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CryptoQuant analyst Axel Adler Jr. released a report indicating that the MVRV ratio of long-term Bitcoin holders has compressed to 1.24, the lowest level in nearly three years. The cost basis for long-term holders has risen to $48,400, while the BTC price has fallen to $59,000, leaving an average profit of only 24% for long-term holders, with the gap to the cost basis narrowing to 19%.Meanwhile, the holdings of long-term holders have reached an all-time high, approaching 16.1 million BTC, and the selling indicators remain low, indicating that holders are not selling during price declines but are continuously absorbing supply. The analyst noted that when the MVRV approaches 1, historical cycles typically come close to a bottom, but currently, it has not yet entered the green surrender zone. Stronger bottoming signals will require the MVRV to enter the "extremely low area" and for prices to remain above the cost basis. The main downside risk is if the price falls below the $48,400 cost basis and selling activity surges simultaneously, which could trigger surrender behavior from the most steadfast holders.

According to CryptoQuant analyst MorenoDV_, the current reading of the Bitcoin UTXO profit and loss ratio model has fallen into a historically low range, indicating that the market is undergoing a deeper internal cleanup.However, the analyst emphasizes that this does not mean the bottom has been confirmed— the 365-day moving average needs to decline further to prove that the market's long-term profit structure has been fully reset, rather than just a short-term oversold reaction. Although a brief rebound may occur due to a short squeeze, it should not be seen as a structural recovery signal if the profit and loss ratio fails to sustain its reconstruction.Overall, signs of internal cleanup in BTC are beginning to emerge, but historical patterns suggest that the market may still need to endure more pressure before fully emerging from this bear market.

According to GMGN data, the market capitalization of the Solana ecosystem Meme coin ANSEM briefly surpassed $120 million, setting a new historical high, and has now fallen back to $110 million, with a 24-hour increase of 9.7 times and a 24-hour trading volume of $88.2 million.Yesterday, crypto KOL Ansem stated on social media that due to Pump.fun "refusing to distribute funds (airdrop)," he had to provide a "stimulus fund" to the "on-chain trenches" (referring to on-chain Meme coin traders).ChainCatcher reminds users: Most Meme coins have no real use cases and are highly volatile, please pay attention to asset protection and do not FOMO.

According to a report by Sina Finance, Micron Technology (MU) released its financial report for the third quarter of fiscal year 2026. Driven by strong demand for high bandwidth memory (HBM) and advanced storage solutions in the AI and data center markets, Micron's total revenue for the quarter reached $41.46 billion, a significant increase from $9.3 billion in the same period last year, setting a historical high for the same period. Among them, the DRAM business performed exceptionally well, accounting for approximately 77% of total revenue, becoming the core performance contribution segment.Financial data shows that Micron's GAAP net profit for the third quarter was $28.24 billion (diluted earnings per share of $24.67), and non-GAAP net profit was $28.86 billion (diluted earnings per share of $25.11), with operating cash flow for the period reaching $25.39 billion. In addition, Micron has currently signed multiple strategic customer agreements to support long-term growth, and the market will focus on its progress in addressing potential supply constraints and capacity expansion. It is expected that its new wafer fabrication plants will provide substantial performance increments for the company starting from fiscal year 2028.

B.AI ecological insights show that the daily token throughput reached a historical peak of 12.09 billion, with API calls accounting for 99.2%. B.AI has fully integrated into business workflows, becoming a necessary infrastructure.On-chain recharge accounts for 71.8%, with the TRON chain becoming the preferred recharge channel for global developers due to its high settlement efficiency and low cost. The "Agent Finance" AI productivity payment network has been fully operational.MiniMax M3, with its stability in long text, continues to lead in consumption during complex multi-agent collaboration. The hundred billion-level high throughput engineering foundation is a core barrier in the industry, and B.AI will continue to provide solid support for global teams.

DefiLlama data shows that the second quarter of 2026 has become the most active period for recorded cryptocurrency hacking attacks, with a total of 83 independent attack incidents, setting a historical high. Despite the increase in attack frequency, the total losses for the quarter were approximately $755.3 million, still lower than the $3.56 billion in the fourth quarter of 2020.Among these, the $293 million attack on KelpDAO and the $280 million attack on Drift Protocol accounted for more than three-quarters of the total losses for the quarter. Cross-chain bridges were the largest source of losses, with related attacks resulting in approximately $351 million stolen.Earlier this month, Humanity Protocol lost $36 million, Aztec Connect's passive smart contracts faced two attacks, each resulting in losses of about $2.1 million, and the decentralized exchange Raydium experienced a $1.3 million attack in June.

Galaxy Research stated that Bitcoin miners are entering a "Miner Capitulation" phase, with the current network mining difficulty having decreased by more than 20% from its historical peak, marking the largest drawdown since the comprehensive crackdown on Bitcoin mining in China in 2021.The organization pointed out that this is the most significant decline in Bitcoin network difficulty from its peak in the past five years, reflecting that some miners are continuously exiting the network or shutting down their equipment amid a sluggish market and pressured profitability.

According to market news, Galaxy Research stated on the X platform that Bitcoin miners are giving up one after another, with mining difficulty dropping more than 20% from its historical peak. This is the largest decline in mining difficulty since 2021.

a16z crypto disclosed that the weekly trading volume of prediction markets reached $10.8 billion for the first time, setting a historical record. This record growth was driven by multiple global events, including the SpaceX IPO, the US-Iran peace agreement, the NBA Finals, and the World Cup.a16z crypto pointed out that the prediction market scale has rapidly expanded over the past year. A year ago, the weekly trading volume was about $500 million, and even during active market periods, the weekly trading volume was below $1 billion. Since last fall, trading volume has steadily increased, stabilizing this spring in the range of $6 billion to $7 billion. Even during the current "low volatility week," the market scale has significantly exceeded the peak levels of a year ago, indicating that the liquidity and participation in prediction markets are continuously structurally rising.

CryptoQuant data shows that Bitcoin network activity has risen to a level approximately 7% away from the historical peak in September 2024, and has broken through the long-term trend line for the first time since mid-2024, primarily driven by a large number of small transactions rather than traditional economic payment activities. The daily number of Bitcoin transactions in 2026 has exceeded 800,000, more than doubling from the low point in 2025, approaching the cycle peak from 2023 to 2025.CryptoQuant believes that this growth has structural characteristics rather than being a short-term fluctuation. Among these, small transactions below 0.01 BTC now account for about 80%, significantly higher than about 44% in 2023. This change is closely related to the usage of OP_RETURN, which is near historical highs. CryptoQuant points out that protocols such as Runes, Ordinals, BRC-20, and data timestamp services generate a large number of low-value transactions by writing data to the blockchain, with some transaction amounts as low as 546 satoshis.As inscription activities increase, the number of transactions in the Bitcoin mempool has risen to about 128,000, the highest level since February 2025. Although still below the extreme congestion levels of September 2023 and November 2024, the report suggests that non-financial use transactions are occupying an increasing amount of Bitcoin network throughput, and if this trend continues, it may drive up transaction fees for time-sensitive economic transactions.Meanwhile, the rise in on-chain activity contrasts with the flow of funds. There has been a net outflow of over $528 million from Bitcoin and Ethereum spot funds; however, institutional investors still view ETF fund flows as the core driving force of this cycle and maintain the benchmark expectation that Bitcoin will reach $150,000 by the end of the year.

On-chain analyst Murphy stated that the net holdings of long-term holders (LTH) have reached a new historical high. As of June 17, the net holding amount of LTH reached 14.96 million BTC, an increase of 20,000 BTC compared to the peak formed on March 27. This is also the second time that LTH net holdings have reached a new high since BTC entered the bear market. More and more BTC are unwilling to participate in short-term speculation and turnover, with 75% of the total circulating supply held by LTH.He believes that historically, the bottom of each bear market usually appears after the net holdings of LTH begin to rise, meaning that there is first a "holding recovery," followed by a "bottom formation." In the last cycle, LTH net holdings experienced three new highs, corresponding to three strong distributions, which occurred during the periods of the Federal Reserve releasing interest rate hike expectations, the Luna crash, and the FTX collapse. This cycle has currently reached a new high for the second time. He believes that the key is not how many times a new high is reached, but whether the scale of previous LTH distributions shows a clear downward trend. If this distribution scale is lower than the last time, it indicates that selling pressure is gradually exhausting, and the true bottom of the bear market may have already formed or is not far off.

TRONSCAN data shows that the number of daily transactions on the TRON network reached 14.55 million, setting a new historical high. In the past 10 days, this metric has refreshed its historical record three times. Meanwhile, the number of daily active accounts on the TRON network also reached a historical high of over 5.8 million on June 10; in the past 30 days, the average number of active accounts was 5.18 million, indicating a continuous increase in network activity.In addition, TRX has recently officially launched on the Bitnomial exchange and clearinghouse regulated by the U.S. Commodity Futures Trading Commission (CFTC), opening up spot trading and providing U.S. market participants with a new channel to engage in the TRON ecosystem through a compliant and regulated platform.

CryptoQuant analyst Darkfost stated on the X platform that during this round of pullback, large investors holding more than 1 Bitcoin are taking advantage of the price drop to continue accumulating, with their total BTC holdings rising to a historical high of over 16.8 million, indicating that long-term allocation demand is still increasing and further reflecting the institutionalization trend of Bitcoin assets.Data shows that the holdings of these investors continue to rise, suggesting that market participants are more inclined to allocate assets from a long-term perspective rather than engage in short-term trading. At the retail level, analysis indicates that there are also signs of re-accumulation, but overall, it remains relatively cautious. Currently, retail holdings are approximately 17 million BTC, still below the historical high reached in December 2023. Some retail investors have chosen to take profits during the previous price increase, and some funds may be adjusting their exposure through more convenient channels such as ETFs.The analysis believes that although there are differences in the behavioral rhythms of different investor groups, the overall market is gradually forming a consensus that the current stage is more inclined towards a long-term allocation window, and the trend of funds re-entering the accumulation phase is strengthening.

According to CoinDesk, Kraken's Chief Economist Thomas Perfumo pointed out that historically, Bitcoin has often provided significant long-term buying opportunities when it falls below its 200-week simple moving average (200-week SMA), with past data showing that the median return during this period exceeds 100%. Bitcoin recently briefly fell below the 200-week average twice in the past two weeks, but subsequently rebounded quickly and regained that level.

According to CoinDesk, Kraken's Chief Economist Thomas Perfumo stated that Bitcoin has recently been fluctuating near the 200-week simple moving average, a level that has historically been an almost perfect entry point for bulls. Over the past two weeks, Bitcoin briefly fell below this average twice but rebounded before the weekly close each time. Perfumo pointed out that since mid-2017, closing below this level has occurred on only about 10% of trading days, which is extremely rare.Historical data shows that investors who bought at this level had a median return of over 113% in the following year, a median return of 313% in two years, and a median time to breakeven of just two days, with a median maximum drawdown of only 9% in the following year. He emphasized that past performance does not guarantee future results, but historical records indicate that this level often provides significant value for Bitcoin. As of the time of writing, Bitcoin is priced at $63,900, slightly above the 200-week average of $62,358.

The variable rate perpetual preferred stock STRC issued by Strategy recently closed at $89, with an intraday low of $88.51, marking a recent low and a year-to-date decline of approximately 10.7%. STRC has a par value of $100 per share, and the current price is at a discount of about 11% to that benchmark.According to the official website of Strategy, the current annualized dividend yield for STRC is 11.50%, and this rate can be adjusted monthly. The company previously stated that its goal is to maintain the trading price of STRC close to the $100 level.

According to CoinDesk, the Bitcoin Sharpe ratio has fallen to -20, a level that has appeared at the bottoms of cycles in 2015, 2018-19, and 2022-23. However, historically, this signal is usually accompanied by several months of bottoming rather than an immediate rebound; in 2015, this indicator stayed in the bottom region for about five months, while in 2018-19 and 2022-23, it was about three months each.Meanwhile, accumulation wallets absorbed about 125,000 BTC in the first half of June. Exchange reserves have decreased by about 80,000 since February to approximately 2.71 million, with whales withdrawing over 11,000 from exchanges in the past day. Bitcoin rebounded from a low of $59,130 to about $65,800, mainly driven by the US-Iran agreement rather than on-chain indicators. The Federal Reserve's interest rate decision is the next test, and the dot plot and Fed Chair Warsh's statements on inflation will determine whether the rebound can continue.

According to CryptoQuant analyst Darkfost's post on the X platform, the open interest in Ethereum perpetual contracts on Binance (measured in ETH) has reached an all-time high, nearing 3.7 million ETH. At the same time, Binance's share of the total open interest in Ethereum has risen to over 44%. This data comes after ETH's current price has dropped about 67% from its historical peak and entered an extremely oversold area.Darkfost stated that despite the rising market uncertainty due to geopolitical tensions between the U.S. and Iran and the continued deterioration of the economic outlook, some traders are choosing to increase their risk exposure in the derivatives market. The average active buyer/seller ratio on Binance has risen from 0.95 to 1, indicating that after months of seller dominance, the flow of funds is rebalancing, and more investors are willing to take on risk to rebuild long positions.

According to Gate market data, the S&P 500 Technology Sector Index fell by 2.3%, down 11% from the historical highest closing price set on June 2.

Zach Pandl, the head of research at Grayscale, stated that on-chain valuation metrics indicate that Bitcoin is currently undervalued, but it has not reached the cheapness of previous cycle bottoms. He noted that this bear market may be shallower than past ones due to the smaller gains in the previous bull market, along with improvements in market structure such as ETP availability, wealth platform deployment, and institutional adoption.Zach believes investors can focus on two major short-term catalysts: the progress of the Senate's "Clarity Act" and whether leveraged Bitcoin holders can stabilize their balance sheets. He remains optimistic about the "Clarity Act," but predicts that market signals show a low probability of the bill passing. Pandl believes the current price levels provide long-term investors with an opportunity to accumulate positions in batches, while short-term traders may wait for developments on the bill.