This covers the Market Pulse between July 22 and July 29.
It’s been a dicey market over the past few weeks, and we remain in a choppy environment that's driving people to pull their hair out. In the meantime, the stock market has been experiencing a smaller drawdown, as people fear the possibility of rate cuts.
While the markets can still push down for a multitude of reasons, I mentioned that people were likely overreacting to the possibility of rate hikes, as the data didn’t support it as it stands.
Degen Sensei 🎲@DegenSensei
Data doesn't even support rate hikes People are overreacting
3:46 PM · Jul 28, 2026 · 1.07K Views
4 Likes
How I came to that conclusion (courtesy of BowTiedBull that made me check the calculations myself) is because cumulative inflation over the past 5 years has been stabilizing just below 30% and is likely something they would look at to determine whether there is an inherent need for a hike. Cumulative inflation is calculated by compounding the same month’s year-over-year inflation rates across years.
ETF flows have turned negative again, with the trading days between July 23 and July 28th seeing -$526.5M in ETF outflows. Momentum clearly stalling.
Uniswap fee switch going live debates
Hayden Adams 🦄@haydenzadams
Tons of FUD and misunderstanding around the v4 fee switch: "LP fees are getting reduced" - False. Protocol fees are additive, not subtractive. LPs earning 30bp per swap still earn 30bp "The protocol is taking 25% of LP profits" - Made-up math. On a 30bp pool the protocol fee is
8:37 PM · Jul 28, 2026 · 78K Views
99 Replies · 45 Reposts · 489 Likes
This is a damned if you do or damned if you don’t situation, as someone will bear the short end of the stick at the end of the day. However, this does not look good for LPs as it currently stands, which is the life and blood of the Uniswap ecosystem. The UNI token has been doing well going into the v4 fee switch launch, but it is worth tracking the LP health and TVL dynamics when it is fully functional.
Competitors such as Aerodrome and Curve will be watching it closely to be ready to pounce on any potential weakness. It’s also worth highlighting that these protocols are actively incentivized to keep talking negatively about Uniswap, so bear that in mind when you read their post.
What you can’t deny about Uniswap that these protocols lack is innovation and others willing to experiment on what they have built instead of blindly forking.
NVIDIA and others back open source AI
Jensen Huang@JensenHuang
For my first post, I’m sharing a letter @nvidia signed on why open models matter. AI will transform every industry, power every company, and be built by every country. Open models strengthen safety and cybersecurity, accelerate innovation and diffusion, and enable sovereignty.
1:18 PM · Jul 24, 2026 · 64M Views
16.2K Replies · 29.7K Reposts · 172K Likes
This is setting the stage for the largest narrative that crypto has been positioning for without any results until now for the past 4 years, which is open source / decentralized AI. There are a few protocols that are worth accumulating over the coming months as long as the market shows weakness, which might end up being a great opportunity.
Quantum threat being taken seriously
A Bitcoin Security Consortium has launched together with Strategy, Anchorage Digital, and BlackRock, among others, in order to fund development to prevent the looming dangers of the quantum threat for the crypto industry.
Meanwhile, Anthropic managed to find weaknesses in cryptographic algorithms through the use of Claude.
Anthropic@AnthropicAI
New Anthropic research: Discovering cryptographic weaknesses with Claude. Claude Mythos Preview has helped our researchers find weaknesses in cryptographic algorithms—the mathematical methods that are used to keep data private. Read more:
anthropic.com
Cryptanalysis with language models
5:16 PM · Jul 28, 2026 · 2.26M Views
383 Replies · 749 Reposts · 5.64K Likes
Large investments and the use of AI will both speed up the threat and make it possible to deal with it as soon as possible as well. But in an uncertain bear market, the fears will of course be larger than if BTC were surging, as that is just natural.
Except for BNB Chain bouncing, as it tends to do at the end of on-chain rallies, especially with summer coming to a close, volume has been deteriorating across the other chains.
Probably a good place to pick your spots and not force risky trades, as the environment isn’t there for that right now, even if we recently had a fun 2 weeks. While there will likely be bounces, which I will highlight in the next section on what I am looking for, upside likely remains capped due to BTC.
It’s time to research and identify what you want to hold in Q4 without stressing your self unecessarily.
With the continuous talk of the importance of open source AI and the TradFi AI trade slowing down, it is a great opportunity for some decentralized AI trades to shine in the short term.
TAO
Engy.AI is currently providing among the cheapest inference in the world and as the ecosystem has come through the prior negative events surrounding the Covenant AI event that now has left the network, Bittensor now seem to be stronger than ever before as it has gone through recent tokenomic changes as well.
Ning@totheagi
now it's live🔥 GLM-5.2 on RTX 5090s: 80-110 tok/s single stream, up from ~30. 3x faster overnight. come feel it: engy.ai
Ning @totheagi
hold my beer. dropping a GLM-5.2 opt today that pushes single stream to 80-90 tok/s.
6:33 PM · Jul 26, 2026 · 153K Views
46 Replies · 73 Reposts · 939 Likes
Tokenomic changes that allocate sources to the subnet that provides the most value and strips it away from value extractors; it’s still not perfect, but it’s a step in the right direction.
NEAR
Near has finally shipped what Ethereum promised for years, which is sharding, and the network has recently shipped quantum-safe signing as well.
It has been beaten up a lot over the past weeks but finally looks interesting for a bounce.
Uniswap V4 Hook ecosystem
Degen Sensei 🎲@DegenSensei
Uniswap V4 hooks have been marinating for over a year and is finally bringing on-chain experimentation back to Ethereum We have been lacking new things for a long time as the same tried and tested things have been repeated over and over again on different chains For the first
3:57 AM · Jul 30, 2026 · 329 Views
4 Likes
The tokens to watch in this ecosystem are mainly Fake World assets and Programmable ($V4).
Will cover these more in depth and their role for Ethereum in the weekend post. But as price might move aggressively in either direction, I’m mentioning them now briefly beforehand.
Bear in mind with all these trades and positioning that they are short-term views for now, as there is likely to be de-risking going into Jackson Hole.
I hope you enjoyed the post. Don’t forget that you are more than welcome to leave feedback or drop any questions in the comment section.
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