Former Treasury Secretary Downplays Economic Recession Concerns, Calls Stock Market Pullback a Natural Phenomenon

Analyst Darkfost noted that Bitcoin is currently forming a key support zone between $59,000 and $70,000, one of the most heavily defended price ranges in Bitcoin’s history. Of greater note, 50% of Bitcoin’s total circulating supply has changed hands above $59,000; this figure would be even higher if excluding the millions of BTC widely believed to have been permanently lost. A tug-of-war between bulls and bears is unfolding in this zone. Currently, short-term holders are notably active, with their behavior splitting between capitulation and accumulation. Many Bitcoin metrics are now in extreme sell or pessimistic territory, making an absolute bottom price impossible to accurately determine, while a bottom structure is currently taking shape.

According to on-chain analyst Ai Yi (Twitter handle @ai_9684xtpa), wallet address 0xf29…41244 has opened a $2.155 million TWAP (Time-Weighted Average Price) short position on Changxin Technology (CXMT). If fully filled, this will become the second-largest short position for CXMT on Hyperliquid. The TWAP order is sized at 300,000 CXMT with an average entry price of $7.1825; 1.14% of the order has been executed so far, and the account holds as much as $15 million in margin.

Kim Yong-beom, Chief of Policy Office of South Korea’s Presidential Office, clearly stated today on a KBS program that delisting single-stock leveraged ETFs—blamed as a main driver of recent sharp stock price swings—is "unthinkable". Investors are deeply engaged in these products, whose total size exceeds 10 trillion won. "Forcing delisting would itself cause massive market shocks, and we would also have to absorb selling pressure," he said. Kim also affirmed supplementary measures recently rolled out by South Korea’s financial regulators, including raising the margin requirement for leveraged ETFs to 30 million won in cash and setting a minimum trading unit of 20 shares. He noted that the measures "have largely addressed issues raised by the market and will mitigate side effects significantly once implemented." Kim further pointed out that leveraged products amplify their market impact twice over during downturns, calling for further discussions with regulators, asset management firms, and securities companies on minimizing market shocks during specific periods—especially narrowing the deviation between ETF net asset value (NAV) and actual closing price, and properly managing selling pressure generated to reduce this gap.

Well-known crypto KOL Ansem said he is bullish on ZEC’s upside potential following a breakout, and has set a price alert at $750. The crypto asset has been range-bound for nearly a year. If it breaks out to new highs, the next leg of this trend will bring extremely sharp gains. Ansem added that he currently holds no position, but believes it would be a mistake not to enter the market if a breakout actually occurs. Per HTX market data, ZEC has been rising steadily since breaking above $400 earlier this month, and is now trading at $565.

A report from South Korea’s Meritz Securities shows that, according to channel checks, Middle Eastern sovereign AI investors including Saudi Arabia have recently begun discussing medium and long-term storage product procurement plans with South Korean memory chip manufacturers. Amid rising demand, the spot market for server DRAM has started facing upward price pressure, with particularly notable gains in high-end products boasting a bus speed of 6400Mbps. The report notes that as supply shortages intensify, investment competition between cloud service providers and frontier model developers is increasingly focusing on products that maximize performance. Spot prices for 64GB DDR5 server DRAM have risen sharply since mid-July, recently reaching $3,100 to $3,400, a roughly 146% increase from the contract price of around $1,380 at the end of June. Meritz Securities projects that the sequential rise in server DRAM contract prices in Q3 2026 could exceed the current market expectation of around 15%. Suppliers that adopted more flexible, customer-friendly pricing in Q2 may see particularly sharp price increases in Q3 and Q4.

Prediction market platform Predict.fun data shows that the 2026 FIFA World Cup (co-hosted by the US, Canada and Mexico) final will pit Spain against Argentina. As of press time, the market gives Spain a roughly 58% chance of winning the tournament, while Argentina’s odds stand at around 41%, with traders overall favoring Spain to lift the World Cup trophy. The 2026 World Cup final is set to kick off at 3 a.m. Beijing time on July 20. As two of the tournament’s most outstanding sides, Spain and Argentina will battle for the World Cup trophy. This marks the first time in history that the reigning European champion and reigning South American champion have met in a World Cup final. The two sides have faced off 14 times in history, with each recording 6 wins and 2 draws. They have only met once in the World Cup, when Argentina beat Spain 2-1 in the 1966 World Cup group stage. Both sides have set multiple records in this World Cup. Spain has conceded only 1 goal in its first 7 matches; if they shut out their opponent and win the final, they will break the record for the fewest goals conceded by a World Cup champion in a single tournament. Argentina, meanwhile, advanced to the final with seven straight wins and 19 goals scored, extending its World Cup unbeaten run to 13 matches (11 wins, 2 draws). If Argentina successfully defends its title, it will become the third team in history to win back-to-back World Cups, following Italy and Brazil.