supply

CryptoQuant analyst Darkfost stated that the BTC that has not moved for over 10 years (considered "lost" supply) has reached a new high of 3.56 million coins, accounting for approximately 17.7% of the circulating supply.He mentioned that while there are occasionally some long-dormant coins that become active again, overall, this portion of "lost" supply continues to increase. In the past 30 days, over 14,000 BTC have joined this long-dormant category. This trend will naturally reduce the actual circulating supply of Bitcoin.

IREN Co-Founder and Co-CEO Daniel Roberts stated that each new AI data center will further increase rather than decrease AI demand.Roberts believes that simply comparing the current AI infrastructure cycle to past technology booms is misleading. More powerful AI requires more computing power, and lower-cost AI will drive more users and applications to use AI.He pointed out that each leap in AI capabilities creates a large number of new application scenarios that did not exist before, so demand can grow rapidly at the pace of software development, but the supply of computing power cannot expand at the same speed.The construction of computing power infrastructure is limited by real-world conditions such as power access, transmission lines, concrete, steel, and construction personnel, making it difficult to quickly increase the speed of supply expansion.Roberts stated that in past technology boom cycles, technological advancements often helped the supply side catch up with demand, but the current AI technology itself is driving demand to grow exponentially, while the speed of infrastructure construction in the real world struggles to keep up.

Binance founder Zhao Changpeng posted on social media, "As of August 2026, over 20.07 million Bitcoins have been mined, with only about 4.4% of the supply left to be mined. I estimate that 10-20% of the existing Bitcoins are lost, stuck, or unrecoverable. It is a deflationary asset."

According to The Block, StablecoinX (USDE) announced its first quarterly performance report after going public. As of the end of the second quarter of 2026, the company holds approximately 3 billion ENA, accounting for about 20% of the total ENA supply. At current prices, this is worth over $250 million; based on 24 million Class A shares outstanding at the end of the quarter, this corresponds to about $9.09 per share.After the news was released, StablecoinX's stock price rose by more than 12% during Friday's morning session. StablecoinX reported a net loss of $34.2 million in the second quarter, most of which came from a $36.2 million impairment of digital assets related to its ENA holdings. The company's operating business is still in its early stages, with infrastructure service revenue of only $62,372 in the last two weeks of June, while its decentralized validation nodes have accumulated cross-chain transaction volumes exceeding $3 billion.StablecoinX began trading on Nasdaq under the ticker USDE on June 26. Approximately 285 million ENA in its treasury comes from the Ethena Foundation, with another approximately 2.75 billion coming from cash and physical investments from PIPE financing.

Grayscale Research Director Zach Pandl stated that the two major blockchain networks, Ethereum (ETH) and Solana (SOL), are considering adjusting their token economic models to enhance asset scarcity by reducing future token supply growth through lowering annual inflation rates. As important native assets supporting stablecoins and tokenized asset ecosystems, the prices of ETH and SOL are primarily determined by supply and demand dynamics. If the relevant code upgrade proposals are approved, under unchanged conditions, lower supply growth may provide support for token prices.According to Grayscale's analysis, if the relevant adjustments are implemented, the supply inflation rates of BTC, ETH, and SOL will continue to decline over the next five years. By the end of 2031, the annual inflation rates for Bitcoin and Ethereum are expected to be around 0.4%, and Solana around 1.1%, which is lower than gold's annual supply growth rate of about 1.8% and the U.S. CPI inflation level of about 3.3%. Currently, these token economic adjustments are still in the community discussion phase. Among them, the Solana-related proposal has gained broader support and has a higher likelihood of implementation; the Ethereum proposal still requires further discussion.If the adjustments are implemented, staking users may face reduced token rewards, as part of the staking income comes from the issuance of new tokens. However, due to the decline in the growth rate of circulating supply, the scarcity value of the tokens may increase, potentially providing price support. For ETH and SOL holders who do not participate in staking, they may benefit directly; the final returns for stakers will depend on the balance between the decrease in rewards and the increase in prices. Zach Pandl concluded that ETH and SOL are becoming important digital commodities supporting stablecoins and the tokenization of real assets, and the economic model adjustments aimed at reducing inflation may further strengthen their scarcity attributes.

On-chain analyst Murphy stated that currently, all chips bought in BTC in 2025 are basically in a state of loss. Therefore, apart from wallet migrations, the reduction in the scale of 2025 chips likely means that holders are cutting losses and selling. Data shows that as of now, approximately 4.77 million BTC chips bought in 2025 remain, a decrease of 41.5% from the peak in December last year.From the downward trend, this group has experienced two phases: a rapid decrease in chips before February this year, and a significant slowdown in the rate of decline after February, although it still maintains a certain slope. Murphy believes that the 2025 chips may be the largest potential supply side in the current market scale. In contrast, the BTC chips formed in 2024, 2023, and 2022 have basically completed the release of high-level locked positions due to still having unrealized gains, and the slope of the curve is gradually flattening, indicating that the selling pressure from long-term holders is weakening.Historical data shows that during the bottom phases of the past two bear markets, high-level chips have shown a significant decline: at the bottom of the bear market in 2022, the chips bought at high levels in 2021 decreased by about 51%; at the bottom of the bear market in 2018, the chips bought at high levels in 2017 decreased by about 62%. If we refer to historical cycles, Murphy believes that in this bear market bottom phase, the reduction of high-level chips in 2025 may be in the range of 50%-60%, and the current decline of 41.5% indicates that there is still some room for release. However, this judgment has not yet considered the BTC bought by institutional investors such as spot ETFs and MicroStrategy, as this portion of chips is mostly in a long-term locked state, which may reduce the actual market supply pressure.

According to Onchain Lens monitoring, Hyperliquid has burned 19,750 HYPE in the past 24 hours, worth 1.13 million USD; during the same period, the protocol generated 1.6 million USD in fees.Hyperliquid has cumulatively burned 47.67 million HYPE, worth 2.75 billion USD, accounting for 4.77% of the maximum supply of 1 billion coins.

The on-chain data visualization analysis platform Bubblemaps has issued a warning that the Meme coin XST, which is being heavily promoted on TikTok, has a high risk of supply concentration—74% of its total supply is controlled by a small group, exhibiting typical Rug token characteristics. The current market value of this token is approximately 70 million USD.Bubblemaps urges investors to stay away from such projects and to ignore similar content if seen on TikTok's recommendation page.In recent years, TikTok has become an important distribution channel for low-quality Meme coins, creating an illusion of credibility through AI-generated celebrity videos and false associations, combined with the token's concentrated holding structure, resulting in typical high-risk Rug tokens after the hype fades.

According to Gate market data, oil prices fell slightly after rising for five consecutive trading days, with WTI crude oil dropping below $82 per barrel and Brent crude oil briefly falling below $87. Traders are awaiting progress on the reopening of the Strait of Hormuz. The International Energy Agency stated that the global oil market faces a supply gap of 1.8 million barrels per day this quarter, more than double the previous forecast. Gasoline and diesel prices in the United States have reached new highs for this time of year.

The IEA monthly report predicts that due to the resurgence of hostilities in the Middle East, the oil market will experience a supply gap of 1.8 million barrels per day in the third quarter, a significant increase from the 800,000 barrels per day gap forecasted in July.

According to Arkham monitoring, Bitmine staked $289.4 million ETH in the past week and currently holds 4.2% of the Ethereum supply as staked ETH.In the past week, Bitmine also purchased $14.25 million ETH, totaling 4.8% of the total Ethereum supply.

Data shows that the amount of Ethereum (ETH) staked has risen to a historic high, with approximately 41.7 million ETH currently in a staked state, accounting for about one-third of the total supply of Ethereum.Meanwhile, the price of ETH has performed weakly, falling from around $3,400 in January this year to about $1,900, but the scale of staking continues to grow. Market analysts believe that as the amount of Ethereum staked increases, the staking reward mechanism will not stop generating returns, with validators continuously receiving rewards and reinvesting part of their earnings into staking, further driving the expansion of staked ETH.The staking ratio of ETH continues to rise, indicating that the confidence of long-term holders and institutions in the security of the Ethereum network and the future development of its ecosystem is still strengthening, but a large amount of ETH entering a staked state may also affect market liquidity.

Analyst Murphy stated that the BTC supply concentration has risen to 14.8%, approaching the high-risk zone of 15%. The risk here refers to volatility rather than the direction of price changes; the supply concentration itself does not indicate direction.Murphy noted that based on historical data, a pattern has been observed: when the supply concentration curve begins to turn downward, if the BTC price has been rising beforehand, the probability of continuing to rise afterward is greater; conversely, if it has been falling, the probability of continuing to fall is greater. However, the supply concentration is still on the rise and has not yet turned, so it is currently impossible to determine which direction the probability of movement will be greater after the turn. What can be confirmed is that risk is accumulating and volatility is brewing.

Driven by strong demand for AI, the MLCC market has seen a surge in price chasing and material grabbing. Industry sources indicate that some customers are willing to pay two to three times the price to secure supplies from major manufacturers like Yageo and Murata, creating a situation where the highest bidder wins. Yageo has admitted that AI-related customers are increasingly looking to lock in capacity in advance to reduce supply risks. Currently, major MLCC manufacturers are fully booked, with capacity nearing full load, and delivery times have extended to 12 to 16 months.In terms of capacity, Yageo expects the utilization rate for standard products this quarter to increase from about 80% in Q2 to over 90%, while special products will maintain a high level above 90%, overall trending towards full capacity. The company is also expanding production, with new capacity set to come online each quarter. Japanese manufacturers are also optimistic, with Murata significantly raising its annual profit forecast, and Taiyo Yuden stating that demand for AI servers has exceeded expectations. Industry insiders point out that large customers typically have a higher priority for capacity allocation, while small and medium-sized customers can only compete for limited supplies by offering higher prices. Yageo has noted that more and more customers wish to secure passive component supplies for the next six months to several years through long-term contracts to mitigate supply chain risks.

According to on-chain analyst Yu Jin (@EmberCN), the token Tutorial (TUT) has recently experienced significant volatility, with its price rising from $0.045 to $0.305 in the past 24 hours, marking an increase of nearly 6 times. During the same period, the total spot trading volume across the network was approximately $570 million, while the contract trading volume was around $2.5 billion.On-chain data shows that recent major transfer activities of TUT have been concentrated among market makers or large holding addresses reallocating between various centralized trading platforms, particularly characterized by transfers from Binance to Bitget. In the past day, approximately 160 million TUT has flowed into Bitget, accounting for 20% of the total token supply.

Galaxy Research stated that Ethereum and Solana are re-evaluating their token issuance mechanisms, with the core issue being how to balance the token budget required for network security with long-term supply pressure. Adjusting the inflation rate may have an impact.

According to the South Korean media The Elec, GlobalWafers stated during the Q2 earnings call that the production lines for 12-inch, 8-inch, and 6-inch wafers are nearing full capacity, with some advanced 12-inch products experiencing supply constraints due to a surge in demand for AI chips, HBM, and advanced packaging. Shin-Etsu Chemical achieved double-digit growth in 12-inch shipments both year-on-year and quarter-on-quarter in Q2, and Sungrow also believes that customer inventory adjustments are nearing completion. Although SK Siltron is gradually releasing capacity from new production lines, it is still difficult to meet the growth rate of orders.Tight supply is driving changes in long-term contract models, and GlobalWafers signed a 10-year LTA (including advance payment) with Micron last month. Prices in the non-LTA market have begun to rise and are expected to continue to increase in the second half of the year. GlobalWafers stated that it is negotiating with customers to incorporate price adjustment mechanisms into new contracts, and Nexchip also emphasized the need for "broad and meaningful price increases" to support reinvestment. Industry insiders expect that as new factories from Samsung, SK Hynix, and Micron come online, wafer demand will double in the second half of 2027, and supply shortages may further intensify.

According to Jinshi reports, the latest 24-hour situation tracking of the Russia-Ukraine conflict shows that Ukrainian President Zelensky stated that the supply of Ukraine's air defense systems has decreased by two-thirds compared to last year. In the Kyiv region, 16 people have died, and the number of injured has risen to 36.The Russian Ministry of Defense claimed to have damaged three ships near Odessa and disrupted logistics hubs in Kyiv and its surrounding areas. In addition, French President Macron and European Commission President von der Leyen both stated that they would continue to increase pressure on Russia, with the latter also mentioning that an additional 1.4 billion euros would be allocated to Ukraine from the profits of frozen Russian assets.

According to exclusive reports from the Science and Technology Innovation Board Daily, Moonshot AI's G round (Pre-IPO) financing has officially started, with this round's valuation reaching $50 billion. Insiders revealed that the financing amount became "suddenly tight" after the release of the K3 model, and multiple institutions have registered their investment intentions. Participants must complete their payments by August 15, and if they want to directly enter the shareholder register, their management scale must exceed $500 million. The company's previous F round financing (valuation of $35 billion) was just completed last week, raising a total of $3.5 billion. In April of this year, the company's valuation was approximately $18 billion, nearly tripling within three months.Sources say that the core driver behind this round's valuation surge is the release of the K3 model. On July 27, Moonshot AI officially open-sourced the complete model weights of Kimi K3, becoming the world's first large model with 30 trillion parameters to be implemented. Currently, the company's API revenue accounts for more than 70% of total revenue, with ARR achieving several times growth after the K3 release. In response to recent reports stating "the IPO application will be submitted to the Hong Kong Stock Exchange as early as this month," insiders stated that "the information is inaccurate, and the G round financing is still ongoing." As of the time of publication, Moonshot AI has not responded to this news.

According to Slow Fog monitoring, MistEye detected a large-scale npm supply chain attack affecting the Keyv/Cacheable ecosystem. The attackers published over 2,000 malicious package versions, including [email protected]. Keyv is a widely used key-value storage abstraction library that supports backends such as Redis, SQLite, PostgreSQL, and MongoDB, with approximately 127 million downloads per week, leading to significant downstream supply chain exposure.The attack method is highly similar to the previous Shai-Hulud npm worm activity, indicating a highly automated and scalable supply chain attack. Potential attack behaviors include credential theft, environment variable leakage, CI/CD key leakage, remote payload delivery, and lateral propagation through compromised development environments. Security teams should immediately identify and remove affected package versions, upgrade to verified secure versions, review dependency lock files and build logs, monitor suspicious external connections, rotate leaked credentials, and rebuild environments upon confirmation of the impact.