Author: 行政

Over the past six weeks, investors have pulled roughly $5.94 billion from US spot Bitcoin ETFs, marking the longest unbroken run of weekly outflows since these funds first opened for business in 2024. Galaxy Research puts the worst 30-day stretch at $6.35 billion through June 20.Bitcoin has been sliding right alongside those redemptions, and after a hot inflation print on Thursday, it dropped to a 21-month low near $58,000 before steadying around $59,000, which leaves it roughly 53% below the $126,080 record it set last October.Despite the enormous outflows, the thing to pay attention to isn’t the selling itself, but…

Four long-dormant Ethereum wallets have turned ETH’s latest drawdown into a cleaner test of buyer conviction.The wallets received 37,602 ETH about eight years ago and have remained quiet amid much larger unrealized gains. They have now moved 33,623 ETH, worth roughly $52.5 million, according to Lookonchain, at an average price of around $1,560. ETH was trading near $1,575 at the time.The sale puts a sharper edge on Ethereum’s weakness. Long-term holders who sat through prior bull-market exits are now supplying the market at levels well below peak-cycle prices, which shifts the question from whale behavior to absorption. ETH’s next recovery needs…

Bitcoin is trading just above $60,000 right now, and the network’s estimated all-in cost to produce a single coin is near $84,300, so the gap between the two is roughly a quarter, leaving mining underwater on a full-cost basis across much of the network.For years, the assumption was that this simply couldn’t happen, that production cost set a hard floor under the price, the thinking being that Bitcoin miners would switch off and the market would catch itself well before Bitcoin price fell that far below what it costs to make a coin. And yet the price has now spent…

Strategy, the Bitcoin treasury and enterprise software company formerly known as MicroStrategy, has spent years turning public markets into a funding engine for Bitcoin purchases. That model helped make the company the world’s largest corporate holder of the digital asset.Now, the securities used to power that strategy are flashing stress.The pressure is centered on STRC, Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, a key funding instrument designed to trade near a stated amount of $100.Instead, STRC fell to a record low near $71 on Friday before recovering to about $75, leaving it roughly 25% below par and raising…

Bitcoin enters the weekend near $60,000 after sticky inflation, heavy ETF outflows, and a failed defense of the $59,000-$62,000 zone. The May PCE print gave the market a reason to sell, but the real damage came from positioning.Core PCE came in at 3.4% year over year, above the Fed’s 2% target but broadly in line with economists’ expectations.The June 26 options expiry is the structurally heavier event, with Deribit data showing over $10.6 billion in BTC options expiring, with roughly 80% of that open interest out of the money and max pain sitting in the low $70,000s.With BTC trading near…

Banks across the US, the UK, and Europe finally have a legal path to issue stablecoins, custody Bitcoin, and settle tokenized funds, yet the capital rulebook that governs it all still treats a Bitcoin position as something close to a guaranteed loss.Under the Basel Committee’s cryptoasset standard, which has been live in member jurisdictions since January 1, 2026, unbacked crypto is in the most punitive bucket in the whole framework, carrying a 1,250% risk weight. Once you push that through Basel’s 8% minimum, you end up with a bank holding capital equal to its full exposure, a dollar of equity set aside for…

Kalshi’s live U.S.-regulated crypto perpetual futures move the story out of the approval phase and into the order book.The company’s public perpetual futures page and individual product pages now present U.S.-regulated crypto perps as a broader trading category that extends past the first Bitcoin experiment.Kalshi’s own materials point to markets across Bitcoin, Ethereum, Solana, XRP, and other crypto assets, while a dedicated HYPE perpetual page shows the company has extended the product into one of the assets most closely associated with demand for crypto-native derivatives.The launch changes the test from permission to behavior. Traders will compare spreads, depth, funding, reference…

Metaplanet’s Siiibo deal turns the Bitcoin treasury trade from a balance-sheet accumulation question into a regulated distribution test.The Japan-listed company has agreed to acquire Siiibo Securities, a regulated corporate-bond platform, giving Japan’s largest public Bitcoin treasury company a route into securities structuring and distribution while mNAV, dilution, and BTC-per-share math are under pressure.The wider question has shifted from copying a simple treasury playbook to building licensed channels that can package Bitcoin exposure while preserving the per-share BTC claim that made the trade attractive in the first place.Metaplanet’s June 12 disclosure said it had executed a share-transfer agreement to acquire Siiibo…

Stablecoin flows have crossed from crypto liquidity into the market map central banks use to track dollar funding.The Bank for International Settlements, in its June 23 Annual Economic Report chapter on innovation beyond stablecoins, argued that private dollar tokens still fall short of the core tests of money. The same official-sector push now sits alongside a working paper estimate that a $3.5 billion, five-day stablecoin inflow can move three-month Treasury bill yields by about four basis points within 10 days.The consequence is practical. Stablecoins are becoming a measurable channel between on-chain dollar demand and the front end of sovereign debt markets.For crypto, stablecoin growth now…

Hyperliquid has been added to Singapore’s Investor Alert List, putting DeFi’s permissionless pitch to a consumer-protection test: the network can keep settling trades, while the interface and public messaging around it draw regulatory scrutiny.Hyperliquid said in a June 26 statement that its appearance on the Monetary Authority of Singapore’s list was a warning-list event rather than a ban, enforcement action, or finding of wrongdoing.The project also said it had not claimed to be licensed by MAS, described itself as permissionless infrastructure, and said users retain self-custody while transactions settle transparently on-chain.The resulting pressure is applied to the user-facing layer. A…