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Today · 2026-07-29 · Wed

Glassnode: Bitcoin maintains the convulsion, and outflows and leverage cooling indicate a cautious market

On 27 July, according to Glassnode ' s latest BTC Market Pulse report, Bitcoin had rebounded to about $651,000 after retreating to $64,000 and remained in an intermittent state of shock. Declining leverage levels, financial outflows from regulated investment products and weak chain dynamics indicate that markets are at a prudential stage. The report notes that the market for sustainable contracts is less dynamic and less speculative confidence, and that, despite a slight increase in the number of open contracts, there has been a marked decline in the cost of multiple funds, indicating a rational use of leverage. The holding of options continues to grow, and traders are pricing higher uncertainties for the future. In parallel, institutional demand has weakened, regulated investment products have shifted to net outflows, and weekly transactions have declined significantly. However, the overall organization has maintained a small profitability and the valuation indicator is relatively stable. The chain data show that the number of active addresses remains stable, but the trade settlement pressure and inflow of funds remain low. Long-term holders continue to maintain confidence and support market resilience. According to Glassnode, while Bitcoin is in a calm transition phase and sales pressure is easing, the participation of spot, derivatives and institutional channels remains cautious。

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Kimi officially opened the Kimi K3 model weight and published the technical report

On 27 July, Kimi officially opened the weight of the Kimi K3 model and published the technical report. The K3 model uses a structure of 2.8 trillion composite parametric experts (MoE) to support native visual understanding and has a 1 million Token context window. Officially, Kimi K3 introduced a new model structure that achieved about 2.5 times more intelligent growth in the unit of calculation than simply increasing the size of the parameters. At the same time, a technology warehouse has been opened, including the high-performance Attention kernel, the MoE communications library and infrastructure to support large-scale operation of the intelligent environment。

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THE UNITED STATES SENATE VOTED THIS WEEK OR PUSHED FORWARD ON THE CARITY BILL, WITH THE 60-VOTE THRESHOLD AS THE BIGGEST OBSTACLE

On 27 July, the United States Senate Republicans planned this week to move the CARITY Act into a formal review process, and Senate majority leader John Thorne hoped to move the bill forward before the August recess. According to the agenda, the Republican party may first submit a motion to close the debate, a procedure that requires 60 senators to move forward. However, there is still a gap between the current bill and the threshold of 60 votes, and Democratic support is key. Before, seven Democratic senators stated that the latest version of the CLARITY bill was still "insufficiently developed " in terms of ethical provisions, illegal financial regulation and conflict-of-interest provisions. The Republican Party is negotiating with the Democrats to amend the relevant provisions to gain cross-party support. In addition, there are uncertainties within the Republican party. The attitude of Republican senators, such as Josh Hawley and Rand Paul, who had previously opposed the GENIUS bill, continued to be of concern in the absence of Mickey McConnell, who was expected to have a limited presence in the Senate. At the same time, US SEC Commissioner Hester Pierce warned that placing traditional financial products on the chain by the encryption industry did not mean automatically circumventing securities regulation. She indicated that some of the encrypted Vault products, if they were managed by a third party on its own initiative, might qualify as investment funds and would need to comply with the requirements of securities law. According to Pierce, the SEC does not regulate the code itself for developers, but enterprises cannot assume that different regulatory rules apply simply because the business is deployed in the chain. She suggested that projects should seek legal advice in advance of the design of products and communicate with regulators。

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Trump: Iran has a limited negotiating window, and a breakdown of the negotiations would restart military operations

On 27 July, the President of the United States, Trump, stated that we were engaged in in-depth negotiations with Iran, with a limited window of time that would not give Iran much time for negotiations. Trump warned that if the negotiations broke down, the United States would resume a “very powerful” military operation. Trump stated that I had decided to suspend the attack on Iran because the facilitator had asked for the opportunity to negotiate. At the request of the facilitator, I agreed to provide an opportunity for talks. I think the Iranians want an agreement。

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Hyperliquid Policy Centre (HPC) and Multicoin support CFTC regulatory framework for forecasting markets

On 27 July, the Hyperliquid Policy Centre (HPC) and Multicoin Capital jointly submitted comments to the United States Commodity Futures Trading Commission (CFTC) in support of its proposal for a regulatory framework for the forecast market. The parties indicated that the projected market had reached a relatively large level, with major platform transactions exceeding $50 billion in June. According to HPC and Multicoin, the forecast market should be regulated by CFTC in a uniform manner, avoiding decentralization of the state lottery regulations. Three proposals were made: to establish clear regulatory rules to reduce market uncertainty; to identify the CTC as a single federal regulator for predicting markets; and to make open contract review decisions and the related basis for enhancing market transparency. In addition, Hyperliquid indicated that it had supported results-based contracts, which were a fundamental component of the chain for forecasting markets. The relevant market came online in May, and recent delays have reached an all-time high. The parties believe that a technology-neutral and unified federal regulatory framework will facilitate the healthy development of the chain-based forecasting and derivatives markets。

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U.S.U.A. HARDWARE UNITS WERE HIT HARD: PHILADELPHIA'S SEMICONDUCTOR INDEX DROPPED BY 5% AND SK HERCULES DROPPED BY ALMOST 10%

ON 27 JULY, THE PHILADELPHIA SEMICONDUCTOR INDEX FELL BY 5.02 PER CENT. THE SHARE PRICE FELL BY 4.03 PER CENT IN INGWEIDA, 3.47 PER CENT IN THE PRICE OF THE STOCK SHARE, 2.02 PER CENT IN THE VALUE OF THE FAIR, 9.73 PER CENT IN THE PRICE OF THE SK HERCULES, 6.97 PER CENT IN THE PRICE OF AMERICAN LIGHT TECHNOLOGY, 8.51 PER CENT IN THE PRICE OF THE SUPERMASSIVE SEMICONDUCTOR, 7.3 PER CENT IN THE PRICE OF ASMER, 5.38 PER CENT IN THE PRICE OF THE INTEL STOCK, 7.4 PER CENT IN THE PRICE OF THE PANWOOD GROUP AND 3.02 PER CENT IN THE PRICE OF THE ARM. AMERICAN LIGHT TECHNOLOGY FELL BY 6.94 PER CENT, SK HERCULES BY 9.39 PER CENT, MOODY BY 13.79 PER CENT, WESTERN DATA BY 9.28 PER CENT, HITERTECH BY 8.09 PER CENT AND THE ZHANGER ADR BY 6.65 PER CENT。

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Lido initiated a $16.5 billion level ETH pledge transfer, with a planned reduction of one third of the certifications

On 27 July, Lido launched the largest upgrade since 2023 V2, moving more than 8 million stETHs (approximately $16.5 billion) to the new certificationer structure after Pectra, the Taifung. It is expected that the overall number of certifiers will be reduced by about one third and that the testimony per epoch of the network will be reduced by about 29 per cent to reduce the consensus layer load without directly affecting Gas fees and the speed of transactions. The upgrade relocated 34 existing professional node operators to Curaed Modeule v2 and, for the first time, required them to pledge ETH bonds, with their own funds to assume financial responsibility for node performance and security. Lido expects that this move will result in a slightly compressed overall annual pledge of 0.28 per cent。

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IRIHUA: BTC PRESSURE POSITION $67,500, SUSTAINED COPYING JULY-AUGUST BOTTOM

On July 27, the founder of Liquid Capital (formerly LD Capital) said that the BTC pressure position remained close to $6.75 million and that only a strong breakthrough could open up a sustained backlash. In any event, it would be of little significance to maintain the previous view that in July and August, the bottom-down and then wait for a new round of cattle-marketing, to analyse the street between the convulsions and the bottom-up. AI US shares we're looking at AGPU, which announces a new contract of $1.5 billion at night. Since then, the total contract has exceeded $3 billion, and it is expected that the total contract will be $10 billion this year. The key is that AGPU financing is not an ATM equity and ensures investor interests. These contracts will soon be reflected in the next financial report。

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Morgan Stanley: Maintaining SpaceX plus rating and $300 target price

Morgan Stanley, in his latest study, noted that, despite the failure of the SpaceX 13 pilot mid-flight booster to achieve a perfect recovery, the mission had significantly boosted market confidence. The Bank emphasized that the successful pilot flight completed key validation objectives such as the deployment of the new generation of satellite V3 satellite, the re-launching of the in-orbit engine and the smoothest sea splatter to date, marking an important step towards a fully reusable starship system. Morgan Stanley believes that if the 14th test flight of the Starship were to achieve the direct capture of the launch tower from the ship ' s superiors, it would be the next key catalyst to drive SpaceX valuation forward. Based on the continued progress in the validation of starship technology and its long-term potential in areas such as AI infrastructure, global satellite connectivity, the Bank maintained its “additional” rating of SpaceX stocks and reaffirmed its target price of $300. At the same time, it was noted that the rapid iterative and low-cost launch capabilities of the Starships were the core building blocks of SpaceX for building a “space+AI” complex. SpaceX is expected to further consolidate its dual lead position in the field of commercial space and artificial intelligence infrastructure as the network of satellite chains V3 is accelerating and the orbital calculator layout advances。

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Michael Saylor: STRC will not be issued at prices below $100

According to Michael Saylor, the repurchase funds for STRC would not come from the United States dollar reserve but would be raised through the sale of MSTR shares and bitcoin, depending on market conditions. Its objective is to facilitate the trade of STRC at a level close to $100 and to maintain high liquidity, low volatility and healthy and sustainable independent demand. At the same time, the company will not issue STRC at prices below $100。

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Strategy had a deficit of about 13.9 per cent and Bitmine had a loss of about 42.2 per cent

On 27 July, according to residual ashes monitoring, MicroStrategy did not sell the BTC last week, but increased its dollar reserves by selling some $525 million in equities, currently holding approximately $3.75 billion in cash, covering approximately 25 months of interest expenditure and not expected to continue buying bitcoin in the short term. Bitmine purchased 9,946 ETHs at approximately US$ 1,897 last week for approximately US$ 18.87 million to maintain the weekly pace since the start of the Treasury. There are currently 843,775 BTCs held by Strategy, with a deficit of approximately 13.9 per cent on account; and 5,787,414 ETHs held by Bitmine, with a deficit of about 42.2 per cent on account。

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