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BlockBeats message: On June 27, the Base engineering team released a post-incident review of a block production interruption that occurred on June 25. The Base mainnet experienced two block production interruptions on June 25 and June 26. The first incident occurred at 11:47 a.m. Eastern Time on June 25 and lasted 116 minutes; the second occurred at 11:28 on June 26 and lasted 20 minutes. The two incidents had the same root cause. Chain integrity was not affected, and all funds on Base are safe. Block production resumed safely after the team mitigated the incident.
The root cause was a vulnerability in the block builder logic of the sequencer. After a transaction failed validation, the expired log state was not cleared. An invalid transaction was received by the block builder and, as expected, failed to execute, but the system incorrectly retained the log state that included the accessed accounts and storage slots. Subsequently, a valid transaction was executed before the log state was correctly cleared, resulting in a mismatch in the gas fee amount. This then led to the generation of a sequencer block containing invalid state transitions, which other nodes could not accept. As a result, the chain stopped completely.

BlockBeats message. On June 27, The Kobeissi Letter posted that retail investors appear to be shifting from gold and Bitcoin to semiconductor stocks. Data shows that since April, U.S. gold ETFs and Bitcoin ETFs have recorded cumulative net outflows of $12 billion; over the same period, U.S. semiconductor ETFs have attracted cumulative inflows of $20 billion. The trend accelerated in mid-May: the scale of outflows from gold and Bitcoin funds increased by more than twofold, while the inflow scale of semiconductor ETFs doubled.
As for price performance, the largest U.S. gold ETF, GLD, is down 13% since early April, while the largest Bitcoin ETF, IBIT, is down 12% over the same period. Meanwhile, semiconductor ETFs SOXX and SMH rose 81% and 60%, respectively. Retail investors are driving the market in unprecedented ways.

BlockBeats message: On June 27, according to a report by Bloomberg, U.S. stocks ended the week lower, dragged down by continued weakness in chip stocks. Although a University of Michigan survey showed that long-term inflation expectations were below expectations—easing some concerns about further rate hikes—this was not enough to offset selling pressure on chip stocks. Steve Sosnick, chief strategist at Interactive Brokers, said the S&P 500 briefly turned positive during the day, but the gains quickly faded, similar to the multiple failed rebound attempts that investors have seen this week.
Concerns about AI valuations spread from Asian markets to U.S. trading. Two well-known Chinese hedge funds said AI stocks are in a potentially bubble that could burst. Japan’s SoftBank Group shares fell after the (New York Times) reported that OpenAI may postpone its IPO to 2027. South Korea’s Kospi index triggered a trading halt for the second time this week due to a sharp drop in chip stocks, before later recovering part of the losses.

BlockBeats message, June 27: European Central Bank Executive Board member Schnabel warned that even if the U.S.-Iran peace agreement reopens the Strait of Hormuz, price pressures may still be stronger than expected. On Saturday, Schnabel said, “There are upside risks to inflation in food, goods and services.” She added that energy price shocks could spill over into broader areas. Although she welcomed the recent fall in energy prices amid the outlook for the U.S.-Iran peace agreement, she warned that a ceasefire should not be a reason to let one’s guard down. She said, “Uncertainty remains high, but the already announced peace agreement reduces the likelihood of negative scenarios.”

BlockBeats report. On June 27, Binance founder CZ said that the sharp drop in the crypto market in the first half of 2026 had no single cause. Geopolitical tensions, investors shifting funds toward AI, and the typical four-year crypto cycle may have all contributed to the continued decline of Bitcoin and other crypto assets. Bitcoin reached a historical high of over $126,000 in October last year, and has since fallen by about 50%. At the beginning of this year, Bitcoin opened near $89,000, rose to slightly above $96,000 at one point, and then fell to around $60,000.
In the long run, the crypto industry will continue to develop. Demand for financial technology will increase as trading volumes continue to rise, so it is not concerned about the industry itself or short-term price fluctuations. He said that emerging sectors such as AI are absorbing “hot money” from the crypto industry, but in the long term this could be a positive factor. When discussing prediction markets, CZ said that as a tool for providing price discovery and liquidity, prediction markets are growing rapidly, which is good news for the public.

BlockBeats message, on June 27, Farside Investors published an analysis stating that Strategy (MSTR) preferred stock STRC claims that the so-called price stability mechanism of STRC is in essence not stable. The product’s issue price is $100 and it is designed with a mechanism to push the price toward $100: if STRC falls below $100, the company can increase dividends to push the price up; if it is above $100, the company can reduce dividends to push the price down. If investors believe Strategy’s credit risk is rising, the STRC price should decline; and if the company then increases the dividend rate, it may further weaken the company’s credit profile, leading to a “death spiral.” In addition, the coupon is determined by the company itself, not an automatic stabilizing system, which creates significant uncertainty for investors when assessing STRC.

BlockBeats message, June 27: Strategy (MSTR)’s mNAV has fallen below 1, meaning the market’s current valuation of the company is lower than the value of the bitcoins it holds. This is not common for Strategy, led by Michael Saylor. Over the years, investors have consistently assigned Strategy a valuation higher than the value of its bitcoin holdings, allowing it to flexibly raise funding when needed. Saylor and his team have made full use of this.
Currently, Strategy’s share price has fallen to about $82, down roughly 85% from the historical high in November 2024. Enterprise value has dropped to about $50.4 billion. At the same time, with the bitcoin price at around $60,000, the value of the bitcoins held by Strategy is about $51.1 billion. This means the market’s valuation of the entire company is now below the value of the bitcoins it holds.

BlockBeats message. On June 27, Coinbase CEO Brian Armstrong posted that if you want to keep AI spending stable while token usage grows exponentially, the key isn’t adding usage friction or spending reminders, but using better default models, routing, and caching mechanisms. Coinbase is attempting to use open-weight models like GLM 5.2 and Kimi 2.7 by default through an LLM gateway, while still encouraging engineers to select the right model for the task. He said that 91% of employees have never hit the usage limit, so the company didn’t choose to reduce allocations and increase reminders; instead, it switched to lower-cost default models.

BlockBeats message: On June 27, according to CNBC, billionaire investor and co-founder of GMO, Jeremy Grantham, once again criticized Bitcoin, calling it a "useless speculative" asset with no intrinsic value, and predicting that it will gradually become irrelevant in the years and even decades to come. Grantham said, "It will gradually die out—not with a loud collapse, but disappearing quietly." He also said that Bitcoin is not a stable form of value; in a strong economic environment, it has been slashed by half for no clear reason, and therefore cannot be relied on as a store of value tool.

BlockBeats message: On June 27, crypto KOL Ansem posted that he still maintains his previous view, believing that the stock index and the storage sector have already topped at their current levels in the short term. The third quarter will begin next week, and the market may see volatility in the early days of Q3. He believes that the crypto market—especially BTC and SOL—has already priced in many weak factors in advance, so he expects the price trend may show a bullish divergence. However, if the stock market weakens in early Q3 and that leads to a sell-off in the crypto market, he would not be surprised either.
Ansem said HYPE should continue to perform well, but it may also decline along with the overall market pullback. He cautioned that the worst-case scenario is being liquidated at the bottom of a bear market, before all assets rebound together—so if using leverage to go long, one must remain cautious. As for spot trading, he believes the market is already close to the lows and is not worth overtrading; Q3 will be a good period to add positions.

BlockBeats message: On June 27, according to a report by (Fortune), Qualcomm CEO Cristiano Amon is trying to shift the company away from primarily relying on smartphone chips and toward diversified businesses such as AI chips, automotive, PCs, smart home, and wearable devices. He plans to make the next focus the data-center AI chip market and challenge Nvidia’s long-standing dominant position. At an investor day event held in Manhattan this past Wednesday, Qualcomm unveiled its latest AI accelerator and CPU product lines. Amon said that people often question whether Qualcomm is already too late in the highly competitive AI chip market, but he claims, “For Qualcomm, it’s never too late.”