Global equities extended their rally, with the S&P 500 market capitalization topping $70 trillion for the first time and the Nasdaq gaining 3.3%, while BTC remained range-bound near $64K. AI capex returned as the key pricing variable after SpaceX and AMD came under pressure despite strong headline numbers. On-chain, Ethereum issuance reform, Solana burn proposals, Circle earnings, institutional staking and tokenized deposits point to a market repricing cash flow, supply design and crypto infrastructure rather than risk appetite alone.
1. S&P 500 Tops $70T Market Cap as Nasdaq Gains 3.3%
The S&P 500 closed at 7,736.52, up 1.79%, with aggregate market value above $70 trillion for the first time; the Nasdaq rose 3.32% to 29,733.16. Gold gained 2.19% to $4,243.4, silver rose 3.08% to $62.1, and the U.S. 10-year yield eased to 4.609%. Equities, precious metals and rates all point to stronger risk appetite, but crypto has not fully followed.
Assets to watch: SPX500 NAS100 XAU
2. AI Capex Scrutiny Hits SpaceX and AMD
SpaceX reported around $15.8 billion in AI-related Q2 capex, above market expectations; despite better revenue, shares fell roughly 12% pre-market. AMD also beat expectations but dropped around 8% pre-market, showing investors are now focused on AI spending pressure on margins and free cash flow. The AI trade is moving from revenue excitement to ROI verification.
Assets to watch: SPCX AMD NVDA
3. BTC Holds Near $64K Despite Equity Records
BTC traded around $64,053, up only 0.36% over 24 hours, while the S&P 500 and Nasdaq set fresh highs. The Fear & Greed Index stayed at 27, BTC dominance was around 56.5%, and ETH consolidated near $1,867. Near term, capital still appears concentrated in equities and AI, with limited rotation into major crypto assets.
Assets to watch: BTC ETH
4. Circle Beat Supports Stablecoin Commercialization
Circle beat Q2 adjusted earnings expectations and rose about 10% pre-market. USDC circulation grew 19% year over year, on-chain transaction volume rose 151%, and the company raised FY26 revenue guidance; its Arc blockchain also received support from Wall Street institutions. Stablecoins are now being tested by volume, issuance and infrastructure revenue, not only regulation.
Assets to watch: CRCL ETH
5. ETH Zero-Issuance Proposal Reprices Staking Economics
Draft EIP-8361 proposes gradually burning validator payouts as the staking ratio rises, bringing consensus-layer net issuance to zero if 50% of ETH is staked. The current staking ratio is around 28%. If advanced, the proposal would strengthen ETH’s supply-tightening narrative, while its impact on validators, LSTs, lending and DeFi strategies needs monitoring.
Assets to watch: ETH AAVE
6. Solana Burn Proposal Could Tighten SOL Supply
Solana proposal SGP-0003 combines resource-fee reform with inflation adjustment. If passed, daily SOL burns could rise from roughly 650 SOL to 7,500-9,000 SOL. Some validators have shown early support. The market will watch whether this improves long-term supply-demand dynamics without weakening application-layer trading experience.
Assets to watch: SOL
7. Strategy Sells $105M BTC as Treasury Strategies Diverge
Strategy sold 1,638 BTC between July 27 and August 2, worth about $105 million, marking its third BTC sale of 2026. The company still holds 842,138 BTC and raised dollar cash reserves to $4 billion. Public-company crypto treasury strategies are diverging, with some raising cash buffers while others continue to lean into ETH or on-chain yield.
Assets to watch: BTC MSTR ETH
8. Coldcard Security Event Raises Wallet Trust Costs
The Coldcard device randomness flaw incident continued to unfold, with on-chain data showing significant BTC outflows from cold-storage addresses and value near $130 million. The event raises the importance of wallet security, device code audits, seed generation and migration processes, and may pressure BTC holder confidence in the short term.
Assets to watch: BTC
9. BNY Adds Staking as Wells Fargo Tests Tokenized Deposits
BNY Mellon partnered with Galaxy Digital to add institutional crypto staking to its digital asset custody platform. Wells Fargo plans to launch tokenized deposits, starting with USD-GBP settlement, joining JPMorgan and Citi in tokenized settlement infrastructure. Traditional finance is expanding from custody and settlement into on-chain yield and deposit tokenization.
Assets to watch: BTC ETH
10. Uniswap Teases pools.trade as Robinhood Chain Draws Attention
PANews reported that Uniswap teased pools.trade for launch around midnight Beijing time on August 6, with market expectations linking it to Robinhood Chain token issuance. If launched, Uniswap could extend from DEX trading into asset issuance, while Robinhood Chain gains more attention around liquidity and launch mechanics.
Assets to watch: UNI ETH HOOD
Market Snapshot
BTC: $64,053 | ETH: $1,867.35
Gold: $4,243.4 | Silver: $62.1
WTI: $76.01 | Brent: $80.27
S&P 500: 7,736.52 | Nasdaq: 29,733.16