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According to Gate market data, the three major U.S. stock indices narrowed their gains, with the S&P 500 index rising by 0.2%, the Nasdaq rising by 0.1%, and the Dow Jones rising by 0.09%.

According to Cointelegraph, Santiment data shows that the exchange supply of Bitcoin and Ethereum is close to historical lows, with Bitcoin at its lowest level since 2017 and Ethereum at its lowest level since 2015, reflecting increased confidence in investor holdings.

According to a report by 10x Research, the stock prices of recently listed cryptocurrency-related companies have generally fallen sharply from their post-listing highs. Among them, Gemini (GEMI) has dropped by 91%, Amber (AMBR) has decreased by 89%, BitGo (BTGO) has fallen by 79%, Circle (CRCL) has declined by 78%, Coinbase (COIN) has decreased by 63%, and Securitize (SECZ) has also dropped by 41%.Data shows that these 8 recently listed cryptocurrency companies have, on average, fallen 73% from their post-listing highs. The report points out that the sharp decline in stock prices after listing has become a common phenomenon for cryptocurrency company IPOs, and investors need to adopt a more systematic strategy to cope with such volatility.

According to The Information, internal memos show that SpaceXAI and Cursor plan to release their jointly developed first AI model as early as today (July 8). It is reported that to further enhance operational efficiency, the two companies postponed the release of the model earlier this week. The report indicates that the new model has the capability to process information quickly and aims to compete with advanced large models such as Anthropic's Opus 4.8 and OpenAI's GPT 5.5.Data shows that Elon Musk's SpaceX acquired xAI (now renamed SpaceXAI) in February of this year, and subsequently acquired the well-known AI programming assistant Cursor's parent startup Anysphere in June for $60 billion in an all-stock transaction to strengthen its position in the high-profit enterprise-level AI code generation sector. Additionally, SpaceX has performed strongly since its initial public offering on June 12, benefiting from Nasdaq's revised rules for newly listed companies, and was officially included in the Nasdaq-100 index this Tuesday.

According to OnchainLens monitoring, the whale address "0xf822" deposited approximately 6.3 million USDC into Hyperliquid about 3 hours ago and opened a 3x leveraged HYPE short position. Currently, it holds about 692,200 HYPE short positions, with a position value of approximately 49 million dollars, an opening price of 66.02 dollars, a stop-loss price of 70.78 dollars, and a current unrealized loss of about 3.3 million dollars.This address currently holds a total of 5 positions, with a total position value of approximately 126.8 million dollars and a cumulative realized profit of about 4.39 million dollars.

According to on-chain analyst @ai_9684xtpa, a trader address that switched to shorting 22,000 ETH after four consecutive losses in long positions has cut losses one and a half hours ago, with an average opening price of $1613 and an average exit price of $1772, resulting in a loss of $3.5 million over three days.

According to Bloomberg, Germany's financial system is experiencing a rapid expansion of cryptocurrency asset services. Several local financial institutions, including cooperative banks and savings banks, are planning to launch cryptocurrency trading services for retail customers, allowing users to buy and sell virtual assets directly without going through third-party trading platforms.It is reported that banks in Germany, which have long served local families and businesses, are gradually embedding cryptocurrency trading functions into their existing retail banking systems. Relevant services are expected to be launched in the coming months. This trend indicates that Germany's traditional banking system is accelerating its embrace of the digital asset market within a compliance framework, which may further promote the penetration of cryptocurrencies into the mainstream financial system in Europe.

According to CoinDesk, as the July 1 deadline for the EU MiCA regulatory framework approaches, several cryptocurrency companies in Europe are turning their attention to the UAE.Irina Heaver, a lawyer at the Dubai law firm NeosLegal, stated that the volume of inquiries from European founders has significantly increased over the past year and a half, with over 120 inquiries received weekly, about half of which come from European countries.Heaver pointed out that many founders are dissatisfied with the bureaucracy and regulatory burdens in Europe and are opting for the UAE instead. The UAE's cryptocurrency regulatory framework is designed specifically for digital assets, with processes that are faster and typically completed in a few days, while Europe may take months. Additionally, UAE licenses can cover markets with approximately 4 billion people in Asia, North Africa, and more.Recently, Binance has withdrawn its MiCA application in Greece and notified some EU users that certain services will be suspended. Erald Ghoos, CEO of OKX Europe, previously stated that about 80% of cryptocurrency companies would not be able to pass the MiCA compliance review. Heaver warned that this could lead to "brain drain, tax loss, and job loss" in Europe.

According to The Kobeissi Letter, the 2x leveraged long MicroStrategy ETFs ($MSTX, $MSTU) have both fallen about 82% this year; another 2x leveraged product $MSTP has also dropped 81%.During the same period, MicroStrategy ($MSTR) itself has decreased by 46% this year, with a single-week drop of 27% last week. As a result, $MSTX, $MSTU, and $MSTP nearly halved last week.The report points out that the leveraged MicroStrategy ETFs launched in 2024 (both long and short) have seen declines of over 90% since their launch, despite billions of dollars flowing in previously, but the leverage effect is significantly amplifying the losses.Note: Leveraged ETFs typically use a daily reset mechanism, aiming to achieve an integer multiple of the underlying's daily price changes. In highly volatile markets, even if the underlying has an overall increase or decrease over a period, frequent price fluctuations can cause the compounding effect to lead to actual performance deviating from the expected multiple, continuously eroding the net asset value. This is known as "volatility decay" (also referred to as Beta Slippage).

According to Cointelegraph, in the wave of declines in technology stocks, cryptocurrency-related stocks have suffered particularly severe losses, with the divergence from the broader market continuing to widen. Coinbase (COIN) and Circle (CRCL) have fallen 69% and 72% from their respective historical highs, far exceeding the 48% to 57% pullback of mainstream tech stocks like Oracle, Salesforce, Netflix, and Palantir; in contrast, the S&P 500 index has only retreated 3.5% from its recent peak.On the fundamental side, Coinbase's first-quarter performance was significantly below Wall Street expectations, with a 21% quarter-over-quarter decline in revenue and a loss of $1.49 per share, while analysts had previously expected earnings of $0.27 per share. Bitcoin fell below $60,000 this week, down more than 54% from its October peak; Ethereum also dropped to around $1,500, down about 69% from last year's high, with market sentiment continuing to deteriorate.21Shares has lowered its 2026 cryptocurrency market expectations in its mid-year outlook report, believing that the performance of digital asset prices is significantly lagging behind the industry's fundamentals. The institution pointed out that institutional adoption is still deepening, with stablecoins, asset tokenization, and prediction markets maintaining strong development momentum, but the four-year market cycle of Bitcoin remains the dominant force in price trends. The report also acknowledged previous misjudgments—"the cycle of Bitcoin is evolving, but has not yet broken," retracting its earlier assertion that the four-year cycle was outdated.Analysts believe that the deep pullback in cryptocurrency stocks reflects the overall weakness of the digital asset market, the uncertainty of legislative progress in the U.S. cryptocurrency market structure, and the compounded pressure from the potential impact of AI technology on existing business models.

According to Jinshi reports, data from the Commodity Futures Trading Commission (CFTC) shows that as of the week ending June 23, stock fund managers increased their net long positions in the S&P 500 Index CME by 4,547 contracts to 987,977 contracts.At the same time, stock fund speculators reduced their net short positions in the S&P 500 Index CME by 146,022 contracts to 355,669 contracts.

According to The Block, a survey by CoinShares of 261 wealth management professionals in Europe shows that 52% of UK wealth advisors indicate that most of their clients' crypto asset exposure is outside their management scope (with a management gap exceeding 50%), while the overall percentage in Europe is one-quarter.The report points out that this "management blind spot" is primarily driven by company policies rather than a lack of advisor knowledge or client demand. In companies with explicit restrictions or a lack of internal guidance, the proportion of advisors actively recommending crypto assets is only 1%, while the management gap reaches 34%; in contrast, in companies with clear support, the recommendation rate is 48%, and the management gap is only 4%.The survey also found that the changes advisors most want to see are regulatory recognition of digital assets as a mainstream asset class (45%) and access to exchange-traded products (ETPs) (43%), rather than purely educational training.Currently, the UK's Financial Conduct Authority (FCA) has proposed allowing authorized funds to hold up to 10% in crypto ETPs, and the European regulatory environment is gradually shifting towards support, which may help narrow this management gap.

According to Jinshi reports, after the US PCE data showed moderate performance, US Treasury bonds erased most of their declines.

According to PR Newswire, Canaan Inc. announced that the company's Chairman and CEO Zhang Nengeng and CFO Cheng Jin recently purchased a total of 1,065,000 American Depositary Shares in the open market, with an average purchase price of $0.35 per share.The company stated that this increase in holdings complies with internal trading policies and applicable securities regulatory requirements, reflecting the management's confidence in the company's long-term strategy and future development prospects.

The new research lab Ethlabs was launched this week, co-funded by Ethereum co-founder Joe Lubin, Bitmine Immersion Technologies holding approximately 5.7 million ETH, and Sharplink holding approximately 876,000 ETH, with the specific funding amount undisclosed.Sharplink CEO Joseph Chalom stated that Ethlabs will complement the Ethereum Foundation, but acknowledged that the two will "overlap in certain areas," and that "the most concentrated talent" will be at Ethlabs. The lab focuses on faster settlement, cross-chain interoperability, and readiness for institutional and AI applications, which highly overlaps with the priorities of the Foundation after its reorganization this week.This move comes as the Ethereum Foundation cut about 40% of its 2026 budget and eliminated 54 positions this week, with Vitalik Buterin defining it as a shift towards a donation fund model. Former Foundation core development coordinator Trent Van Epps warned last week that core development faces a funding gap in three to nine months. Ethlabs' first real test will be the Glamsterdam upgrade, where the roadmaps of the two organizations will intersect for the first time in a limited upgrade queue.

The Hong Kong Securities and Futures Commission released the "2025-26 Annual Report," showing that Hong Kong's capital market achieved significant growth across various asset classes in the past year, including investment funds, digital assets, and the stock market. Among them, the growth of tokenized investment products accelerated. As of March, the managed assets of 13 retail products approved by the Securities and Futures Commission increased nearly sixfold year-on-year, reaching HKD 10.8 billion. At the same time, the total market value of 11 virtual asset spot ETFs reached HKD 4.3 billion, a substantial increase of 90% since their launch in 2024, recognizing Asia's first Solana spot ETF. The trading volume of 12 licensed virtual asset trading platforms increased significantly by 125% within a year.

According to The Block, Ben Slavin, the global ETF head at Bank of New York Mellon (BNY), stated that asset managers are accelerating their tokenized ETF plans, driven mainly by investor demand and the FOMO sentiment of fearing to miss early opportunities in blockchain finance. Slavin revealed that BNY has multiple tokenized ETF projects underway, and although the regulatory environment and infrastructure are not yet fully ready, many clients wish to launch products as soon as possible. He believes that blockchain networks are expected to become a new distribution channel for traditional investment products, enabling around-the-clock holding and transfer of fund shares, shortening settlement times, and expanding coverage for global investors.Slavin also pointed out that currently, hundreds of well-known ETFs are trading in tokenized form in unregulated markets, and most of these have not been directly authorized by the fund sponsors, which poses reputational risks. This topic has become a focal point for discussions among BNY's asset management clients. Although the industry is still exploring core issues such as the integration of tokenized funds with existing infrastructure, secondary trading mechanisms, and regulatory frameworks, Slavin stated that asset managers are increasingly inclined to believe that "getting in early" in this field is more important than "waiting for clarity."

According to CoinPost, Japan's national corporate pension fund plans to start investing in cryptocurrencies in the fiscal year 2026, with an allocation ratio of about 1% of its total operating assets (approximately 21.3 billion yen).The report states that the asset allocation ratio for the fiscal year 2025 is: 80% in yen, 15% in US dollars, and 5% in other currencies. However, in the fiscal year 2026, the yen allocation ratio will decrease to 70%, and a new 10% allocation will be made for currencies from developed countries. The remaining 5% will consist of emerging market currencies, gold, and cryptocurrencies.The main purpose is to diversify currency risk. The fund's executive director, Ai Yuki, stated that due to the potential weakening of the US dollar as a benchmark currency, they decided not to increase their holdings in US dollars and instead use cryptocurrencies like Bitcoin as a hedge against currency depreciation, as Bitcoin has a lower correlation with the US dollar index.After approximately six years of investigation, the fund has determined that the cryptocurrency market has matured as the investor base has expanded. In the future, the fund will continue to explore the possibility of expanding cryptocurrency investments, including funds for arbitrage trading of various cryptocurrencies.