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As of July 26, 2026, global financial markets are sending somewhat mixed signals. The US 10-year Treasury yield recorded 4.71%, and the 2-year Treasury yield recorded 4.37%, with a spread of 0.34%. This suggests that a high-interest rate environment continues. The dollar index remains strong at 120.5315, which could act as a potential downward pressure on risk asset markets.
In the US stock market, the S&P 500 rose slightly (+0.10%), but the technology-heavy NASDAQ 100 fell by -1.12%, showing differentiated movements. The VIX fear index remaining at a relatively high level of 21.44 indicates the possibility of increased market volatility and continued investor anxiety. This can be interpreted as the calm before the storm, ahead of the FOMC meeting and big tech earnings announcements.
The cryptocurrency market saw a total market capitalization of $228.35 billion and a 24-hour trading volume of $3.88 billion, showing overall stability. Bitcoin (BTC) rose +0.40% over 24 hours to $64,318.0, maintaining its dominance at 56.52%, reaffirming its central role in the market. Ethereum (ETH) rose +1.00% to $1,872.9, showing relative strength. However, the Fear & Greed Index, an investor sentiment indicator, recorded 26 (Fear), a slight decrease from 27 (Fear) the previous day, indicating that overall market sentiment remains subdued. Bitcoin spot ETFs experienced a net outflow of $240 million, implying the market's potential vulnerability to changes in institutional demand. Conversely, it is noteworthy that Ethereum spot ETFs halted a five-day streak of net inflows and turned to net outflows.
Looking at the supply and demand in major cryptocurrency futures markets, the BTC funding rate remained neutral at +0.0039%. Conversely, the ETH funding rate showed a negative value of -0.0019%, suggesting that Ethereum short position holders are paying some funding costs. This could be evidence that despite Ethereum's short-term rise, cautious perspectives still coexist among market participants.
Today, several altcoins showed significant upward momentum in the Binance USDT-M futures market. We will cross-analyze the movements of these assets using Open Interest (OI), trading volume, funding rates, and recent daily candle data to understand their characteristics and assess potential risks.
EULUSDT recorded an overwhelming increase of +87.85% in 24-hour volatility. The current price is $2.0353. The key point for this asset is that on the previous day, July 25, it surged by an astonishing +79.14% from an opening price of $1.0835 to a closing price of $1.941, accompanied by an explosive trading volume of $360.3 million. In contrast, as of today, July 26, it has recorded a +4.52% increase with a low trading volume of $2.9 million, indicating a slowdown in its upward momentum.
Open Interest (OI) is $6.2 million, which is relatively low compared to the large trading volume of the previous day. The funding rate is -0.0019%, indicating a negative value. This suggests that rather than long positions being overwhelmingly dominant and paying funding fees, it is possible that short positions were liquidated or new short entries were active. In other words, yesterday's surge might have been partly a short squeeze, alongside new long inflows. However, the significant decrease in today's trading volume and weakened upward momentum warrant caution.
ESPORTSUSDT is trading at $0.06467, recording a 24-hour volatility of +36.29%. This asset has shown a consistent upward trend over the past 7 days. Notably, it recorded high increases of +53.79% on July 21, +35.00% on July 23, +18.98% on July 24, and +37.77% on July 25, demonstrating strong trend-following upward movement. The 24-hour trading volume is $239.7 million, indicating active trading, and Open Interest (OI) is considerably high at $422.2 million.
The funding rate is +0.0427%, recording a high positive value. This means that long positions are overly concentrated, and short position holders are paying funding costs to long position holders. In other words, it suggests that market participants are strongly anticipating further increases and concentrating on long positions. However, today's daily candle for July 26 is down -1.42% with a low trading volume of $399K, so the possibility of a short-term correction due to fatigue should also be considered.
QUSDT is trading at $0.024451, recording a 24-hour volatility of +24.96%. This asset surged +24.83% on the previous day, July 25, with a trading volume of $13.0 million. However, as of today, July 26, it shows a negligible increase of +0.23% and an extremely low trading volume of $26K. This suggests that buying pressure has weakened and a wait-and-see attitude has deepened after yesterday's surge.
Open Interest (OI) remains high at $314.1 million, and the funding rate records a positive value of +0.0408%. The sharp drop in trading volume while OI remains high can be interpreted as existing long position holders maintaining their positions, but new buying inflows being low, or some profit-taking occurring while selling pressure has weakened. High OI in a low liquidity state can be a potential factor for increased volatility.
1000SHIBUSDT is trading at $0.004912, recording a 24-hour volatility of +17.46%. This asset also rose +17.07% on the previous day, July 25, accompanied by a trading volume of $292.0 million. Today's daily candle for July 26 shows a slight increase of +0.29% and a low trading volume of $361K, indicating weakened short-term upward momentum.
The most notable point is that Open Interest (OI) is very high at $6.6 billion. This means that large-scale leveraged positions for 1000SHIBUSDT have been established in the market. The funding rate remains positive at +0.0100%, indicating a dominant long position. While large OI and a positive funding rate can indicate the strength of an uptrend, they can also be a warning sign of market overheating. If a price correction occurs, there is a possibility of a sharp decline due to large-scale long position liquidations.
DEXEUSDT is trading at $4.491, recording a 24-hour volatility of +15.90%. This asset has shown extreme volatility over the past 7 days. After sharp drops of -83.63% on July 21 and -64.08% on July 23, it saw explosive rebounds of +159.72% on July 24 and +17.24% on July 25. The 24-hour trading volume is very high at $1.5 billion, but today's daily candle for July 26 is down -1.28% with a low trading volume of $645K, indicating a pause in buying interest.
Open Interest (OI) is relatively low at $5.5 million. Conversely, the funding rate shows an extreme negative value of -0.40%. This means that short positions are very strongly dominant, and long position holders are paying significant funding costs to short position holders. Such an extreme funding rate has the potential to trigger a strong short squeeze, but at the same time, the strong resistance from short positions makes a sustained rise less likely. This asset is extremely difficult to predict due to its high volatility.
SYNUSDT (+19.07%) saw a significant decrease in today's trading volume after a +19.21% surge yesterday, resulting in a slight decline (-0.06%). Open Interest (OI) is $58.3 million, and the funding rate is near neutral at +0.0001%. This suggests that after a short-term surge, buying pressure has exhausted, and it has entered a period of observation. BANKUSDT (+15.55%), AKEUSDT (+11.31%), CHILLGUYUSDT (+9.02%), and AVAXUSDT (+7.65%) also showed slight fluctuations after significant surges yesterday, with today's daily trading volume being significantly lower than the previous day, indicating short-term fatigue-induced correction or slowing buying interest.