A new wallet withdrew 74,900 HYPE tokens from Galaxy Digital and transferred them to Coinbase.

Wintermute’s market analysis states that June’s U.S. Consumer Price Index (CPI) fell 0.4% month-over-month, marking the largest single-month decline since April 2020. The overall inflation rate dropped from 4.2% to 3.5%, below the market’s expected 3.8%. Markets have priced out the possibility of a July interest rate hike by the U.S. Federal Reserve, but renewed U.S. sanctions on Iran and the resumption of port blockades pushed Brent crude up 15.54% for the week. Risk assets showed clear divergence: Ethereum (ETH) rose 3.64%, Bitcoin (BTC) gained 1.46%, while the Nasdaq Composite index fell 4.16%. Following the U.S. CPI release, Bitcoin briefly surged from around $62,000 to $64,900, and ETH jumped as much as 7% to $1,884, triggering roughly $134 million in short-position liquidations within an hour. U.S. spot Bitcoin ETFs saw a combined net inflow of approximately $191 million on Tuesday and Wednesday, ending a 10-day streak of net outflows. However, compared to June’s record $4.5 billion net outflow, the current inflow scale remains insufficient to confirm a sustained trend. Bitcoin held onto its post-CPI gains amid a sell-off in chip stocks, indicating the crypto market structure is repairing but has not yet formed a definitive upward trend. Wintermute believes that if spot Bitcoin ETFs maintain net inflows for a consecutive week and Bitcoin trades above $66,000 for several sessions, the market’s relative strength signal will be confirmed. This assessment could be invalidated if Brent crude breaks above $90 or the Strait of Hormuz is officially closed.

According to BIT (bit.com) market data, U.S. stocks saw all-round declines in the semiconductor, storage and optical communications sectors during pre-market trading on Wednesday. Semiconductor stocks were broadly lower: Lam Research (LRCX) fell 3.57%, Intel (INTC) dropped 3.51%, Applied Materials (AMAT) declined 3.44%, and Arm (ARM) slid 3.01%. The storage sector led losses, with SK Hynix (SKHY) down 6.57%, Micron Technology (MU) falling 3.76%, Western Digital (WDC) dropping 3.59%, SanDisk (SNDK) declining 3.38%, and Seagate Technology (STX) sliding 3.13%. Optical communications-related stocks also trended lower: Astera Labs (ALAB) fell 3.94%, Applied Optoelectronics (AAOI) dropped 3.38%, Coherent (COHR) declined 3.23%, Credo (CRDO) slid 2.93%, and Lumentum (LITE) fell 2.84%.

，加密记者 Eleanor Terrett 发文表示，据一名受邀参加电话会议的业内消息人士透露，加密行业相关方将于当地时间今日上午晚些时候与共和党领导层举行电话会议，以了解《CLARITY 法案》最新文本的进展。

According to market data from BIT (bit.com), the three major U.S. stock index futures fell collectively: Nasdaq 100 Index futures dropped more than 1%, S&P 500 Index futures fell 0.38%, and Dow Jones Index futures fell 0.22%.

CryptoQuant analyst Sunny Mom stated in a post that Bitcoin surged from roughly $64,000 to $66,000 over two days, but the rally was driven more by short squeezes and leveraged capital rather than a meaningful recovery in spot demand. Between July 18 and 19, funding rates briefly turned negative; after short positions were squeezed, this triggered the price rebound. Concurrently, open interest rose from around $21.2 billion to a record $23 billion, signaling continued inflows of new leveraged positions. Data shows Bitcoin’s spot trading volume has been "cooling down" since April and has not yet rebounded significantly, while futures volume remains at a "neutral" level with no notable spike. Stablecoin net flows on exchanges are negative, yet total stablecoin market capitalization has not dropped sharply, indicating most funds are still on the sidelines. US Bitcoin spot ETFs have logged inflows for the second straight week, with a single-day net inflow of approximately $271 million on July 20—including $116.5 million into IBIT—reflecting partial institutional funds returning, though the scale is too small to lift overall spot volume. Sunny Mom added that the rally was kickstarted by a short squeeze, sustained by leveraged capital, with ETF funds trickling back gradually. The current market is not overheated, but the rally’s foundation remains fragile; if momentum weakens, leveraged positions could be unwound rapidly, potentially triggering a sharp market correction.

According to CNN, after SpaceX goes public, the market is closely watching whether Elon Musk will push for a merger between SpaceX and Tesla. Tesla will release its earnings report after U.S. stock market close on Wednesday, followed by an investor call, where Musk may offer more clues about the future relationship between the two firms. JPMorgan analyst Rajat Gupta said that strategically, a merger would align the two companies’ visions, engineering management, and AI operations. The two firms already established a joint venture named Terafab in March this year to build a chip factory in Austin, Texas. Tech analyst Dan Ives estimates the likelihood of a Tesla-SpaceX merger by 2027 is over 80%, though this is only his personal view. If merged, the combined entity could reach a valuation of around $3 trillion, comparable in size to Microsoft. The merger could also boost Musk’s control over Tesla; he currently holds more than 80% of SpaceX’s voting rights, while his stake in Tesla is roughly 20%. However, the potential deal still faces regulatory hurdles. Gupta pointed out that Tesla has a large factory in China and generates a significant portion of its sales and profits there, while SpaceX maintains close ties with the U.S. government. Additionally, both companies’ valuations are heavily reliant on market confidence in Musk, and merging would concentrate related risks.