币股風向標丨Strategy現金儲備增至32.3億美元暫停增持BTC；先鋒集團等資管機構增持Strategy股票（7月21日）
- 核心觀點：當前全球資本市場面臨高波動與風險偏好下降，AI泡沫擔憂推動美股空頭倉位創歷史新高，加密概念股在監管真空下缺乏增量機會，同時比特幣財庫公司整體配置速度顯著放緩。
- 關鍵要素：
- 美股空頭倉位創新高：標普500空頭比例達3.79%，羅素3000達6.3%，均創2010年以來最高，反映投資者對AI驅動的科技股持續性與市場高估值存疑。
- 聯準會升息預期升溫：聯準會官員釋出鷹派訊號，市場對升息預期增強，疊加費城半導體指數較歷史高點下跌超20%，科技股領跌大盤，資金風格切換明顯。
- 加密概念股泡沫出清：場內活躍的頭部玩家中，僅少數有持續募資或自我造血能力，短期內缺乏監管政策利好刺激，建議僅做短期反彈博弈。
- 上市公司BTC買入驟降：全球上市公司上週僅淨買入133萬美元BTC，較前週減少98.4%，Strategy未購買BTC且現金儲備增至32.3億美元，整體配置動能減弱。
- ETH財庫公司BitMine持續增持：BitMINE ETH持倉增至578萬枚（占流通量4.8%），其加密資產及現金價值達115億美元，上週回購550萬股，顯示對以太坊的長期信心。
- 部分機構逆勢增持Strategy股票：先鋒集團旗下VOE基金、瑞典銀行（Swedbank AB）及資本集團（Capital Group）旗下ETF均增持MSTR股票，雖看空市場但仍看好其比特幣財庫策略。
- 山寨幣財庫表現低迷：HypeStrat本週未調整財庫，其mNAV降至長期低點0.87倍，稅後僅為0.80倍，顯示DAT模式相關資產承壓。
Editor's Note: In last week's "Crypto-Stock Market Guide" article, we provided a brief commentary on markets including Korean stocks, US stocks, A-shares, and crypto-related stocks.
Currently, due to 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 such as the US-Iran situation and Trump's statements. ChangXin Memory Technologies' successful IPO did not act as a catalyst for A-shares to forge an independent trend, 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 period of violent deleveraging; do not increase loan or other financing leverage ratios to participate in capital securities market investments.
Regarding crypto-related stocks, the DAT model, after a year of development, has largely completed its bubble cleansing. Among the active major players still in the market, only a few have sustained fundraising capabilities or self-sustaining profitability. 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 former two have very limited self-sustaining capability and growth space. It is recommended to invest cautiously, strictly control positions, and only engage in short-term rebound trading.
For more information on crypto and stock markets, please refer to MSX.COM. (Odaily Note: This content does not constitute investment advice and is for learning and exchange purposes only.)
US Stocks Remain Global Capital Market Benchmark: AI Bubble Sparks Short Bets, Rate Hike Expectations Reignite
AI Bubble Concerns Intensify, Short Bets on US Stocks Hit Highest Since 2010
As concerns over risks related to artificial intelligence intensify, bearish bets against US stocks by investors are climbing to historic highs, reflecting market skepticism about the sustainability of the current rally.
Data shows that short positions as a percentage of free float for S&P 500 constituents have neared 3.79%, the highest level since S3 Partners began tracking in 2010. Meanwhile, the short interest ratio for Russell 3000 constituents recently rose to 6.3%, also a record high. Previously, the S&P 500 had accumulated a gain of about 18% since late March, driving the market higher. However, some investors are beginning to worry about the sustainability of the tech stock rally driven by AI and the risk of a market correction in a high-valuation environment.
Analysts point out that the significant increase in short positions not only reflects investor concerns over AI bubble risks, earnings expectations, and market concentration but could also be a key 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 stock prices further upward.
Analysis: Rate Hike Expectations and Fund Rotation Lead Tech Giants to Drag Down US Market
Last Friday, the three major US stock indexes opened lower, with tech stocks broadly declining. The Philadelphia Semiconductor Index fell over 20% from its historical closing high, on track to confirm entry into bear market territory. SK Hynix ADR broke below its IPO price of $149 for the first time, and SpaceX's stock price fell 38% from its peak, with its market cap poised to evaporate about $1 trillion from its peak. AMD dropped over 7%, Intel fell over 6%, and TSMC declined over 5%. Some analysts stated that the ongoing correction in chip stocks has moved beyond fundamental factors and is more influenced by fund style rotation and shifts in market preference.
Additionally, Federal Reserve Chair Walsh's dissatisfaction with inflation during hearings increased market expectations for rate hikes, while "hawkish" signals from other Fed officials also exacerbated market tension. Among them, US Logan explicitly called for a rate hike; US Schmid warned that the risk of further inflation acceleration in the coming months persists. On the geopolitical front, the prospects of a US-Iran war remain uncertain, dampening market risk appetite.
Weekly Update on Listed Company Dynamics in Crypto and Stock Markets
Representative BTC Treasury Listed Companies
According to SoSoValue data, as of 8:00 AM Eastern Time on July 20, 2026, the total net Bitcoin purchases by global listed companies (excluding mining companies) last week amounted to $1.33 million, a decrease of 98.4% compared to the previous week.
According to official documents, 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.
Additionally, one other company purchased Bitcoin last week. Asset management firm Strive announced on July 20 that it spent $1.15 million to purchase 21 Bitcoins at a price of $63,221, bringing its total holdings to approximately 19,921 BTC.
Capital holding company ORANGE JUICE announced the completion of a $40 million financing round, with proceeds to be used for purchasing Bitcoin.
As of press time, the total Bitcoin holdings of global listed companies (excluding mining companies) in the statistics amount to 1,139,656 BTC, an increase of 0.002% compared to last week, with a current market value of approximately $73.76 billion, representing 5.7% of Bitcoin's circulating market cap.
Expanding Investor Coverage, Capital B Announces 1-for-10 Reverse Stock Split
BitcoinTreasuries.NET stated that the Bitcoin treasury company Capital B ALCPB announced a 1-for-10 reverse stock split, effective September 8, to support institutional development and open its stock to a broader investor base.
BitcoinTreasuries.NET stated that the listed company Bitcoin Japan Corporation 8105.T has raised $60 million through convertible bonds and allocated $4.08 million for its first BTC purchase for its treasury.
Bitcoin treasury startup ORANGE JUICE announced on July 15, 2026, the completion of a $40 million financing round, with Grupo Salinas founder and chairman Ricardo Salinas serving as a cornerstone investor. Bitcoin investors including Jeff Booth and Lyn Alden also participated.
ORANGE JUICE plans to acquire small businesses with annual cash flows between $1 million and $10 million, using a portion of retained earnings for new acquisitions and Bitcoin purchases. The company stated it will rely less on debt and equity issuance, primarily growing through operating cash flow.
Ruben Zweiban will serve as Operating Partner responsible for day-to-day operations. He previously worked as an investment banker at BofA Securities, an equity research analyst at JPMorgan Asset Management, and served as Chief Investment Officer for a 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 Funds, 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 now holds a total of 2.12 million shares, worth $209 million.
Swedbank AB, with $264 billion in assets under management, stated it has increased its holdings of Bitcoin treasury company Strategy by 8,278 shares, bringing its total position to 90,590 shares, worth $8.81 million.
Capital Group, managing $3.3 trillion in assets, disclosed via its Growth ETF (CGGR) an increase of 80,240 shares of Bitcoin treasury company Strategy (MSTR), valued at $7.78 million. It now holds a total of 1.66 million shares, worth $161.39 million. Capital Group is the world's largest active fund management company.
Representative ETH Treasury Listed Companies
Ethereum treasury company BitMine stated its ETH holdings have reached 5.78 million, representing approximately 4.8% of Ethereum's circulating supply, nearing its cumulative target of holding 5% of all ETH. The company added 7,430 ETH over the past week.
BitMine stated that its crypto assets, cash, and marketable 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 through a validator network and partners, accounting for about 85% of its treasury.
BitMine also repurchased 5.5 million shares 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 SOL Treasury Listed Companies
None.
Representative Altcoin Treasury Listed Companies
mNAV Falls to Long-Term Low, HypeStrat Makes No Adjustments to Company Treasury This Week
HyperliquidNews stated that DAT HypeStrat did not adjust its company treasury this week, purchasing neither Hyperliquid's native token nor PURR; its mNAV has fallen to a long-term low, currently at 0.87x, and 0.80x after tax.
