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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 Quick Overview of Liquidation
Scale of liquidations
· 1 hour: $3,530.82
· 4 hours: $49,000
· 12 hours: $191,600
· 24 hours: $574,100
Mostly and bearish distribution
Cycle: Bull liquidation, short liquidation, long position
1h $3,530.82 $0 100%
4h $4,686.80 $44,300 9.6%
12h $11,400 $180,200 5.9%
24h $93,900 $480,200 16.4%
Duokong interpretation
100% of the 1-hour long liquidations ($3,530.82) were made, but the scale was so small that it could be ignored; From the 4-hour onward, short liquidation suddenly crushed the bulls (accounting for 90.4%), initiating a short squeeze rally; The 12-hour short position ratio reached as high as 94.1%, the most intense short squeeze of the day; Within 24 hours, short positions were liquidated at $480,200 (83.7%), with short squeezes continuing into the later stages. Ultimate winner: Bulls—showing a pattern of "short-term disturbances → persistent extreme short squeezes," with bears suffering devastating liquidation.
Time distribution
· 1 hour accounts for 0.62% of 24 hours
· 4 hours accounts for 8.54% of 24 hours
· 12 hours accounts for 33.38% of 24 hours
Liquidations are concentrated in the 12-hour cycle (about one-third), but the total 24-hour volume is 3.00 times that of the 12-hour period, indicating a sharp escalation of short squeezes in the 12-24 hours (about $382,500 in the last 12 hours, accounting for 66.6% of the day). Currently, the market is at the peak of a short squeeze, with bears suffering heavy losses, but after extreme gains, caution is needed to be aware of the risk of sharp pullbacks.
A one-sentence explanation
$ZEC 24-hour short liquidation at $480,200, accounting for 83.7% of the total, with short squeezes dominating and upgrades in the later stages, the 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 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Recently, market sentiment has warmed up, and $SHIB has seen a strong rebound. In just two trading days, the price started around $0.0000042, reaching a high of $0.0000058, with a maximum increase of nearly 36% during the range. Its market capitalization rose by about $1 billion simultaneously, reassembling it among the top 30 crypto assets by market cap. Many people simply attribute this round of rally to MEME sector rotational speculation, but considering on-chain, tokenomics, and capital flow data, the market-driven logic is far more complex than surface sentiment. First, let's review SHIB's underlying token framework, which is the foundation for understanding all market trends. The initial total supply of SHIB was 1,000 trillion, with 500 trillion transferred to the Vitalik burn address during launch, laying the foundation for the project's deflationary nature. As of the latest Shibburn on-chain statistics, the total amount burned has reached 410.84 trillion, accounting for 41.08% of the original supply, permanently deprived of the circulating market; Currently, the circulating market supply remains at 589.16 trillion coins. Many market participants tend to misunderstand that continuous burning will quickly cause supply shortages. Objective data clearly shows that early burns exceeding 400 trillion were concentrated in 2021, a one-time large-scale burn, with daily community burns relatively limited in the past year. On the eve of this rally, the daily regular burn volume mostly stayed in the millions of tokens, but during the market kickoff, the 24-hour burn rate surged by up to 1400%, with 6.75 million tokens burned in a single day, and the burning frenzy rapidly heating up.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 $BTC futures demand is increasing further. The positive value of futures demand indicates that real demand is emerging.
However, spot demand remains negative. Total demand is negative because the negative value of spot demand is larger.
A real rally must be accompanied by real demand. Currently, real demand is occurring in the futures market but futures market is still negative demand.
A real rally will begin when real demand emerges in the spot market.这究竟是真正的“山寨季”（Altcoin Season），还是又一次情绪诱多的“噪音”？👀
表面上看，绿盘飘红与局部暴涨让市场的 FOMO（恐慌追高）情绪急剧升温。然而，真正的山寨季标志是**全场普涨与流动性全面扩散**。当下我们所经历的，不过是存量资金在极少数标的中的**残酷轮动**，而非增量资金的整体扩容。
主力资金高度集中在极少数头部资产中，而绝大多数代币根本无法获得持续的买盘承接。
### 📊 流动性阵营划分与筹码结构
* **资金强吸筹区（存量聚焦）**：$BTC、$JELLYJELLY、$OPG、$SLX、$LAB、$BSB、$ALLO、$CHIP
* **动能维持区（局部热度）**：$MEME、$EDEN、$HUMA、$ZKP、$METIS
* **动能衰退/滞涨区（缺乏买盘）**：$BEAT、$EDGE、$COAI、$TRUMP、$RAVE、$SPACE、$SOPH、$IP、$AVNT、$ZAMA、$OFC、$PIEVERSE、$VIRTUAL、$ACU、$H、$MEGA
### 🏛️ 核心资产锚点与价值重估
| 标的 | 市场角色与定位 | 最新动态 / 参考基准 |
|---|---|---|
| **$BTC** | **流动性之王 👑** | 现报 **$64,530**（日内微涨 0.92%），全网加密总市值维持在 **$2.18 万亿**，依然是市场的绝对锚点。 |
| **$ETH** | **机构应用乐园** | 现报 **$1,880** 附近，质押锁定量的增加持续削减现货抛压。 |
| **$SOL** | **高 Beta 弹性下注** | 生态活跃度居高不下，仍是寻求超越大盘超额收益的首选战场。 |
| **$TAO / $WLD** | **AI 叙事双雄** | 深度绑定 OpenAI 及全球半导体产业链的最新博弈动态。 |
| **$HYPE** | **风险偏好晴雨表** | 衡量高杠杆与高风险偏好资金流动量的核心指标。 |
| **$DOGE / $ZEC** | **散户情绪与隐私博弈** | 镜面般反映散户风险偏好与隐私规避情绪的起伏。 |
### 📰 宏观驱动与新闻催化剂
1. **监管法案暂缓 (#CLARITYActStalled)**：
美国国会关于加密市场结构的《CLARITY 法案》（H.R. 3633）因涉及利益冲突与严格的道德审查条款，在参议院议程中暂时被推迟至 8 月休会之后。这一政策层面的不确定性，使得大型合规机构在全面进场部署山寨币时表现得更为审慎。
2. **地缘局势暂时缓和 (#USIranStrikePause)**：
美方暂停针对中东特定设施的打击行动，且未再出现新的军事升级，使宏观避险情绪有所释放，油价回落的同时为加密市场提供了喘息的机会。
> **残酷的真相**：只有当流动性全面铺开、市场参与度在各个赛道同步爆发时，真正的山寨季才算到来，而不是仅凭 5 个代币霸占头条。
>
在此之前：**严控风险，顺应资金流向，果断拒绝 FOMO 追高。** 📈
#EarningsRealityCheck #CLARITYActStalled #USIranStrikePause It's been four years since it was this quiet, guys. The ancient whales who entered in 2017 finally stopped selling their stocks. It's not that they won't smash, it's just that they can't move anymore. Those who should have run have already left. Just seeing the data, dormant $BTC activity has dropped to its lowest point since Q3 2022. What does that mean? Back in 2022, it had just crashed from 69,000, and everyone played dead together. Here it comes again. To be honest, this is more true than any technical indicator. Think about it: when $BTC surged to over 100,000 at the end of last year, OGs were selling like crazy, and all the coins that had been sitting in their wallets for seven or eight years were revived. After cashing in that wave of profits, they either have no stock left or only zero-cost positions left. With zero-cost $BTC, why are people in such a hurry? No rush to sell. This is the tacit understanding of the market. Large funds remain stagnant, while small funds run wild. While the altcoin season is having fun, mainstream coins are actually quite stable. I checked on-chain data, and in the past month, the number of old coins moving was pitifully low. Last time it was this quiet, what happened afterward? After four months of sideways movement, a major bullish candlestick broke through the sky. Don't get me wrong, I'm not saying this time will be the same. But one thing is clear: selling pressure is really exhausting. When $BTC dropped a few months ago, I told them not to panic, and now I still say the same thing. If the big game really collapses, the OGs won't be this calm. They are the most sensitive and run faster than anyone. What does the collective pretend to be dead now mean? It means the real panic has not yet arrived. Brothers who are short sellers, think carefully—right in front of you is the most reluctant group of holders in the world. If they don't sell, where can you borrow coins to throw them away? Of course, a bull market doesn't come overnightWell-known trader Kla tweeted that Bitcoin's cycle is accelerating. In the previous cycle, it took only 476 days to go from bottom to record high, much faster than the previous two rounds. He expects this round to break the previous high ahead of the next halving.
To be honest, the trend of shortening cycles is already quite obvious. The reasons behind this are not hard to guess—institutional funds, ETFs, and macro liquidity are flowing in, causing the market to react much faster than before. Combined with social media and leverage tools, the speed of sentiment and price transmission is simply not on the same level. The old stereotype of "every four years a bull and bear" might really need to be changed now.
However, acceleration has two sides. On one hand, if you're still waiting for some "standard right-side signal," you might miss out on a significant rally in the blink of an eye; On the other hand, acceleration means a stronger pullback, and the probability of getting stuck after chasing highs rises sharply. So instead of getting caught up in left and right sides, it's better to manage your positions well, build positions in batches, set stop-losses, and don't let emotions run wild. As for his mention of "new highs before the halving," I think it's quite likely, but that doesn't mean a big pit won't be hit first. In short, focusing on macro data and capital flows is far more reliable than stubbornly stubbornly obsessing over historical patterns. 😂 📊 $XAUT Quick Overview of Liquidation
Scale of liquidations
· 1 hour: $194.64
· 4 hours: $194.64
· 12 hours: $5,107.83
· 24 hours: $36,000
Mostly and bearish distribution
Cycle: Bull liquidation, short liquidation, long position
1h $0 $194.64 0%
4h $0 $194.64 0%
12h $60.82 $5,047.01 1.2%
24h $30,800 $5,176.69 85.6%
Duokong interpretation
In the first 12 hours, short liquidation crushed long positions (short positions accounted for 98.8%~100%), and prices continued to rise; Within 24 hours, long positions were liquidated at $30,800, strongly overtaking (accounting for 85.6%), with a sharp reversal occurring within 12-24 hours, turning into a one-sided downtrend. Ultimate winner: Bears—showing a pattern of "short squeeze upward→ surge and pullback, extreme long selling."
Time distribution
· 1 hour accounts for 0.54% of 24 hours
· 4 hours accounts for 0.54% of 24 hours
· 12 hours account for 14.2% of 24 hours
Liquidation distribution is extremely late: the first 12 hours accounted for only 14.2%, while the 24-hour total is 7.05 times the 12-hour volume, indicating a strong burst in the 12-24 hours (about $30,900 in the last 12 hours, accounting for 85.8% of the day). Currently, the market is in a bear-led sustained sharp decline, and in the short term, attention should be paid to technical recovery signals after oversold conditions.
A one-sentence explanation
$XAUT 24-hour long liquidation at $30,800, accounting for 85.6% of the total, with an early short squeeze followed by extreme bullish selling at the close, 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 SK Hynix
SK Hynix's stock price has fluctuated sharply, but the AI server has not been equipped with a single HBM block as a result.
SK Hynix is sending samples of 12-layer HBM4E to major customers and collaborating with NVIDIA on next-generation AI memory, expanding its growth strategy from HBM to AI DRAM, NAND, and enterprise-grade SSDs. AI computing power development remains a long-term tailwind, but the market is beginning to worry: whether current storage prices and profit margins are close to cycle highs, and whether price competition will resume after Samsung and Micron's expansions.
US ADRs have recently fluctuated sharply around $156, showing a clear premium over Korean common stocks, indicating investors are not only betting on companies but also paying for scarcity. Technically, focus on support at $150 to $153; if it falls below it, target $145; The main resistance above is $164 to $170.
SK Hynix's long-term logic hasn't disappeared, but the most dangerous short-term thing may be "good news everyone knows." Do you think this is a golden pit for AI memory, or a reminder before the storage cycle shifts?
$SKHY #SK海力士 #HBM #AIThe early rally of $ORDI truly ignited the first wave of BRC20 inscription booms, and during that rally, market liquidity was basically dominated by domestic players.
The scale is no longer what it used to be. Today, ORDI is no longer just a target for Chinese players; global Bitcoin ecosystem participants are closely watching its rise and fall. Especially now, with Rune $DOG continuing to weaken and narratives lacking, overseas funds will further solidify ORDI's position as the leading Bitcoin native asset.
But don't expect the market to start immediately; ORDI will continue to fluctuate and shake out, and another half year of grinding is a reasonable scenario. Even if a major bull market has not yet arrived, local hotspots within the sector will continue to emerge: emerging protocols and underlying platforms such as Alkanes, Subfrost, Tap-Nat, Radfi, and Bound will continue to generate phased opportunities.
The narrative of the track keeps iterating, with hot topics alternating between old and new, but ORDI, as the emotional anchor of the Bitcoin ecosystem, holds an unshakable position in the short term.Is the P/E ratio of Changxin Storage's IPO as high as 300? Is it still playable?
┈➤ Static P/E ratio for 2025
◆ #ChangxinStorage opens tomorrow, issue price 8.66,
◆ New shares 668,808.8608 million (accounting for 10% of total shares),
◆ Net profit attributable to the parent company at the end of 2015 was 1,874,859,400 yuan.
◆ According to A-share IPO standards, calculate the static P/E ratio for 2025:
PE = 8.66 * 668,808.8608 * 10 / 187,485.94 = 308.92
But this is static data at the end of 2025; the market may and should calculate and value based on dynamic data.
┈➤ Rolling P/E ratio from Q2 2025 to Q1 2026
◆ Net profit attributable to the parent company from 25Q2 to 26Q1
= Full year 2025 + Q1 2026 - Q1 2025
= 187,485.94 + 2,476,203.15 - (-155,902.79)
= 2,819,591.88
◆ Calculate the rolling P/E ratio based on IPO price
PE-TTM【25Q2~26Q1】
= 8.66 * 668,808.8608 * 10 / 2,819,591.88
= 20.54
┈➤ Rolling P/E ratio from Q3 2025 to Q2 2026 (conservative estimate)
Net profit attributable to the parent company for the first half of 2026 is between 5,000,000 and 5,700,000; applying the principle of prudence, take the lower limit.
◆ Net profit attributable to the parent company from 25Q3 to 26Q2
= Full year 2025 + first half of 2026 - first half of 2025
= 187,485.94 + 5,000,000 - (-233,205.82)
= 5,420,691.76
◆ Calculate the rolling P/E ratio based on IPO price
PE-TTM【25Q3~26Q2】
= 8.66 * 668,808.8608 * 10 / 5,420,691.76
= 10.68
┈➤ Final notes
Cambricon's current P/E is 285, highest 371,
Hygon Information's current P/E is 267, highest 315,
First, some friends compare Changxin Storage with Hynix, but they are actually not comparable.
Because there are differences between markets, Hynix as the leading storage company has a P/E lower than Micron $MU and even SanDisk $SNDK. This is due to differences in environment and sentiment between the Korean and US stock markets.
Therefore, Changxin Storage should not be compared with Hynix. Instead, it can be referenced against AI stocks in the A-share market,
Cambricon's current P/E is 285, highest 371,
Hygon Information's current P/E is 267, highest 315.
Second, calculating Changxin Storage's P/E based on 2025 year-end profits yields 308.9.
However, the market may value it based on updated data.
Based on 25Q2~26Q1, the rolling P/E is 20.54. Based on a conservative estimate for 25Q3~26Q2, the rolling P/E is 10.68.
So theoretically, Changxin Storage still has some room to rise after opening.
Third, the overall trend of the storage sector is currently uncertain whether it has bottomed out.
Fourth, Changxin Storage's main product is DRAM, which may have weaker rigid demand from AI compared to HBM.
Fifth, Changxin Storage was still in a loss state in the first half of 2025, with a sharp profit surge in 2026; whether this rapid growth can be sustained requires time to prove.
I haven't played big A-shares, so I don't have much say, but theoretically Changxin Storage should be fine up to 17 (PE-TTM【25Q3~26Q2】about 20).
Optimistically, it might reach around 40 (PE-TTM【25Q3~26Q2】about 50).
Extremely optimistically, it might exceed 70 or even reach 80 (PE-TTM【25Q3~26Q2】close to 100).
The large valuation difference is caused by the huge profit gap between 2025 and 2026 for Changxin Storage; whether this growth trend is a short-term burst or will continue long-term is still uncertain.Guys, YGG rose 4.21% today, currently priced at $0.01854. Behind this bullish candlestick, the core catalyst comes from expectations of a strategic restructuring of the project: on July 7, YGG officially announced the closure of its game publishing division YGG Play, laying off 35 employees, and games like LOL Land will officially delaunch on July 31. This move is not a project crisis, but rather a shift in focus to AI game behavior data services, with player behavior datasets usable for AI model training, and the market speculating on its long-term potential to enter the AI data track. Technical Aspects: Support at 0.0185-0.0187; resistance above is seen at 0.0192/0.0200/0.0210, with the previous high at 0.0212 forming strong resistance; Below is a key defensive position at 0.0175. Core risk: Trading volume heavily depends on the futures market, with contract size significantly higher than spot trading. Leverage funds dominate the market, making the structure fragile and causing amplified volatility. With only a few days left until YGG Play officially shuts down on July 31, the market is weighing the narrative expectations of transformation, and caution is needed to watch out for selling pressure that may materialize after the event materializes. Key point: Currently, the AI data business is still in the strategic planning stage and has no revenue from implementation; At the same time, YGG tokens do not have the capability to capture business revenue. These are event-driven, high-volatility short-term targets, with the bottom line of the game being fast in and out. Do not mistake short-term thematic rebounds for trend reversals; strictly manage positions and risks. Personal market views今天看到 BitMex 和 BitMart 这两家交易所相继停止运营，有点唏嘘。这一年多多慢熊的过程中，已经有很多web3 的项目在相继消失或者换皮，市场上的热钱也在逐渐流向 ai 领域
对于这两家交易所在如此巧合的情况下相继在同一周关停，我觉得又是个原因：
1. 流动性在向头部交易所集中，大多韭菜和巨鲸通常都会选择盘口最深，滑点最低，对手方最多的平台。流动性越差，用户就会越少，用户越少，用户就会进一步下降，然后就会左脚踩右脚，进入死亡螺旋。
2. Hyperliquid这种链上交易平台正在蚕食 cex的市场份额。交易者在这些 dex 上可以自行托管资产，而且平台规则和储备也更透明。这让没有现货生态，或者机构托管业务的老牌合约交易所更加难以生存
3. 合规成本上升，以前那种开曼注册，服务全球的方法行不通了，欧洲和北美以及新加坡，香港的 web3 生态都开始走向规范化，在这个过程中就免不了出现像 bitmex 这种跟不上的因为合规问题不得不停止在欧洲地区的业务
4. 平台币开始反噬，这是另一个死亡螺旋：交易所经营困难时，平台币价格下跌，然后下跌导致用户减持，抵押品和财务储备编制，市场对平台的偿付能力产生怀疑，然后再次左脚踩右脚，直到跌入谷底
不知道这两家交易所的停止到了熊市的底部还是刚刚开始。但不管怎样，还是希望行业越来越好，大家都能有钱赚，有肉吃#新手必看: Everything you need is here
Today, according to the latest statistics released by RootData, by the end of 2026, 99 crypto projects have announced shutdowns, bankruptcy, or complete website shutdowns. The list includes many well-known names: from established contract derivatives platforms like BitMEX, BitMart, and AscendEX, to highly useful on-chain Kanban and wallet tools like Zapper, Parsec, Leap, Ctrl, and even DeFi protocols like Stream Finance and Altura.
After seeing these 99 death lists, to be honest, I don't feel pessimistic; on the contrary, I think this is a bloody yet very healthy "dehydration reshuffle" in a high-interest industry environment.
A careful breakdown of these dead projects reveals a harsh iron rule: the era of surviving by storytelling and token money subsidies is over.
The deaths in these 99 items mainly target three major causes of death:
The first cause of death is the "value capture black hole" of pure front-end tool protocols. Kanban and wallets like Zapper, Parsec, and Leap have good product experiences, but pure front-end platforms lack native token profit capture mechanisms and no commercial closed loop. During bear markets and periods of stock competition, the high costs of nodes and server operations have directly drained the team's cash flow.
The second cause of death was the complete failure of inflation and Ponzi mining. Protocols like Stream Finance used to print their own governance tokens to attract liquidity with high APYs. But under the pressure of the 10-year US Treasury risk-free rate of 4.7%, smart money would rather hold onto Treasuries than play the game of air token inflation. Once subsidies stop, Chizi immediately became a dead city.
The third cause of death is liquidity loss and compliance backlash among second-tier CEXs. As Solana's on-chain DEX trading volume surpasses that of traditional compliant CEXs, coupled with soaring regulatory compliance costs such as BitMEX lawsuits, the survival space of small and medium-sized CEXs is being squeezed by both on-chain DEXs and leading compliance giants, forcing them to go bankrupt and exit after liquidity runs dry.
My conclusion: The collective death of these 99 projects is the market helping you clean and cut out. Those who will survive in the future will either be leading public blockchains/DEXs with strong underlying network effects, or real yield blue-chip companies that continuously generate real fiat revenue and protocol dividends.
Among these 99 deadly items, have you ever used or fallen into a pitfall? Feel free to share your thoughts in the comments section.The essence of TSLA's sharp drop is: the market is not denying Tesla's future,
but is demanding that these future businesses be reflected more quickly and clearly in the financial statements.
The necessary conditions for Tesla's rise are: smooth rollout of FSD v15, scaled operation of Robotaxi,
and production ramp-up of Optimus—at least two of these must achieve substantial breakthroughs.
The sufficient condition for the rise is: while the above breakthroughs occur, automotive gross margin stabilizes and free cash flow improves, convincing the market that the "burn phase" is about to end.
Currently, Tesla is in the painful transition from the "car sales story" to the "AI story."
The market is willing to wait, but not indefinitely. Every upcoming quarterly report will be a major test of whether the "story can become reality." #财报观察员：谁能看懂谷歌和特斯拉这次的真实答卷？ $TSLA STRC's paper losses blew up a group yesterday. Treasury's book numbers forcibly pushed preferred stock discounts into an industry-wide credit test. To be honest, the moment I saw the Strive holdings exposed, I felt this wasn't that simple. It's not just one company's pressure, but everyone's problem. When $BTC broke below support, those telling stories about paper profits suddenly realized their preferred shares had become hot potatoes. The discount rate was much faster than expected, and liquidity drained the entire Bitcoin market The treasury valuation model is shaking. Sisters, stay calm. It's not that I'm trying to create anxiety, but this contagion is really fast. A book loss from a treasury can make an entire institution reprice the risk of Bitcoin holdings. The balance sheet management that was hyped up last year has become a tightening curse this year. The key isn't whether you have $MSTR, but treasuries with similar patterns Everyone is being re-evaluated. STRC is just the first domino to fall. Behind it are a bunch of people using the same logic to snowball. I'm not chasing highs or in a hurry to sell. Let's first see how the US stock market reacts tonight. If no one even accepts the discount on preferred stocks, that would be the real big problem. Is there still hope for treasury? Which side are you on on this topic? #芯片股反弹, short positions in U.S. stocks hit a record high #加密行情回暖, Bitcoin rose #美股全线走高, and crypto stocks led the gains This time, there was no new name that made me willing to raise my attention; instead, two old observation items gave completely different signals.
HBULL is currently about $0.00157, with a market capitalization of about $1.5 million, liquidity of about $125,000, and a 24-hour trading volume of about $872,000. Real transactions still exist, but RugCheck has a new tip that one address holds 25.83%. The project team stated that the large tokens are in the staking vault, but I have not yet been able to independently confirm the correspondence between this address and the publicly available staking procedure. About 97.97% of the main pool liquidity certificates are locked, and the rights for additional issuance and freezing have been revoked; Before the use of large addresses is proven, I just treat it as a routine observation.
Contract: 7V6Sk63y8Rr1MvcN5mYNp61wgFhy4EeQg5gUASk9pump
https://dexscreener.com/solana/edx18gjcdijqslaja2pp5c2vma3btrrx4utxkejufrtq
BUB is earlier and more dangerous. Within about four hours, the number of holding addresses increased from 1,027 to 2,292, with about 3,537 independent traders and approximately $1.2 million in transactions; However, during the same period, the price pulled back about 30%, liquidity dropped to around $27,000–$29,000, and the turnover was more than forty times the liquidity. Tokens are temporarily dispersed, the main pool is nearly 100% locked, the proportion of bots is unknown, and the project has no verifiable official relationship with Lil BUB's original IP.
Contract: 4FaSuBUp15t9Qiar9MdpaspkZJU5RK6A3QLnybNCpump
https://dexscreener.com/solana/J1GuZspgz3kxJqgngTGsR5QyJioSLAoZnApFd2yvtVsR
Next, I will verify three things: whether the HBULL large address can prove it is a bound vault; Whether buyback and reward transactions can be aligned consecutively; After BUB's hype cools down, can its holdings and liquidity remain? Large addresses concentrating into the pool, HBULL main pool lock-up continues to drop significantly, or BUB liquidity continues to rapidly drain away, all of which make me stop watching.
High-risk research records, not trade advice.On July 26, $SHIB emerged in an independent super rally without any fundamental improvements, project announcements, or ecosystem updates. The intraday peak surged 36%, with the price hitting $0.0000057, and the market capitalization surged by $1 billion in a single day, pushing the total market cap past $3.4 billion. 1. The Real Core of This Round of Rallies — Korean Kimchi Funds Dominate the Market This rally is not a consensus among all online funds but rather concentrated speculation in a single region: South Korea's leading exchange Upbit's $SHIB/KRW trading pair recorded a single-day trading volume of $62 million, accounting for over 10% of global trading volume. Moreover, the Korean session continues to perform at a slight premium over the mainstream US dollar market, which proves that this round of $SHIB's surge was entirely driven unilaterally by Korean retail funds. 2. Severe sector fragmentation, capital tightly clusters $SHIB This round of meme coin rally is not a broad rally but an extreme structural rally: - $DOGE Only rose 6% during the same period - Other dog-type imitation stocks generally rose less than 10% Capital is highly concentrated and solely focused on $SHIB, with very weak follow-up within the sector and no overall sector resonance support. 3. Contract liquidation data clarification: Short closing is not the driving force behind the rally. During this rally, a total of 2,300 users liquidated $SHIB positions across the network, with a total liquidation amount of $6 million. Of this, short positions were liquidated about $5 million. Key Core Conclusion: Short liquidation is merely a passive result after price increases, and is by no means the driving force behind this rally📊 $BCH Quick Overview of Liquidation
Scale of liquidations
· 1 hour: $96.06
· 4 hours: $293.63
· 12 hours: $48,400
· 24 hours: $58,300
Mostly and bearish distribution
Cycle: Bull liquidation, short liquidation, long position
1h $96.06 $0 100%
4h $189.26 $104.37 64.5%
12h $32,000 $16,300 66.1%
24h $36,200 $22,100 62.1%
Duokong interpretation
Forced liquidations dominated all periods (24-hour bulls accounted for 62.1%), indicating a sustained one-sided downward trend. 1-12 hour long positions account for 64.5%~100%, with almost no resistance on the bears; Although there was a 24-hour short liquidation at $22,100 (accounting for 37.9%), bulls still dominated. 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 0.16% of 24 hours
· 4 hours accounts for 0.50% of 24 hours
· 12 hours accounts for 83.0% of 24 hours
Extreme liquidations are concentrated in the 12-hour cycle (over 80%), indicating that the main downward wave has erupted within 12 hours; The total 24-hour volume is 1.20 times that of the 12-hour period, and in the following 12 hours, the bullish continues, but its intensity weakens. 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
$BCH 24-hour long liquidations at $36,200, accounting for 62% of total volume; 12-hour concentrated breakout mainly triggered a decline, 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 The European crypto scene is undergoing a silent reshuffle!
Don't focus on the candlestick for now—look for deeper changes.
In Europe, the MiCA regulation is fully implemented, and the UK FCA is also nearing finalizing the framework.
But the key is no longer just about getting a license.
The real threshold is the cost of compliance, which directly determines who survives.
To get straight to my point:
The survival space of crypto-native small businesses is being squeezed, while traditional banks, relying on their existing compliance foundations, are preparing to enter and harvest the profits.
The UK is even more aggressive, refusing to establish an independent crypto regime and directly bringing crypto activities into traditional financial regulation, aligning standards with those of investment banks.
This means that the previously wild growth path basically no longer works in Europe.
Here are a few points that ordinary people can take:
1. If you are an industry practitioner, don't just settle for obtaining a license; quickly assess the long-term compliance costs, as this is more critical than the license itself.
2. For crypto companies looking to break through, proactively seeking cooperation talks with traditional financial institutions with compliant infrastructure, or even accepting mergers and acquisitions, may be a clear path.
3. As investors, pay attention to crypto assets and related targets that already have compliance advantages or can be integrated into the traditional financial system at low cost.
Of course, the risk boundaries need to be clearly defined.
The scale and speed of this wave of acquisitions will depend on market conditions and the specific enforcement of regulations.
Moreover, overly strict regulation may push innovation to other regions, which would actually be a long-term loss for Europe itself.
This article is only a trend analysis and does not constitute any investment advice. Market changes always happen faster than expected.
Disclaimer: Information is only for information organization and logical review, and does not constitute any investment advice. The market carries risks; please conduct your own research.
$BTC$ETH$BNB#European regulation$PEPE Breaking through 0.00000304 was mainly driven by SHIB overflow and a decrease in exchange withdrawal stock, but the RSI6 reached 82.32, indicating that short-term liquidity has been overdrawn, making chasing highs very cost-effective.
The decline in exchange stock combined with the surge in Upbit trading volume formed the core buying interest. Compared to the long-term narrative of the second-half roadmap, the direct pull of SHIB sector capital spillover on spot liquidity is more obvious.
If spot buying remains strong and holds above the 0.00000304 to 0.00000305 resistance zone, the short-term liquidity push target will point to the 0.0000032 to 0.0000033 range. The scenario is effective if the 0.00000300 level is pushed back without breaking below and Upbit overflow funds show no sign of decline.
Once the 0.00000305 resistance level triggers intense selling pressure, profit-taking will push the price back to the first support band between 0.0000027 and 0.0000028. If it breaks further below the 0.0000025 to 0.0000024 support line, the 35% gains accumulated from the July 10 low of 0.0000022 will trigger a chain liquidation.
When the price smoothly breaks through 0.0000033 and the RSI6 falls back to the healthy range below 70, the short-term overbought correction prediction is declared invalid.
In the next 24 hours, focus on changes in Upbit's trading volume and the capital support at the 0.0000027 support level.
#美军暂停对伊空袭, progress in negotiations on the opening of the strait #以太坊验证者退出队列已降至零Changxin Technology will open tomorrow for its IPO, and overseas AI giants face a "major test" in their earnings reports.
Next week is the last trading week of the month, and the market is about to experience two major key market moments:
First, Changxin Technology, the top IPO of the year in the A-share market, officially debuted on the STAR Market, directly reshaping the domestic memory sector landscape;
Second, the global storage giants + US AI weights collectively disclosed their earnings reports, resonating in both domestic and international markets, directly finalizing the mid-term trends of the chip and technology sectors.
Insider funds have mostly been watching and gathering strength this week, with the market accelerating completely starting tomorrow.
▶️ Changxin's IPO revenue gradient
Changxin issue price at 8.66 yuan per share, with a fixed 500 shares per STAR Market contract, a participation capital of 4,330 yuan, and an initial market capitalization of 579.2 billion yuan.
Based on the multi-dimensional valuation model of brokers, below are the range aligned with institutional expectations, with different price increases corresponding to stock prices, total market capitalization, and single contract net profit gradients, and ranges aligned with institutional expectations:
✅ 100% increase | Market value 1.16 trillion yuan | Stock price 17.32 yuan | Net profit of 4,330 yuan per single sign
✅ Up 200% | Market value 1.74 trillion | Stock price 25.98 yuan | Net profit of 8,660 yuan per single contract
✅ Up 300% | Market cap 2.32 trillion yuan | Stock price 34.64 yuan | Net profit of 12,990 yuan per sign
✅ 400% increase | Market value 2.90 trillion yuan | Stock price 43.30 yuan | Net profit of 17,320 yuan per sign
✅ Up 500% | Market value 3.48 trillion yuan | Stock price 51.96 yuan | Net profit of 21,650 yuan per sign
✅ Up 600% | Market value 4.05 trillion yuan | Stock price 60.62 yuan | Net profit of 25,980 yuan per sign
Objectively speaking, considering conservative to ultra-optimistic valuations, the reasonable first-day fluctuation range is 70%-600%, corresponding to winning profits of 3,000-26,000 yuan. A rise of over 600% is purely market sentiment speculation, lacking fundamental support, and chasing the price with minimal cost-effectiveness.
▶️ The core logic of Changxin's valuation
There is significant market disagreement over Changxin's valuation, but the core logic is actually very clear. The initial market value of 579.2 billion yuan comes from genuine institutional inquiry pricing, providing a solid safety cushion rather than a sentiment-driven valuation.
The company's performance has surged this year, with a full annual profit forecast of 100 billion yuan. Compared to overseas storage giants, its current forward valuation is within a reasonable range. At the same time, as a rare domestic DRAM mass production target in A-shares, benefiting from expectations of domestic substitution and technological breakthroughs, it carries a valuation premium, with a reasonable valuation center of 1.5-2 trillion yuan.
A rational view of the market is needed. The storage industry has strong cyclical attributes, and current high performance relies on short-term AI dividends. Coupled with the company's ongoing technological gap with leading overseas firms, the high valuation driven by short-term sentiment creates pressure to absorb the gains, so blind chasing is not recommended.
▶️ A-share market forecast for tomorrow
Changxin's listing will directly affect the capital flow of the A-share technology sector. Tomorrow, the market will show obvious structural differentiation, with core changes concentrated in three points:
1. Capital Divergence: Large transactions in the secondary market will divert existing funds from tech tracks like AI hardware and semiconductor design. Without market growth, small tech stocks are likely to come under pressure.
2. Stock switching: With the establishment of leading storage manufacturing companies, funds will shift from marginal stocks like modules and controllers to Changxin's core leaders, clearly showing a trend of de-weak while keeping strong.
3. Industry Chain Benefits: The company's funds raised for capacity expansion and equipment procurement directly benefit upstream semiconductor equipment and materials supporting sectors, providing sustained catalysts.
▶️ Overseas Storage Financial Report Outlook
Next Wednesday, major overseas storage leaders will release their earnings reports in concentrated numbers, which will be key to verifying the current AI storage boom and will also influence the mid-term market outlook for A-share semiconductors:
▪️ SK Hynix (7.29): Predicts the industry shortage will continue into 2030, focusing on chip price increases as they take effect
▪️ Samsung (7.30): Early positive factors have been overwhelmed, focusing on HBM shipments and order guidance
▪️ Kioxia (7.31): Market value fluctuates sharply; earnings reports will verify the authenticity of industry prosperity
Institutions generally believe that the HBM capacity shortage will persist until 2027, and as long as the current financial data remains solid, the mid-term rally in the storage sector is likely to continue.
▶️ Reference for U.S. AI earnings sentiment
Next week, US AI tech giants will concentrate on earnings disclosures, and the market will show clear style divergence this year: heavy-asset semiconductors are strengthening, while tech companies that have made significant investments in AI are showing weakness, which can serve as a reference for the peripheral sentiment of the A-share tech sector.
The core suppression is that the market does not recognize the sustained capital investment of AI companies without returns; previously, Alphabet plunged due to excessive spending. This sentiment may slightly transmit to A-shares but will not change the independent market trend of domestic storage.
Overall, tomorrow it is advisable to focus on seizing the structural opportunity presented by Changxin's IPO and cautiously participate in secondary market chasing gains.
Next week, focus on tracking the performance of overseas storage earnings reports, avoid short-term sentiment fluctuations caused by US AI earnings, and pay attention to trading rhythm.Uni Short-term: All the good news has been exhausted, so early profit-taking is normal.
Voting on fee proposals (v4 protocol fees + Robinhood Chain scaling) ended on July 25, with extremely high support and entering queued mode, about to be executed. All new protocol fees will continue to flow into the existing UNI burn mechanism (TokenJar). Short-term traders treat "proposal approval" as event-driven and realize profits early, which is completely reasonable.
But from a long-term perspective, the significance of this matter goes far beyond "burning a bit more coins."
1. Significant increase in buyback/burn efforts
After the proposal passes, protocol fee coverage will be greatly expanded (v4 selected pools + Robinhood Chain v2/v3), and the burn pace will accelerate noticeably. Hayden himself has clearly stated that, based on current transaction volume, especially Robinhood Chain, the impact on UNI burn will be "substantial."
You can wait about a month for actual on-chain data to come out, then conduct a horizontal backtest against $HYPE's annual buyback ratio—the numbers will be more convincing.
2. Uniswap's innovation genes remain leading
v1/v2: Simplifying and popularizing AMM as the underlying standard for DeFi.
v3: Pioneered Hyundai CLAMM, allowing each LP to customize its price range within the same pool.
v4: Pioneered and centered on the Pool Lifecycle Hook, standardizing permissionless AMM extension architecture.
As the pioneer of DEXs, almost every major upgrade has redefined the industry's gameplay.
3. Default liquidity entry in reality
Currently, for most EVM chain launch platforms, Uniswap remains the preferred pool. v4's Hook gives launch platforms huge customization space (custom fees, dynamic logic, auction mechanisms, etc.). Of course, alpha launches on BSC are still dominated by Pancake, but Uniswap's position as a first-mover and standard remains solid in the overall landscape.
4. Scalability is far from the ceiling
New mechanisms like CCA auction issuance have already proven strong product expansion potential, though currently they are relatively restrained. This "capable but not overly aggressive" pace is actually more beneficial for long-term ecosystem health.
Previously, $UNI was criticized for being "unempowered," but now, through UNIfication + protocol fees, continuous burning, the value capture path has become clearer.
First-mover advantage + continuous product innovation + almost leading the evolution of on-chain DEXs allows for bolder possibilities—the true on-chain Nasdaq is not just empty talk.
Proposal Details:
vote.uniswapfoundation.org/proposals
What do you all think?
#新手必看: Everything you need is here
#RWA永续月交易量4700亿美元 #交易之声: Your experience deserves to be heard Key Rules for Trading New OKX Listings
Avoid Buying the First 15-Minute Candle: Initial spikes are often driven by pre-listing token holders taking profit.
Wait for Base Formation: Let the price establish a 1H/4H support level before opening positions.
Use Strict Stop-Losses: Liquidity depth can be thin in early days, leading to wider slippage during market-wide moves.
#EarningsRealityCheck
#CLARITYActStalled #KoreaAIChipPush 📅 2026-07-26 (Sunday) Night Market and Macro Review
💾 1. Changxin Memory: Listed on the STAR Market tomorrow
Changxin Memory (CXMT) will go public on Monday and is one of the most watched IPOs in Asia this year. Currently, HYPE has listed the CXMT Pre-IPO perpetual market, and the market heat in the storage sector continues to rise.
This IPO will not only affect the A-share semiconductor sector, but may also drive a revaluation of the global storage industry chain, with a focus on:
Micron（MU）
SK Hynix
Samsung
SanDisk
If Changxin Memory's performance on its first day of listing clearly exceeds expectations, capital may further spread into memory chips and related supply chains, which is one of the most noteworthy events this week.
📈 2. US Stocks and Technology Stocks: Entering the Earnings Super Week
This week, tech stock earnings reports will be released intensively, with highlights including:
Microsoft
Meta
Apple
Amazon
The market no longer debates "does AI have a future?" but instead asks a more realistic question:
When will massive AI capital expenditures translate into revenue and profit?
Microsoft and Amazon need to demonstrate the monetization capabilities of their cloud business and AI services; Meta needs to demonstrate AI's improvements in advertising efficiency; Apple will have to answer whether AI can truly drive a new round of hardware replacement cycles.
This week's earnings report is likely to determine the next phase direction for tech stocks and AI main lines.
🪙 3. BTC and ETH: The waiting mode before major events
BTC and ETH showed little volatility today, typical of a wait-and-see approach before major events.
The main short-term scenario still depends on the Fed:
If the Fed issues a dovish signal and liquidity expectations improve, BTC and ETH are likely to continue strengthening;
If the stance leans hawkish and US Treasury yields and the dollar rise again, it will be necessary to guard against risk assets pulling back in tandem.
The current position is not suitable for frequent direction changes due to minor weekend fluctuations; more importantly, it is better to wait for confirmation from this week's macro events.
🔥 4. HYPE: The focus remains on ecosystem expansion
HYPE's focus today is not on price, but on the ongoing improvement of its ecosystem and the increasing coverage of traditional assets and pre-IPO targets.
This is also one of the core reasons I have been following HYPE for a long time.
If on-chain DEXs can continue to compete for market share among centralized exchanges in the future, HYPE will remain a top-tier project worth monitoring.
🟡 5. Gold and Crude Oil: Currently lacking new catalysts
Gold
The market was closed over the weekend, and there were no significant changes in the market. In the short term, attention remains on the US dollar and US Treasury yields. This week, the Fed's statement will be the most important directional variable for gold.
Crude oil
Crude oil continues to trade around geopolitics and supply risks, with no particularly new catalysts emerging so far, awaiting capital feedback after Monday's open.
🗓️ 6. This week's key events calendar
⭐ Monday
Changxin Memory went public
⭐ Wednesday
Federal Reserve interest rate decision
Microsoft earnings report
Meta's earnings report
⭐ Thursday
Apple earnings report
Amazon financial report
U.S. GDP data
⭐ Friday
U.S. PCE data
China PMI data
💡 Today's trading reflections
A real major market often doesn't start the moment the news is released.
Before major events occur, funds usually adjust their positions and allocation in advance. Many people are still watching whether BTC rose or fell 0.5% today, but what truly determines the market trend for the next month may be:
The Federal Reserve's policy stance
Tech giants' earnings performance
The actual returns of AI CapEx
Market feedback after Changxin Memory's IPO
So, rather than obsessing over whether there will be fluctuations over the weekend, I prefer to focus on one issue:
In the next phase, which assets will become the most willing directions for continued purchases?
The market has entered a super week; patiently wait for key events to unfold, then adjust direction based on the results.
The above is solely a personal market observation and does not constitute any investment advice.#多数党领袖称CLARITY休会前难通过 Majority leader says the CLARITY bill is difficult to pass before the recess—is this really bearish?
When the market sees "difficulty passing before the recess," the market's first reaction is usually a slowdown in regulatory progress, which is bearish for the crypto market.
But what I focus on more is another question: is market trading about "time" or "direction"?
If the legislative timeline is only delayed rather than a policy direction reversed, then it is more like a shift in the pace of expected fulfillment, rather than logic being overturned.
A common phenomenon in the capital market is that everyone knows a favorable trend will come, but what truly affects prices is not "whether it will come," but "when it will come" or "how much the market has traded in advance."
From a trading perspective, I prefer to understand this kind of news as:
* Short-term trading may affect market sentiment, and risk appetite for funds may cool;
* In the medium to long term, continue to observe whether the U.S. regulatory framework continues to move in a clearer direction.
Many people like to simply divide news into positive or negative news, but the real complexity of the market lies in the fact that the same message can mean completely different outcomes at different stages.
If the market has already priced in advance and quickly passed, then the extension is bearish; If market expectations were already low, the extension may not necessarily change the trend.
This is also the trading approach I've always adhered to:
Don't rush to judge the news itself, but rather assess the discrepancy between the news and market expectations. What really drives prices is often not events, but disappointing expectations.
In the future, I will continue to monitor legislative progress, but more focused on whether funds are reallocating risk assets due to changes in regulatory expectations, rather than changing their trading logic based on a single piece of news.
Do you think the extension of the CLARITY Act is just a matter of time, or will it affect the overall direction of U.S. crypto regulation? Feel free to share your thoughts. $ETH After watching the market in the evening, I was about to shut down my computer, but then I came across the new continuous announcements from Jensen Huang over the past two days. My first reaction was not to look at Nvidia, but to wonder: will the Korean stock AI industry chain become the market focus tomorrow?
Recently, compared to short-term price fluctuations, I have been paying more attention to changes in the industry chain because, often, large capital looks beyond one or two days to the supply and demand pattern over the coming years.
What is particularly noteworthy this time is that Jensen Huang not only announced that Nvidia's future cooperation scale with SK Group will exceed $500 billion, but also stated that they will lock in the purchase of SK Hynix's HBM for many consecutive years. Meanwhile, Anthropic has also reached long-term cooperation agreements with Samsung Electronics and SK Hynix.
Putting these pieces of news together, I feel the signals released are even more important than many companies' quarterly financial reports.
Several leading global AI companies are almost simultaneously integrating the Korean memory industry into their core supply chains, indicating that market competition is no longer just between models but is beginning to extend to underlying hardware and supply chains.
My own understanding is that such cooperation may not immediately reflect in stock prices in the short term, but it will indeed impact the long-term expectations of the entire industry chain.
Jensen Huang also mentioned that the global semiconductor industry scale could expand to 10 times its current size over the next decade. His core point is very clear: future computing power demand will not only come from humans but also from an increasing number of AI Agents, robots, and other intelligent terminals.
If this direction continues to materialize, the real beneficiaries will not be limited to GPUs.
Components like HBM, high-bandwidth memory, advanced packaging, data centers, and power infrastructure may all face long-term supply tightness and sustained demand growth. This is why I have been focusing on the AI industry chain recently, rather than just watching a few model companies.
Of course, I also think the current market valuation of AI is already high, and short-term overheating or even valuation bubbles are normal phenomena.
But I have always believed that bubbles will eventually be digested by the market, and what truly remains are technology and productivity.
When AI in the future not only serves humans but also begins to serve billions of AI Agents and robots, the entire society's production methods, business models, and even industry divisions may undergo significant changes.
Therefore, I will not dismiss the entire AI logic because of a few days of short-term fluctuations, nor will I blindly chase highs just because of some positive news. I prefer to continuously monitor industry trends and then decide my position based on valuation and timing.
If this round of AI truly becomes an important driving force for the next wave of productivity transformation, then what is really worth seizing is not just a single day's rise but the opportunities brought by long-term industry evolution. Of course, the greater the opportunity, the greater the volatility, so trading still requires good control of rhythm and risk. $SKHY 📊 $LTC Quick Overview of Liquidation
Scale of liquidations
· 1 hour: $1,155.41
· 4 hours: $11,800
· 12 hours: $34,400
· 24 hours: $43,200
Mostly and bearish distribution
Cycle: Bull liquidation, short liquidation, long position
1h $213.75 $941.66 18.5%
4h $591.75 $11,200 5.0%
12h $1,620.84 $32,800 4.7%
24h $6,525.97 $36,600 15.1%
Duokong interpretation
Across cycles, short blowouts crushed the bulls (24-hour short positions accounted for 84.9%), indicating a sustained short-squeeze rally. Short positions account for 81.5%~95.3% of the 1-12 hours, with bears continuously being liquidated; The 24-hour bullish counterattack has slightly strengthened, but bears still dominate the market. Ultimate winner: Bulls—prices continue to rise strongly.
Time distribution
· 1 hour accounts for 2.67% of 24 hours
· 4 hours accounts for 27.3% of 24 hours
· 12 hours accounts for 79.6% of 24 hours
Extreme liquidations are concentrated on the 12-hour cycle (nearly 80%), indicating that the main short squeeze rally erupted in concentrated within 12 hours; The total 24-hour volume is 1.26 times that of the 12-hour period, with limited incremental growth in the following 12 hours, signaling the end of the short squeeze. Currently, the market is at the end of the high level of the short squeeze phase, with bears suffering heavy losses, but caution is needed regarding profit-taking pressure.
A one-sentence explanation
$LTC 24-hour short liquidations at $36,600, accounting for 84.9% of total volume; 12-hour concentrated burst forced the main rally, 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 $ORDI
ORDIUSDT
Perp
3.826
+7.53%
USDT has climbed +7.90%, currently trading at 3.837 USDT. The bullish structure remains intact, with strong buying interest supporting the move. A break above resistance may trigger fresh momentum.
Entry: 3.80–3.85
TP: 3.95 | 4.08 | 4.20
SL: 3.68超短线交易复盘
很多人觉得合约赚钱靠预判行情、赌方向，我用实打实的账户成绩单说句实在话：超短线想要活下去，从来不是抓住一波大行情暴富，是赚看得懂的小钱，管住看不懂的大亏。
先晒下实盘结果，初始本金1百5出头，一路做到419.73U，整体收益率直接翻倍104.32%。过程不是一路长虹，中途最大回撤接近10%，踩过坑、浮亏过，扛住回调之后再稳步创新高。$BTC $ETH $DOGE Because the weekend volatility is relatively small, I usually only update one article. Now I'll summarize this week and forecast next week's market. This week, I kept watching a rally to surpass the previous high of 72,300, but the big players got worse. Everyone is looking for a fake breakout and won't let you break out. I just tested it and exited, planning to go long to a new high and then make the final mid- to long-term short move. Unexpectedly, I tried to steal a chicken but ended up losing money.
Prices are still in a bottom-of-fluctuation zone with no clear breakout signals, as tensions in the Middle East are heating up and oil prices are soaring, making US inflation even more severe and possibly raising expectations for next week's rate hike. If this outlook continues, short-term rallies won't be significant, and without macro conditions, the likelihood of a direct bull run is very low. That's why I keep expecting a second bottom, or even breaking below previous lows
The daily chart dropped directly near the pre-test high, and the price slipped away early, showing no sense of honor. The daily chart has fallen three times in a row. Although it is still testing near the middle band, the bulls are still in jeopardy. As I said before, multiple tests of support are not support, but a trap for being broken. If strong buying is entering a certain area, it won't break upward after multiple tests. Continuous tests indicate insufficient buying strength, and this test increases the risk of a breakout
A relatively clear recovery in the minor level is not a strong rally, but there are very clear trend reversal signals. The key resistance is near 64,700. If today's rebound fails to hold this level, the price will continue to decline, breaking the key support near 62,200. If it breaks this level, the price will reach resistance at 65,500. However, due to the weekly closing line, I am not optimistic about a breakout to a new high next week. Therefore, I personally lean toward a slight rebound before a decline
In summary, the decline came several hundred points earlier than expected, so we need to adjust our thinking in time. Given the current overall situation, expectations for rate hikes have increased significantly, putting tremendous short-term pressure. Therefore, it is unlikely that a very large rebound will occur in the near future. I am optimistic about a small rebound followed by a continued downward trend. Although the bullish position has not been completely destroyed yet, the seven tests of the mid-band have not shown any real upward momentum, indicating insufficient momentum among the bulls. Therefore, the overall focus is on a continuation of bearish momentum after a rebound. Short-term focus on the gains and losses of resistance at 64,700 #EarningReportObserver: Who can truly understand the real answer cards of 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 We have no person in charge. Now I need to be aware of the following issues. I am only contacting through the official Gate app. Management, please address the issues below. Please read the text carefully and avoid perfunctory rhetoric. Gate's meaning is: the 100,000 USDT and 800,000 ALD we paid according to the contract were sent to the "scammer's" wallet. Coincidentally, Gate's alpha automatically fetched ALD tokens, so they could not disclose who connected the token integration process. In the end, the scammer's wallet was transferred to Gate Is it true that alphas are airdropping?
Hash is here:
0x8dccbab785a7f4213d26925519809ff5f51e57e2342ed9ea35431f988271ea90
When a project pays for it, lists tokens, and is then told, "The person communicating with you is not one of us, and the project is logged into Gate"—is this Gate's response?My boyfriend said this coin was no good, but it ended up rising 10 times
Of course, that was in the past
But today I want to talk about a bigger rotation logic
South Korea's storage giants SK Hynix and Samsung both landed big orders from AI giants
SK Hynix ADR premium is as high as 51%
Do you know what a 51% premium means?
It means overseas funds are willing to pay half more to buy Korean stock mappings
This shows how crazy the demand for AI chips has become
And then guess what
South Korea's pension fund turned to net buying KOSPI for the first time this year
Their heavy holdings are in SK Hynix
When even pension funds move, it shows this is not speculation
It's a real industrial trend
Then ChangXin Technology is going public tomorrow
Off-market valuation is 2.76 trillion
Putting these three things together actually reveals a clear sector rotation logic
AI chip demand spreads from the US to South Korea and then to China
The entire semiconductor industry chain is benefiting
So what does this have to do with crypto? A lot
The AI arms race continuously drives up computing power demand
Computing power demand drives the valuation logic of AI tokens
And South Korean funds have always been an important force in the crypto market
South Korea's pension fund starting to buy stocks
Shows South Korean funds are shifting from conservative to aggressive
Once South Korean retail investors see pension funds buying
They will rush in after them
Then the overflow funds will flow into the crypto market
This path has been verified countless times in the past
So my judgment is
The capital transmission chain from AI semiconductors → South Korean stock market → crypto market has already started
Now position yourself in the AI+Crypto track
The harvest period will come when South Korean funds spill over
Find projects in the AI sector that are actually working
Don't chase pure concepts
Finally, let's talk about today's market hotspots, several directions worth watching
#RWA永续月交易量4700亿美元
The monthly trading volume of RWA perpetuals keeps rising every month. 470 billion monthly trading volume has already surpassed many CEX perpetual volumes. In this cycle, RWA is the most stable track—not like meme coins relying on sentiment, not like AI relying on narrative, RWA is supported by real financial demand.
#以太坊验证者退出队列已降至零
The ETH staking sell pressure alarm is lifted. Previously, a large queue of ETH unstaking caused market worries about stETH issues; now the exit queue is zero, indicating the most panic moment has passed. ETH consolidating here is building a bottom.
#三星Galaxy钱包将原生支持稳定币
Samsung's move is huge. Galaxy users can use stablecoins right when they open their phones; USDT and USDC monthly active users may double. For projects building stablecoin application layers, this is the biggest catalyst.
$AI $FET #sectorrotation #AIchips #semiconductorsTwo days cost me three months' salary, and now I just want some peace
But after calming down, I looked into it
It has been found that this week, the intersection between traditional finance and crypto is increasing
Let me start with a piece of data you might not have noticed
RWA perpetual monthly trading volume is $470 billion
470 billion!! ！
This is no small number
What does that mean?
Many second- and third-tier exchanges have perpetual contracts that don't have this volume combined
Then guess what
RWA is actually the most underrated narrative in this cycle
Everyone is chasing memes, AI, and DePin
But the real steady growth is actually RWA
Traditional financial institutions tokenize bonds, funds, and real estate on-chain
Then they trade perpetual contracts on-chain
Once this model works,
The liquidity of the entire financial market will be moved onto the chain
There's one more thing
Samsung Galaxy Wallet will natively support stablecoins
Hundreds of millions of devices worldwide are directly built-in
What does this mean?
This means users don't need to download from an exchange or understand what a mnemonic phrase is
USDC and USDT can be used directly on your phone
This is a qualitative leap for the entire industry's breakout
If Samsung succeeds in this move,
Apple is very likely to follow suit
At that point, the threshold for using encryption will shift from 'a bit difficult' to 'as simple as Alipay'
So my judgment is
RWA and wallet integration into stablecoins
This is the true fundamental narrative of this cycle
Price fluctuations are short-term events
Infrastructure is underwayThe principal was 30,000, with a maximum floating profit of 200,000, and now it has returned to 50,000
This roller coaster made my legs go weak
Looking back at this week, it was actually quite interesting
BTC has risen from 63,900 at the start of the week to 64,356 now
After five days of fluctuation, the fluctuation was only 0.7%.
But the vertical insertion in the middle has caused countless people to burst forth
Then guess what
Weekends are actually the most stable time of the week
No US stocks, no earnings reports, no big news
BTC was fluctuating back and forth between 63,800 and 64,500
Every time it drops to 63,800, someone buys in
When it reached 64,500, someone started selling
The bullish and bearish battles within this range are quite intense
The most noteworthy data is the BTC ETF
On Friday, there was a net outflow of $225 million
This week's cumulative data should also be leaked
Interestingly, while ETFs are outflowing BTC, the price does not fall
This indicates that OTC market buyers are digesting the selling pressure from ETFs
This is actually a very strong signal
If ETFs flow out, they won't be able to push prices down
So when ETFs flow in,
There is another signal
The 66K position weighs down on the 477 million short position liquidation intensity
Once it breaks through, it becomes a wave of bearish pressure and missing out
But the support below is also solid
The weekend's volatility was a build-up
So my judgment is
Although there was no major market rally this week,
But the bottom is getting firmer
BTC has been holding this level for a long time
The more explosive the breakthrough, the stronger the power
Next week, focus on U.S. stock movements on Tuesday and Wednesday
If it can hold at 66,000, then consider 70,000
Today, there are still a few worth itI didn't cut even after dropping 80%, but today it just rebounded
But the rebound wasn't the coin I bought
It is the PONS of the Robinhood Chain ecosystem
Its market value soared to $56 million, setting a new all-time high
I've been watching this coin for a while
Previously, it had dropped 80% from its peak.
At that time, on-chain data was completely silent
The daily trading volume alone amounts to tens of thousands of dollars
Then guess what
This week, Robinhood Chain suddenly came back to life
PONS nearly doubled from the bottom in a single day
Active on-chain addresses surged
This is no coincidence
I looked through the overall Robinhood Chain ecosystem
Discovered that a new developer project is being deployed on top of the platform
This wave of rally is not pure speculative capital
There is fundamental driving force inside
ROBINHOOD, as a compliant exchange in the United States, promotes a public blockchain
It comes with its own traffic
As soon as one or two ecosystem projects emerge,
The valuation logic of the entire chain will be reshaped
PONS is the first meme coin in the Robinhood Chain ecosystem
If the ecosystem continues to expand, it will still rise
But it's also a double-edged sword
Ecosystem meme coins rise quickly and fall just as fast
I learned a lesson on CASHCAT before
After several times the price went unsold and the price dropped, it fell back
So my judgment is
If you have PONS or similar Robinhood Chain ecosystem coins,
Now you can grab it
and other ecosystems that have become clearerThe market is already starting to feel a bit nervous about the Fed's rate meeting next Wednesday.
Crude oil once surged to $100, the 10-year US Treasury yield hit 4.7%, and the probability of a 25 basis point rate hike was pushed to 38%. A month ago, everyone was still discussing when to cut rates; now the market is already on guard against rate hikes, and this shift is happening quickly.
My view is that rates are unlikely to change, and statements and press conferences will remain hawkish. Since Warsh took office, he has rarely given the market answers in advance, and oil prices have put inflation back on the table. He has no reason to rush to appease risk assets.
If rates are maintained, tech stocks and BTC may breathe a sigh of relief first, and then still have to wait for press conferences. As long as he mentions the possibility of multiple rate hikes this year, I will lean toward reducing positions during the first wave of rebounds. If rates are raised directly, both the Nasdaq and the crypto world will face a round of rapid sell-offs.
This time, I'm also facing Microsoft and Meta's earnings reports, as well as GDP and PCE data—any of which goes wrong will amplify volatility. I won't go all out in the direction ahead of time. On Wednesday, I'll first watch the rate decision, then see how US Treasury yields move. If yields keep rising, it's hard for risk asset gains to last long.Buy-in price 0.003, now 0.3. I'm not good at math, but this seems to be 100 times
But don't get the wrong idea, I didn't buy it
My best friend bought it, and she talks about it in my ear every day
But what really concerned me was the flow of funds between public blockchains over the weekend
SOL rose 1.52% today to 74.86
ETH rose 1.33% to 1880
BTC rose by 0. 61% to 64,356
Have you noticed?
ETH's gains are larger than BTC's, and SOL's gains are even greater than ETH
Then guess what
This ranking actually signals that funds are moving toward high-risk, high-volatility directions
When market sentiment recovers
Funds first flow into BTC to determine direction
Then, after BTC stabilized
Overflowing funds will flow into ETH
Only then will it flow into high-beta assets like SOL
Currently, SOL has seen the highest gain
This indicates that market sentiment is indeed recovering
But there is an even more noteworthy highlight
RWA perpetual monthly trading volume of $470 billion—do you know what that means?
This is equivalent to the tokenization of bonds and funds in traditional finance
The transaction volume of perpetual contracts generated on-chain is already comparable to the GDP of some small countries
RWA is no longer a concept at all
Real money is on the way
Why RWA is positive for ETH
Because the vast majority of RWA assets are issued on Ethereum
Therefore, the higher the RWA trading volume, the higher ETH's on-chain activity
ETH's fee income has also risen accordingly
So my judgment is
At this stage, SOL is suitable for short-term trading, with large gains and volatility
ETH fits the medium-term RWA narrative to keep Ethereum alive
BTC is suitable for holding for the long term and waiting for a breakout above 66,000
Each of the three chains has its own logic; which one you choose depends on your holding timeframe
Let's also chat about a few hot topics and see if any of them are worth following
#多数党领袖称CLARITY休会前难通过
The repeated delays on the CLARITY Act are indeed frustrating. But from another perspective, both parties are pushing forward, but the timeline is stuck. If it doesn't pass before the August recess, we'll have to wait until September; if it doesn't pass in September, we'll have to wait until after the midterm elections. As long as the direction is right, being late is better than never. The more pessimistic people there are now, the greater the gap in expectations when the reality is realized.
#美军暂停对伊空袭, negotiations on the opening of the strait made progress
The biggest good news of the weekend. Geopolitical cooling means reduced demand for safe-haven assets, with funds flowing back from gold and US Treasuries into risk assets. Previously, when the situation in Iran was tense, BTC couldn't fall and was already very strong; now, the rebound in risk appetite may actually be a catalyst.
#韩国存储双雄获AI双巨头大单
SK Hynix and Samsung have both secured major AI chip orders, once again reaffirming South Korea's semiconductor competitiveness. The crypto AI track will also be repeatedly reactivated by such news—the demand for AI computing power isn't just a story, it's really exploding. South Korea's pension fund has also started buying KOSPI, which is an important signal.
#公链 #RWABTC leads the rally but is highly fragmented among altcoins and is not a sign of a full breakout
Is the current market experiencing a structural imbalance under BTC's single rally, rather than a broad-based rally?
From the perspective of derivatives structure, BTC's funding rate remains in the neutral range of 0.01%-0.02%, with no extreme bullish crowding. The basis remains stable at 5%-8% annualized, and futures premiums have not surged, indicating that leveraged funds have not flowed in on a large scale. ETH's basis is slightly lower than BTC's, and the funding rate is near zero, reflecting increased institutional participation but lukewarm speculative sentiment. The SOL funding rate has been highly volatile, with the basis once exceeding 12%, suggesting local overheating risks for high-beta assets.
- Bullish path: If BTC maintains its current low-speed rise without triggering a leveraged stamp, the basis repair of ETH and SOL may attract arbitrage capital inflows, driving altcoin rotation. The key condition is for the ETH/BTC exchange rate to stabilize and rebound above 0.035; otherwise, funds will continue to concentrate on BTC and a few strong altcoins.
- Bearish risk: If BTC pulls back more than 5%, the current low funding rate means limited long stop-loss positions, but rapid basis narrowing could trigger chain liquidations. Among altcoins, weaker coins like $BEAT and $EDGE have seen significant liquidity shrinkage, and insufficient depth will amplify the decline. If retail sentiment indicators for $DOGE and $ZEC weaken, it could signal a fading risk appetite.
- Cross-market transmission logic: As a liquidity anchor, if BTC continues to accumulate, existing ETH and SOL funds will be withdrawn, putting overall pressure on altcoins. However, AI narratives $TAO, $WLD, and DeFi leaders $HYPE remain independent, indicating that funds are concentrating in specific sectors rather than retreating entirely. $JELLYJELLY, $OPG, and other small-cap coins require caution due to high turnover rates, as their basis fluctuations may hide squeeze risks.
Conclusion: The market is entering a selective phase dominated by BTC; positions should focus on capital flows rather than index fluctuations.
Risk: Sudden widening of the basis or a negative BTC funding rate could trigger a structural reversal.
$BTC $ETH $DOGEEntered for 100 dollars, now it's 10,000 dollars—I'm completely stunned
But I'm not talking about price increases
I meant that today there was a signal on the chain that I've been watching for half a year
Did you know Ethereum validators are leaving the queue?
Previously, ETH staking had to wait several months in line to exit it
But today, when I looked at it,
The exit queue has reset to zero
reset to zero!!
What does this mean?
All the validators who had queued up and wanted to run away had already left
Now, no one wants to sell anymore
Then guess what
Today, ETH has risen from 1851 all the way to 1889
Up 1.33%
Not violent, but in this position, it says a lot
I checked the on-chain data
AAVE also rose 2. 42%
The DeFi sector is showing signs of recovery
Previously, the ETH staking release caused AAVE's Ethereum supply to plummet
The market is worried about stETH having issues
But now, leaving the queue to zero means the most panicked times have passed
Some stakers have started to re-enter the market
There's another interesting detail
ETH's rebound volume was not large
This shows that it's not retail investors pulling the market but smart money quietly building positions
Big money won't instantly boost volume
That's just helping retail investors carry the sedan chair
They like to eat slowly during the sideways period
So my judgment is
ETH may still wear down in the short term
But the 1800 base is becoming more solid
Validator exit and zeroing is a clear bottom signal
If you don't get in the car now, it will be too late once the train actually starts
I glanced at today's news page and had a few points I wanted to mention
#韩国存储双雄获AI双巨头大单
SK Hynix's ADR premium once soared to 51%, indicating that overseas funds were frantically buying Korean AI chip stocks. The AI arms race is accelerating; this wave is not only affecting the semiconductor market but also has a mapping effect on the crypto AI sector. The AI + Crypto narrative may be regaining momentum.
#黄仁勋首推开源AI公开信, it has received endorsement from industry collectives
Old Huang's move was quite clever. Open-source AI means expanding the ecosystem. For the crypto community, open-source models mean that on-chain AI agents can access top-tier AI capabilities for free or at low cost, accelerating the implementation of DeFi+AI. Projects like Virtuals are worth following.
#RWA永续月交易量4700亿美元
470 billion dollars! RWA is no longer just a concept—it's real money being put into the market. Traditional financial institutions tokenize bonds and funds on-chain, causing trading volumes for perpetual contracts to soar. This is a long-term positive for ETH and the entire DeFi ecosystem.
#以太坊 #链上数据 #DeFiThree days ago, my account still had 20,000 left, Today I saw it had increased to 80,000
Family, who understands this feeling?
When it crashed like a dog last week, I was still wondering when this lousy market would end
But it quietly bounced back over the weekend
BTC jumped directly from 63,700 to 64,400
Although that's less than a 1% increase
But you really don't say it, you really don't say it
It's already impressive that they can pull it back on this lifeless weekend
Then guess what
Market sentiment is actually seriously underestimated
Among BlockBeats' 12 indicators, there are 5 buy signals and 0 sell signals
The remaining 6 hold on
In other words, although the market is hesitant, no one wants to leave
Short sellers are cautious, while long sellers dare not increase their positions aggressively
This position is actually quite subtle
On top of $66,000 is a short position liquidation wall of 477 million
Once they break through, the bears will be caught off guard
But the question is, who will be the one to light this fire?
ETFs closed on weekends, and data could only be viewed on Monday
Friday's -225 million outflow was indeed unattractive
However, BTC has not fallen
This is the biggest trump card
If ETFs flow out, they won't dump their prices
That means spot buying is genuinely holding on
So my judgment is
This position is likely to rise horizontally
With just 66,000 yuan, breaking through the short market and missing out is a sudden takeoff
But don't chase after the high
It's not too late to act after confirming a breakout with increased volume
Returning to the hot topics outside the market, today's events are quite interesting
#财报观察员: Who can truly understand the real answer sheet from Google and Tesla this time?
The big tech earnings season is indeed a barometer. Although Google Cloud's growth was good, advertising revenue was somewhat weak, and Tesla's deliveries also fell short of expectations. If tech stocks don't perform well before the US stock market opens, BTC will find it hard to rise on its own. But I feel the market has almost fully priced in the negative news.
#多数党领袖称CLARITY休会前难通过
The CLARITY Act has been a series of twists and turns. It was originally thought that the event would be implemented before the August recess, but it was postponed again. In the short term, this is negative, but in the long run, both parties are pushing forward—it's only a matter of time. A drop at this level actually presents a buying opportunity.
#美军暂停对伊空袭, negotiations on the opening of the strait made progress
This is the biggest good news this week. Geopolitical cooling is a tangible positive for risk assets. Previously, during the tense Iran situation, BTC always fell first and then rose. If there really is a ceasefire this time, risk aversion will decline and funds will flow back into the crypto world.
#盘面分析 #清算 #周末行情📊 $TRX 爆仓速览
爆仓规模
· 1小时：$659.74
· 4小时：$1,306.54
· 12小时：$1,513.68
· 24小时：$3.94万
多空分布
周期 多头爆仓 空头爆仓 多头占比
1h $659.74 $0 100%
4h $659.74 $646.80 50.5%
12h $797.13 $716.56 52.7%
24h $1.42万 $2.52万 36.0%
多空解读
前12小时多头爆仓略占主导（多头占比50.5%~100%），价格短时震荡下跌；但24小时周期空头爆仓$2.52万强势反超（占64.0%），方向在12-24小时间发生逆转，逼空行情全面爆发。最终胜出方：多头——呈现“前段小幅震荡→尾盘逼空爆发”格局。
时间分布
· 1小时占24小时的 1.67%
· 4小时占24小时的 3.32%
· 12小时占24小时的 3.84%
爆仓分布极度后置：前12小时合计仅占3.84%，而24小时总量是12小时的26.0倍，说明逼空行情在12-24小时间猛烈爆发（后12小时爆仓约$3.79万，占全天的96.2%）。当前处于逼空行情爆发阶段，空头尾盘遭集中清算，但总规模仍偏小，需关注持续性。
一句话解读
$TRX 24小时空头爆仓$2.52万占总量64%，前段小幅震荡后尾盘逼空全面爆发，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 On the US East Coast on July 26, before the market opened, SanDisk continued to fluctuate upward, with a pre-market low of $1414 and a high of $1467, a maximum gain of 4.1%, and a pre-market price of $1455; On the previous trading day (7.24), it closed down 10.79% at $1,436.56. The pre-market market was a bottom-fishing recovery after overselling, leading the rise in the storage semiconductor sector, with Micron, Western Digital, and SK Hynix all strengthening pre-market in parallel. - Pre-market order volume continues to rise, with concentrated low limit buy orders rushing in, and short stop-loss orders closing in concentrated, creating a short-term squeeze market; - Institutions placed overnight orders mainly for buying at low prices, with several long-term funds placing large custody orders in the $1420–1450 range, absorbing panic shares from the sharp drop on July 24; - On the options capital side, pre-market trading volume for call options surged, with capital betting on August earnings reporting exceeding expectations. US stocks like the Nasdaq and Philadelphia Semiconductor Index futures both rebounded before the market closed, easing panic in tech stocks; Capital has diverted from high-level AI application stocks to the deeply corrected storage hardware sector, with the AI computing power storage industry chain forming a resonant recovery in the sector. TrendForce and Morgan Stanley simultaneously updated their late July industry reports, raising their forecasts for NAND flash memory price increases in the third quarter, expecting NAND contract prices to rise 10%-15% quarter-on-quarter, with even greater gains for AI server-specific eSSDs. Global original factory capacity continues to tilt toward high-margin HBM, with general-purpose NAND supply shrinking, industry inventories only lasting 2–4 weeks, far below the 8–12 week safety stock line; Amazon, Microsoft, GoogleOn my way home from work in the afternoon, I kept checking the financial calendar, feeling that the market performance over the next four days probably won't be too boring. I didn't open many new positions today, mainly because all the important events in the past few days were packed together. Before the direction was released, keeping a lighter position actually helped me sleep soundly.
Looking at the financial reports released a few days ago, a clear phenomenon is that the market has recently become increasingly skeptical about financial reports. Many companies have actually weakened after the news came out, giving a bit of a "whoever releases falls" vibe. Whether these tech giants can reverse this sentiment remains to be seen.
In the coming days, what will truly impact the market is not just the earnings report, but also a series of macroeconomic data.
Federal Reserve policy meetings, Microsoft and Meta earnings, GDP, PCE inflation data, as well as earnings from Amazon and Apple, will all be released one after another, meaning both macro and fundamentals are being tested by the market.
In fact, Google, Tesla, and Nvidia have already handed over their papers ahead of schedule.
Google's free cash flow has turned negative, and Tesla's profits have nearly halved. As for Nvidia, although it still has a billion-yuan floating profit on paper and still looks strong, its high valuation and high customer concentration have persisted, which have been the risk points I've been paying close attention to recently. When the market is good, these issues are easily overlooked, but once the market starts to reprice, they may regain focus.
I personally pay more attention to Wednesdays.
At present, the market generally expects interest rates to remain unchanged, so what truly affects sentiment is the signal released by Powell's speech. Personally, I believe he will remain cautious or even slightly hawkish in his wording, but the room for further tightening liquidity may be limited.
The reason is simple: global tech companies are continuously ramping up AI investments. If liquidity suddenly tightens significantly, the entire computing power supply chain will be under pressure, which may not be the outcome the market wants to see.
This time, I will focus on Microsoft's Azure business growth rate.
If it falls below 38%, I will consider reducing some related positions, because the market now has very high expectations for AI business growth. If it falls short of expectations, valuation adjustments may occur.
Meta is similar.
The stock price has not been strong over the past half year. If Zuckerberg continues to emphasize large-scale AI capital spending in the future without providing a clearer path to realize profits, I think market sentiment may remain cautious, and funds may not be willing to chase higher prices.
On Thursday, the pressure mainly came from macro data.
GDP and PCE will be released before the market opens. Currently, the market's biggest concern remains the risk of stagflation—economic growth is slowing, but inflation remains elevated. If inflation continues to stay near **2.5%**, high-valuation technology sectors may continue to face valuation pressure.
This time, Amazon is mainly focusing on AWS.
Currently, the market estimates AWS's growth rate is about 33%. If it reaches or even surpasses this level, it will still provide some support for the computing power and storage industry chains of Nvidia, SK Hynix, and Micron; If the price falls significantly short of expectations, the overall sentiment of the AI industry chain could be affected.
Apple, on the other hand, isn't that complicated. I don't care much about how much future plans management discusses; I'd rather look at the sales data in the Chinese market, because real sales data is more valuable than stories.
My biggest impression recently is that the market is indeed different from the past two years.
Previously, as long as the AI story was big enough, capital was willing to pay in advance; Nowadays, people are increasingly focused on cash flow, profitability, and the speed of realization. For companies that keep investing but still don't see commercial returns, or whose clients are too concentrated, I still remain cautious at this stage—I'd rather earn less than bear too much volatility just to gamble on expectations.
Back to today's crypto scene.
BTC is still oscillating between 65,200 and 65,400, with 65,700 above still serving as a rebound after a breakout, while 66,200–66,500 has gradually formed a new resistance zone.
ETH has gradually rebounded from around 1850 to around 1880. Although the uptrend line still provides some support, the rebound is clearly weak, and bulls have not yet shown strong sustained offensive potential.
Additionally, I noticed a detail: although ETF funds occasionally see net inflows, the overall price hasn't formed an effective follow-up trend, indicating that the current market is more like a game of internal competition among existing funds rather than new incremental funds continuously entering the market. In this situation, I still prioritize position control, waiting for all key data to materialize before deciding whether to increase the position.
#财报观察员: Who can truly understand the real answer sheet from Google and Tesla this time?
$ETH $BTC Just went through this week's reports
Google Cloud annual growth 82%
Tesla revenue annual growth 26%
Intel data center and AI revenue annual growth 59%
Looking at just these numbers
I'd roughly say this week's earnings reports aren't bad
But after the three companies announced their earnings
The next day they fell 7.1%, 14.5%, and 7.9% respectively
That's a bit awkward
Google's quarterly CapEx is nearly $45 billion
Tesla's free cash flow turned negative $1.09 billion
Intel is also preparing to keep investing in 14A
The market isn't doubting AI usage
It's more like they don't want to just hear companies say demand is great
You say demand is great, so where's the money earned?
Google Cloud is indeed making more profit
But the whole company's cash flow is still negative due to CapEx
As for Tesla, deliveries and revenue have returned
But the money earned from cars has to be used to support Robotaxi and Optimus
Intel's core business is much better than the net loss of $11 billion on paper
But wafer foundry is still losing money
Oil prices have climbed above $100 these days
The 10-year bond yield is also close to 4.7%
Money has become more expensive
Wall Street naturally has less patience to wait for you to slowly break even
No wonder after writing these three earnings reports this week
I'm increasingly hesitant to just look at revenue