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According to NexBlock, the trading volume in South Korea's virtual asset market continues to shrink, and the competitive landscape among the five major won exchanges is changing. During this market downturn, funds are further concentrating on platforms with leading liquidity, while small and medium-sized exchanges are seeking breakthroughs through partnerships with securities companies, institutional market layouts, and operational restructuring. In the future, the focus of competition will no longer be solely on trading volume, but also on stablecoin liquidity, traditional financial cooperation, institutional market expansion, and regulatory compliance capabilities.Data shows that in the first half of this year, the five major won exchanges in South Korea (Upbit, Bithumb, Coinone, Korbit, Gopax) had a total trading volume of approximately $366.58 billion, a year-on-year decrease of 54.6%.From July 1 to 27, the five major exchanges had a cumulative trading volume of about 17.34 trillion won, a decrease of 16.9% compared to the same period last month. Among them, Upbit's trading volume was approximately 11.69 trillion won, which, although down 10%, increased its market share from 62.3% to 67.4%; Bithumb's trading volume fell to 4.71 trillion won, with its share dropping from 30.7% to 27.1%, widening the gap between the two to 40.3 percentage points.

According to Coindesk, JPMorgan Chase (JPM) stated that the decreased probability of the "Clarity Act" passing in the U.S. Senate this year poses a blow to the crypto market, and warned that further delays could undermine one of the industry's most important regulatory catalysts. JPMorgan noted that, due to the Senate prioritizing other bills before the summer recess, the market currently predicts that the probability of this bill passing before the end of the year is only 37%. Negotiations regarding ethical clauses, enforcement, DeFi, stablecoin yields, and anti-money laundering rules remain stalled.

According to Coinglass data, the total contract open interest for ETH has decreased by 5.03% in the past 24 hours, with the current total open interest at $25.778 billion. Among them, Binance's open interest is $6.488 billion, OKX's open interest is $1.527 billion, Bybit's open interest is $1.595 billion, and Gate's open interest is $2.39 billion.

Uniswap founder Hayden Adams posted on the X platform in response to the controversy over the v4 fee switch, clarifying that "the reduction of LP fees" is a misunderstanding; the protocol fees are additive rather than deductive, and LPs still earn 30 basis points per transaction.Regarding the claim that "the protocol takes 25% of LP profits," he stated that on a 30 basis point pool, the protocol fee is 5 basis points, accounting for about 14% of the total transaction fees, and LPs have not lost any of their earnings. Hayden Adams also pointed out that centralized exchanges charge 100 to 200 basis points per transaction, making Uniswap's 5 basis point fee at the 30 basis point level 20 to 40 times cheaper. He also criticized some forked projects that charge 100% transaction fees but use uneven inflation set by token voting to "compensate" LPs.

HSBC released the "Affluent Investor Snapshot 2026" report, which shows that a survey of nearly 10,000 high-net-worth investors worldwide indicates that the average allocation to crypto assets in 2026 is 6%, a decrease of 1 percentage point year-on-year; however, 45% of respondents still plan to increase their allocation in the next 12 months, while 40% plan to maintain it.The allocation to crypto assets for investors in Singapore and Malaysia is 5% and 6%, respectively, both unchanged from the previous year; during the same period, global cash allocation has dropped to 19%, with funds continuing to shift towards stocks, gold, and alternative investments.

PPP prediction market tool monitoring shows that in the Polymarket "Ethereum will reach price in July" prediction market, the probability of ETH reaching $2000 is 26%, down 46% in 24 hours; the probability of dropping to $1800 is currently reported at 43%, up 28% in 24 hours. According to the rules of this prediction market, the relevant results are determined based on the highest price of the Binance ETH/USDT trading pair's 1-minute K-line.Yesterday, ETH once surged to $1981, less than 1% away from the $2000 mark, but then quickly fell back and has now dropped below $1900.

According to Coinglass data, the total contract open interest for ETH has decreased by 5.41% in the past 24 hours, with the current total open interest at $26.536 billion. Among them, Binance's open interest is $6.531 billion, OKX's open interest is $1.592 billion, Bybit's open interest is $1.687 billion, and Gate's open interest is $2.363 billion.

CryptoQuant analysis indicates that Binance's Bitcoin inflow data has shown significant divergence. The total inflow from whales over the past 30 days is $3.9 billion, a decrease of 44.3% from the peak of about $7 billion on June 12; retail inflows are $7.8 billion, a decrease of only 22% from about $10 billion on June 5. Retail inflows are currently about twice that of whales, with a gap of $3.9 billion.The analysis points out that this divergence coincides with the eve of the Federal Reserve's FOMC meeting. Federal funds futures are currently pricing in about a 36% probability of a 25 basis point rate hike, with maintaining the target range of 3.5-3.75% being the more likely scenario. From the perspective of Bitcoin, an unexpected rate hike could support the dollar and Treasury yields, increasing volatility in risk assets; if the rate hike is paused with dovish guidance, it may partially alleviate macro pressures. The Federal Reserve's decision on Wednesday will be a key variable in testing whether this divergence continues or begins to converge.

Ethereum's largest liquid staking protocol Lido announced the launch of the largest protocol upgrade since the V2 upgrade in 2023, which will integrate over 8 million staked ETH (approximately $16.5 billion) and migrate to the new validator architecture following the Ethereum Pectra upgrade. This migration is expected to reduce the number of Ethereum network validators by about one-third, lowering the load on the consensus layer.Lido stated that after the upgrade is completed, the number of attestation messages per epoch across the entire Ethereum network is expected to decrease by about 29%, thereby improving network operational efficiency. This upgrade will migrate professional node operators to the Curated Module v2 (CMv2) architecture. Unlike before, which mainly relied on operator reputation and historical performance, CMv2 requires Lido-selected node operators to lock ETH as collateral for the first time, providing economic guarantees for node operational performance.Lido indicated that all 34 selected node operators are expected to complete the migration, and no operators have exited due to the new collateral requirements. Lido's staking lead Isidoros Passadis stated that this upgrade will streamline the validator set supporting Lido's core staking business while enhancing security through capital constraints. Lido expects that this migration will result in a decrease of approximately 0.28% in annual staking yields for the protocol. Validators will continue to earn rewards before exiting the migration, with any yield loss likely occurring only during the brief period before balances are transferred to the new validators.

According to the data panel on the ChainCatcher official website, regarding BTC wallet balances, in the past 7 days, Bybit had the largest decrease among the top 10 exchanges, at 4.08%; OKX had the largest increase, reaching 3.58%.In terms of exchange asset transparency proof, in the past 7 days, the top three net outflows were Binance (-$738 million), Bitget (-$97.65 million), and Bybit (-$68.37 million); the top three net inflows were Deribit (+$58.18 million), Bitfinex (+$24.73 million), and KuCoin (+$11.49 million).

According to the analysis by the crypto venture capital firm 1kx (@1kxnetwork), on-chain fees in the second quarter of this year decreased by 33% year-on-year, with DEX fees dropping by $625 million (-57%), mainly dragged down by Meteora, Raydium, and PancakeSwap, which together generated $1.5 billion in fees in the first half of last year; blockchain and MEV fees decreased by $362 million (-40%); launch platform fees fell by 57%, with Pump.fun contributing nearly half of the decline.Some sectors achieved counter-cyclical growth: perpetual contract and prediction market fees increased by 22% year-on-year, led by edgeX and Hyperliquid, with Polymarket contributing nearly $100 million in a single quarter; the lending and asset management sectors continued to grow, with Morpho, USDai, and Maple Finance each increasing by $9 million to $19 million; Canton Network added $179 million in L1 fees, but most of this was driven by incentives. Despite the overall decline in industry fees, token holder distribution returns remained stable, with Binance burn still accounting for a significant share, and protocols like Hyperliquid have incorporated buybacks and burns into their regular policies.

According to the data panel on the ChainCatcher official website, regarding BTC wallet balances, in the past 7 days, among the top 10 exchanges by balance, OKX had the largest increase at 1.86%; Bithumb had the largest decrease at 5.15%.In terms of exchange asset transparency proof, in the past 7 days, the top three net inflows of reserve assets were Gate (+$384 million), Binance (+$110 million), and MEXC (+$11.4139 million); the top three net outflows were OKX (-$152 million), Bybit (-$93.4699 million), and Bitget (-$89.3868 million).

According to Coinglass data, the total contract open interest for ETH has decreased by 5.04% in the past 24 hours, with the current total open interest at $26.063 billion. Among them, Binance's open interest is $6.382 billion, OKX's open interest is $1.555 billion, Bybit's open interest is $1.717 billion, and Gate's open interest is $2.412 billion.

According to CoinGlass data, the total contract trading volume of ETH across the network has decreased by 4.19% in the past 24 hours, with the current total trading volume at $42.961 billion. Among them, Binance's trading volume is $11.25 billion, OKX's trading volume is $8.41 billion, and Gate's trading volume is $5.314 billion. Meanwhile, the total contract open interest for ETH across the network is approximately $27.493 billion. Among them, Binance's open interest is $6.84 billion, and Gate's open interest is $2.55 billion.In addition, the 24-hour spot trading volume for ETH across the network is $2.078 billion, with Binance's trading volume at $598 million and Gate's trading volume at $288 million.

In June, the U.S. CPI fell by 0.4% month-on-month, the largest monthly decline since April 2020; the annual rate dropped from 4.2% in May to 3.5%, lower than the expected 3.8%. Core CPI decreased to 2.6%, below expectations, remaining flat month-on-month.Major cryptocurrencies rose after the data was released, with BTC increasing from about $62,000 to $64,900, and ETH rising 7% to $1,884, with approximately $300 million in short positions being liquidated. Federal Reserve Chairman Kevin Warsh testified before Congress that the Fed has a "zero tolerance" for persistently high inflation; if the policy is correct, the inflation rise over the past five years will become a thing of the past. When asked about the CPI data, he disagreed with the assessment of "mission accomplished" and did not provide guidance on the next policy steps.

According to The Block, the operational data for June disclosed by publicly listed Bitcoin mining companies CleanSpark, BitFuFu, and Canaan shows that the Bitcoin production of all three companies declined compared to May. Among them, CleanSpark produced 614 BTC in June, down from 671 BTC in May; BitFuFu produced 125 BTC, down from 177 BTC the previous month; and Canaan produced 64 BTC, down from 90 BTC the previous month.The report points out that the reasons for the production decline vary among the three companies. CleanSpark's average operating hash rate in June decreased from 46 EH/s to about 43 EH/s; BitFuFu's total hash rate dropped from 19.5 EH/s to 15 EH/s, mainly affected by a decrease in hosted hash rate, although its self-owned hash rate has risen to 3.5 EH/s; Canaan attributed part of the production decline to maintenance of the power grid at some mining sites.It is worth noting that the aforementioned production decline occurred after the Bitcoin mining difficulty was reduced by over 10% in mid-June, reaching a new low since 2026.

According to Jinshi reports, the overall inflation in June decreased by 0.4% month-on-month. Although the data has declined, it has not kept up with current events, and energy prices are expected to become the biggest variable in the future.

According to Jinshi reports, analyst Eamonn Sheridan expects the U.S. Consumer Price Index for June to decrease by 0.2% month-on-month, marking the first recorded decline since the pandemic, primarily driven by a 15% drop in gasoline prices from mid-May to the end of June.The annualized inflation rate is expected to slow from 4.2% in May to 3.8%. Core CPI is expected to rise by 0.2% month-on-month, with the annualized core inflation rate expected to slightly decrease to 2.8%. The annualized growth rate of service inflation is 3.4%, higher than 2.9% in January.

According to cloverpool data, the Bitcoin mining difficulty experienced an adjustment at block height 957,600, with the mining difficulty decreased by 5% to 127.17 T; currently, the average hash rate across the network for the past seven days is 866.28 EH/s.

According to on-chain analyst Yu Jin's monitoring, influenced by the overall sluggishness of the cryptocurrency market in recent months, the combined issuance of the two major stablecoins, USDT and USDC, has decreased by approximately $13.9 billion, with USDT decreasing by about $7.4 billion and USDC decreasing by about $6.5 billion. However, the adoption of stablecoins in real economic scenarios continues to grow.In the first half of this year, the real economic transaction volume (ATV) of stablecoins reached $8.82 trillion, close to last year's historical high of $10.8 trillion, with USDT contributing more than half.Against the backdrop of the overall decline in stablecoin issuance, the issuance of USDT on the Tron chain has risen against the trend to a historical high of $90.3 billion, with an increase of about $2 billion in the past month. This indicates that the reduced issuance mainly comes from the Ethereum ecosystem, which is primarily DeFi-focused, while the demand for Tron in real application scenarios such as cross-border transfers and payment settlements continues to grow steadily.