Editor's Note: In last week's "Cryptocurrency & Stock Market Barometer" article, we provided a brief overview of the South Korean stock market, U.S. stock market, A-shares, and crypto-related stocks.
Currently, influenced by factors such as interest rate hikes, high leverage, and liquidity tightening, the South Korean stock market remains in a period of high volatility risk. It may enter a phase of "sideways decline" in the short term, as previously mentioned by analysts, to squeeze out bubbles. The U.S. stock market remains highly dependent on extreme geopolitical factors such as the U.S.-Iran situation and statements from Trump. The successful IPO of CXMT did not become a catalyst for A-shares to forge an independent upward trend, and its pre-market price has also fallen to some extent, with the memory sector continuing to face pressure. In summary, the stock market is in a period of violent deleveraging; it is crucial to avoid using high loans or other forms of financing leverage to participate in capital market investments.
Regarding crypto-related stocks, the DAT model, after a year of development, has largely completed its bubble purge. Among the active top players in the market, only a few possess continuous fundraising capabilities or self-sustaining operational capacity. Without the stimulus of favorable regulatory policies in the short term, a turnaround is difficult to achieve. Among U.S.-listed compliant stocks like Circle, Coinbase, and Robinhood, only Robinhood shows potential for incremental market growth. The former two have limited operational capacity and growth prospects. It is advisable to invest cautiously, strictly control positions, and only engage in short-term rebound speculation.
For more information on the crypto and stock markets, visit MSX.COM. (Odaily Planet Daily Note: The content of this article does not constitute investment advice and is for learning and communication purposes only.)
U.S. Stocks Remain the Global Capital Market Barometer: AI Bubble Sparks Short Bets, Rate Hike Expectations Rekindled
AI Bubble Concerns Intensify, Short Bets on U.S. Stocks Hit Highest Level Since 2010
As concerns about risks related to artificial intelligence heat up, bearish bets on U.S. stocks are climbing to historically high levels, reflecting market skepticism about the sustainability of the current rally.
Data shows that short interest as a percentage of free float for S&P 500 index components has neared 3.79%, reaching the highest level since S3 Partners began tracking the data in 2010. Meanwhile, the short interest ratio for Russell 3000 index components recently rose to 6.3%, also setting a new record. Previously, the S&P 500 index had risen by about 18% cumulatively since late March, driving the sustained market uptrend. However, some investors are beginning to worry whether the AI-driven tech stock rally is sustainable and if the market faces correction risks in a high-valuation environment.
Analysts point out that the significant increase in short positions currently reflects investor concerns about AI bubble risks, earnings expectations, and market concentration. It could also become an important signal for increased market volatility. However, historical data shows that high short interest does not necessarily indicate an imminent market decline. If corporate earnings continue to improve or AI investments deliver returns exceeding expectations, short covering could conversely drive the stock market even higher.
Analysis: Rate Hike Expectations and Capital Rotation, Tech Giants Lead U.S. Market Decline
Last Friday, the three major U.S. stock indices opened lower, with tech stocks declining across the board. The Philadelphia Semiconductor Index fell more than 20% from its historical closing high, potentially confirming entry into a bear market. SK Hynix ADR fell below its IPO price of $149 for the first time. SpaceX stock price dropped 38% from its peak, with its market cap poised to evaporate about $1 trillion from the peak. AMD fell over 7%, Intel fell over 6%, and TSMC fell over 5%. Some analysts stated that the ongoing correction in chip stocks has surpassed fundamentals, being more influenced by capital style rotation and shifts in market preferences.
Furthermore, Federal Reserve Chair Wash's dissatisfaction with inflation during his testimony heightened market expectations for rate hikes. "Hawkish" signals released by other Fed officials also intensified market nervousness. Among them, U.S. official Logan explicitly called for a rate hike; U.S. official Schmid warned that risks of further inflation acceleration in the coming months still exist. On the geopolitical front, the uncertain prospects of a U.S.-Iran war dampened market risk appetite.
Weekly Updates on Crypto-Related Listed Companies
Representative Companies with BTC Treasury Holdings
Strategy Cash Reserves Increase to $3.23 Billion, Halting BTC Purchases; Global Listed Companies Bought Only $1.33 Million Worth of BTC Last Week
According to SoSoValue data, as of 8:00 AM ET on July 20, 2026, the total net weekly purchases of Bitcoin by global listed companies (excluding mining companies) last week amounted to $1.33 million, a 98.4% decrease compared to the previous week.
Official documents show that Strategy did not purchase Bitcoin last week. Strategy's dollar reserves increased by approximately $225 million to about $3.23 billion.
Japanese listed company Metaplanet did not purchase Bitcoin last week.
Additionally, one other company purchased Bitcoin last week. Asset management company Strive announced on July 20th that it spent $1.15 million to purchase 21 Bitcoins at a price of $63,221, bringing its total holdings to approximately 19,921 Bitcoins.
Capital holding company ORANGE JUICE announced the completion of a $40 million financing round, with the funds raised intended for Bitcoin purchases.
As of press time, the total Bitcoin holdings of the tracked global listed companies (excluding mining companies) amount to 1,139,656 Bitcoins, an increase of 0.002% compared to last week. The current market value is approximately $73.76 billion, accounting for 5.7% of Bitcoin's circulating market cap.
Investor Base Expands: Capital B Announces 1-for-10 Reverse Stock Split
BitcoinTreasuries.NET posted that Bitcoin treasury company Capital B ALCPB announced a 1-for-10 reverse stock split. This arrangement will take effect on September 8th to support institutional development and open its stock to a broader investor base.
Bitcoin Japan Corporation Raises $60 Million via Convertible Bonds, Allocates $4.08 Million for Initial BTC Purchase
BitcoinTreasuries.NET posted that listed company Bitcoin Japan Corporation 8105.T has raised $60 million through convertible bonds and allocated $4.08 million for the initial purchase of BTC for its treasury.
ORANGE JUICE Completes $40 Million Financing Round with Grupo Salinas Founder Ricardo Salinas as Cornerstone Investor
Bitcoin treasury startup ORANGE JUICE announced on July 15, 2026, the completion of a $40 million financing round. Grupo Salinas founder and chairman Ricardo Salinas served as the cornerstone investor, with participation from Bitcoin investors like Jeff Booth and Lyn Alden.
ORANGE JUICE plans to acquire small businesses with annual cash flows between $1 million and $10 million and use a portion of retained earnings for new acquisitions and Bitcoin purchases. The company stated it will rely less on debt and equity issuance, primarily depending on operating cash flow for growth.
Ruben Zweiban will serve as Operating Partner responsible for daily operations. He previously worked as an investment banker at BofA Securities, an equity research analyst at JPMorgan Asset Management, and served as Chief Investment Officer for a multi-billion-dollar private multi-family office. The company also plans to seek a public listing in the future.
Multiple Institutions Increase Holdings in Strategy Stock: Vanguard Group Fund, Swedbank AB, Capital Group's Growth ETF (CGGR)
Asset management giant Vanguard Group's Mid-Cap Value ETF VOE disclosed an increase of 83,093 shares in Bitcoin treasury company Strategy MSTR stock, valued at $8.16 million; it currently holds a total of 2.12 million shares, valued at $209 million.
Swedbank AB, with assets under management of $264 billion, stated it has increased its holdings of Bitcoin treasury company Strategy stock by 8,278 shares, bringing its total holdings to 90,590 shares, valued at $8.81 million.
Capital Group's Growth ETF (CGGR), which manages $3.3 trillion in assets, disclosed an increase of 80,240 shares in Bitcoin treasury company Strategy (MSTR), valued at $7.78 million. It currently holds a total of 1.66 million shares, valued at $161.39 million. Capital Group is the world's largest active fund management company.
Representative Companies with ETH Treasury Holdings
BitMine's Crypto Assets, Cash, and Securities Reach $11.5 Billion; ETH Holdings Increase to 5.78 Million
Ethereum treasury company BitMine stated that its ETH holdings have reached 5.78 million, accounting for approximately 4.8% of Ethereum's circulating supply, nearing its target of holding 5% of all ETH cumulatively. The company added 7,430 ETH in the past week.
BitMine stated that the value of its crypto assets, cash, and marketable securities is $11.5 billion, including 207 Bitcoin and $385 million in cash and securities. Approximately 4.9 million of its ETH are staked through its validator network and partners, accounting for about 85% of the treasury.
BitMine also repurchased 5.5 million shares last week under its previously authorized $4 billion buyback program. Earlier this month, BitMine stated that its institutional staking platform MAVAN generated $45.7 million in staking and validation revenue in the three months ended May 31, accounting for 98% of the company's total revenue.
Representative Companies with SOL Treasury Holdings
None.
Representative Companies with Altcoin Treasury Holdings
mNAV Falls to Long-Term Low, HypeStrat Makes No Adjustments to Company Treasury This Week
HyperliquidNews posted that DAT HypeStrat made no adjustments to its company treasury this week, purchasing neither the Hyperliquid native token nor PURR; its mNAV has fallen to a long-term low, currently at 0.87x, and 0.80x after-tax.
