ana

According to Jinshi, the S&P 1500 Asset Management Company Index fell by 1.8%, reaching a new low since April.

According to CNBC, Bitcoin fell to its lowest level since February on Wednesday, hitting a low of $65,385, a decrease of 2.3%. Funds are flowing from the crypto market to other asset classes. QCP stated that the fundamental issue is liquidity rotation. The stock market continues to outperform, attracting the attention of both crypto-native investors and traditional asset managers to a stronger stock narrative, and investors may be shifting funds from Bitcoin to private markets or IPO projects like SpaceX, OpenAI, and Anthropic.BTIG technical strategist Jonathan Krinsky believes that Bitcoin needs to hold around $65,000, which is the last support before testing the year-to-date low of $60,000. QCP expects initial support in the range of $63,000 to $64,000, and if it breaks below, attention will turn to $62,000, followed by the psychological level of $60,000, with the next major support level at $58,000.

According to Whale Alert monitoring, at 10:20 Beijing time, USDC Treasury minted an additional 250 million USDC on the Solana chain.

Kaiko announced the acquisition of digital asset data and analytics provider Amberdata. After the completion of this transaction, Kaiko stated that it will form a comprehensive service capability covering digital asset market data, analytics, pricing, indices, and data infrastructure, and will continue to expand into the tokenized asset sector.

Coinbase announced an investment in ProShares' GENIUS Money Market ETF (ticker IQMM) to advance stablecoin cash management. This product is one of the first money market ETFs designed under the GENIUS Act that can be used for stablecoin reserves. IQMM primarily holds U.S. Treasury securities and cash equivalents with maturities of no more than 93 days, aiming to meet the reserve requirements of Article 4 of the GENIUS Act regarding "high-quality, high-liquidity assets backed 1:1."

According to Jinshi, Wall Street analysts have begun to adopt a skeptical attitude after two months of continuous gains in the stock market, and researchers are downgrading the ratings of S&P 500 constituent companies. Data from Jefferies shows that the proportion of constituent stocks receiving a "buy" rating is nearly the same as it was four years ago, far below the peak levels during the internet bubble. Jefferies Senior Vice President Andrew Greenberg stated that the sell-side has not yet shown any signs of buying.

Solana's official announcement "Building Fully On-Chain Perpetual Contracts on Solana" aims to vigorously promote the ecological construction of fully on-chain perpetual contracts (Perps) in the future, with the goal of making Solana the world's strongest on-chain financial derivatives infrastructure. Currently, the trading volume of crypto derivatives is mainly concentrated on centralized trading platforms or hybrid models that rely on off-chain matching engines, which Solana believes is a transitional phase. It hopes to make a truly fully on-chain derivatives market a reality through the characteristics of high-performance blockchain—where all processes such as order submission, price updates, matching, and clearing are completed on-chain, while maintaining institutional-level speed and low costs.The Solana Foundation will provide funding, technical support, and resource allocation, focusing on supporting projects that meet the following criteria: fully on-chain execution, price discovery based on real bilateral liquidity (rather than purely pool pricing), Solana priority with revenue flowing back on-chain, teams with derivatives experience, and core code being open source. It also welcomes the co-construction of surrounding infrastructure such as front ends, aggregators, vaults, and market-making tools.

According to independent analyst Markus Thielen, Strategy recently made a small-scale sale of Bitcoin after the performance conference call in May, which the market interpreted as testing market reactions and the flexibility of capital allocation strategies.The analyst pointed out that although Strategy remains highly optimistic about Bitcoin, the success and expansion of the STRC preferred stock financing tool may take precedence in the overall financial arrangements. This move breaks the company's market image of "buying only, not selling" that has lasted for nearly six years. Considering Strategy's strong market influence on Bitcoin demand, this shift is quietly rewriting market expectations.

According to Cointelegraph, Bitcoin fell to a nearly two-month low on Tuesday, as the divergence between cryptocurrencies and traditional stock markets continued to deepen. Bitcoin briefly dropped to $70,023 on Coinbase, the lowest level since April 7, with a daily decline of over 4% and a weekly decline of 8%, down 44% from the October peak of $126,000.Meanwhile, the S&P 500 index set a new historical high of over 7,600 points on Monday, and the Nasdaq index peaked above 27,000 points. Andri Fauzan Adziima, head of research at Bitrue, stated that Bitcoin is currently the only major asset in a downtrend, and this divergence is worth noting, indicating that Bitcoin resembles a high-beta risk asset linked to macro sentiment rather than an independent hedging tool.Santiment noted that the gap between traditional stocks and cryptocurrencies has become hard to ignore, leading investors to increasingly prefer stocks over Bitcoin and altcoins, with capital often rotating from crypto to the stock market. However, Santiment pointed out that this pattern will not last forever; when mainstream influencers begin discussing the dominance of stocks, it usually indicates that market sentiment is overly biased towards stocks, and market trends often move contrary to the expectations of most traders.

According to The Block, Robinhood Markets has completed its $180 million acquisition of Canadian digital asset services company WonderFi. WonderFi operates two regulated Canadian crypto platforms, Bitbuy and Coinsquare, and its users will be invited to migrate to the Robinhood app. Robinhood stated that through this acquisition, it has surpassed 1 million funded customers outside the United States, with 300,000 coming from WonderFi.The acquisition was first announced in May 2025, originally planned to be completed in the second half of 2025, but was delayed until now due to technology deployment and regulatory approvals. Last year, Robinhood established its institutional business by acquiring Bitstamp. HOOD's stock price fell 3.8% to $90.73 on Monday, down 21.3% year-to-date.

Grayscale submitted its S-1 amendment for the Hyperliquid Staking ETF, proposing to set the fund management fee at 0.29%, with the code HYPG. This rate is lower than similar products already launched by Bitwise and 21Shares. Among them, Bitwise's BHYP has a first-month fee rate of 0%, followed by 0.34%; 21Shares' THYP fee is 0.3%. Bloomberg ETF analyst James Seyffart stated that Grayscale's fund is expected to launch as soon as this week. If successfully launched, HYPG will become the third Hyperliquid-related ETF.

SpaceX disclosed in its latest S-1 filing that it holds approximately 18,712 bitcoins, with a current market value of about $1.4 billion, significantly higher than previous market expectations, with a cost of about $661 million. This bitcoin holding has become an important component of SpaceX's balance sheet, accounting for about 1.8% of total assets, making it one of the major corporate bitcoin holders, second only to a few institutions.The more critical issue lies in the financial volatility risk brought about by accounting treatment. Analysts say that measuring bitcoin at fair value will cause its price fluctuations to be directly reflected in the financial reports each quarter, potentially leading to significant profit volatility unrelated to core business (rocket launches, satellite business), creating significant "accounting noise." Market participants believe that this mechanism may make it more difficult for investors to assess SpaceX's true operational performance, with the bitcoin holding potentially evolving from a "strategic reserve asset" to a key variable affecting the stability of financial reports.

According to hket, Hong Kong's Acting Secretary for Financial Services and the Treasury, Chen Haolian, stated that the authorities will submit legislative proposals to the Legislative Council within the year regarding the provision of virtual asset services and management, promoting the establishment of a comprehensive regulatory system covering trading, custody, advisory, and asset management, and implementing a mandatory licensing arrangement.The new framework will be advanced according to the principle of "same business, same risk, same rules," aligning with the current regulated activities under the Securities and Futures Ordinance, and will focus on strengthening private key management and client asset security requirements in virtual asset custody.The Hong Kong Securities and Futures Commission stated that the current applications for licenses related to virtual assets continue to increase, but licensing will adhere to the principle of "quality over quantity," balancing market capacity and quality.

On-chain analyst Axel Adler Jr stated in a recent report that the Bitcoin market has entered a significant volatility compression phase. The realized volatility over the past week (30-day moving average) has dropped from about 39 in early March this year to the current level of around 17, with a quarterly decline of over 56%, approaching historical low levels. Currently, the BTC price remains around $73,500, still below the approximately $79,500 200-day moving average. Historical experience shows that extremely low volatility often indicates that the market is accumulating energy, typically followed by a significant directional trend. However, volatility compression itself does not provide directional signals; it merely indicates that the market is about to make a new trend choice.Meanwhile, the Delta indicator, which reflects changes in market premiums (the difference between market capitalization growth rate and realized market capitalization growth rate), has been in negative territory for six consecutive months, further dropping to about -0.0013 in May. This indicator suggests that the growth rate of Bitcoin's market capitalization continues to lag behind the growth rate of realized market capitalization, indicating a contraction in market risk appetite and valuation premium.The current market exhibits a combination of "low volatility + cooling premiums," which is not a typical overheated bull market structure but rather resembles a consolidation phase after emotional cooling. If BTC subsequently returns above the 200-day moving average, and Delta rebounds to near zero, it will indicate that the market has re-entered a risk appetite expansion cycle; conversely, if volatility releases downward and Delta continues to deteriorate, it may enter a deeper risk-averse phase.In summary, Axel Adler Jr stated that the current market direction remains neutral, but the degree of compression is at a high level, and the probability of significant directional volatility in the future is continuously increasing.

The Temporal team submitted an upgrade proposal SIMD 547 within the Solana governance forum, aiming to adopt a resource demand-based fee model on Solana (new fees will be 100% burned), thereby aligning costs with computational usage and increasing the burn rate of SOL as network activity grows.

Analyst Ali tweeted that the TD Sequential buy signal has appeared on the 12-hour chart for Bitcoin, which may rebound to $75,000.

Michael van de Poppe, founder of MN Trading Capital, posted on platform X, stating, "Bitcoin is at a critical price level, and if it cannot hold, it will drop below $65,000." However, he believes that a new low will not occur. In that case, Bitcoin would fall below $61,000, where the 200-day moving average is located. Further declines would be meaningless, as this would not yield good results in any market cycle. However, this structure is different from the decline in February. The reason is that the resistance level in February failed to convert into a support level.Currently, the $71,000 area remains a key support level. Poppe believes that this support must hold to prevent further pullbacks. If it can hold, then the $61,000-$65,000 range will be an excellent buying opportunity for Bitcoin in the coming years. If this support holds, then the second phase target is to break through $76,600. If this price level is breached, a new high is imminent, and a strong altcoin summer rally is likely to be seen.