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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

On June 24, global market focus has shifted from Middle Eastern conflicts to asset revaluation in the post-war era. With progress in US-Iran negotiations, the gradual resumption of navigation in the Strait of Hormuz, and the historic passage of a resolution by the US Congress to limit military actions against Iran, concerns over energy supply disruptions have significantly decreased. However, risks have not disappeared; they have shifted from geopolitical issues to inflation, fiscal matters, and capital costs. Currently, the Strait of Hormuz has entered a 'thawing phase,' with UAE crude oil exports recovering to about 85% of pre-war levels, tankers are re-entering the Gulf for loading, and the energy supply chain is rapidly returning to normal. As a result, oil prices have fallen, but shipping rates remain high, indicating that the global supply chain has not fully returned to its pre-conflict state. Meanwhile, US Treasury Secretary Yellen has emphasized the importance of supply chain autonomy and energy security, suggesting that the global economy will continue to develop towards 'security first' rather than 'efficiency first.' On the other hand, US manufacturing data for June exceeded expectations, but factory employment has dropped to a six-year low, reflecting ongoing structural disparities in the economy. Market attention has also shifted back to the Federal Reserve's policy path. Recent shifts in policy stance from officials like Waller, Bank of America raising interest rate expectations, and the market's repricing of inflation stickiness indicate that investors are beginning to consider the possibility of 'higher rates lasting longer' or even 'further rate hikes,' rather than the timing of rate cuts. For the cryptocurrency market, this means that the biggest short-term impact is not the Middle Eastern conflict itself, but rather changes in the global liquidity environment and risk appetite. The decrease in war risks helps reduce market demand for safe-haven assets, but if US Treasury yields remain high and the Federal Reserve continues to send hawkish signals, capital may still prioritize flows into the dollar and fixed-income assets. The focus for the market moving forward will shift from whether the Strait of Hormuz is open to inflation data, the direction of Federal Reserve policy, and whether global capital costs will rise further. When the market begins to trade on capital prices rather than war news, risk assets will face a new round of testing.

[Bitunix Analyst: War De-escalation is Just the Beginning; Market Enters 'High Capital Cost Era']On June 24, global market focus has shifted from Middle Eastern conflicts to asset revaluation in the post-war era. With progress in US-Iran negotiations, the gradual resumption of navigation in the Strait of Hormuz, and the historic passage of a resolution by the US Congress to limit military actions against Iran, concerns over energy supply disruptions have significantly decreased. However, risks have not disappeared; they have shifted from geopolitical issues to inflation, fiscal matters, and capital costs. Currently, the Strait of Hormuz has entered a 'thawing phase,' with UAE crude oil exports recovering to about 85% of pre-war levels, tankers are re-entering the Gulf for loading, and the energy supply chain is rapidly returning to normal. As a result, oil prices have fallen, but shipping rates remain high, indicating that the global supply chain has not fully returned to its pre-conflict state. Meanwhile, US Treasury Secretary Yellen has emphasized the importance of supply chain autonomy and energy security, suggesting that the global economy will continue to develop towards 'security first' rather than 'efficiency first.' On the other hand, US manufacturing data for June exceeded expectations, but factory employment has dropped to a six-year low, reflecting ongoing structural disparities in the economy. Market attention has also shifted back to the Federal Reserve's policy path. Recent shifts in policy stance from officials like Waller, Bank of America raising interest rate expectations, and the market's repricing of inflation stickiness indicate that investors are beginning to consider the possibility of 'higher rates lasting longer' or even 'further rate hikes,' rather than the timing of rate cuts. For the cryptocurrency market, this means that the biggest short-term impact is not the Middle Eastern conflict itself, but rather changes in the global liquidity environment and risk appetite. The decrease in war risks helps reduce market demand for safe-haven assets, but if US Treasury yields remain high and the Federal Reserve continues to send hawkish signals, capital may still prioritize flows into the dollar and fixed-income assets. The focus for the market moving forward will shift from whether the Strait of Hormuz is open to inflation data, the direction of Federal Reserve policy, and whether global capital costs will rise further. When the market begins to trade on capital prices rather than war news, risk assets will face a new round of testing.

Bitunix Analyst: War De-escalation is Just the Beginning; Market Enters 'High Capital Cost Era'

On June 24, Macquarie projected the gold price for the third quarter to be $4,450 per ounce, a decrease of 3.3% from previous forecasts; for the fourth quarter, it is set at $4,300 per ounce, a reduction of 2.3%.

[Macquarie Lowers Gold Price Target]On June 24, Macquarie projected the gold price for the third quarter to be $4,450 per ounce, a decrease of 3.3% from previous forecasts; for the fourth quarter, it is set at $4,300 per ounce, a reduction of 2.3%.

Macquarie Lowers Gold Price Target

On June 24, Qualcomm (QCOM.O) saw a sharp increase in after-hours trading, rising over 4% at one point, before narrowing its gains to 3%. Reports indicate that Qualcomm is in talks with ByteDance to provide customized chip design services. (Jinshi)

[Qualcomm (QCOM.O) Stock Surges Over 4% in After-Hours Trading]On June 24, Qualcomm (QCOM.O) saw a sharp increase in after-hours trading, rising over 4% at one point, before narrowing its gains to 3%. Reports indicate that Qualcomm is in talks with ByteDance to provide customized chip design services. (Jinshi)

Qualcomm (QCOM.O) Stock Surges Over 4% in After-Hours Trading

On June 24, analyst Murphy stated that Bitcoin has strong support around $60,000 before and after the options expiry on June 26 (this Friday), making it unlikely to drop below this level easily. The corresponding Gamma chart shows a clear positive Gamma in the $59,000 to $62,000 range, and the hedging activities of market makers will suppress volatility, making it easier for prices to be fixed within this range. Additionally, there is a substantial accumulation of Put options at the $60,000 strike price, with up to 4,620 BTC in open interest, creating a strong Put wall that will generate significant buying power as the price approaches this level. Historically, similar options structures have often corresponded to phase bottoms or the end of pullback stages. Analyst Murphy believes that $60,000 remains a strong support level in the short term, maintaining a cautiously optimistic outlook for the near-term market performance.

[Analysis: Strong Support at $60,000 for Bitcoin Before and After Options Expiry This Friday]On June 24, analyst Murphy stated that Bitcoin has strong support around $60,000 before and after the options expiry on June 26 (this Friday), making it unlikely to drop below this level easily. The corresponding Gamma chart shows a clear positive Gamma in the $59,000 to $62,000 range, and the hedging activities of market makers will suppress volatility, making it easier for prices to be fixed within this range. Additionally, there is a substantial accumulation of Put options at the $60,000 strike price, with up to 4,620 BTC in open interest, creating a strong Put wall that will generate significant buying power as the price approaches this level. Historically, similar options structures have often corresponded to phase bottoms or the end of pullback stages. Analyst Murphy believes that $60,000 remains a strong support level in the short term, maintaining a cautiously optimistic outlook for the near-term market performance.

Analysis: Strong Support at $60,000 for Bitcoin Before and After Options Expiry This Friday

On June 23, CoinUp officially announced in response to recent discussions regarding CoinUp and CPX that Zhu Pan is not the operator of the CoinUp platform and does not participate in the core operations of the platform; his role is solely as a project party for a project launched on the CoinUp platform. CoinUp also expressed gratitude to users, the community, and the media for their attention and oversight of CPX. Regarding the recent significant short-term price fluctuations in the CPX/USDT trading pair, the platform previously announced that these fluctuations are mainly due to concentrated sell pressure from the market, and the specific reasons are currently under further investigation and verification, with updates to be provided based on the progress of the investigation. CoinUp emphasized that after a comprehensive security review, the platform has not suffered from hacking attacks, data breaches, or system vulnerabilities; the wallet system, account system, and asset custody are all in a secure and controllable state. The platform's functions for deposits, withdrawals, and trading are operating normally, and user assets are secure, with no reported losses. CoinUp stated that it will continue to improve its risk control monitoring mechanisms to maintain market trading order and advises users to rely on information from official channels, view market fluctuations rationally, and pay attention to controlling trading risks.

[CoinUp Responds to Market Rumors: Zhu Pan is Not the Platform Operator, CPX Price Fluctuations Mainly Due to Market Sell Pressure]On June 23, CoinUp officially announced in response to recent discussions regarding CoinUp and CPX that Zhu Pan is not the operator of the CoinUp platform and does not participate in the core operations of the platform; his role is solely as a project party for a project launched on the CoinUp platform. CoinUp also expressed gratitude to users, the community, and the media for their attention and oversight of CPX. Regarding the recent significant short-term price fluctuations in the CPX/USDT trading pair, the platform previously announced that these fluctuations are mainly due to concentrated sell pressure from the market, and the specific reasons are currently under further investigation and verification, with updates to be provided based on the progress of the investigation. CoinUp emphasized that after a comprehensive security review, the platform has not suffered from hacking attacks, data breaches, or system vulnerabilities; the wallet system, account system, and asset custody are all in a secure and controllable state. The platform's functions for deposits, withdrawals, and trading are operating normally, and user assets are secure, with no reported losses. CoinUp stated that it will continue to improve its risk control monitoring mechanisms to maintain market trading order and advises users to rely on information from official channels, view market fluctuations rationally, and pay attention to controlling trading risks.

CoinUp Responds to Market Rumors: Zhu Pan is Not the Platform Operator, CPX Price Fluctuations Mainly Due to Market Sell Pressure

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CoinUp Responds to Market Rumors: Zhu Pan is Not the Platform Operator, CPX Price Fluctuations Mainly Due to Market Sell Pressure

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