Key point in this week： Nasdaq fell 4.5% last week while the Dow gained 0.7%. AI and semiconductor stocks remain the market switch: watch $SMH , $NVDA , $MU, $AMD and $INTC. If the Nasdaq holds 26,000 and chips begin to stabilize, the risk-on trade could recover. A decisive break below 26,000 would signal that selling pressure is still expanding. In crypto, $BTC is trading around $82.3K, but open interest has fallen 1.1% while funding remains slightly positive. That looks more like deleveraging and short covering than aggressive new buying. A move above $82.9K would provide stronger confirmation. zcash:native has the most interesting positioning. Price is near $1,169, open interest is up 2.0%, and funding is negative at -0.0157%. New positions are entering while shorts are paying to remain exposed. A clean break above $1,200 could open the way toward $1,254—but without that breakout, it remains a volatile range trade. hyperliquid:native is still relatively weak: down 9.1% over seven days, with open interest falling 1.4%. The current move looks more like a relief bounce than a confirmed reversal. #Bitcoin #Zcash #HYPE #NASDAQ #Semiconductors