Author: 行政

The US government sold $44 billion of seven-year debt on July 28, and buyers accepted it at a yield of 4.473%. That was 21.3 basis points above the 4.260% yield awarded at June’s Treasury auction.Investors could lend money to Washington for seven years, collect regular interest, and lock in a return approaching 4.5% before the Federal Reserve announced its next rate decision.Bitcoin offered no comparable promise. It pays no contractual interest, can lose several percentage points in a day, and requires investors to believe future appreciation will justify the added volatility.The Treasury auction therefore raised Bitcoin’s hurdle before Fed officials…

Bitcoin enters the weekend near $62,900, less than 1% above the July 31 intraday low, and Deribit has already settled roughly $9.6 billion in monthly Bitcoin options. The venue settles monthly contracts at 08:00 UTC on the last Friday of each month, and live expiry data placed July’s Bitcoin notional near $9.7 billion.The immediate price test for the weekend sits at $62,000, where a sustained break would leave Bitcoin about 3% from the $60,000 put, which carries $1.17 billion in open interest, according to the current CoinGlass snapshot.The July 31 high of $65,266 defines another boundary, with $64,500 serving as…

At 4:05 pm in New York, a large tech company releases earnings. The main stock session has ended, executives begin their conference call, and billions of dollars start shifting through every instrument connected to the company. Shares move across extended-hours venues, options desks recalculate volatility, index futures absorb the broader reaction, and investors in Asia prepare for their own trading day.And now CME has placed another instrument inside that competition for the first credible price.On July 27, the exchange launched 55 standard single-stock futures and 22 Micro versions linked to some of America’s most heavily traded companies, including Apple, Amazon,…

Bitcoin’s leverage gauges barely flinched after Friday’s Bank of Japan decision. A yen short that had reached 152,125 contracts by July 21 grew to 163,412 by July 28, while Hajime Takata’s failed push for 1.25% now gives traders a clear pressure point to watch.The board held the overnight rate near 1.0% by an 8-1 vote. Takata stood alone at 1.25%. The latest Commodity Futures Trading Commission report counted 101,271 non-commercial longs and 264,683 shorts as of July 28.The gap left speculators net short 163,412 contracts, 11,287 more than one week earlier. Longs fell by 6,319; shorts rose by 4,968.The CFTC…

Bloomberg Intelligence estimates the average net cost basis of US spot Bitcoin ETF capital at roughly $82,249, leaving the position about 22% underwater and sitting on $16.33 billion in unrealized losses.On Aug. 14, large investment managers must disclose their June 30 Bitcoin ETF positions, and those filings offer the clearest look yet at whether institutional adoption built a durable holder base or moved momentum capital into a regulated wrapper.MetricLatest figureWhy it mattersBloomberg ETF cost-basis estimate~$82,249Approximate breakeven level for ETF capitalEstimated unrealized ETF loss$16.33BQuantifies underwater pressureEstimated drawdown from cost basis~22%Shows scale of pain before Aug. 14 filingsCiti 12-month Bitcoin target$82,000Almost identical…

Corporate blockchains are multiplying, but Coinbase CEO Brian Armstrong expects the boom to end in consolidation rather than coexistence.Over the past year, several corporate institutions and Wall Street giants, including Stripe, Circle, and Robinhood, have developed rails for stablecoins and institutional markets.Their expansion has revived concern that regulated companies with established distribution could draw financial activity away from the permissionless networks that powered crypto’s growth.However, Armstrong views the proliferation differently, as he expects the new launches to fragment liquidity and users before network effects force weaker platforms to combine or retreat.Corporate chains are already finding usersThe threat to public networks…

Texas broke its all-time electricity demand record twice in two days last week. ERCOT served a preliminary 91,308 megawatts around 5 p.m. on July 22, one day after demand hit 87,403 megawatts and erased the 85,508-megawatt mark that had stood since Aug. 10, 2023.Neither afternoon saw an appeal for energy conservation, and the system carried more than 20 gigawatts of headroom at the peak. Days later, the grid operator told regulators that demand could roughly double within six years to 175,000 megawatts, while a long-term forecast that had reached about 367,790 megawatts by 2032 was being reworked after regulators deemed…

Coinbase told investors on Thursday that 88% of its second-quarter net revenue came from something other than Bitcoin spot trading. The same release reported a $359.5 million net loss under US accounting rules, the company’s third consecutive losing quarter.Both numbers describe the same three months. Taken together, they get closer to the truth about Coinbase than either one does alone.The arrangement the company carried into its 2021 listing was easy to understand. Retail customers traded more when Bitcoin went up, and they paid a fee on every transaction. So when prices flattened, the revenue flattened with them.Almost everything built since…

VanEck’s Bitcoin ETF ends its zero-sponsor-fee period today, July 31, with $1.076 billion in net assets, equal to 43.0% of the waiver’s $2.5 billion asset threshold.The VanEck Bitcoin ETF, which trades as HODL, reported the asset figure as of July 30. It was about $1.424 billion below the threshold, meaning HODL remained fully covered by the waiver through its final day.The waiver’s mechanics are more precise than a simple cap. VanEck waived the sponsor fee on the first $2.5 billion of trust assets through July 31. Had the fund grown beyond that level before the deadline, only assets above $2.5 billion would have…

Japan-listed Quantum Solutions expanded the amount of Ether its group may sell through Oct. 30, 2026, after subsidiary GPT Pals Studio sold another 1,000 ETH to help fund its AI data-center push. The group can still sell up to 2,471 ETH, while only 1,714.8 ETH of its present balance is disclosed as outside a lender pledge.The July 30 board action raised the aggregate ceiling from 1,875 ETH to 4,375 ETH. Together with 904 ETH sold on June 16, the latest transaction brought sales under the policy to 1,904 ETH.GPT received $1.903 million in aggregate proceeds, net of transaction fees, at…