yc

According to Bitcoin News, analyst @gaah_im reported that the Bitcoin miner cycle pressure composite index has fallen to a new low for 2026, entering the historically "undervalued" range. This indicator combines the Puell Multiple and the inverse miner capitulation index, both of which measure the dynamics of miner income and costs, and their synchronous signals have historically been strong indicators of Bitcoin cycle bottoms.Previously, this composite index has synchronized crashes that occurred near major Bitcoin bottoms in 2015, 2018, 2020, 2022, and 2024. The only previous time this composite index touched 0 was during the capitulation period in 2015, when Bitcoin fell from about $300 to $160 within a week. This indicator is exhibiting similar behavior in 2026, marking that miner pressure has once again reached a historically rare level.

According to CoinDesk, against the backdrop of continuous outflows of institutional funds in the United States, Bitcoin whales have accumulated over 270,000 BTC (approximately $16.7 billion) in the past two weeks, forming a clear divergence from the record outflows of the U.S. spot Bitcoin ETF.Analysis points out that this phase of divergence has historical cyclical characteristics: while institutional funds are withdrawing, long-term holders and whale accounts continue to accumulate, similar to the capital redistribution structure commonly seen at the bottom of previous cycles.On-chain data shows that although the spot premium remains negative, indicating that on-site buying is not strong, large wallets continue to accumulate Bitcoin, and the market is currently in a structural phase of "institutional deleveraging and long-term capital accumulation."

According to CoinDesk, Wall Street investment bank Cantor Fitzgerald has released a report stating that the cryptocurrency market is entering the final stage of the current bear market cycle. Analysts pointed out that as of June 10, Bitcoin has been 252 days since its peak in 2025, with a decline of about 51%. In the previous three market cycles, Bitcoin typically reached its bottom 384 days after peaking; if history repeats itself, this round of decline may bottom out around the end of October. The report cautions that this model is not an accurate timing tool, and macroeconomic, regulatory, and geopolitical risks still exist, but the reflexive nature of the cryptocurrency market suggests that historical cycles may self-reinforce.Cantor suggests that investors shift their focus from speculative activities to networks with the ability to accumulate lasting value, identifying Hyperliquid as a typical case of fee-driven token economics. Bitcoin remains the benchmark currency asset, Ethereum is the dominant collateral layer for on-chain finance, and Solana, Sui, XRP, and Zcash each have differentiated advantages but still need to prove sustainable value. Cantor has also included digital asset treasury companies Forward Industries and Cypherpunk Technologies in its research coverage, giving them a buy rating, with target prices of $7.9 and $0.9, respectively.

The semiconductor research institution SemiAnalysis has released a latest analysis indicating that Changxin Memory Technologies (CXMT) has clearly become the world's fourth largest DRAM manufacturer. Although its production capacity and cash flow are continuously growing, the institution believes that Changxin Memory still faces multiple challenges in equipment, technology, and market, and will not end the current storage "super cycle" in the short term.In terms of specific challenges, export controls on advanced semiconductor manufacturing equipment (such as EUV, advanced etching, and TSV tools) severely restrict Changxin's expansion into more advanced processes and high bandwidth memory (HBM) fields; although domestic equipment (such as Zhongwei Company, Northern Huachuang, etc.) has alleviated some pressure, it cannot fully resolve the integration and yield bottlenecks across multiple process links, resulting in its technology still lagging behind leading manufacturers by several generations. Additionally, Changxin's market share is currently still highly concentrated in the Chinese domestic market, with global expansion limited by geopolitical factors and customers' willingness to diversify their supply chains.In response to market concerns that Changxin might "impact the global market with cheap chips," SemiAnalysis clarified that there is currently a severe structural shortage in the DRAM market, and the increase in Changxin's production capacity may even struggle to fully meet domestic demand in China. In fact, the prices of Chinese memory chips are also soaring significantly, in line with the global upward trend, and Changxin is similarly a beneficiary of the shortage premium. Therefore, Changxin Memory should be viewed as a long-term structural competitive force, and in the current context of accelerated AI demand and constrained supply, it cannot shake the fundamental super cycle dominated by leading manufacturers in the short term.

According to Cointelegraph, CryptoQuant analyst Darkfost stated that the Bitcoin unspent transaction output (UTXO) data shows that the proportion of loss transactions to profit transactions in the current market has dropped to the lowest level of this bear market cycle, indicating that investors are entering a clear "surrender" phase.This indicator has previously triggered multiple times at historical cycle bottom areas. The last similar low occurred during the mid-2023 deep phase of the bear market, when the Bitcoin price briefly fell to around $26,000. Analysts believe that such phases usually correspond to extremely low market sentiment, with long-term investors gradually starting to accumulate again.Darkfost pointed out that this is the first time this signal has been triggered since the start of the current correction, indicating that the number of UTXOs sold at a loss is significantly increasing, reflecting a broader sell-off and surrender behavior that has begun. He also added that the spent output profit ratio (SOPR) of long-term holders' Bitcoin is gradually entering negative territory.

According to CoinDesk, Binance founder Zhao Changpeng stated that the significant decline in the crypto market in the first half of 2026 does not have a single cause. Geopolitical tensions, investors shifting funds to AI, and the typical four-year cycle of crypto may collectively lead to the continued decline of Bitcoin and other crypto assets. Bitcoin reached a historical high of over $126,000 last October and has since fallen by about 50%. At the beginning of this year, Bitcoin opened near $89,000, briefly rose to just above $96,000, and then dropped to around $60,000.In the long term, the crypto industry will continue to develop, and the demand for fintech will increase as the number of transactions continues to rise, so they are not concerned about the industry itself or short-term price fluctuations. They stated that emerging industries like AI are absorbing "hot money" from the crypto sector, but in the long run, this could be a positive factor. When discussing prediction markets, Zhao Changpeng mentioned that the rapid growth of prediction markets as tools for price discovery and liquidity is a good thing for the public.Regarding regulation, Zhao Changpeng stated that separate bills like the U.S. Clarity Act are important but more tactical matters that will not determine the long-term growth of the crypto industry. He hopes the Clarity Act can pass and believes that if U.S. legislation is delayed, other countries may take the lead in advancing rule-making.Zhao Changpeng also mentioned that if the U.S. Democratic Party regains control of at least one chamber of Congress after the midterm elections, there may be a review of Trump's support for the crypto industry and his pardons for crypto executives. Zhao Changpeng stated he "has nothing to hide" and is willing to cooperate if relevant parties seek information. When discussing political influence, Zhao Changpeng said he tries to stay away from U.S. politics but believes that any anti-crypto individuals may now lose a significant number of votes.

The Chief Information Security Officer of Slow Fog, 23pds, stated that researchers have exposed a high-risk vulnerability in CI/CD called Cordyceps, affecting the open-source repositories of major companies such as Microsoft, Google, Apache, and Cloudflare. Attackers do not need corporate accounts or any system permissions; they can simply register a free GitHub account, submit a malicious PR, and leave a comment to forge approvals, steal server keys, and push malicious code, completely taking control of the corporate code repository.

Blockchain data infrastructure startup Cambrian has completed a $6 million seed round financing, led by Franklin Templeton and Polychain Capital, with participation from Flow Traders, Selini Capital, Paper Ventures, Nomad Capital, and others.Cambrian also previously secured $5.9 million in pre-seed financing led by a16z Crypto Startup Accelerator, bringing the total funding to $11.9 million. It is reported that Cambrian was established in 2024 and currently provides APIs for institutions and AI Agents, covering real-time and historical on-chain data such as yield, risk, lending rates, trading activity, liquidity positions, and market sentiment, helping users allocate capital on-chain.The company plans to expand its existing APIs into a verifiable blockchain data oracle network, serving institutional financial clients, AI Agent builders, and protocols that need reliable data to control the flow of funds. Unlike traditional oracles that mainly provide price data, Cambrian aims to aggregate lending protocol data, DEX liquidity, social sentiment, developer activity, and historical market data.According to Cambrian, its platform has processed millions of API calls, currently indexing approximately $4.5 billion TVL across four major lending protocols, tracking 1,789 vaults under 895 curators, and monitoring over 320,000 DEX liquidity pools on Base and Solana. The company also plans to expand trading data support, adding Hyperliquid and richer perpetual contract data.

StarkWare launches the STRK20 privacy token standard, allowing users to hide on-chain balances and transaction details while maintaining compliance checks and regulatory disclosure mechanisms.

Senior Partner at Polychain, Josh Rosenthal, posted on X platform, "After nearly 5 years at Polychain Capital, I have decided to leave. I feel fortunate to have witnessed the birth and growth of some companies that defined the cryptocurrency industry up close, for which I will always be grateful. I am now embarking on a new venture and look forward to sharing more information in the near future."

Crypto analyst Lark Davis pointed out that the current reading of the Bitcoin Puell Multiple indicator shows that the market is nearing or is in the bottom area of this cycle. This indicator measures miners' profitability by tracking the ratio of daily miner revenue to the 365-day average. Historically, when miner income remains low and they are forced to sell BTC to cover operating costs, it often corresponds to cycle lows.Davis stated that although the indicator has not yet reached the green oversold zone, signals of pressure on miners have already appeared, which historically usually marks the beginning of the end of a bear market. He also noted that the price signals in this cycle are overall milder compared to historical patterns. Davis believes that whether $59,000 can hold as the low point of this cycle will be revealed in the coming months, but current signs are becoming clearer.

Bitwise CEO Hunter Horsley posted on the X platform, "In the 1990s, the internet was just emerging. Almost every idea seemed feasible. Hundreds of companies reached valuations of 500 million to 1 billion dollars based on these possibilities. By the early 21st century, that optimism faded. There were no longer hundreds of companies competing. Instead, a few companies that truly proved their worth thrived. Because they succeeded with demonstrable value, they operated longer and were larger in scale than in the previous cycle. The cryptocurrency sector is also undergoing a similar transformation. The number of winners will decrease, but the winners will stand out due to their demonstrable value. Their scale will be larger, and their operating time will be longer than people expect."

According to CoinDesk, Mexican billionaire Ricardo Salinas Pliego stated that about 70% of his investment portfolio is allocated to Bitcoin. He believes that compared to real estate, Bitcoin is more suitable as a long-term store of value asset.

CryptoQuant analyst Axel Adler Jr. stated that Bitcoin may have entered a new accumulation zone, but the potential structural bottom of this cycle is still around $48,000. Currently, the seller risk ratio after Bitcoin's adjustment first entered the red zone when it fell below $60,000, indicating that the volume of loss supply has begun to exceed the volume of profit supply, and the unrealized pressure on holders has significantly increased.On the other hand, the Cumulative Value Destruction Day (CVDD) valuation model shows that the structural bottom of Bitcoin's current cycle is around $48,000. Axel Adler Jr. summarized that historically similar zones often correspond to market capitulation phases and bottom formation processes, such as the cycle lows in 2019 and 2023. However, it remains to be seen whether the price can hold the $60,000 area, while the seller risk ratio smooth line continues to rise. Although the price of Bitcoin has rebounded to around $66,000, the market is still at the lower end of the valuation range, and caution is still needed regarding the final confirmation process of the cycle bottom.

CryptoQuant analyst Axel Adler Jr. stated that the Bitcoin Sell-Side Risk Ratio (SSRR) entered the red zone for the first time when BTC dropped to $60,000, with the volume of losses exceeding the volume of profits, reflecting the deep pressure on holders. Historically, when this indicator enters the red zone, it often coincides with the formation of a bottom.Meanwhile, the CVDD valuation model shows that the structural bottom is around $48,300, a level that has almost never been closed below in Bitcoin's history. Currently, Bitcoin has rebounded to $66,000, and the smoothed SSRR has begun to turn upward. Analysts believe that $60,000 is a behavioral pressure zone, while $48,000 is the boundary for structural risk. The subsequent confirmation of recovery signals is when the smoothed SSRR exits the red zone and the price stabilizes above $60,000; the main risk is the emergence of new red signals at lower levels and testing the $48,000 support. Overall, the market is gradually shifting towards an accumulation pattern.

According to Jinshi reports, Krishna Bhimavarapu, an economist at State Street Global Advisors in the Asia-Pacific region, stated that supported by enhanced economic resilience and rising inflation, central banks around the world may be entering a phase of synchronized interest rate hikes. Bhimavarapu pointed out that the Bank of Japan seems ready to raise interest rates to the psychological key point of 1% and may hint at a second rate hike this year. In contrast, the Reserve Bank of Australia appears to be pausing interest rate hikes due to weakening economic growth and labor market momentum, but the inflation issue remains unresolved, potentially leaving room for at least one more rate hike. Bhimavarapu expects that the Federal Reserve may shift to a hawkish stance by the end of this week.