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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.

Galaxy Research Director Alex Thorn stated that the capital management adjustments announced by Strategy on Monday mark an important turning point. In the weeks prior, the "digital credit" system of Strategy's preferred shares faced pressure, with the preferred share STRC falling below its $100 par value and hitting a historical low of $71.25 on June 26, leading the market to question how the company would pay the increasingly high preferred share dividends.Strategy subsequently announced a new digital credit capital framework, including a board-approved dollar reserve policy, a revised STRC dividend policy, a $1 billion preferred securities repurchase authorization, a $1 billion MSTR common stock repurchase authorization, and a BTC monetization plan. At the same time, the board raised the annual dividend rate of STRC from 11.5% to 12%, applicable to semi-monthly dividends for record dates on or after July 1. Following the announcement, MSTR rose 12.6% to about $92.70 on Monday, while STRC increased by 12.2% to about $83.70.Thorn believes that Strategy's approach is wise, but it may not permanently resolve structural issues. The company still has a large preferred share system and ongoing payment obligations, and it will face $6.7 billion in convertible bonds maturing in 2027 and 2028. The market is not truly concerned about Strategy's lack of assets, but rather whether it has sufficient dollar liquidity to pay dividends without harming BTC holders, MSTR common stock shareholders, or preferred shareholders. By raising over $1 billion in cash through the sale of common stock, setting a minimum cash reserve policy for 12 months, and increasing the current cash coverage ratio to about 17 months, Strategy has bought itself time.The most controversial aspect is the BTC monetization plan, which seems to clearly indicate that Strategy may sell BTC from time to time. Thorn does not want to see Strategy sell Bitcoin, as the company's identity and the MSTR premium are built on its narrative as a long-term BTC exposure tool, and selling BTC would undermine that story.However, he also believes that if selling a small amount of BTC can prevent a disorderly spiral in the capital structure, protect preferred shares, and wait for a better market environment, this path can be justified. Strategy should explore how to generate income from its BTC assets without directly selling spot BTC, including conservatively lending a small amount of isolated BTC or using options strategies to capture volatility gains.

The Hong Kong Monetary Authority and the Financial Services and the Treasury Bureau jointly announced that the first phase review on promoting the further application of Distributed Ledger Technology (DLT) in Hong Kong's fixed income market has been completed.The review results indicate that the current legal and regulatory environment in Hong Kong is sufficiently flexible to support the issuance of tokenized bonds. The three batches of iconic tokenized bonds issued by the Hong Kong government and the increasing number of corporate issuances (including those from issuers in Asia and the Middle East) are the best evidence of this. The next phase will involve a review of the legislation to promote the broader application of DLT in the fixed income market and the digital asset sector, including allowing the electronic execution of tokenized bond issuance documents and exploring concepts such as "custody" and "transfer" of tokenized fixed income products.

DefiLlama data shows that in the past week, the income returned to token holders from DeFi protocols was mainly concentrated in a few projects, with the top ten protocols accounting for over 80% in total.Among them, Hyperliquid ranked first with approximately $12.3 million, accounting for about 43.9%; Pump ranked second with about $3.5 million, accounting for about 12.6%; protocols such as Aerodrome, Uniswap, and Chainlink also made it to the top. Holders Revenue refers to the value returned to token holders through methods such as token buybacks, burns, or distributions to stakers.

According to Dr. Crossroads' analysis, Robinhood's event prediction market revenue is expected to surpass its traditional cryptocurrency trading revenue as early as the second quarter of this year. Data shows that as of June 25, Robinhood has recorded approximately 12.3 billion event contract trades in the second quarter. Based on the usual 1 cent per contract revenue share, this is expected to contribute at least $123 million in single-quarter revenue, pushing the annualized revenue rate (ARR) of this business to $500 million. In comparison, due to the decline in institutional trading volume, its cryptocurrency business revenue in the second quarter is expected to fall below the first quarter's $134 million.At the same time, Robinhood's newly launched prediction market platform Rothera has surpassed 900 million contracts traded in its first week, bringing nearly 60% of potential contract trading increment to the company. Through Rothera's full-stack self-research and vertical integration, Robinhood plans to change the current fixed model where users pay 2 cents per contract (with the company and partner exchanges each receiving 1 cent), reducing the new fee rate to a minimum of 0.6 cents. This move aims to sprint into the top three in the industry through core price advantages while retaining the economic benefits of trade execution entirely within its ecosystem while passing savings on to users.

Fidelity Digital Assets recently released a research report that positively addresses concerns about the long-term impact of Bitcoin halving on network security. The report's author, Fidelity research analyst Daniel Gray, pointed out that Bitcoin network security relies not only on block rewards but also on transaction fees, market incentives, and other economic forces that continuously motivate miners to maintain network security, making the cost of sustained attacks prohibitively high.On the data front, Gray noted that despite the ongoing reduction in block subsidies, the rise in Bitcoin prices has significantly offset this impact. The average daily income of miners has increased from about $26,300 during the first halving cycle to over $40,200 today. He wrote, "Despite the decrease in issuance, miner incentives and the resulting network security have historically strengthened alongside the rise in Bitcoin prices."Since the fourth halving in April 2024, the block subsidy for miners has decreased from 6.25 to 3.125 Bitcoins per block. However, the optimistic conclusions of the report starkly contrast with the current realities faced by publicly traded mining companies. Several industry analysts describe the current environment as one of the most challenging for mining on record, due to the simultaneous decline in block rewards, rising operational costs, and increased competition.In response, several mining companies have begun to transition to the AI and high-performance computing sectors, leveraging existing power infrastructure to meet AI computing demands. VanEck estimates that publicly listed mining companies may need to raise up to $50 billion in additional funds to fully transition to AI infrastructure, but the requirements for AI data centers regarding facility standards, cooling, power redundancy, and networking are far higher than those of traditional Bitcoin mining operations, making the transition challenges significant.

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.

South Korea will incorporate tokenized securities into the overall framework of capital market reform. The Financial Services Commission (FSC) recently launched a review meeting on capital market infrastructure to coordinate the advancement of reforms such as speeding up securities settlement, extending trading hours, and digital transformation.According to the plan, the tokenized securities framework will officially take effect in February 2027, and relevant subordinate regulations are expected to solicit public opinions in July this year. In terms of infrastructure development, Samsung SDS has been contracted by the Korea Securities Depository (KSD) to develop a tokenized securities management platform, aiming to integrate the existing electronic securities account system with blockchain data, with the goal of completing this by February 2027.

According to CoinDesk, the long-established asset management company Baillie Gifford from Edinburgh, Scotland (founded over 118 years ago) announced on Monday in collaboration with global custodian giant BNY the launch of a tokenized fixed income fund—Baillie Gifford Enhanced Yield Fund (BAGEY), deployed simultaneously on the Ethereum and Solana public chains.The fund is denominated in US dollars and operates under an open-ended investment company (OEIC) structure within the UK regulatory framework, targeting qualified investors from the UK, Switzerland, and the Cayman Islands. It offers an actively managed short-duration corporate bond portfolio, with a current yield of approximately 7%.Unlike most tokenized products on the market, Baillie Gifford's Head of Digital Assets Theo Golden emphasized that BAGEY is not a traditional fund wrapped in a token shell, but rather a fund issued directly on-chain, with the blockchain itself serving as the rights registry, allowing investors to directly hold shares and enjoy direct recourse.BNY will provide tokenization and wallet infrastructure for the fund, with NatWest acting as the custodian. The Global Head of Investor Solutions at BNY stated that this issuance marks the transition of tokenization from concept to real application, as regulated fund structures evolve towards a more digital and interconnected market.

According to CoinDesk, the Malta Financial Services Authority (MFSA) has released a discussion paper exploring how decentralized finance (DeFi) can be incorporated into the EU MiCA framework. The MFSA pointed out that while MiCA exempts "fully decentralized" crypto services, many DeFi projects still retain centralized features such as admin keys, governance centralization, and protocol upgrade permissions.The regulatory body is seeking public opinion on whether decentralization should be viewed as a "spectrum" rather than a binary concept, and discussing whether to establish a standardized framework to determine if protocols fall outside the scope of MiCA regulation. Additionally, the document proposes potential legal structures such as DAOs and segregated cell companies, and examines automated compliance mechanisms like custodial agents. The public consultation on this discussion paper is open until July 10.

According to The Block, the High Court of Australia unanimously ruled that the fixed income digital asset product Earner launched by Block Earner is classified as a regulated financial product, and providing this product requires holding an Australian financial services license. The court supported the appeal of the Australian Securities and Investments Commission (ASIC) and overturned the previous ruling by the lower court that was more favorable to Block Earner.

10x Research analysis points out that the Bitcoin yield-enhanced exchange-traded fund BITA launched by BlackRock may have design flaws in its strategy. By generating income through selling call options, it may lead investors to underperform against spot Bitcoin in most market environments, or fail to achieve ideal absolute returns.10x Research believes that BITA executes the call option selling strategy monthly according to fixed rules, and regardless of whether Bitcoin rises, consolidates, or falls, investors may make unfavorable trade-offs between income and upside potential; its proposed framework emphasizes "timing and conditional execution," obtaining option premiums only when market conditions are favorable. The high volatility of Bitcoin mainly stems from information asymmetry among market participants and a highly marketed market environment. For a long time, many investors have attempted to capture this volatility return through systematic strategies, but most have not succeeded.

According to The Block, BlackRock has officially launched the iShares Bitcoin Premium Income ETF (ticker: BITA). This product generates monthly option premium income for investors by holding spot Bitcoin and shares of the iShares Bitcoin Trust (IBIT), while selling call options on approximately 25%-35% of its holdings.Robert Mitchnick, Head of Digital Assets at BlackRock, stated that this move is to meet the demand from clients who wish to gain exposure to Bitcoin while also earning income. BITA provides additional income for investors through its options strategy while retaining most of the upside potential of Bitcoin.Reports indicate that BITA has an annual fee rate of 0.65%, higher than IBIT's 0.25%. Currently, several institutions, including Goldman Sachs, are also advancing similar Bitcoin income-focused ETF products, indicating a rising demand in the market for the "Bitcoin + income" strategy.

As India's tax enforcement intensifies, cryptocurrency investors face stricter reporting and compliance requirements in the 2026 tax season, with incorrect declarations potentially triggering fines and audits. Reports indicate that under current rules, cryptocurrency gains are still subject to a 30% uniform capital gains tax, and a 1% Tax Deducted at Source (TDS) is levied on transactions exceeding a certain amount, while losses cannot be offset across assets. The new Income Tax Act (2025) came into effect on April 1, 2026, but the core tax framework remains largely unchanged.In terms of reporting, investors must fill out a dedicated Schedule VDA section in the ITR-2 or ITR-3 forms and are required to record each transaction individually, including all operations such as trading, exchanging, transferring, and clearing, rather than just summarizing gains. The report emphasizes that regulatory focus has clearly escalated. The Indian tax authorities will directly obtain user-level transaction data through trading platforms, custodians, and wallet service providers, and will automatically cross-check this with reported information; discrepancies will trigger system flags and audits.Data shows that the Indian tax authorities have issued over 44,000 notices and discovered approximately 88.8 billion rupees (about 930 million USD) in unreported virtual asset income. Meanwhile, the tax department is enhancing its tracking capabilities by combining on-chain analysis tools with international data-sharing mechanisms. Additionally, starting in 2027, India will align with the OECD cryptocurrency reporting framework to achieve automatic exchange of cross-border transaction data, and overseas exchange holdings will gradually come under regulatory scrutiny.Analysis points out that common errors include misuse of reporting forms, omission of airdrop and staking income, and failure to correctly match 1% TDS records, among others. The report emphasizes that cryptocurrency tax compliance is shifting from "post-reporting" to "real-time traceability," and investors need to strengthen year-round record management.

According to the Economic Times, the Indian tax department has strengthened its review of cryptocurrency tax filings for the fiscal year 2026, discovering over 88.8 billion rupees (approximately 10.4 million USD) in unreported virtual digital asset income, and has issued more than 44,000 notices to the relevant taxpayers.

According to Bitcoin Magazine, El Salvador is continuously optimizing its immigration system to attract high-net-worth foreign talent and capital (including families). According to Decree No. 531, effective March 31, 2026, the residency requirement for temporary residents has been reduced from a mandatory stay of 9 months per year to a cumulative or continuous stay of only 90 days per year. This adjustment is primarily aimed at entrepreneurs, investors, and remote workers who need to frequently cross borders.El Salvador offers one of the most attractive tax systems in Latin America for individuals with foreign-source income. The country implements a territorial tax system, meaning that only income generated within El Salvador is subject to taxation. A significant income tax reform in 2024 further clarifies that both residents and non-residents can be exempt from income tax on their foreign-source income. This means freelancers, remote workers (such as content creators, developers, and entrepreneurs with foreign income) can enjoy a 0% income tax rate in El Salvador on their overseas income, with no limits on the amount.Additionally, under the country's laws, capital gains related to Bitcoin are not taxed, and the country does not impose wealth tax, inheritance tax, or gift tax. The real focus is whether the individual's country of origin recognizes this arrangement; because most countries typically do not easily relinquish their taxing rights over their tax residents and often conduct strict scrutiny and recovery on tax residency issues.

Michael Saylor posted on the X platform congratulating Musk and SpaceX on completing a "historic IPO." He stated that this listing is symbolic and mentioned that "25% of the companies in Mag8 hold Bitcoin on their balance sheets."This statement continues Michael Saylor's consistent viewpoint that Bitcoin is accelerating its entry into the asset allocation systems of large technology companies and gradually becoming part of corporate treasury strategies.

According to official news, Binance announced that the Full Payment Securities Lending (FPSL) service is officially launched, allowing users to earn passive income by lending out stocks. It is reported that FPSL is a common securities lending mechanism in traditional financial markets, usually facilitated by brokers or custodians, which lends out securities held and unused by investors to institutions that need to short sell, arbitrage, or provide market making.

Bloomberg ETF analyst Eric Balchunas revealed that BlackRock has submitted the fourth and possibly final S-1 amendment for its new product, the "iShares Bitcoin Premium Income ETF (BITA)," and disclosed for the first time that the management fee rate is 0.65%, which is higher than that of products like the spot Bitcoin ETF IBIT.BITA is expected to provide investors with an income enhancement strategy by holding Bitcoin exposure and selling call options, and it is anticipated that BITA will be approved for listing soon.