Bitcoin & Macro

The US 30-year Treasury yield fell 2 basis points to 5.27%, after climbing to 5.34% the prior session — near its highest level since 2007. The 10-year yield slipped 1 basis point to 4.69%. Gold hovered around $4,340 per ounce after its biggest one-day drop in nearly a month.

Brent crude rose for a fourth straight session, trading above $91.30 per barrel, with a 4.5% gain over the previous three days. Iran reportedly launched two ballistic missiles toward the UAE, its first known attack on the Gulf state since May, while the Strait of Hormuz situation remains unresolved.

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General manager Zhang Lifei, a former Huawei and Ericsson R&D engineer, built the system alone in his spare time over three months after the 2026 Spring Festival. The system covers feed management, cost allocation, slaughter processing and product pricing, with development costs totaling tens of thousands of yuan versus million-level quotes for traditional custom software.

He noted that with rates high and valuations stretched, external funding means equity or debt, and investors will ask whether the money can be earned back. The market turned fragile, and from June to July 2026 a full transmission chain played out — from macro and liquidity tightening to the industrial layer and finally high-leverage liquidation at the market level.

Fu said AI coding tools remain at the efficiency layer, not the application layer, and true enterprise-scale vertical applications are still missing. He cited data showing China's token usage is the world's largest, but coding accounts for only 15%. He described the current phase as a window period — once results appear, capital will return, similar to how ChatGPT in 2023 ended the prior drawdown.

Repurchased tokens remain locked on their original vesting schedule, so the program does not accelerate supply hitting the market. MON traded around $0.021, roughly 16% below the $0.025 public-sale price, with about 11.8 billion tokens circulating against a fully diluted value near $2.1 billion. Monad-based DeFi deposits climbed to about $895 million from roughly $360 million on July 2, an increase of almost 150% in about six weeks.

Analysts said bitcoin remains stuck between $62,000 and $65,000 and below key moving averages, leaving sellers in control of medium- and long-term trends. Publicly listed miners have cut combined computing power by 21% over three quarters as they redeploy capacity to AI infrastructure, according to Miner Weekly, which attributes the shift to weak mining economics and competition from the AI sector for capital and electricity.

WTI crude rose 2.00% to $84.05, Brent gained 2.82% to $91.02, after the US-Iran ceasefire memorandum expired Monday. President Trump said he would not extend the deal and threatened to bomb Oman if it blocked US control of the Strait of Hormuz, while an Iranian official told Reuters Tehran had shifted from defense to "full attack."

The 30-year yield rose 5 basis points to 5.31%, the highest since 2007, with the curve steepening sharply. Spot gold gained 0.88% to $4,415.31, breaking above $4,400.

Hyperliquid's HYPE was the standout performer, up over 3% to $59 and almost 9% on the week, the only major with a meaningful weekly gain. Dogecoin added almost 1% to 7 cents, tron under half a percent to just over 33 cents, and BNB slipped marginally to just over $604, flat on the week.

The macro backdrop turned friendlier without moving crypto. A Bloomberg gauge of the dollar slipped 0.1% toward a third straight decline, while MSCI's emerging-market currency index hit an intraday record. Swaps traders now put the chance of a Federal Reserve rate rise next month at around one in four, down from about 50% a week ago, after U.S. retail sales showed the sharpest monthly drop in more than a year.

Fund flows showed sharp divergence over the past week: tech funds saw their largest weekly outflow in seven weeks, gold posted its biggest weekly inflow since January, commodities are up 58.9% year-to-date, while Bitcoin is down nearly 28% this year. BofA flagged three constraints on the bull market: surging bond yields, cautious voters, and broadly long positioning.