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According to reports from South Korean media, the Financial Services Commission, the Bank of Korea, the Financial Supervisory Service, and the Korea Securities Depository jointly announced relevant plans aimed at transforming the Korean won from a restricted exchange currency to a freely convertible currency, and improving the cross-border capital flow system. Among them, the South Korean government plans to clarify the issuance and circulation rules of the won stablecoin under the framework of the "Basic Law on Digital Assets," providing a institutional foundation for the entry of won-denominated stablecoins into the market.In addition, the Bank of Korea will also promote pilot projects that combine institutional CBDC with the tokenization of government bonds, and participate in the Project Agora led by the Bank for International Settlements (BIS) to explore a digital cross-border payment system.

Grayscale's research director Zach Pandl stated that if the price of Bitcoin has formed a solid bottom but is consolidating before recovery, a covered call strategy can generate income through Bitcoin volatility while managing spot price exposure. Grayscale assumes a Bitcoin spot price of $65,000 and an implied volatility of 40%, projected until the end of 2026. Under this assumption, the covered call strategy has an annualized return of about 22%, remaining profitable above a breakeven price of approximately $58,500, and outperforming holding spot Bitcoin alone when Bitcoin reaches about $72,500 at expiration.Pandl pointed out that option premiums provide income and downside protection, at the cost of giving up some upside potential when Bitcoin rises significantly. If the Bitcoin spot price falls below the breakeven price, the strategy will still incur losses, but the extent of the loss will be less than directly going long on spot Bitcoin, with the difference equivalent to the call option premium. Grayscale's Grayscale Bitcoin Covered Call ETF, with the ticker BTCC, aims to maximize income generation potential through writing covered calls. The fund does not directly invest in digital assets or initial coin offerings but gains indirect exposure to digital assets through derivatives related to exchange-traded products that hold digital assets.

According to on-chain analyst Onchain Lens (@OnchainLens), Bitvavo has withdrawn 3,890,000 LINK from Coinbase Prime to a new wallet, valued at approximately $32,590,000 at current prices.

Analyst Noname tweeted that Bitcoin will not hit bottom this quarter. Sideways fluctuations indicate indecision; at this price level, indecision often leads to a downward breakout first, followed by an upward breakout. At least one more quarter is needed for the market to clarify.His predictions for the trend in 2026 are as follows: July: False stability. Bear market trap rebound. The market reshuffles and eliminates the indecisive. August: The real crash begins. First test of the $50,000 area. September: Continued pressure. W-shaped bottom structure begins to form. October: The real bottom. Accumulation area. Personally, I will adopt an aggressive strategy at this stage. November: Signs of recovery appear, and the bottom rebound begins. December: The first breakthrough of the $100,000 mark since the bear market began.

According to data from the Kobeissi Letter, the latest auction yield of the U.S. 30-year Treasury bond has risen to 5.06%, the highest level since 2007, pushing long-term U.S. Treasury yields back above 5%. In comparison, the yield on the same maturity Treasury bonds was about 2% at the beginning of 2022. Analysts believe that the rise in long-term yields indicates an increase in the risk-free rate of return, which will raise the discount rate for risk assets, creating structural pressure on high-risk assets such as Bitcoin.The current risk-free rate above 5% has raised the threshold for speculative capital allocation, while the rising debt financing costs due to the expanding fiscal deficit have also sent risk-averse signals to the market in the short term. In addition, the surge in investment in artificial intelligence infrastructure is further intensifying competition for funds. Large technology companies continue to issue bonds to finance AI development, competing with the U.S. government for market funds, which further drives up long-term interest rates. The market is focused on the 5.2% peak reached in May of this year; if yields break through this level, it may indicate that long-term rates will continue to rise, tightening the financial environment further.

One year ago, U.S. President Donald Trump signed the "Guiding and Establishing National Innovation for U.S. Stablecoins Act," known as the GENIUS Act, marking the first time the U.S. initiated the construction of a federal regulatory framework for stablecoins. The GENIUS Act requires federal regulatory agencies to establish governance rules for stablecoins, covering issuer reserves, governance, and operational requirements.Relevant details are still being developed by agencies such as the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.

Michael Saylor, the founder and executive chairman of Bitcoin Strategy Company, has once again released information related to the Bitcoin Tracker and stated, "What's next?"According to previous patterns, Strategy usually discloses changes in Bitcoin holdings the day after relevant news is released.

Bubblemaps released statistics showing that among the 164,538 traders of the top 50 meme tokens by market capitalization on Robinhood Chain, 63% are in a loss position, while 37% are in a profit position. Among them, there are a total of 46 traders with profits greater than $1 million, 312 traders with profits greater than $100,000, 2,458 traders with profits greater than $10,000, and 9,774 traders with profits greater than $1,000.In terms of losses, there are a total of 5 traders with losses greater than $10 million, 7 traders with losses greater than $1 million, 86 traders with losses greater than $100,000, 822 traders with losses greater than $10,000, and 6,725 traders with losses greater than $1,000.

According to ETNews, the South Korean government has released the "Korean Won Internationalization Roadmap," aiming to transform the Korean won from a regulated currency to a freely convertible currency and to establish an offshore Korean won settlement network.It is reported that the Bank of Korea will launch the "Offshore Korean Won Settlement Network" (tentative name), which is expected to undergo trial operation in September this year and officially start in January next year. At the same time, it will also build digital asset payment infrastructure to lay the foundation for the issuance, distribution, and trading of Korean won-denominated stablecoins, with plans to launch a pilot project next year to promote the tokenization of government bonds linked to the central bank digital currency (CBDC) of the Bank of Korea.In addition, South Korea will officially join the cross-border digital payment project "Agora," led by the Bank for International Settlements (BIS) and involving the central banks of eight countries.

Project Eleven has launched a new zero-knowledge proof system, providing a recovery method for the quantum-vulnerable Bitcoin proposed to be frozen under BIP-361, including the Bitcoin held by Satoshi Nakamoto.The solution leverages the property that quantum computers can break elliptic curve signatures but cannot break the one-way hash used in modern wallet key derivation, allowing the true owner holding the seed material to prove control. Benchmark tests show that the Project Eleven prototype is significantly faster than previous solutions, but the prototype has not yet been audited and is incomplete. It requires controversial modifications to blockchain rules before it can protect existing Bitcoin on the chain.

CryptoQuant analyst Darkfost stated that data shows Bitcoin is currently building significant support in the range of $59,000 to $70,000, which has also become one of the most fiercely defended price ranges in Bitcoin's history.Currently, about 50% of the total Bitcoin supply has changed hands above $59,000. If we exclude millions of Bitcoins that are considered permanently lost, this percentage will increase further. The main drivers of this round of turnover are short-term holders, and the behavior of market participants is becoming polarized, with some investors choosing to panic sell while others continue to accumulate.

Well-known crypto trader Doctor Profit stated that he has closed all cryptocurrency short positions, including a Bitcoin short position established in the $115,000 to $125,000 range, another Bitcoin short position established in the $79,000 to $82,000 range, and over 100 altcoin short positions opened in the past few months, claiming that these positions have all achieved significant profits.He also mentioned that he has re-entered Bitcoin spot at $64,000, marking his first long allocation since September 2025. His plan is to invest 5% of the planned funds daily for spot purchases when Bitcoin is in the $54,000 to $64,000 range, continuing for a maximum of 20 days; if the price approaches $54,000, he will increase the buying intensity. Doctor Profit believes that there is a clear "herd behavior" in the current market: investors who were previously bullish at high levels up to $150,000 are now generally waiting for Bitcoin to drop to $40,000 to $50,000, viewing September or October as the bottom of the four-year cycle. When a large number of investors are waiting for the same price and time point, the market may not operate according to this expectation, which is why he chose to build positions in advance, judging that this round of bottom may appear earlier than the market generally expects.He also listed regulatory clarity, asset tokenization infrastructure, and institutional adoption progress as structural reasons for the shift to buying, and retracted his previous prediction that Bitcoin would drop to $40,000 to $50,000. However, he still retains all short positions in the S&P 500 index, believing that the crypto market has undergone significant repricing, while U.S. stock valuations remain relatively high.

As of June 23, 2026, Foundry Digital, AntPool, ViaBTC, and F2Pool collectively control over 70% of the Bitcoin network's hash rate, accounting for approximately 31%, 18%, 13%, and 10%, respectively. Foundry Digital is a U.S. mining pool supported by Digital Currency Group, primarily targeting large institutions and publicly listed mining companies.D-Central's Nakamoto coefficient for the first half of 2026 is 3, meaning that only 3 mining pools are needed to exceed the majority of block production. ViaBTC is facing stricter regulatory scrutiny in 2026, and some miners have turned to alternative pools such as EMCD.

Glassnode Chief Research Analyst CryptoVizArt stated that the cost basis distribution heatmap for short-term holders shows that during Bitcoin's rebound from $57,000, a new round of chips transferred to new buyers occurred in the $62,000 to $65,000 range.He believes this structure has two sides. On one hand, buyers are actively accumulating during the upward process, which may form a new cost basis support, providing conditions for Bitcoin to further test levels of $66,000 and above. On the other hand, this round of chip accumulation is more concentrated at the tail end of a local rebound. If Bitcoin cannot effectively break through $66,000, the risk of the market forming a phase top will increase. $66,000 is a key short-term position for judging the above two scenarios.

CryptoQuant analyst Darkfost stated that the Bitcoin bear market has lasted for about 9 months, affecting both short-term and long-term holders. The cost basis of short-term holders has fallen below that of long-term holders and has been confirmed for 3 days, triggering a "bear market nearing its end" signal. This indicator excludes BTC held for more than 7 years when calculating the cost basis of long-term holders to more accurately reflect the economically active long-term positions.Darkfost emphasized that this signal does not mean the bear market is immediately over, nor does it indicate that the market bottom has been established; rather, it suggests that the market may be entering the final phase of the bear market, during which adopting a dollar-cost averaging strategy may be more reasonable. He stated that if the cost basis of short-term holders subsequently breaks back above the cost basis of long-term holders, it can be seen as a confirmation signal for the beginning of a bull market phase and can serve as a reference for ending dollar-cost averaging. Currently, the cost basis of short-term holders has fallen from $112,500 to $69,000.

According to Coinglass data, the Coinbase Bitcoin premium index has been in the negative premium range for two consecutive months (from May 19 to July 19, a total of 62 days), with the latest value at -0.0633%.Previously, this index was in negative premium for 40 consecutive days from January 16 to February 24 this year, setting the record for the longest "negative streak" since the launch of this indicator, surpassing the approximately 30 days of continuous negative premium during the "1011 crash."

According to Ember monitoring, the Bonk treasury attacker transferred 400 billion BONK to Coinbase again about 5 hours ago, worth approximately 1.11 million USD. Of the 44.26 trillion BONK transferred due to the governance attack, 24.26 trillion have already been transferred to CEX. Since the attack, the price of BONK has dropped by 41%.

According to The Block, U.S. regulators failed to issue the final rules necessary to implement the federal stablecoin framework within the one-year deadline set by the GENIUS Act. This act was signed into law by Trump on July 18, 2025, requiring the OCC, the Federal Reserve, the FDIC, the NCUA, the U.S. Department of the Treasury, and state stablecoin regulatory agencies to complete the supporting rulemaking by no later than July 18, 2026.As of the afternoon of July 18 local time, the main rule proposals released by the OCC, FDIC, NCUA, and the Treasury remain in the proposal stage, with some rules related to the Federal Reserve and anti-money laundering regulation still open for public comment. The report notes that the act does not stipulate that missing the deadline will automatically extend it, nor does it suspend the relevant statutory requirements or delay the overall framework's effectiveness.Among them, the OCC's comprehensive implementation proposal covers reserve assets, capital, liquidity, custody, risk control, and reporting requirements; the FDIC's proposal involves reserves, redemption, custody, and the deposit insurance treatment of stablecoin reserves; the NCUA proposed licensing and operational risk control plans in February and May, respectively, but the comment period for the latter only ended the day before the deadline, making it objectively impossible to complete formal rulemaking before the statutory deadline. The report indicates that this means that some key rules necessary for the operation of the stablecoin framework will not be finalized until at least after the deadline.

According to The Defiant, Coinbase CEO Brian Armstrong has changed his X platform avatar to a newly purchased CryptoPunk, after which the meme coin BRIAN, driven by the change in his avatar, significantly retraced. In the past 24 hours, the market capitalization of this token has dropped by about 86%, falling to approximately $1.5 million; during the same period, its trading volume in about 30 Uniswap liquidity pools was approximately $13.2 million, with total liquidity around $561,000.The report pointed out that Brian Armstrong had changed his X avatar to the "Coinbase Man" image corresponding to BRIAN on July 16, and posted "New profile photo - who dis," which the market initially interpreted as a signal of interest in the token, driving BRIAN to rise rapidly. The report emphasized that BRIAN is a community-created token, and Brian Armstrong is not the issuer and has not claimed any official association with it.

According to a post by Frank Chaparro, GSR's Director of Strategic Communications, Visa is hiring for a "Sr Director, Stablecoin Labs" position in New York, with a maximum annual salary of $400,900, plus bonuses and equity incentives.The job listing indicates that this position will be responsible for Visa's Web3 and stablecoin product roadmap, exploring new commercialization application scenarios, and participating in the planning of the company's next-generation stablecoin payment products. Frank Chaparro believes this further indicates that stablecoins are becoming a core priority in the global payments sector.