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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.

The semiconductor research institution SemiAnalysis has released a latest analysis indicating that Changxin Memory Technologies (CXMT) has clearly become the world's fourth largest DRAM manufacturer. Although its production capacity and cash flow are continuously growing, the institution believes that Changxin Memory still faces multiple challenges in equipment, technology, and market, and will not end the current storage "super cycle" in the short term.In terms of specific challenges, export controls on advanced semiconductor manufacturing equipment (such as EUV, advanced etching, and TSV tools) severely restrict Changxin's expansion into more advanced processes and high bandwidth memory (HBM) fields; although domestic equipment (such as Zhongwei Company, Northern Huachuang, etc.) has alleviated some pressure, it cannot fully resolve the integration and yield bottlenecks across multiple process links, resulting in its technology still lagging behind leading manufacturers by several generations. Additionally, Changxin's market share is currently still highly concentrated in the Chinese domestic market, with global expansion limited by geopolitical factors and customers' willingness to diversify their supply chains.In response to market concerns that Changxin might "impact the global market with cheap chips," SemiAnalysis clarified that there is currently a severe structural shortage in the DRAM market, and the increase in Changxin's production capacity may even struggle to fully meet domestic demand in China. In fact, the prices of Chinese memory chips are also soaring significantly, in line with the global upward trend, and Changxin is similarly a beneficiary of the shortage premium. Therefore, Changxin Memory should be viewed as a long-term structural competitive force, and in the current context of accelerated AI demand and constrained supply, it cannot shake the fundamental super cycle dominated by leading manufacturers in the short term.

Bitget launches the "TradFi 100 Questions for Popular Science" long-term investor education program, breaking down the traditional financial knowledge system into 100 core questions, covering six major modules: financial basics, asset encyclopedia, market mechanisms, macroeconomics, risk management, and the evolution of multi-asset trading.The course uses structured content and weekly updated educational materials as a medium, focusing on analyzing the driving logic behind stocks, commodities, interest rates, and capital flows, helping traders establish an investment framework across asset classes.Bitget CEO Gracy Chen stated that as the connections between financial markets deepen, crypto investors need to pay attention to factors such as interest rates, inflation, stocks, commodities, and global liquidity.The "TradFi 100 Questions for Popular Science" aims to lower the understanding threshold of traditional financial knowledge, helping users adapt to a multi-asset investment environment where traditional assets and digital assets converge.

The Hong Kong-listed company Okex Cloud Chain (1499.HK) announced its annual results for the year ending March 31, 2026. During the period, the group generated approximately HKD 191.7 million in revenue from continuing operations, a decrease of about 46.7% compared to HKD 359.8 million in the same period of 2025.The company incurred a loss of approximately HKD 28.8 million this year, widening the loss by about 82% compared to the same period last year; the basic and diluted loss per share was HKD 0.54.The report indicated that the group terminated its digital asset proprietary trading business and technical services during the reporting period, with approximately HKD 96.55 million in digital assets reclassified as intangible assets.

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 Jinshi reports, Neuberger portfolio manager Joseph Purtell stated that in the short term, the dollar may continue to strengthen due to rising real interest rates in the United States. He believes the dollar is likely to break through the range of the past six to nine months, but added that in the long term, considering structural issues such as the sustainability of U.S. government finances, the dollar may weaken.

According to Jinshi reports, Federal Reserve official Kashkari stated that in the short term, the development of artificial intelligence is clearly a factor driving inflation.

According to Gate market data, the US dollar index DXY rose 20 points in the short term, currently reported at 101.29.

According to Gate market data, the US dollar index DXY has briefly dropped by more than ten points, currently reported at 101.06.

According to Jinshi reports, UBS analysts stated in a research report that the long-term contracts signed by Micron Technology with its customers are solid enough to withstand any market downturns for at least the next few years. Investors may be concerned that these contracts could be shaken if the market slows down, but the minimum price set in the contracts is low enough that it will not be until 2029 at the earliest, and more likely 2030, that there will be enough supply coming online to break the price floor and prompt customers to consider defaulting.UBS analysts indicated that Micron Technology has also received prepaid cash from customers, which could ultimately amount to nearly $40 billion to $50 billion, and if the situation worsens, this could serve as a solid buffer against defaults.

According to Gate market data, after the release of the US PCE data, spot gold surged nearly 30 dollars in the short term, currently reported at 4,010 dollars/ounce.

According to Gate market data, the US dollar index DXY has dropped more than ten points in the short term, currently reported at 101.64.

According to CoinDesk, the market maker Wintermute's over-the-counter trading department pointed out in a report that, influenced by the Federal Reserve's hawkish stance and geopolitical news, Bitcoin and Ethereum are falling towards the lower end of their recent range. Wintermute's options pricing indicates that Bitcoin is expected to fluctuate between $61,242 and $63,563 in the next 24 hours, while Ethereum is expected to fluctuate between $1,606 and $1,694.The report also noted that the correlation among various tokens is rising, liquidity is shrinking with the arrival of summer, and there are no signs of new institutional buying in ETF inflows. Wintermute has marked $59,000 as a key observation point; if the current pressure continues, this level may become a support for the bear market low. Three catalysts will dominate the market direction for the remainder of the week: the sustainability of the peace agreement between the U.S. and Iran, the PCE inflation data to be released on Thursday, and the end-of-month quarterly options expiration, which may amplify market volatility due to traders rolling over or closing positions.

Analyst Murphy stated that there is strong support around $60,000 before and after the expiration of Bitcoin options on June 26, making it difficult to break below that level easily. In the corresponding Gamma chart, the range of $59,000 to $62,000 shows a clear positive Gamma, and the hedging behavior of market makers will suppress volatility, making it easier for the price to be fixed in that area. At the same time, there is a significant accumulation of Put options with a strike price of $60,000, totaling up to 4,620 BTC, forming a strong Put wall that will generate substantial buying power and provide solid support as the price approaches. Historically, when similar options structures have appeared, they often correspond to phase bottoms or the end of pullback stages. Analyst Murphy believes that $60,000 remains a strong support level in the short term and is cautiously optimistic about the short-term market performance.

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.

BNB Financial Company CEA Industries announced a cooperation agreement with YZi Labs, and both parties will jointly promote the adjustment of the BNC governance structure. According to the agreement, Ella Zhang, Alex Odagiu, and Matthew Roszak have been appointed as company directors, and both parties will jointly select an independent director with experience in digital assets, capital markets, and governance of listed companies.At the same time, the board of directors will establish a CEO selection committee, with YZi Labs partner Alex Odagiu serving as interim president until a new CEO is appointed. As part of the agreement, YZi Labs will terminate the previous consent solicitation and withdraw related requests. CEA Industries stated that this move will help strengthen corporate governance and enhance its ability to execute long-term strategies around the BNB ecosystem.

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.

Vitalik Buterin, co-founder of Ethereum, stated that the Ethereum Foundation (EF) has announced a budget cut of approximately 40% this year as part of its financial transformation plan.According to the funding management policy released last year, EF is gradually transitioning from an "expenditure-based organization" to an "endowment-based model," aiming to reduce the annual expenditure ratio from about 15% to approximately 5% after 2030. In this process, the foundation emphasizes that it will accept inevitable personnel and resource adjustments and acknowledges the loss of some capabilities and experience.In this round of restructuring, EF has reduced approximately 54 employees, accounting for about 20% of the overall team. Vitalik stated that many of these departing members may continue to participate in the Ethereum ecosystem in external forms in the future. Meanwhile, the foundation will shift its strategic focus to a more "lightweight" protocol governance and development path, including advancing the "Strawmap" long-term roadmap, covering core protocol upgrades such as consensus mechanisms, privacy technologies, account models, and state structures, and promoting Ethereum's evolution into its third phase.In terms of specific structural adjustments, EF will weaken the "multi-client redundancy priority" model and shift towards a development approach based more on specialized division of labor and AI-assisted formal verification; the privacy and scalability research team PSE will be restructured, transitioning from exploratory R&D to more focused engineering implementation; the scale of ecosystem activities such as Devcon will also gradually be reduced.In addition, EF will reduce investments in large cross-domain projects in the future, placing greater emphasis on protocol security and high-value improvements, while encouraging more innovative work to be completed externally. Although the path is more streamlined, Ethereum will continue to strengthen its core positioning as a highly censorship-resistant and long-term stable protocol.

According to Jinshi reports, the USD/JPY has briefly dropped over 30 points and is now rebounding to 161.48.