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Bitcoin fell below $64,000 again after the U.S. stock market opened on Thursday, with a weekly decline of 13.5%, marking the worst single-week performance since 2026. BTC previously dropped to its lowest level since early February and retested the 200-week simple moving average. Trader Daan Crypto Trades stated that BTC continued to decline after encountering a bearish retest in the $80,000 low range, remaining in a larger downtrend since last October. He believes that the current market focus has shifted to whether the $60,000 level can maintain support, with the low $60,000 area combined with the 200-week moving average becoming a key area for bulls to defend.Trading resource The Kobeissi Letter pointed out that since October 2025, the total market capitalization of the crypto market has evaporated by over $2 trillion. In the short term, commentator Exitpump noted that every rebound in the Binance perpetual contract order book encounters sell orders, with buying pressure only just beginning to push prices up, leading to more supply appearing above, and sellers still holding control. Trader Rekt Capital mentioned that on June 13, 2022, BTC touched the 200-week moving average during a bear market pullback; and in the 2026 bear market, BTC nearly touched that moving average again on the same date four years later. He believes that BTC's cyclical performance is "incredible."

Previously, David Hoffman, co-founder of Bankless, which officially announced the liquidation of ETH, expressed the view that the current Bitcoin price is just at the 200-week moving average (MA).Reviewing the historical market, BTC only effectively broke below this moving average during the bear market phase triggered by the consecutive collapses of Terra, Three Arrows Capital, and FTX, which was also a highly destructive systemic crisis in the history of the crypto industry.In his opinion, the market risks brought by the convertible bonds and other operations launched by Michael Saylor's Strategy do not reach the level of harm caused by the previous series of collapses. In addition, he disclosed the cost of his holdings again, with the cost of NEAR at about $1.4, HYPE at about $45, and ZEC at about $560.

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.

Aleo released the privacy stablecoin white paper "Stablecoin Privacy," stating that the privacy layer is the key infrastructure missing for blockchain payment rails to be adopted by mainstream institutions. Aleo indicated that as the GENIUS Act provides opportunities for the widespread adoption of stablecoins, the issue of permanently public transaction information on public blockchains may still hinder institutions from using stablecoins in scenarios such as payroll, fund management, and vendor payments.Aleo claims that existing solutions do not adequately meet the needs of institutions in terms of privacy protection and risk management. The white paper proposes a permissionless private stablecoin architecture based on Aleo, which introduces programmable risk mitigation mechanisms while protecting transaction privacy through zero-knowledge technology and programmable smart contracts, allowing institutions to conduct private transactions without sacrificing compliance and risk control.It is reported that the team members behind this white paper have long been dedicated to research at the intersection of cryptography, policy, and financial systems. Aleo's Global Policy Director Yaya J. Fanusie, member of the Crypto Innovation Council and former Global Financial Crimes Compliance Officer at Coinbase Valerie-Leila Jaber, and cryptographer and Johns Hopkins University Computer Science Professor Matthew Green possess rare practical experience in private payments, financial regulation, and zero-knowledge cryptography.

Analyst Maartunn cited CryptoQuant data indicating that the current premium in the Bitcoin fund market has reached -5.9%, the lowest level in two years. This means that Bitcoin ETFs like IBIT and GBTC are currently trading at a discount of 5.9% relative to their net asset value (NAV). This suggests that the market demand for exposure to these funds has significantly weakened compared to the value of their underlying holdings.

According to The Block, the price of Hyperliquid's HYPE token surpassed Solana on Wednesday, which has fallen to its lowest level since 2023. HYPE reached an all-time high of $74.67 on Tuesday and is currently trading at $74.47, higher than Solana's $71.62. Over the past month, HYPE has risen about 24%, making it one of the few assets among the top 20 cryptocurrencies to increase, while Solana has dropped nearly 14% during the same period.In terms of market capitalization, Solana still leads with about $42 billion compared to Hyperliquid's approximately $16 billion, but the gap is rapidly narrowing. CoinShares released a valuation report on Tuesday stating that HYPE is one of the few crypto assets where protocol activity almost directly translates into token demand, with a target price of about $147 by 2031 under the baseline scenario.

According to Jinshi, the Federal Reserve's Beige Book shows that overall, prices are rising at a moderate to strong pace, with inflation levels in most regions higher than the data from the last report.

The surge in crude oil has triggered a reshuffle of funds, with the gold and silver markets showing significant high-level fluctuations and short-term corrections. According to data from the Gate platform, silver (XAG) is currently priced at $75.10, down 0.42% in 24 hours; gold (XAU) is priced at $4486.96, with a 24-hour decline of 0.25%. According to Coinglass data, the Gate XAG contract position reached $45.6903 million, ranking second in the entire network; the Gate XAU contract position reached $137 million, also ranking second.Gate pioneered the trading sector for metal perpetual contracts and CFD contracts, covering mainstream metal trading targets such as gold, silver, and platinum, supporting 24/7 trading and USDT settlement. Relying on Gate's innovative unified account system, users can configure diverse assets such as stocks, metals, foreign exchange, indices, and commodities without cross-platform operations, helping users achieve a more flexible and efficient one-stop global asset strategy layout in volatile markets.

According to BIT analysis, a significant feature of Bitcoin over the past four years is that most of the price increases are concentrated in a short period of rapid growth, followed by a prolonged period of sideways consolidation. The pullback phase also shows a similar pattern, where the price usually drops quickly at first, releasing most of the downward pressure in one go, and then gradually stabilizes.This round of pullback is mainly influenced by two factors: first, the U.S. April CPI announced in May was higher than expected; second, there are concerns in the market about Strategy selling Bitcoin and the subsequent potential selling pressure. As a result, the spot Bitcoin ETF quickly shifted from net buying to significant net selling, with a cumulative net sell of about $1.5 billion this year, creating noticeable pressure on the market.Currently, Bitcoin is still under pullback pressure, with $63,445 being a key support level to watch. Whether this level can hold will affect the market's judgment on the depth of this adjustment: if the price stabilizes near this area, this pullback will still be considered a phase adjustment; if it effectively breaks below, it may enter a deeper adjustment and consolidation.

According to CNBC, Bitcoin fell to its lowest level since February on Wednesday, hitting a low of $65,385, a decrease of 2.3%. Funds are flowing from the crypto market to other asset classes. QCP stated that the fundamental issue is liquidity rotation. The stock market continues to outperform, attracting the attention of both crypto-native investors and traditional asset managers to a stronger stock narrative, and investors may be shifting funds from Bitcoin to private markets or IPO projects like SpaceX, OpenAI, and Anthropic.BTIG technical strategist Jonathan Krinsky believes that Bitcoin needs to hold around $65,000, which is the last support before testing the year-to-date low of $60,000. QCP expects initial support in the range of $63,000 to $64,000, and if it breaks below, attention will turn to $62,000, followed by the psychological level of $60,000, with the next major support level at $58,000.

According to the official blog, Paradigm has submitted a comment letter to the U.S. Department of the Treasury regarding the rulemaking for state-level regulatory pathways under the GENIUS Act. Paradigm supports the core framework of the proposal but points out that without addressing four issues, the state-level pathway will not effectively serve issuers.First, the proposal anchors the federal framework to the yet-to-be-finalized OCC regulations, requiring states and issuers to plan based on an undecided benchmark, which directly hinders market access. The Treasury should not finalize this rule before the OCC's implementation rules are finalized.Second, the proposal requires unanimous agreement from the heads of the Treasury, the Federal Reserve, and the FDIC to certify the state-level system, but does not set a decision timeline, veto explanation standards, or mechanisms to prevent a single member from indefinitely blocking certification. Paradigm suggests establishing a 180-day decision deadline, creating a corrective process for supplementary submissions, and requiring specific veto explanations.Third, the proposal mandates that the state-level system maintain a reserve fund for 12 months of operating expenses, which may crowd out early issuers. It is suggested that states be allowed to adjust reserve fund requirements based on the size and risk profile of the issuer. Fourth, the proposal fails to adequately preempt hostile actions from individual states, and this loophole must be addressed.

According to monitoring by Catcher Predict, in the predicted market event "Cleveland Guardians vs. New York Yankees" on Polymarket, the "Over" option in the sub-market "O/U 5.5" has experienced a sharp fluctuation in win probability, dropping from 69.5% an hour ago to the current 51.5% (a fluctuation of 18%). Please note the impact of related breaking news.

The prediction market platform Polymarket has disclosed that it has completed its first institutional-level on-chain block trade, a six-figure dollar transaction executed by digital asset broker FalconX and AI risk clearing infrastructure startup Anera Labs on the Polygon blockchain. The transaction involved contracts related to the Ornn Compute Price Index, which is used to track the rental prices of NVIDIA H100 GPU chips.Polymarket stated that this is the first on-chain block trade involving institutional participation in the prediction market space. In the future, FalconX will also serve as the exclusive market maker for block trades on the Polymarket platform to support the liquidity needs and price discovery for institutional clients.

According to Cointelegraph, Santiment data shows that as Bitcoin fell to $70,011, the activity of Bitcoin whale clusters reached its highest level in six weeks, with transaction volumes over $100,000 setting a record high since April 22.

The Zcash Foundation announced the release of the Zebra 4.5.1 version update to fix a consensus-level security vulnerability and strongly recommends that all node operators upgrade immediately.The vulnerability, identified as GHSA-2prc-cj5x-4443, involves a sigop (signature operation count) statistical error in P2SH transactions, which could lead to potential consensus fork risks. This fix corrects the incomplete patch issue from the previous 4.5.0 version, which was just released yesterday.The Zcash development team stated that the problem originated from discrepancies in sigop counting logic across different implementations, which could cause nodes to produce different results when validating transactions, thereby affecting on-chain consensus consistency. The fix was implemented by reverting and adjusting the Rust implementation logic to ensure alignment with the expected behavior of the protocol.The Zcash Foundation emphasizes that there is currently no workaround for this issue, and upgrading to 4.5.1 is the only way to ensure that nodes remain on the correct chain and avoid potential fork risks.

According to Cointelegraph, there is a clear divergence in the industry's views on the current trends in the cryptocurrency market. Economist Timothy Peterson stated that Bitcoin may slowly rise in the summer, expecting to reach a temporary peak by the end of July and perform relatively flat.

Michael van de Poppe, founder of MN Trading Capital, posted on platform X, stating, "Bitcoin is at a critical price level, and if it cannot hold, it will drop below $65,000." However, he believes that a new low will not occur. In that case, Bitcoin would fall below $61,000, where the 200-day moving average is located. Further declines would be meaningless, as this would not yield good results in any market cycle. However, this structure is different from the decline in February. The reason is that the resistance level in February failed to convert into a support level.Currently, the $71,000 area remains a key support level. Poppe believes that this support must hold to prevent further pullbacks. If it can hold, then the $61,000-$65,000 range will be an excellent buying opportunity for Bitcoin in the coming years. If this support holds, then the second phase target is to break through $76,600. If this price level is breached, a new high is imminent, and a strong altcoin summer rally is likely to be seen.

Analyst Darkfost stated that since September 2025, the inflow of stablecoins from million-level whales on Binance has halved, dropping from approximately $62 billion per month to $33 billion, indicating a significant reduction in the participation of large whales in the cryptocurrency market.When a large amount of stablecoins flows into trading platforms, it usually indicates that the market is regaining interest and is about to be repriced. A decrease in inflow suggests that large capital is exiting the market. Monitoring whales remains one of the best ways to gauge potential market sentiment. Currently, the US-Iran conflict and its ripple effects are still creating a lot of uncertainty, making risk management crucial.

The Zcash Foundation has released the node client Zebra version 4.5.0 update, which includes multiple security fixes, including a critical consensus vulnerability and several high-risk denial of service (DoS) issues. All node operators are strongly advised to upgrade immediately.It is reported that this core fix includes a sigop counting error caused by P2SH script parsing (which may lead to a consensus fork with zcashd), a defect in the NU5 block validation cache logic, a risk of transparent address balance overflow crashes, as well as multiple crashes and resource exhaustion vulnerabilities in RPC interfaces and memory pool handling. Additionally, some vulnerabilities can be exploited by malicious nodes, leading to node freezes, reboot loops, or even permanent shutdowns.

According to Jinshi, Federal Reserve's Musalem stated that the Federal Reserve's policy appears to be at or below the long-term neutral level.