奔跑财经-FinaceRun

Analysis: MSTR's drop from its peak is 78%, and its BTC holding cost basis is already higher than the spot price

On June 25, CryptoQuant analyst Axel Adler Jr. posted that Strategy preferred shares MSTR are down 78% from their peak, while Bitcoin is down 51% from its peak.

As of June 22, Strategy held 847,363 BTC, with a total cost of $64.103 billion. The average cost basis is $75,651. The current BTC price has fallen below this cost line for the first time since the 2022 bear market.

At present, MSTR's decline relative to BTC is about 28%, nearing the upper bound of its historical range, but MSTR's price has not yet reached the bottom extreme of the 89% drawdown level from 2022.

Meanwhile, Strategy has cut its weekly BTC purchase volume by about two-thirds. Of the $335.5 million raised through stock issuance, less than 11% is used to buy BTC; the rest is transferred into U.S. dollar reserves.

In addition, in late May Strategy sold 32 BTC for the first time since 2022. This series of actions indicates that Strategy's buying strategy has clearly shifted toward a defensive posture.

Adler noted that the main risk is that BTC staying below Strategy's $75,000 cost basis line could compress MSTR's premium and block the company's ability to raise funds by issuing more shares through ATM (at-the-market) offerings.

However, Strategy's debt structure can almost entirely be converted into convertible bonds. This type of debt does not require additional margin, and there is no near-term risk of forced liquidation due to price declines.

In short, the company Strategy has shifted from selling stock to beginning to partially sell BTC. The loss is due to marginal buyers disappearing rather than a cascading liquidation.

But once this “selling coins to pay interest” model takes hold, its marginal impact on the market will far exceed that of a one-time reduction.

#Strategy

2026 Hurun Global Unicorn List is out, with top three companies all diving into AI large models.

On June 25, the Hurun Research Institute released the '2026 Global Unicorn Index' in Guangzhou, listing non-public companies founded after 2000 with valuations over $1 billion and their industry layouts.

The list shows that the top three unicorn companies are all involved in AI large model business. Among them, Claude's parent company, Anthropic, tops the list with a valuation of 6.6 trillion RMB in a single year, adding 6.14 trillion RMB in value, setting a record on the Hurun unicorn list;

Next is OpenAI, the parent company of ChatGPT, valued at 5.8 trillion RMB, taking the second spot in company valuation; and Doubao's parent company, ByteDance, ranks third with a company value of 3.3 trillion RMB.

Notably, DeepSeek tops the list of the world's top ten newcomers, entering the global unicorn ranks with a value of 340 billion RMB;

Following this is Project Prometheus, a physical AI company co-founded by Jeff Bezos, which has newly become a unicorn with a market value of 258 billion RMB;

Among the top ten newcomers, the third-ranked company is Kalshi, a U.S. compliance prediction market and fintech player, currently valued at 150 billion RMB.

In summary, this list shows that AI large models have become the core driving force behind global tech innovation companies. This trend not only reflects the market's confidence in the commercialization prospects of AI but also indicates that future unicorn competition will focus on deep investments in AI large models.

#2026全球独角兽榜

Over $13.5 billion in BTC and ETH options are set to expire this Friday, potentially triggering deeper pullback risks in the spot market.

On June 25, data from Deribit shows that this Friday (June 26 at 4:00 PM CST), the market will face nearly $13.5 billion in BTC and ETH options expiration.

Among these, the notional value of Bitcoin call options expiring this Friday is approximately $9.726 billion, with a put-to-call ratio of 0.74 and a max pain point at $72,000, indicating traders' short-term bullish sentiment towards Bitcoin options;

However, most BTC call options are currently out of the money, while put options are concentrated in the $60,000 to $65,000 and $70,000 to $75,000 ranges, suggesting that bearish bets are more likely to profit.

On the same day, the notional value of Ethereum call options is about $1.673 billion, with a put-to-call ratio of 0.56 and a max pain point at $2,000, also reflecting traders' short-term bullish outlook on Ethereum options;

Most of the ETH call options this Friday are similarly out of the money, with put options focused in the $1,500 to $1,600 and $1,700 to $2,000 ranges, indicating that bearish bets are again more likely to yield profits.

In summary, although BTC and ETH options data suggests a short-term bullish trend, the large number of out-of-the-money call options and the concentration of put options near support levels demonstrate that market sentiment is actually cautious.

Therefore, with nearly $13.5 billion in options expiring this Friday, the spot market may face adjustment pressure, and investors should be vigilant about price pullback risks while keeping a close eye on market performance at key support levels.

#比特币期权交割 #EthereumOptions

BTC and ETH spot ETFs saw a total net outflow of $499 million on Wednesday, with XRP being the only ETF in the entire category to record a net inflow yesterday.

On June 25th, according to SoSovalue data, the US BTC spot ETF experienced a net outflow of $469 million yesterday, marking the fifth consecutive day of outflows;

Among them, BlackRock's IBIT and Fidelity's FBTC recorded daily net outflows of $239 million (about 4,010 BTC) and nearly $121 million (about 2,020 BTC), respectively;

Next up were Grayscale's GBTC, Ark 21Shares ARKB, and Bitwise BTB, with daily net outflows of $54.34 million (910.79 BTC), $50.66 million (849.11 BTC), and $27.53 million (461.42 BTC);

However, Grayscale's BTC was the only BTC ETF to see a net inflow yesterday, with $23.56 million (394.92 BTC);

As of now, the total net asset value of Bitcoin spot ETFs stands at $73.87 billion, accounting for 6.04% of Bitcoin's total market cap, with a cumulative net inflow of $52.75 billion.

On the same day, the US Ethereum spot ETF recorded a net outflow of $30.24 million, also marking the fifth consecutive day of outflows, with no ETH ETF recording a net inflow;

Fidelity's FETH led the pack with a net outflow of $15.69 million (about 9,970 ETH), currently having a total net inflow of $2.11 billion;

BlackRock's ETHA and Grayscale's ETH followed with daily net outflows of $8.07 million (about 5,130 ETH) and $6.47 million (about 4,110 ETH), respectively;

As of now, the total net asset value of Ethereum spot ETFs is $8.48 billion, accounting for 4.35% of Ethereum's total market cap, with a cumulative net inflow of $11.00 billion.

Notably, the US XRP spot ETF recorded a net inflow of $2.05 million (about 4,652 XRP), making it the only ETF with a net inflow in the entire category yesterday;

#比特币ETF #EthereumETF

Uniswap Launches No-Code Token Auction Tool, Streamlining Project Token Sales

Uniswap has announced a new no-code token auction tool in its web app, allowing any team to configure and launch on-chain token sales via a browser without writing any code.

This tool operates based on Uniswap's Continuous Clearing Auction (CCA) mechanism, facilitating price discovery entirely on-chain. Bidders can place bids across multiple blocks, with each block settling at the same price, which carries over from the previous block.

Under this mechanism, bidders set a total budget and maximum unit price, and as blocks auction off in continuous clearing, competitive participants will acquire tokens, with all buyers paying the same settlement price as the last final price.

Moreover, since the auction occurs over time rather than completing in a single block, it eliminates the speed advantages that favor bots and last-minute snipers.

Uniswap detailed the related mechanics in a post about the Aztec token sale, which attracted 17,000 bidders from 191 countries, raising $59 million, with the final settlement price being 60% higher than Aztec's reserve price.

The new tool guides teams through adding token information, configuring auction parameters, customizing liquidity pools, and launching the auction process. Once the auction concludes, liquidity flows directly into the Uniswap pool, providing a one-stop solution for price discovery and guiding trading pairs for projects.

Currently, updates regarding this have been tracked and publicly announced via official channels @UniswapAuctions. This initiative further lowers the barrier to entry for project teams to kickstart funding, reinforcing Uniswap's position as a one-stop platform for project guidance and liquidity building in DeFi.

#Uniswap #无代码代币发行

Jiang Zhuoer predicts that the Bitcoin bear market will hit the bottom in October this year, with a price target range of $42,000 to $44,000.

On June 25, Jiang Zhuoer, the founder of the Liebit mining pool, posted an analysis on X platform, predicting that this Bitcoin bear market will reach its bottom on October 31, 2026, based on a four-year cycle model, with expected prices in the range of $42,000 to $44,000.

Jiang pointed out that based on the analysis of the mNAV indicator for Strategy (MSTR), it has dropped to 0.72, close to the historical low of 0.7 on May 11, 2022, indicating that the mNAV for this cycle may be in the lowest region.

mNAV represents the market sentiment of US funds towards MSTR; a value above 1 indicates overvaluation and below 1 indicates pessimistic undervaluation. Given that the mNAV is currently low, Jiang suggests long MSTR & short BTC arbitrage operations.

However, the lowest point of mNAV does not necessarily mean that the BTC price has reached its lowest point. According to historical data, when mNAV hit the bottom of 0.7 on May 11, 2022, the BTC price was $31,017;

and when BTC actually hit the bottom on November 21, 2022 (when the price was $15,476), mNAV was at 1.2, with a time gap of 6 months between the two.

In terms of trading operations, Jiang mentioned that recent short to medium-term strategies mainly focus on selling the spot to short. Previously, he sold 50% of his ETH spot at the $1,738 level.

Additionally, in a referenced earlier post, he mentioned that the Federal Reserve's interest rate meeting showed a hawkish stance, indicating that out of 18 officials, 9 support at least one rate hike this year. This also means that the market's rate-cutting cycle has ended, and we have now entered a rate-hiking cycle.

#比特币熊市 #价格预测

The U.S. is holding hearings on the Fed's "streamlined master account" proposal, sparking regulatory debates over crypto firms connecting directly to the central bank's payment system.

On Wednesday, the House Financial Services Committee held a hearing focused on the Fed's proposal to allow certain crypto banks direct access to its payment system via a "streamlined master account."

If this proposal goes through, it will enable crypto firms to bypass traditional partner banks and connect directly with the central bank's payment system, which industry insiders view as a potential game-changer in policy.

The debate around this proposal is heated, with both support and opposition being vocal. The crypto industry has largely welcomed it, arguing that such reforms should have been implemented "ages ago" and emphasizing that to maintain its status as a global financial hub, the U.S. needs to establish a regulatory framework that fosters innovation;

However, traditional financial institutions like community banks have expressed clear concerns, arguing that crypto firms are not held to the same stringent compliance standards, and direct access to the central bank's system could pose security risks.

For instance, an executive from Anchorage Digital called for a regulatory framework that supports innovation during the hearing, stressing that the U.S. needs to promote innovation through regulation to maintain its global financial center status and competitiveness.

At the same time, some lawmakers cited the extreme volatility in crypto asset prices and the Synapse bankruptcy case, questioning whether fintech companies should be granted privileges akin to traditional banks without clear safety nets in place.

In late May, President Trump issued an executive order requiring the Fed to reassess its policies regarding direct access for fintech companies (including crypto firms) to the central bank's payment channels;

Additionally, in March, the Kansas City Fed approved a "limited purpose account" for the parent company of the crypto exchange Kraken, further fueling the policy debate on this topic.

#支付准入 #国会听证会

Bitcoin miners are feeling the pinch, with nearly 20% of mining firms operating at a loss.

On June 24, data from The Block indicates that Bitcoin miners' revenues continue to weaken, squeezing profit margins in the industry, with around 20% of miners currently in the red. The network is also showing clear signs of operational strain.

Statistics show that overall miner income has been on a steady decline over the past year, with a seven-day average daily revenue of around $30 million, a significant drop from over $50 million last summer;

Meanwhile, their transaction fee income is nearly dried up, contributing less than $250,000 daily, with current miner earnings almost entirely relying on block subsidies.

Bitcoin's price is hovering around $60,800, significantly below JPMorgan's estimated $78,000 mining cost, a situation that's persisted for five months, marking the longest stretch in this cycle, indicating that traditional cost support lines have completely failed.

Moreover, market pressure is directly impacting the overall network hash rate adjustments, with the beta coefficient of mining difficulty relative to Bitcoin's price rising to 0.62 over the past six months. High costs mean that mining operations are now starting and stopping based on price fluctuations, no longer enduring losses.

Entering the second week of June, the overall mining difficulty was reduced by 10% in one go; this kind of drastic adjustment also occurred in the first quarter of this year. A common feature of these two significant reductions is that they both took place during periods when coin prices were consistently below mining costs.

To cope with the increasingly severe financial pressure, publicly listed mining companies had to sell off over 32,000 Bitcoins in the first quarter of this year, liquidating inventory assets to ease cash flow constraints;

This forced asset liquidation reflects the unprecedented survival challenges miners are facing under the dual pressures of declining income and high costs.

Currently, there are still about two years until the next Bitcoin halving, and block subsidies will continue to decrease, while fee income remains at multi-year lows. Miner profit recovery can only hope for a price surge; otherwise, the industry's operational difficulties are unlikely to be reversed in the short term.

#比特币矿业 #挖矿成本

Japan's SBI Group Launches the Country's First Trust Bank-Backed Yen Stablecoin JPYSC

On June 24, Japan's financial giant SBI Group partnered with Singapore fintech Startale Group to officially announce the launch of the trust bank-backed yen stablecoin, JPYSC.

SBI claims that JPYSC is Japan's first stablecoin structure managed by a trust bank, with its reserve assets overseen by SBI Shinsei Trust Bank, and the issuance handled by licensed crypto exchange SBI VC Trade.

Unlike previously issued transfer-type stablecoins, JPYSC is not subject to the 1 million yen trading and balance limitations, aiming to attract retail and corporate users through lower trading costs and support for large transactions.

SBI states that JPYSC has a wide range of potential applications, including serving as a yen-denominated base asset in on-chain foreign exchange markets, institutional lending, and a settlement tool for tokenized real-world assets.

Moreover, this stablecoin is also Japan's first product classified as an electronic payment tool under the Payment Services Act, marking further regulatory recognition of stablecoins.

However, until relevant regulations and tax treatments are clarified, the use of JPYSC will be limited to SBI VC Trade accounts, and the exchange plans to launch JPYSC lending services soon.

Notably, Japan's three major banks (MUFG, SMBC, and Mizuho) are also jointly advancing stablecoin projects, intending to kick off commercial transactions in the fiscal year 2026.

In summary, the successful launch of JPYSC not only provides a new infrastructure option for the application of yen in the on-chain finance space but also further propels the country's development within the digital currency ecosystem.

#日元稳定币 #JPYSC

The U.S. House of Representatives passed a housing bill with a CBDC ban, expected to be signed into law by the President on Wednesday.

On Tuesday night, the U.S. House overwhelmingly approved the "Path to Housing" bill proposed by the Senate with a vote of 358 in favor and 32 against. This swift legislative process highlights the bill's importance and urgency in Congress.

Currently, the bill has received broad bipartisan support in the House and will soon be officially submitted to President Trump’s desk for his signature. It is anticipated that Trump will sign the bill into law around noon Eastern Time on Wednesday.

While the core focus of the bill is on housing issues in the U.S., it includes a crucial provision for the crypto market: a ban on the Federal Reserve issuing a central bank digital currency (CBDC) for the next four years.

Notably, lawmakers have previously attempted to attach similar CBDC bans to multiple bills, but this is the first time such a provision has successfully passed both chambers and is poised to receive the President's official signature.

Moreover, the Federal Reserve has repeatedly stated that it will not proactively advance the issuance of a CBDC without explicit legal authorization from Congress.

In summary, the formal signing of this ban not only legally rules out the possibility of a digital dollar in the U.S. for the next four years but also clarifies its conservative policy stance in the central bank digital currency arena.

#住房法案 #CBDC禁令

Wintermute Alert: As summer liquidity dries up, Bitcoin may slowly dip to $59,000

According to Coindesk, market maker Wintermute pointed out in a report on Wednesday that as summer liquidity gradually diminishes, BTC and ETH are slowly approaching the lower end of their recent price range.

The report suggests that last week's hawkish stance from the Fed and the volatile situation in Iran are the main external factors suppressing these two major assets.

Currently, Wintermute's one-day straddle options indicator predicts that Bitcoin's price will fluctuate between $61,242 and $63,563, with a volatility of about 1.9%;

Meanwhile, Wintermute's one-day straddle options indicator forecasts that Ethereum's price is expected to range between $1,606 and $1,694, with a volatility of about 2.7%.

However, the increasing correlation among tokens is causing asset movements to align rather than be based on their individual fundamentals. Coupled with the weakening summer liquidity and a lack of new institutional buys in the ETF flow, these factors are collectively amplifying market uncertainty.

Wintermute specifically emphasizes the importance of the $59,000 level, seeing it as a bear market low point. If current market pressures persist, this level may become a critical support point for further declines.

Analysts also note that the remaining time this week will be dominated by three catalysts: the maintenance of the US-Iran peace agreement, Thursday's PCE inflation data, and the quarterly options expiration at the end of the month.

Overall, the summer lull combined with hot events coming up is pushing Bitcoin towards the crucial $59,000 line of life and death. Whether it can hold this line depends on how these three fires burn this week.

#比特币

BTC and ETH spot ETFs saw a total net outflow of $196 million on Tuesday, with BlackRock's products continuing to lead the outflows.

On June 24, according to SoSovalue data, the U.S. BTC spot ETF recorded a net outflow of nearly $114 million yesterday, marking the fourth consecutive day of outflows;

Among them, BlackRock's IBIT had an outflow of $182 million (approximately 2,920 BTC), making it the only BTC ETF with a net outflow yesterday, bringing IBIT's cumulative net inflow to $61.72 billion;

Meanwhile, Ark 21Shares ARKB and Fidelity's FBTC recorded single-day net inflows of $30.98 million (497.53 BTC) and $23.04 million (369.94 BTC) respectively;

Following them, Morgan Stanley's MSBT and VanEck HODL had single-day net inflows of $8.92 million (143.32 BTC) and $5.28 million (84.84 BTC) respectively;

As of now, the total net asset value of Bitcoin spot ETFs stands at $77.54 billion, accounting for 6.19% of Bitcoin's total market cap, with a cumulative net inflow of $53.22 billion.

On the same day, the U.S. Ethereum spot ETF also recorded a net outflow of $82.35 million, marking its fourth consecutive day of outflows;

Among them, BlackRock's ETHA had the largest outflow of $86.07 million (approximately 51,920 ETH), with ETHA's cumulative net inflow at $11.16 billion;

Next were Grayscale's ETH and BlackRock's ETHB, which recorded single-day net outflows of $10.27 million (approximately 6,190 ETH) and $1.71 million (approximately 1,030 ETH) respectively;

On the other hand, Fidelity's FETH stood out as the only ETH ETF with net inflow yesterday, amounting to $15.69 million (approximately 9,470 ETH);

As of now, the total net asset value of Ethereum spot ETFs is $8.95 billion, accounting for 4.46% of Ethereum's total market cap, with a cumulative net inflow of $11.03 billion.

#比特币ETF #以太坊ETF

BlackRock: Allocating 1% to 2% of Funds into BTC Could Enhance Portfolio Return Potential

Recently, global asset management giant BlackRock posted on the X platform that Bitcoin's role in investment portfolios is continuously evolving and can be seen as a complementary diversification asset.

The firm believes that, while maintaining an appropriate risk tolerance, a moderate allocation of Bitcoin in portfolios (typically around 1% to 2%) is likely to enhance return potential.

BlackRock analyst Michael Gates further pointed out that Bitcoin's unique properties may provide a complementary effect to traditional portfolios. This perspective indicates that institutional recognition of Bitcoin as a long-term asset allocation tool is steadily increasing.

In summary, as the largest asset management company globally, BlackRock's suggestion for a 1% to 2% allocation may seem conservative, yet it offers a quantifiable benchmark for professional investors.

Moreover, BlackRock's statement indicates that allocating Bitcoin is no longer a question of "whether to pay attention," but rather a practical issue of "how to allocate."

As long-term investors, we might take this opportunity to reassess the position and role of digital assets within our portfolios.

#贝莱德 #投资组合

U.S. Senate Crypto Tax Legislation Expected This Fall, Framework Nearly Ready

According to CoinTelegraph citing Bloomberg, U.S. Senate Republican Senator Steve Daines indicated that Senate legislators might roll out a cryptocurrency tax legislation draft as early as this fall, with the relevant framework already in place.

In Steve Daines' view, the current fuzzy tax policies are undermining the global competitiveness of the U.S. blockchain industry, with many digital asset firms held back by policy uncertainty, reluctant to expand their operations domestically;

A clear and unified taxation standard would not only stabilize industry development expectations but also secure fiscal revenues and preserve jobs in related sectors.

Currently, the House has introduced multiple crypto tax proposals and is holding hearings for discussions, while the Senate is concurrently drafting independent legislative texts. The two chambers will need to reconcile differences in the text before the bill can realistically come to fruition.

Overall, the market sees the Senate draft rule release this fall as a critical juncture for the normalization of U.S. crypto taxation, and the confirmation of related details will directly impact tax standards for investors, mining firms, staking service providers, and various market participants.

#加密税收立法

Crypto market liquidations hit $561 million in the last 24 hours, with BTC and ETH accounting for over half

According to the latest statistics from CoinGlass, the total liquidation scale in the global crypto market reached $561 million in the past 24 hours, affecting a total of 123,307 traders who faced forced liquidations. The largest single liquidation came from the Hyperliquid platform on the ETH-USD trading pair, amounting to $14.1486 million.

In terms of the assets liquidated, Bitcoin (BTC) had the highest liquidation amount, reaching $156 million. This included $138 million in long liquidations and $18.1757 million in shorts;

Ethereum (ETH) followed closely behind, with liquidations amounting to $150 million, of which $131 million were long liquidations and $18.3363 million were shorts.

It’s worth noting that these two major coins accounted for more than half of the total liquidation amount. In terms of long/short distribution, long liquidations totaled $490 million while short liquidations were $71.4405 million, indicating stronger bearish pressure.

Overall, the scale of long liquidations in the past 24 hours significantly exceeded that of shorts, suggesting that this round of declines was primarily driven by long stop-loss cascades. The concentrated liquidations in BTC and ETH further confirm the substantial weakening of confidence among holders of these major coins, indicating that short-term market selling pressure has yet to fully clear.

#加密货币 #liquidation_data

CryptoQuant: Short-term holder capital down 56%, but no signs of a full-blown market crash

On June 23, as Bitcoin retraced to around $62,000, Bitcoin holders in the crypto market are once again facing unrealized losses.

CryptoQuant analyst Axel Adler Jr. pointed out that short-term holders (STH) have seen their market cap drawdown deepen to -56%, up from just -26% three months ago, indicating a significant capital shrinkage within this group.

This drawdown depth has increased from -26% three months ago to -56% today, more than doubling the investment losses for short-term holders. It also indicates that the pressure on the market is intensifying, and investor confidence is suffering a significant blow.

However, amidst this backdrop, Bitcoin's long-term holders (LTH) have realized a market cap drawdown that remains close to zero. This signal suggests that although pressure persists, it has yet to evolve into a mass exit of funds from LTHs.

Meanwhile, Bitcoin's aNUPL metric has dipped below zero to -0.14, while a month ago this metric was near zero, indicating that the market has been under loss pressure for the past few months.

Although the situation is not optimistic, this value has not reached the extreme levels of capitulation seen in previous cycles (around -0.4), suggesting that while the current pressure is real, it is primarily concentrated among short-term holders rather than leading to a systemic collapse.

Analysts emphasize that if the aNUPL metric continues to drop below -0.3, it will confirm a worsening market trend; conversely, if aNUPL rises above zero, it would indicate that market pressure is beginning to ease;

Moreover, if long-term holders experience a significant market cap drawdown below zero, it would suggest that market pressure has spread from short-term speculators to long-term investors;

In summary, these key indicators provide clear reference standards for assessing market conditions from three dimensions: market trend, pressure extent, and easing signals.

#比特币 #链上数据

US chip stocks, memory, and optical communication sectors took a hit in pre-market trading on Tuesday

On June 23, US chip stocks showed a widespread decline in pre-market trading, with Intel experiencing the most significant drop of over 8%, AMD down more than 6%, Qualcomm, TSMC, and Lattice Semiconductor falling by 5%, Baidu down 4%, and Broadcom, Tesla, NVIDIA, Google-A, NXP, and Google-C all dropping over 3%.

Additionally, influenced by the severe sell-off in South Korea's memory concept stocks, US memory stocks also plummeted in pre-market. SanDisk and Micron Technology were among the hardest hit, each falling over 9%, while Western Digital and Silicon Motion dropped more than 8%, Seagate Technology slipped over 7%, and Rambus fell by over 6%.

Meanwhile, optical communication concept stocks weren't spared either, collectively declining in pre-market. Tower Semiconductor and AXT Inc dropped over 10%, MaxLinear, Mavenir, Coherent, and Credo Technology fell more than 8%, Astera Labs, Corning, Nokia, GlobalFoundries, and Lightwave Logic were down over 7%, and Lumentum declined by over 6%.

Overall, given the significant selling pressure across various segments of the chip supply chain in today's pre-market, it's advisable for investors to manage their position risk carefully.

Do you think this collective pre-market drop in US stocks is just a short-term adjustment or a turning point for the industry? Share your thoughts in the comments!

#美股盘前下跌

Polymarket Becomes Exclusive Prediction Market Partner for Bundesliga in the US

On June 23, the prediction market platform Polymarket announced a partnership with the German Bundesliga, making it their exclusive prediction market partner in the United States.

According to the partnership agreement, official event contracts for Bundesliga and its clubs are now exclusively available on the Polymarket platform, allowing US users to engage in prediction trades related to Bundesliga matches.

#Polymarket

BTC and ETH spot ETFs saw a total net outflow of $134 million on Monday, with BlackRock's products leading the way in net outflows.

On June 23, according to SoSovalue data, the U.S. BTC spot ETF recorded a net outflow of $68.18 million yesterday, marking the third consecutive day of outflows;

Among them, BlackRock's IBIT and Grayscale's GBTC led the outflow chart with nearly $172 million (about 2,670 BTC) and $80.96 million (about 1,260 BTC), respectively;

Meanwhile, Ark 21Shares ARKB, Fidelity FBTC, and Grayscale BTC saw single-day net inflows of $64 million (995.06 BTC), $57.38 million (892.15 BTC), and $48.14 million (748.43 BTC), respectively;

Morgan Stanley MSBT, Franklin EZBC, and WisdomTree BTCW recorded single-day net inflows of $8.11 million (126.12 BTC), $3.72 million (57.79 BTC), and $3.40 million (52.85 BTC), respectively;

As of now, the total net asset value of Bitcoin spot ETFs stands at $80.22 billion, which accounts for 6.21% of Bitcoin's total market cap, with a cumulative net inflow of $53.33 billion.

On the same day, the U.S. Ethereum spot ETF recorded a net outflow of $66.04 million, marking the third consecutive day of outflows;

BlackRock's ETHA led the outflow with $66.38 million (about 38,340 ETH), currently showing a total net inflow of $11.25 billion;

Conversely, 21Shares TETH recorded a net inflow of $346,000 (199.86 ETH), becoming the only ETH ETF to see inflows yesterday;

As of now, the total net asset value of Ethereum spot ETFs is $9.44 billion, accounting for 4.51% of Ethereum's total market cap, with a cumulative net inflow of $11.11 billion.

#比特币ETF #以太坊ETF