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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 on-chain analyst Yu Jin's monitoring, half an hour ago Garrett Jin placed an order for a ZEC short worth $21.73 million at a price of $418.9, with $4.93 million already executed and another order worth $16.8 million still waiting to be filled.Once fully executed, he will be the largest ZEC holder on Hyperliquid. Additionally, this whale has a BTC long position of 1,270 coins opened at $76,117, currently facing an unrealized loss of $20.15 million.

The AI-driven on-chain trading platform AvoDex has announced that its Genesis NFT unlocking feature is officially live. The AvoDex Genesis NFT is a community credential for the AvoDex perpetual contract exchange and is also the earliest release vehicle for the $AVO token, with holding users locking in a phased release right of AVO tokens. This marks another important step for AvoDex towards TGE on July 1.It is reported that AvoDex is a Perp DEX that natively integrates AI Agent, primarily providing services such as perpetual contracts, spot trading, and AI strategy tools.

According to data from @defioasis, the total amount of Polymarket pUSD has surpassed 500 million dollars, with the total number of holders exceeding 1 million. Among them, 567 addresses hold more than 100,000 pUSD, meaning that 0.06% of addresses hold 55.34% of the pUSD balance; addresses holding more than 1,000 pUSD account for 2.76%, collectively holding 90.34% of the pUSD balance; 51.96% of holders possess less than 10 pUSD, which only accounts for 0.19% of the pUSD balance. pUSD represents the cash flow balance of Polymarket users. Although some users have all their funds tied up in positions, this still reflects the extreme wealth disparity phenomenon in the prediction market.

According to Wall Street News, NVIDIA CEO Jensen Huang announced at the annual shareholder meeting that the era of AI agents has officially arrived. He redefined the new type of data center as an "AI factory" specifically for producing tokens, and revealed that the new Vera CPU and Vera Rubin platform, designed to meet the ultra-low latency demands of agents, have fully entered mass production. Huang emphasized that as AI creates substantial economic value, the demand for computing power is showing an accelerating expansion trend, and its core software ecosystem CUDA is gradually transforming into a toolbox dedicated to agents.Regarding market access and compliance, Huang revealed that the U.S. government has now approved the export of H200 chips to Chinese customers, but this business has yet to generate any revenue, and there remains uncertainty regarding actual importation. At the same time, he rarely issued a public warning about the risks of chip smuggling, clearly stating that NVIDIA will not provide any hardware or software support and repair services for restricted smuggled products, and bluntly said that relying on smuggling to piece together advanced AI data centers is a "dead end." Additionally, he reiterated the long-term commitment to capital returns, planning to return over 50% of free cash flow to shareholders.

The shareholders of Swedish health technology company H100 have approved the share issuance required to complete the acquisition of Moonshot AS and Never Say Die AS. The transaction is a stock exchange deal and does not involve cash consideration. After the completion of this acquisition, H100's Bitcoin holdings will increase from 1,051 to approximately 3,500, potentially making it the second largest publicly listed Bitcoin treasury company in Europe, second only to Germany's Bitcoin Group SE. According to the terms announced in March, the owners of Moonshot AS and Never Say Die AS will hold about 70% of the shares in the merged company after the transaction is completed, becoming major shareholders.

According to analyst Darkfost, the realized price of short-term holders (STH) of Bitcoin is currently about $74,800, while BTC has been running below this cost line for eight consecutive months, with short-term holders still generally under pressure from losses. Currently, the average unrealized loss for STH is about 14.4%, a significant improvement from over 34% in February of this year.It is noteworthy that the cost price for STH has decreased from $95,700 to $74,800, indicating that some short-term holders have continued to accumulate during the decline, thereby lowering the overall holding cost. In this cycle, the unrealized profit for STH peaked at 47% in March 2024, while when BTC reached an all-time high in October 2025, this metric was only 11%, showing that the market's profit level is significantly weaker than in previous stages. The STH cost price of $74,800 remains a key resistance level. If BTC can regain this level, it may indicate a positive shift in market structure; however, before that, this area is more likely to become a selling pressure zone for short-term holders looking to break even.

CryptoQuant analyst DarkFost stated that data shows significant transfers and potential selling behavior among long-term holders (OG) who have held Bitcoin for over 5 years during this cycle. The 90-day average of STXO (Spent Transaction Output) reached peak levels in May 2024, February 2025, and September 2025. Currently, this indicator has dropped to 962 BTC, the lowest level since November 2024, indicating that this group of investors is more inclined to continue holding at the current price range, and the market's selling pressure has eased.

According to the official announcement, Sweden's first publicly listed Bitcoin reserve company H100 received shareholder approval for all resolutions at the annual general meeting, including the authorization to issue and acquire consideration shares related to Moonshot AS and Never Say Die AS.After the completion of this transaction, H100's Bitcoin reserves will increase from 1,051 to approximately 3,500.

On June 12, Kain Warwick, the founder of Synthetix, and core contributors proposed SIP-423, which aims to freeze and deprecate the sUSD contract. This is the first time Synthetix has proposed to retire rather than fix sUSD. The current price of sUSD is approximately $0.25, deviating about 75% from the $1 target, having dropped about 61% in the past 30 days.According to the proposal, each sUSD will be compensated to holders at a face value of $1 with 4 SNX (valued at $0.25), with SNX having a one-year lock-up period and one year of linear vesting. The proposal also includes a conditional USDT pathway: if the protocol generates over $10 million in revenue during the two-year lock-up period, 25% can be distributed as USDT to sUSD holders who prefer cash.SIP-423 also aims to close the 420 Pool under SIP-420 and cancel the sUSD staking ratio requirement. The current status of the proposal is pending vote, and the technical implementation plan SIP-424 has not yet been released. According to DefiLlama data, the circulation of sUSD is approximately $17.5 million, and Synthetix's TVL is $32.5 million.

CryptoQuant analyst Darkfost pointed out that Bitcoin has fallen over 28% since May, testing the $60,000 mark again, with the Fear and Greed Index dropping below 10. Short-term holders (STH) have suffered the greatest impact during this adjustment, reacting most intensely, with inflows to Binance exceeding 80,000 BTC in 7 days, equivalent to about $5 billion in selling pressure. This figure is second only to the historical record in February (when inflows exceeded 100,000 BTC). Darkfost stated that short-term holders are highly sensitive to market fluctuations, and every fluctuation can easily trigger emotional decisions.

On this day in history, 16 years ago, Satoshi Nakamoto responded to community users who raised the issue of how to solve the problem of lost bitcoins, stating: "Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."

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.

According to BTCTreasuries, Bitcoin treasury company Capital B has disclosed that its shareholders' meeting has approved a large-scale financing plan, allowing for the raising of up to approximately $5.76 billion through the issuance of new shares, and refinancing of up to approximately $115.2 billion through the issuance of credit instruments, aimed at further increasing its Bitcoin holdings.Based on current prices, the potential scale of this financing could theoretically support the purchase of over 1.87 million BTC, demonstrating the company's continued high expansion in its crypto asset allocation strategy. This resolution implies that Capital B may continue to expand its Bitcoin holdings through a dual path of "equity + debt instruments" in the future, further strengthening its asset-liability structure and exposure to the crypto market.

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.

Cryptocurrency research firm K33 stated that the supply of Bitcoin held by long-term holders has reached an all-time high, indicating that the bear market may be nearing its end. K33 noted that the activity of reactivating old coins in 2026 is significantly sluggish; as of June 6, only 218,421 Bitcoin have been reactivated, showing that on-chain selling pressure has greatly diminished. In contrast, during the same period in 2024, 1,180,000 Bitcoin had been reactivated. K33 believes that the decline in old coin activity indicates a reduced willingness to sell among long-term holders, and patient participants are continuously absorbing the supply.

Placeholder partner Chris Burniske tweeted that holding cash at this stage has a very high opportunity cost, and mentioned that he has recently been gradually building positions. He also pointed out that multiple factors are converging around October, believing that this timing is "not to be ignored." Burniske did not specify any particular investment targets.Previously, Chris Burniske had stated in a post last October that after the recent crash in the crypto market, sustained buying pressure is unlikely in the short term, and if BTC falls to $75,000 or below, he may consider buying again.

SpaceX, under Elon Musk, has officially gone public, disclosing in its S-1 filing submitted to the U.S. SEC during the IPO that it holds 18,712 BTC. Based on the current price of approximately $63,000, this portion of Bitcoin is valued at about $1.18 billion, making SpaceX the 8th largest publicly traded company holder of Bitcoin in the world.SpaceX's Bitcoin holdings have been on the balance sheet for some time, with an average purchase cost of around $35,000, resulting in significant potential gains. Another publicly traded company under Musk, Tesla, also holds 11,509 BTC. Together, SpaceX and Tesla hold a total of 30,221 BTC, and if the two companies were to merge, their Bitcoin holdings would rank 5th among publicly traded companies globally.The listing of SpaceX indirectly provides traditional investment portfolios with exposure to Bitcoin and also demonstrates that large strategic companies are increasingly accepting Bitcoin as a treasury asset.

According to Santiment data, Ethereum is only 5 million addresses away from reaching 200 million non-empty addresses. Despite the bearish market sentiment, its number of holders is still 230% higher than that of BTC.

According to Specter monitoring, 13 wallets of an rETH holder were attacked on June 5, resulting in a total loss of approximately 4.5 million dollars in assets. However, the victim discovered the issue in time before the attacker could further transfer funds and moved approximately 4.7 million dollars of remaining assets.It is reported that these wallets had not been active for many years prior, and the attacker has now begun to carry out clear operations on the stolen funds.