币股风向标丨Strategy现金储备增至32.3亿美元暂停增持BTC；先锋集团等资管机构增持Strategy股票（7月21日）
- 核心观点：当前全球资本市场面临高波动与风险偏好下降，AI泡沫担忧推动美股空头仓位创历史新高，加密概念股在监管真空下缺乏增量机会，同时比特币财库公司整体配置速度显著放缓。
- 关键要素：
- 美股空头仓位创新高：标普500空头比例达3.79%，罗素3000达6.3%，均创2010年以来最高，反映投资者对AI驱动的科技股持续性与市场高估值存疑。
- 美联储加息预期升温：美联储官员释放鹰派信号，市场对加息预期增强，叠加费城半导体指数较历史高点下跌超20%，科技股领跌大盘，资金风格切换明显。
- 加密概念股泡沫出清：场内活跃的头部玩家中，仅少数有持续募资或自我造血能力，短期内缺乏监管政策利好刺激，建议仅做短期反弹博弈。
- 上市公司BTC买入骤降：全球上市公司上周仅净买入133万美元BTC，环比减少98.4%，Strategy未购买BTC且现金储备增至32.3亿美元，整体配置动能减弱。
- ETH财库公司BitMine持续增持：BitMINE ETH持仓增至578万枚（占流通量4.8%），其加密资产及现金价值达115亿美元，上周回购550万股，显示对以太坊的长期信心。
- 部分机构逆势增持Strategy股票：先锋集团旗下VOE基金、Swedbank AB及Capital Group旗下ETF均增持MSTR股票，虽看空市场但仍看好其比特币财库策略。
- 山寨币财库表现低迷：HypeStrat本周未调整财库，其mNAV降至长期低点0.87倍，税后仅为0.80倍，显示DAT模式相关资产承压。
Editor's Note: In last week's "Crypto-Stock Barometer" article, we provided a brief commentary on markets including Korean stocks, US stocks, A-shares, and crypto-concept stocks.
Currently, affected by factors such as interest rate hikes, high leverage, and liquidity tightening, the Korean stock market remains in a period of high volatility risk. It may enter what analysts previously described as a "sideways decline" in the short term to squeeze out bubbles. The US stock market remains highly dependent on extreme geopolitical factors like the US-Iran situation and Trump's statements. ChangXin Memory Technologies' successful IPO did not serve as a catalyst for A-shares to stage an independent rally, and its pre-market price has already seen some decline, with the memory sector continuing to face pressure. In summary, the stock market is in a phase of aggressive deleveraging; do not increase loan or other leverage ratios to participate in capital securities market investments.
Regarding crypto-concept stocks, the DAT model, after a year of development, has largely completed its bubble purge. Among the active leading players still in the market, only a few have sustained fundraising capabilities or self-sustaining cash flow. Without favorable regulatory policy catalysts, it is difficult to see a turnaround in the short term. Among US compliant stocks like Circle, Coinbase, and Robinhood, only Robinhood has an incremental market. The cash flow generation and growth potential of the former two are extremely limited. It is recommended to invest cautiously, strictly control positions, and only engage in short-term rebound trades.
For more information on the crypto and stock markets, please refer to MSX.COM. (Note from Odaily: This content does not constitute investment advice and is for learning and communication purposes only.)
US Stocks Remain the Global Capital Market Bellwether: AI Bubble Sparks Short Bets, Rate Hike Expectations Reignite
Growing AI Bubble Worries Push US Stock Short Bets to Highest Since 2010
As concerns over risks related to artificial intelligence intensify, bearish bets on the US stock market by investors are climbing to historic highs, reflecting market skepticism about the sustainability of the current rally.
Data shows that short positions in S&P 500 index constituents, as a percentage of free float, have approached 3.79%, the highest level since S3 Partners began tracking the data in 2010. Meanwhile, the short interest ratio for Russell 3000 index constituents recently rose to 6.3%, also a record. Previously, since the end of March, the S&P 500 index had accumulated gains of about 18%, driving the market higher. However, some investors are beginning to worry about whether the AI-driven surge in tech stocks is sustainable and whether the market faces correction risks in a high-valuation environment.
Analysts point out that the significant increase in short positions not only reflects investor concerns about AI bubble risks, earnings expectations, and market concentration, but could also be an important signal of increased market volatility. However, historical data shows that high short interest levels do not necessarily mean an imminent market decline. If corporate earnings continue to improve or AI investments yield better-than-expected returns, short covering could conversely drive stocks higher.
Analysis: Rate Hike Expectations and Capital Rotation Weigh on US Tech Leaders
Last Friday, the three major US stock indices opened lower, with tech stocks falling across the board. The Philadelphia Semiconductor Index declined over 20% from its historical closing high, potentially confirming an entry into bear market territory. SK Hynix's ADR fell below its IPO price of $149 for the first time. SpaceX's stock price dropped 38% from its peak, wiping out approximately $1 trillion in market value. AMD fell over 7%, Intel dropped over 6%, and TSMC declined over 5%. Some analysts stated that the ongoing correction in chip stocks has transcended fundamental factors, being more influenced by capital style rotation and shifts in market preference.
Additionally, Fed Chair Warsh's dissatisfaction with inflation during his testimony amplified market expectations for rate hikes. Hawkish signals from other Fed officials also intensified market anxiety. Among them, US Logan explicitly called for a rate hike, while US Schmid warned that the risk of further inflation acceleration in the coming months persists. On the geopolitical front, the outlook for a US-Iran war remains uncertain, dampening market risk appetite.
Weekly Update on Listed Crypto-Related Companies
Representative Companies with BTC Treasury
According to SoSoValue data, as of 8:00 AM ET on July 20, 2026, the total net weekly BTC purchases by global listed companies (excluding mining companies) was $1.33 million, a 98.4% decrease compared to the previous week.
Official documents show that Strategy did not purchase Bitcoin last week. Strategy's USD reserves increased by approximately $225 million to about $3.23 billion.
Japanese listed company Metaplanet did not purchase Bitcoin last week.
Furthermore, one other 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 a $40 million funding round, with the proceeds used to purchase Bitcoin.
As of press time, the global listed companies (excluding mining companies) included in the statistics hold a total of 1,139,656 Bitcoins, an increase of 0.002% from last week. Their current market value is approximately $73.76 billion, representing 5.7% of Bitcoin's circulating market cap.
Expanding Investor Reach, Capital B Announces 1-for-10 Reverse Stock Split
BitcoinTreasuries.NET reported that Bitcoin treasury company Capital B ALCPB announced a 1-for-10 reverse stock split, effective September 8, to support institutional development and open its shares to a broader investor base.
BitcoinTreasuries.NET reported that listed company Bitcoin Japan Corporation (Stock Code: 8105.T) raised $60 million through convertible bonds and allocated $4.08 million for its initial BTC treasury purchase.
Bitcoin treasury startup ORANGE JUICE announced on July 15, 2026, the completion of a $40 million funding round. Grupo Salinas founder and chairman Ricardo Salinas served as the cornerstone investor, with participation from Bitcoin investors such as Jeff Booth and Lyn Alden.
ORANGE JUICE plans to acquire small businesses with annual cash flows between $1 million and $10 million, using part of its retained earnings for new acquisitions and Bitcoin purchases. The company stated it will rely less on debt and equity issuance, primarily funding growth through operating cash flow.
Ruben Zweiban will serve as Operating Partner responsible for daily operations. He previously worked as an investment banker at BofA Securities, an equity research analyst at JPMorgan Asset Management, and served as CIO for a multi-billion dollar private multi-family office. The company also plans to seek a public listing in the future.
Multiple Institutions Increase Holdings of Strategy Stock: Vanguard Group Fund, Swedbank AB, Capital Group's Growth ETF (CGGR)
Asset management giant Vanguard Group's Mid-Cap Value ETF VOE disclosed an increase of 83,093 shares of Bitcoin treasury company Strategy (MSTR), valued at $8.16 million. It currently holds a total of 2.12 million shares, valued at $209 million.
Swedbank AB, with $264 billion in assets under management, stated it increased its holdings of Bitcoin treasury company Strategy by 8,278 shares, bringing its total position to 90,590 shares, valued at $8.81 million.
Capital Group's Growth ETF (CGGR), managing $3.3 trillion in assets, disclosed an increase of 80,240 shares in Bitcoin treasury company Strategy (MSTR), valued at $7.78 million. Its total holdings now stand at 1.66 million shares, valued at $161.39 million. Capital Group is the world's largest active fund management company.
Representative Companies with ETH Treasury
Ethereum treasury company BitMine stated its ETH holdings have reached 5.78 million, accounting for approximately 4.8% of Ethereum's circulating supply, approaching its cumulative target of owning 5% of all ETH. The company added 7,430 ETH over the past week.
BitMine stated its crypto assets, cash, and salable securities are valued at $11.5 billion, including 207 Bitcoins and $385 million in cash and securities. Approximately 4.9 million of its ETH are staked via its validator network and partners, representing about 85% of its treasury.
BitMine also repurchased 5.5 million shares of stock over the past week under its previously authorized $4 billion buyback program. Earlier this month, BitMine stated 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.
Representative Companies with SOL Treasury
None.
Representative Companies with Altcoin Treasury
mNAV Drops to Long-Term Low, HypeStrat Makes No Adjustments to Company Treasury This Week
HyperliquidNews reported that DAT HypeStrat made no adjustments to its company treasury this week, purchasing neither Hyperliquid's native token nor PURR. Its mNAV has dropped to a long-term low, currently at 0.87x, and 0.80x after tax.
