Chip Stocks Drag Down U.S. Equities; BTC Breaks Below $64K and Enters Correction Phase
🔍 Key Insights
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📊 Market Analysis
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Declines in chip stocks weighed on the technology sector, offsetting the market boost from falling oil prices. On the news front, Trump paused plans for air strikes against Iran, signaling potential room for negotiations and driving a sharp decline in international oil prices. However, semiconductor stocks weakened amid concerns over technological competition and Nvidia’s financing risks, becoming the main drag on U.S. equities. U.S. Treasury yields broadly declined, while the yield curve continued to flatten, reflecting a cautious risk appetite. In the crypto market, BTC repeatedly failed to break above the $65,000 resistance level, then fell below the $64,000 support level, with the low reaching around $63,200. The price is currently attempting to stabilize in the $63,000–$63,500 range. The short-term trend has shifted from a strong consolidation phase into a correction phase, mainly due to insufficient buying momentum above $65K and short-term profit-taking triggered by the break below $64K. If BTC can stabilize around the $63K level with declining trading volume, the broader rebound structure may remain intact.
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BTC: $63,763.8 (-2.49%); ETH: $1,892.49 (-3.17%); NASDAQ: 24,932.08 (-0.18%); S&P 500: 7,413.18 (+0.02%); Fear & Greed Index: 29 (Previous: 30) (Data as of: 2026-07-28 00:00 UTC)
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🧠 Market Insight
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Ondo Finance has shifted its infrastructure strategy from an independent blockchain to a high-performance execution network, Ondo Network, reflecting the RWA sector’s transition from focusing on “bringing assets on-chain” toward optimizing trading infrastructure. By separating execution, settlement, and verification layers, and leveraging secure hardware enclaves to improve transaction speed and privacy, Ondo Network’s first application, Ondo Perps, supports 24/7 perpetual trading of stocks and commodities, with tokenized RWAs available as collateral. The initiative aims to provide more efficient underlying infrastructure for institutional-grade RWA trading scenarios.
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Meanwhile, Hyperliquid will face approximately $415 million worth of HYPE unstaking within the next seven days, which may create short-term liquidity pressure on the token. The market will closely monitor fund flows and changes in staking structures. In addition, Bitcoin’s BIP-110 proposal has entered a critical signaling window, but current support stands at only around 2.64%, with major mining pools yet to express clear support. The community remains divided over restrictions on on-chain data usage, leaving the activation outcome highly uncertain. If insufficient support is obtained, nodes enforcing BIP-110 may face potential chain split risks.
Macro Economy
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U.S.-Iran Situation: The U.S. and Iran remain in contact during the ceasefire period, while the Strait of Hormuz remains closed. Trump stated that Iran had actively requested a meeting and that there was a “good chance of achieving some results,” while warning that military action could resume if negotiations fail. He also mentioned using Iranian funds to compensate losses related to the Strait of Hormuz. Iran stated that it has not resumed negotiations with the U.S., only receiving messages from the U.S. through intermediaries, and has not requested renewed talks.
Industry Events
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The new draft of the CLARITY Act has been officially released, introducing ethics provisions for the first time, with a potential vote as early as the week of August 3.
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Ondo Finance launched its new execution layer, Ondo Network, replacing the previous Ondo Chain roadmap.
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Lido initiated its largest upgrade since V2, migrating more than 8 million staked ETH into the new architecture following Ethereum’s Pectra upgrade.
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Tether’s gold-backed token XAUT received Sharia certification, opening opportunities in Middle Eastern and global Muslim markets.
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Metaplanet acquired a licensed brokerage firm to develop Bitcoin-backed bonds (“Bitbonds”).
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Crypto-friendly bank Cross River will provide P2P payment and banking services for X Money.
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A U.S. Minnesota court halted the state’s prediction market ban, with Kalshi and Polymarket prevailing.
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U.S. sports company Fanatics acquired a regulated exchange, betting on event contracts and sports prediction markets.
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Bitcoin mining company EMCD launched a miner support program, providing up to $30 million in funding to address mining profitability challenges.
Alpha Project Performance
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ON: The return of ZK narratives boosted interest in the data infrastructure sector. The token’s daily trading volume increased by more than 240%, with daily price gains approaching 50%.
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AKE: AKEDO announced upcoming product launches and introduced the ADODO node buyback program, boosting community confidence and market attention. Trading volume expanded by more than 4x, driving the token up approximately 37% on the day.
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DGB: DigiByte’s native stablecoin DigiDollar was recently activated on mainnet, allowing users to mint stablecoins through DGB. Combined with the x402 AI agent payment upgrade, expectations for the project improved, pushing the token up around 17% daily.
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GEOD: South Korea’s two major exchanges launched GEOD/KRW trading pairs. Driven by Korean market demand, token trading volume increased 10x, while the token price gained over 10% daily.
This Week’s Outlook
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July 28: XPL token unlock: 11.05% of circulating supply, approximately $24.44 million in value.
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July 29: Seagate Technology and SK hynix release earnings; HYPE token unlock: 4.45% of circulating supply, approximately $581 million in value.
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July 30: U.S. releases preliminary Q2 GDP and June PCE data; FOMC announces interest rate decision; Fed Chair holds monetary policy press conference; U.S. initial jobless claims for the week ending July 25; Meta, Microsoft, and Robinhood release earnings.
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July 31: Bank of Japan announces interest rate decision; Apple, Amazon, and Coinbase release earnings.
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August 1: BEAT token unlock: 6.87% of circulating supply, approximately $76.07 million in value; EIGEN token unlock: 5.17% of circulating supply, approximately $7.97 million in value.
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August 2: OPEC+ meeting; ZAMA token unlock: 12.7% of circulating supply, approximately $14.50 million in value; ENA token unlock: 1.16% of circulating supply, approximately $9.43 million in value; 2Z token unlock: 3.9% of circulating supply, approximately $8.39 million in value.
