Stock Market Overview
U.S. Market Overview
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Performance of the Three Major Indexes: On August 7, the S&P 500 rose 0.60% to close at a record high of 7,757.64. The Dow Jones Industrial Average gained 0.30% to 54,036.93, while the Nasdaq Composite advanced 1.30% to 26,690.62. For the week, the S&P 500, Dow, and Nasdaq gained 3.6%, 3.0%, and 5.2%, respectively.
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Sector Performance: Technology stocks led the gains, with Nvidia rising 2.3% and Broadcom gaining 1.7%. Airbnb surged 17.4% after reporting better-than-expected earnings and revenue. The 10-year U.S. Treasury yield fell from 4.67% before the employment report to 4.64%, easing valuation pressure on growth stocks. Brent crude rose 1.3% to $83.55 per barrel.
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Major Announcements and Economic Data: U.S. nonfarm payrolls fell by 23,000 in July, significantly missing market expectations, while the figures for May and June were revised downward by a combined 103,000. The weak employment report reduced pressure for further rate hikes but also heightened concerns over economic growth. Markets will next focus on the CPI report on August 12, PPI data on August 13, and retail sales figures on August 14.
Hong Kong Market Overview
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Market Close: On August 7, the Hang Seng Index rose 0.54% to 25,668.03, trading within a range of 25,393.13 to 25,669.52 during the session. The Hang Seng Tech Index rose 0.78% to 4,858.29 points.
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Southbound Capital Flows: Southbound investors recorded total net selling of approximately HKD 778 million on August 7, with total turnover reaching around HKD 128.25 billion. Shanghai–Hong Kong Stock Connect recorded net buying of approximately HKD 571 million, while Shenzhen–Hong Kong Stock Connect posted net selling of about HKD 1.35 billion. At the individual-stock level, MINIMAX-W, WuXi Biologics, and Kingboard Laminates received net purchases of approximately HKD 2.23 billion, HKD 778 million, and HKD 634 million, respectively. Tencent and Alibaba-W recorded net selling of approximately HKD 2.19 billion and HKD 1.68 billion.
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Sector Performance: Large-cap blue chips supported a modest advance in the Hang Seng Index, while internet technology and semiconductor stocks remained divided. Volatility across global chip stocks continued to limit a broader recovery in risk appetite toward the technology sector.
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Major Announcements and IPO Developments: No confirmed major new listings were identified during the session. Near-term market attention remains focused on the earnings of major platform companies, changes in global interest rates, and demand for technology hardware.
South Korean Market Overview
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Market Close: On August 7, the KOSPI fell 0.60% to 6,258.77, while the KOSDAQ declined 0.36% to 798.81. The KOSPI extended its losses after falling 4.58% in the previous session, with market volatility remaining elevated.
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Foreign and Institutional Capital Flows: Foreign investors sold a net KRW 865.1 billion of KOSPI-listed shares on August 7, while institutions and retail investors purchased a net KRW 585.4 billion and KRW 267.5 billion, respectively. In the KOSDAQ market, foreign and institutional investors recorded net sales of approximately KRW 252.2 billion and KRW 104.4 billion, while retail investors purchased a net KRW 340.2 billion. Foreign investors reduced exposure across both markets, but institutional buying provided support to the KOSPI, while retail capital primarily offset selling pressure in the KOSDAQ.
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Heavyweight Sector Performance: Samsung Electronics rose 0.22% to KRW 231,000, while SK Hynix fell 4.88% to KRW 1,422,000. Major semiconductor stocks diverged, with SK Hynix emerging as one of the main drags on the KOSPI.
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Major Announcements: The market decline was not driven by any single corporate announcement. It more closely reflected continued volatility in global AI hardware valuations, profit-taking in semiconductor heavyweights, and adjustments to previously leveraged positions. Key areas to monitor include HBM demand, AI capital expenditure, and risk controls for leveraged products.
Crypto Market Overview
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BTC (-0.07% | Current Price: 65,088.4 USDT): BTC traded in a narrow range around $65,000, with its hourly RSI at 40.18. The price remained below the EMA7 and EMA30 but above the EMA120 and EMA200. The hourly moving-average structure remained bullish, while the four-hour and daily structures were neutral. The three-day composite technical signal remained bullish. Futures open interest stood at approximately $48.84 billion, up 1.10% over the past 24 hours, with a long/short ratio of around 1.11. The first support zone lies between $64,690 and $64,730, with further support near $64,530. Resistance is concentrated between $65,030 and $65,380. U.S. spot BTC ETFs recorded net inflows of approximately $98.85 million on August 7.
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ETH (-0.53% | Current Price: 1,921.38 USDT): ETH underperformed BTC, with its hourly RSI at 37.01. The price traded below the EMA7, EMA30, and EMA120 but remained slightly above the EMA200. The four-hour moving-average structure remained bullish, the daily structure was neutral, and the three-day composite signal remained bullish. Futures open interest stood at approximately $25.65 billion, down 2.09% over the past 24 hours, with a long/short ratio of around 1.34. The main support zone lies between $1,903 and $1,912, while the first resistance zone is between $1,919 and $1,938. U.S. spot ETH ETFs recorded net inflows of approximately $49.60 million on August 7.
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Altcoins: The total crypto market capitalization stood at approximately $2.28 trillion, up 0.4% over the past 24 hours. BTC dominance was 58.91%, while the Altcoin Season Index stood at 40. The Fear and Greed Index was 39, remaining in the “Fear” zone. Solana ecosystem meme tokens, BNB Chain meme assets, and AI-powered educational applications were relatively active. However, leverage and trading concentration increased rapidly across several trending tokens, raising short-term volatility risks.
Trending Crypto Tokens
QKA Qkacoin (+90.07%, Circulating Market Cap: Approximately $16.54 Million)
According to Gate market data, QKA was trading at 0.6896 USDT, up 90.07% over the past 24 hours. QKA is a meme token within the Solana ecosystem, although currently verifiable information about its functionality and ecosystem remains limited.
The rally appears to have been driven primarily by short-term capital flows into a low-market-cap meme asset. QKA’s trading volume and liquidity remained limited over the past 24 hours, meaning that relatively small trades could cause substantial price movements. Its hourly RSI stood at approximately 64.17, while the real-time price was already approaching its intraday high, increasing the risks of a pullback and elevated slippage.
MUBARAK Mubarak (+77.28%, Circulating Market Cap: Approximately $23.81 Million)
According to Gate market data, MUBARAK was trading at approximately 0.02847 USDT, up 77.28% over the past 24 hours. MUBARAK is a BNB Chain ecosystem meme token whose name conveys the meanings of “celebration” and “good fortune.”
The rally reflected renewed interest in BNB Chain meme assets. Its hourly RSI reached approximately 71.45, entering overbought territory. Derivatives open interest stood at around $31.18 million, up approximately 201.84% over the past 24 hours, while the long/short ratio was about 1.57. Rapid leveraged inflows accompanied the price increase, significantly raising short-term crowding risks.
TUT Tutorial (+55.03%, Circulating Market Cap: Approximately $192 Million)
According to Gate market data, TUT was trading at approximately 0.18745 USDT, up 55.03% over the past 24 hours. Tutorial is a BNB Chain project that combines AI agents with blockchain education, using structured tutorials to help users learn about cryptocurrencies and on-chain applications.
TUT’s rally was driven by interest in AI education, rotation within the BNB Chain ecosystem, and derivatives capital. Its hourly RSI stood at approximately 71.45. Futures open interest reached around $226 million, up 29.46% over the past 24 hours, while funding rates remained notably elevated. TUT traded within an exceptionally wide range of 0.0800 to 0.3114 USDT during the period, highlighting significant risks from leveraged crowding and forced liquidations.
Alpha Insights
BTCPay Server Restricts Remote LND Connections After Vulnerability Leads to Stolen Funds
BTCPay Server temporarily restricted public remote connections to LND Lightning Network nodes. Attackers may have exploited a critical vulnerability to obtain node credentials and transfer funds. The number of affected nodes and the total amount stolen have not yet been disclosed.
The upcoming BTCPay Server 2.4.2 release will update LND and regenerate macaroon credentials for standard installations. The incident demonstrates that self-hosted payment infrastructure still requires strict controls over remote access, credential rotation, and node isolation. Controlling private keys alone is not sufficient to eliminate application-layer and authorization credential risks.
TUT’s Extreme Volatility Exposes Crowded Derivatives Positioning
TUT rose by more than 55% over the past 24 hours, accompanied by a substantial increase in intraday volatility. Futures open interest climbed to approximately $226 million, while derivatives trading volume far exceeded spot volume and funding rates rose to elevated levels.
This structure suggests that the rally was driven not only by spot demand but also by leveraged capital and short covering. When prices become disconnected from underlying spot liquidity, changes in funding rates, concentrated positioning, and liquidation cascades can amplify volatility in both directions. For trending small-cap tokens, the ratio of open interest to spot market depth may be more informative than the price increase alone.
More Than 100 Crypto Projects Have Shut Down This Year as the Industry Shakeout Accelerates
An industry report estimated that more than 100 crypto projects have shut down, filed for bankruptcy, or permanently ceased operations since the beginning of 2026. The affected projects span trading platforms, wallets, DeFi protocols, NFTs, and Layer 1 networks. Several long-running platforms and infrastructure projects announced their exits in late July alone.
The wave of shutdowns indicates that the crypto industry is shifting away from an expansion model dependent on fundraising and token incentives toward competition centered on genuine revenue, user retention, and security capabilities. Capital and users may become increasingly concentrated among leading protocols, although greater concentration could also create more pronounced platform and systemic risks.
References
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Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.
