SanDisk fell nearly 13%, SK Hynix dropped over 8%, US storage concept stocks plunged collectively.

July 20–July 26, 2026 #LookonchainWeeklyReport ?? Overview Stablecoin supply was little changed last week, while DEX trading cooled and institutional activity remained muted, with public companies reducing 360 BTC and Bitmine buying just 9,946 ETH. ?? Stablecoin Market The total stablecoin market cap increased by $113.2M. ?? Spot & Perps Trading Volume on DEXs DEX trading cooled last week, with spot volume down 6.65% and perp volume down 14.9% WoW. ?? Protocol Revenue Top protocol revenue rem...

U.S. President Donald Trump is scheduled to deliver a speech in Detroit, a suburb of Michigan, local time on the 27th, focusing on promoting his economic policies and tariff measures. The trip comes amid the heating-up of the U.S. midterm election cycle, where Trump will defend his economic record in the key swing state. Meanwhile, signs of de-escalation have emerged in the U.S.-Iran conflict. After 13 consecutive nights of reciprocal strikes, the two sides suspended military operations over the weekend to create space for diplomatic negotiations. Driven by the ceasefire news, international oil prices dropped sharply, easing market concerns that the Middle East conflict would further hit the global economy. The Trump administration said the suspension of operations aims to push both sides to launch diplomatic contacts and seek a longer-term peace agreement. However, the previous continuous escalation of military actions has already had a noticeable impact on energy markets and global risk assets, and subsequent developments will remain a key focus for markets. Additionally, the U.S. Department of Defense has adjusted its casualty counting method for U.S. troops in the recent U.S.-Iran conflict: four recently deceased U.S. service members will no longer be included in the total death toll of the "Iran war" and will instead be categorized into a new independent classification.

US Senate Republicans plan to push the CLARITY Act into formal consideration this week. Senate Majority Leader John Thune aims to advance the bill before the August recess. Under the agenda, Republicans may first file a cloture motion, which requires 60 Senate votes to move forward. However, the bill still falls short of the 60-vote threshold, making Democratic support critical. Previously, seven Democratic senators stated that the latest version of the CLARITY Act remains "insufficient" in terms of ethical provisions, illegal financial regulation, and conflict of interest rules. Republicans are negotiating with Democrats to revise relevant clauses to secure bipartisan support. Additionally, uncertainties exist within the Republican Party. With a narrow Senate majority and Senate Minority Leader Mitch McConnell expected to be absent, the stances of Republican senators like Josh Hawley and Rand Paul—who previously opposed the GENIUS Act—remain a key point of focus. Meanwhile, US SEC Commissioner Hester Peirce warned that the crypto industry moving traditional financial products on-chain does not automatically exempt them from securities regulations. She noted that some crypto yield vault products, if involving third-party active management of user assets, may qualify as investment funds and need to comply with securities laws. Peirce pointed out that the SEC does not regulate developers for writing code itself, but enterprises cannot assume they are subject to different regulatory rules solely because their operations are deployed on the blockchain. She advised relevant projects to seek legal advice in advance when designing products and communicate with regulatory authorities.

According to The Information, citing people familiar with the matter, a Chinese enterprise backed by state-owned capital has begun mass-producing domestically developed DUV (deep ultraviolet) lithography machines, marking a key breakthrough in China’s semiconductor industry localization and substitution efforts. The company plans to produce around 5 domestic DUV lithography machines in 2026, scaling up to roughly 20 units in 2027. While this lags behind Dutch lithography giant ASML, which delivered 131 immersion DUV lithography systems last year, the mass production of domestic equipment is viewed by the market as a major milestone in China’s chip supply chain autonomy. The first batch of domestic DUV equipment is scheduled to be delivered to domestic chipmakers including SMIC, Hua Hong Semiconductor, and memory chip manufacturer Changxin Storage. As a representative of China’s DRAM industry, Changxin Storage is expected to become a key application scenario for domestic advanced semiconductor equipment. In response to the news, the global semiconductor market has seen sharp fluctuations. U.S. memory chip stocks fell across the board: SanDisk dropped around 12.9%, Western Digital fell about 8.6%, Seagate Technology declined roughly 6.9%, Micron Technology fell around 6.6%, and SK Hynix dropped about 8.6%. Dutch firms ASML and Besi saw their shares plunge over 8% at one point, triggering automatic trading halts; German semiconductor company Infineon also declined. Market analysts note that if domestic DUV equipment can operate stably in production lines of firms like Changxin Storage, it could further reduce China’s reliance on overseas key chip manufacturing equipment and reshape the global semiconductor equipment competitive landscape. The market reaction indicates that the progress of domestic lithography machine mass production has become a key variable affecting the valuation of the global semiconductor industry chain.

On-chain analytics firm Glassnode’s latest report shows that Bitcoin has recently rebounded from around $64,000 to roughly $65,100, but remains in a range-bound state overall, with the market continuing its consolidation pattern. The report notes that BTC previously hit a phase high of $66,700 before pulling back; its current spot price stays within the statistical fluctuation range, exchange liquidity has contracted, active selling pressure has eased somewhat, yet market participation remains low. Derivatives market data indicates that perpetual contract buyers’ initiative has declined and speculative capital confidence is weakening. Although overall open interest (OI) has increased slightly, long funding rates have cooled significantly, signaling a more cautious approach to leverage usage. Meanwhile, options open interest has continued to grow and volatility spreads have widened, showing traders are positioning for higher future uncertainty. In terms of institutional funds, regulated investment products have recently turned to net outflows, with weekly trading volume dropping notably. However, institutional overall positions still remain in slight profit, and valuation support levels stay stable. On-chain data also shows the market has entered a low-activity phase: the number of active addresses remains stable, but on-chain settlement demand and trading pressure are weak, and capital inflows have stalled. At the same time, long-term holders still maintain strong confidence, supporting the resilience of BTC’s holding structure. Glassnode states that the Bitcoin market is currently in a "quiet transition phase," with both unrealized and realized losses decreasing, selling pressure easing, but insufficient participation from spot, derivatives and institutional funds limiting short-term upside momentum.

CME officially launches U.S. single-stock futures today, covering 55 companies including SpaceX, with standard contracts for 100 shares and micro contracts for 10 shares. The contracts are cash-settled and offer nearly all-day trading, allowing investors to establish long, short or hedge positions without needing to borrow stocks. For SpaceX, this move does not alter the company’s fundamentals, but adds a new pricing channel: expectations during pre-market, after-hours and major news periods will be reflected faster in futures prices. SpaceX has a limited public float following its IPO, and its share price has fallen significantly from recent highs. Ortex estimates that around 56% of its free-float shares are currently lent out, and short positions continue to rise. The company’s first post-IPO earnings report is scheduled for August 4, followed by a share lock-up expiration window. Therefore, the launch of single-stock futures on its first day is not meant to draw new conclusions about price direction, but rather to make it easier for short sellers, hedgers and leveraged funds to enter the market. The linkage between spot prices, futures and earnings expectations may amplify short-term volatility.