dropp

According to Gate market data, the Hong Kong Hang Seng Index turned negative during the session, having previously risen nearly 1%. The Hang Seng Tech Index's gains quickly narrowed to 0.1%. Lao Pu Gold (06181.HK) fell over 20%, Zhi Pu (02513.HK) fell over 18.5%, MiniMax (00100.HK) fell over 11.3%, and Hua Hong Semiconductor (01347.HK) fell nearly 7%.

According to Gate market data, U.S. chip stocks have declined, with the Philadelphia Semiconductor Index currently down about 5%. Among them, AMD fell over 8%, NVIDIA dropped over 7%, and Intel decreased nearly 4%.

According to data from RootData's stock perpetual contract exchange rankings, nearly 30 exchanges that have launched stock perpetual contracts still significantly adhere to the trading rhythm of traditional stock markets: trading volume drops sharply on weekends, and the morning session on Monday warms up as the traditional market approaches recovery, but has not yet returned to the intensity of a full trading day.Comparing trading days with non-trading days, the 24h trading volume of stock perpetual contracts dropped from approximately $39.078 billion to $4.896 billion, a decrease of about 87.5%. However, during the same period, the open interest slightly increased from $10.139 billion to $10.262 billion, indicating that positions have not been withdrawn on a large scale; what has truly decreased is active trading and turnover. A snapshot taken on the morning of Monday, July 27, shows that the 24h trading volume rebounded to $10.617 billion, an increase of about 116.8% compared to Sunday, indicating that market activity is recovering.In terms of liquidity, the weighted market depth (±2%) decreased from approximately $58.92 million to about $47.83 million, a decline of about 18.8%; it rebounded to around $55.68 million on Monday morning, nearing trading day levels. This indicates that the speed of order book recovery is faster than that of actual trading recovery, and market depth has not plummeted as sharply as trading volume.From the performance of exchanges, leading platforms such as Binance, OKX, and Bitget maintained relatively narrow spreads and strong depth on Monday morning; Hyperliquid performed well in rankings, but its trading volume was still below trading day levels; some long-tail platforms still face issues with excessively wide spreads, making it temporarily impossible to assess true liquidity.RootData Research believes that the most prominent value of these stock perpetual contract exchanges is to allow stock risks to be traded, priced, and hedged even on non-trading days of the traditional stock market. The traditional stock market is closed on weekends, with official prices remaining at the previous trading day's closing price, while stock perpetual contract exchanges still have trading, open interest, order books, and spreads on Sundays, indicating that crypto exchanges have broken through the "trading time" limitations of stocks.However, from the current data, they are participating in expected pricing rather than official pricing, making them more suitable for expressing events, emotions, macroeconomic changes, and risk preference shifts on non-trading days. Due to decreased trading volume over the weekend, widened spreads, and some platforms having abnormal data metrics, they currently resemble a "stock pre-opening price discovery layer," having participated in stock pricing but not yet obtaining the primary pricing power of the traditional stock market, nor have they surpassed the liquidity of the traditional stock market.

CryptoQuant analyst Axel Adler Jr. posted on the X platform that the Bitcoin MVRV Z-Score has dropped to about 0.42, which is approximately four times lower than the historical average of 1.7, indicating that Bitcoin is currently in an undervalued range. However, this indicator has not yet fallen into negative territory, which means that the market has not yet experienced the "capitulation" typically associated with cycle bottoms.Meanwhile, the Bitcoin 7-day realized profit and loss (Realized P/L) has turned positive from negative, currently at about $239 million, showing that on-chain selling pressure has eased. Analysts believe that the market is currently in a phase of undervaluation and short-term stabilization, but there are no signs of capitulation needed to confirm a cycle bottom, nor is there a clear new round of demand-driven momentum.

According to unfolded citing ARK data, the one-year actual volatility of Bitcoin was close to 42% at the end of the second quarter. Despite the weak price, it is still near multi-year lows.This indicates that the asset is maturing or that volatility is being suppressed; low volatility typically signals a surge in volatility after a catalyst appears.

According to on-chain analyst Ai Yi's monitoring, DEXE reached an all-time high of $49.432 on July 12, began to decline on July 13, and on July 21, the maximum single-day drop reached 88%, with the price falling from $46.93 to $5.648; within 11 days, the decline reached 96.8%, with the price dropping from $49.423 to $1.56.Ai Yi stated that the large capital flows on-chain are primarily from CEX hot wallets, and no anomalies were found except for Ceffu. The custody platform Ceffu has cumulatively transferred 797,900 DEXE to Binance since July 13, divided into 6 transactions, with a total value of $6.15 million, making it the only entity outside of exchanges to transfer over a million dollars in this token.Ai Yi mentioned that due to the Ceffu MirrorX mechanism, DEXE held in Ceffu will generate a 1:1 mirrored position on the exchange, and on-chain asset transfers will be automatically settled afterward; if this mechanism is used for pre-trading, the 797,900 DEXE would correspond to an actual value of $39.44 million. Ai Yi further stated that public information does not show that the DEXE project party has entrusted the tokens to Ceffu, with most tokens stored in the DAO treasury and team-related lock-up contracts; in the official DEXE partnership list, Falcon has supported DEXE as collateral assets for the platform, and Falcon's asset custody institution includes Ceffu, and Falcon Finance is associated with DWF Labs, which is also on the DEXE partner list. Ai Yi stated that the above conclusions are drawn based on on-chain data and public clues, and does not rule out the possibility of related situations involving the project party or other market makers.

CryptoQuant analyst Darkfost stated that the fund flow of spot Bitcoin ETFs over the past 30 days has seen a net outflow of approximately $2.1 billion, and the new demand from Strategy and other Bitcoin treasury companies has been close to zero for several weeks.He estimates that the monthly demand from treasury companies reached about $6.6 billion in August 2025, when BTC was around $115,000, while the current BTC is about $65,000, and the related demand has basically disappeared.

According to Gate market data, U.S. stocks closed lower on Wednesday, with the Dow Jones Industrial Average initially down 0.01%, the S&P 500 index down 0.14%, and the Nasdaq down 0.57%. SpaceX (SPCX.O) fell 6.7%, hitting a new closing low. Nvidia (NVDA.O) rose 2.3%, SK Hynix (SKHY.O) fell 3.8%, Supermicro (SMCI.O) rose nearly 20%, and Dell (DELL.N) rose 9%.The Nasdaq China Golden Dragon Index closed down 1.8%, with NetEase (NTES.O) falling over 6%.

According to Jinshi reports, World Bank Chief Economist Gill stated that the global economy is only "a few months" away from the worst-case scenario, at which point global growth will slow to 1.3%, and inflation is expected to rise to 4.5%.

CryptoQuant analyst Darkfost stated that Bitcoin's current MVRV percentile is around the 5th percentile—meaning that historically, 95% of the time, this metric has been higher than it is now. This indicates that the Bitcoin price is currently in a very low range relative to its historical levels. MVRV is an indicator that measures the relationship between Bitcoin's market capitalization and its "realized value" (the price at which each BTC last moved).The method used by Darkfost does not simply look at raw values but ranks the current MVRV within historical data to assess the current price's relative position in history. Previously, in February, when BTC fell below $60,000, this metric dropped below 10%, and it has entered a similar range again since June. Historical data shows that these periods often correspond to long-term bottom ranges.

According to Jinshi reports, the Iranian Fars News Agency quoted sources on the 19th stating that the shipping volume in the Strait of Hormuz has dropped to zero, and as long as the United States continues its provocative actions, the strait will remain closed.Currently, no vessels are passing through the Strait of Hormuz, and any attempts to cross the strait will be met with Iranian retaliation.

CryptoQuant analyst Darkfost stated that the Bitcoin bear market has lasted for about 9 months, affecting both short-term and long-term holders. The cost basis of short-term holders has fallen below that of long-term holders and has been confirmed for 3 days, triggering a "bear market nearing its end" signal. This indicator excludes BTC held for more than 7 years when calculating the cost basis of long-term holders to more accurately reflect the economically active long-term positions.Darkfost emphasized that this signal does not mean the bear market is immediately over, nor does it indicate that the market bottom has been established; rather, it suggests that the market may be entering the final phase of the bear market, during which adopting a dollar-cost averaging strategy may be more reasonable. He stated that if the cost basis of short-term holders subsequently breaks back above the cost basis of long-term holders, it can be seen as a confirmation signal for the beginning of a bull market phase and can serve as a reference for ending dollar-cost averaging. Currently, the cost basis of short-term holders has fallen from $112,500 to $69,000.

According to South Korean media Digital Asset, the total trading volume of the top 5 digital asset exchanges in South Korea dropped to approximately 8.06 trillion won from 2 PM on July 9 to 2 PM on July 16, further declining from the previous week and reaching the lowest level in nearly 3 years and 2 months.Data shows that the weekly trading volume of the top 5 exchanges in South Korea has been declining for several weeks, dropping from 17.7 trillion won from June 5 to June 12, to 15.4 trillion won, 14.6 trillion won, 13.4 trillion won, and 9.97 trillion won, with the latest week further falling to 8.06 trillion won, the lowest since 8.44 trillion won recorded from May 11 to May 18, 2023.In terms of exchange market share, the rankings have not changed, with Upbit continuing to hold the top position at 63.57%, but down 0.63 percentage points from the previous week; Bithumb rose to 29.18%, Coinone rose to 6.41%, while Korbit and Gopax accounted for 0.76% and 0.07%, respectively.

According to The Defiant, Coinbase CEO Brian Armstrong has changed his X platform avatar to a newly purchased CryptoPunk, after which the meme coin BRIAN, driven by the change in his avatar, significantly retraced. In the past 24 hours, the market capitalization of this token has dropped by about 86%, falling to approximately $1.5 million; during the same period, its trading volume in about 30 Uniswap liquidity pools was approximately $13.2 million, with total liquidity around $561,000.The report pointed out that Brian Armstrong had changed his X avatar to the "Coinbase Man" image corresponding to BRIAN on July 16, and posted "New profile photo - who dis," which the market initially interpreted as a signal of interest in the token, driving BRIAN to rise rapidly. The report emphasized that BRIAN is a community-created token, and Brian Armstrong is not the issuer and has not claimed any official association with it.

According to the Dune dashboard, competition among token launch platforms on the Robinhood Chain is intensifying. On July 16, the total number of new tokens added across the entire chain reached 42,709, with pons.family leading at 11,547 tokens, followed closely by flap.sh with 9,935 tokens, and hood.fun launching 6,471 tokens.In terms of trading volume, as of July 15, noxa.fun held a 43.0% market share among launch platforms on the Robinhood Chain, followed by pons.family at 37.4%, flap.sh at 5.8%, and clanker.world and bankr.bot at 3.3% and 2.3%, respectively.From the current data, the launch platforms on the Robinhood Chain are forming a pattern where "pons.family leads in the number of tokens launched, and noxa.fun dominates in trading volume."

CoinGecko officially released the "Q2 2026 Cryptocurrency Industry Report." The report shows that the global cryptocurrency market has declined for the third consecutive quarter, with the total cryptocurrency market capitalization dropping 12.6% (approximately $304.8 billion) in Q2, falling to $2.1 trillion, the lowest level since September 2024. During this period, major assets Bitcoin and Ethereum fell 14.2% and 25.4% respectively, underperforming the US stock market, while Hyperliquid (HYPE) managed to break into the top ten by market capitalization against the trend.In terms of capital flow and trading platform performance, the total market capitalization of stablecoins decreased by 1.6% to $30.51 billion, marking the first contraction since Q3 2023, with USDT's market share slightly rising to 60%. The spot trading volume of centralized exchanges (CEX) plummeted by 27.9% to $1.95 trillion in Q2, with Binance maintaining its dominance at 38.7% market share; in contrast, perpetual contract (Perps) trading showed stronger resilience, only declining 10.0% to $12.7 trillion.Compared to the overall market's weakness, specific niche segments experienced explosive growth in Q2. Driven by major sporting events, the trading volume of prediction markets significantly increased by 48.7%, reaching $113.8 billion, with Kalshi expanding its lead over Polymarket with a 58.9% quarterly market share. Additionally, in the tokenized collectibles sector, Collector Crypt performed impressively, capturing 62.8% of the trading volume share in June, surpassing Courtyard to become the absolute leader in this field.

According to the latest stock derivatives exchange ranking data from RootData, as of the time of publication, Binance, MEXC, and Bitget are in the top three. This list is based on comprehensive scoring of exchanges supporting stock derivatives trading, considering dimensions such as trading volume, open interest, spreads, depth, trading costs, and data collectability. Among them:Binance scored 91.6, supports 130 contracts, with an open interest of approximately $2.326 billion (-51.55%), and a 24h trading volume of approximately $16.392 billion (-22.63%), with a funding rate of +0.0003%.MEXC scored 91.3, supports 43 contracts, with an open interest of approximately $109 million (-0.55%), and a 24h trading volume of approximately $304 million (+18.93%), with a funding rate of +0.001%.Bitget scored 90.6, supports 233 contracts, with an open interest of approximately $733 million (-35.27%), and a 24h trading volume of approximately $1.711 billion (-34.64%), with a funding rate of +0.001%.Compared to yesterday, MEXC's ranking has jumped to second place, Binance's open interest has decreased by 51.55%, and Bitget's open interest has decreased by 35.27%.

According to the latest stock derivatives exchange ranking data from RootData, Binance, Bitget, and Bybit are in the top three. This list is based on a comprehensive scoring of exchanges supporting stock derivatives, considering dimensions such as trading volume, open interest, spreads, depth, trading costs, and data collectability, among others:Binance scored 91.7, supporting 130 contracts, with a position size of approximately $4.733 billion, a 24h trading volume of approximately $20.863 billion, and a funding rate of +0.0002%.Bitget scored 90.7, supporting 233 contracts, with a position size of approximately $1.128 billion, a 24h trading volume of approximately $2.507 billion, and a funding rate of 0%.Bybit scored 90.2, supporting 98 contracts, with a position size of approximately $80.4994 million, a 24h trading volume of approximately $767 million, and a funding rate of +0.0001%.In the past week, OKX's ranking has dropped two positions, from second to fourth; Bitget has risen from third to second and maintained that position; Bybit has risen from fourth to third.

According to GMGN market data, CASHCAT's market value has fallen below 150 million USD, with a 1-hour decline of 22.05%.

According to Jinshi, the Bank of America fund manager survey shows that cash levels have dropped from 4.1% to a "very low" level of 3.6%, triggering a sell signal under Bank of America's cash rule.