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The revenue agreement PiggyBank issued a statement acknowledging a serious error in the LAB token basis trading that took place last month. PiggyBank disclosed that the team previously purchased locked LAB tokens at a low price through OTC channels for about $100,000 (accounting for approximately 2% of the portfolio) and simultaneously shorted perpetual contracts for hedging.However, during the holding period, LAB encountered severe market manipulation, liquidity depletion, and deeply negative funding rates, leading to excessively high hedging costs. The team ultimately chose to close the short position to limit downside risk. Based on current prices, the total value of the locked LAB position is $1.35 million. However, due to the lack of liquidity in this position, PiggyBank will exclude it from the net asset value calculation until the first unlock on August 14.Although the situation is still changing and there is still potential for considerable returns, this is the "fairest and most transparent" way for users to manage liquidity. Therefore, today's net asset value will show a decline of approximately 15% in the USDC treasury, about 12% in SPYx, and about 9% in JitoSOL. A detailed report will be released next week, including follow-up processing plans. On-chain investigator ZachXBT previously publicly questioned PiggyBank, accusing it of insider control over more than 95% of the supply.

The cryptocurrency market experienced a new round of selling and liquidation on Thursday, with Bitcoin briefly dropping to $61,300 before rebounding to $64,680, currently reporting around $62,500. Over the past two days, the total market leverage liquidation scale was about $3 billion. Data shows that in the past 24 hours, futures trading volume rose to $305 billion, but open interest fell by 8.5% to $111.4 billion, indicating that the market is primarily deleveraging rather than adding new positions.Bitcoin's open interest fell from yesterday's historical high of over 800,000 BTC to 766,000 BTC. Investors seem to be leaving the cryptocurrency market and turning towards AI narratives in traditional markets. The derivatives market has clearly shifted to a bearish stance. The skew of BTC and ETH put options has strengthened, showing that investors are willing to pay higher premiums for downside protection. The nominal open interest of BTC put options with a strike price of $60,000 on Deribit exceeds $1 billion, while the most actively traded options contracts in the past 24 hours were the $55,000 put options.Altcoins have seen deeper declines, with NEAR, ZEC, JUP, DASH, ENA, and FET all dropping over 10%, and HYPE falling 12% after reaching a new high this week. The subsequent performance of altcoins largely depends on whether Bitcoin can hold above $60,000; if it falls below this level, it may trigger more liquidations and put greater pressure on trading pairs with weaker liquidity.

Glassnode data shows that as Bitcoin briefly fell to $61,300, the number of BTC in an unrealized loss state rose to approximately 10.5 million, surpassing the 9.8 million in a profit state for the first time, accounting for over half of the total circulating supply. This is the first occurrence in this cycle where the number of loss chips exceeds the number of profit chips. Historical data indicates that this metric has only appeared during deep bear market phases and has often corresponded with significant market bottoms. Similar situations occurred during the bear markets of 2015, 2019, 2020, and 2022, although the duration varied from one month to a year.Meanwhile, the Bitcoin price touched approximately $61,300, which is the 200-week moving average, a level that has consistently formed key long-term support during past bear markets. Analysts believe that if BTC falls below the $60,000 threshold, the next important support level will be around the realized price of approximately $54,000, and Bitcoin has historically fallen below the realized price during major bear markets.

According to Yu Jin Detection, looking back, after Strategy's previous test sale of 32 bitcoins (approximately $2.47 million), market sentiment quickly deteriorated. In the following three days, the price of bitcoin fell by approximately $11,400, a decline of 15.6%, with a total market value evaporating by about $228 billion.In terms of funds, bitcoin spot ETFs experienced a cumulative net outflow of $1.45 billion within three trading days following Strategy's announcement of the sale, recording continuous outflows for 13 trading days, with a total scale reaching $4.37 billion. Meanwhile, several on-chain and institutional movements further intensified market concerns. Mt. Gox transferred some bitcoins to the Bitstamp trading platform; bitcoins from Tether's reserves were transferred to the Bitfinex trading platform for the first time; and the crypto asset management firm Abraxas Capital also began to reduce its bitcoin holdings.Market analysis suggests that although Strategy's sale was limited in scale, as one of the largest corporate bitcoin holders globally, its selling behavior had an amplifying effect on market sentiment, triggering a chain reaction of institutional fund outflows and multiple parties reducing their positions.

The stablecoin apxUSD, issued by the Apyx protocol and primarily collateralized by Strategy preferred stock STRC, briefly depegged during the time Bitcoin fell below $63,000, dropping to a low of $0.93. Apyx stated that this fluctuation was not a vulnerability but rather an expected performance of the preferred stock collateralized stablecoin. Since the reserve assets of apxUSD are mainly composed of STRC preferred stock with a face value of $100, when STRC falls below its face value in the secondary market, the market value of the reserve assets will decrease, leading to price fluctuations in the stablecoin.The protocol claims that its stability mechanism includes over-collateralization, a dividend adjustment mechanism, and cash and short-term U.S. Treasury reserves as a buffer. Data shows that since last August, STRC has fallen below its face value four times, but has ultimately returned to $100 each time. In response to market concerns about a chain liquidation in the Morpho lending market, Apyx stated that its core apyUSD/apxUSD market primarily relies on the accumulation of dividend income rather than the spot price of STRC, so related fluctuations will not trigger large-scale liquidations.

According to monitoring by Paidun, the stablecoin apxUSD, supported by preferred shares such as STRC, has fallen to about $0.94, a decrease of 4.6%. As Bitcoin drops to around $63,000, the decrease in collateral value has caused the stablecoin to depeg.

According to PieShield's monitoring, the staking stablecoin sUSDat, fully backed by the digital credit asset STRC, once depegged, dropping about 7% to below $0.93, and then rebounded to $0.98. PieShield stated that this market fluctuation occurred after Strategy symbolically broke the "Never Sell" principle.During the reporting period, Strategy sold 32 BTC at an average price of approximately $77,135, with a total value of about $2.5 million, accounting for 0.0038% of its holdings of over 843,000 BTC. The funds raised will be used for distribution expenses. In addition, Strategy also sold 801,994 shares of common stock during the same period, raising approximately $128.3 million.

According to on-chain analyst Yu Jin's monitoring, multiple addresses associated with well-known crypto investor Cobie (Jordan Fish) have accumulated 20 million LDO (6.58 million USD) and transferred them to exchanges such as Binance, OKX, and Kraken in the past half hour.

According to The Block, Strategy disclosed in SEC filings that it sold 32 BTC between May 26 and 31, cashing out approximately $2.5 million to pay for preferred stock dividends, marking the company's first sale of Bitcoin since December 2022.This disclosure has sparked controversy over a prediction pool on Polymarket with a trading volume exceeding $20 million—where the market bets on whether Strategy will sell Bitcoin before May 31. The crux of the dispute lies in: supporters of "yes" argue that the sale occurred before the deadline; supporters of "no" contend that the information had not been publicly disclosed by the time the market closed and should not be counted.The market is currently in the final review stage, with Polymarket adding that "results confirmed after the deadline will not be recognized," leaning towards supporting the "no" side. If the dispute escalates further, it will be decided by a vote of UMA token holders, but previous reports have indicated that UMA voting power is highly concentrated, with over 60% of active voters having ties to Polymarket accounts, raising questions about its fairness.

ZeroTier CEO Andrew Gault stated that the potential threat of quantum computing to the Bitcoin industry may not be limited to the security of wallet private keys; encrypted communication and authentication data between institutions also face long-term risks.

According to CoinDesk, Elena Carletti, an executive at UniCredit Bank in Italy, warned that Europe may struggle to cope with the financial shocks related to crypto companies and banks. Carletti pointed out that when Silicon Valley Bank and Signature Bank collapsed in 2023, the United States decided to protect all deposits, including funds held by stablecoin issuers, a measure that helped stabilize the crypto market.Carletti stated that Europe cannot easily take the same measures. The EU's MiCA regulations require stablecoin issuers to hold reserve assets in liquid assets such as bank deposits and government securities, which ties them more closely to traditional banks. However, the European deposit guarantee system typically only protects up to €100,000 per bank per depositor. If large stablecoin reserve accounts come under pressure, this limit may not be sufficient to absorb the shock. Carletti described this as a "double weakness."

According to TASS, the Deputy Minister of Energy of Russia stated that the government committee recommends banning cryptocurrency mining in certain areas of the Moscow and Kursk regions, with the ban effective until 2032.

AI model aggregation platform OpenRouter announced the completion of a $113 million Series B funding round, led by CapitalG, the growth fund of Google's parent company Alphabet. Participants in this round of financing include a16z, Menlo Ventures, NVentures under NVIDIA, as well as ServiceNow, MongoDB, Snowflake, and Databricks, with the company's valuation exceeding $1 billion.

The Korea Exchange activated the circuit breaker for KOSPI due to a 5% rise in KOSPI 200 futures, and program trading was suspended for 5 minutes.

According to Jinshi reports, Federal Reserve official Kashkari stated that the prolonged war in Iran could trigger a "series" of interest rate hikes in the United States.

OpenAI CEO Sam Altman said on Tuesday that the rapid development and application of artificial intelligence will not lead to a global "job apocalypse," and that this technology has not taken away as many white-collar jobs as he previously feared. He stated that when OpenAI launched ChatGPT in 2022, the company's predictions about the development of technology were "basically correct," but their judgments about the social and economic impacts were "quite wrong.""I am glad that I misjudged this matter; I originally thought that by now, the elimination of junior white-collar jobs would be more severe than it actually is. Now I feel I understand better why that hasn't happened, and I am obviously relieved about it." An increasing number of global companies have announced that some positions within their organizations are being replaced by artificial intelligence. Altman noted that he realizes that despite AI playing an increasingly positive role in many industries and positions, there remains an irreplaceable "human aspect" in employment, and much of the interpersonal interaction required for many jobs will not be replaced by AI.

Data shows that the implied volatility of Bitcoin has dropped to 36%, reaching a nearly 8-month low, indicating that the market expects BTC to continue fluctuating in the short term. The decline in volatility itself does not represent the direction of the market, but current derivatives market data suggests that shorts may have become overly concentrated. If BTC breaks through $82,000, it could trigger a large-scale short squeeze.CoinGlass liquidation heatmap shows that a large number of BTC short positions are concentrated in the $78,000--$83,000 range. Meanwhile, BTC has failed to regain the $90,000 level for nearly 4 months, and some shorts have begun to establish stronger bearish expectations. In addition, Glassnode data shows that the 30-day options Delta Skew for BTC currently remains at 14%, indicating a significant premium for put options compared to call options, reflecting that professional traders are still more concerned about the downside risk of BTC.The current expectation for BTC to pull back to $72,000 has been partially priced in by the market, but if BTC breaks through $82,000 with increased volume, it could trigger a more intense leveraged short covering rally.

Jocy@IOSGVC, founding partner of IOSG Ventures, posted on platform X stating that rumors regarding IOSG Ventures depositing UNI and COMP to Binance are false. The related wallet is not an IOSG address, and the Arkham platform has marked the tags "IOSG Ventures" and "Binance Deposit Change Address" with question marks, indicating they are unverified.IOSG has not held or sold any UNI or COMP positions recently.