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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.

10x Research stated that since the peak in October last year, the trading volume of Bitcoin options has dropped from $8 billion to $3.5 billion, and the market volatility has also decreased during the same period.It believes that the signals released by the options market may indicate that trading activity could decline further.

According to Jinshi, Jeff, a senior macro strategist at BNY Mellon, pointed out that the softening of U.S. labor data and the improvement in inflation data have reduced the urgency for the Federal Reserve to tighten further. However, he emphasized that this does not address the question of whether the slowdown in growth is within a controllable range or whether policy expectations have been overly adjusted.He stated that the global narrative is becoming less unified, especially in the economic discussions between the U.S. and Europe.

According to EToday, the five major virtual asset exchanges in South Korea (Upbit, Bithumb, Coinone, Korbit, Gopax) added only 117 new trading supports in the first half of the year, a decrease of 44% compared to 210 in the same period last year; the net increase dropped sharply from 191 to 49, a year-on-year decline of 74%.At the same time, the number of trading supports terminated surged from 19 to 68, an increase of 258%. The global virtual asset trading volume recorded $46.07 billion in June, a 34% decrease from $70 billion in the same period last year. The shrinkage in trading volume directly compresses fee income, with Dunamu (the parent company of Upbit) and Bithumb's fee income accounting for 97.49% and 99.99% of their operating revenue in the first quarter, highlighting the issue of high dependence on retail spot trading.

According to The DeFi Report's Ethereum Q2 ecological performance report, Ethereum's Q2 Real Economic Value (REV) is $88.4 million, a 7% increase quarter-over-quarter, but a 68% decrease year-over-year.The report shows that the average real on-chain yield in Q2 is only 0.17%, a 14% decrease quarter-over-quarter and a 61% decrease year-over-year; the total on-chain yield (including issuance) is 2.68%, with the issuance portion accounting for 94%, while priority fees and MEV contribute only 0.17%. L1 GDP, DeFi activity, and L2 participation continue to significantly weaken.The report points out that although user experience and throughput have improved, L1 fee capture capability remains weak, and future efforts need to leverage real-world applications like RWA as a settlement layer to smooth out cyclical fluctuations.

According to Jinshi reports, Isabelle Mateos y Lago, Chief Economist at BNP Paribas, stated that if the non-farm payroll numbers in July are close to or exceed 130,000, the Federal Reserve's meeting will be full of suspense. Currently, the short-term interest rate futures market expects the likelihood of the Federal Reserve raising interest rates in the July 29 decision to be about 20%, down from 33% before the non-farm report was released.Lago also mentioned that the European Central Bank is expected to raise interest rates again in September, but did not rule out the possibility of not making additional rate hikes.

Bitwise Chief Investment Officer Matt Hougan published an analysis of the volatility of STRC under Strategy (MSTR). He believes that Strategy currently holds approximately $49.6 billion in Bitcoin and $2.6 billion in cash, with asset size far exceeding debt and preferred stock obligations, posing no liquidation risk. The company's newly launched digital credit capital framework allows it to flexibly sell Bitcoin to pay dividends based on market conditions, no longer forcing the maintenance of STRC at a par value of $100.Hougan emphasized that Strategy has been the world's largest Bitcoin buyer and a source of one-way demand over the past few years, but this situation is likely coming to an end. In the future, Strategy will flexibly buy or sell Bitcoin based on market conditions, but will not become a large-scale seller (with limited mandatory sales each year). If Bitcoin prices rebound, it may still become a net buyer. Overall, the importance of Strategy in the next cycle will be lower than in the previous cycle.He believes that the volatility of STRC reflects the process of deleveraging in the market, which is a typical characteristic at the end of a bull market. As these mismatched funds are squeezed out, the market bottom is forming, and a new bull market is expected to begin this fall.

CryptoQuant data shows that in Q1 2026, the total loan size of the CeFi credit market decreased by 6% quarter-on-quarter to $23.3 billion, marking the first contraction across the industry since Q3 2024. The reduction in loan size is attributed to crypto users reducing leverage during the bear market.Tether remains the largest lender, with a loan size of $15.8 billion and a market share of 68%, followed by Maple Finance ($2.1 billion, 9%) and Nexo ($1.8 billion, 8%). Market share is shifting towards Maple, Nexo, and Coinbase, with the three experiencing increases of 1.0, 0.5, and 0.7 percentage points respectively during the quarter. Coinbase and Maple saw loan sizes grow by approximately 6% quarter-on-quarter, while Nexo recorded nearly 1% growth, making them the only three major lenders to experience growth. The remaining institutions saw a contraction in loan sizes, with Galaxy Digital (-21%) and Ledn (-19%) leading the declines, while Tether's loan size decreased by 7%.

Bitcoin News posted on the X platform that BlackRock IBIT's BTC holdings have decreased by nearly 100,000 coins in less than two months. On May 6, IBIT's BTC holdings reached a peak of 822,736 coins, and currently stand at 734,261 coins.

New Fire Group released its interim performance report for the six months ending March 31, 2026. The group recorded a loss of approximately HKD 244.9 million (unaudited), a significant increase of about 1890% compared to a loss of HKD 12.3 million in the same period of 2025. Among them, the cryptocurrency asset trading business recorded revenue of HKD 1.9447 billion, a year-on-year decrease of about 43.4%.In terms of business segments, in the asset management business, as of the end of the reporting period, the assets under management (AUM) reached approximately USD 145.6 million; the number of New Fire quantitative trading clients increased by about 12.9% compared to the same period last year.In the trust and custody business, the number of private banking accounts successfully opened during the reporting period increased from 37 to 305; the number of accounts interested in opening increased from 106 to 668.In the cryptocurrency over-the-counter trading business, the number of OTC trading clients increased from 8 to 31, with a monthly compound growth rate of 31.1%.In addition, the group's compliant exchange in Japan, BitTrade, has accumulated a total of 288,214 registered users.

According to Coinglass data, the total contract open interest for ETH has decreased by 5.09% in the past 24 hours, with the current total open interest at 21.856 billion USD. Among them, the open interest on Binance is 5.259 billion USD, OKX is 1.452 billion USD, Bybit is 1.277 billion USD, and Gate is 1.866 billion USD.