Wie pakt de CoWoS-capaciteit? De race om AI-chips wordt heviger

Backpack · 7/15/2026

Backpack has just launched "谁在抢CoWoS？," drawing attention from crypto traders worldwide.

Global Macroeconomic Environment Impact on Crypto Markets

Understanding the significance of "谁在抢CoWoS？" requires placing it in the broader macroeconomic context. Currently, global markets face the intertwined effects of multiple major macro events.

Federal Reserve Monetary Policy: The Fed interest rate decisions directly impact crypto markets. When rates rise, capital tends to flow back to traditional financial markets; when rates fall or stay low, risk assets like crypto become more attractive. Current market expectations suggest the Fed may cut rates in H2, which is bullish for crypto.

Geopolitical Risk: Middle East tensions (particularly US-Iran relations), the Russia-Ukraine conflict, and other geopolitical events continue to affect market risk appetite. Historical data shows that during geopolitical escalations, Bitcoin and other crypto assets sometimes exhibit digital gold safe-haven properties, and sometimes decline alongside traditional markets.

Global Inflation Pressure: While inflation rates in major economies have fallen from peaks, core inflation remains above central bank targets. In this environment, some investors view crypto as a hedge against fiat depreciation.

Backpack Campaign Positioning in the Current Macro Cycle

Against this macro backdrop, the timing of Backpack launch of "谁在抢CoWoS？" is noteworthy.

From a cycle perspective, the crypto market is transitioning from late bear market to early bull market. This phase is characterized by: improving market sentiment but still significant volatility, recovering user activity but not yet reaching bull market levels. Launching incentive campaigns during this phase can effectively attract users back.

Backpack decision to launch the campaign now may be based on: 1) Market bottom confirmed, user willingness to participate recovering; 2) Competitors also increasing campaign intensity, needing to maintain competitiveness; 3) Building a user base for the upcoming market trend.

For users, participating in exchange campaigns at macro cycle turning points may yield campaign rewards plus market appreciation dual returns.

US Stock Market and Crypto Market Correlation

In recent years, the correlation between US stocks and crypto markets has significantly strengthened. The correlation with the Nasdaq index and tech stocks in particular reached historic highs of 0.6-0.7 during 2025-2026.

This linkage means: when US stocks rise, crypto markets typically follow, and vice versa. Therefore, when participating in Backpack campaigns, you should also monitor US stock market trends.

Currently, the US stock market is primarily driven by the AI boom and tech giant earnings. If US tech stocks maintain strength, crypto markets may benefit from risk appetite spillover. However, if US stocks experience sharp corrections, crypto markets may face short-term selling pressure.

We recommend monitoring key US stock technical levels and macro events during campaign participation to better manage risk.

Market Data & Context Analysis

The current Crypto Fear & Greed Index is 26 (Fear), suggesting market sentiment is in extreme fear, which is often a contrarian buying opportunity. Total DeFi TVL stands at $137.64B, with the top chains being Ethereum, Solana, Base. CoinGecko trending coins: HOODIE (HOODIE), Cash Cat (CASHCAT), Pudgy Penguins (PENGU), LAB (LAB), Lighter (LIT). Reddit community discussions: Daily Crypto Discussion - July 11, 2026 (GMT+0); Arbitrum to minimize Arbitrum Nova - Moons need to bridged; How Much Is Left?.

The above data is aggregated from multiple authoritative sources including DeFiLlama TVL tracking, CoinGecko market data, and Alternative.me sentiment index. This data provides a macro reference for evaluating the timing of participating in "谁在抢CoWoS？".

Key Takeaways

Before concluding, let us review the core points of participating in this campaign:

First, timing is crucial. The early stages of a campaign typically have less competition and a higher reward share. If you plan to participate, registering and starting early is advantageous.

Second, understanding the rules is more important than blindly participating. Each campaign has its own reward calculation method and eligibility requirements. Reading the terms carefully can prevent later disappointment.

Third, risk management always comes first. Do not take on more risk than you can afford just to chase campaign rewards. Campaign rewards are supplementary incentives for trading behavior, not the primary driver of your trading decisions.

Fourth, leverage the platform ecosystem. Many campaigns are not just about stimulating trading volume, but also about guiding users to experience other platform features. Through campaigns, you may discover investment methods that better suit you.

Compliance and Security Guidelines

Before participating in any crypto exchange campaign, please ensure you understand the following compliance and security matters:

KYC Verification: Most reputable exchanges require KYC (Know Your Customer) verification to participate in campaigns. Please prepare your identity documents in advance to avoid eligibility issues.

Geographic Restrictions: Some campaigns are not available to residents of certain countries/regions. Please verify your jurisdiction is covered before registering.

Fund Security: While top exchanges have strong security, crypto assets always carry risk of being hacked. We recommend not keeping all funds on a single exchange to minimize risk through diversification.

Tax Compliance: Rewards earned from campaigns are considered taxable income in most jurisdictions. Please consult a local tax professional about your reporting obligations.

Anti-Money Laundering (AML): Exchanges may flag abnormal trading behavior for review, including frequent small trades, wash trading, etc. Such behavior may result in account suspension.

Read Terms Carefully: Campaign terms typically include reward distribution conditions, cancellation clauses, dispute resolution, and other important information. Please read carefully before participating.

Common Misconceptions Clarified

Several common misconceptions exist about exchange campaigns:

Misconception 1: "Campaign rewards are free." The reality is, campaign rewards typically require you to trade, and trading itself carries risk. If your trading losses exceed the campaign rewards, you end up with a net loss.

Misconception 2: "Large capital always earns more rewards." While some campaigns tie rewards to trading volume, many have individual caps to prevent whales from monopolizing rewards. Small participants also have opportunities for meaningful returns.

Misconception 3: "All campaigns are worth participating in." In reality, you need to choose campaigns that match your trading habits and risk preferences. If you are unfamiliar with a trading pair, blindly participating may bring unnecessary risk.

Misconception 4: "You can forget about it after the campaign ends." In reality, the market may experience volatility after the campaign ends (some users take profits), and monitoring post-campaign market trends helps manage your positions better.

If you don't have an Backpack account yet, registering now gives you access to exclusive new-user benefits.

Key Risks of Campaign Participation

While "谁在抢CoWoS？" looks attractive, you need to fully understand the following risk categories before participating:

Market Risk: Crypto price volatility may cause your trades during the campaign to incur losses. Even if you earn campaign rewards, if the trades themselves lose money, you may end up with a net loss.

Liquidity Risk: Some campaign-designated trading pairs may have insufficient liquidity, leading to high slippage where actual execution prices differ significantly from expectations.

Compliance Risk: Different countries have different regulatory policies for crypto trading, and participating in campaigns may involve tax reporting and other compliance obligations.

Operational Risk: Including forgetting to complete tasks, missing deadlines, making operational errors, etc.

How to Quantify Your Risk Exposure

Before participating, we recommend the following risk quantification:

Maximum Acceptable Loss: Set a maximum loss amount you can afford—this should not affect your daily life.

Risk-Reward Ratio: Estimate the expected value of campaign rewards and compare with potential trading losses. If the reward value is 100 USDT and your maximum acceptable loss is 50 USDT, the risk-reward ratio is 1:2, which is acceptable.

Time Cost Assessment: Calculate the time investment required (daily check-ins, task completion, etc.) and convert it to opportunity cost.

Capital Opportunity Cost: The returns your locked-up capital could earn if invested elsewhere during the campaign.

Practical Risk Control Guide

Here are specific risk control recommendations for participating in Backpack campaigns:

1. Batch Participation: Don't invest all funds at once—start with 20-30% to test, then add more after confirming the campaign is running normally. 2. Set Stop-Losses: Set stop-losses for every trade, recommended within 5-10% of entry price. 3. Control Leverage: If the campaign involves futures trading, use no more than 3x leverage. 4. Diversify Pairs: Don't concentrate all funds on one trading pair—spread across 3-5 pairs. 5. Regular Profit Withdrawal: Withdraw profits to an external wallet regularly—don't keep all funds on the exchange. 6. Track Deadlines: Set reminders to ensure all necessary tasks are completed before the deadline.

Market Data & Context Analysis

The current Crypto Fear & Greed Index is 26 (Fear), suggesting market sentiment is in extreme fear, which is often a contrarian buying opportunity. Total DeFi TVL stands at $137.64B, with the top chains being Ethereum, Solana, Base. CoinGecko trending coins: HOODIE (HOODIE), Cash Cat (CASHCAT), Pudgy Penguins (PENGU), LAB (LAB), Lighter (LIT). Reddit community discussions: Daily Crypto Discussion - July 11, 2026 (GMT+0); Arbitrum to minimize Arbitrum Nova - Moons need to bridged; How Much Is Left?.

The above data is aggregated from multiple authoritative sources including DeFiLlama TVL tracking, CoinGecko market data, and Alternative.me sentiment index. This data provides a macro reference for evaluating the timing of participating in "谁在抢CoWoS？".

It's important to note that crypto market volatility is significantly higher than traditional financial markets, and losses are possible even during campaigns.