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CryptoQuant analyst Darkfost stated that since 2025, the inflow of stablecoins into exchanges has been continuously declining, reaching the lowest level since that period. Currently, the monthly average inflow of stablecoins (USDT, USDC) is about $2.3 billion, with an annual average inflow of about $3.7 billion. When the price of Bitcoin reached its historical peak, the monthly average inflow was $5.6 billion, and the annual average inflow was $4.3 billion. This dynamic clearly indicates the current weak demand and lack of investor interest. However, it is important to note that when the inflow of stablecoins peaks, it is often a lagging signal. When some investors accelerate profit-taking, exchanges increase the supply of stablecoins, while new investors continue to bet that the price of Bitcoin will keep rising. Currently, market demand still needs improvement.

CryptoQuant analyst Axel Adler stated that the current bear market phase of Bitcoin has seen the highest historical scale of holder realized losses, with the 30-day moving average (30DMA) of realized losses reaching $1.37 billion in February 2026, which is 19% higher than the cycle peak of $1.15 billion in 2022. Data shows that since the February peak, Bitcoin realized losses have decreased by 56.5%, currently down to about $597 million; meanwhile, the scale of realized profits has only slowly recovered to $257 million.Axel Adler pointed out that the sell-off pressure driven by losses has significantly weakened, but the market has not yet seen a sustained recovery in demand, with the rate of loss decline still outpacing the rate of profit recovery. Historically, on February 20, 2026, realized losses reached $1.37 billion, setting a historical high for this metric; the highest realized loss in the 2022 cycle was $1.15 billion, occurring on June 30, 2022. In terms of realized profits, as of July 23, the 30DMA of Bitcoin realized profits was $257 million, a decrease of 92.7% from the peak of $3.51 billion set on December 10, 2024; it was also down 77.7% from when Bitcoin hit its historical high of $124,710 on October 6, 2025. This metric had previously hit a low of $191 million on June 14, 2026, and has since rebounded by 34.7%.Axel Adler indicated that the selling pressure from profits has significantly decreased, and the amount of coins sold for profit is still at a low level in this cycle, but this does not mean that sellers have completely exhausted themselves, nor does it indicate that market demand has recovered. If realized profits continue to rise above $400 million to $500 million, it would further confirm a sustained improvement in the market. Additionally, the Bitcoin realized profit/loss ratio has rebounded from a low of 0.26 in June to 0.43, but it is still below the level of 1. Analysts noted that although the absolute scale of realized losses in the current cycle exceeds that of 2022, the relative market pressure remains lower than in 2022. Since Bitcoin's historical peak, there have been 190 days out of the past 291 days where realized losses exceeded realized profits. Axel Adler warned that if the profit/loss ratio falls below 0.26 again, accompanied by a price drop below the cycle low of $58,535 set on June 30, it could indicate further intensification of market pressure.

A report jointly released by the Bitcoin collateral lending platform CoinRabbit and the computing power platform GoMining points out that managing Bitcoin is more important than mining it. As the block reward drops to 3.125 BTC and the overall network difficulty approaches historical highs, low electricity prices and high uptime only constitute a survival baseline. What truly differentiates mining companies is the method of handling Bitcoin after it is mined.The report suggests that mining companies are shifting from direct sales to collateralized lending to cover recurring expenses such as electricity, custody, and labor. This approach retains exposure to holding Bitcoin while generating cash flow, avoids taxable sales, and preserves the deduction space for operating expenses. The trade-off is that mining companies simultaneously bear the dual risks of price and liquidation when Bitcoin prices decline.Jeremy Dreier, Chief Business Development Officer of GoMining, stated that the miners who can succeed after the halving are those who operate efficiently and have set aside cash in advance for this purpose. The current decline in Bitcoin prices has actually lowered the cost of increasing computing power, creating a window of opportunity for investing in expanding mining machines.

According to IT Home, ByteDance announced today the official launch of the Seed STEM Scientist Program, inviting 100 outstanding scholars from the forefront of scientific fields to collaborate on real research problems and promote AI-accelerated scientific discovery.This program is initiated by the Seed Edge research team, providing ample computing resources and competitive salaries. Participation is divided into two categories: scientific advisors and doctoral interns. The first phase of the program is expected to last about 6 months, with the work location in Haidian District, Beijing. The application deadline is September 30, 2026.

According to Onchain Lens monitoring, a certain ancient whale deposited 1,000 BTC worth 65.56 million dollars into Binance after being silent for 4 months, intending to sell.This whale accumulated BTC in November 2013 and has been continuously selling over the past year.

According to official news, the DeFi protocol DeltaDeFi announced that due to a lack of operating funds, all operational activities will be suspended starting today, and development and maintenance work will also be halted. The official statement indicated that the team is currently evaluating subsequent plans and promises to return funds to users, provided that the minimum UTXO requirements are met.

According to the official announcement, the Bitget CandyBomb spot series activity has added a trading time weighting coefficient mechanism. Under the new mechanism, the earlier users trade, the higher the time bonus coefficient, and the candy rewards they receive will also increase. After users complete the daily trading tasks, the system will first calculate the basic candy according to the original rules, and then apply the time weighting coefficient corresponding to the trading day for the bonus, meaning the final candy quantity will be "daily basic candy × daily weighting coefficient." The specific coefficients are subject to what is displayed on the activity landing page.The platform has also launched the EVAA CandyBomb activity, where users can participate in sharing a prize pool of 80,000 USDT by completing designated spot trading tasks.

According to a report by Jinshi Data on July 13, the Ministry of Industry and Information Technology and three other departments issued guidance on promoting the high-quality development of internet infrastructure resources. It mentioned strengthening the planning of internet technology innovation, promoting the implementation of relevant national key research and development programs and major national science and technology projects, enhancing original technology innovation, and carrying out technical research on the integration of artificial intelligence, blockchain, distributed identifiers and internet infrastructure resources, breaking through key technologies such as network dynamic optimization, intelligent resource scheduling, and data security interaction. Strengthening the innovation of the IPv6 technology system to solve key issues such as protocol compatibility and high-performance transmission. Breaking through key technologies for satellite internet mega-constellation networking, rapid routing switching, and reliable anti-jamming transmission. Breaking through key technologies for the large-scale deployment and application of resource public key infrastructure.

According to Jinshi, Dallas Federal Reserve President Logan stated that if the Federal Open Market Committee conducts open market operations through a voluntary central clearing mechanism, it will help improve the efficiency and effectiveness of operations and enhance the stability of the U.S. financial markets.She pointed out that the relevant arrangements could improve the use of Federal Reserve tools, such as the standing repo facility, which is designed to provide liquidity to eligible financial institutions, but the current market usage rate remains relatively low.

Strategy founder Michael Saylor stated that after a decade of concerns about the lack of block space and controversies surrounding non-monetary uses, Bitcoin still does not have the so-called "spam transaction problem." Currently, the Bitcoin network transaction fee is about 1 sat/vB, and anyone can quickly transfer any amount of Bitcoin globally at a cost of approximately $0.3.The market's free mechanism has been addressing the challenges faced by Bitcoin block space.

As tokenized securities transition from "holdable assets" to "usable capital," the role of xStocks in on-chain trading scenarios is changing. The trading platform Nado, built on Ink, launched the xStocks / xPoints event on July 8, providing a new entry point for RWA asset points and capital efficiency.During the event, users who deposit supported assets such as AAPLx, METAx, NVDAx, QQQx, GOOGLx, SPYx, and TSLAx into Nado will receive a 25% xPoints bonus on their TVL. If users trade xStocks in the Nado spot market, they can also unlock up to a 30% xPoints bonus based on daily trading volume, while simultaneously earning Nado Points.Nado's unified margin account allows xStocks to be used as collateral for contract trading. The same asset can simultaneously function in holding, trading, collateral, and point acquisition, further amplifying the capital efficiency of tokenized U.S. stocks in the on-chain trading system.

According to official news, the cryptocurrency trading platform AscendEX has announced that it will cease operations, attributing the reasons to the current market environment and the impact of the EU's Markets in Crypto-Assets Regulation (MiCA).In response, on-chain detective ZachXBT pointed out that AscendEX's public hot wallet currently lacks sufficient liquid assets to cover the verified withdrawal demands of users amounting to millions of dollars. Affected users are advised to report to law enforcement and regulatory authorities in their respective countries or regions to hold AscendEX co-founder George (Jing) Cao accountable.

According to CoinDesk, Thomas Sy, head of multi-asset solutions at New York Life Investment Management (NYLIM), stated that the core application of the next phase of tokenization will be to achieve "personalized portfolio construction," rather than merely enhancing settlement efficiency or extending trading hours.NYLIM manages approximately $807 billion, with about $11 billion overseen by Sy's team. He pointed out that blockchain technology is expected to enable asset management institutions to customize complex portfolio strategies for different investors on a large scale, a capability that is currently difficult to achieve within the traditional financial system.Sy indicated that the core of asset management will shift towards "highly customized" solutions in the future, and blockchain is the only technological path that can achieve this goal at scale. He believes that tokenization is not just about putting ETFs, bonds, or private credit on-chain, but more importantly, about reconstructing the way portfolios are built.He also noted that current asset portfolios typically involve a mixed allocation of ETFs, bonds, and private assets, but due to operational complexities, personalized strategies are difficult to scale. Tokenization is expected to "embed customization logic into the assets themselves," reducing operational costs and enhancing efficiency.In addition, Sy stated that stablecoins have become a key entry point for traditional finance to enter the blockchain space, with the current scale of stablecoins exceeding $300 billion, being used for cross-border payments and fund management. He believes this trend will gradually drive institutional demand for on-chain income-generating assets.In the area of decentralized finance (DeFi), NYLIM is still researching related applications, but Sy emphasized that institutional participation still requires more mature infrastructure, including the improvement of tokenized collateral, clearing mechanisms, and the prime brokerage service system.

DeSci Protocol Bio Protocol announced the launch of OpenLabs, positioned as a collaborative coordination layer between humans and agents in scientific research, aimed at transforming scientific ideas into funded execution projects.Bio stated that DeSci has proven over the past few years that the community can coordinate capital and data at internet speed, and agents have also become real scientific collaborators, capable of reading papers, running queries, drafting hypotheses, and designing experiments.OpenLabs consists of five interconnected layers: posts and discoveries, projects, agent collaboration, Web3 incentive layer, and bounty system. In terms of the incentive layer, OpenLabs plans to adopt a financing mechanism based on USDC yields to fund agent reasoning and tool usage. Users can deposit USDC and choose to support projects, with funds deployed to audited yield vaults like Morpho and Aave, generating yields that flow to projects for computation, querying, and simulation, with the principal not bearing risk. Once projects reach the stage requiring real capital, they can issue tokens through the Bio launchpad or conduct private placements and follow traditional biotech paths.

According to the mid-year open letter released by Bitget CEO Gracy Chen, there has been a significant structural change in user behavior on the platform in the first half of 2026: the trading volume of non-crypto assets peaked at nearly 40% of Bitget's overall trading volume; the daily trading volume of CFDs exceeded $10 billion; 52% of users held both stocks and cryptocurrencies; and 35% held gold and other precious metals, indicating that cross-asset trading has become a mainstream habit.Gracy Chen pointed out that as a panoramic exchange (UEX), Bitget's core goal is not to create an "asset supermarket," but to reconstruct the underlying logic of user participation in the global market around four core values: "asset efficiency, crypto-native experience, financial equality, and reducing burdens." On the business implementation level, Bitget has accelerated its layout through a dual-track solution of U.S. stock tokens and direct connections to U.S. stocks, supporting 24/7 trading of various assets to break the time zone and regional barriers of traditional finance.In addition, with the deep integration of AI tools into the execution layer, 51% of users have already used AI-driven trading tools in the first half of the year, and the number of AI trading users on the platform has surpassed 1 million.

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.

Bitget launches the "TradFi 100 Questions for Popular Science" long-term investor education program, breaking down the traditional financial knowledge system into 100 core questions, covering six major modules: financial basics, asset encyclopedia, market mechanisms, macroeconomics, risk management, and the evolution of multi-asset trading.The course uses structured content and weekly updated educational materials as a medium, focusing on analyzing the driving logic behind stocks, commodities, interest rates, and capital flows, helping traders establish an investment framework across asset classes.Bitget CEO Gracy Chen stated that as the connections between financial markets deepen, crypto investors need to pay attention to factors such as interest rates, inflation, stocks, commodities, and global liquidity.The "TradFi 100 Questions for Popular Science" aims to lower the understanding threshold of traditional financial knowledge, helping users adapt to a multi-asset investment environment where traditional assets and digital assets converge.

Fortitude Mining Holdings and HeartSciences today announced that they have signed a definitive merger agreement to complete a business combination through an all-stock transaction.It is reported that Fortitude Mining Holdings is a vertically integrated digital asset mining platform focused on Zcash mining.The transaction is expected to be completed in the second half of 2026. Upon completion of the transaction, the merged company will continue to use the Fortitude brand and will be operated by the existing management team of Fortitude, including Fortitude CEO Andrea Childs. The new company plans to list on the NASDAQ capital market, with the stock ticker expected to be "TUDE," but it still requires NASDAQ approval.

According to the official announcement, Gate has released the latest reserve report. As of June 22, 2026, the overall reserve coverage of the platform reached 115%, significantly higher than the industry safety benchmark of 100%. The reserves cover nearly 500 different types of user assets, continuously ensuring the safety of user assets through a verifiable mechanism.In terms of core assets, the BTC user asset scale increased from 17,216 coins in the previous report to 19,054 coins, corresponding to a platform reserve of 25,292 coins, with an excess reserve ratio of 32.73%; the ETH user asset scale is 344,935 coins, corresponding to a platform reserve of 423,960 coins, with an excess reserve ratio reaching 22.91%. For stablecoins, the USDT user asset scale is 1.418 billion coins, with a platform reserve of 1.432 billion coins, resulting in an excess reserve ratio of 1.00%; the USDC user asset scale is 89 million coins, with a platform reserve of 117 million coins, achieving an excess ratio of 30.75%; the USD1 user asset scale increased from 6.82 million coins in the previous report to 712 million coins, with a platform reserve of 782 million coins, resulting in an excess ratio of 9.87%. Notably, the GUSD user asset scale increased from 108 million coins in the previous report to 185 million coins, with a platform reserve of 319 million coins, achieving an excess ratio of 72.81%.In addition, the reserve ratios for major assets such as GT and XRP are also significantly above the 100% reserve standard, reaching 134.18% and 116.92%, respectively. The latest reserve report from Gate shows that its core asset reserve scale remains robust, providing strong assurance for the safety of user funds and the stability of platform operations.

According to Jinshi reports, the Federal Reserve FOMC statement reiterates the policy of maintaining ample reserves in the banking system and instructs the open market operations department to increase securities holdings when appropriate.