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CryptoQuant CEO stated that the capital efficiency of Bitcoin is continuously declining------In 2011, a net inflow of only $5 million could double the price, while this cycle requires about $101 billion to achieve the same effect. He believes that the next parabolic bull market cycle may require net capital inflows on the order of trillions of dollars, and Bitcoin must transition from being dominated by retail-driven ETF trading to becoming a core macro asset. If Bitcoin's actual market value can exceed $1 trillion, the next bull market is still expected to occur, while the current market value of gold has reached $27 trillion, indicating significant growth potential in comparison.

According to the official announcement, with the transition period of the EU's Markets in Crypto-Assets Regulation (MiCA) officially ending on July 1, the European digital asset market has officially entered a new regulatory phase. Gate Europe had previously completed its MiCA license and Payment Institution (PI) license layout in 2025, and the platform will continue to provide compliant digital asset services to users under the European regulatory framework.Relying on the dual licenses of MiCA and PI, Gate Europe continues to improve its compliance system, risk management, and operational governance capabilities, deeply integrating regulatory requirements into business operations, and continuously strengthening internal controls, compliance processes, and security mechanisms to provide European users with safer, more transparent, and efficient digital asset services. At the same time, the company maintains close communication with European regulatory authorities and industry partners, actively adapting to changes in the regulatory environment, and continuously enhancing the platform's long-term stable operation capabilities.Gate Europe's CEO Dr. Giovanni Cunti stated that the completion of the MiCA transition period marks a move towards a more standardized and transparent development phase for the European digital asset market. In the future, Gate Europe will continue to increase investments in compliance capability building, professional talent training, and operational resilience, with compliance, security, and innovation at its core, continuously promoting the healthy development of the digital asset industry.

CryptoQuant analyst Axel Adler Jr. released a report indicating that the current Bitcoin market correction is more severe than in February. The 30-day average inflow of Bitcoin to exchanges has risen to 122,000 coins, significantly higher than the annual baseline of 82,000 coins, and about 50% higher than the average of around 80,000 coins during the February sell-off period, approaching the upper range of 131,000 coins. Meanwhile, the price has dropped from $77,000-$78,000 to the current approximately $59,000.At the same time, the 30-day average SOPR (Spent Output Profit Ratio) has fallen to 0.99, consistently below the critical level of 1, indicating that the market is, on average, in a state of realized losses. From May to July, this indicator was below 1 for 37 out of 61 days. The combination of these two indicators shows that the volume of sell-offs and realized losses makes the current correction more pronounced than in February. Adler pointed out that this is not a temporary pressure event, but rather a continuous selling process. For the market to stabilize, two signals need to appear simultaneously: SOPR rising above 1 (meaning that those selling coins are no longer losing money), and the inflow to exchanges returning to annual normal levels. The main risk is that if a large amount of coins continues to flow into exchanges, the supply pressure will persist, making it difficult for market sentiment to improve.

According to DeFiLlama data, the recent net inflow ranking of centralized exchanges is as follows:Top three in the 24-hour dimension: Bybit ($25.48 million), Bitfinex ($19.63 million), Bitget ($17.12 million).Top three in the 7-day dimension: Bitget ($743 million), OKX ($312 million), Bitfinex ($81.46 million).Top three in the 30-day dimension: Bitfinex ($472 million), Bitget ($397 million), Gate ($253 million).

On July 1, according to WEEX TradFi data, the recent performance of the US stock technology sector has been mixed, with funds continuously focusing on Physical AI, robotics, and related supply chain directions that have actual implementation expectations. Among them, AMD rose about 7.7% in 24 hours, Symbotic (SYM) rose over 6.6%, Texas Instruments (TXN) rose about 4.4%, NVIDIA (NVDA) rose about 2.6%, Tesla (TSLA) rose about 2.1%, and Analog Devices (ADI) rose about 1.4%.WEEX Labs believes that market funds are shifting from a single computing power narrative to core links in the Physical AI supply chain with implementation expectations, including Tesla's Optimus production line transformation and NVIDIA's Physical AI Day, which continuously strengthen expectations for hardware and software collaboration, leading to increased attention in related sectors.

According to official news, the Gate stock derivatives section will launch on July 1 at 14:00 (UTC+8) with the debut of perpetual contracts for PDD (Pinduoduo), STRC (MicroStrategy Series A Perpetual Preferred Stock), TSEM (Tower Semiconductor), AAL (American Airlines), AMKR (Amkor Technology), ASX (ASE Technology Holding), MVLL (2x Long Mavis Daily ETF), FLEX (Flex Ltd.), and APD (Air Products and Chemicals) (settled in USDT), supporting 1-20 times leverage.

According to GMGN data, the top 5 tokens with net inflow of smart money in the past 24 hours are as follows:Horseradish (GAef....ump): Net inflow of $4,000, with a 24-hour increase of 19141.3%, currently priced at $0.0005.Frigoberto (6QN2....ump): Net inflow of $2,000, with a 24-hour decrease of -3.2%, currently priced at $0.0001.KALEO (684r....ump): Net inflow of $1,000, with a 24-hour increase of 498.1%, currently priced at $0.0001.TROLL (5UUH....gH2): Net inflow of $1,000, with a 24-hour increase of 9.9%, currently priced at $0.0562.Goblin (3KHM....ump): Net inflow of $920, with a 24-hour decrease of -53.1%, currently priced at $0.0009.

According to official news, the blockchain-based private credit platform Techdollar announced the completion of a $3 million Pre-Seed round of financing, with participation from NoLimit Holdings, Reforge VC, as well as individual investors such as Newmichwill, RoyLearner, and Ansem.It is reported that Techdollar is a blockchain-based private credit platform that allows founders, employees, venture capitalists, and family offices to obtain loans secured by equity in private tech companies without having to sell shares. The platform adopts a stablecoin issuance mechanism and integrates with on-chain liquidity infrastructure to provide rapid capital access while maintaining private off-chain custody and compliant underwriting processes.

According to GMGN market data, the market capitalization of the BSC chain meme coin Hakimi briefly surpassed $17 million, then fell back to around $16 million, with a 24-hour increase of over 50%.The price of meme coins is highly volatile, mainly driven by market sentiment and conceptual speculation, lacking clear practical application scenarios. Investors should be aware of the associated risks.

According to official news, the prediction market index provider Adjacent announced the completion of a $2.5 million Pre-Seed round of financing, with investors including Night Capital, VanEck, UFO Holdings, Maven11, and DCG.Adjacent is an independent third-party event contract and prediction market index provider, and this week it launched the U.S. election index series RED and BLUE. Adjacent stated that it is rapidly expanding its index products to cover global elections, finance, economics, and other fields.

According to Jin Shi reports, Russell Investments Senior Investment Strategist BeiChen Lin stated in a report that employment growth in the United States is expected to remain strong in June, which means inflation may continue to dominate the decision-making path of the Federal Reserve. He pointed out that if the labor market remains robust, inflation is likely to be a key factor influencing the Federal Reserve's next actions. Relevant data will be released on Thursday.

According to Bitcoin News, Bitcoin Core long-term contributor and BIP maintainer Jon Atack issued a warning about the network changes in August, advising users to avoid Bitcoin transfers in the second week of August until the potential chain reorganization risk subsides.Atack stated that he would run both Core and Knots version 110 for observation and would isolate his Bitcoin assets. Additionally, Atack commented on the increasingly polarized debates within the Bitcoin community, stating that independent thinking and choosing one's own priorities require more courage and are a better path to addressing complex issues.

According to Coinglass data, on July 1 at 13:30, 44.7 million USDT was detected being transferred from an unknown wallet to Binance.

Binance's co-CEO Richard Teng issued a statement regarding the MiCA regulatory transition, stating that user asset security is a priority, and affected users can continue to use the notified options, including withdrawal functions. Binance is directly communicating with affected users about the next steps and available options, and advises users to contact customer service through official channels. Teng stated that the team's focus is on providing clear guidance, service continuity, and confidence for users during the transition period.

According to Onchain Lens monitoring, a giant whale deposited 10.12 million USDC into HyperLiquid and opened a ZEC long position with 1x leverage, possibly planning to continue increasing the position. This whale previously made a profit of over 7.7 million dollars.

According to SoSoValue data, yesterday (Eastern Time June 30), the total net outflow of Ethereum spot ETFs was $27.5996 million.The Ethereum spot ETF with the highest single-day net outflow yesterday was the Blackrock ETF ETHA, with a single-day net outflow of $27.5996 million. Currently, the historical total net inflow of ETHA has reached $11.058 billion.As of the time of writing, the total net asset value of Ethereum spot ETFs is $8.332 billion, and the ETF net asset ratio (market value as a percentage of Ethereum's total market value) is 4.38%. The historical cumulative net inflow has reached $10.845 billion.

According to SoSoValue data, yesterday (Eastern Time June 30), the total net outflow of Bitcoin spot ETFs was $223 million.The Bitcoin spot ETF with the highest single-day net outflow yesterday was Blackrock ETF IBIT, with a single-day net outflow of $212 million. Currently, the historical total net inflow of IBIT has reached $60.254 billion. The second was Fidelity ETF FBTC, with a single-day net outflow of $10.1963 million. Currently, the historical total net inflow of FBTC has reached $10.129 billion.As of the time of writing, the total net asset value of Bitcoin spot ETFs is $70.95 billion, with an ETF net asset ratio (market value compared to total Bitcoin market value) of 6.02%. The historical cumulative net inflow has reached $51.152 billion.

According to The Block, the Legislative Yuan of Taiwan has passed the "Virtual Asset Service Act" in its third reading. The bill has been submitted to Taiwan's regional leader Lai Ching-te for signing, and the implementation date is expected to be announced within 10 days.The core points of the bill are as follows:• Licensing requirements: Virtual asset service providers must apply for a license from the Financial Supervisory Commission (FSC). Platforms that have completed AML registration have a 12-month application period and a 21-month approval period.• Stablecoin regulation: Issuing or managing stablecoins requires dual approval from both the central bank and the FSC, and sufficient reserves must be maintained.• Compliance requirements: Covering aspects such as cybersecurity, customer asset segregation, and internal controls.• Criminal penalties: Illegal operations can result in a maximum sentence of 7 years in prison and fines of up to NT$100 million (approximately US$3.14 million); market manipulation in the crypto space can lead to a maximum sentence of 10 years and fines of up to NT$200 million (approximately US$6.28 million).Industry insiders point out that crypto companies previously operating in legal gray areas will no longer be able to rely on regulatory ambiguity. Traditional financial institutions will also be allowed to apply for VASP licenses in the future, and existing crypto companies may face increased competitive pressure.

According to Coinglass data, Binance had a net outflow of 319 million USDT in the past 24 hours.