demand

According to the latest survey by TrendForce, in June, the top three MLCC suppliers in Japan and South Korea (Murata, Samsung Electro-Mechanics, Taiyo Yuden) achieved a monthly shipment volume that reached a nearly five-year high, with 140 billion, 98 billion, and 40 billion units respectively, and the growth momentum continued into July. AI applications are the main driving force, with CSP manufacturers maintaining strong procurement demand for self-developed ASIC platforms such as Google TPU and AWS Trainium, driving continuous growth in demand for high-capacity, low-voltage, small-sized MLCCs.At the same time, Japanese and South Korean suppliers are accelerating the shift of production capacity from consumer-grade X5R to high-end X6S/X7R specifications, resulting in a severe squeeze on the production capacity of mid-to-high capacity (1µF-22µF) consumer-grade MLCCs, with mainstream inventory days generally falling below 30 days. The overflow effect of production capacity has led channels, agents, and second- and third-tier customers to urgently pull goods, significantly increasing order visibility for Taiwanese and mainland suppliers, leading to rising prices, with agents raising prices by an average of 20-25%, and spot market prices have soared to 2-3 times the original price. TrendForce pointed out that the consumer-grade MLCC market currently shows a structural mismatch of "weak end demand, strong channel pricing."

Citrini analyst Jukan published a response to the recent market rumors regarding bearish notes on NAND and negative news about QLC price negotiations. It is not surprising that SanDisk accepted a price lower than the initial offer when signing a long-term agreement with Meta, as SanDisk is one of the most proactive NAND manufacturers in pursuing LTAs, planning to allocate over 50% of its total shipments to such agreements. Based on this strategy, it is naturally willing to accept LTA prices lower than the current quarterly contract price, and it cannot be inferred that "SanDisk cannot seamlessly resell all orders to higher-bidding North American customers."In response to rumors that Chinese module manufacturers were rejected by domestic CSPs when promoting eSSD, Jukan explained that Chinese CSPs have direct procurement channels with Yangtze Memory Technologies and that the issue is not a lack of demand. Regarding the claim that large-scale cloud providers are driving down prices for QLC eSSD, leading to some volumes not being sold, he believes that new cloud providers have sufficient demand to absorb these volumes.Jukan concluded by stating that negative headlines are more easily amplified when storage stocks perform poorly, but the fundamentals have not shown substantial deterioration. He reiterated that he remains bullish on storage. Previously, Jukan had stated that DRAM contract prices still have about a 40% upside potential until the end of 2027, and HBM supply continues to be tight. This clarification on the NAND side further solidifies his bullish stance on the entire storage sector.

CryptoQuant analyst Darkfost stated that since 2025, the inflow of stablecoins into exchanges has been continuously declining, reaching the lowest level since that period. Currently, the monthly average inflow of stablecoins (USDT, USDC) is about $2.3 billion, with an annual average inflow of about $3.7 billion. When the price of Bitcoin reached its historical peak, the monthly average inflow was $5.6 billion, and the annual average inflow was $4.3 billion. This dynamic clearly indicates the current weak demand and lack of investor interest. However, it is important to note that when the inflow of stablecoins peaks, it is often a lagging signal. When some investors accelerate profit-taking, exchanges increase the supply of stablecoins, while new investors continue to bet that the price of Bitcoin will keep rising. Currently, market demand still needs improvement.

CryptoQuant analyst Axel Adler stated that the current bear market phase of Bitcoin has seen the highest historical scale of holder realized losses, with the 30-day moving average (30DMA) of realized losses reaching $1.37 billion in February 2026, which is 19% higher than the cycle peak of $1.15 billion in 2022. Data shows that since the February peak, Bitcoin realized losses have decreased by 56.5%, currently down to about $597 million; meanwhile, the scale of realized profits has only slowly recovered to $257 million.Axel Adler pointed out that the sell-off pressure driven by losses has significantly weakened, but the market has not yet seen a sustained recovery in demand, with the rate of loss decline still outpacing the rate of profit recovery. Historically, on February 20, 2026, realized losses reached $1.37 billion, setting a historical high for this metric; the highest realized loss in the 2022 cycle was $1.15 billion, occurring on June 30, 2022. In terms of realized profits, as of July 23, the 30DMA of Bitcoin realized profits was $257 million, a decrease of 92.7% from the peak of $3.51 billion set on December 10, 2024; it was also down 77.7% from when Bitcoin hit its historical high of $124,710 on October 6, 2025. This metric had previously hit a low of $191 million on June 14, 2026, and has since rebounded by 34.7%.Axel Adler indicated that the selling pressure from profits has significantly decreased, and the amount of coins sold for profit is still at a low level in this cycle, but this does not mean that sellers have completely exhausted themselves, nor does it indicate that market demand has recovered. If realized profits continue to rise above $400 million to $500 million, it would further confirm a sustained improvement in the market. Additionally, the Bitcoin realized profit/loss ratio has rebounded from a low of 0.26 in June to 0.43, but it is still below the level of 1. Analysts noted that although the absolute scale of realized losses in the current cycle exceeds that of 2022, the relative market pressure remains lower than in 2022. Since Bitcoin's historical peak, there have been 190 days out of the past 291 days where realized losses exceeded realized profits. Axel Adler warned that if the profit/loss ratio falls below 0.26 again, accompanied by a price drop below the cycle low of $58,535 set on June 30, it could indicate further intensification of market pressure.

CryptoQuant founder Ki Young Ju stated that the demand for Bitcoin spot is weakening, while the demand in the futures market remains positive, but is significantly lower than the levels during the market rebound three months ago.

NVIDIA CEO Jensen Huang stated in an exclusive interview with Axios on Tuesday that American companies "absolutely" should be allowed to use Chinese open-source AI models, directly challenging the Trump administration and some American AI labs' blockade policies.Huang believes that the market's panic over Kimi K3 is a misreading, similar to the sell-off triggered by DeepSeek in early 2025: cheaper open-source models will expand the AI audience and increase, rather than decrease, the demand for chips, data centers, and computing power. "Free AI is good for hardware, good for chips, good for data centers." He also refuted the notion that open-source models pose security risks, claiming that open-source is actually safer because external researchers can examine the models, expose vulnerabilities, and build defenses, while calling for Anthropic to open its Claude Mythos model to "everyone."Huang rejected the narrative that "China will defeat American companies," arguing that the AI race has no finish line and that China and the U.S. will coexist in the long term. Hours after the interview, U.S. Treasury Secretary Bessent stated that the government is reviewing whether Chinese AI models are stealing intellectual property and considering sanctions. Huang responded that knowledge distillation is the foundation of intelligence and that accountability should be directed at violations rather than the models themselves.

According to BIT analysis, as the demand for call options accelerates, the implied volatility of Bitcoin and Ethereum has both rebounded, indicating that the quiet trading environment of summer may be nearing its end. Recently, there have been several large transactions of call options in the market.Meanwhile, after Bitcoin's implied volatility fell from 44% to 31%, it has now rebounded to 36%, further reflecting that market bullish sentiment is warming up. Although August and September are typically seasonally weak months, the rebound in call option demand and implied volatility is still expected to provide some support for Bitcoin prices. At the beginning of summer, BIT tended to short volatility, anticipating that the market would enter a consolidation phase. However, as option positions and overall market sentiment have both become more positive, BIT adjusted this judgment last week.

According to News.bitcoin, the Kenyan government is investigating the hacking incident of President William Ruto's official website, where attackers briefly disabled the site and altered the homepage content, demanding a ransom of 5 Bitcoins.William Kabogo, the Cabinet Secretary for the Ministry of Information, Communication and the Digital Economy, stated that the Kenyan law enforcement agency ICT Authority immediately activated the cybersecurity response protocol to control the incident and conduct forensic investigations, temporarily restricting public access to the portal. Currently, there is no evidence that sensitive data has been accessed without authorization, leaked, or lost, and government systems and digital services remain securely operational.

According to official news, Kimi stated that in the past 48 hours, the demand for Kimi K3 has exceeded expectations, and GPU resources are nearing the current capacity limit. To ensure the experience of existing subscription users, the platform has temporarily suspended new subscriptions, and current subscribed users will not be affected. Kimi mentioned that it is working to expand computing power as soon as possible and will gradually open new subscription slots in batches.Meanwhile, the platform will split the membership system into two types of plans in the future: one for Kimi members on the Kimi web portal, App, and Work, and the other for Kimi Code members focused on programming workflows, to more accurately match computing resources and maintain service stability.

According to Bitcoin News, U.S. Senator Elizabeth Warren has requested President Trump to voluntarily disclose his cryptocurrency income and holdings from January 1 to July 15, with a deadline to complete this by July 23.In a letter dated July 16, the senior member of the Senate Banking Committee argued that Congress cannot fairly debate cryptocurrency legislation given that the President's financial exposure to the industry has only been partially disclosed. This request comes as the Senate is reviewing the CLARITY Act, and Warren believes that lawmakers need to be informed of the President's cryptocurrency interests before advancing legislation that could directly impact the value of Trump's holdings. Warren stated that the concern is not only about the President holding digital assets but also about the legislation being considered by Congress potentially benefiting businesses and investments related to the President, which have only been partially disclosed.

According to Etoday, SK Group Chairman and Chairman of the Korea Chamber of Commerce and Industry Choi Tae-won stated today at the Korea Chamber of Commerce and Industry Summer Forum that despite the recent significant decline in SK Hynix's stock price, investors should not frequently buy and sell, but should hold stocks from a long-term perspective.With the continuous development of the artificial intelligence industry, the demand for storage will continue to grow. He said, "AI is still like a 4-year-old child now, but it will eventually grow into an adult. The market will still require a large amount of memory support, and the related demand will inevitably grow exponentially. Although it is impossible to predict next month's stock price trend, do not repeatedly buy and sell; quietly holding is a better way to protect assets."

According to a research report by NYDIG, Bitcoin fell by 13.4% in the second quarter of 2026, with the year-to-date decline expanding to 32.9%. In contrast, the Nasdaq 100 index rose by 27.7%, and tech stocks increased by 43.5%, indicating that this round of decline is not due to macro risk aversion, but rather specific supply pressures unique to Bitcoin.The core pressure comes from Strategy (MSTR) launching the "Digital Credit Capital Framework," authorizing the sale of approximately $1.25 billion in Bitcoin to cover capital structure obligations, marking a shift of the largest historical marginal buyer from continuous accumulation to active monetization, with the DAT complex overall transitioning from a demand engine to a supply risk. In terms of ETFs, the U.S. spot Bitcoin ETF saw a net outflow of $4.9 billion in the second quarter, but Morgan Stanley's Bitcoin Trust attracted $364.8 million in inflows against the trend, showing that distribution channels remain competitive.In the derivatives market, amid weak spot demand and continued outflows from ETFs and stablecoins, the positive funding rate combined with a rebound in open interest indicates that leveraged long positions are rebuilding, posing a risk of passive liquidation triggering a new round of declines. Bitcoin has currently fallen 54.3% from its historical high of $126,000 set on October 6, 2025, referencing the cycles of 2018 and 2022 (with a gradually narrowing decline of about 70%).

CryptoQuant analyst Axel Adler Jr. stated that Bitcoin rose from $62,700 to $64,700 in the past 24 hours, an increase of about 3.1%. The Taker order pressure indicator was negative for almost the entire week last week, dropping to a low of -3.9, turning positive on July 14, and currently at +4.1; the liquidation pressure indicator is at -55.2, remaining negative since July 11, with long liquidations dominating the market.The analyst pointed out that the combination of these two indicators suggests that this rebound is driven by real demand rather than a short squeeze. The reversal of Taker capital flow occurring simultaneously with the price increase is a typical characteristic of aggressive buying. If the Taker indicator remains positive in the next 24 hours, the upward trend will be confirmed; if it falls below the zero axis, it indicates a waning buying momentum. The current market has shifted to a cautious risk preference.

According to data from The Block, the trading volume of Hyperliquid's permissionless perpetual contract framework HIP-3 has risen from about 2% at the beginning of the year to approximately 50% currently, in line with the growth in retail demand for on-chain stock trading.This category is dominated by TradeXYZ, which operates XYZ100 (tracking the Nasdaq 100 index) and individual stock contracts for companies like Nvidia and Tesla, all settled in stablecoins rather than the underlying stocks. Compared to traditional options, perpetual contracts avoid time value decay, requiring only the payment of funding rates with no expiration date, making it more intuitive for retail traders accustomed to simple long and short operations.24/7 trading is another core selling point, allowing traders to react instantly to news or earnings reports without waiting for the market to open. However, the underlying stocks are still only traded during market hours, and outside of trading hours, HIP-3 prices rely entirely on oracles and funding rate mechanisms for anchoring, which has not been fully validated compared to native 24/7 assets like cryptocurrencies.

According to Jinshi reports, the Iranian Islamic Revolutionary Guard Corps announced the closure of the Strait of Hormuz until the United States stops its interference in the region.The statement pointed out that a vessel attempted to cross the strait along an unauthorized route, and the Iranian military had to take action against it to prevent its passage.

Sharplink Research Director Steven Ehrlich published an analysis pointing out that Ethereum started strong in July 2026, with an increase of about 11% so far this month. Historical data suggests that investors should pay attention to ETH's performance in July. Steven Ehrlich noted that the core advantage of ETH's July performance is not merely volatility, but the asymmetry between rises and falls: when July sees an increase, the average rise is about 43%, while in years of decline, the average drop is only about 5% (from 2020 to 2025).Historically, months of significant gains for ETH are usually driven by "Ethereum-specific catalysts + supply-demand imbalance." The current market environment also presents similar opportunities, such as: institutional infrastructure is being built, the Ethereum roadmap is continuously upgrading, and corporate funds are consistently increasing their holdings of ETH. Currently, Ethereum is entering a new development phase, where institutional adoption, technological upgrades, and capital allocation may become important factors driving ETH's market performance.