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On-chain data analyst Murphy stated that this cycle is significantly different from the past due to the influx of traditional institutional funds brought in by the BTC spot ETF. He pointed out that the net flow of the ETF essentially records the subscription and redemption results of authorized participants (AP) in the primary market. It will only translate into net inflows or outflows in the data when the selling pressure in the secondary market continues to push the ETF price away from its net asset value and exceeds the arbitrage cost line.Murphy analyzed the data from glassnode and noted that from January to February, the market showed "high trading volume + slight net outflow," indicating that although there was obvious panic selling at that time, there was still a large amount of buying support. In contrast, from May to July, the market exhibited "low trading volume + significant net outflow." The more core signal was not a significant increase in selling pressure, but rather the absence of marginal buying, leading to the ETF consistently trading at a discount and resulting in AP redemptions.He believes that this stage is more likely to reflect a second round of "surrender" at the institutional level, which typically belongs to the tail-end clearing pattern of the market, and judges that this may provide new layout opportunities for retail investors, although the duration cannot be clearly determined by the current data.

a16z crypto stated that the transfer activity of tokenized stocks is continuing to rise. In June 2024, the monthly transfer volume of tokenized stocks reached $9.22 billion, an increase of over 170 times compared to $53 million in the same period last year.This metric covers all on-chain circulation activities, including transactions, transfers between wallets, and operations deposited as collateral into decentralized finance protocols.

The Korean stock market's semiconductor concept stocks are actively traded, and the market's attention to related assets continues to rise. According to data from the Gate platform, Samsung Electronics (005930) is currently priced at $175.14, with a 24-hour increase of 6.14%; SK Hynix (000660) is currently priced at $1241.59, with a 24-hour increase of 4.08%.CoinGlass data shows that trading in Gate-related stock derivatives is active, with the Gate SKHX contract's open interest reaching $37.73 million and a 24-hour trading volume of $88.09 million; the Gate SAMSUNG contract's open interest is $2.63 million, with a 24-hour trading volume of $7.75 million, both ranking among the industry's top.Gate stocks have established a 7×24 hour trading service system covering the three core markets of US stocks, Hong Kong stocks, and Korean stocks, supporting over 10,000 US stocks and ETFs, more than 1,500 Hong Kong stocks, and over 1,000 Korean stocks, totaling coverage of more than 12,500 stocks and ETF assets globally.Users can participate in global stock investments through Gate's unified account using USDT, supporting fractional share trading starting from a minimum of 0.01 shares, and enjoying stock dividend rights. The platform also supports cross-brokerage transfer of US and Hong Kong stocks and company actions such as stock splits and consolidations, further optimizing the stock investment service experience.

The "whale" stated in a post on platform X, "Recently, several trades (in Bitcoin) have been short-term long positions, and no short positions have been taken, as the cost-effectiveness of shorting is too low at this time. Relatively speaking, we are already at a phase bottom, and I have a feeling that the trend for Bitcoin should soon emerge, starting a new round of increases. I am afraid of missing the signal for the start.This trade (referring to a long position of 69.4 BTC opened on the 18th) may be considered a medium to long-term position, depending on the situation, and short-term fluctuations cannot be ruled out. In the next six months, a large-scale correction in U.S. stocks related to artificial intelligence technology cannot be ruled out."

According to Onchain Lens monitoring, Abraxas Capital (0xb83...6e36) deposited 3 million USDC into Hyperliquid and further increased its short position of 796.4 BTC and 31,600 ETH, valued at approximately 51.5 million USD and 59.2 million USD, respectively.In the past 2 days, both short positions have significantly increased.

According to a report by The Paper, at the 2026 World Artificial Intelligence Conference, renowned futurist and "father of the Silicon Valley spirit" Kevin Kelly stated in a media interview that if one day everyone starts to care about the cost of tokens, the existence of open-source models would be an advantage for Chinese AI.Kevin Kelly mentioned that the cost of token consumption is becoming increasingly important, and currently, it seems that people do not care about the cost. "But I believe that when we are constantly consuming such a large number of tokens, people will start to care (about the cost). If you can provide a cost that is only one-tenth of Anthropic's, then it will change the game."However, Kevin Kelly also reminded that the open-source model requires sufficient funding to maintain operations, as it is not as profitable as the closed-source model. "Building these large models requires massive funding."

Bitget has launched the industry's first Unified Trading Account (UTA) across assets, currently incorporating over 370 assets including 100 U.S. stock tokens (rToken) into a unified margin pool. Under this mechanism, the U.S. stock tokens (rToken) held by users not only allow for dividend distribution but can also serve as margin and collateral for lending, further enhancing capital efficiency.The first batch of U.S. stock tokens included in the margin system covers 100 mainstream assets such as Apple (rAAPL), Nvidia (rNVDA), and Tesla (rTSLA), with discount rates set by asset tiers, reaching up to 95%. With product iterations, Bitget will continue to expand the list of assets that can be used as margin and support leveraged trading, further bridging the liquidity gap between traditional financial assets and cryptocurrency trading scenarios.

The U.S. Securities and Exchange Commission announced that the rule change submitted by the New York Stock Exchange on July 6 is effective immediately, significantly raising the position limit and exercise limit for BlackRock's Bitcoin Spot ETF IBIT options from 250,000 contracts to 1,000,000 contracts, in order to meet the rapidly growing demand for IBIT options trading and enhance market liquidity and market maker capacity.

According to the official announcement, BitRing has announced a gradual brand upgrade starting today, and its fitness, AI, and Web3 ecosystem will uniformly adopt a new global brand "BRT.Fit".The announcement pointed out that after this brand adjustment, the name "BitRing" will be retained, continuing to focus on wearable hardware and health technology innovation as a dedicated smart ring brand. The official statement indicated that this brand upgrade marks a new stage in the project's global expansion.

According to Jinshi, Torsten Slok, Chief Economist at Apollo Global Management, stated that if the sell-off of AI concept stocks intensifies, the recent rise of the dollar may face risks. He pointed out that international investors are actively positioning themselves in the AI theme, driving a record rolling net inflow of foreign capital into the U.S. stock market over the past 12 months, but most of these investors have not hedged against foreign exchange risks.If AI performance disappoints and leads to a decline in capital inflows, it will pose significant downside risks to the dollar.

According to Jinshi, Waller, as the Chairman of the Federal Reserve, presided over the first meeting during his term and decided to keep interest rates unchanged. Although there is a consensus within the committee, maintaining this consensus will become more challenging as inflation concerns intensify. When the Federal Reserve holds its meeting from July 28 to 29, Waller will have the opportunity to guide the discussion on interest rate hikes and grasp the latest inflation data from June.

Bitget's head of Greater China, Xie Jiayin, posted on the X platform stating that the AUM of rToken has reached 115 million USD in 5 weeks since its launch, and pointed out that "many teams overlook the core demands of Wall Street institutions when dealing with RWA: risk control convenience and capital utilization."Xie Jiayin emphasized that the biggest underlying driving force of rToken is the unified account mechanism, which truly realizes "simultaneous operation and unified risk control" of crypto assets and US stock assets. In extreme market conditions, users can use unrealized gains from US stocks to supplement their crypto positions, or use long-term holdings in the crypto space as leverage to unlock more trading opportunities, breaking the asset isolation between traditional crypto exchanges and US stock brokers.

According to the official blog, Brave officially released the Basic Attention Token (BAT) roadmap 4.0 on July 9. This update aims to address the new challenges brought by artificial intelligence and a cashless economy, fully integrating BAT, Brave Rewards, and Brave Creators into a transactional attention economy. The core initiatives of the roadmap include the launch of a new unified version of Brave Wallet that integrates traditional payment methods with self-custodied crypto assets, as well as the construction of a privacy payment protocol layer, BravePay, based on stablecoins, thereby providing foundational support for autonomous agent payment features such as x402 and Machine Payment Protocol (MPP) within the browser.In addition, the roadmap also plans several new products to expand the ecological boundaries. Brave plans to launch virtual and physical payment cards for Brave Rewards that support daily consumption and return BAT rewards, while also developing a new creator contribution protocol to ensure that creators receive micro-royalty compensation when their content is utilized by AI products. In terms of token economics, a portion of the net income generated from Brave Wallet's revenue features, payment cards, and the BravePay protocol will be directly used to repurchase BAT to support user rewards and ecological growth. With the advancement of the above new features, Brave will gradually phase out traditional advertising notification units by the end of 2026 and fully shift the user reward mechanism towards personalized offer walls and a new loyalty program.

CryptoQuant analyst Axel Adler Jr. stated that Strategy recently sold 3,588 BTC, marking the largest recorded Bitcoin sale to date, with the funds used for preferred stock payments and to replenish USD reserves.According to the Form 8-K document he cited, the sale was executed in two batches: from June 29 to June 30, 1,363 BTC were sold at an average price of $59,256, generating $80.8 million; from July 1 to July 5, 2,225 BTC were sold at an average price of $60,773, generating $135.2 million, for a total revenue of $216 million. The funds were used for preferred stock payments and to replenish USD reserves.Axel indicated that this sale differs from the sales made in 2022 for tax optimization, as it is primarily driven by debt obligations and does not represent a change in Strategy's long-term Bitcoin strategy. As of July 5, Strategy still holds 843,775 BTC and $2.55 billion in reserves, with this sale accounting for approximately 0.4% of its Bitcoin reserves.He also pointed out that after the announcement, the Bitcoin futures market positions significantly cooled down, with the Composite Market Index (IMI) dropping from about 80 to 32.6, briefly approaching 20, entering a bearish range; however, Bitcoin prices have largely remained in the range of $61,600 to $64,200, still above the 30-day fair value of $61,800. Analysts believe that the market currently views this sale as passive liquidity management rather than the beginning of a systematic reduction.

According to CoinGlass market data, in the past 4 hours, the contract position increase ranking shows that the trading asset ASX on the Gate platform has a position of approximately 1.22 million USD, with an increase of 385.82%, ranking second in the entire network, reflecting the continuous increase in trading activity of related assets on the platform.

According to on-chain analyst Maartunn (@JA_Maartun) combined with CryptoQuant data monitoring, since June 29 (Monday), a total of 113,483.3 BTC (approximately $6.97 billion) has been transferred on-chain, with all transferred coins having an age of over 3 months, of which 22,921.26 BTC (approximately $1.41 billion) came from long-term addresses holding for over 2 years.

According to Zcash developer Sean Bowe (@ebfull), the Zcash Ironwood network upgrade has made significant progress: all consensus rule changes have been implemented and have entered the audit phase, and the related specifications (ZIPs) have been released and are nearing final status; the testnet activation is scheduled for July 4, and the mainnet activation is expected to be completed around July 21.The team is simultaneously conducting formal verification work to eliminate potential risks regarding supply integrity, and the relevant results will be announced before the mainnet activation. The only impact on users after the upgrade will be the migration process of the old funding pool. There is already sufficient hashing power expressing support for the mainnet upgrade, although some wallets may not be able to complete adaptation in time, but the team has stated that this will not delay the activation, and ample alternative solutions and testnet time will be provided.

According to Arkham monitoring, ETH has risen nearly 5% in the past 24 hours. The on-chain user "sat0shi777" faces a significant liquidation risk on a short position in Ethereum worth nearly 90 million USD, with a liquidation price of about 1674 USD, leaving only about 1.5% of space to the current price.This user also holds a long position in BTC worth about 30 million USD to hedge against risks, but the hedge size is much smaller than the short exposure.

According to The Block, the combined trading volume of Kalshi, Polymarket, and Polymarket US in June reached $44.8 billion, a 75% increase from May's $25.66 billion.Among them, Kalshi performed the best, with a trading volume of $31.5 billion in June, a month-over-month increase of 87.4%; the main platform of Polymarket had a trading volume of $10.26 billion, a month-over-month increase of 45%; and the Polymarket US platform had a trading volume of $3.04 billion.The report pointed out that the surge in trading volume was mainly due to the opening of the 2026 World Cup on June 11. Kalshi's World Cup champion prediction market has attracted over $832 million in bets.