Israeli Prime Minister Netanyahu will meet with US President Trump next Tuesday

Coinbase Institutional and Glassnode have released a report maintaining a neutral outlook for the cryptocurrency market in the third quarter of 2026. The total market value of the cryptocurrency market without stablecoins in the second quarter decreased by about 12%, and the supply of stablecoins reached a historical high. On chain data shows that Bitcoin is transitioning from a correction phase to an accumulation phase, with valuation compression, recent active supply approaching multi-year lows, and the proportion of profitable supply falling below historical statistics. The macro liquidity environment is tight, and Federal Reserve Chairman Kevin Walsh maintains a hawkish stance. The US dollar is strong, coupled with geopolitical risks, selling pressure from digital asset inventories, and net outflows from BTC/ETH spot ETFs in the first half of the year, overall caution is maintained.

Analyst @ nin_otrade pointed out that 6M-12M holders have recently transferred tokens to the exchange, and this group is undergoing asset rebalancing or reconfiguration. （CryptoQuant）

Senate Majority Leader John Thune has stated that the CLARITY Act may not be able to be passed before the summer recess, but hopes to initiate a full house review process at least before the recess. White House crypto adviser Patrick Witt believes that the Senate may still take action in the first week of August, but the likelihood of the bill receiving a final vote in July is low. （CoinDesk）

The Dow Jones Industrial Average rose 0.29%, the S&P 500 Index rose 0.28%, and the Nasdaq Composite Index fell 0.27%.

[The Correlation Between U.S. Capital Expenditure Giants and the Philadelphia Semiconductor Index Drops to Zero] According to the Kobeissi Letter, the 30-day correlation between the largest U.S. capital expenditure companies and the Philadelphia Semiconductor Index has approached zero, reaching its lowest point in at least 4.5 years. This marks a decline from 0.78 in April and is below the average level of 0.60 since 2022. Since early June, semiconductor stocks have risen, while the stock prices of major investors in AI infrastructure have weakened. Chip manufacturers have benefited from the growing demand for artificial intelligence, while hyperscale cloud service providers face market skepticism regarding the returns on their high capital expenditures. The core of AI-related trading has shifted from investment scale to profitability.