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On June 24, BIT Official released a daily chart analysis stating that during the sideways movement of Bitcoin, individual stocks in the mining sector have shown an unusual strength against the trend. The divergence in market performance is attributed to a structural transformation in the industry: many Bitcoin mining companies are transitioning to AI data center hosting businesses, holding long-term power purchase agreements, and the value of these stable power resources is continuously increasing for large model enterprises. 

Although these companies still retain a significant amount of Bitcoin-related assets, investors are beginning to evaluate some mining companies based on the valuation logic of AI infrastructure, focusing on their power generation capacity, data center assets, and customer cooperation orders. 

This does not mean that Bitcoin is no longer the core anchor asset in the cryptocurrency market cycle. On the contrary, it indicates that during the sideways phase of Bitcoin's price, market funds are extending their attention to the energy, computing power, and data center infrastructure sectors behind Bitcoin mining.

[BIT Official: Bitcoin Mining Companies Being Repriced According to AI Infrastructure Logic]On June 24, BIT Official released a daily chart analysis stating that during the sideways movement of Bitcoin, individual stocks in the mining sector have shown an unusual strength against the trend. The divergence in market performance is attributed to a structural transformation in the industry: many Bitcoin mining companies are transitioning to AI data center hosting businesses, holding long-term power purchase agreements, and the value of these stable power resources is continuously increasing for large model enterprises. 

Although these companies still retain a significant amount of Bitcoin-related assets, investors are beginning to evaluate some mining companies based on the valuation logic of AI infrastructure, focusing on their power generation capacity, data center assets, and customer cooperation orders. 

This does not mean that Bitcoin is no longer the core anchor asset in the cryptocurrency market cycle. On the contrary, it indicates that during the sideways phase of Bitcoin's price, market funds are extending their attention to the energy, computing power, and data center infrastructure sectors behind Bitcoin mining.

BIT Official: Bitcoin Mining Companies Being Repriced According to AI Infrastructure Logic

On June 24, the Hong Kong Securities and Futures Commission (SFC) released its Annual Report for 2025-26, indicating significant growth across various asset classes in the Hong Kong capital market over the past year, including investment funds, digital assets, and the stock market, with a notable acceleration in tokenized investment products. As of March, the assets under management of 13 SFC-approved retail products grew nearly sixfold year-on-year to HKD 10.8 billion. Additionally, the total market value of 11 virtual asset spot ETFs reached HKD 4.3 billion, marking a substantial increase of 90% since their launch in 2024. The report also recognized Asia's first Solana spot ETF, and the trading volume of 12 licensed virtual asset trading platforms surged by 125% within a year. Furthermore, to maintain high-quality growth, the SFC completed the statutory work for four new regulatory frameworks, including those for virtual asset trading, custody, advisory services, and management, issuing 47 warnings related to virtual asset trading platforms and investment products.

[HK SFC Annual Report: Virtual Asset ETFs' Market Value Grows 90% Since Launch]On June 24, the Hong Kong Securities and Futures Commission (SFC) released its Annual Report for 2025-26, indicating significant growth across various asset classes in the Hong Kong capital market over the past year, including investment funds, digital assets, and the stock market, with a notable acceleration in tokenized investment products. As of March, the assets under management of 13 SFC-approved retail products grew nearly sixfold year-on-year to HKD 10.8 billion. Additionally, the total market value of 11 virtual asset spot ETFs reached HKD 4.3 billion, marking a substantial increase of 90% since their launch in 2024. The report also recognized Asia's first Solana spot ETF, and the trading volume of 12 licensed virtual asset trading platforms surged by 125% within a year. Furthermore, to maintain high-quality growth, the SFC completed the statutory work for four new regulatory frameworks, including those for virtual asset trading, custody, advisory services, and management, issuing 47 warnings related to virtual asset trading platforms and investment products.

HK SFC Annual Report: Virtual Asset ETFs' Market Value Grows 90% Since Launch

On June 24, according to official news, AI-driven Web3 auxiliary infrastructure project Aitraceroot has recently completed approximately $3.5 million in funding. This round of investment was participated in by several blockchain venture capital firms, including Castrum Capital, Becker Ventures, Coinvestor, and Gemhead Capital. The project focuses on on-chain AI intelligent analysis and AIGC digital asset tools. The funds raised will be used for large model research and development, expansion of the developer ecosystem, and global operational layout. Investors express optimism about the integration of AI and decentralized infrastructure, and the project will continue to iterate on-chain AI services and expand its global user ecosystem.

[AI-Driven Web3 Infrastructure Project Aitraceroot Secures Approximately $3.5 Million in Funding]On June 24, according to official news, AI-driven Web3 auxiliary infrastructure project Aitraceroot has recently completed approximately $3.5 million in funding. This round of investment was participated in by several blockchain venture capital firms, including Castrum Capital, Becker Ventures, Coinvestor, and Gemhead Capital. The project focuses on on-chain AI intelligent analysis and AIGC digital asset tools. The funds raised will be used for large model research and development, expansion of the developer ecosystem, and global operational layout. Investors express optimism about the integration of AI and decentralized infrastructure, and the project will continue to iterate on-chain AI services and expand its global user ecosystem.

AI-Driven Web3 Infrastructure Project Aitraceroot Secures Approximately $3.5 Million in Funding

On June 24, the on-chain volatility strategy execution layer Hypersurface announced the acquisition of Bitcoin vault infrastructure provider Acre, with the specific acquisition amount undisclosed. Hypersurface stated that this acquisition will combine Acre's Bitcoin deposit and allocation technology with Hypersurface's on-chain volatility execution engine to launch the HSBPI, an on-chain managed Bitcoin strategy vault for trading volatility, which will be managed by the quantitative digital asset investment firm Monarq Asset Management. Hypersurface indicated that as part of a transition plan, existing users of Acre will have the opportunity to migrate their deposits to HSBPI while continuing to self-custody their Bitcoin.

[Hypersurface Acquires Bitcoin Vault Provider Acre, Launches HSBPI Bitcoin Strategy Vault for Trading Volatility]On June 24, the on-chain volatility strategy execution layer Hypersurface announced the acquisition of Bitcoin vault infrastructure provider Acre, with the specific acquisition amount undisclosed. Hypersurface stated that this acquisition will combine Acre's Bitcoin deposit and allocation technology with Hypersurface's on-chain volatility execution engine to launch the HSBPI, an on-chain managed Bitcoin strategy vault for trading volatility, which will be managed by the quantitative digital asset investment firm Monarq Asset Management. Hypersurface indicated that as part of a transition plan, existing users of Acre will have the opportunity to migrate their deposits to HSBPI while continuing to self-custody their Bitcoin.

Hypersurface Acquires Bitcoin Vault Provider Acre, Launches HSBPI Bitcoin Strategy Vault for Trading Volatility

On June 24, Ki Young Ju, the founder of CryptoQuant, stated that the current Bitcoin purchasing behavior of Strategy resembles a liquidity absorber rather than a price catalyst. Over the past two years, Bitcoin has achieved a market capitalization increase of $467 billion, yet the price has declined by 1%. Despite hundreds of billions of dollars flowing in, trading continues to occur without a price increase. Ki Young Ju believes that in the current environment of heightened selling pressure, Strategy's buying is more about defending price ranges rather than driving breakthroughs. More critically, continuous buying may hinder the market from undergoing a necessary deep correction, instead providing liquidity for more holders to take profits. Compared to the traditional Bitcoin cycle of crashes, capitulation, weak hands exiting, and whales reaccumulating, the current cycle has maintained a wide sideways trend for nearly two years—neither strong enough to confirm a new bull market nor weak enough to trigger true capitulation, resulting in weak hands not fully clearing out and strong hands not actively reaccumulating. The market may require a complete reset to build a stronger recovery. Ki Young Ju proposed three suggestions to Saylor: pause Bitcoin purchases until cash reserves and dividends are restored; establish a systematic, model-driven purchasing framework to change the perception of always buying at local tops; and create a disciplined selling framework for the next bull market—selling partially near cycle peaks is not a betrayal of Bitcoin, but rather a means of deleveraging, realizing shareholder value, and creating a reserve for reaccumulating at lower prices. This is not trading; it is risk management.

[CryptoQuant Founder Suggests Strategy Pause Bitcoin Purchases Until Cash Reserves and Dividends are Restored]On June 24, Ki Young Ju, the founder of CryptoQuant, stated that the current Bitcoin purchasing behavior of Strategy resembles a liquidity absorber rather than a price catalyst. Over the past two years, Bitcoin has achieved a market capitalization increase of $467 billion, yet the price has declined by 1%. Despite hundreds of billions of dollars flowing in, trading continues to occur without a price increase. Ki Young Ju believes that in the current environment of heightened selling pressure, Strategy's buying is more about defending price ranges rather than driving breakthroughs. More critically, continuous buying may hinder the market from undergoing a necessary deep correction, instead providing liquidity for more holders to take profits. Compared to the traditional Bitcoin cycle of crashes, capitulation, weak hands exiting, and whales reaccumulating, the current cycle has maintained a wide sideways trend for nearly two years—neither strong enough to confirm a new bull market nor weak enough to trigger true capitulation, resulting in weak hands not fully clearing out and strong hands not actively reaccumulating. The market may require a complete reset to build a stronger recovery. Ki Young Ju proposed three suggestions to Saylor: pause Bitcoin purchases until cash reserves and dividends are restored; establish a systematic, model-driven purchasing framework to change the perception of always buying at local tops; and create a disciplined selling framework for the next bull market—selling partially near cycle peaks is not a betrayal of Bitcoin, but rather a means of deleveraging, realizing shareholder value, and creating a reserve for reaccumulating at lower prices. This is not trading; it is risk management.

CryptoQuant Founder Suggests Strategy Pause Bitcoin Purchases Until Cash Reserves and Dividends are Restored

Bitcoin Fear and Greed Index is 17. Extreme Fear.
Current Price: $62889.0.

[Bitcoin Fear and Greed Index is 17]Bitcoin Fear and Greed Index is 17. Extreme Fear.
Current Price: $62889.0.

Bitcoin Fear and Greed Index is 17

On June 24, Goldman Sachs' Ronald Keung team released a research report indicating that WeChat launched an internal test of its built-in AI assistant 'Xiao Wei' last weekend, marking the official entry of this super app into the intelligent agent arena. Currently, market concerns regarding Tencent focus on three points: first, Xiao Wei uses WeChat's self-developed WeLM model instead of Tencent's mixed Yuan model, raising worries about resource duplication due to the parallel operation of two large model systems; second, Goldman Sachs estimates that if fully promoted, the incremental inference costs could erode Tencent's adjusted operating profit by about 5% to 17% in Q4 2026, with cost pressures likely to manifest first when revenue growth is limited; third, short-term monetization still relies on online advertising, particularly transaction scenario ads, and it will take time for Xiao Wei to deeply penetrate local life, content discovery, and shopping scenarios, making immediate success unlikely. From a functional perspective, Xiao Wei already supports voice or text commands to complete the full chain of WeChat's native functions (sending messages, posting on Moments, making video calls, booking appointments through mini-programs, and ordering takeout), supports multimodal content generation and information retrieval, and can even generate mini-program prototypes through natural language descriptions. Goldman Sachs believes that Tencent's current valuation partially reflects pessimistic expectations regarding AI progress, and the internal testing of Xiao Wei is an important step in its AI roadmap. Key observation dimensions for valuation multiple recovery in the coming quarters include: whether the foundational model can shift from being a follower to an active player, whether advertising growth can accelerate again, whether Tencent Cloud can solidify its position as one of the top three large-scale cloud service providers in China, and the adoption progress of the WeChat AI assistant and enterprise productivity tools. Goldman Sachs maintains Tencent's 12-month target price at HKD 700, indicating approximately 61.7% upside potential from the current HKD 433.

[Goldman Sachs Maintains Tencent's 12-Month Target Price at HKD 700, Indicating Approximately 61.7% Upside Potential]On June 24, Goldman Sachs' Ronald Keung team released a research report indicating that WeChat launched an internal test of its built-in AI assistant 'Xiao Wei' last weekend, marking the official entry of this super app into the intelligent agent arena. Currently, market concerns regarding Tencent focus on three points: first, Xiao Wei uses WeChat's self-developed WeLM model instead of Tencent's mixed Yuan model, raising worries about resource duplication due to the parallel operation of two large model systems; second, Goldman Sachs estimates that if fully promoted, the incremental inference costs could erode Tencent's adjusted operating profit by about 5% to 17% in Q4 2026, with cost pressures likely to manifest first when revenue growth is limited; third, short-term monetization still relies on online advertising, particularly transaction scenario ads, and it will take time for Xiao Wei to deeply penetrate local life, content discovery, and shopping scenarios, making immediate success unlikely. From a functional perspective, Xiao Wei already supports voice or text commands to complete the full chain of WeChat's native functions (sending messages, posting on Moments, making video calls, booking appointments through mini-programs, and ordering takeout), supports multimodal content generation and information retrieval, and can even generate mini-program prototypes through natural language descriptions. Goldman Sachs believes that Tencent's current valuation partially reflects pessimistic expectations regarding AI progress, and the internal testing of Xiao Wei is an important step in its AI roadmap. Key observation dimensions for valuation multiple recovery in the coming quarters include: whether the foundational model can shift from being a follower to an active player, whether advertising growth can accelerate again, whether Tencent Cloud can solidify its position as one of the top three large-scale cloud service providers in China, and the adoption progress of the WeChat AI assistant and enterprise productivity tools. Goldman Sachs maintains Tencent's 12-month target price at HKD 700, indicating approximately 61.7% upside potential from the current HKD 433.

Goldman Sachs Maintains Tencent's 12-Month Target Price at HKD 700, Indicating Approximately 61.7% Upside Potential

On June 24, Arthur Hayes' family office Maelstrom released an in-depth report on the Solana-based card trading platform Collector Crypt, setting a price target of $4 for the CARDS token by the end of summer. According to GMGN data, CARDS is currently priced at $0.271, with a market capitalization of approximately $542 million, and a 24-hour increase of 5.82%. The report highlights that Collector Crypt generated an annualized profit of about $53 million in May and reached $109 million in June, surpassing the profit scale of most leading cryptocurrency companies. The platform purchases physical cards in bulk at discounted prices and sells them through vending machines, earning approximately a 4.5% profit margin when users resell immediately after unpacking. Weekly trading volume peaked at $650,000. In contrast to eBay's high fees of 16%-20%, Collector Crypt charges only 2%, reshaping the card trading market with instant settlement and on-chain liquidity. The platform has around 800 daily active users, accumulated $23 million in inventory and $10 million in cash, and has initiated a buyback while expanding into new categories such as sports cards. The report concludes that despite the decline of the NFT craze in the crypto space, tokenization technology is becoming a key infrastructure for the card speculation market.

[Maelstrom Sets CARDS Price Target at $4 by End of Summer]On June 24, Arthur Hayes' family office Maelstrom released an in-depth report on the Solana-based card trading platform Collector Crypt, setting a price target of $4 for the CARDS token by the end of summer. According to GMGN data, CARDS is currently priced at $0.271, with a market capitalization of approximately $542 million, and a 24-hour increase of 5.82%. The report highlights that Collector Crypt generated an annualized profit of about $53 million in May and reached $109 million in June, surpassing the profit scale of most leading cryptocurrency companies. The platform purchases physical cards in bulk at discounted prices and sells them through vending machines, earning approximately a 4.5% profit margin when users resell immediately after unpacking. Weekly trading volume peaked at $650,000. In contrast to eBay's high fees of 16%-20%, Collector Crypt charges only 2%, reshaping the card trading market with instant settlement and on-chain liquidity. The platform has around 800 daily active users, accumulated $23 million in inventory and $10 million in cash, and has initiated a buyback while expanding into new categories such as sports cards. The report concludes that despite the decline of the NFT craze in the crypto space, tokenization technology is becoming a key infrastructure for the card speculation market.

Maelstrom Sets CARDS Price Target at $4 by End of Summer

On June 24, Ki Young Ju, the founder of CryptoQuant, stated that the current Bitcoin purchasing behavior of Strategy resembles a liquidity absorber rather than a price catalyst. Over the past two years, Bitcoin has seen a market capitalization increase of $467 billion, yet its price has dropped by 1%. Despite hundreds of billions of dollars flowing in, turnover continues, but prices have failed to rise. Ki Young Ju believes that in the current environment of increasing selling pressure, Strategy's buying is more about defending price ranges rather than driving breakthroughs. More seriously, continuous buying may hinder a market-clearing deep correction, instead providing liquidity for more holders to take profits. Compared to the traditional Bitcoin cycle of crashes, capitulation, weak hands exiting, and whales re-accumulating, the current cycle has been in a wide-ranging sideways trend for nearly two years—neither strong enough to confirm a new bull market nor weak enough to trigger true capitulation, resulting in weak hands not fully clearing out and strong hands not actively re-accumulating. The market may need a full reset to build a stronger recovery. Ki Young Ju made three suggestions to Saylor: 1. Pause Bitcoin purchases until cash reserves and dividend coverage are restored; 2. Establish a systematic, model-driven purchasing framework to change the market perception of always buying at local tops; 3. Create a disciplined selling framework for the next bull market—selling partially near cycle peaks is not a betrayal of Bitcoin, but rather a means of deleveraging, realizing shareholder value, and creating ammunition for re-accumulation at lower prices; this is not trading, but risk management.

[CryptoQuant Founder Suggests Strategy Pause Bitcoin Purchases Until Cash Reserves and Dividends Are Restored]On June 24, Ki Young Ju, the founder of CryptoQuant, stated that the current Bitcoin purchasing behavior of Strategy resembles a liquidity absorber rather than a price catalyst. Over the past two years, Bitcoin has seen a market capitalization increase of $467 billion, yet its price has dropped by 1%. Despite hundreds of billions of dollars flowing in, turnover continues, but prices have failed to rise. Ki Young Ju believes that in the current environment of increasing selling pressure, Strategy's buying is more about defending price ranges rather than driving breakthroughs. More seriously, continuous buying may hinder a market-clearing deep correction, instead providing liquidity for more holders to take profits. Compared to the traditional Bitcoin cycle of crashes, capitulation, weak hands exiting, and whales re-accumulating, the current cycle has been in a wide-ranging sideways trend for nearly two years—neither strong enough to confirm a new bull market nor weak enough to trigger true capitulation, resulting in weak hands not fully clearing out and strong hands not actively re-accumulating. The market may need a full reset to build a stronger recovery. Ki Young Ju made three suggestions to Saylor: 1. Pause Bitcoin purchases until cash reserves and dividend coverage are restored; 2. Establish a systematic, model-driven purchasing framework to change the market perception of always buying at local tops; 3. Create a disciplined selling framework for the next bull market—selling partially near cycle peaks is not a betrayal of Bitcoin, but rather a means of deleveraging, realizing shareholder value, and creating ammunition for re-accumulation at lower prices; this is not trading, but risk management.

CryptoQuant Founder Suggests Strategy Pause Bitcoin Purchases Until Cash Reserves and Dividends Are Restored

火币HTX报道，6月23日，Polychain 资深合伙人 Josh Rosenthal 发文表示，「在 Polychain Capital 工作将近 5 年之后，我决定离开。我很幸运能够近距离见证一些定义了加密货币行业的公司诞生与成长，这一点我将永远心怀感激。现在我正在开启新的事业，也很期待在不久的将来分享更多信息。」

【Polychain资深合伙人Josh Rosenthal宣布离职】火币HTX报道，6月23日，Polychain 资深合伙人 Josh Rosenthal 发文表示，「在 Polychain Capital 工作将近 5 年之后，我决定离开。我很幸运能够近距离见证一些定义了加密货币行业的公司诞生与成长，这一点我将永远心怀感激。现在我正在开启新的事业，也很期待在不久的将来分享更多信息。」

Polychain资深合伙人Josh Rosenthal宣布离职

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Polychain资深合伙人Josh Rosenthal宣布离职

Clause de non-responsabilité：Le contenu ci-dessus ne représente pas les positions de HTX.，HTX ne fournit pas de recommandations de trading.。

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