Hong Hao: The correction in AI stocks is far from complete, and the rotation of capital from overheated sectors to undervalued sectors has not yet ended.

According to Hyperinsight’s monitoring, the GOOGL bull address (0xC8b) disclosed last night continued to add to its position after the report. From 10 PM on July 22 to 4 AM today, it opened a total of 38,800 GOOGL long contracts, worth approximately $13.5578 million, at an average price of $349.28; it added about $2.8978 million to its position since the disclosure. After Alphabet’s earnings report was released, the whale began reducing its position at 5:43 AM today and closed all the aforementioned long positions 2 hours ago at $330.29, posting a loss of $737,000. Alphabet’s Q2 revenue rose 24% year-over-year, while Google Cloud revenue jumped 82% YoY; however, the company raised its full-year capital expenditure guidance from $180-$190 billion to $195-$205 billion, leading its stock to briefly turn negative in after-hours trading. As of press time, GOOGL contracts on Hyperliquid are trading at $334.27, down 4.34% on the day. The whale previously booked a profit of about $1.7178 million from its prior MU long positions. Currently, its only position has shifted back to MU: it holds 24,600 long contracts with 3x leverage, worth approximately $23.9561 million, at an average entry price of $977.60, with an unrealized loss of about $97,900 and a liquidation price of $354.91.

According to official announcements, Upbit will list o1 Exchange (O) trading pairs against the Korean won (KRW), Bitcoin, and USDT, with the launch scheduled for 3 PM local time on July 23.

CryptoQuant analyst Darkfost noted in a post that spot Bitcoin ETFs saw a net outflow of approximately $2.1 billion over the past 30 days. New demand from Strategy and other Bitcoin treasury firms has stayed near zero for several consecutive weeks. He estimated that monthly demand from such treasury companies peaked at around $6.6 billion in August 2025, when BTC traded at roughly $115,000. Now, with BTC at about $65,000, this related demand has largely vanished.

，据官方公告，Bitget 已上线 SHAZ（SharonAI）、SOFI（SoFi Technologies）、PENG（Penguin Solutions）3 只股票永续合约。上述合约均以 USDT 结算，支持最高 20 倍杠杆及 7×24 小时交易。截至目前，Bitget 股票合约共支持 246 只标的。更多详情可参阅 Bitget 官方平台。

According to on-chain analyst Ai Yi (Twitter handle @ai_9684xtpa), a swing trading address that netted $930,000 from swing trading 19,300 ETH in April launched a new round of swing trading 10 hours ago, opening a position of 2,657 ETH worth $5.14 million at an average price of $1,935.

，美银的牛熊指标已升至 9.6 点，为 2020 年 12 月以来的最高水平。这一指标目前处于 24 年来第三高水平，表明市场情绪极度乐观。该指标衡量股票和债券基金流入、对冲基金及基金经理股票持仓、信贷市场状况以及市场广度。分析指出，该指标最近的上升主要由基金经理现金配置推动，该配置环比下降 0.5 个百分点，至 3.6%，接近 13 年来最低水平。