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On July 28, Japan's Finance Minister Shunichi Suzuki stated that the depreciation of the yen has both advantages and disadvantages. He refrained from commenting on specific foreign exchange levels or potential interventions. He emphasized that Japan's stance on foreign exchange remains unchanged and that the country is prepared to respond as necessary. He noted that the US and Japan share the same position on foreign exchange issues and declined to comment on the possibility of joint foreign exchange interventions with the US.

[Japan's Finance Minister: Our Stance on Foreign Exchange Remains Unchanged; US and Japan Share the Same Position]On July 28, Japan's Finance Minister Shunichi Suzuki stated that the depreciation of the yen has both advantages and disadvantages. He refrained from commenting on specific foreign exchange levels or potential interventions. He emphasized that Japan's stance on foreign exchange remains unchanged and that the country is prepared to respond as necessary. He noted that the US and Japan share the same position on foreign exchange issues and declined to comment on the possibility of joint foreign exchange interventions with the US.

Japan's Finance Minister: Our Stance on Foreign Exchange Remains Unchanged; US and Japan Share the Same Position

On July 28, the KOSPI index in South Korea plummeted by 10%, with SK Hynix falling over 13% and Samsung Electronics dropping more than 12%.

[KOSPI Index in South Korea Plunges 10%]On July 28, the KOSPI index in South Korea plummeted by 10%, with SK Hynix falling over 13% and Samsung Electronics dropping more than 12%.

KOSPI Index in South Korea Plunges 10%

On July 28, Japanese Finance Minister Katsunobu Kato stated that the relationship between the government and the Bank of Japan is normal and smooth, and that monetary policy operations are left to the Bank of Japan to decide.

[Japanese Finance Minister: Monetary Policy Decisions Left to the Bank of Japan]On July 28, Japanese Finance Minister Katsunobu Kato stated that the relationship between the government and the Bank of Japan is normal and smooth, and that monetary policy operations are left to the Bank of Japan to decide.

Japanese Finance Minister: Monetary Policy Decisions Left to the Bank of Japan

On July 28, the South Korean KOSPI index fell by 8%, triggering a circuit breaker. SK Hynix dropped over 12%, and Samsung Electronics fell over 10%. On Monday, the Philadelphia Semiconductor Index in the US also saw a decline of more than 5%. The recent sharp decline in semiconductor stocks in both the US and South Korea was driven by factors including advancements in China's chip industry, concerns over AI capital expenditures, and profit-taking by investors. China has made progress in semiconductor manufacturing equipment, with domestic companies beginning mass production of self-developed DUV (Deep Ultraviolet) lithography equipment, leading to a sell-off in semiconductor equipment stocks, with ASML dropping 5.80%. However, Samsung Securities pointed out that the related equipment still needs to prove its mass production capabilities, and short-term output is limited. Additionally, Chinese AI chips and server DRAM are currently unlikely to enter the US data center ecosystem, limiting the actual impact on this AI semiconductor cycle. Furthermore, analyst Jukan from Citrini stated that news regarding China's advancements in DUV lithography technology was not particularly surprising, as the market had already formed certain expectations. Reports from The Information only cited a professor from a Chinese university during an internal meeting in June, without disclosing more substantial information. The sell-off in semiconductor equipment stocks like ASML appears to be an overreaction. JPMorgan believes that while China's domestically produced immersion DUV lithography equipment has begun small-scale production, with plans to produce about 5 and 20 units in 2026 and 2027 respectively, its performance, reliability, and mass production capabilities still need further validation, making it far from truly replacing ASML equipment. The recent declines in ASML and other semiconductor stocks are more attributed to deteriorating market sentiment rather than fundamental damage, and ASML's performance trajectory is expected to remain unchanged. Changxin Technology's stock surged 466% on its first day of trading, becoming the largest A-share listed company by market value in China, leading the market to believe that the self-sufficiency process in China's memory industry may accelerate. Analysts suggest that after Changxin Technology's IPO, the largest in Asia this year, the company will have more capital, further enhancing its capabilities in future expansion and technological research and development, posing long-term competitive pressure on global memory chip leaders. As a result, the memory sector saw widespread declines, with SanDisk (SNDK) down 11.02%, SK Hynix (SKHY) down 7.47%, and Western Digital (WDC) down 4.21%. Meanwhile, Nvidia's recent announcement of a $750 billion large-scale infrastructure collaboration has reignited market concerns over the returns on AI capital expenditures, cyclical financing, and vendor financing risks. Investors are beginning to question whether the massive investments in data centers can translate into sufficient revenue, further suppressing chip stock valuations. The cost of Nvidia's debt default insurance has surged, leading to declines in tech stocks, with Nvidia (NVDA) down 4.99%. Hideyuki Ishiguro, chief strategist at Nomura Asset Management, noted that following reports of significant investment transactions by Nvidia, its credit risk has increased, which investors view as a bearish signal. Additionally, the semiconductor sector had previously seen significant gains, and the market had already entered a profit-taking phase. Old bearish narratives regarding the semiconductor cycle peaking, excessive capital expenditures weakening profitability, and the increase in China's semiconductor self-sufficiency rate are being re-traded, creating a situation where falling stock prices and deteriorating market sentiment reinforce each other. Samsung Securities believes that this round of declines reflects a fragile sentiment in the sector and is not sufficient to prove that the AI data center investment cycle has peaked.

[China's DUV Mass Production and AI Capital Expenditure Concerns Trigger Semiconductor Sell-off in US and South Korea, KOSPI Index Hits Circuit Breaker]On July 28, the South Korean KOSPI index fell by 8%, triggering a circuit breaker. SK Hynix dropped over 12%, and Samsung Electronics fell over 10%. On Monday, the Philadelphia Semiconductor Index in the US also saw a decline of more than 5%. The recent sharp decline in semiconductor stocks in both the US and South Korea was driven by factors including advancements in China's chip industry, concerns over AI capital expenditures, and profit-taking by investors. China has made progress in semiconductor manufacturing equipment, with domestic companies beginning mass production of self-developed DUV (Deep Ultraviolet) lithography equipment, leading to a sell-off in semiconductor equipment stocks, with ASML dropping 5.80%. However, Samsung Securities pointed out that the related equipment still needs to prove its mass production capabilities, and short-term output is limited. Additionally, Chinese AI chips and server DRAM are currently unlikely to enter the US data center ecosystem, limiting the actual impact on this AI semiconductor cycle. Furthermore, analyst Jukan from Citrini stated that news regarding China's advancements in DUV lithography technology was not particularly surprising, as the market had already formed certain expectations. Reports from The Information only cited a professor from a Chinese university during an internal meeting in June, without disclosing more substantial information. The sell-off in semiconductor equipment stocks like ASML appears to be an overreaction. JPMorgan believes that while China's domestically produced immersion DUV lithography equipment has begun small-scale production, with plans to produce about 5 and 20 units in 2026 and 2027 respectively, its performance, reliability, and mass production capabilities still need further validation, making it far from truly replacing ASML equipment. The recent declines in ASML and other semiconductor stocks are more attributed to deteriorating market sentiment rather than fundamental damage, and ASML's performance trajectory is expected to remain unchanged. Changxin Technology's stock surged 466% on its first day of trading, becoming the largest A-share listed company by market value in China, leading the market to believe that the self-sufficiency process in China's memory industry may accelerate. Analysts suggest that after Changxin Technology's IPO, the largest in Asia this year, the company will have more capital, further enhancing its capabilities in future expansion and technological research and development, posing long-term competitive pressure on global memory chip leaders. As a result, the memory sector saw widespread declines, with SanDisk (SNDK) down 11.02%, SK Hynix (SKHY) down 7.47%, and Western Digital (WDC) down 4.21%. Meanwhile, Nvidia's recent announcement of a $750 billion large-scale infrastructure collaboration has reignited market concerns over the returns on AI capital expenditures, cyclical financing, and vendor financing risks. Investors are beginning to question whether the massive investments in data centers can translate into sufficient revenue, further suppressing chip stock valuations. The cost of Nvidia's debt default insurance has surged, leading to declines in tech stocks, with Nvidia (NVDA) down 4.99%. Hideyuki Ishiguro, chief strategist at Nomura Asset Management, noted that following reports of significant investment transactions by Nvidia, its credit risk has increased, which investors view as a bearish signal. Additionally, the semiconductor sector had previously seen significant gains, and the market had already entered a profit-taking phase. Old bearish narratives regarding the semiconductor cycle peaking, excessive capital expenditures weakening profitability, and the increase in China's semiconductor self-sufficiency rate are being re-traded, creating a situation where falling stock prices and deteriorating market sentiment reinforce each other. Samsung Securities believes that this round of declines reflects a fragile sentiment in the sector and is not sufficient to prove that the AI data center investment cycle has peaked.

China's DUV Mass Production and AI Capital Expenditure Concerns Trigger Semiconductor Sell-off in US and South Korea, KOSPI Index Hits Circuit Breaker

On July 28, according to Yonhap News Agency, South Korean police have searched the residence of former Incheon Mayor Yoo Jeong-bok and the Incheon city government office, seizing materials such as mobile phones and computers. Yoo and his wife are accused of transferring approximately 21,000 cryptocurrency assets to overseas exchanges and deliberately omitting this information in the property declaration for local election candidates. The Incheon Election Commission has determined that he is suspected of violating election laws, requesting a correction of the property disclosure the day before the election, and stated that his actual assets are approximately 78 million won less than what was declared.

[South Korean Police Search Former Incheon Mayor's Residence Over Suspected Concealment of Virtual Assets]On July 28, according to Yonhap News Agency, South Korean police have searched the residence of former Incheon Mayor Yoo Jeong-bok and the Incheon city government office, seizing materials such as mobile phones and computers. Yoo and his wife are accused of transferring approximately 21,000 cryptocurrency assets to overseas exchanges and deliberately omitting this information in the property declaration for local election candidates. The Incheon Election Commission has determined that he is suspected of violating election laws, requesting a correction of the property disclosure the day before the election, and stated that his actual assets are approximately 78 million won less than what was declared.

South Korean Police Search Former Incheon Mayor's Residence Over Suspected Concealment of Virtual Assets

On July 28, both WTI and Brent crude oil prices declined, with WTI falling below $80 per barrel, down 1.43% for the day. Brent crude also dropped over 1%, currently priced at $84.43 per barrel.

[International Oil Prices Drop Over 1% as WTI Crude Falls Below $80]On July 28, both WTI and Brent crude oil prices declined, with WTI falling below $80 per barrel, down 1.43% for the day. Brent crude also dropped over 1%, currently priced at $84.43 per barrel.

International Oil Prices Drop Over 1% as WTI Crude Falls Below $80

On July 28, Japanese Finance Minister Katsunobu Kato stated: As outlined in the Bank of Japan's legislation, monetary policy is part of economic policy. He believes that the relationship between the government and the Bank of Japan has always been smooth.

[Japanese Finance Minister: Monetary Policy is Part of Economic Policy, Believes in Smooth Relationship with BOJ]On July 28, Japanese Finance Minister Katsunobu Kato stated: As outlined in the Bank of Japan's legislation, monetary policy is part of economic policy. He believes that the relationship between the government and the Bank of Japan has always been smooth.

Japanese Finance Minister: Monetary Policy is Part of Economic Policy, Believes in Smooth Relationship with BOJ

On July 28, news emerged that Grayscale, in collaboration with data agency Artemis, released a report on the fund flows of cryptocurrency ETFs. The report indicates that when measuring by the ratio of 'cumulative net inflows to total market capitalization of the corresponding assets', various mainstream cryptocurrency spot ETFs exhibit differentiated fund inflow patterns, with data compiled up to July 27, 2026. In terms of performance by asset type: since its launch, the Bitcoin ETF has shown a steady upward trend, demonstrating the strongest stability and continuity in fund inflows among all assets; the Ethereum ETF initially experienced a phase of net outflows, but subsequent inflows surged significantly, with the relative market cap ratio peaking above 6%, indicating a notable impulse increase; both Solana and Ripple ETFs, in their early launch stages, have consistently recorded positive net inflows, maintaining a stable and healthy overall inflow trend. Compared to the performance of each ETF in the same phase post-launch, the HYPE ETF's inflow slope in its early stages significantly exceeds that of Bitcoin, Solana, and Ripple during their respective lifecycle phases, leading in initial capital attraction.

[Grayscale: HYPE ETF Outperforms BTC and Other Major Assets in Fund Inflows by Market Cap Ratio]On July 28, news emerged that Grayscale, in collaboration with data agency Artemis, released a report on the fund flows of cryptocurrency ETFs. The report indicates that when measuring by the ratio of 'cumulative net inflows to total market capitalization of the corresponding assets', various mainstream cryptocurrency spot ETFs exhibit differentiated fund inflow patterns, with data compiled up to July 27, 2026. In terms of performance by asset type: since its launch, the Bitcoin ETF has shown a steady upward trend, demonstrating the strongest stability and continuity in fund inflows among all assets; the Ethereum ETF initially experienced a phase of net outflows, but subsequent inflows surged significantly, with the relative market cap ratio peaking above 6%, indicating a notable impulse increase; both Solana and Ripple ETFs, in their early launch stages, have consistently recorded positive net inflows, maintaining a stable and healthy overall inflow trend. Compared to the performance of each ETF in the same phase post-launch, the HYPE ETF's inflow slope in its early stages significantly exceeds that of Bitcoin, Solana, and Ripple during their respective lifecycle phases, leading in initial capital attraction.

Grayscale: HYPE ETF Outperforms BTC and Other Major Assets in Fund Inflows by Market Cap Ratio

According to monitoring by Lookonchain, Bitwise has sold 117,917 HYPE tokens today, valued at approximately $7.05 million.

[Bitwise Sells 117,917 HYPE Tokens Worth Approximately $7.05 Million]According to monitoring by Lookonchain, Bitwise has sold 117,917 HYPE tokens today, valued at approximately $7.05 million.

Bitwise Sells 117,917 HYPE Tokens Worth Approximately $7.05 Million

In response to a recent Wall Street Journal report on Bitcoin code managers, CoinShare has posted a rebuttal to the idea that Bitcoin Core is a collaborative effort involving a diverse group of developers and contributors from around the world, not just a small group of project maintainers. While there is a group of project "maintainers" with commit access, it is a misconception that they are the only ones who can change the code. In reality, the merging of changes is only the final step in a long process.

Detail

【CoinShare: Bitcoin Core is a collaborative effort.】In response to a recent Wall Street Journal report on Bitcoin code managers, CoinShare has posted a rebuttal to the idea that Bitcoin Core is a collaborative effort involving a diverse group of developers and contributors from around the world, not just a small group of project maintainers. While there is a group of project "maintainers" with commit access, it is a misconception that they are the only ones who can change the code. In reality, the merging of changes is only the final step in a long process.

CoinShare: Bitcoin Core is a collaborative effort.

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CoinShare: Bitcoin Core is a collaborative effort.

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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