Trading activity in the crypto market is clearly cooling down.
Compared with the end of 2024, major exchanges’ Bitcoin spot trading volumes have dropped significantly, and on some platforms, trading activity has fallen back to the late period of the 2023 bear market.
Price increases and market activity don’t necessarily move in sync.
As liquidity declines, market volatility may be amplified further.
Next, what Bitcoin may truly face might not be the price—but whether capital is willing to return.
The Hang Seng Index and the Tech Index inched up, but the market’s internal conditions were far from calm.
The storage chip sector underwent a clear adjustment, with some related stocks seeing their losses widen; meanwhile, AI large-model concept stocks also pulled back.
The index isn’t down doesn’t mean the market has no pressure.
Now, capital is reassessing the valuation and expectations of the AI industrial chain. What we’ll be looking at next isn’t the story, but who can truly deliver on performance.
The 60-day correlation between the Korea KOSPI Index and the Nasdaq 100 has recently risen to about 0.50, the highest level since 2021.
What does this mean?
In the past, investors could diversify risk by allocating to both US stocks and Korean stocks. But now, their movements are becoming increasingly synchronized, and the effectiveness of risk hedging may be declining.
Global markets are becoming more and more “in sync,” which is both an opportunity and a new risk for investors.
🕒 Analysis time: 2026-07-28 08:44 (UTC+8) 🔹 BTC Current price: 63,642 1-hour timeframe continuation: a sell-off breaks below key levels. The price strongly breaks through the previous low at 63,666 and then further drops to a low of 63,461.2. The Supertrend indicator remains in red, with bearish pressure (around 64,778). For the auxiliary indicators, the MACD accelerates downward away from the zero line (DIF: -235.1, DEA: -64.5). The red bearish momentum bars (-170.7) have expanded sharply, indicating that market panic and selling pressure are still being released. In the short term, the downtrend searching-for-a-bottom phase has not yet shown a clear sign of bottoming or stabilization. Reference probability:
🕒 Analysis Time: July 27, 2026 20:46 (UTC+8) 🔹 BTC Current Price: 65,023 On the 1-hour timeframe, after breaking up to the 65,722 peak, there has been a notable pullback. The current price is testing the Supertrend dynamic support level (around 64,827) to the downside. The chart indicators show a clear technical pullback signal: the MACD’s two lines form a death cross above the zero axis (DIF: 147.7, DEA: 187.1), and the short momentum histogram (-39.4) begins to expand, indicating that sell pressure from short-term profit-taking is fairly evident. After a sharp rally, the upward move pauses and the market enters a critical support-testing phase. Reference Probability: