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Changxin hasn't officially opened yet, but long and short positions on X are already fighting. Some are preparing to go all-in on 300,000 yuan in flash loans, while public addresses have held over 13 million USD in short positions; In the Chinese-speaking region, discussions about how much profit can be made from winning the lottery, while in the English-speaking region, the pre-market contract for Hyperliquid has already priced Changxin's valuation close to 3 trillion yuan. I compiled 31 tweets in both Chinese and English, checking issuance data, financial performance, industry news, pre-market prices, and market rumors one by one. I'm not going to guess a simple answer to a rise or fall first. What really needs to be answered is: How much is Changxin really worth? How was the 3 trillion yuan expectation formed? Which high-traffic news can be trusted? After the market opens, which data should we keep an eye on? 1. 31 tweets, but the most discussed topic isn't Changxin's technology. These 31 tweets are not a market-wide poll. I filter content with high pre-IPO views or those that represent a certain type of viewpoint. Among them, 20 tweets were in Chinese, and 11 were in English or other languages; 22 views exceeded 50,000, 14 views exceeded 100,000, and 9 exceeded 200,000. Categorizing them, the results are straightforward: - 10 discusses trading plans and retail sentiment; - 9 discusses valuation and pre-market prices; - 7 discussing companies and industries; - 5 are rumors or commercial promotions. Nearly two-thirds of the content discusses price, position, and "how much can be made?" What the company truly achieves is not the traffic center. The most viewed account is the English account [@zephyr_z9]. The problem is, the latter ones🛰 金十雷达 | 21:49
主题：霍尔木兹
据金十快讯，【沙特媒体：伊朗方面称并未退出谈判，愿在日内瓦多地与美国继续谈判】金十数据7月26日讯，综合阿拉伯卫星电视台与沙特媒体哈达斯报道，伊朗已告知巴基斯坦官员，伊朗并未退出谈判，而是暂时中止了。伊朗重申了在停滞阶段恢复谈判的必要性、表示拒绝在霍尔木兹海峡开辟新航道。此外，伊朗已向巴基斯坦确认，愿意在日内瓦、卡塔尔多哈或伊斯兰堡继续（与美国）进行谈判；并要求恢复关于…
观察视角：这类消息先看是否影响油价、美元或美股风险偏好，再观察BTC/ETH跟随强弱。
验证点：若后续没有价格、成交量或避险资产确认，就按背景变量处理，不把标题当交易信号。
仅作市场观察，不构成投资建议。$BASED — RECOVERY STRUCTURE FORMING
BASED is trading near $0.08386 after a moderate intraday pullback. The present price area could become a short-term recovery zone if buyers defend support and begin producing stronger volume.
TRADE SETUP
EP: $0.0831 – $0.0843
TP1: $0.0864
TP2: $0.0889
TP3: $0.0922
SL: $0.0804
Holding above the entry range could allow BASED to challenge TP1. A confirmed breakout above $0.0864 may attract additional momentum and open the way toward $0.0889 and $DOGE $BASED .On July 26th, before dawn at five o'clock, the light had not yet fully penetrated the window,
the numbers on the screen hovered between 64590.5 and 63806.4, as if caught by the sticky summer night of this city, moving up and down by less than one percent. The 24-hour trading volume was about 168 million USDT, neither too big nor too small, just enough for the candlestick chart to draw a few lazy shadows. No one shouted in surprise, nor did anyone panic. In this nearly frozen market, a statistic quietly refreshed: ten listed companies collectively hold over one million bitcoins.
An integer milestone arrived silently. Strategy still sits at the top — 843,775 coins, worth about $58 billion at current prices. This number itself carries a distant echo, reminiscent of the market stir when MicroStrategy first bought Bitcoin in the summer of 2020. In the years since, from El Salvador to pension funds, from spot ETF approvals to now SpaceX quietly holding over 18,000 coins and having listed on Nasdaq just over a month ago. The institutional narrative of Bitcoin has grown so thick that it’s almost hard to remember it was once just a whitepaper attachment in a cypherpunk mailing list.
But on the other side of the screen, the stock price curves tell a completely different story. Since 2026, Riot Platforms rose 73%, Cleanspark 39%, Mara Holdings 31%; meanwhile, Strategy fell 40%, Metaplanet dropped 49%, Twenty One Capital down 48%, Coinbase Global down 31%. The largest holders saw the steepest declines; the miners’ gains seem to respond to some kind of revaluation of infrastructure value. The logic here is unclear and should not be simplified to a single cause. Perhaps it’s leverage structures, cash flow pressures, market sentiment rotation, or just a long and ordinary value reassessment in summer.
Fragmented news trickled in. Bitcoin ETF weekly trading volume has fallen to the lowest level since October 2024, while Ethereum ETF just ended five consecutive days of inflows, but weekly net inflows continue to extend — capital seems more willing to chase that delayed resilience. On the other side, an address went long with 38.55 million USDT, held for eighteen hours, and finally closed at a 1% stop-loss, losing $368,000, clean and neat like a nap without dreams. No heroic heavy positions held, no dramatic short reversals, just a string of numbers automatically disappearing after hitting a threshold.
The entire market seems to have entered a subtle silent period. Bitcoin’s DeFi locked value rose slightly by 0.72% near $4.394 billion, like the water level of a lake slowly rising after the rainy season, with no sign of rushing currents. And that "one million" integer is itself just a statistical magic under a certain perspective — how many of these bitcoins held by companies are long-term chips in cold wallets, how many are underlying assets of derivatives, and how many might be sold off anytime due to earnings pressure, no one can really say.
The last such dull summer was 2023, and before that 2019. In every cycle, summer always feels especially long. The list of holders changes, holding costs change, relative stock strength changes. The only thing that’s not easy to change is the bitcoins themselves, quietly lying on the chain, confirmed every ten minutes, occasionally stirring blockchain explorers due to a large transfer. They don’t speak, nor do they care whether they exist in a listed company’s treasury or an anonymous whale’s wallet.
When the heat finally fades and autumn volatility returns to the market, this holding list will probably show new names and new numbers again. Any structure that seems unshakable now is only temporary in the face of time. For those watching the screen, the only thing to remember is: the story is not over, the positions in hand are not settled, and history gives no guarantees.特朗普的14亿加密收入，正在杀死CLARITY法案
法案通过不了，罪魁祸首就是川子
CLARITY法案大概率赶不上8月休会了。
不是技术问题，不是票数问题，是特朗普自己的14亿美金加密收入卡在那了。
Bloomberg今天报的：特朗普从meme币和代币业务赚了大概14亿美金，现在成了阻碍法案通过的最大障碍。民主党那边要求加更严格的道德条款——总统不能在自己政府监管下一边发币一边立法。
共和党在参议院只有53席，要过60票必须拉至少7个民主党过来。但民主党现在抓着特朗普的加密收入不放，两边僵住了。
Polymarket上通过概率已经从5月的74%跌到只剩33%左右。市场在用钱投票。
讽刺的地方在于——特朗普自己发的TRUMP币，现在反而成了他推不动加密法案的绊脚石。你发的币，堵了你自己的法案。
这出戏还得接着看。但有一点是确定的：8月休会前这法案大概率过不了了。
评论区聊聊，你们觉得特朗普会为了法案卖掉手里的币，还是宁可法案不过也要留着？
$BTC $ETH July 26 | BTC Data Evening Report
BTC market
BTC is quoted near $64,450, with an intraday high of about $64,566 and a low of about $64,028, up about 0.8% in 24 hours. The price continues to fluctuate around $64,000–$65,000, yet to break out of the recent consolidation range.
ETF funds
On July 24, the US spot BTC ETF saw a total net outflow of about $240.1 million, marking the second consecutive trading day of net outflows; From July 23 to 24, the cumulative net outflow was approximately $465.2 million.
The previous seven consecutive trading days of capital inflows have been interrupted, and institutional funds have shifted from continuous inflows to continuous withdrawals in the short term.
On-chain Tokens (Address Calibration)
Based on the consecutive snapshots from July 25 to 26:
Less than 10 BTC: net decrease of about 65 BTC, latest total holdings about 3.4722 million BTC
10–100 BTC: Net increase of about 182 BTC, latest total holdings about 4.2324 million BTC
Above 100 BTC: net increase of about 108 BTC, latest total holdings about 12.3542 million BTC
Internal changes above 100 BTC:
100–1,000 BTC: Net decrease of about 1,904 BTC
1,000–10,000 BTC: net increase of about 1,878 BTC
10,000–100,000 BTC: Net increase of about 134 BTC
Over 100,000 BTC: Basically unchanged
Total holdings above 100 BTC increased by only 108 BTC, but internal migration was obvious, mainly reflected in a decrease in the 100–1,000 BTC range, while the above 1,000 BTC level increased.
BTC exchange
The latest public snapshot shows that the total BTC balance across all exchanges is about 2.7032 million, with a net outflow of approximately 3,075 BTC.
Exchange balances remain in net outflows, diverging from ETFs for two consecutive days of net outflows: on-chain tradable tokens have decreased, but traditional funding channels have weakened in the short term.
Contract data
BTC contract open interest is about $48.53 billion, 24-hour contract turnover is about $19.696 billion, spot trading is about $1.124 billion, and BTC contract liquidation is about $6.366 million.
Open interest remains at a relatively high level, but weekend trading volume and liquidations are not large, so there is currently no obvious concentrated deleveraging in the market.
Important news today
Next week, the Federal Reserve, Bank of Japan, and Bank of England will successively announce interest rate decisions. Meanwhile, Middle East developments pushed oil prices up to around $100 per barrel, energy prices renewed inflation expectations, and the market began to bet more on further rate hikes. High oil prices and expectations of high interest rates remain the most important external pressures for BTC in the near term.
BitMart announced the end of nine years of operations, with all trading halted on August 26 and officially shutting down on January 31, 2027; This is the second trading platform to announce its exit within a week, following BitMEX. BitMart previously reported a 24-hour turnover of about $1.6 billion, with consecutive exchange closures that may continue to affect market trust and capital concentration trends among small and medium-sized platforms.
Russia's largest bank, Sberbank, plans to establish crypto trading and custody infrastructure by December. Russia's new crypto trading, custody, and settlement rules will take effect in September, indicating that large traditional banks continue to enter the regulated crypto asset services sector, but the short-term direct impact on BTC liquidity is limited.
Next, let's focus on the main focus
Can BTC regain the $65,000 level and break through the recent resistance near $66,000?
Can ETFs resume net inflows after Monday's opening, or will continuous outflows expand further?
Will BTC exchanges continue to see net outflows, and whether addresses with 100–1,000 BTC will stop decreasing?
If oil prices remain near $100 and push U.S. Treasury yields higher, macro pressure on BTC is unlikely to ease significantly.
$BTC #星球日报 比特币流动性集中化：山寨季并未到来，只是资金在少数币种间循环
当前市场是否已形成可持续的多头结构，还是仅靠局部杠杆驱动？
核心事实：原始帖子明确指出，当前并非全市场上涨趋势，而是流动性在有限币种之间循环。资金集中于BTC、JELLYJELLY、OPG、SLX、LAB、BSB、ALLO、CHIP等少数代币，而BEAT、EDGE、COAI、TRUMP、RAVE等大量山寨币正在失速。ETH、SOL、TAO、WLD、HYPE、DOGE、ZEC被视为结构性支柱，分别对应机构资金、高Beta风险偏好、AI叙事、风险偏好指标和散户追涨情绪。
市场结构变化：当前定价的核心矛盾在于，BTC在高位维持流动性锚定，但山寨币整体并未形成同步上涨。这导致资金费率出现分化：BTC永续合约资金费率维持正数，但多数山寨币资金费率接近零甚至转负，表明杠杆更多集中在BTC一侧，山寨端缺乏持续性多头加仓。基差方面，BTC期货升水（Contango）结构仍存在，但幅度收敛，暗示市场对远期涨幅预期趋于保守。
定价传导路径：若BTC继续在当前位置横盘整理，资金将难以向外扩散至山寨币，因为流动性被BTC吸收后，山寨币需依赖更低的估值或更强的叙事才能吸引增量资金。反之，若BTC出现显著回调，可能触发多头踩踏，导致杠杆集中清算，进而拖累ETH和SOL等主流币，形成系统性回调。山寨币中，JELLYJELLY、OPG等强流动性标的可能在BTC横盘期间维持相对强势，但BEAT、EDGE等失速币种若无法获得新资金注入，大概率继续下行。
偏多路径与条件：若BTC资金费率维持正值且基差重新走阔，表明杠杆多头持续增仓，市场可能进入局部趋势延续。此时需观察JELLYJELLY、OPG等是否出现成交量放大后的持续推升，以及失速币种是否出现底部放量止跌。偏空路径与条件：若BTC资金费率快速转负或基差收窄至平水以下，暗示多头信心瓦解，可能引发连锁清算。同时需警惕失速币种加速下跌，导致山寨端整体风险偏好崩塌。
风险提示：当前市场结构高度依赖BTC流动性锚定，若BTC失守关键支撑位，可能引发全市场去杠杆。失速币种若持续缩量，将难以形成有效反弹。
$BTC $ETH $SOL $HYPE $DOGE #流动性集中 #杠杆结构 #山寨币分化📊 $LIT Quick Overview of Liquidations
Scale of liquidations
· 1 hour: $50.73
· 4 hours: $2,484.51
· 12 hours: $5,236.94
· 24 hours: $27,600
Mostly and bearish distribution
Cycle: Bull liquidation, short liquidation, long position
1h $0 $50.73 0%
4h $2,428.02 $56.50 97.7%
12h $5,022.43 $214.50 95.9%
24h $13,600 $14,000 49.3%
Duokong interpretation
Short liquidation in 1 hour was $50.73, long position was zero, very small scale; 4-hour and 12-hour long liquidations continue to crush short positions (accounting for 95.9%~97.7%), with prices continuing to fall; However, within 24 hours, short liquidations at $14,000 narrowly overtook the market (accounting for 50.7%), reversing the direction within 12-24 hours and turning into a short squeeze and upward trend. Ultimate winner: Bulls—showing a pattern of "early long selling→ closing short reversal."
Time distribution
· 1 hour accounts for 0.18% of 24 hours
· 4 hours accounts for 9.0% of 24 hours
· 12 hours accounts for 18.97% of 24 hours
The distribution of liquidations is obvious: the first 12 hours accounted for only 18.97%, while the 24-hour total volume is 5.27 times that of the 12-hour period, indicating that short squeezes surged fiercely between the 12-24 hours (about $22,400 in the last 12 hours, accounting for 81.0% of the whole day). Currently, the market is in the stage of a short squeeze outbreak, with concentrated liquidations on short positions and closing sessions, so attention should be paid to its sustainability.
A one-sentence explanation
$LIT 24-hour short liquidation $14,000, accounting for 50.7% of the total, reversed direction, and the bulls ultimately prevailed.
🔥 Market Barometer | July 24th
Today's three hot topics point to the same theme: the cost of AI, regulatory stalls, and the breathing on the edge of the geopolitical cliff.
📊 Google and Tesla: The "bill" for the AI feast has arrived
Two financial reports have revealed the harsh truth behind AI narratives.
Google beats expectations but comes at a heavy cost: total revenue of $119.8 billion, up 24% year-on-year; Google Cloud revenue was $24.77 billion, an 82% year-on-year increase. However, capital expenditures reached $44.9 billion, and free cash flow turned negative for the first time to -$5.9 billion. After hours, it once fell nearly 5%.
Tesla's revenue growth without profit growth: revenue of $28.24 billion, up 26% year-on-year; However, operating profit was only $398 million, a year-on-year plunge of 57%, with an operating margin of just 1.4%. Free cash flow turned negative for the first time in over two years. It fell more than 4% in after-hours trading.
Signal: Google's AI has formed a closed revenue loop in its cloud business; Meanwhile, Tesla's Robotaxi and Optimus remain at the "story" stage. The market is punishing AI narratives that are concept-heavy but lack cash flow.
📜 CLARITY Act Stalled: A $1.4 Billion Ethical Dilemma
Regulatory hopes for the crypto industry are fading. Although Senate Republicans released updated text and added a morality clause, seven Democratic senators collectively vetoed it. Senate Majority Leader Toon Toon made it clear that the bill is unlikely to pass before the August 7 recess.
Fundamental obstacle: The roughly $1.4 billion gains Trump gained from crypto business became the biggest obstacle. The Democrats are demanding stricter ethical clauses to prevent the president from continuing to profit from the crypto industry under government oversight.
Polymarket forecasts show that the probability of passing within the year has plummeted from over 80% to 37%. Missing the August window and dragging into the autumn elections will greatly reduce the chances of passing in 2026.
🚢 U.S. military pauses airstrikes: a breather on the edge of a geopolitical cliff
On July 25 local time, Trump ordered the U.S. military not to launch new airstrikes on Iran that day, ending a 13-day continuous daily strike campaign.
A few hours before the airstrike pause, the Omani delegation had already arrived in Tehran to begin negotiations to resume navigation in the Strait of Hormuz, reportedly making progress. Brent crude had previously surpassed $100 per barrel, and if negotiations break through, oil prices are expected to retreat.
Signal: This is a tactical pause—to leave room for diplomacy, but the U.S. military is still preparing contingency plans for resuming strikes.
💎 Summary
Three events outline the core contradictions in the current market: The bill for AI is approaching—Google and Tesla are telling the market that, for the first time ever, negative cash flow is heating up faster than expected; The regulatory window is closing—the $1.4 billion ethical dilemma makes it hard for the CLARITY Act to pass within the year; How long the pause in the geography lasts depends on the success or failure of Oman's mediation. #财报观察员: Who can truly understand the real answer sheet from Google and Tesla this time?
#多数党领袖称CLARITY休会前难通过
#美军暂停对伊空袭, negotiations on the opening of the strait made progress ━━━ Night Review · 2026-07-26 ━━━
Shadow Shaman · Hunters on the chain
At the end of the day, logic remains.
🧭 Today's panorama
→ BTC $64,554 24h: +0.86% · ETH $1,888 24h: +1.71% · SOL $74.92
→ Today's Volatility: BTC 0.64K ($63,996-$64,637)
→ Trading volume: BTC $1.87B · Funding rate: BTC 0.001% / ETH 0.001%
📊 Structural changes
• OI: $2.035B (31,524 BTC), no significant increase or decrease throughout the day
• Funding rate: Both currencies have rates at <0.0011%, at an absolute low with no directional pressure
• BTC Premium: -0.055% (slight discount), bears slightly taking the initiative but showing no aggressive intent
🔥 Today's highlights
• #1 DCA (BSC) +9.11% — 24-hour gain over 4000%, but MCap only $184K, 42% of shares share the same source, showing obvious signs of manipulation
• #2 PONS (XLayer) +5.59% — MCap $54.6 million, one of the largest memes in the XLayer ecosystem, saw a slight rise today
• TRUMP2028 (Solana) +1.29% — 5,306 token-holding addresses, maintaining popularity but with modest gains
• BullPad (Solana) -27.47% — Previously surging memes experienced a deep pullback today, a typical "catch knife scene"
⚡ Smart money flows
• Smart money on Solana today mainly focused on SalaryCat (bought at $1,487), but has already sold 70%, showing a clear pattern of fast in and out of stock
• Justice For Sara Gilson (Sara) was chased by 10 smart money addresses, with 82% having sold out
• Overall, Smart Money was doing short-term harvesting in the Solana meme layer with a "grab a hand, then exit" strategy, with no intention to hold overnight
💡 Shadows recoil
BTC followed a standard contracting sideways movement today—$64K spent the day within 40 points. OI remains unchanged, rates are flat, and premiums are discounted but only slightly increased, indicating that both bulls and bears are controlling their positions. Guessing the direction at this position is no different from guessing a coin; the bulls haven't exerted momentum, and the bears haven't broken through.
Memes on the hot topic side are lively, but the DCA market with 42% of the same source is clearly a trap—whoever chases the most here is caught by a flying knife. Smart money showed no intention of staying overnight at the Solana meme level today; after the rally, it left. This sentiment transmitted to the main board signaled "no incremental funds entering the market."
Tonight, I chose to continue observing. If BTC can shrink above $64K and grind for another day, the structure would actually be healthier. No matter how sharp or down, I won't take it.
━━━━━━━━━━━━━━━━━━
📡 Shadow Shaman · Hunters on the chain
#暗影萨满🔥 From 46 to 142, then back to 79! $OKB This wave isn't a pullback; it's like rubbing the chives down and handing over a cigarette!
Guys, who wouldn't be confused by this $OKB script from July?
📉 At the beginning of the month (that needle in early July): still lying flat at 46 cuts, playing dead.
🔥 Then OKX set off a fire: burning 278.9 million $OKB, permanently welding the total at 21 million.
🚀 The price rocketed straight in: soaring to $142.88, a 193% massive syllable sold out all the bears.
💀 And then? : Fell back to around 79, and has been grinding for almost three weeks. With 24-hour trading volume shrinking to just over 50 million, retail investors are all asking, "Is this over?" ”
#OKX.ai: One person is a world-class company
---
🧬 Let me tell you, this trend is wild, and behind it are three hard logics clashing:
1. Supply side: OKX has fully transcribed Bitcoin's scarcity scenario
The total supply of 21 million was locked, and the smart contract completely blocked both the additional issuance and manual burning. X Layer's gas is still burning in small amounts. What does this mean? OKB won't be reborn; it will only become fewer. How many exchanges have you seen in history with fixed total supply tokens?
2. Demand Side: Bet on the entire ecosystem, fail or die
OKX cut OKT Chain and bet all on X Layer (Polygon CDK's zkEVM). OKB becomes the only fuel in the entire ecosystem + fee discounts + Jumpstart tickets. ICE (NYSE's real father) even came in to take a stand. This isn't just empty promises; it's just putting on a stage.
3. Market Volume: A typical shakeout after a surge, waiting for the big players to speak
The 50-day moving average at $79 is holding down, the 200-day moving average at $88 is holding down, and the RSI at 56 is lukewarm. This is the kind of being repeatedly rubbed in the middle, washing away those who are uncertain.
#OKX星球话题来啦
---
🗣️ My rough summary of the summary:
If you shout "reset to zero," wake up. An exchange token with a total supply of 21 million + full ecosystem gas is unprecedented in history.
If you're shouting "Breaking 200 soon," don't even dream about it. Before BTC doesn't cooperate and X Layer doesn't have daily active users, the grueling 79-82 range will have to stay for a while.
What stage is it now?
The Fear and Greed Index once dropped to 23 (extreme fear), retail investors are cutting losses, and large players are hesitating. A typical "no chase when prices rise, no buying when prices fall" — a twisted phase.
OKB is no longer a junk platform coin; it is a monster forcibly transformed by OKX into an "exchange-style BTC." In the short term, it will be dragged by the broader market; in the medium term, it depends on whether X Layer has real users; in the long term, it depends on whether the 21 million figure is enough to tell a story.
👇 Now the question arises:
Do you think OKB really dropped completely this round and is preparing for a second firing, or will they fake a fall and continue sawing wood at 78-82?
#交易之声: Your experience deserves to be heard
Chart analysis:
1. Long-term trend: Previously completed a deep bear market decline from a high of 104.63, with a maximum drawdown exceeding 30%.
2. Short-term structure: After bottoming out at 70, a recovery rebound began, and the current price has broken above all short-term moving averages, indicating a recovery in short-term bullish momentum
3. Resistance and support: First resistance above at 85, support below at 81-82 (MA5/MA10 moving averages)📊 JUST IN: Saylor Hints At More Bitcoin, But The Reality Is Sharper Now
"We're gonna need another color." Classic Saylor confidence, posted with a dashboard of Strategy's 843,775 BTC. But the numbers behind that swagger tell a harder story than the meme suggests.
📉 Where it stands:
Holdings: 843,775 BTC
Average cost: $75,653
Unrealized loss: about 14.8%, roughly $9.5 billion
Q2 digital asset loss: $8.32 billion, mostly unrealized
Here's what actually changed, and it matters. The "never sell" narrative is over. Strategy sold 3,588 BTC in early July for about $216 million, using the proceeds to fund preferred stock dividends and rebuild its dollar reserve. This followed a formal Bitcoin monetization program launched June 29 that lets the company sell up to $1.25 billion of BTC to cover obligations. A company built on the promise of relentless accumulation is now selling to pay its bills. That is a real shift, not a headline.
None of this means the long-term thesis is broken, and that's the honest takeaway. These losses are unrealized, the CFO says the reserve could cover net debt even if BTC fell 91%, and Strategy has still added coins across the cycle. The lesson worth borrowing is conviction and dollar-cost averaging over years, using capital you won't need tomorrow. The lesson to avoid is the leverage, the forced sales, and treating one confident tweet as a buy signal.
What to watch:
Whether Strategy keeps selling under the monetization program or resumes buying.
The health of its preferred stock and any pressure on MSTR shares, down 77% from the high.
A confident post from the biggest holder is not a catalyst. Respect the conviction, watch the balance sheet, because structure decides who survives a bear market.
Conviction that pays off, or a model meeting its limits?
Not financial advice. $BTC $ETH $SOL 破产倒闭名单继续增加！
7月23日 @BitMEX 宣布将于 2026 年 9 月 23 日 04:00:00 UTC 起关闭其运营。
7月24日 @odosprotocol 宣布应用程序将于 7 月 27 日转为只读模式，所有 Odos 服务将于 2026 年 7 月 30 日永久关闭。
7月25日 @dango 宣布终止项目，8月13日星期三，UTC时间中午12点，Dango L1区块链将停止运行。
7月25日曾经全球最大的比特币矿池 币印 Poolin @officialpoolin 申请破产。
7月26日 @BitMartExchange 宣布2026 年 8 月 26 日，UTC 时间 01:00：所有交易服务将停止。 2027 年 1 月 31 日，UTC 时间 15:59：平台运营将正式终止。
看看这些死亡名单，死法无外乎两种：
1⃣ 伪需求被戳破，牛市随便搞个基建搞个聚合器就开始融资，熊市才发现根本没有商业闭环。
2⃣ 杠杆反噬，币印这种看似很稳的加杠杆方式也一波被带走，本来是可以踏上这波 AI 潮卖个好价格，可惜死在了黎明前。
熊市的下半场，能做到守住本金不踩雷，就已经跑赢了 90% 的人。📊 $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 爆仓速览
爆仓规模
· 1小时：$153.74
· 4小时：$158.06
· 12小时：$158.06
· 24小时：$3.76万
多空分布
周期 多头爆仓 空头爆仓 多头占比
1h $0 $153.74 0%
4h $0 $158.06 0%
12h $0 $158.06 0%
24h $0 $3.76万 0%
多空解读
各周期空头爆仓占100%，多头爆仓为0，为极端单边逼空上涨行情。前12小时爆仓规模极小（约$154~$158），逼空温和启动；24小时爆仓骤增至$3.76万，逼空行情在12-24小时间爆发式升级。最终胜出方：多头——空头尾盘遭集中毁灭性清算。
时间分布
· 1小时占24小时的 0.41%
· 4小时占24小时的 0.42%
· 12小时占24小时的 0.42%
爆仓分布极度后置：前12小时合计仅占0.42%，而24小时总量是12小时的约238倍，说明逼空行情在后半程爆发式升级。当前处于逼空行情高潮阶段，空头尾盘遭集中清算，但极端涨幅后需警惕剧烈回调风险。
一句话解读
$OKB 24小时空头爆仓$3.76万占100%，后12小时爆发式升级，多头完胜。
🔥 市场风向标 | 7月24日
今日三条热点，指向同一主题：AI的代价、监管的搁浅，以及地缘悬崖边的喘息。
📊 谷歌与特斯拉：AI盛宴的“账单”来了
两份财报揭开了AI叙事的残酷真相。
谷歌超预期但代价沉重：总营收1198亿美元，同比增长24%；谷歌云收入247.7亿美元，同比暴涨82%。然而，资本开支高达449亿美元，自由现金流首次转负至-59亿美元。盘后一度跌近5%。
特斯拉增收不增利：营收282.4亿美元，同比增长26%；但营业利润仅3.98亿美元，同比暴跌57%，运营利润率只剩1.4%。自由现金流两年多来首次转负。盘后跌超4%。
信号：谷歌的AI已在云业务中形成收入闭环；而特斯拉的Robotaxi和Optimus仍停留在“故事”阶段。市场正在惩罚只有概念、没有现金流的AI叙事。
📜 CLARITY法案搁浅：14亿美元的伦理困局
加密行业的监管希望正在消散。参议院共和党虽释放更新文本并加入道德条款，但7名民主党参议员集体否决。参议院多数党领袖图恩明确表示，法案大概率无法在8月7日休会前通过。
根本障碍：特朗普通过加密业务获得的约14亿美元收益成为最大阻力。民主党要求更严格的伦理条款，防止总统在其政府监管下继续从加密行业获利。
Polymarket预测市场显示，年内通过概率已从80%以上骤降至37%。错过8月窗口，拖入秋季选举，2026年通过可能性将大幅下降。
🚢 美军暂停空袭：地缘悬崖边的喘息
当地时间7月25日，特朗普下令美军当天不要对伊朗发动新空袭，结束了此前连续13天的每日打击行动。
暂停空袭前数小时，阿曼代表团已抵达德黑兰，就重启霍尔木兹海峡通航展开谈判，据称已取得进展。布伦特原油此前已突破100美元/桶，若谈判取得突破，油价有望回落。
信号：这是一次战术性暂停——为外交留空间，但美军恢复打击的预案仍在准备中。
💎 总结
三件事勾勒出当下市场的核心矛盾：AI的账单正在到来——谷歌和特斯拉用史上首次负现金流告诉市场，AI烧得比想象中更快；监管的窗口正在关闭——14亿美元的伦理困局让CLARITY法案年内通过希望渺茫；而地缘的喘息能持续多久，取决于阿曼斡旋的成败。#财报观察员：谁能看懂谷歌和特斯拉这次的真实答卷？
#多数党领袖称CLARITY休会前难通过
#美军暂停对伊空袭，海峡通航谈判获进展 $BTC futures demand is increasing further. The positive value of futures demand indicates that real demand is emerging.
However, spot demand remains negative. Total demand is negative because the negative value of spot demand is larger.
A real rally must be accompanied by real demand. Currently, real demand is occurring in the futures market but futures market is still negative demand.
A real rally will begin when real demand emerges in the spot market.这究竟是真正的“山寨季”（Altcoin Season），还是又一次情绪诱多的“噪音”？👀
表面上看，绿盘飘红与局部暴涨让市场的 FOMO（恐慌追高）情绪急剧升温。然而，真正的山寨季标志是**全场普涨与流动性全面扩散**。当下我们所经历的，不过是存量资金在极少数标的中的**残酷轮动**，而非增量资金的整体扩容。
主力资金高度集中在极少数头部资产中，而绝大多数代币根本无法获得持续的买盘承接。
### 📊 流动性阵营划分与筹码结构
* **资金强吸筹区（存量聚焦）**：$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海力士
海力士股价剧烈波动，但AI服务器并没有因此少装一块HBM。
SK海力士正向主要客户送样12层HBM4E，并与英伟达推进下一代AI内存合作，增长逻辑也从HBM扩展至AI DRAM、NAND和企业级SSD。AI算力建设仍然是长期顺风，但市场开始担心：当前存储价格和利润率是否已接近周期高位，以及三星、美光扩产后会不会重新带来价格竞争。
美股ADR近期在156美元附近剧烈震荡，相对韩国普通股还存在明显溢价，这意味着投资者不仅在押注公司，也在为稀缺性付费。技术面关注150至153美元支撑，跌破后看145美元；上方164至170美元是主要压力。
海力士的长期逻辑没有消失，但短期最危险的，可能正是“好消息人人都知道”。你认为这是AI内存的黄金坑，还是存储周期转向前的提醒？
$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.TSLA暴跌的实质是：市场不是否定特斯拉的未来，
而是在要求这些未来业务更快、更清楚地体现在财务报表上。
特斯拉上涨的必要条件是：FSD v15顺利推送、Robotaxi规模化运营、
Optimus量产爬坡——三者至少有两个取得实质性突破。
上涨的充分条件是：在上述突破发生的同时，汽车毛利率企稳、自由现金流改善，让市场相信"烧钱阶段"即将过去。
当前特斯拉正处于从"卖车故事"切换到"AI故事"的阵痛期。
市场愿意等，但不会无限期地等。接下来的每一份季报，都是对"故事能否变成现实"的一次大考。#财报观察员：谁能看懂谷歌和特斯拉这次的真实答卷？ $TSLA STRC的纸面亏损昨天直接炸了群一个 treasury 的账面数字硬生生把优先股折价拉成了全行业的信用测试说实话 看到Strive持仓曝光的那一刻我就觉得这事儿没那么简单不是一家公司的压力是所有人的问题$BTC 跌破支撑的时候那些拿着纸面利润讲故事的人突然发现自己的优先股变成了烫手山芋折价率拉得比想象中快多了流动性一抽整个比特币 treasury 的估值模型都在发抖姐妹们稳住不是我要制造焦虑是这种传染性真的太快了一家 treasury 的账面亏损就能让整个某机构重新定价比特币持仓的风险去年还在吹的资产负债表管理今年全变成了紧箍咒关键不是你手里有没有$MSTR而是类似模式的 treasury 都在被重新评估STRC只是第一个倒下的多米诺后面还有一堆在用同样逻辑滚雪球我现在不追高也不急着割先看今晚美股的反应如果连优先股折价都没人接那才是真正的大麻烦 treasury 还有救吗 这个话题你们站哪边？ #芯片股反弹，美股空头仓位创历史新高 #加密行情回暖，比特币走高 #美股全线走高，加密股领涨 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 突破 0.00000304 主要是资金由 SHIB 溢出与交易所提币存量下降共同推动，但 RSI6 达到 82.32 显示短线流动性已被过度透支，追高性价比极低。
交易所存量下降叠加 Upbit 交易量激增构成了核心买盘。相比下半年路线图的远期叙事，SHIB 板块资金溢出对现货流动性的直接拉动作用更加显性。
如果现货买盘持续强劲并站稳 0.00000304 至 0.00000305 阻力带，短线流动性推升目标将指向 0.0000032 至 0.0000033 区间。该剧本生效的变量在于回踩 0.00000300 不破且 Upbit 溢出资金未见衰减。
一旦 0.00000305 阻力位引发密集抛压，获利盘兑现会将价格压回 0.0000027 至 0.0000028 的第一支撑带。若进一步下破 0.0000025 至 0.0000024 防线，从 7 月 10 日低点 0.0000022 积累的 35% 涨幅筹码将引发连锁清算。
当价格顺畅突破 0.0000033 且 RSI6 回落至 70 以下的健康区间时，短线超买调整的推演宣告失效。
未来 24 小时重点观察 Upbit 的成交量变化以及 0.0000027 支撑位的资金承接表现。
#美军暂停对伊空袭，海峡通航谈判获进展 #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（周日）夜间盘面与宏观复盘
💾 一、长鑫存储：明日登陆科创板
长鑫存储（CXMT）将于周一上市，是亚洲今年最受关注的 IPO 之一。目前 HYPE 已上线 CXMT Pre-IPO 永续，存储板块的市场热度也在持续上升。
这次上市影响的不只是 A 股半导体板块，还可能带动全球存储产业链重新估值，重点关注：
Micron（MU）
SK Hynix
Samsung
SanDisk
如果长鑫存储上市首日表现明显超出预期，资金可能进一步向存储芯片及相关产业链扩散，这也是本周最值得观察的事件之一。
📈 二、美股与科技股：进入财报超级周
本周科技股财报将密集公布，重点包括：
Microsoft
Meta
Apple
Amazon
市场现在已经不再讨论“AI 有没有未来”，而是开始追问一个更现实的问题：
巨额 AI 资本开支什么时候能够转化为收入和利润？
Microsoft 和 Amazon 需要证明云业务与 AI 服务的变现能力；Meta 需要证明 AI 对广告效率的提升；Apple 则要回答 AI 能否真正推动新一轮硬件换机周期。
本周财报结果，很可能决定科技股和 AI 主线下一阶段的方向。
🪙 三、BTC与ETH：大事件前的等待模式
BTC、ETH 今日波动不大，属于典型的大事件前资金观望行情。
短期主要情景仍然取决于美联储：
如果美联储释放偏鸽信号，流动性预期改善，BTC、ETH 有望继续走强；
如果表态偏鹰，美债收益率和美元重新走高，则需要防范风险资产同步回调。
当前位置不适合因为周末的小幅波动频繁改变方向，更重要的是等待本周宏观事件给出确认。
🔥 四、HYPE：重点仍然是生态扩张
HYPE 今天的重点并不是价格，而是生态正在持续完善，并开始覆盖越来越多的传统资产和 Pre-IPO 标的。
这也是我长期关注 HYPE 的核心原因之一。
如果未来链上 DEX 能够继续争夺中心化交易所的市场份额，HYPE 依旧属于值得持续跟踪的第一梯队项目。
🟡 五、黄金与原油：暂时缺少新催化
黄金
周末市场休市，盘面没有明显变化。短期继续关注美元和美债收益率走势，本周美联储表态将是黄金最重要的方向变量。
原油
原油继续围绕地缘政治和供应风险交易，目前暂时没有出现特别新的催化，等待周一开盘后的资金反馈。
🗓️ 六、本周关键事件日历
⭐ 周一
长鑫存储上市
⭐ 周三
美联储利率决议
Microsoft 财报
Meta 财报
⭐ 周四
Apple 财报
Amazon 财报
美国 GDP 数据
⭐ 周五
美国 PCE 数据
中国 PMI 数据
💡 今日交易思考
真正的大行情，往往并不是从新闻公布的那一刻才开始。
在重要事件落地之前，资金通常已经提前调整仓位、布局方向。很多人还在关注 BTC 今天涨了还是跌了 0.5%，但真正决定未来一个月市场走势的，可能是：
美联储的政策态度
科技巨头的财报表现
AI CapEx 的实际回报
长鑫存储上市后的市场反馈
所以，与其纠结周末有没有波动，我更愿意把注意力放在一个问题上：
下一阶段，哪些资产会成为资金最愿意持续买入的方向？
市场已经进入超级周，耐心等待关键事件落地，再根据结果调整方向。
以上仅为个人市场观察，不构成任何投资建议。#多数党领袖称CLARITY休会前难通过 多数党领袖称 CLARITY 法案休会前难通过，这真的算利空吗？
市场看到“休会前难通过”，第一反应往往是监管推进放缓，对加密市场偏利空。
但我更关注的是另一个问题：市场交易的是“时间”，还是“方向”？
如果只是立法时间表推迟，而不是政策方向发生逆转，那么这更像是预期兑现节奏的变化，而不是逻辑被推翻。
资本市场经常会出现一种现象：大家都知道一件利好会来，但真正影响价格的，不是“会不会来”，而是“什么时候来”“市场提前交易了多少”。
从交易角度来看，我更愿意把这类消息理解为：
* 短线可能影响市场情绪，资金风险偏好有所降温；
* 中长期则要继续观察美国监管框架是否仍朝着更加明确的方向推进。
很多人喜欢把消息简单分成利好或利空，但市场真正复杂的地方在于，同一条消息，在不同阶段意味着完全不同的结果。
如果市场已经提前计价了快速通过，那么延期就是利空；如果市场原本预期就不高，那么延期未必会改变趋势。
这也是我一直坚持的交易思路：
不要急着判断消息本身，而是判断消息与市场预期之间的偏差。真正推动价格的，往往不是事件，而是预期差。
未来我会继续关注立法进展，但更关注资金是否因为监管预期变化而重新配置风险资产，而不是仅凭一条新闻就改变自己的交易逻辑。
你认为 CLARITY 法案延期只是时间问题，还是会影响美国加密监管的大方向？欢迎聊聊你的看法。$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 爆仓速览
爆仓规模
· 1小时：$1,155.41
· 4小时：$1.18万
· 12小时：$3.44万
· 24小时：$4.32万
多空分布
周期 多头爆仓 空头爆仓 多头占比
1h $213.75 $941.66 18.5%
4h $591.75 $1.12万 5.0%
12h $1,620.84 $3.28万 4.7%
24h $6,525.97 $3.66万 15.1%
多空解读
各周期空头爆仓碾压多头（24小时空头占84.9%），为持续逼空上涨行情。1-12小时空头占比高达81.5%~95.3%，空头持续遭清算；24小时多头反击力度略有增强，但空头仍占绝对主导。最终胜出方：多头——价格持续强势上行。
时间分布
· 1小时占24小时的 2.67%
· 4小时占24小时的 27.3%
· 12小时占24小时的 79.6%
爆仓极端集中于12小时周期（近八成），说明逼空主升浪在12小时内集中爆发；24小时总量是12小时的1.26倍，后12小时增量有限，逼空行情进入尾声。当前处于逼空行情高位尾声阶段，空头遭重创，但需警惕获利回吐压力。
一句话解读
$LTC 24小时空头爆仓$3.66万占总量84.9%，12小时集中爆发逼空主升浪，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 $ORDI
ORDIUSDT
Perp
3.826
+7.53%
USDT has climbed +7.90%, currently trading at 3.837 USDT. The bullish structure remains intact, with strong buying interest supporting the move. A break above resistance may trigger fresh momentum.
Entry: 3.80–3.85
TP: 3.95 | 4.08 | 4.20
SL: 3.68超短线交易复盘
很多人觉得合约赚钱靠预判行情、赌方向，我用实打实的账户成绩单说句实在话：超短线想要活下去，从来不是抓住一波大行情暴富，是赚看得懂的小钱，管住看不懂的大亏。
先晒下实盘结果，初始本金1百5出头，一路做到419.73U，整体收益率直接翻倍104.32%。过程不是一路长虹，中途最大回撤接近10%，踩过坑、浮亏过，扛住回调之后再稳步创新高。$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 underway