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According to SoSoValue data, the cryptocurrency sector has generally declined, with the Layer2 sector dropping 3.57% in 24 hours. Among them, Mantle (MNT) fell 4.97%, Starknet (STRK) fell 4.93%, and Celestia (TIA) fell 9.54%. At the same time, Bitcoin (BTC) dropped 1.89%, falling below $59,000; Ethereum (ETH) fell 0.98%, dropping below $1,600.In other sectors, the PayFi sector declined 0.29%, but Stellar (XLM) rose 11%; the CeFi sector fell 0.87%, with Binance Coin (BNB) down 1.19%; the Meme sector dropped 1.05%, while MemeCore (M) rose 22.6%; the Layer1 sector fell 1.41%, with Cardano (ADA) relatively strong, rising 1.32%; the DeFi sector dropped 2.79%, with LAB (LAB) down 14.83%. Additionally, the SocialFi and NFT sectors remained relatively strong, rising 0.5% and 0.54%, respectively. Within the SocialFi sector, Gram (GRAM) rose 1.01%; within the NFT sector, Audiera (BEAT) rose 7.87%.

Strive CEO Matt Cole stated that, given the short-selling interest in SATA tokens has increased by about 1 million shares in the past 30 days, and the borrowing cost has currently reached about a 70% annualized rate, the company is seeking market feedback to explore whether it should suspend the strategy of issuing new SATA tokens at a fixed price of $100, instead allowing the market to determine its liquidation price.Cole pointed out that although $100 remains the target price, some investors believe that Strive will continue to issue additional tokens at that price point, thereby creating an invisible ceiling. Retaining issuance flexibility will increase the risks and costs of short-selling SATA, and while it may exacerbate market volatility in the short term, it aims to reduce long-term volatility and curb speculative short-selling.

Jiang Zhuoer posted on platform X, stating that ETFs continue to show a selling state, and multiple institutional products are experiencing simultaneous reductions; the market price on Coinbase has shown a significant discount, with levels having fallen back to the range before the major adjustments at the end of January and the end of May; the funding rate remains positive, while contract positions are at a high level, indicating concentrated leveraged positions. Jiang Zhuoer added, "Everything points to: something big is coming."

According to on-chain analyst Ai Yi's monitoring, the Hyperliquid whale, which previously shorted 16 altcoins for a profit of 13.68 million dollars, is suspected of selling ETH again. Four hours ago, it deposited 6,860 ETH (10.8 million dollars) to Binance, with a deposit price of 1,574 dollars. If sold, it would incur a loss of 2.86 million dollars (having accumulated at an average price of 1,991 dollars in February and March this year). Since June 24, it has transferred a total of 21.82 million dollars worth of ETH to exchanges, expecting a loss of 5.485 million dollars.

The probability of the prediction "Bitcoin will drop to $50,000 this year" on the prediction market platform Polymarket has risen to 63% (from 51% on June 16).In addition, the probability of dropping to $40,000 is 30%, and the probability of rising to $70,000 is 67%.

According to the Wall Street Journal, several U.S. lawmakers are calling for an investigation into the prediction market platform Polymarket, as its advertising is alleged to potentially contain misleading content.It is reported that the lawmakers believe Polymarket may not clearly disclose the nature of its products and associated risks in its marketing, which could mislead users. Some legislators have requested regulatory agencies to intervene and assess the compliance of its advertising and information disclosure standards.

In the past 24 hours, the cryptocurrency derivatives market experienced massive liquidations, with a total liquidation amount of approximately $1 billion, and Ethereum's liquidation amount exceeded that of Bitcoin. At the same time, Bitcoin contract open interest rose for the second consecutive day to 778,000 BTC, with a sharp increase in open interest at the end of Thursday indicating that Bitcoin traders are adding short positions in a downtrend. In contrast, Ethereum contract open interest has remained stable at around 14 million ETH since June 15, and Ethereum traders have not actively shorted during the decline.The 24-hour cumulative trading volume difference adjusted for open interest shows that short positions continue to dominate among the top 25 cryptocurrencies, with only BNB, SOL, and TON as exceptions. Meanwhile, the 30-day annualized implied volatility index for Bitcoin surged to 53%, the highest since June 7; the volatility index for Ethereum rose to 66%. In the cryptocurrency options market, last week the skew for Bitcoin options approached 30%, with significant premiums for put options. In large trades, put options with a strike price of $53,000 expiring on July 10 have appeared, reflecting strong demand for downside hedging.

According to Gate market data, European and American stock index futures continue to decline, with the Nasdaq 100 index futures falling by 1.6%, the S&P 500 index futures down 0.7%, and the Dow futures down 0.18%; the Euro Stoxx 50 index futures fell by 0.9%, the German DAX index futures down 1%, and the UK FTSE index futures down 0.8%.

On-chain security analyst Specter stated that a phishing attack suspected to target Polymarket users is currently occurring, with total losses amounting to approximately $2.94 million.According to its monitoring, attackers have transferred funds from more than 11 victim wallets holding PUSD, converting the stolen assets into ETH, while reminding users to be cautious of phishing risks and stating that the incident is still under ongoing investigation.

According to Business Insider, Worldcoin developer Tools For Humanity previously hired two law firms to investigate internal financial irregularities, employee classification, and whether there were violations of the U.S. Foreign Corrupt Practices Act in its operations in Thailand.The report also stated that the investigation involves allegations of senior management approving large payments to foreign companies to boost the performance of Worldcoin tokens. The company stated that after the investigation, it has terminated its relationships with Thai partners and strengthened internal compliance policies and due diligence processes, and currently has not found sufficient evidence to prove that the company or its employees violated relevant anti-bribery laws.

Renowned analyst PlanB stated that Bitcoin is likely to bottom out only after falling below the realized price (around $53,000), just like what happened in previous bear markets. Currently, the curve representing the realized price has been almost overlapping with the black curve representing the 200-week geometric moving average since 2023.

According to Jinshi reports, Mohit Kumar of Jefferies Group stated in a report that despite the decline in oil prices, the interest rate market has not quickly incorporated the expectations of falling oil prices into pricing. He pointed out that as the market focuses on the increase in traffic through the Strait of Hormuz, the drop in oil prices has exceeded expectations. Jefferies believes that one of the main impacts of the US-Iran agreement is that major global central banks no longer need to raise interest rates, maintaining the view that the Federal Reserve will not raise interest rates this year, and that the Fed's next move will be to cut rates rather than raise them.

According to the Financial Times, affected by the intensified sell-off of tech stocks, Bitcoin has fallen to a 20-month low, and market risk sentiment continues to weaken. Bitcoin briefly dropped below $60,000, with an intraday decline of up to 5.4%, reaching its lowest level since October 2024. Over the past two years, traders have regarded $60,000 as an important support level. This round of decline occurred after a sell-off of large tech stocks this week. Traders are betting that the U.S. central bank will respond to inflation by raising interest rates, which may suppress risk appetite and prompt investors to reassess overvalued assets and turn to relatively safe assets.In recent years, the correlation between crypto assets and stock movements has been high, but this relationship is currently under pressure. Bitcoin and Solana have fallen 32% and 47% respectively this year, and even a rebound in the stock market has not led to a significant recovery. Part of the reason is that retail investors' demand for cryptocurrencies has decreased, turning instead to chase the volatility of AI-related stocks. Gerry O'Shea, Global Market Insights Director at crypto asset management firm Hashdex, stated that as large public offerings and AI stocks become the market focus, market sentiment remains weak. Analysts currently do not believe there are significant catalysts in the crypto market.The U.S. capital markets are still digesting the world's largest IPO, SpaceX, which went public on Nasdaq earlier this month, with AI companies like OpenAI and Anthropic also expected to follow suit. Meanwhile, the important U.S. digital asset regulatory bill, the Clarity Act, remains stalled in the Senate, facing strong opposition from the banking sector and has not yet garnered enough bipartisan support.

According to on-chain analysts, the Hyperliquid whale (0xcD4...4D6), which previously shorted 16 altcoins for a profit of 13.68 million USD, deposited 6,855.13 ETH into Binance five hours ago during the market rebound, worth 11.02 million USD, suspected to be for sale; this portion of ETH was accumulated in February and March of this year at an average price of 1,991 USD, and if sold, it would incur a loss of 2.625 million USD.

According to on-chain analyst Ai Yi's monitoring, the address 0x960...3f0fc opened long positions of 102.55 BTC, 954.38 ETH, and 8,790 silver in the early morning, with a total position value of 8.29 million USD; at the same time, it purchased 10.699 million USD of BTC and ETH spot. The current set take-profit points are BTC 63,000 USD and ETH 1,650 USD.

According to The Block, Bitcoin miner revenue continues to decline, with the 7-day moving average dropping to about $30,000,000 per day, down from over $50,000,000 last summer. The contribution from transaction fees has become negligible, at less than $250,000 per day. The current trading price of BTC is about $62,500, significantly lower than JPMorgan's estimated production cost of around $78,000, a gap that has persisted for five months, the longest in this cycle. Production costs have historically been seen as a soft price floor, and currently, about 20% of miners are operating at a loss.Network-level pressure is becoming evident. Over the past six months, the beta value of mining difficulty relative to BTC price has risen to 0.62, with high-cost miners switching off their machines based on price fluctuations rather than continuing to operate at a loss. In the second week of June, difficulty decreased by 10%, marking the second similar adjustment this year. Publicly listed mining companies have sold over 32,000 BTC in the first quarter to cover operating costs, rather than further reducing production capacity.

Bitcoin miner revenue has continued to decline over the past year, with the current 7-day moving average daily income at approximately $30 million, significantly lower than last summer's level of over $50 million. Among this, transaction fees have dropped to less than $250,000 per day, almost negligible compared to block subsidies.Meanwhile, the price of Bitcoin is around $62,500, below JPMorgan's estimated production cost of about $78,000. This state of being below production costs has persisted for five months, the longest duration in this cycle. Historically, production costs are often seen as a soft bottom area for Bitcoin prices. Currently, it is estimated that about 20% of miners are in a loss position at the current price, and the pressure is beginning to reflect at the network level.Over the past six months, the sensitivity of mining difficulty to Bitcoin prices has risen to 0.62, indicating that high-cost miners are increasingly inclined to turn off their mining machines based on price fluctuations rather than continue mining at a loss. In the second week of June, Bitcoin mining difficulty decreased by 10%, marking the second occurrence of a similar magnitude adjustment this year. A comparable adjustment also occurred in the previous quarter, with both instances happening during periods when prices remained below production costs, indicating that pressure on the miner side is deepening.