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Citrini analyst Jukan published a response to the recent market rumors regarding bearish notes on NAND and negative news about QLC price negotiations. It is not surprising that SanDisk accepted a price lower than the initial offer when signing a long-term agreement with Meta, as SanDisk is one of the most proactive NAND manufacturers in pursuing LTAs, planning to allocate over 50% of its total shipments to such agreements. Based on this strategy, it is naturally willing to accept LTA prices lower than the current quarterly contract price, and it cannot be inferred that "SanDisk cannot seamlessly resell all orders to higher-bidding North American customers."In response to rumors that Chinese module manufacturers were rejected by domestic CSPs when promoting eSSD, Jukan explained that Chinese CSPs have direct procurement channels with Yangtze Memory Technologies and that the issue is not a lack of demand. Regarding the claim that large-scale cloud providers are driving down prices for QLC eSSD, leading to some volumes not being sold, he believes that new cloud providers have sufficient demand to absorb these volumes.Jukan concluded by stating that negative headlines are more easily amplified when storage stocks perform poorly, but the fundamentals have not shown substantial deterioration. He reiterated that he remains bullish on storage. Previously, Jukan had stated that DRAM contract prices still have about a 40% upside potential until the end of 2027, and HBM supply continues to be tight. This clarification on the NAND side further solidifies his bullish stance on the entire storage sector.

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 founder Ki Young Ju stated that the demand for Bitcoin spot is weakening, while the demand in the futures market remains positive, but is significantly lower than the levels during the market rebound three months ago.

According to Jinshi reports, Federal Reserve's Logan stated that the downside risks to employment have diminished, while inflation risks are mainly focused on the upside.

According to the latest "Bitcoin Weekly Market Pulse" report published by glassnode, although BTC has rebounded after a recent sell-off, this round of increase is still closer to a "volume contraction recovery." The report shows that the weekly spot trading volume decreased by 21.5% to $4.1 billion, and the spot CVD turned from positive to negative at -$58.8 million, indicating that the breadth of market buying remains weak.In terms of institutional funds, the weekly net inflow of the US spot BTC ETF has recovered to $161.3 million, but ETF trading volume still decreased by 11.97% to $8.4 billion. On-chain data shows that the number of active addresses decreased by 7.6% to 599,000, on-chain transfer volume decreased by 16.1% to $4 billion, and total fees decreased by 13.9% to $168,400, indicating that on-chain activity continues to weaken.In terms of derivatives, the futures funding rate increased by 13.4% to $1.9 million, but the perpetual contract CVD plummeted by 81.7% to $83.9 million; at the same time, the options market 25-Delta Skew rose to 18.87%, indicating that investors still maintain strong demand for downside protection during the rebound process.

According to Jinshi reports, the research report from CICC believes that since June, the market has begun a continuous adjustment, with the US dollar index breaking above the upper limit of the fluctuation range over the past year. The global capital markets are significantly influenced by AI prosperity and US dollar liquidity, leading to a general pullback, with style adjustments occurring within the US stock market. The research report reiterates that the Federal Reserve is "hawkish in name but dovish in reality" this year, and it is expected that the US dollar index may return to a weak fluctuation range, while physical assets, industrial sectors, and technology still maintain expansion potential.

CryptoQuant analyst Darkfost stated that about 84% of altcoin trading prices on Binance have fallen below the 200-day moving average, a situation that has persisted for nearly eight months, marking the second longest period of weakness since 2020, only behind the previous bear market's record of about ten months.The Total 3 index, which tracks the market capitalization of altcoins excluding Ethereum, continues to decline and has confirmed a weekly close below the 200-day moving average. Darkfost pointed out that altcoins have maintained a high correlation with Bitcoin prices during this cycle. Although the current weakness confirms a downward trend, historically, such periods usually provide mid-term opportunities, but this time requires stricter asset screening than before.

Fidelity Digital Assets recently released a research report that positively addresses concerns about the long-term impact of Bitcoin halving on network security. The report's author, Fidelity research analyst Daniel Gray, pointed out that Bitcoin network security relies not only on block rewards but also on transaction fees, market incentives, and other economic forces that continuously motivate miners to maintain network security, making the cost of sustained attacks prohibitively high.On the data front, Gray noted that despite the ongoing reduction in block subsidies, the rise in Bitcoin prices has significantly offset this impact. The average daily income of miners has increased from about $26,300 during the first halving cycle to over $40,200 today. He wrote, "Despite the decrease in issuance, miner incentives and the resulting network security have historically strengthened alongside the rise in Bitcoin prices."Since the fourth halving in April 2024, the block subsidy for miners has decreased from 6.25 to 3.125 Bitcoins per block. However, the optimistic conclusions of the report starkly contrast with the current realities faced by publicly traded mining companies. Several industry analysts describe the current environment as one of the most challenging for mining on record, due to the simultaneous decline in block rewards, rising operational costs, and increased competition.In response, several mining companies have begun to transition to the AI and high-performance computing sectors, leveraging existing power infrastructure to meet AI computing demands. VanEck estimates that publicly listed mining companies may need to raise up to $50 billion in additional funds to fully transition to AI infrastructure, but the requirements for AI data centers regarding facility standards, cooling, power redundancy, and networking are far higher than those of traditional Bitcoin mining operations, making the transition challenges significant.

According to Coinglass data, the Coinbase Bitcoin premium index has been in negative territory for 40 consecutive days, with the latest report at -0.1569%. This indicator is often regarded as an important reference for measuring the strength of Bitcoin demand in the U.S. market.

According to Jinshi, the US dollar index has strongly broken through, raising market doubts about Trump's weak dollar strategy. Although Trump hopes to achieve a weak dollar, his policies seem to have led to a stronger dollar instead. Currently, the "war dollar" has receded, and the "interest rate dollar" is dominating the market, with the future direction of the dollar drawing significant attention.

According to the latest weekly report from Gate Ventures, market risk appetite continues to be under pressure, and the overall cryptocurrency market is experiencing a pullback. BTC fell 3.7% over the week, ETH fell 1.2%, and the total market capitalization of cryptocurrencies declined by 3.1%, with the Fear and Greed Index remaining in the "Extreme Fear" range. In terms of capital flow, digital asset investment products continued to see net outflows, with the spot BTC ETF experiencing a net outflow of $226.8 million in a single week, and the spot ETH ETF seeing a net outflow of $10 million, reflecting ongoing market hesitation. Meanwhile, STRC under Strategy has traded below par for the fifth consecutive week, and the market continues to pay attention to its subsequent capital operations and yield adjustment space.In terms of industry development, stablecoin payments and RWA infrastructure construction are being continuously advanced. Trace Finance has completed $32 million in financing to expand its compliant stablecoin payment network and cross-border settlement infrastructure; Philippine regulators have released positive signals supporting the development of RWA tokenization, with related explorations further deepening. In terms of investment and financing, four financing transactions were disclosed last week, with a total financing amount of $39.5 million, of which the DeFi sector accounted for the majority. Overall, although the market is still in a correction phase in the short term, stablecoin payments, RWA, and underlying infrastructure construction remain important directions of ongoing industry focus.

Glassnode stated that the Altcoin Cycle Signal has re-entered the "Altcoin Season" range. Typically, Altcoin Season means that altcoins rise while Bitcoin remains strong, but this time the situation is different. After nearly two years of continuous selling, the selling pressure in the altcoin market is gradually diminishing, while Bitcoin has experienced a significant pullback. Currently, the return of this signal to the Altcoin Season range is primarily driven by Bitcoin's weakness, rather than a comprehensive strength in altcoins.

According to Jinshi reports, the Nasdaq 100 index has turned down, indicating a weakening of market sentiment.

According to Gate market data, the S&P 500 index has turned down, indicating a weakening of market sentiment.

According to The Block, the International Monetary Fund (IMF) stated that the widespread adoption of dollar-pegged stablecoins in Nigeria is challenging the country's existing monetary policy and regulatory framework.The IMF pointed out that the devaluation of the naira, high inflation, and limited access to official foreign exchange are driving local households and small to medium-sized enterprises to turn to stablecoins for cross-border payments and to hedge against exchange rate risks.

According to Cointelegraph, analysts say that the recovery of Bitcoin depends on the success of the US-Iran peace agreement. On-chain data shows that despite a recent rebound, Bitcoin still appears weak. Nick Ruck, research director at LVRG Research, stated that although Bitcoin briefly recovered to $67,000, "momentum remains weak, with declining trading volume and stagnant on-chain indicators suggesting a lack of confidence in the rebound, which may quickly fade." If the US-Iran ceasefire agreement breaks down, Bitcoin will face a "volatile path," potentially gaining buying interest as a hedge asset, only to be pushed towards key support levels by broader risk-averse sentiment.Swissblock stated on Monday that Bitcoin's price momentum and OBV indicator remain in a state of "weak momentum and low participation," both being negative values. The price momentum indicator is at -1, and OBV is at 1.7 million, at a multi-year low. Swissblock pointed out that in a typical bear market, momentum weakens first, followed by a contraction in OBV, leading to a downward price breakout. History shows that stronger recovery signals appear when both turn positive, and until then, "the risk of retesting the lows remains."

CryptoQuant analyst Axel Adler stated that Bitcoin (BTC) is experiencing a significant inflow into exchanges, while stablecoin liquidity continues to flow out. The deterioration on both the supply and demand sides of the market is considered a key reason for Bitcoin's approximately 22% decline from its May peak.Data shows that the 30-day net exchange flow indicator for Bitcoin has turned significantly positive, currently at about +114,000 BTC. Compared to the net outflow status of about -85,000 to -115,000 BTC in early May, the market has shifted from an accumulation phase to a distribution phase. This indicator briefly rose to about +167,000 BTC in early June, indicating that more holders are transferring BTC to exchanges, increasing potential selling pressure.Meanwhile, the 30-day moving average net flow of stablecoins remains in negative territory, currently at about -105 million USD. In early May, this indicator was still in the range of +40 million to +90 million USD, representing strong buying liquidity in the market; however, it turned negative after mid-May and expanded to about -150 million to -170 million USD in early June, indicating that stablecoin funds are leaving exchanges, reducing the market's "ammunition."

Glassnode data shows that the 30-day moving average of BTC treasury company's total trading volume has decreased from $34.2 billion/day in December 2025 to the current $17.4 billion/day, a 49% drop in six months.Glassnode points out that the speculative interest in DAT stocks is highly correlated with BTC prices. As spot prices pull back, interest in gaining leveraged Bitcoin exposure through listed treasury tools has also weakened, and trading activity has halved from its peak.