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The market research agency The Kobeissi Letter indicates that investors are accelerating the allocation of tokenized U.S. Treasuries, driving the continuous expansion of the on-chain U.S. Treasury market. Data shows that the total market value of on-chain U.S. Treasury funds has risen to a historical high of $16.2 billion, an increase of approximately 77% since the beginning of the year.Kobeissi points out that market growth is primarily driven by demand for on-chain yields. An increasing number of users are using tokenized U.S. Treasuries as collateral to borrow stablecoins and deploy funds into DeFi strategies to enhance capital efficiency. Some on-chain lending platforms support looping leverage strategies, allowing users to repeatedly collateralize tokenized Treasuries, borrow stablecoins, and reinvest in the market, with some strategies offering annualized returns exceeding 10%.Kobeissi believes that as traditional financial assets continue to go on-chain, tokenized U.S. Treasuries are becoming an important infrastructure for on-chain finance and may become a significant component of future on-chain capital markets.

According to Jinshi, Bank of America stated that if the Federal Reserve resumes interest rate hikes, investors should focus on specific currency pairs rather than overall exchange rate fluctuations.The bank believes that the opportunities in the yen and pound currency pairs are the most prominent, as these currency pairs exhibit the greatest volatility during the Federal Reserve's interest rate hikes, making targeted trading more attractive than betting on the entire G10 forex market.

Tether Gold (XAU₮) investor holdings grew by 9.5% in the second quarter. As of June 30, 2026, 23:59 UTC, a total of 612,823.66 XAU₮ have been sold, an increase of 53,225.02 from the end of the first quarter, corresponding to an additional 1.66 tons of ownership in the physical gold reserves.At the end of the second quarter, the physical gold reserves for XAU₮ amounted to 707,747.139 troy ounces, approximately 22.01 tons, with a total market value of about $2.837 billion. Each XAU₮ is backed by at least one troy ounce of physical gold at a 1:1 ratio, with reserves including 1,759 London Good Delivery gold bars and small-sized gold bars, all stored in Switzerland.Tether CEO Paolo Ardoino stated that gold experienced the largest quarterly correction in 13 years in the second quarter, yet investors continued to increase their holdings of XAU₮. Tether International SA de CV purchased approximately 27.1 tons of gold in the first half of 2026, averaging 4.5 tons per month.

According to CryptoSlate, Nasdaq-listed company Zhibao Technology (a Chinese insurtech company) signed a PIPE (Private Investment in Public Equity) agreement worth approximately $154.7 million on July 31, with investors paying in 2,380 bitcoins (calculated at a fixed price of $65,000 per bitcoin).The agreement lists 10 investor entities, each allocated 44.2 million units, totaling $154.7 million, paid in 238 bitcoins. Investors will purchase 442 million units at $0.35 per unit, with each unit consisting of 1 share of Class A common stock and a 2-year warrant (to buy 1 additional share at an exercise price of $0.35), with a potential total issuance of up to 884 million shares.After the transaction is completed, investors will designate 4 out of 5 directors and choose a new CEO and CFO. The existing 4 directors and the current CEO and CFO will resign. This issuance will significantly dilute the shareholding ratio prior to the PIPE transaction. The 49,001,662 shares will account for approximately 9.98% of the share base after the transaction is completed, while Class B shareholders will lose their 20-to-1 voting advantage.If all new warrants are subsequently exercised, the share base will increase to at least 933,001,662 shares, while the shareholding ratio prior to the PIPE transaction will drop to about 5.25%. The agreement is intended to be settled within 12 business days after July 31, or on another date agreed upon in writing by both parties, but the required capital increase and approval issues remain unresolved.

According to Jinshi reports, as the Korea Composite Stock Price Index (KOSPI) has experienced significant fluctuations since July, investor deposits are rapidly decreasing. Last month, the average daily deposit size of investors plummeted by nearly 20 trillion won compared to the previous month, a decrease of about 10 trillion won since March of this year.According to data from the Korea Financial Investment Association, as of the 30th of last month, the size of investor deposits was 1,046.584 trillion won, a decrease of more than 35 trillion won from the historical high of 1,396.948 trillion won on June 4.

According to Bloomberg, the KOSPI index in South Korea plummeted in July, causing significant losses for many retail investors. Despite the index rebounding a record 18% on Friday, retail investors still recorded a record net sell-off of KOSPI stocks that day; the index fell a cumulative 22% in July, marking the largest monthly decline since the global financial crisis, with the total market capitalization of the South Korean stock market around $3.9 trillion.Influenced by President Lee Jae-myung's push for stock market reforms and the listing of single-stock leveraged ETFs, South Korean retail investors bought approximately 78 trillion won ($54.2 billion) worth of KOSPI stocks from May to June. After the sharp market decline in July, many investors on social media pointed fingers at the government.A 30-something investor in Seoul stated that he entered the Korean stock market for the first time in May and has now decided "not to invest in the Korean stock market anymore"; another 40-year-old investor borrowed 50 million won against his home to trade stocks and criticized the government for introducing leveraged ETFs, turning the market into a "casino."During July, the KOSPI triggered trading halts due to circuit breakers four times, setting a monthly record. Samsung Electronics and SK Hynix together accounted for over 50% of the KOSPI's weight, with their stock prices falling 21% and 35% respectively in July; however, since early 2025, Samsung Electronics has still risen over four times, and SK Hynix has increased nearly tenfold.Analysts say this is a typical result of crowded trading combined with leverage, and deleveraging is difficult to complete in a matter of days. In the coming months, technology and semiconductor stocks may still experience significant volatility, but this should not be seen as a complete collapse of the AI investment logic.The South Korean government suspended the listing of new single-stock leveraged ETFs in mid-July and promised to introduce more measures to stabilize the stock market and limit retail participation in high-risk products.However, the head of the Korean Shareholders Alliance stated that retail investors' anger and criticism towards the government have reached a peak, with many investors believing that the relevant measures have come too late.

According to BTCtreasuries, Zhibao Technology announced that it has reached a private placement financing of $154.7 million in Bitcoin with non-U.S. investors, with a financing scale of 2,380 BTC. The company is a publicly listed company in China.

According to Jinshi reports, gold prices fell on Friday, but as investors closely monitor the developments in the Middle East, gold prices are heading towards their first monthly increase in five months.Sukdun financial analysts stated that due to the weakening of the dollar following the release of weak GDP data, precious metal prices rebounded, but given the lack of a significant decline in U.S. Treasury yields, this trend is not entirely convincing.At the same time, the Federal Reserve kept interest rates unchanged at the July meeting, and Chairman Waller provided little clear guidance on the bank's next policy moves.

According to Jinshi reports, foreign investors net bought KOSPI stocks worth 7.2 trillion won on Friday, setting a historical record.

According to Jinshi, since the end of June, margin loans for stock trading in South Korea have fallen by more than 10%. The assets under management of leveraged ETFs linked to Samsung Electronics and SK Hynix plummeted from over $11 billion on June 25 to $4.1 billion, mainly due to the decline in the prices of related stocks. In addition, the funds flowing into such funds over the past two weeks have also turned negative.Ivan Feinseth, Chief Investment Officer of Tigress Financial Partners, stated that large-scale deleveraging is usually a healthy and necessary market adjustment.

According to Cointelegraph, London asset management company Aviva Investors has launched its dollar liquidity fund tokenized shares on the XRP Ledger after receiving approval from the Central Bank of Ireland. Qualified investors can participate through digital wallets, with the underlying assets of the fund still held by the custodian, BNY Mellon, while Komainu provides digital asset custody and Licuido offers tokenization infrastructure.The fund invests in high-rated short-term dollar-denominated debt securities and money market instruments, with tokenized shares having the same investment objectives and liquidity characteristics as traditional funds.

According to Gate market data, from July to date, the equal-weighted Nasdaq 100 Index has underperformed the equal-weighted S&P 500 Index by 6.8 percentage points, marking the worst single-month relative performance on record.The equal-weighted S&P 500 Index has risen by 2.2% this month, while the equal-weighted Nasdaq 100 Index has fallen by 4.6%. Investors are cashing out of tech stocks at a record pace.

According to Jinshi reports, ING analyst Francesco Pesole pointed out in a report that the resumption of military strikes in the Middle East conflict reminds investors to remain cautious regarding the euro to US dollar exchange rate. He stated that for the euro to ensure a sustained rise above 1.15 dollars, the market needs to lower expectations for US interest rate hikes through data or communication from the Federal Reserve, while risk sentiment also needs to stabilize.If the market's general optimistic expectation that the conflict situation will ease is correct, then the euro to US dollar exchange rate has likely already bottomed out.

According to Jin Shi reports, on Wednesday, Korean retail investors faced forced liquidations of approximately 1.7 trillion won (about 1.2 billion USD) in positions.Jung In Yun, CEO of Fibonacci Asset Management, stated, "Today there are many cases of forced liquidations, and we need to wait until the selling sentiment of retail investors eases before taking action."

HSBC released the "Affluent Investor Snapshot 2026" report, which shows that a survey of nearly 10,000 high-net-worth investors worldwide indicates that the average allocation to crypto assets in 2026 is 6%, a decrease of 1 percentage point year-on-year; however, 45% of respondents still plan to increase their allocation in the next 12 months, while 40% plan to maintain it.The allocation to crypto assets for investors in Singapore and Malaysia is 5% and 6%, respectively, both unchanged from the previous year; during the same period, global cash allocation has dropped to 19%, with funds continuing to shift towards stocks, gold, and alternative investments.

Crypto KOL Phyrex posted on platform X, stating that American investors are chasing stock market highs with increasingly high leverage. As of June, the net credit balance of U.S. brokerage accounts fell by approximately $70 billion in a single month, dropping to negative $1.061 trillion, a historic low. During the same period, margin debt increased by about $86 billion to $1.53 trillion, rising for the third consecutive month and setting a new record.He pointed out that the continued deterioration of the net credit balance means that investors have less cash buffer and are increasingly reliant on borrowing for stock positions. Currently, leverage in the U.S. market is widespread throughout the brokerage system. In an upward phase, rising stock prices can further release financing limits after boosting account net worth, creating mechanical buying pressure; however, once the market weakens, margin pressure may force investors to add cash or sell stocks, turning the leverage that previously drove the rise into mechanical selling pressure. He believes that the U.S. stock market is currently facing both high valuations and a high financing environment, and if new funds slow down, leveraged positions may further amplify market volatility.

According to Jinshi reports, as the South Korean stock market continues to be sluggish, domestic investors in South Korea have once again turned to U.S. stocks, with net purchases exceeding 5 trillion won this month. According to data from the South Korean securities depository and settlement agency, from the 1st to the 27th of this month, the total net purchase amount of U.S. stocks by domestic investors reached 3.58999 billion dollars, approximately 5.5 times the net purchase amount for the entire month of June.Retail funds are mainly concentrated in the semiconductor and technology stock sectors, with the product that saw the highest net purchases being the Direxion Daily Semiconductor Bull 3X ETF, which tracked the Philadelphia Semiconductor Index, with a net purchase amount reaching 1.75919 billion dollars.

According to CoinDesk, as the U.S. government debt continues to rise, investors are refocusing on scarce assets like Bitcoin and gold, viewing them as tools to hedge against the declining purchasing power of the dollar. Data from the U.S. Treasury shows that as of last Friday, the federal debt has reached a record $39.7 trillion. Market participants point out that U.S. government debt is currently increasing by about $7 billion per day, and in terms of market value, this incremental scale has surpassed most crypto assets.The founder of LondonCryptoClub stated that the rapid growth of U.S. debt is driving the so-called "currency devaluation trade," where investors buy limited-supply assets like gold and Bitcoin to mitigate the long-term devaluation risk of fiat currency. The institution believes that in a "fiscal-dominated" environment, Federal Reserve policy may be influenced by government financing needs, requiring interest rates to remain low while continuously providing liquidity to assist with debt refinancing.Apollo's chief economist Torsten Slok previously warned that the ratio of U.S. debt to GDP has exceeded 120%, leaving limited fiscal stimulus space during future economic recessions. At the same time, the Federal Reserve may find it difficult to cut interest rates significantly as it did in the past, since rate cuts could exacerbate inflation and lower government bond yields, affecting government financing. Currently, Bitcoin prices are maintaining above $65,000, supported by easing tensions between the U.S. and Iran and a drop in oil prices, leading to a rebound in market risk appetite.Meanwhile, Ethereum has recently outperformed Bitcoin, with the ETH/BTC exchange rate breaking through the 100-day and 200-day moving averages, leading the market to believe that altcoin trends may be warming up. However, analysts point out that since its inception in 2010, Bitcoin's price movements have more closely resembled those of tech stocks rather than traditional safe-haven assets, and its safe-haven properties remain controversial.