Editor's Note: In last week's "Coin Stock Wind Indicator" article, we provided a brief commentary on the KOSPI, U.S. stocks, A-shares, and cryptocurrency concept stocks.
Currently, affected by interest rate hikes, high leverage, and liquidity tightening, the KOSPI market remains in a high volatility risk period, and may enter a "sideways decline" as analysts previously mentioned to squeeze out the bubble; the U.S. stock market still highly depends on extreme geopolitical factors such as the U.S.-Iran situation and Trump’s comments; the successful IPO of Changxin Storage has not become a catalyst for A-shares to break out into an independent trend, and its pre-market price has also faced some decline, with the memory sector continuing to be under pressure. In summary, the stock market is in a period of violent deleveraging, and one should not increase loan or other financing leverage ratios to participate in capital securities market investments.
Regarding cryptocurrency concept stocks, the DAT model has gone through a year of development and has basically completed the clearing of the bubble. Among the still active top players in the market, only a few have sustained fundraising ability or self-sustaining capacity, and without favorable regulatory policies in the short term, it is difficult to see a turnaround. Among U.S. compliant stocks such as Circle, Coinbase, and Robinhood, only Robinhood has an incremental market, while the first two have extremely limited self-sustaining ability and growth potential, suggesting cautious investment and strict position control, focusing only on short-term rebound speculation.
More information on the coin stock market can be found at MSX.COM. (Odaily Star 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 benchmark for the global capital market: AI bubble raises short positions, interest rate hike expectations resurface
AI bubble concerns heat up, U.S. short positions hit a new high since 2010
As concerns over the risks associated with artificial intelligence increase, investors' bearish bets on the U.S. stock market are climbing to historic highs, reflecting skepticism about the sustainability of the current upward trend.
Data shows that short positions in S&P 500 index constituent stocks account for nearly 3.79% of freely traded shares, hitting the highest level recorded by S3 Partners since they started tracking in 2010. At the same time, the short ratio for the Russell 3000 index constituents recently rose to 6.3%, also setting a new record. Previously, since the end of March, the S&P 500 index has risen about 18%, driving the market higher. However, some investors are beginning to worry about whether the rise of AI-driven tech stocks is sustainable and whether the market faces a correction risk in a high valuation environment.
Analysts point out that the significant increase in short positions currently reflects investors' concerns about the risks of an AI bubble, profit expectations, and market concentration, and may also become an important signal for increased market volatility. However, historical data shows that high short levels do not necessarily mean the market is about to decline; if corporate profits continue to improve or AI investments yield better-than-expected returns, short covering may conversely drive the stock market higher.
Analysis: Interest rate hike expectations coupled with funds switching, tech leaders lead the decline in U.S. stock indices
Last Friday, the three major U.S. stock indices opened lower, with tech stocks declining across the board. The Philadelphia Semiconductor Index has fallen over 20% from its historical closing high, likely confirming an entry into a bear market. SK Hynix's ADR has fallen below the issuance price of $149 for the first time, while SpaceX's stock price has dropped 38% from its peak, resulting in a market value loss of about $1 trillion from its peak. AMD fell over 7%, Intel dropped over 6%, and TSMC declined over 5%. Some analysts indicate that the ongoing correction of chip stocks has transcended the realm of fundamentals and is more influenced by style switches in capital and shifts in market preference.
Furthermore, Federal Reserve Chairman Waller's dissatisfaction with inflation during a hearing has intensified expectations for interest rate hikes, while other Fed officials released "hawkish" signals that have exacerbated market tension. Among these, U.S. Logan has explicitly called for interest rate increases; U.S. Schmidt warned that the risk of inflation accelerating further in the coming months remains. In terms of geopolitical situation, the prospects of U.S.-Iran conflict remain unclear, affecting market risk appetite.
Weekly Update on Coin Stock Listed Companies
BTC treasury listed company representative enterprises
According to SoSoValue data, as of 8 a.m. Eastern Time on July 20, 2026, the total net purchase of Bitcoin by global listed companies (excluding mining companies) was $1.33 million, a decrease of 98.4% compared to the previous week.
Official documents show that Strategy did not purchase Bitcoin last week. Strategy's dollar reserves increased by about $225 million to approximately $3.23 billion.
The Japanese listed company Metaplanet did not purchase Bitcoin last week.
Additionally, another company purchased Bitcoin last week. Asset management firm Strive announced on July 20 that it spent $1.15 million to buy 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 $40 million in financing, with the funds allocated for purchasing Bitcoin.
As of the time of this report, the total amount of Bitcoin held by the listed companies included in the statistics (excluding mining companies) is 1,139,656 Bitcoins, an increase of 0.002% from last week, with a current market value of approximately $7.376 billion, accounting for 5.7% of Bitcoin's circulating market value.
Investor coverage expands, Capital B announces a 10-for-1 reverse stock split
BitcoinTreasuries.NET reported that Bitcoin treasury company Capital B ALCPB announced a 10-for-1 reverse stock split, which will take effect on September 8, to support institutional development and open its shares to a broader investor group.
BitcoinTreasuries.NET reported that the listed company Bitcoin Japan Corporation 8105.T has raised $60 million through convertible bonds and allocated $4.08 million for its treasury to purchase BTC for the first time.
Bitcoin treasury startup ORANGE JUICE announced on July 15, 2026, that it has completed $40 million in financing, with Ricardo Salinas, founder and chairman of Grupo Salinas, serving as the cornerstone investor, along with Bitcoin investors such as Jeff Booth and Lyn Alden participating.
ORANGE JUICE plans to acquire small businesses with annual cash flow ranging from $1 million to $10 million, using some retained earnings for new acquisitions and to purchase Bitcoin. The company stated it will make less use of debt and equity issuance, primarily relying on the growth of operational cash flow.
Ruben Zweiban will serve as the operational partner responsible for daily operations, having previously served as an investment banker at BofA Securities, an equity research analyst at JPMorgan Asset Management, and chief investment officer of a private multi-family office with a billion-dollar scale. The company also plans to seek public listing in the future.
Multiple institutions increased their holdings in Strategy stock: funds under Vanguard Group, Swedbank AB, and Growth ETF (CGGR) under Capital Group
Asset management giant Vanguard Group’s Mid-Cap Value ETF VOE disclosed that it increased its holdings in Bitcoin treasury company Strategy MSTR by 83,093 shares, valued at $8.16 million; it currently holds a total of 2.12 million shares, valued at $209 million.
With assets of $264 billion, Swedbank AB reported that it has increased its holdings in Bitcoin treasury company Strategy stock by 8,278 shares, bringing its total holdings to 90,590 shares, valued at $8.81 million.
Managing $33 trillion in assets, Capital Group’s Growth ETF (CGGR) disclosed that it has increased its holdings in Bitcoin treasury company Strategy (MSTR) by 80,240 shares, valued at $7.78 million, and currently holds a total of 1.66 million shares, valued at $161.39 million. Capital Group is the world's largest actively managed fund management company.
ETH treasury listed company representative enterprises
BitMine's crypto assets, cash, and securities reach $11.5 billion, ETH holdings grow to 5.78 million
Ethereum treasury company BitMine stated that its ETH holdings have reached 5.78 million, accounting for about 4.8% of Ethereum's circulating supply, nearing its goal of holding 5% of all ETH cumulatively. The company has added 7,430 ETH in the past week.
BitMine stated that its crypto assets, cash, and available-for-sale securities total $11.5 billion, including 207 Bitcoins and $385 million in cash and securities. About 4.9 million ETH are staked through the validator network and partners, accounting for about 85% of the treasury.
BitMine also repurchased 5.5 million shares under a previously authorized $4 billion buyback plan in the past week. Earlier this month, BitMine revealed that its institutional staking platform MAVAN generated $45.7 million in staking and validation revenue in the three months ending May 31, accounting for 98% of the company's total revenue.
SOL treasury listed company representative enterprises
None.
Altcoin treasury listed company representative enterprises
mNAV drops to long-term low, HypeStrat did not adjust company treasury this week
HyperliquidNews reported that DAT HypeStrat did not adjust its company treasury this week and did not purchase Hyperliquid’s native token or PURR; its mNAV has fallen to a long-term low, currently at 0.87 times, post-tax at 0.80 times.
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