phase The recently concluded trading week saw a slight index pullback in U.S. stocks and deep divergence among tech stocks. For the week, the S&P 500 fell 0.6% for the week, the Dow Jones Industrial Average edged down 0.4%, and the Nasdaq dropped sharply by 2.1%, with growth stocks showing clear signs of pressure. The core trigger for this round of adjustment is no longer simply disappointing performance, but a fundamental shift in market pricing logic. Previously, the market blindly embraced the AI track, where as long as companies increased their investment in AI computing power and laid out AI infrastructure, they could gain a valuation premium. However, after the latest financial reports from Google and Tesla dropped sharply, the entire market completely reversed its thinking: high growth in AI has become a market consensus, and the only real concern for capital right now is sky-high pricesThe banking industry is the core force in lobbying against the CLARITY Act. On the surface, it claims to protect consumers, but at its core, it's about users transferring their deposits out of banks for higher returns. The bank's profit model is to absorb low-interest or even interest-free deposits to lend and profit. In the past, users had no better financial options and only wanted to keep their funds within the system. Once the crypto sector offers higher returns, this profit foundation will be shaken, and the advantage banks rely on policy barriers to hold will be broken. Bill progress stalled: Some Republican lawmakers believe the text needs further revisions before supporting it, while Democratic lawmakers who originally favored crypto opposed it because it does not restrict the Trump family's crypto-related revenues. The demands of both sides are completely at odds, resulting in regulatory rules remaining blank for a long time. Without clear regulation, emerging crypto companies find it difficult to enter compliantly, and there is a lack of reasonable sources for public funds. What the banking industry truly protects is not the interests of depositors, but the current vacuum in this regulatory vacuum. Their fear that the crypto industry will break the existing pattern precisely shows that the traditional financial system has long used barriers to trap ordinary savers' wealth choices. #参议院CLARITY法案下周或表决: Favorable Moments or Shortcoming? 下午摸鱼刷盘的时候，发现 SHIB 今天的表现确实挺显眼，一天涨了 9.49%，最新价格来到 0.000005210 美元，如果从 0.00000423 一带算起，这波反弹已经接近 20% 了。 不过我没有第一时间去追，而是先翻了下链上数据，感觉这波上涨背后还是有几个值得关注的变化。 首先是交易所的筹码在继续减少。 过去 24 小时，有超过 113 亿枚 SHIB 流出交易所，整体净流量约为 -1450 亿枚 SHIB，说明链上呈现明显的净流出状态。同时，交易所储备已经下降到 86.1 万亿枚，越来越接近市场常提到的 100 万亿枚 心理关口。 我的理解是，交易所可流通、可卖出的筹码减少，对短期供给端确实会形成一定支撑，但供给收紧只是影响价格的因素之一，还要结合资金是否持续流入来看。 另外一个变化是销毁速度也在提升。 过去 24 小时，SHIB 销毁率激增 350%；过去 7 天累计销毁 4423 万枚 SHIB，相比前一周增长 32.63%。这些数据说明社区仍在持续推进销毁机制，对市场情绪会有一定帮助。 消息面也有新的催化。 随着日本加密 ETF 相关立法持续推进，SHIB 已经被纳入 日本 JVCEA 绿色名单，一定程度上增加了它在合规层面的市场叙事，这对长期关注日本市场的资金来说，算是一个偏积极的信号。 不过我觉得，现在也不能只看利好。 从技术结构来看，SHIB 目前仍然运行在 50 日、100 日和 200 日 EMA 下方，说明中长期趋势还没有真正扭转。另外，链上数据显示，大约 707 个钱包控制着 94% 的供应量，巨鲸持仓集中度依然很高。 还有一点容易被忽略，虽然最近销毁量明显增加，但放在约 589 万亿枚 的流通供应面前，这部分销毁规模依然比较有限，短期更偏向改善市场情绪，而不是彻底改变供需关系。 接下来我会重点关注 0.00000520—0.00000530 美元 这一带的阻力。 如果后续能够伴随成交量有效放大并突破，上方可以继续观察 0.00000550—0.00000600 美元 区域；如果冲高受阻，则还是要留意 0.00000418—0.00000420 美元 这一带是否能够形成第一道支撑。 综合来看，我更倾向把这波行情理解为供应收紧、销毁增加以及板块联动共同推动的一次技术性修复，距离真正意义上的趋势反转，我觉得还需要更多成交量和持续资金流入来验证，所以我暂时不会因为一天的上涨就改变自己的交易节奏。 以上只是我结合盘面和公开数据做的个人观察，不构成任何投资建议，交易还是要结合自己的风险承受能力做好仓位管理。 $BTC $ETH $SHIB #多数党领袖称CLARITY休会前难通过 #交易之声：你的经验值得被听到 #交易之声：你的经验值得被听到 My best friend said her boyfriend works at a big tech company and lost a house in cryptocurrency trading My first reaction after hearing this was not sympathy It opens the list of decliners I want to find out who is bleeding today And what happened? The market is not crashing BTC 64513 In fact, the 24-hour period has increased 0.71%. ETH is a bit brighter By around 1885, Up about 1.5%. SOL 74. 95 also about 1.4%. So this is not a "full sell-off day" It is the day of structural differentiation Keep up with the narrative of easing and funding First, look up Can't keep up Continuing to fall gloomily adds to the frustration On Friday, the ETF still recorded a net outflow of about $225 million The ledger is rather cold But the spot will be warmer on weekends This kind of misalignment is the easiest to deceive You might think the reversal is confirmed Actually, it's just a short squeeze out a bit The bulls also didn't dare to fully leverage their position The funding rate is almost zero It was more like no one wanted to stay overnight and gamble on the direction Names on the decline list Most of the time, it's the ebb of narrative and the drain of fluidity It's not that big shots are being smashed through My best friend's line, 'Losing a whole house,' This kind of structure feels especially authentic When making money, I feel like I understand rotation Only when you lose money do you realize it What I bought myself is elastic Not a Beta So my judgment is Today, don't use 'declining trend sentiment' to define the entire market First, distinguish whether it's an index issue or a currency issue The index is still hovering around 64,000 Individual currency killing is about crowded transactions I only consider swapping weak ones for cleaner spot stock Don't use high leverage to bet on V-reversals in a differentiated market Next, let's take a quick look at the latest hot topics and chat casually: #韩国存储双雄获AI双巨头大单 News of the storage duo securing major AI orders is still circulating, with risk appetite heating up in equity narratives first, then slowly seeping into crypto risk assets. The small rise in Bitcoin is more like sentiment spillover, not chip orders directly converting into buying. I will treat this as background note on risk appetite, not using a coin to map every supply chain news. #黄仁勋首推开源AI公开信, it has received endorsement from industry collectives The open source proposal sounds passionate, and the AI narrative has already been priced up several times on the market. In the short term, the more sensitive issue is whether computing power capital expenditures can be realized. On the crypto side, AI tag coins are highly flexible and have thin logic, making them suitable as emotional thermometers, but not as main holdings. I'd rather see if there is real demand for hash rate and stablecoin payments, rather than chasing after another wave of slogans. #RWA永续月交易量4700亿美元 A monthly transaction volume of 470 billion sounds alarming, indicating that tokenized asset trading layers are actually being used—not just roadshow PPTs. A surge in volume doesn't mean your wallet's miscellaneous coins will rise accordingly; structured products rely on rates and basis differences. I will use RWA as my main mid-term tracker, while in the short term, I will prioritize the Bitcoin position and leveraged crowding. $BTC $ETH #跌幅解读 #结构分化我爸问我什么是DeFi，我说你别管了我帮你买就行 今晚我爸又来问了 我看着盘面只会干笑 传统市场周日关门 大饼却自己在那蹦跶 我赶紧刷了一眼消息 美伊缓和的风又起来了 上两油明显回落 海峡通航谈判也有进展 然后你猜怎么着 BTC 64513 二十四小时涨了百分之零点七一 导弹叙事松一点 油先跌 币先绿 美股要等周一才开盘验证 这联动有点拧 以前一听中东紧张 大家就等着砸盘演戏 现在定价更像先松商品通道 风险资产周末自己找台阶 周五ETF那档还是净流出约二点二五亿美金 累计净流入大概八百一十二亿量级 机构账本没那么浪漫 可现货就是不配合恐慌剧本 OKX上大饼合约持仓量大约三万一千七百枚 折合二十亿美金上下 资金费率贴着零 周末量也不夸张 更像耗损横盘 不是趋势点火 所以我的判断是 周一开盘前别把「油跌=美股必拉=币必暴冲」写成公式 缓和只是降低尾部风险溢价 真假还得看美股期货和原油是否一起确认 我更想拿现货看反应 不拿周末情绪去加杠杆 翻了一下今天的盘子，还有几个点挺有意思的： #财报观察员：谁能看懂谷歌和特斯拉这次的真实答卷？ 财报季还在回味谷歌和特斯拉那两份答卷The stock price has dropped from $200 to $110, completely shattering the logic of "scarcity." The first batch of 20% employee stock ownership unlocked at the end of July is just the beginning. By August 6, about 910 million shares are expected to be tradable, while the previously tradable shares accounted for only about 4% of total share capital—the supply is about to double or even more. For a large number of employees with very low exercise costs, the unrealized profit on paper is still substantial even at $110. Mortgages, education, asset allocation—monetization is a rigid demand. Not to mention, short positions now account for about 30% of the circulating shares, so short selling funds are positioning in advance, waiting to receive these "blood-soaked chips." But risk often breeds opportunity. If the stock price accelerates its decline after the early August earnings report, or if a sharp drop leads to a clear volume reduction and bottoming pattern, it is highly likely that panic trading and unlocking selling pressure are being concentrated and released. At that time, low-price chips may appear. I will wait for that moment. ⚠️During the 2024-2025 rally, the main rally for altcoins generally didn't last more than three months, followed by a general pullback of over 80%. During this short window, only a few people took profits in time, while most were trapped. Essentially, they treated the hype story as a long-term value belief. The lifespan of counterfeit markets is extremely short, caused by multiple factors combined: First, altcoin buying funds are limited to the existing market within the circle, with no external incremental funds entering the market; Second, it represents the end of market rotation, with most funds already diverted to mainstream coins; Combined with project token unlocks and project team dumping, selling pressure is continuous; This round of ETFs also diverted mainstream coin funds, and the 'dog' sector has taken up liquidity from the market stock. Looking ahead, I am more optimistic about the DeFi sector, whose market cycle will also last about three months. #交易之声: Your experience deserves to be heard 🚀 RWA perpetual monthly trading volume reached 470 billion, soaring 450% in half a year! This is not the frenzy at the end of a bull market, but a signal of a new track starting. Tokenized stocks, commodities, and even SpaceX are being "perpetually" traded on-chain. In June, just three major platforms including OKX accounted for over 80% of the share, with SpaceX alone reaching 66 billion in a single month. 🧠 My three observations: ❶ It's not speculative shell swapping, but capital searching for "on-chain Alpha" The low volatility of traditional assets combined with the high leverage of perpetual contracts naturally suits market makers and event-driven traders. 66 billion is not a volume retail investors can generate; institutions are testing the waters. ❷ Tokenized stocks surged 7 times, who’s next? I believe it’s government bond yield rights—on-chain interest-bearing assets + RWA compliance represent a trillion-level blue ocean. Pre-IPO liquidity is poor, foreign exchange regulatory barriers are high, so government bonds are most likely to explode first. ❸ Haven't traded yet? What are you waiting for? Waiting for liquidity? Waiting for regulation? Waiting for a friendlier UI? — These are all rapidly improving, and early adopters are already capturing the premium. #RWA永续月交易量4700亿美元 High prosperity and high volatility in storage stocks: Which is more worth watching, Micron, SanDisk, or SK Hynix? The expansion of AI computing power is reshaping the competitive landscape of the storage industry. In the past, investors viewed memory and flash as highly cyclical basic components; price increases often meant supply-demand imbalances, while price declines meant inventory buildup. With the advent of the AI era, HBM, high-capacity server DRAM, and enterprise-grade SSDs have begun to become core devices in data centers, giving storage manufacturers new growth opportunities. However, the recent performance of storage stocks reminds investors that a positive industry fundamental does not necessarily mean stock prices can continue to rise. On July 24, Micron fell about 7% in a single day, SanDisk dropped about 11%, and SK Hynix's Korean domestic stock dropped about 8%. Previously, all three companies experienced significant gains, but the recent pullback feels more like profit-taking and valuation revaluation rather than a sudden disappearance of demand. AI continues to expand storage demand AI servers require large amounts of HBM to improve GPU data transfer efficiency, and DRAM is also needed to store running data. As model scale increases, data centers will need to deploy more SSDs to store training data, model files, caches, and inference results. Market research firm Gartner predicts that DRAM prices could rise by 125% in 2026, NAND Flash prices by 234%, and storage price pressures may continue beyond 2027. Gartner Industry Forecast TrendForce also holds a bullish outlook for Q2 2026, expecting traditional DRAM contract prices to rise 58% to 63% quarter-over-quarter, and NAND Flash prices to increase 70% to 75%. Storage manufacturers are shifting more capacity toward HBM, server memory, and enterprise-grade SSDs, causing supply contractions for storage products used in regular PCs and mobile phones. TrendForce price prediction for $MU $SKHYNIX $SNDK This set of data shows the industry is still in a strong cycle, but it also raises a question: how long can high prices last? Micron: The most complete product and the highest expectations Micron also operates DRAM, HBM, NAND, and enterprise-grade SSDs. It can benefit from the memory demands of AI servers and also from expanding storage capacity in data centers. Micron's revenue for the third quarter of fiscal year 2026 reached $41.46 billion, setting a new company record. The company also provided a stronger outlook for the fourth quarter, stating that HBM4 has entered a phase of high-volume shipments, HBM4E is under development, and mass production is expected in 2027. Micron's financial report for the third quarter of fiscal year 2026 Another advantage of Micron comes from its domestic manufacturing footprint in the United States. The company plans to expand its U.S. DRAM capacity, which will not only help reduce supply chain risks but may also secure policy support and long-term orders from large customers. However, Micron's stock price has fully reflected the industry's recovery and growing AI demand. In the future, the market will not only look at revenue growth, but also on whether profit margins can be maintained, whether capital expenditures spiral out of control, and when new capacity will come online. If the company's performance only meets expectations, the stock price may still come under pressure. SanDisk: Betting on NAND and Enterprise SSDs SanDisk's business focus is on NAND Flash and SSDs. Compared to Micron and SK Hynix, SanDisk has less direct involvement in HBM, but is more sensitive to NAND prices and enterprise SSD demand. SanDisk's revenue for the third quarter of fiscal year 2026 reached $5.95 billion, a 97% quarter-over-quarter increase, with data center business up 233%. The company expects fourth-quarter revenue of $7.75 billion to $8.25 billion. SanDisk's financial report for the third quarter of fiscal year 2026 AI data centers need more than just GPUs and HBMs. The datasets generated by model training need to be stored long-term, inference services need to frequently read model files, and caching systems require larger SSD capacity. As long as data centers continue to expand, enterprise SSDs have strong growth potential. SanDisk's characteristic is its high earnings flexibility. When NAND prices rise, company profits may grow rapidly; However, when supply and demand shift, profits may also decline rapidly. It is more like a highly volatile storage price target, suitable for investors who are optimistic about the NAND cycle and can also tolerate larger drawdowns. SK Hynix: HBM is the most competitive feature SK Hynix's strongest business at present remains HBM. In the first quarter of 2026, the company's revenue reached 52.58 trillion KRW, operating profit reached 37.61 trillion KRW, and an operating margin of 72%, setting a new record. SK Hynix's Q1 2026 financial report SK Hynix has advantages in HBM products, customer relationships, and mass production experience. As AI applications expand from model training to real-time inference, the company's growth has also begun to extend from HBM to server DRAM, eSSD, and other high-capacity storage products. But competition from HBM is intensifying. Micron and Samsung are both increasing capacity and yield, and customers may also reduce procurement risks by bringing in more suppliers. SK Hynix's current high profit margins are built on technological leadership and tight supply. If competitors close the gap or HBM prices begin to fall, the company's valuation could face double pressure.My mom's colleague spent all her pension money on Bitcoin, and now she treats us to meals every day She kept saying this during the family dinner last weekend "Young people need to be bold." But what I want to say is that in this position, many people's courage has already been worn down Funding rates show that BTC and ETH remain in bearish territory What does that mean? That is, the long seller pays the short seller This shows that most people in the market are still bearish But strangely, BTC not only didn't fall this week but actually rose by 0. 6% Then guess what This kind of "bearish but not falling" market is actually the most challenging for people If your analysis tells you you should go long But market sentiment has consistently been bearish Which one would you believe? From my own experience, Follow the data, not emotions 5 buy signals versus 0 sell signals This data is not a lie Although ETFs are seeing 225M outflows But BTC prices did not fall This indicates that OTC and spot buying orders are taking over This is a signal that institutions are quietly accumulating funds There's also a point of psychological struggle The BitMart incident escalated over the weekend The CEO said he was also notified to suspend operations The MSX founder wants to acquire it again This chaos actually shows that some people are picking up bargains at low prices Those who dare to take the market during panic are often the big winners So my judgment is Don't let your emotions lead this position away emotionally If funding rates are bearish≠ prices will fall Sometimes, when everyone is bearish, that's actually the best window to build a position Wait until everyone is bullishTrump halted the airstrikes, oil prices plummeted, and $BTC actually rose Thirteen consecutive days of airstrikes stopped just like that. On the 24th, Trump directly ordered that no new strikes against Iran would be launched that day. Following the news, WTI crude oil plunged nearly 4% in grey market trading, while Brent dropped more than 3%. BTC, on the other hand, has risen from around 63,800 to around 64,460. The logic makes sense—oil prices fall→ inflation expectations cool, → risk assets catch their breath. But don't get too happy too soon. Trump's exact words: "If we cannot get 100% of what we want from Iran, we will absolutely consider resuming a full-scale war." "And the Strait of Hormuz has not yet reopened. In the short term, you can gamble for a rebound, but set stop-losses. Don't mistake tactical pauses for strategic peace. Let's talk in the comments—do you think this rebound can last? Or is it just the calm before the storm? Tech giants collectively pull back: Why did these stocks all fall today? Looking at the market today, a glaring red color was a stark display—Micron Technology (MU) plunged over 7%, Intel (INTC) plunged 12%, SanDisk (SNDK) fell nearly 11%, Tesla (TSLA) also fell 2.2%, and even Nvidia (NVDA) couldn't stay unscathed, slipping nearly 1%. Both the semiconductor and new energy vehicle sectors have cooled off. In my view, this adjustment is an inevitable profit-taking + sector rotation. Since the beginning of this year, AI concept stocks have surged dramatically, with chip giants like Nvidia already exhausting some of their optimistic expectations. Recently, the market has begun to worry that AI capital expenditure growth may slow down, with Micron and Intel, as representatives of memory and traditional chips, naturally bearing the brunt. Intel's biggest drop may reflect not only industry pressure but also ongoing market doubts about its competitiveness and transformation progress. Tesla, on the other hand, was dragged down by overall weakness in its new energy vehicle sector, with delivery data and Robotaxi narratives temporarily struggling to boost confidence. Looking deeper, this is the normal breath of a high-valuation sector. Tech stocks have risen so fiercely that capital needs a breather, and shifting to other undervalued sectors is also reasonable. On the macro front, interest rate expectations, inflation data, or geopolitical factors may also exacerbate the decline in short-term risk appetite. Personal view: Short-term pullbacks shouldn't be overly pessimistic, especially for NVIDIA, whose fundamentals remain strong and long-term AI demand remains. What truly needs to be watched out are Intel and some follower stocks; if there is no substantial improvement, the correction could be even deeper. But for high-quality stocks, this is often a "shakeout" rather than a "trend reversal."Changxin hasn't officially opened yet, but long and short positions on X are already fighting. Some are preparing to go all-in on 300,000 yuan in flash loans, while public addresses have held over 13 million USD in short positions; In the Chinese-speaking region, discussions about how much profit can be made from winning the lottery, while in the English-speaking region, the pre-market contract for Hyperliquid has already priced Changxin's valuation close to 3 trillion yuan. I compiled 31 tweets in both Chinese and English, checking issuance data, financial performance, industry news, pre-market prices, and market rumors one by one. I'm not going to guess a simple answer to a rise or fall first. What really needs to be answered is: How much is Changxin really worth? How was the 3 trillion yuan expectation formed? Which high-traffic news can be trusted? After the market opens, which data should we keep an eye on? 1. 31 tweets, but the most discussed topic isn't Changxin's technology. These 31 tweets are not a market-wide poll. I filter content with high pre-IPO views or those that represent a certain type of viewpoint. Among them, 20 tweets were in Chinese, and 11 were in English or other languages; 22 views exceeded 50,000, 14 views exceeded 100,000, and 9 exceeded 200,000. Categorizing them, the results are straightforward: - 10 discusses trading plans and retail sentiment; - 9 discusses valuation and pre-market prices; - 7 discussing companies and industries; - 5 are rumors or commercial promotions. Nearly two-thirds of the content discusses price, position, and "how much can be made?" What the company truly achieves is not the traffic center. The most viewed account is the English account [@zephyr_z9]. The problem is, the latter ones🛰 Jin Shi Radar | 21:49 Topic: Hormuz According to Jinshi Express, [Saudi media: Iran claims it has not withdrawn from negotiations and is willing to continue talks with the U.S. in multiple locations in Geneva] Jinshi Data, July 26 — According to reports from Satellite Arabi and Saudi media Hadas, Iran has informed Pakistani officials that it has not withdrawn from negotiations but has temporarily suspended them. Iran reiterated the necessity of resuming negotiations during the stalemate phase and stated its refusal to open new shipping lanes in the Strait of Hormuz. In addition, Iran has confirmed to Pakistan its willingness to continue negotiations (with the United States) in Geneva, Doha, Qatar, or Islamabad; And requested the restoration of... Perspective: First, see if such news affects oil prices, the US dollar, or US stocks' risk appetite, then observe BTC/ETH following the trend. Verification point: If no subsequent confirmation of price, trading volume, or safe-haven assets is made, treat it as a background variable and do not treat the title as a trading signal. For market observation purposes only and does not constitute investment advice.$BASED — RECOVERY STRUCTURE FORMING BASED is trading near $0.08386 after a moderate intraday pullback. The present price area could become a short-term recovery zone if buyers defend support and begin producing stronger volume. TRADE SETUP EP: $0.0831 – $0.0843 TP1: $0.0864 TP2: $0.0889 TP3: $0.0922 SL: $0.0804 Holding above the entry range could allow BASED to challenge TP1. A confirmed breakout above $0.0864 may attract additional momentum and open the way toward $0.0889 and $DOGE $BASED .On July 26th, at five o'clock in the morning, the light had not yet fully shone through the window, The numbers on the screen hovered between 64,590.5 and 63,806.4, as if gripped by the city's sticky summer night, moving up and down by less than a percentage. The 24-hour trading volume is about 168 million USDT, which is neither too large nor too small—just enough for the candlestick to draw a few lazy shadows. No one cried out, nor did anyone panic. Amid this nearly frozen market, a statistic was quietly broken: ten listed companies collectively hold over one million bitcoins. A whole number threshold arrived silently. Strategy still holds the top spot—843,775 tokens, equivalent to about $58 billion at current prices. This figure itself carries a distant echo, reminiscent of the market turmoil when MicroStrategy first bought Bitcoin in the summer of 2020. In the years that followed, from El Salvador to pension funds, from spot ETF approvals to now SpaceX quietly holding over 18,000 shares and listing on Nasdaq just over a month ago. Bitcoin's institutionalized narrative is so thick that it's almost impossible to remember it was once just a white paper attachment in a cypherpunk mailbox. But on the other side of the screen, the stock price curve tells a completely different story. Since 2026, Riot Platforms has risen 73%, Cleanspark 39%, and Mara Holdings 31%; Strategy, on the other hand, fell 40%, Metaplanet fell 49%, Twenty One Capital fell 48%, and Coinbase Global fell 31%. The largest positions saw the stock price drop the heaviest; The mining companies' rally also seems to be a response to a repricing of infrastructure value. The logic in between is unclear and should not be simplified to a single cause and effect. Maybe it's just leverage structure, cash flow pressure, market sentiment rotation, or just a long and ordinary revaluation in the summer. Fragmented news from the outskirts flowed in. Bitcoin ETF weekly trading volume has fallen to its lowest level since October 2024, while Ethereum ETFs have just ended a five-day streak of inflows, but weekly net inflows are still extending—capital seems more willing to chase the latecomer momentum. On the other side, some addresses went long with 38.55 million USDT held for eighteen hours, but eventually closed their positions at the 1% stop-loss line, losing $368,000—clean and decisive, like a nap without a dream. There's no tragic sadness of heavy positions or the drama of shorting in reverse—it's just a string of numbers that automatically disappears after being touched at a certain threshold. The entire market seems to have entered a subtle period of silence. Bitcoin's DeFi value locked edged up 0.72% near $4.394 billion, like the water level slowly rising after a rainy season, but showing no signs of surging. And that "one million coins" integer is itself just a statistical trick under some surface—no one really knows exactly how much Bitcoin these companies hold is long-term chips in cold wallets, how much is the underlying asset of derivatives, and how many could be reduced at any time due to financial report pressure. The last such dull summer was in 2023, and the last was in 2019. In every cycle, summer always feels especially long. The list of holders changes, the cost of holding positions changes, and the relative strength of stock prices also changes. The only things that are less likely to change are Bitcoins themselves, which quietly lie on the chain, confirm every ten minutes, and occasionally trigger a temporary alarm in blockchain explorers due to a large transfer. They don't speak, nor do they care whether they are in the vault of a listed company or the wallet of an anonymous whale. When the summer heat finally fades and autumn's volatility returns to the market, this holding list will likely feature new names and new numbers. Any structure that seems unshakable in the present is only temporary in the face of time. For those staring at the screen, the only thing to remember: the story isn't over yet, your position isn't settled, and history never guarantees.Trump's $1.4 billion crypto income is killing the CLARITY Act The bill can't pass, and the culprit is Trump himself The CLARITY Act most likely won't make it before the August recess. It's not a technical issue, nor a vote count issue; it's Trump's own $1.4 billion crypto income stuck in the way. Bloomberg reported today: Trump earned about $1.4 billion from meme coins and token businesses, which has now become the biggest obstacle to passing the bill. The Democrats are demanding stricter ethics rules—the president can't issue tokens while legislating under his own government's regulation. The Republicans only have 53 seats in the Senate, so to reach 60 votes, they need to bring at least 7 Democrats on board. But the Democrats are holding onto Trump's crypto income, causing a deadlock. On Polymarket, the probability of passage has dropped from 74% in May to about 33%. The market is voting with money. The irony is that the TRUMP coin issued by Trump himself has now become the stumbling block preventing him from pushing the crypto bill forward. The coin you issued is blocking your own bill. This drama is still unfolding. But one thing is certain: the bill most likely won't pass before the August recess. Discuss in the comments: do you think Trump will sell his coins for the bill, or would he rather keep them even if the bill fails? $BTC $ETH 7月26日｜BTC数据晚报 BTC行情 BTC报 64,450美元附近，日内最高约 64,566美元、最低约 64,028美元，24小时上涨约 0.8%。价格继续围绕64,000—65,000美元震荡，尚未摆脱近期整理区间。 ETF资金 7月24日，美国现货BTC ETF合计净流出约 2.401亿美元，连续第二个交易日净流出；7月23日至24日累计净流出约 4.652亿美元。 此前连续7个交易日的资金回流已经中断，机构资金短期由连续流入转为连续撤出。 链上筹码（地址口径） 按7月25日至26日连续快照计算： 10 BTC以下：净减少约 65 BTC，最新总持仓约 347.22万 BTC 10—100 BTC：净增加约 182 BTC，最新总持仓约 423.24万 BTC 100 BTC以上：净增加约 108 BTC，最新总持仓约 1,235.42万 BTC 100 BTC以上内部变化： 100—1,000 BTC：净减少约 1,904 BTC 1,000—10,000 BTC：净增加约 1,878 BTC 10,000—100,000 BTC：净增加约 134 BTC 100,000 BTC以上：基本不变 100 BTC以上总持仓仅增加108 BTC，但内部迁移明显，主要表现为100—1,000 BTC档减少，1,000 BTC以上档位增加。 交易所BTC 最新公开快照显示，全交易所BTC余额约 270.32万枚，净流量约为 净流出3,075 BTC。 交易所余额仍处于净流出状态，与ETF连续两日净流出形成分化：链上可售筹码减少，但传统资金渠道短期转弱。 合约数据 BTC合约未平仓量约 485.3亿美元，24小时合约成交约 196.96亿美元，现货成交约 11.24亿美元，BTC合约爆仓约 636.6万美元。 未平仓量仍处于较高水平，但周末成交和爆仓规模均不大，市场暂时没有出现明显的集中去杠杆。 今日重要消息 下周美联储、日本央行和英国央行将陆续公布利率决定。与此同时，中东局势推动油价升至每桶100美元附近，能源价格重新推高通胀预期，市场开始增加对进一步加息的押注。高油价与高利率预期仍是BTC近期最重要的外部压力。 BitMart宣布结束九年运营，8月26日停止全部交易，2027年1月31日正式关闭；这是继BitMEX之后，一周内第二家交易平台宣布退出。BitMart此前报告的24小时成交约16亿美元，连续出现交易所关闭，可能继续影响市场对中小平台的信任和资金集中趋势。 俄罗斯最大银行Sberbank计划在12月前建立加密交易及托管基础设施。俄罗斯新的加密交易、托管和结算规则将于9月生效，说明大型传统银行继续进入受监管的加密资产服务领域，但短期对BTC资金面的直接影响有限。 接下来主要看 BTC能否重新站稳65,000美元，并突破近期66,000美元附近压力。 ETF周一开盘后能否恢复净流入，还是连续流出进一步扩大。 交易所BTC是否继续净流出，同时100—1,000 BTC地址能否停止减少。 油价若继续维持在100美元附近，并推动美债收益率上升，BTC的宏观压力仍难明显缓解。 $BTC #星球日报 Bitcoin liquidity concentration: The altcoin season has not yet arrived; funds are circulating among a few coins Has the current market formed a sustainable bullish structure, or is it driven solely by local leverage? Core Fact: The original post clearly stated that the current market is not in an upward trend across the market, but rather liquidity circulating among limited coins. Funds are concentrated in a few tokens such as BTC, JELLYJELLY, OPG, SLX, LAB, BSB, ALLO, and CHIP, while a large number of altcoins like BEAT, EDGE, COAI, TRUMP, and RAVE are losing momentum. ETH, SOL, TAO, WLD, HYPE, DOGE, and ZEC are regarded as structural pillars, corresponding respectively to institutional capital, high beta risk appetite, AI narrative, risk appetite indicators, and retail investor rally pursuit. Market structure changes: The core contradiction in current pricing is that BTC maintains liquidity anchoring at high levels, but the altcoins as a whole have not formed a synchronized rise. This has led to divergence in funding rates: BTC perpetual contract funding rates remain positive, but most altcoins have funding rates close to zero or even turned negative, indicating that leverage is more concentrated on BTC, with little sustained long position accumulation on the altcoin side. On the basis side, the BTC futures premium structure (Contango) still exists, but the margin has narrowed, suggesting the market is becoming more conservative in its outlook for forward gains. Pricing transmission path: If BTC continues to consolidate sideways at the current level, it will be difficult for funds to spread outward to altcoins, because once liquidity is absorbed by BTC, altcoins will need to rely on lower valuations or stronger narratives to attract incremental capital. Conversely, if BTC experiences a significant pullback, it could trigger a bullish stamp, leading to concentrated leveraged liquidations and dragging down mainstream coins like ETH and SOL, resulting in a systemic correction. Among altcoins, highly liquid assets like JELLYJELLY and OPG may remain relatively strong during BTC consolidation, but stalled coins like BEAT and EDGE are likely to continue falling if they fail to receive new capital injections. Biased bullish path and conditions: If the BTC funding rate remains positive and the basis widens again, it indicates that leveraged long positions continue to increase positions, and the market may be entering a localized trend continuation. At this point, it is important to observe whether JELLYJELLY, OPG, and others are experiencing sustained rallies after increased trading volume, and whether the stagnant coins are bottoming out with increased volume and stabilizing the decline. Bearish path and conditions: If BTC's funding rate quickly turns negative or the basis narrows below parity, it suggests that bull confidence is breaking down and may trigger chain liquidations. At the same time, be wary of the accelerated decline of stagnant coins, which could lead to a collapse in overall risk appetite on the counterfeit side. Risk warning: The current market structure heavily relies on BTC liquidity anchorage. If BTC loses key support levels, it could trigger market-wide deleveraging. If stagnant coins continue to shrink in volume, it will be difficult to form an effective rebound. $BTC $ETH $SOL $HYPE $DOGE #流动性集中 #杠杆结构 #山寨币分化📊 $LIT Quick Overview of Liquidations Scale of liquidations · 1 hour: $50.73 · 4 hours: $2,484.51 · 12 hours: $5,236.94 · 24 hours: $27,600 Mostly and bearish distribution Cycle: Bull liquidation, short liquidation, long position 1h $0 $50.73 0% 4h $2,428.02 $56.50 97.7% 12h $5,022.43 $214.50 95.9% 24h $13,600 $14,000 49.3% Duokong interpretation Short liquidation in 1 hour was $50.73, long position was zero, very small scale; 4-hour and 12-hour long liquidations continue to crush short positions (accounting for 95.9%~97.7%), with prices continuing to fall; However, within 24 hours, short liquidations at $14,000 narrowly overtook the market (accounting for 50.7%), reversing the direction within 12-24 hours and turning into a short squeeze and upward trend. Ultimate winner: Bulls—showing a pattern of "early long selling→ closing short reversal." Time distribution · 1 hour accounts for 0.18% of 24 hours · 4 hours accounts for 9.0% of 24 hours · 12 hours accounts for 18.97% of 24 hours The distribution of liquidations is obvious: the first 12 hours accounted for only 18.97%, while the 24-hour total volume is 5.27 times that of the 12-hour period, indicating that short squeezes surged fiercely between the 12-24 hours (about $22,400 in the last 12 hours, accounting for 81.0% of the whole day). Currently, the market is in the stage of a short squeeze outbreak, with concentrated liquidations on short positions and closing sessions, so attention should be paid to its sustainability. A one-sentence explanation $LIT 24-hour short liquidation $14,000, accounting for 50.7% of the total, reversed direction, and the bulls ultimately prevailed. 🔥 Market Barometer | July 24th Today's three hot topics point to the same theme: the cost of AI, regulatory stalls, and the breathing on the edge of the geopolitical cliff. 📊 Google and Tesla: The "bill" for the AI feast has arrived Two financial reports have revealed the harsh truth behind AI narratives. Google beats expectations but comes at a heavy cost: total revenue of $119.8 billion, up 24% year-on-year; Google Cloud revenue was $24.77 billion, an 82% year-on-year increase. However, capital expenditures reached $44.9 billion, and free cash flow turned negative for the first time to -$5.9 billion. After hours, it once fell nearly 5%. Tesla's revenue growth without profit growth: revenue of $28.24 billion, up 26% year-on-year; However, operating profit was only $398 million, a year-on-year plunge of 57%, with an operating margin of just 1.4%. Free cash flow turned negative for the first time in over two years. It fell more than 4% in after-hours trading. Signal: Google's AI has formed a closed revenue loop in its cloud business; Meanwhile, Tesla's Robotaxi and Optimus remain at the "story" stage. The market is punishing AI narratives that are concept-heavy but lack cash flow. 📜 CLARITY Act Stalled: A $1.4 Billion Ethical Dilemma Regulatory hopes for the crypto industry are fading. Although Senate Republicans released updated text and added a morality clause, seven Democratic senators collectively vetoed it. Senate Majority Leader Toon Toon made it clear that the bill is unlikely to pass before the August 7 recess. Fundamental obstacle: The roughly $1.4 billion gains Trump gained from crypto business became the biggest obstacle. The Democrats are demanding stricter ethical clauses to prevent the president from continuing to profit from the crypto industry under government oversight. Polymarket forecasts show that the probability of passing within the year has plummeted from over 80% to 37%. Missing the August window and dragging into the autumn elections will greatly reduce the chances of passing in 2026. 🚢 U.S. military pauses airstrikes: a breather on the edge of a geopolitical cliff On July 25 local time, Trump ordered the U.S. military not to launch new airstrikes on Iran that day, ending a 13-day continuous daily strike campaign. A few hours before the airstrike pause, the Omani delegation had already arrived in Tehran to begin negotiations to resume navigation in the Strait of Hormuz, reportedly making progress. Brent crude had previously surpassed $100 per barrel, and if negotiations break through, oil prices are expected to retreat. Signal: This is a tactical pause—to leave room for diplomacy, but the U.S. military is still preparing contingency plans for resuming strikes. 💎 Summary Three events outline the core contradictions in the current market: The bill for AI is approaching—Google and Tesla are telling the market that, for the first time ever, negative cash flow is heating up faster than expected; The regulatory window is closing—the $1.4 billion ethical dilemma makes it hard for the CLARITY Act to pass within the year; How long the pause in the geography lasts depends on the success or failure of Oman's mediation. #财报观察员: Who can truly understand the real answer sheet from Google and Tesla this time? #多数党领袖称CLARITY休会前难通过 #美军暂停对伊空袭, negotiations on the opening of the strait made progress ━━━ Night Review · 2026-07-26 ━━━ Shadow Shaman · Hunters on the chain At the end of the day, logic remains. 🧭 Today's panorama → BTC $64,554 24h: +0.86% · ETH $1,888 24h: +1.71% · SOL $74.92 → Today's Volatility: BTC 0.64K ($63,996-$64,637) → Trading volume: BTC $1.87B · Funding rate: BTC 0.001% / ETH 0.001% 📊 Structural changes • OI: $2.035B (31,524 BTC), no significant increase or decrease throughout the day • Funding rate: Both currencies have rates at <0.0011%, at an absolute low with no directional pressure • BTC Premium: -0.055% (slight discount), bears slightly taking the initiative but showing no aggressive intent 🔥 Today's highlights • #1 DCA (BSC) +9.11% — 24-hour gain over 4000%, but MCap only $184K, 42% of shares share the same source, showing obvious signs of manipulation • #2 PONS (XLayer) +5.59% — MCap $54.6 million, one of the largest memes in the XLayer ecosystem, saw a slight rise today • TRUMP2028 (Solana) +1.29% — 5,306 token-holding addresses, maintaining popularity but with modest gains • BullPad (Solana) -27.47% — Previously surging memes experienced a deep pullback today, a typical "catch knife scene" ⚡ Smart money flows • Smart money on Solana today mainly focused on SalaryCat (bought at $1,487), but has already sold 70%, showing a clear pattern of fast in and out of stock • Justice For Sara Gilson (Sara) was chased by 10 smart money addresses, with 82% having sold out • Overall, Smart Money was doing short-term harvesting in the Solana meme layer with a "grab a hand, then exit" strategy, with no intention to hold overnight 💡 Shadows recoil BTC followed a standard contracting sideways movement today—$64K spent the day within 40 points. OI remains unchanged, rates are flat, and premiums are discounted but only slightly increased, indicating that both bulls and bears are controlling their positions. Guessing the direction at this position is no different from guessing a coin; the bulls haven't exerted momentum, and the bears haven't broken through. Memes on the hot topic side are lively, but the DCA market with 42% of the same source is clearly a trap—whoever chases the most here is caught by a flying knife. Smart money showed no intention of staying overnight at the Solana meme level today; after the rally, it left. This sentiment transmitted to the main board signaled "no incremental funds entering the market." Tonight, I chose to continue observing. If BTC can shrink above $64K and grind for another day, the structure would actually be healthier. No matter how sharp or down, I won't take it. ━━━━━━━━━━━━━━━━━━ 📡 Shadow Shaman · Hunters on the chain #暗影萨满🔥 From 46 to 142, then back to 79! $OKB This wave isn't a pullback; it's like rubbing the chives down and handing over a cigarette! Guys, who wouldn't be confused by this $OKB script from July? 📉 At the beginning of the month (that needle in early July): still lying flat at 46 cuts, playing dead. 🔥 Then OKX set off a fire: burning 278.9 million $OKB, permanently welding the total at 21 million. 🚀 The price rocketed straight in: soaring to $142.88, a 193% massive syllable sold out all the bears. 💀 And then? : Fell back to around 79, and has been grinding for almost three weeks. With 24-hour trading volume shrinking to just over 50 million, retail investors are all asking, "Is this over?" ” #OKX.ai: One person is a world-class company --- 🧬 Let me tell you, this trend is wild, and behind it are three hard logics clashing: 1. Supply side: OKX has fully transcribed Bitcoin's scarcity scenario The total supply of 21 million was locked, and the smart contract completely blocked both the additional issuance and manual burning. X Layer's gas is still burning in small amounts. What does this mean? OKB won't be reborn; it will only become fewer. How many exchanges have you seen in history with fixed total supply tokens? 2. Demand Side: Bet on the entire ecosystem, fail or die OKX cut OKT Chain and bet all on X Layer (Polygon CDK's zkEVM). OKB becomes the only fuel in the entire ecosystem + fee discounts + Jumpstart tickets. ICE (NYSE's real father) even came in to take a stand. This isn't just empty promises; it's just putting on a stage. 3. Market Volume: A typical shakeout after a surge, waiting for the big players to speak The 50-day moving average at $79 is holding down, the 200-day moving average at $88 is holding down, and the RSI at 56 is lukewarm. This is the kind of being repeatedly rubbed in the middle, washing away those who are uncertain. #OKX星球话题来啦 --- 🗣️ My rough summary of the summary: If you shout "reset to zero," wake up. An exchange token with a total supply of 21 million + full ecosystem gas is unprecedented in history. If you're shouting "Breaking 200 soon," don't even dream about it. Before BTC doesn't cooperate and X Layer doesn't have daily active users, the grueling 79-82 range will have to stay for a while. What stage is it now? The Fear and Greed Index once dropped to 23 (extreme fear), retail investors are cutting losses, and large players are hesitating. A typical "no chase when prices rise, no buying when prices fall" — a twisted phase. OKB is no longer a junk platform coin; it is a monster forcibly transformed by OKX into an "exchange-style BTC." In the short term, it will be dragged by the broader market; in the medium term, it depends on whether X Layer has real users; in the long term, it depends on whether the 21 million figure is enough to tell a story. 👇 Now the question arises: Do you think OKB really dropped completely this round and is preparing for a second firing, or will they fake a fall and continue sawing wood at 78-82? #交易之声: Your experience deserves to be heard Chart analysis: 1. Long-term trend: Previously completed a deep bear market decline from a high of 104.63, with a maximum drawdown exceeding 30%. 2. Short-term structure: After bottoming out at 70, a recovery rebound began, and the current price has broken above all short-term moving averages, indicating a recovery in short-term bullish momentum 3. Resistance and support: First resistance above at 85, support below at 81-82 (MA5/MA10 moving averages)📊 JUST IN: Saylor Hints At More Bitcoin, But The Reality Is Sharper Now "We're gonna need another color." Classic Saylor confidence, posted with a dashboard of Strategy's 843,775 BTC. But the numbers behind that swagger tell a harder story than the meme suggests. 📉 Where it stands: Holdings: 843,775 BTC Average cost: $75,653 Unrealized loss: about 14.8%, roughly $9.5 billion Q2 digital asset loss: $8.32 billion, mostly unrealized Here's what actually changed, and it matters. The "never sell" narrative is over. Strategy sold 3,588 BTC in early July for about $216 million, using the proceeds to fund preferred stock dividends and rebuild its dollar reserve. This followed a formal Bitcoin monetization program launched June 29 that lets the company sell up to $1.25 billion of BTC to cover obligations. A company built on the promise of relentless accumulation is now selling to pay its bills. That is a real shift, not a headline. None of this means the long-term thesis is broken, and that's the honest takeaway. These losses are unrealized, the CFO says the reserve could cover net debt even if BTC fell 91%, and Strategy has still added coins across the cycle. The lesson worth borrowing is conviction and dollar-cost averaging over years, using capital you won't need tomorrow. The lesson to avoid is the leverage, the forced sales, and treating one confident tweet as a buy signal. What to watch: Whether Strategy keeps selling under the monetization program or resumes buying. The health of its preferred stock and any pressure on MSTR shares, down 77% from the high. A confident post from the biggest holder is not a catalyst. Respect the conviction, watch the balance sheet, because structure decides who survives a bear market. Conviction that pays off, or a model meeting its limits? Not financial advice. $BTC $ETH $SOL The list of bankruptcies continues to grow! On July 23, @BitMEX announced that its operations would be closed starting from 04:00:00 UTC on September 23, 2026. On July 24, @odosprotocol announced that the app would switch to read-only mode on July 27, and all Odos services would be permanently shut down on July 30, 2026. July 25 @dango announced the termination of the project. On Wednesday, August 13, at 12:00 UTC, the Dango L1 blockchain will cease operations. On July 25, Poolin @officialpoolin, once the world's largest Bitcoin mining pool, filed for bankruptcy. July 26 @BitMartExchange Announced that all trading services will cease on August 26, 2026, 01:00 UTC. On January 31, 2027, 15:59 UTC: Platform operations will officially cease. Looking at these death lists, there are basically two types of deaths: 1⃣ Fake demand is exposed; in a bull market, just start financing with infrastructure or aggregators, but in a bear market, it's clear there is no commercial closed loop. 2⃣ Leverage backfired, and Coinyin, which seemed stable as a leveraged method, was also wiped out. It could have jumped on this AI wave and sold at a good price, but unfortunately, it died before dawn. In the second half of a bear market, if you can hold your capital and avoid pitfalls, you've already outperformed 90% of people.📊 $ZEC 爆仓速览 爆仓规模 · 1小时：$3,530.82 · 4小时：$4.90万 · 12小时：$19.16万 · 24小时：$57.41万 多空分布 周期 多头爆仓 空头爆仓 多头占比 1h $3,530.82 $0 100% 4h $4,686.80 $4.43万 9.6% 12h $1.14万 $18.02万 5.9% 24h $9.39万 $48.02万 16.4% 多空解读 1小时多头爆仓占100%（$3,530.82），但规模极小可忽略；4小时起空头爆仓骤然碾压多头（占90.4%），逼空行情启动；12小时空头占比高达94.1%，为全天最剧烈逼空窗口；24小时空头爆仓$48.02万（占83.7%），逼空贯穿后程。最终胜出方：多头——呈现“短时扰动→持续极端逼空”格局，空头遭毁灭性清算。 时间分布 · 1小时占24小时的 0.62% · 4小时占24小时的 8.54% · 12小时占24小时的 33.38% 爆仓集中于12小时周期（约三分之一），但24小时总量是12小时的3.00倍，说明逼空行情在12-24小时间猛烈升级（后12小时爆仓约$38.25万，占全天的66.6%）。当前处于逼空行情高潮阶段，空头遭重创，但极端涨幅后需警惕剧烈回调风险。 一句话解读 $ZEC 24小时空头爆仓$48.02万占总量83.7%，逼空行情主导且后程升级，多头完胜。 🔥 市场风向标 | 7月24日 今日三条热点，指向同一主题：AI的代价、监管的搁浅，以及地缘悬崖边的喘息。 📊 谷歌与特斯拉：AI盛宴的“账单”来了 两份财报揭开了AI叙事的残酷真相。 谷歌超预期但代价沉重：总营收1198亿美元，同比增长24%；谷歌云收入247.7亿美元，同比暴涨82%。然而，资本开支高达449亿美元，自由现金流首次转负至-59亿美元。盘后一度跌近5%。 特斯拉增收不增利：营收282.4亿美元，同比增长26%；但营业利润仅3.98亿美元，同比暴跌57%，运营利润率只剩1.4%。自由现金流两年多来首次转负。盘后跌超4%。 信号：谷歌的AI已在云业务中形成收入闭环；而特斯拉的Robotaxi和Optimus仍停留在“故事”阶段。市场正在惩罚只有概念、没有现金流的AI叙事。 📜 CLARITY法案搁浅：14亿美元的伦理困局 加密行业的监管希望正在消散。参议院共和党虽释放更新文本并加入道德条款，但7名民主党参议员集体否决。参议院多数党领袖图恩明确表示，法案大概率无法在8月7日休会前通过。 根本障碍：特朗普通过加密业务获得的约14亿美元收益成为最大阻力。民主党要求更严格的伦理条款，防止总统在其政府监管下继续从加密行业获利。 Polymarket预测市场显示，年内通过概率已从80%以上骤降至37%。错过8月窗口，拖入秋季选举，2026年通过可能性将大幅下降。 🚢 美军暂停空袭：地缘悬崖边的喘息 当地时间7月25日，特朗普下令美军当天不要对伊朗发动新空袭，结束了此前连续13天的每日打击行动。 暂停空袭前数小时，阿曼代表团已抵达德黑兰，就重启霍尔木兹海峡通航展开谈判，据称已取得进展。布伦特原油此前已突破100美元/桶，若谈判取得突破，油价有望回落。 信号：这是一次战术性暂停——为外交留空间，但美军恢复打击的预案仍在准备中。 💎 总结 三件事勾勒出当下市场的核心矛盾：AI的账单正在到来——谷歌和特斯拉用史上首次负现金流告诉市场，AI烧得比想象中更快；监管的窗口正在关闭——14亿美元的伦理困局让CLARITY法案年内通过希望渺茫；而地缘的喘息能持续多久，取决于阿曼斡旋的成败。#财报观察员：谁能看懂谷歌和特斯拉这次的真实答卷？ #多数党领袖称CLARITY休会前难通过 #美军暂停对伊空袭，海峡通航谈判获进展 Trump reported $1.4B+ in crypto income for 2025. Breakdown from his financial disclosure: $635M — $TRUMP meme coin sales $770M— World Liberty Financial $520M from token sales $250M from selling business interests That’s a 9x jump from last year. Crypto is now his largest source of income. Meanwhile the Senate can’t move the CLARITY Act. Democrats argue you can’t have a president regulating crypto while making $1B+ from it. Republicans argue the bill shouldn’t be written around one person. The current draft would ban sitting officials from issuing or sponsoring new digital assets. But it doesn’t fully address family-run projects. Conflict or not — this is why ethics is holding up the biggest crypto bill in years. NFA. DYOR. Watch the disclosures, not just the charts. #EarningsRealityCheck #CLARITYActStalled #USIranStrikePause #EarningsRealityCheck #CLARITYActStalled #USIranStrikePause Is the crypto world really tough? Or did the US stock market show its weakness first? In the short term, it's exciting to watch, but don't rush to catch up on the signal—whoever acts impulsively in this market will suffer. Look at the numbers $BTC 64,440 +0.57%　$ETH 1,885 +1.24% $QQQ -1.12%　$SPY +0.10%　$IBIT -0.82% $DXY +0.03%　$GLD +0.10% Crude oil and Hormuz have been shivering, and inflation expectations have never been honest. The crypto world and ETFs are still competing over risk appetite, but once the old scripts of AI and semiconductors flip the page, $QQQ's mood switch can instantly split the entire market. Qian clearly shifted toward defense, $QQQ that bit of energy couldn't hold the court at all. $ETH Today is more elastic than $BTC, and risk appetite is still struggling to push upward, but $IBIT is a bit weaker than spot trading. ETF funds entering the market have narrowed down, indicating spot stocks aren't as aggressive. $DXY Heads are stubbornly suppressed by risk assets, $GLD still in the red, haven't even escaped all the hedging funds, just keeping a backup plan. A barrage of analysis is fierce as a tiger, but whether the market rises or falls, Trump is still watched. Don't rush to bet; wait for clearer signals. Whoever shows weakness first will set the direction first. Let's wait and see. #以太坊验证者退出队列已降至零近期市场情绪回暖，$SHIB走出一波力度可观的反弹行情，短短两个交易日价格自0.0000042美元附近启动，最高触及0.0000058美元，区间最大涨幅接近36%，市值同步提升约10亿美元，重新站稳加密资产市值前30梯队。很多人把这一轮上涨简单归为MEME板块轮动炒作，但结合链上、代币经济、资金流向多维度数据来看，行情驱动逻辑远比表层情绪更加复杂。 先梳理SHIB基础代币框架，这是理解所有行情的根基。SHIB初始总供应量为1000万亿枚，上线初期500万亿枚转入Vitalik销毁地址，奠定了项目通缩底色。截至最新Shibburn链上统计数据，累计销毁总量已经达到410.84万亿枚，占原始总供应量的41.08%，永久脱离流通市场；当前市场流通供应量维持在589.16万亿枚。很多市场参与者容易产生误区，认为持续销毁会快速造成供给紧缺，客观数据可以清晰看到：早期超400万亿枚销毁集中在2021年，属于一次性大额销毁，近一年日常社区销毁规模相对有限。本轮上涨前夕，单日常规销毁量大多维持在数百万枚级别，而行情启动阶段，24小时销毁速率最高暴涨1400%，单日销毁675万枚代币，销毁热度快速升温，Many players are used to speculating on MEME and AI hot coins, so switching to $OKB easily leads to pitfalls. They often wonder: why does the hot market keep surging, but OKB often remains lukewarm? Today, let's break down and talk about the underlying gameplay of this platform coin. Let's start with the underlying background: OKB is the native token of the OKX exchange, and has long been more than just a simple exchange points. In the early days, its main functions were fee deductions and participation in new token subscriptions on platforms; A major upgrade followed, with a permanent lock of 21 million tokens, completely closing the new minting channel, and making it the native gas token of the X Layer 2 network. Simply put, OKB has a dual value foundation: on one hand, it relies on centralized exchange transaction fee buyback and burning; on the other, it undertakes the development needs of the second-layer public chain ecosystem. Compared to altcoins that tell stories out of thin air, they have real and continuous business cash flow as a foundation, which is the fundamental reason for their stronger resilience during bear markets. Let's clarify the core logic of the current market: hot small coins rely on speculative funds for short-term rallying, causing sentiment to surge continuously; But OKB's price is tightly tied to two things: the exchange's overall trading volume and the large-scale ecosystem event launched by the official team. During market frenzy, funds favor highly elastic theme coins and look down on platform coins with slow paces; But once the market falls into volatility and market risks rise, funds start clustering together with platform coins to hedge risks. This creates its unique trending feature: it's hard to surge in prices, and big drops often lag behind the knockoffs. It's hard to see a single-day main upward wave of 20 to 30 points; more of it is a volatile upward movement and repeated pull-up cycles. A few that can be tracked in the future⚠️🏅 $YGG /USDT Market Alert 📊 YGG is holding around $0.0186 with improving sentiment. Support lies near $0.0180, while resistance is around $0.0195 and $0.0205. 🎯 Target: $0.0195 → $0.0205 → $0.0220. 🎯 Stop Loss: $0.0177. 🛑 Next Move: A breakout above $0.0195 could spark fresh bullish momentum, while losing support may trigger a short-term pullback. 💯#EarningsRealityCheck #CLARITYActStalled #KoreaAIChipPush 📊 $OKB Quick Overview of Liquidation Scale of liquidations · 1 hour: $153.74 · 4 hours: $158.06 · 12 hours: $158.06 · 24 hours: $37,600 Mostly and bearish distribution Cycle: Bull liquidation, short liquidation, long position 1h $0 $153.74 0% 4h $0 $158.06 0% 12h $0 $158.06 0% 24h $0 $37,600 0% Duokong interpretation Short liquidations account for 100% of the cycles, while long liquidations account for zero, indicating an extreme unilateral short squeeze upward trend. In the first 12 hours, liquidation was extremely small (about $154~$158), with mild short squeezes initiating; 24-hour liquidation surged to $37,600, with short squeeze conditions exploding in 12-24 hours. Ultimate winner: Bulls—Bearish and late trading face concentrated and devastating liquidation. Time distribution · 1 hour accounts for 0.41% of 24 hours · 4 hours accounts for 0.42% of 24 hours · 12 hours accounts for 0.42% of 24 hours Liquidation distribution is extremely late: the first 12 hours accounted for only 0.42%, while the total 24-hour volume is about 238 times that of the 12-hour period, indicating that the short squeeze market exploded in the latter half. Currently, the market is at the peak of a short squeeze, with concentrated liquidations on short positions at the close, but after extreme gains, caution is needed regarding the risk of sharp corrections. A one-sentence explanation $OKB 24-hour short liquidation at $37,600, accounting for 100%, followed by explosive upgrades in the following 12 hours, with bulls winning decisively. 🔥 Market Barometer | July 24th Today's three hot topics point to the same theme: the cost of AI, regulatory stalls, and the breathing on the edge of the geopolitical cliff. 📊 Google and Tesla: The "bill" for the AI feast has arrived Two financial reports have revealed the harsh truth behind AI narratives. Google beats expectations but comes at a heavy cost: total revenue of $119.8 billion, up 24% year-on-year; Google Cloud revenue was $24.77 billion, an 82% year-on-year increase. However, capital expenditures reached $44.9 billion, and free cash flow turned negative for the first time to -$5.9 billion. After hours, it once fell nearly 5%. Tesla's revenue growth without profit growth: revenue of $28.24 billion, up 26% year-on-year; However, operating profit was only $398 million, a year-on-year plunge of 57%, with an operating margin of just 1.4%. Free cash flow turned negative for the first time in over two years. It fell more than 4% in after-hours trading. Signal: Google's AI has formed a closed revenue loop in its cloud business; Meanwhile, Tesla's Robotaxi and Optimus remain at the "story" stage. The market is punishing AI narratives that are concept-heavy but lack cash flow. 📜 CLARITY Act Stalled: A $1.4 Billion Ethical Dilemma Regulatory hopes for the crypto industry are fading. Although Senate Republicans released updated text and added a morality clause, seven Democratic senators collectively vetoed it. Senate Majority Leader Toon Toon made it clear that the bill is unlikely to pass before the August 7 recess. Fundamental obstacle: The roughly $1.4 billion gains Trump gained from crypto business became the biggest obstacle. The Democrats are demanding stricter ethical clauses to prevent the president from continuing to profit from the crypto industry under government oversight. Polymarket forecasts show that the probability of passing within the year has plummeted from over 80% to 37%. Missing the August window and dragging into the autumn elections will greatly reduce the chances of passing in 2026. 🚢 U.S. military pauses airstrikes: a breather on the edge of a geopolitical cliff On July 25 local time, Trump ordered the U.S. military not to launch new airstrikes on Iran that day, ending a 13-day continuous daily strike campaign. A few hours before the airstrike pause, the Omani delegation had already arrived in Tehran to begin negotiations to resume navigation in the Strait of Hormuz, reportedly making progress. Brent crude had previously surpassed $100 per barrel, and if negotiations break through, oil prices are expected to retreat. Signal: This is a tactical pause—to leave room for diplomacy, but the U.S. military is still preparing contingency plans for resuming strikes. 💎 Summary Three events outline the core contradictions in the current market: The bill for AI is approaching—Google and Tesla are telling the market that, for the first time ever, negative cash flow is heating up faster than expected; The regulatory window is closing—the $1.4 billion ethical dilemma makes it hard for the CLARITY Act to pass within the year; How long the pause in the geography lasts depends on the success or failure of Oman's mediation. #财报观察员: Who can truly understand the real answer sheet from Google and Tesla this time? #多数党领袖称CLARITY休会前难通过 #美军暂停对伊空袭, negotiations on the opening of the strait made progress $BTC futures demand is increasing further. The positive value of futures demand indicates that real demand is emerging. However, spot demand remains negative. Total demand is negative because the negative value of spot demand is larger. A real rally must be accompanied by real demand. Currently, real demand is occurring in the futures market but futures market is still negative demand. A real rally will begin when real demand emerges in the spot market.Is this really the true "Altcoin Season," or just another emotional pump "noise"?👀 On the surface, the green boards turning red and localized surges have sharply heated up the market's FOMO (fear of missing out) sentiment. However, the true hallmark of altcoin season is **a broad market rally with liquidity spreading comprehensively**. What we are experiencing now is merely a **brutal rotation** of existing funds among a very limited number of tokens, rather than an overall expansion of incremental capital. Main funds are highly concentrated in a few top assets, while the vast majority of tokens cannot sustain continuous buying support. ### 📊 Liquidity camp division and chip structure * **Strong capital absorption zone (stock focus)**: $BTC, $JELLYJELLY, $OPG, $SLX, $LAB, $BSB, $ALLO, $CHIP * **Momentum maintenance zone (localized heat)**: $MEME, $EDEN, $HUMA, $ZKP, $METIS * **Momentum decline/stagnation zone (lack of buying)**: $BEAT, $EDGE, $COAI, $TRUMP, $RAVE, $SPACE, $SOPH, $IP, $AVNT, $ZAMA, $OFC, $PIEVERSE, $VIRTUAL, $ACU, $H, $MEGA ### 🏛️ Core asset anchors and value reassessment | Asset | Market Role and Positioning | Latest Status / Reference Benchmark | |---|---|---| | **$BTC** | **King of Liquidity 👑** | Currently at **$64,530** (up 0.92% intraday), total crypto market cap remains at **$2.18 trillion**, still the absolute anchor of the market. | | **$ETH** | **Institutional Application Playground** | Currently near **$1,880**, increasing staking locks continue to reduce spot selling pressure. | | **$SOL** | **High Beta Elastic Bet** | Ecosystem activity remains high, still the primary battlefield for seeking excess returns beyond the broader market. | | **$TAO / $WLD** | **AI Narrative Dual Leaders** | Deeply tied to OpenAI and the latest dynamics in the global semiconductor supply chain. | | **$HYPE** | **Risk Appetite Barometer** | Core indicator measuring the flow of high-leverage and high-risk appetite capital. | | **$DOGE / $ZEC** | **Retail Sentiment and Privacy Battle** | Reflects the fluctuations of retail risk appetite and privacy avoidance sentiment like a mirror. | ### 📰 Macro drivers and news catalysts 1. **Regulatory bill delay (#CLARITYActStalled):** The U.S. Congress's "CLARITY Act" (H.R. 3633) on crypto market structure has been postponed in the Senate agenda until after the August recess due to conflicts of interest and strict ethics review clauses. This policy uncertainty makes large compliant institutions more cautious about fully deploying altcoins. 2. **Temporary easing of geopolitical tensions (#USIranStrikePause):** The U.S. has paused strikes on specific Middle East facilities with no new military escalations, easing macro risk-off sentiment. The oil price decline provides breathing room for the crypto market. > **The harsh truth:** True altcoin season only arrives when liquidity spreads fully and market participation explodes synchronously across all sectors, not when just 5 tokens dominate the headlines. > Until then: **Strictly control risk, follow capital flows, and decisively reject FOMO chasing.** 📈 #EarningsRealityCheck #CLARITYActStalled #USIranStrikePause
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