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SOL $61.54 -4.98%
TRX $0.3214 +0.13%
DOGE $0.0806 -1.43%
ADA $0.1578 -2.19%
BCH $213.74 -1.78%
LINK $7.31 -0.76%
HYPE $57.24 -0.71%
AAVE $60.32 -3.14%
SUI $0.7060 +0.33%
XLM $0.2061 +5.76%
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Grayscale: Bitcoin may enter a recovery period in the coming months, but forming a sustainable bottom still requires new buying support

Grayscale's research director Zach Pandl stated that after Strategy disclosed the sale of 32 BTC on June 1, it triggered a new round of volatility in the BTC market. He pointed out that the scale of the sale itself is not important, as Strategy still holds approximately 840,000 BTC on its balance sheet, valued at about $5.5 billion. However, as one of the largest digital asset treasury managers in the world, its strategic shift puts pressure on market sentiment.Pandl believes that more importantly, the recent volatility affects the price of Strategy's variable rate preferred stock tool STRC. STRC is designed to maintain a price of about $100 per share, with a current dividend yield of 11.5%. If the stock price falls below $100, it means investors are demanding a higher return. Strategy can increase dividends, but this will increase future cash flow obligations and may lead to more BTC sales, further suppressing BTC prices. Strategy's leveraged business model is under pressure, increasing volatility across the entire BTC market.At the current levels of STRC and MSTR stock prices, Grayscale believes that Strategy's ability to continue accumulating more BTC is limited. However, Grayscale believes that in the long term, reducing the BTC on the leveraged digital asset treasury balance sheet and allowing more BTC to be distributed across diversified corporate balance sheets will benefit the health of the Bitcoin ecosystem. But before a sustainable bottom for BTC prices is formed, other buyers need to enter the market. Grayscale expects BTC prices to recover in the coming months, but in the short term, BTC's performance may lag behind other segments of the crypto market that directly benefit from regulatory clarity.

Enterprise-level AI payment platform Ramp completes $750 million financing at a valuation of $44 billion, led by ICONIQ and others

According to PR Newswire, the enterprise-level AI payment and financial management platform Ramp announced the completion of a new round of financing totaling $750 million, with a post-money valuation of $44 billion.This round of financing was led by ICONIQ, GIC, and the Ontario Teachers' Pension Plan, with participation from institutions such as Goldman Sachs Alternatives, D.E. Shaw, Morgan Stanley Investment Management, Generation Investment Management, and Insight Partners.Ramp stated that the company is expanding its business into the AI cost management field, launching the AI Token spending management tool to help businesses monitor and control expenses related to large models and AI services. In recent months, Ramp has completed acquisitions of the UK and European payment platform Billhop and the business travel platform Juno, and has also deepened its long-term collaboration with Visa to promote AI agents to autonomously execute corporate payments within a real-time risk control framework.Ramp revealed that its internal AI tools have achieved a 99.5% employee adoption rate, with the internally developed platform Inspect currently generating over two-thirds of the company's code. The company plans to use this round of financing to further expand its product layout and accelerate its expansion into the UK and European markets.

Analyst: Bitcoin volatility has decreased by 56% from its quarterly peak, and the market has entered a high compression accumulation phase

On-chain analyst Axel Adler Jr stated in a recent report that the Bitcoin market has entered a significant volatility compression phase. The realized volatility over the past week (30-day moving average) has dropped from about 39 in early March this year to the current level of around 17, with a quarterly decline of over 56%, approaching historical low levels. Currently, the BTC price remains around $73,500, still below the approximately $79,500 200-day moving average. Historical experience shows that extremely low volatility often indicates that the market is accumulating energy, typically followed by a significant directional trend. However, volatility compression itself does not provide directional signals; it merely indicates that the market is about to make a new trend choice.Meanwhile, the Delta indicator, which reflects changes in market premiums (the difference between market capitalization growth rate and realized market capitalization growth rate), has been in negative territory for six consecutive months, further dropping to about -0.0013 in May. This indicator suggests that the growth rate of Bitcoin's market capitalization continues to lag behind the growth rate of realized market capitalization, indicating a contraction in market risk appetite and valuation premium.The current market exhibits a combination of "low volatility + cooling premiums," which is not a typical overheated bull market structure but rather resembles a consolidation phase after emotional cooling. If BTC subsequently returns above the 200-day moving average, and Delta rebounds to near zero, it will indicate that the market has re-entered a risk appetite expansion cycle; conversely, if volatility releases downward and Delta continues to deteriorate, it may enter a deeper risk-averse phase.In summary, Axel Adler Jr stated that the current market direction remains neutral, but the degree of compression is at a high level, and the probability of significant directional volatility in the future is continuously increasing.

Wintermute enters the prediction market making, expanding into event contract liquidity

According to The Block, quantitative market maker Wintermute has announced its entry into the prediction market sector, providing two-way quote liquidity services for several mainstream event contract platforms, marking the official expansion of its trading infrastructure into the emerging market at the intersection of crypto and traditional assets.The company stated that it has been continuously providing buy and sell bilateral quotes on multiple "leading platforms," with the total monthly trading volume of these prediction markets exceeding $20 billion this year, indicating that this sector is growing rapidly but still in the early stages of liquidity. Wintermute's annual trading volume exceeds $3.5 trillion, and this expansion further strengthens its cross-asset market-making capabilities.Jake Ostrovskis, head of OTC trading at the company, stated that prediction markets have a demand structure similar to traditional major asset classes, but liquidity is still insufficient, requiring continuous bilateral quotes to enhance price discovery efficiency and trading depth. He pointed out that tighter spreads and greater trading capacity will improve the quality of market probability signals.In the industry, institutions such as Jump Trading and Galaxy Digital have also entered this field, with some platforms like Polymarket and Kalshi having a cumulative trading volume exceeding $150 billion. Analysts believe that Wintermute's entry further promotes the integration of prediction markets and crypto infrastructure, especially in terms of stablecoin settlement, on-chain clearing, and risk management systems, as these markets gradually approach a derivatives-level institutional development structure.
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