BTC $62,596.88 -1.69%
ETH $1,866.74 -1.17%
BNB $603.54 -1.10%
XRP $1.00 -0.33%
SOL $75.23 -1.14%
TRX $0.3323 -0.57%
DOGE $0.0693 -1.02%
ADA $0.1792 -2.74%
BCH $202.23 -5.25%
LINK $8.82 +0.36%
HYPE $55.80 -3.40%
AAVE $85.66 -2.21%
SUI $0.6760 -2.06%
XLM $0.1597 -0.26%
ZEC $482.49 -1.51%
BTC $62,596.88 -1.69%
ETH $1,866.74 -1.17%
BNB $603.54 -1.10%
XRP $1.00 -0.33%
SOL $75.23 -1.14%
TRX $0.3323 -0.57%
DOGE $0.0693 -1.02%
ADA $0.1792 -2.74%
BCH $202.23 -5.25%
LINK $8.82 +0.36%
HYPE $55.80 -3.40%
AAVE $85.66 -2.21%
SUI $0.6760 -2.06%
XLM $0.1597 -0.26%
ZEC $482.49 -1.51%

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Data: Leverage rather than spot demand drives Bitcoin, value and momentum buyers are still on the sidelines

According to a research report by NYDIG, Bitcoin fell by 13.4% in the second quarter of 2026, with the year-to-date decline expanding to 32.9%. In contrast, the Nasdaq 100 index rose by 27.7%, and tech stocks increased by 43.5%, indicating that this round of decline is not due to macro risk aversion, but rather specific supply pressures unique to Bitcoin.The core pressure comes from Strategy (MSTR) launching the "Digital Credit Capital Framework," authorizing the sale of approximately $1.25 billion in Bitcoin to cover capital structure obligations, marking a shift of the largest historical marginal buyer from continuous accumulation to active monetization, with the DAT complex overall transitioning from a demand engine to a supply risk. In terms of ETFs, the U.S. spot Bitcoin ETF saw a net outflow of $4.9 billion in the second quarter, but Morgan Stanley's Bitcoin Trust attracted $364.8 million in inflows against the trend, showing that distribution channels remain competitive.In the derivatives market, amid weak spot demand and continued outflows from ETFs and stablecoins, the positive funding rate combined with a rebound in open interest indicates that leveraged long positions are rebuilding, posing a risk of passive liquidation triggering a new round of declines. Bitcoin has currently fallen 54.3% from its historical high of $126,000 set on October 6, 2025, referencing the cycles of 2018 and 2022 (with a gradually narrowing decline of about 70%).

The second round of the World Cup group stage is halfway through, and OmenX officially launches the Hedge to Earn airdrop hedging activity

The second round of the World Cup group stage schedule is halfway through, with some teams having already secured or are close to securing qualification, while several teams still need to determine their fate in the third round. In today's matches, Spain defeated Saudi Arabia 4-0, Belgium drew 0-0 with Iran, Uruguay drew 2-2 with Cape Verde, and New Zealand lost 1-3 to Egypt. As the group stage enters a critical phase, situations where the pre-match high probability directions do not materialize are still frequently occurring, further amplifying the risk of unilateral positions for prediction market users.Base's native leverage prediction market OmenX officially launched the World Cup Hedge to Earn airdrop event today, currently distributing hedge positions to all Polymarket users with positions. After users connect their Polymarket wallets, OmenX will identify their eligible positions; if there are relevant events on the platform, corresponding hedge positions will be issued; if there are no matching relevant events, recommended position airdrops will be provided to help users experience hedging and position management.OmenX stated that Hedge to Earn aims to help prediction market users transition from "unilateral prediction" to "position management." For high-volatility events like the World Cup, users can obtain hedging rewards through OmenX, adding a layer of risk buffer to their existing Polymarket positions.
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