Bitunix Token Pulse Weekly Report: Escalation of US-Iran Conflict Limits Rebound in Crypto Assets and Stocks, ZAMA Surges 57% Against the Trend
Statistical Period: July 18, 2026 – July 24, 2026
Data as of: July 24, 2026
Market Overview: Escalation of US-Iran Conflict Fuels Risk Aversion, Rising US Treasury Yields Pressure Risk Assets
At the beginning of this week, global financial markets experienced a brief rebound, with the crypto market recovering in tandem. BTC briefly surpassed $66,000. However, as tensions between the US and Iran escalated again, market risk appetite weakened rapidly. The increasing possibility of further escalation in the Iran conflict pushed international oil prices higher, while concerns over renewed inflationary pressure intensified, driving US Treasury yields sharply upward.
Affected by shifting expectations surrounding monetary policy, the US Treasury market came under pressure. The two-year Treasury yield, which is highly sensitive to Federal Reserve policy expectations, rose by approximately 4 basis points on Thursday to around 4.34%, reaching its highest level since early 2025. The bond market began repricing the Federal Reserve’s future policy path, with some market participants even expecting the Fed could potentially resume rate hikes as early as next week.
Against the backdrop of renewed expectations for higher interest rates, both US equities and crypto assets faced pressure, while market risk aversion increased significantly. Although geopolitical factors may continue to contribute to market volatility in the short term, investors should continue monitoring Federal Reserve policy developments, inflation trends, and the impact of global risk events on capital flows. The Bitunix Token Pulse Weekly Report will continue tracking the performance of the top 300 tokens by market capitalization listed on Bitunix, while also monitoring trends in popular US stock contract markets to provide investors with market insights and strategic references.
Crypto Asset Performance Review: Lack of Clear Market Narrative, DEXE Experiences a Sharp Decline
Affected by the escalation of the US-Iran conflict, the rebound momentum of major crypto assets failed to continue this week. BTC retreated after briefly testing $66,000, while ETH also failed to establish a firm position above the $1,900 level, indicating a decline in overall market risk appetite.
From this week’s top gainers, rising tokens covered multiple sectors including Meme, AI, and DeFi, with no clear market narrative emerging. Capital rotation remained the dominant feature of the market. On the downside, DEXE, which had appeared on the weekly gainers list for multiple consecutive weeks, experienced a significant correction this week. Previous reports noted that DEXE currently has relatively limited publicly available fundamental data, and its price performance has been heavily influenced by market capital flows. Investors should continue monitoring price volatility and maintain proper risk management.
Weekly Top Gainers: ZAMA Leads Rally as Privacy Sector Gains Market Attention
The overall small-cap token market continued to lack strong upward momentum this week, with ZAMA being the only token to record a weekly gain of more than 50%. Driven by increasing market interest in privacy-focused blockchain solutions, ZAMA delivered an outstanding performance and became the leading gainer of the week.
Meanwhile, KAITO continued its strong momentum from last week, rising another 19.21% this week and maintaining strong market attention. Among other gainers, DeFi-related tokens including MET, JTO, and ENA all recorded gains exceeding 10%, outperforming the broader market average.
Data Source: Bitunix Note: Price and performance data were collected at 1:00 AM UK time (UTC+0).
Weekly Top Losers: DEXE Drops More Than 95%, Highlighting Liquidity Risks in Small-Cap Tokens
Most tokens did not experience significant declines this week. However, DEXE, which had previously appeared multiple times among the top gainers, suffered a sharp correction with a decline of more than 95%.
The primary reason remains the relatively weak liquidity conditions in the small-cap token market. When large selling pressure emerges, it can easily trigger cascading sell-offs and result in a rapid price collapse. In addition, several tokens including TIA, BONK, and CHZ recorded declines of more than 10% this week. Small-cap token performance remains highly dependent on capital inflows and market attention. Without sustained buying pressure, price rallies are difficult to maintain. Investors should remain aware of the associated liquidity risks.
Data Source: Bitunix Note: Price and performance data were collected at 1:00 AM UK time (UTC+0).
Featured Token Analysis: ZAMA — A Privacy Computing Infrastructure Project
ZAMA is a blockchain infrastructure project focused on privacy computing, aiming to address the conflict between blockchain transparency and data privacy protection through fully homomorphic encryption technology. Its core technology, fhEVM, enables smart contracts to perform computations on encrypted data, allowing developers to build applications such as privacy-preserving transactions, DeFi, AI, and on-chain identity management while maintaining data confidentiality. Beyond providing privacy computing infrastructure, ZAMA is also committed to promoting the adoption of encryption technology within the Web3 ecosystem, enabling blockchain networks to enhance data security and expand application scenarios while maintaining decentralization and verifiability.
ZAMA Technical Analysis Over the Past Week: Pullback After Sharp Rally, $0.048 Becomes Key Support Level
The ZAMA token officially completed its TGE and began trading in February 2026. Following its launch, the price quickly climbed to around $0.044. However, as the broader crypto market entered a correction cycle, ZAMA also weakened, reaching a low near $0.02. On July 20, ZAMA initiated its first major upward move. The RSI briefly exceeded 90, with the token price rising from $0.035 to $0.040 within just five hours. On July 23, ZAMA entered a second wave of gains, with RSI rapidly increasing from 13 to 78, while the price broke above the $0.049 level from around $0.041.
From a technical indicator perspective, ZAMA’s current trend is difficult to evaluate solely through the one-hour MACD indicator, mainly because the rally has lasted for an extended period and short-term indicators are easily affected by intraday volatility. Compared with the one-hour timeframe, the four-hour MACD provides a clearer view of medium-term trend changes and can better capture potential “golden cross” or “death cross” signals. Following its rapid price increase, ZAMA has entered a high-level consolidation phase. The $0.048 area may become an important short-term support zone. Going forward, investors should continue monitoring trading volume changes and market capital flows.
Data Source: Bitunix
ZAMA Fundamental Analysis: TVS Exceeds $46 Million, Demand for Privacy Computing Continues to Grow
As an infrastructure project focused on crypto privacy, one of the key metrics for measuring the adoption of the ZAMA Protocol ecosystem is TVS (Total Value Shielded). Currently, ZAMA Protocol’s TVS is approximately $46 million, including crypto assets such as cWETH, cUSDT, and cXAUt. These assets are protected through ZAMA’s privacy computing services, enhancing the security and privacy of on-chain assets.
As of July 24, ZAMA’s market capitalization was approximately $130 million, with a market cap-to-TVS ratio of around 2.34. This metric can serve as a reference for evaluating market adoption of ZAMA’s privacy computing network and the valuation level of its token.
Source: ZAMA
ZAMA Product Development Analysis: Confidential RFQ Privacy Protocol Enters Private Testing on Ethereum Mainnet
On July 23, ZAMA Protocol launched Confidential RFQ (Confidential Request for Quote), a privacy-preserving trading protocol that has entered the private testing phase on the Ethereum mainnet. The protocol aims to address issues faced by large-scale capital during on-chain trading, including privacy leakage, MEV (Maximal Extractable Value), and front-running. Traditional on-chain transactions expose information such as transaction size, trading direction, and asset details. As a result, institutional investors often rely on OTC markets or dark pools for large transactions to prevent their trading intentions from being identified in advance and affecting execution prices. ZAMA Confidential RFQ introduces a fully on-chain, composable privacy-preserving RFQ mechanism, keeping transaction size, buy/sell direction, and quotation information encrypted throughout the trading process, providing institutions with a more secure and efficient on-chain trading environment.
Confidential RFQ operates based on the ERC-7984 privacy token standard. The transaction process mainly consists of four stages: encrypted submission of trading intentions, blind quotations from market makers, smart contract selection of the optimal quote, and on-chain settlement completion. The current test version supports trading pairs including cUSDT/cUSDC and cZAMA/cUSDC, with future plans to expand support to more stablecoins, tokens, RWAs, and tokenized stocks. ZAMA’s token price increased by more than 50% over the past week, and the market generally believes that the launch of the Confidential RFQ privacy trading protocol may have been one of the key catalysts behind the recent price rally.
Data Source: X
Is It Too Late to Buy ZAMA Now?
From a technical perspective, ZAMA has established relatively strong support around the $0.048 level. As one of the leading privacy computing protocols, ZAMA Protocol has relatively strong fundamental support. Based on the candlestick chart, ZAMA’s price movements typically develop in cycles of 4 to 6 hours, with multiple consecutive candles gradually pushing prices higher. This differs significantly from Meme coin rallies driven primarily by short-term speculation, where prices often surge rapidly before experiencing sharp corrections.
In terms of short-term market structure, ZAMA’s recent rally has broken above its initial trading-stage high of $0.044. As a result, most previously trapped buyers who entered at higher levels have likely reached breakeven, reducing potential selling pressure above current prices.
From a medium-term perspective, approximately 73% of ZAMA’s total token supply remains locked, with only a small amount released on a weekly basis. The major unlock period is expected to occur in February 2027, meaning short-term selling pressure from token unlocks is expected to remain limited.
Over the long term, ZAMA’s future development will depend on the implementation progress of products such as Confidential RFQ and whether the protocol can continue expanding TVS growth. If demand for privacy-preserving transactions continues to increase and more assets are protected through the ZAMA ecosystem, this could become an important factor supporting the project’s long-term value.
Data Source: Coinmarketcap
Summary of ZAMA Recent Trends
ZAMA has recently experienced a strong upward trend, driven by increased market attention toward privacy computing and the launch of the Confidential RFQ privacy trading protocol. The token gained more than 50% within one week, briefly surpassing the $0.05 level.
From a technical perspective, ZAMA entered a high-level consolidation phase after its rapid rally, with the $0.048 area becoming a key short-term support level. Future price movements will depend on changes in trading volume and market capital flows.
From a fundamental perspective, continued TVS growth and the gradual implementation of privacy-focused trading products may further increase adoption within the ZAMA ecosystem. However, long-term value will ultimately depend on whether Confidential RFQ can successfully attract more assets and applications to the protocol.
U.S. Stock Contracts Performance: Tech Giants’ Earnings Season Begins, Tesla and Google Plunge on AI Capital Spending Concerns
This week, the US stock market entered a critical period for mega-cap technology earnings releases, with the three major US stock indexes showing divergent performances. Although several major companies reported revenue and earnings above expectations, concerns intensified over whether massive AI capital expenditures could pressure future free cash flow.
Among individual stocks, Tesla (TSLA) fell sharply by -18.44%, leading declines in the US stock market. The decline was driven by weaker-than-expected second-quarter profits due to vehicle price cuts pressuring automotive margins, combined with Tesla’s announcement that capital expenditure could rise significantly to above $25 billion. Alphabet Inc. (GOOG) also dropped -9.91% despite reporting revenue and earnings above expectations, as investors reacted negatively to the company raising its annual AI data center capital expenditure ceiling to $20.5 billion.
New space technology leader SpaceX (SPCX) declined -9.92% this week as market enthusiasm cooled and the stock followed Tesla’s pullback. In contrast, hardware supply chain companies showed mixed performance. SanDisk (SNDK) gained +14.10% this week, benefiting from surging global demand for high-performance storage solutions driven by AI applications and data centers.
Featured Stock Contract Analysis — Amazon
Since the beginning of 2026, Amazon’s stock price has remained in a consolidation range around $240. On July 30, Amazon is scheduled to release its second-quarter earnings report. The market generally expects the company’s earnings per share (EPS) to reach $1.82, with revenue estimated at approximately $196 billion, representing year-over-year growth of around 17%. KeyBanc has raised its price target for Amazon from $330 to $335, stating that Amazon remains one of its preferred e-commerce stocks. If the upcoming earnings report significantly exceeds or falls short of market expectations, it could trigger substantial price volatility and provide traders with greater trading opportunities. The market’s reaction following Amazon’s earnings release will also serve as an important reference for investors assessing the short-term bullish or bearish market direction.
Data Source: Bitunix
Commodity Contract Analysis: US-Iran Conflict Escalation Drives Brent Crude Oil Up More Than 19%
Bitunix currently offers commodity contracts covering gold, silver, crude oil, and natural gas, providing users with broader cross-market trading opportunities. Affected by the escalation of the US-Iran conflict, Brent crude oil prices surged significantly this week, gaining more than 19%. Its weekly performance surpassed major crypto assets including BTC, ETH, and BNB. In addition, commodities such as gold, silver, and natural gas also strengthened during the week. Compared with other equity and token-based assets, commodities demonstrated stronger safe-haven characteristics and market resilience amid rising geopolitical risks.
Data Source: Bitunix
Macro Catalyst: Key Focus Next Week — Federal Reserve July Interest Rate Decision
Looking ahead to next week, market attention will focus on the Federal Reserve’s interest rate decision scheduled for July 29. The market generally expects the upper bound of the federal funds rate to remain unchanged at 3.75%, in line with the previous level. As a major monetary policy event influencing global asset pricing, the Fed’s rate decision and subsequent policy guidance will serve as a key reference for assessing future interest rate trends and liquidity conditions.
If the Federal Reserve keeps rates unchanged and the Fed Chair adopts a more dovish tone, market expectations for future rate cuts may increase further, potentially improving risk asset sentiment and providing support for crypto assets such as BTC and ETH. Conversely, if the Federal Reserve delivers more hawkish policy signals, markets may reassess how long elevated interest rates could remain in place, potentially creating short-term pressure on risk assets including cryptocurrencies and US equities.
Conclusion
Global markets were significantly impacted by the escalation of the US-Iran conflict this week, with risk aversion rising noticeably. Higher US Treasury yields pressured both US equities and crypto assets, leaving markets facing elevated short-term uncertainty. In the crypto market, the rebound momentum of major assets weakened, while capital rotation became increasingly evident. ZAMA emerged as a market focus due to growing interest in privacy computing and the launch of the Confidential RFQ protocol. Looking ahead, investors should continue monitoring the Federal Reserve’s interest rate decision, changes in geopolitical conditions, and the progress of ecosystem development for leading projects to assess the next phase of market trends.
Disclaimer
This article is not intended to provide:
(i) investment advice or investment recommendations;
(ii) an offer or solicitation to buy, sell, or hold digital assets; or
(iii) financial, accounting, legal, or tax advice.
Digital assets (including stablecoins and NFTs) involve high risk and may be highly volatile. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. For your specific circumstances, consult your legal, tax, or investment professionals. You are responsible for understanding and complying with all applicable local laws and regulations.
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