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On July 4th, according to on-chain analyst Yu Jin, the cryptocurrency market has been in a downward trend for six months, resulting in a total market cap reduction of approximately $10 billion for dollar stablecoins, which currently stands at $300 billion. A significant amount of capital has shifted towards the US stock market, which has shown a stronger wealth effect this year. Recent quarterly capital movements show a clear divergence: Tether (USDT) saw its total supply decrease from about $189.8 billion to $184.1 billion, with a net outflow of approximately $5.7 billion; USD Coin (USDC) decreased from about $79.6 billion to $73 billion, with a net outflow of approximately $6.6 billion, making it the largest stablecoin in terms of outflow this round. The issuer of USDC, Circle, has faced pressure on its related tokens, with its stock price dropping from around $136 to about $64, as market growth expectations have cooled. In contrast, stablecoin USD1 recorded a net inflow of about $500 million during the same period, increasing its total supply from around $4.1 billion to $4.6 billion, making it one of the few assets to grow against the trend. However, this growth is believed to rely on interest rate subsidy incentive mechanisms from trading platforms, such as activities on certain exchanges that guide users' holding and trading behaviors.

[Market Cap of Dollar Stablecoins Shrinks by $10 Billion as Funds Flow into US Stocks]On July 4th, according to on-chain analyst Yu Jin, the cryptocurrency market has been in a downward trend for six months, resulting in a total market cap reduction of approximately $10 billion for dollar stablecoins, which currently stands at $300 billion. A significant amount of capital has shifted towards the US stock market, which has shown a stronger wealth effect this year. Recent quarterly capital movements show a clear divergence: Tether (USDT) saw its total supply decrease from about $189.8 billion to $184.1 billion, with a net outflow of approximately $5.7 billion; USD Coin (USDC) decreased from about $79.6 billion to $73 billion, with a net outflow of approximately $6.6 billion, making it the largest stablecoin in terms of outflow this round. The issuer of USDC, Circle, has faced pressure on its related tokens, with its stock price dropping from around $136 to about $64, as market growth expectations have cooled. In contrast, stablecoin USD1 recorded a net inflow of about $500 million during the same period, increasing its total supply from around $4.1 billion to $4.6 billion, making it one of the few assets to grow against the trend. However, this growth is believed to rely on interest rate subsidy incentive mechanisms from trading platforms, such as activities on certain exchanges that guide users' holding and trading behaviors.

Market Cap of Dollar Stablecoins Shrinks by $10 Billion as Funds Flow into US Stocks

On July 4, Bloomberg reported that Kioxia Holdings has begun supplying next-generation flash chip samples to AI data center operators, aiming to gain an edge in this lucrative market and compete with rivals. The Tokyo-based chip manufacturer stated that its newly launched high-density 3D flash chips have improved energy efficiency and data transfer speeds. The company claims that the storage capacity of the new generation 332-layer, tenth-generation flash chips has increased by 59% compared to its previous flagship product, the eighth-generation flash chips. Click the link below to join the Beating · Feishu AI News channel, which monitors global AI hotspots and news 24/7.

[Kioxia Provides Next-Generation Flash Chip Samples to Customers, Aiming to Outpace Competitors]On July 4, Bloomberg reported that Kioxia Holdings has begun supplying next-generation flash chip samples to AI data center operators, aiming to gain an edge in this lucrative market and compete with rivals. The Tokyo-based chip manufacturer stated that its newly launched high-density 3D flash chips have improved energy efficiency and data transfer speeds. The company claims that the storage capacity of the new generation 332-layer, tenth-generation flash chips has increased by 59% compared to its previous flagship product, the eighth-generation flash chips. Click the link below to join the Beating · Feishu AI News channel, which monitors global AI hotspots and news 24/7.

Kioxia Provides Next-Generation Flash Chip Samples to Customers, Aiming to Outpace Competitors

On July 4th, according to an official announcement from UniSat, the Alkanes Marketplace has been temporarily suspended due to recent events related to the Alkanes protocol, in order to protect user assets. UniSat stated that it is currently waiting for the Alkanes team to update the latest Alkanes indexer; the Marketplace service will be reopened once the indexer upgrade is completed and data consistency is confirmed.

[UniSat Suspends Alkanes Marketplace Pending Indexer Upgrade]On July 4th, according to an official announcement from UniSat, the Alkanes Marketplace has been temporarily suspended due to recent events related to the Alkanes protocol, in order to protect user assets. UniSat stated that it is currently waiting for the Alkanes team to update the latest Alkanes indexer; the Marketplace service will be reopened once the indexer upgrade is completed and data consistency is confirmed.

UniSat Suspends Alkanes Marketplace Pending Indexer Upgrade

On July 4, Tether CEO Paolo Ardoino stated that large tech companies in the AI industry are expanding their user base by subsidizing computing power. However, this strategy relies on infrastructure expansion driven by high capital expenditures, with related assets typically depreciating rapidly within 3 to 5 years. This model is creating multiple structural mismatches, including discrepancies between token prices and real value, mismatches between profit cycles and capital investment cycles, mismatches between capital costs and debt maturity periods, and the trend of open-source AI continuously eroding revenue space. Under the accumulation of these structural pressures, industry risks are building up, raising concerns that "problems may arise in such a structure."

[Tether CEO Questions AI Giants' Subsidized Growth Strategy: Risks of Capital Structure and Profit Cycle Mismatches]On July 4, Tether CEO Paolo Ardoino stated that large tech companies in the AI industry are expanding their user base by subsidizing computing power. However, this strategy relies on infrastructure expansion driven by high capital expenditures, with related assets typically depreciating rapidly within 3 to 5 years. This model is creating multiple structural mismatches, including discrepancies between token prices and real value, mismatches between profit cycles and capital investment cycles, mismatches between capital costs and debt maturity periods, and the trend of open-source AI continuously eroding revenue space. Under the accumulation of these structural pressures, industry risks are building up, raising concerns that "problems may arise in such a structure."

Tether CEO Questions AI Giants' Subsidized Growth Strategy: Risks of Capital Structure and Profit Cycle Mismatches

On July 4, RBC reported that Vladimir Chistyukhin, the First Deputy Governor of the Central Bank of Russia, stated that the regulation bill for the Russian cryptocurrency market may come into effect on September 1, 2026, with a transition period set until July 1, 2027. During this transition period, market participants will be able to prepare registration documents, apply for new licenses, and adjust internal processes. From July 1, 2027, relevant criminal and administrative liability mechanisms are expected to come into effect to distinguish between legal and illegal operations in the cryptocurrency market.

[Russia's Cryptocurrency Regulation Bill May Take Effect on September 1]On July 4, RBC reported that Vladimir Chistyukhin, the First Deputy Governor of the Central Bank of Russia, stated that the regulation bill for the Russian cryptocurrency market may come into effect on September 1, 2026, with a transition period set until July 1, 2027. During this transition period, market participants will be able to prepare registration documents, apply for new licenses, and adjust internal processes. From July 1, 2027, relevant criminal and administrative liability mechanisms are expected to come into effect to distinguish between legal and illegal operations in the cryptocurrency market.

Russia's Cryptocurrency Regulation Bill May Take Effect on September 1

On July 4, crypto analyst Darkfost posted on social media that active Bitcoin (BTC) investors are currently experiencing an average unrealized loss of about 20%. This conclusion is based on the 'True Market Mean Price (TTM)' indicator, which excludes long-term inactive Bitcoin that may have been lost or are no longer participating in liquidity, thereby reflecting the cost level of the currently active circulating supply more accurately. Data shows that the current TMM is approximately $76,700, which has acted as a significant resistance level in recent market movements. Historically, during market correction phases, some investors tend to exit the market to avoid larger losses rather than continue holding, making this price point a critical area for short-term supply and demand dynamics. Additionally, the 'Active Value to Investor Value Ratio' is currently around 0.8, indicating a downward valuation range corresponding to about 20% unrealized losses. Although this level is under significant pressure, it has not yet reached the extreme range of 0.5 to 0.6 (approximately 40%-50% losses) seen in historical bear markets. Despite the market still exhibiting cyclical characteristics, the continued influx of institutional funds and ETFs has not altered the overall cyclical patterns of Bitcoin, and future trends should be observed with caution.

[Analyst: Active Bitcoin Investors Face Average Unrealized Loss of About 20%, Market Remains Under Cyclical Pressure]On July 4, crypto analyst Darkfost posted on social media that active Bitcoin (BTC) investors are currently experiencing an average unrealized loss of about 20%. This conclusion is based on the 'True Market Mean Price (TTM)' indicator, which excludes long-term inactive Bitcoin that may have been lost or are no longer participating in liquidity, thereby reflecting the cost level of the currently active circulating supply more accurately. Data shows that the current TMM is approximately $76,700, which has acted as a significant resistance level in recent market movements. Historically, during market correction phases, some investors tend to exit the market to avoid larger losses rather than continue holding, making this price point a critical area for short-term supply and demand dynamics. Additionally, the 'Active Value to Investor Value Ratio' is currently around 0.8, indicating a downward valuation range corresponding to about 20% unrealized losses. Although this level is under significant pressure, it has not yet reached the extreme range of 0.5 to 0.6 (approximately 40%-50% losses) seen in historical bear markets. Despite the market still exhibiting cyclical characteristics, the continued influx of institutional funds and ETFs has not altered the overall cyclical patterns of Bitcoin, and future trends should be observed with caution.

Analyst: Active Bitcoin Investors Face Average Unrealized Loss of About 20%, Market Remains Under Cyclical Pressure

HTX data monitoring shows that AAVE has broken through 90 USDT, currently reported at 93 USDT, with a 24H increase of 6.81%.

【AAVE breaks through 90 USDT】HTX data monitoring shows that AAVE has broken through 90 USDT, currently reported at 93 USDT, with a 24H increase of 6.81%.

AAVE breaks through 90 USDT

On July 4, Trendforce projected that the contract prices of traditional DRAM products will increase by 13% to 18% quarter-over-quarter in the third quarter of 2026.

[Trendforce: Traditional DRAM Prices Expected to Rise 13% to 18% in Q3]On July 4, Trendforce projected that the contract prices of traditional DRAM products will increase by 13% to 18% quarter-over-quarter in the third quarter of 2026.

Trendforce: Traditional DRAM Prices Expected to Rise 13% to 18% in Q3

On July 4, Bloomberg reported, citing informed sources, that SK Hynix Inc. is considering paying investment banks involved in its U.S. listing project an underwriting fee of about 0.5% of the total fundraising amount. This transaction is expected to become one of the largest stock issuances in history. According to sources, although SK Hynix has indicated plans to issue new shares equivalent to a maximum of 2.5% of the company's total equity, the final issuance scale has yet to be determined, which will directly affect the amount of underwriting fees that investment banks will ultimately receive. Additionally, SK Hynix may also pay extra discretionary bonuses to the investment banks participating in the transaction, beyond the base underwriting fee. Sources noted that discussions are still ongoing, and the final details of the agreement may still change.

[SK Hynix Considers Paying Investment Banks Approximately 0.5% Underwriting Fee in ADR Offering]On July 4, Bloomberg reported, citing informed sources, that SK Hynix Inc. is considering paying investment banks involved in its U.S. listing project an underwriting fee of about 0.5% of the total fundraising amount. This transaction is expected to become one of the largest stock issuances in history. According to sources, although SK Hynix has indicated plans to issue new shares equivalent to a maximum of 2.5% of the company's total equity, the final issuance scale has yet to be determined, which will directly affect the amount of underwriting fees that investment banks will ultimately receive. Additionally, SK Hynix may also pay extra discretionary bonuses to the investment banks participating in the transaction, beyond the base underwriting fee. Sources noted that discussions are still ongoing, and the final details of the agreement may still change.

SK Hynix Considers Paying Investment Banks Approximately 0.5% Underwriting Fee in ADR Offering

NFT collateral liquidity and expansion solution MetaStreet has partnered with Blast ecological derivative protocol Particle and launched a points activity. mwstETH LCT holders can now receive double-digit basic interest rates from pledging/NFT loans, and can use LCT for lending, trading, etc. in Particle.

[MetaStreet reaches cooperation with DeFi derivatives Particle and launches points activity]NFT collateral liquidity and expansion solution MetaStreet has partnered with Blast ecological derivative protocol Particle and launched a points activity. mwstETH LCT holders can now receive double-digit basic interest rates from pledging/NFT loans, and can use LCT for lending, trading, etc. in Particle.

MetaStreet reaches cooperation with DeFi derivatives Particle and launches points activity

Ethereum ETFs see $12.85M outflows – Why ETH bulls face an uphill battle

Lao Huang: Prompt is Dead, the Entire AI Community is Frenziedly Chasing Loops

Trading Moments: Bitcoin's 200-week moving average has turned into a resistance level, can the July rise still be realized?

US CFTC Launches Broad Investigation into Polymarket, Is the Prediction Market Party Coming to an End?

How Collector Crypt Uses 'Recirculating Buybacks' to Create an Illusion of Growth

MemeCore – Examining the odds of M’s price recovery after launch of $10M buyback program

$8 Billion Valuation, 2x Growth in 8 Months! What Makes Crypto-Friendly Bank Erebor Bank So Special?

Valuation of $8 Billion, Up 200% in 8 Months! What's Behind Crypto-Friendly Bank Erebor Bank's Rise?

Strike While the Iron is Hot: GPT-5.6's Three Major Models Fully Exposed, Scheduled for July 7th?

CLARITY Act path clears as U.S. Sheriffs drop opposition – Reasons explained!

Article

Bio Protocol Launches OpenLabs to Support Scientific Projects and Agent Collaboration through USDC Revenue Mechanism

The Kobeissi Letter: Global Funds Accelerate Inflow into US Stocks

Israeli Prime Minister's Office Denies Plans to Assassinate Iranian Negotiator

BNP Paribas: Lower Likelihood of Fed Action in July

Probability of Bitcoin Reaching $70,000 This Year Rises to 65%

UBS Raises Storage Price Forecast: DRAM/NAND Price Increase Cycle Extended to 2027

HTX breaks through 0.0000017 USDT

Emerging Market Assets Rebound Amid AI Surge and Optimistic Fed Outlook

Goldman Sachs: Maintains Buy Rating on MiniMax with Target Price of HKD 860

Huawei Releases V2 Version of 'Tao's Law' Paper: Kirin 2026 Data Publicly Released for the First Time, Supplementing Engineering Details and Measured Data

MetaStreet reaches cooperation with DeFi derivatives Particle and launches points activity

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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