Bitcoin briefly climbed to $65,800 on July 21, pushing its July recovery to nearly 15%. While the Philadelphia Semiconductor Index fell about 20% in July, the correlation coefficient between Bitcoin and the SOX index dropped from plus 0.12 to minus 0.54, indicating a shift of funds from semiconductor stocks into Bitcoin. Meanwhile, renewed tensions between the US and Iran triggered outflows from Gulf equity markets, with Saudi Arabia's Tadawul All Share Index falling from 10,856 at the start of the month to around 10,742, and net foreign selling in the UAE reaching approximately $828.8 million across Dubai and Abu Dhabi in the second quarter of 2026. Against this backdrop, Bitcoin's 20-day moving average rose to around $63,780, its highest level in about a month.