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Recently, Zhipu and MiniMax have plummeted, leading to an increase in trading activity of related stock derivatives. According to the RootData Pro data panel, there are significant differences in trading conditions across platforms.From the perspective of Open Interest (OI), Zhipu contracts show Binance at $1.79 million as the highest, followed by Bitget at $780,100, and OKX at $243,700; in the MINIMAX contracts, Binance is highest at $606,700, followed by Bitget at $510,700.From the liquidity perspective, Zhipu contracts show Bitget at $142,600 as the highest, with the strongest capacity for large order execution; in the MINIMAX contracts, Bitget is highest at $130,000, followed by Binance at $60,600. HTX has insufficient liquidity at $2,700, with high slippage risk for large orders.From the price difference perspective, Zhipu contracts show Bitget with the lowest (0.0604%), resulting in the smallest entry cost; OKX follows (0.0776%). In the MINIMAX contracts, Bitget has the lowest (0.0315%), resulting in the optimal entry cost. HTX has price differences exceeding 0.18% for both contracts, and Aster exceeds 0.58%, indicating significantly higher entry costs.From the funding rate perspective, both contracts on HTX are at the lowest of 0.0013%, resulting in the smallest long-term holding cost, but with a high price difference; both contracts on Aster have rates below 0.3%, while also having a high price difference.In summary, Binance has the highest OI, suitable for capital accumulation; Bitget excels in both price difference and liquidity, resulting in the lowest overall entry cost. HTX has a high price difference and weak liquidity, leading to significantly higher entry costs compared to other platforms.

According to a report by The Block, a study commissioned by 1inch and conducted by Dune found that approximately 85% of concentrated liquidity in decentralized exchanges such as Uniswap v3, Uniswap v4, PancakeSwap v3, and Aerodrome Slipstream is not effectively utilized. The research analyzed the performance of nearly 200 active liquidity pools across 7 chains in 26 weekly snapshots, tracking an average liquidity of about $1.84 billion per week, of which approximately $1.6 billion is in an inefficient state.Specifically, on the Uniswap v3 platform, among the liquidity that has deviated from the market-making price range, 44.5% has not been adjusted for more than 90 days, making it the platform with the highest proportion in this study; in contrast, Aerodrome has a ratio of about 20%, with 58% of idle funds having been adjusted within the last 30 days.Additionally, only about 35% of idle funds are located within 5% of the market price, approximately 43% deviate from the market price by more than 25%, and another 17% deviate by more than 100%. In terms of fund size, positions exceeding $1 million hold about 47% of idle funds, amounting to approximately $260 million.

According to monitoring by Catcher Predict, in the event "MLB Highest ABS Challenge Success Rate (Team)" on the prediction market Polymarket, the "Yes" option win rate for the sub-market "Detroit Tigers" has experienced a sharp fluctuation, soaring from 3.15% an hour ago to the current 22.05% (a fluctuation of 18.9%). Please note the impact of related breaking news.

According to the latest data from Polymarket Builders, on July 14, Gate's prediction market ranked first in daily trading volume among all channels on Polymarket. With the World Cup semi-finals underway, trading related to the events remains active, and Gate's prediction market maintains its leading advantage. In addition, Gate's prediction market not only ranks first in daily trading volume but also leads in weekly and monthly trading volumes across all channels on Polymarket, continuously demonstrating strong performance and showcasing the platform's user activity and trading enthusiasm in the sports event prediction market.Currently, Gate is launching the "Gate Prediction Market × World Cup Semi-Final Focus Event" campaign, with a total prize pool of 50,000 USDT. During the event, users can sign up and participate in the specified focus event predictions for the World Cup semi-finals on Gate Polymarket. Meeting the event requirements will qualify users for rewards, with no need to predict correctly, allowing them to share the 50,000 USDT prize pool. Additionally, Gate has launched the "World Cup Final Sprint Gift" campaign. During this period, users participating in predictions related to the quarter-finals, semi-finals, or finals in the World Cup section of Gate Polymarket have the chance to receive an 88 yuan JD.com gift card, with a total of 10,000 rewards to be distributed, accompanying users in witnessing the birth of the World Cup champion.As the first centralized trading platform to integrate with Polymarket, Gate has become an important entry point for users to participate in the prediction market. Users can directly access the prediction market through the Gate App, entering the Polymarket page from the Alpha section on the homepage, and conveniently participate in various event predictions using USDT in their accounts. Users can also utilize the "Smart Money" feature to track the positions and market judgments of high-win-rate traders, gaining more reference for event predictions. Gate is continuously expanding the application scenarios of the prediction market, providing users with a diversified experience from event judgment to trading participation.

According to Jinshi reports, a survey of fund managers by Bank of America shows that fund managers have raised the allocation ratio of U.S. stocks to the highest overweight level since December 2024.

According to Jinshi reports, the recent rise of technology stocks has slowed down, and traders' confidence in the market outlook has shaken. The volatility gap between the Nasdaq 100 index and the S&P 500 index has widened to the highest level since the 2008 financial crisis, mainly due to investors' increased willingness to buy Nasdaq put options, indicating rising concerns about potential pullbacks in technology stocks, especially in the AI sector. On Thursday, the semiconductor ETF (SMH) fell more than 5%, further reflecting the weakening momentum of previously popular technology stocks. Although enthusiasm for market call options has declined, it remains at a high level.

According to SoSoValue data, last week's trading days (Eastern Time from June 22 to June 26) saw a net outflow of $1.79 billion from Bitcoin spot ETFs.The Bitcoin spot ETF with the highest net outflow last week was the Blackrock ETF IBIT, with a weekly net outflow of $1.303 billion, and the historical total net inflow for IBIT currently stands at $60.77 billion. Following that was the Fidelity ETF FBTC, with a weekly net outflow of $315 million, and the historical total net inflow for FBTC currently stands at $10.14 billion. The Bitcoin spot ETF with the highest net inflow last week was the Grayscale Bitcoin Trust BTC, with a weekly net inflow of $71.71 million, and the historical total net inflow for BTC currently stands at $2.38 billion.As of the time of writing, the total net asset value of Bitcoin spot ETFs is $72.82 billion, with an ETF net asset ratio (market value compared to total Bitcoin market value) of 6.08%, and the historical cumulative net inflow has reached $51.61 billion.

According to Jinshi reports, the US dollar reached its highest level since November last year on Tuesday, as traders solidified their views on the Federal Reserve's interest rate hikes this year. Traders expect that by early 2027, the US will have conducted nearly two rate hikes of 25 basis points each. Jordan Rochester, a strategist at Mizuho International, stated that the dollar often strengthens before the Federal Reserve raises interest rates, and the market is actively discussing the possibility that the rate hike cycle may begin in September. Meanwhile, the euro fell to its lowest point in a year, and the yen continued to be under pressure.

According to CoinGlass, the cumulative liquidation in the cryptocurrency futures market in the past 24 hours was about $657 million, affecting approximately 137,900 people, with long positions liquidated at about $598 million and short positions at about $58.81 million. The largest single liquidation occurred in Hyperliquid's ETH-USD contract, amounting to approximately $14.1486 million.

According to Decrypt, CryptoQuant data shows that despite Bitcoin's price dropping nearly 50% from its historical peak, network activity continues to rise, recently reaching its highest level since the end of 2024, only 7% lower than the historical peak in September 2024. Analysis points out that this is the first sustained activity above the trend line since mid-2024, contrasting sharply with the bearish price trend of Bitcoin.However, while activity is growing, the economic value of transactions is significantly low. Transactions of less than 0.01 BTC and less than 0.001 BTC have increased from 44% in 2023 to about 80%. CryptoQuant considers this a sign of "protocol-driven activity": high transaction volume but low individual value.The usage of OP_RETURN also surged to near historical highs in 2026, involving applications such as Bitcoin NFT activity and timestamp services. Bitcoin's price has dropped 17% over the past 30 days, currently around $63,865.

U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce expressed views on the future regulation of perpetual contracts, prediction markets, and digital assets, with an overall tone that is relatively positive and open.Hester Peirce reviewed the Rule 611 trading transparency proposal that has been in the works for about 20 years, pointing out that the so-called "innovation exemption" mechanism will be intentionally set to be strict and limited, in order to balance market innovation and investor protection.Hester Peirce stated that a clearer regulatory framework should be adopted for new financial products such as tokenized securities, perpetual contracts, and prediction markets, rather than simply imposing restrictions or vague regulations. She also emphasized two core principles: self-custody and financial privacy should become fundamental rights in the future regulatory system and should be incorporated into the subsequent design of digital asset regulations.

According to Santiment data, Bitcoin has reversed the trend of whale sell-offs that has lasted for months. Addresses holding more than 1,000 BTC now control 7,170,000 BTC, the highest level since March.

Cryptocurrency analyst Darkfost stated on social media that Bitcoin is currently facing one of the most severe U.S. Treasury yield environments since its inception. Although historically, the U.S. federal funds rate and the U.S. dollar index have reached higher levels, the current long-term U.S. Treasury yields remain elevated, with the 30-year and 10-year Treasury yields fluctuating between 4.5% and 5%. Coupled with the market's rising expectations for another interest rate hike within the year, this has led to sustained high funding costs and a tightening liquidity environment.Analysis suggests that in a high-yield environment, investors are more inclined to allocate to low-risk fixed-income assets, thereby diminishing the attractiveness of risk assets, including Bitcoin. Historical experience shows that rising U.S. Treasury yields are often accompanied by tightening financial conditions, which puts pressure on Bitcoin's price movements. The current market is at a critical turning point, with the risk premium of risk assets relative to long-term Treasuries being compressed.However, if the macroeconomic outlook becomes clearer in the future, and investors regain confidence in the bond market, capital inflows into the bond market may drive yields down, thereby expanding the risk premium and improving the investment environment for risk assets like Bitcoin. The market generally believes that this process may take several months, and its evolution will largely depend on the development of U.S. government policies and the overall economic situation.

According to Jinshi reports, as the Middle East war solidifies the dollar's status as a safe-haven currency, traders' bullish sentiment towards the dollar has risen to its highest level in over a year. According to data released by the Commodity Futures Trading Commission (CFTC), as of June 9, hedge funds, asset management companies, and other speculators held a total of $27.8 billion in bullish bets on the dollar, the highest level since February 2025. This change in positions indicates that market bullish sentiment towards this major global reserve currency continues to accumulate.

Hong Kong Mortgage Corporation Limited announced the first issuance of HKD 12 billion public digital bonds, including three tranches: HKD 6 billion for a two-year term, HKD 2.5 billion for a five-year term, and RMB 3 billion for a three-year term. Among these, the five-year HKD bond is the longest maturity digital bond ever issued.It is reported that this issuance transaction is the largest digital bond issuance globally to date, and the Mortgage Corporation has also become the first public institution in Hong Kong to issue digital bonds. The bonds will be generated on a distributed ledger technology platform operated by the Central Clearing and Settlement System for debt instruments, which also serves as the settlement and delivery system for the digital bonds.

The Bank of Japan will hold a key monetary policy meeting next Tuesday, with the market widely expecting an interest rate hike of 25 basis points to 1%, marking the highest interest rate level since 1995 and signaling a further move towards normalization of Japan's monetary policy. However, uncertainty surrounding this meeting has significantly increased. Governor Kazuo Ueda will be absent from the meeting and the subsequent press conference due to health reasons, with communication responsibilities taken over by Deputy Governor Shinichi Uchida, raising market concerns about changes in policy wording and forward guidance.Currently, the USD/JPY has risen above 160, nearing a two-year high and approaching the intervention zone. Traders generally believe that, given the market has fully priced in the interest rate hike expectations, the real key lies in the central bank's stance on the future path of interest rate hikes. Institutional analysis indicates that if the Bank of Japan releases dovish signals, it could further weaken the yen and push up Japanese government bond yields; conversely, if it shows a clearer tightening tendency, it would help stabilize exchange rate expectations.At the same time, Japan is facing multiple constraints such as rising imported inflationary pressures, fluctuations in energy prices, and expectations of fiscal expansion, making the policy path more complex. The latest data shows that Japan's core inflation has risen to 3.5%, reaching a new high for this phase. Analysts believe that this meeting is not only a point for interest rate adjustments but may also serve as an important observation window for changes in the Bank of Japan's policy communication framework, with the Deputy Governor's statements directly influencing the short-term direction of the yen and global interest rate markets.

According to SoSoValue data, last week's trading days (Eastern Time from June 1 to June 5) saw a net outflow of $1.72 billion from Bitcoin spot ETFs. The Bitcoin spot ETF with the highest net outflow last week was the Blackrock ETF IBIT, with a weekly net outflow of $1.337 billion, and the historical total net inflow for IBIT currently stands at $62.47 billion. The second highest was the Fidelity ETF FBTC, with a weekly net outflow of $202 million, and the historical total net inflow for FBTC currently stands at $10.39 billion.The Bitcoin spot ETF with the highest net inflow last week was the Morgan Stanley ETF MSBT, with a weekly net inflow of $35.05 million, and the historical total net inflow for MSBT currently stands at $26.8 million. As of the time of publication, the total net asset value of Bitcoin spot ETFs is $75.12 billion, with an ETF net asset ratio (market value as a percentage of total Bitcoin market value) of 6.08%, and the historical cumulative net inflow has reached $53.94 billion.

According to Cointelegraph, Santiment data shows that as Bitcoin fell to $70,011, the activity of Bitcoin whale clusters reached its highest level in six weeks, with transaction volumes over $100,000 setting a record high since April 22.