May 12, 2026: RWA's total tokenized market capitalization reaches $50 billion, with US Treasury bonds accounting for 57%; decentralized lending protocol Aave V4 launches; institutional funds enter the market.

Euro stablecoins: MiCA drives the market share of euro stablecoins to 22%; Global debt: RWA tokenization becomes a new tool for resolving debt liquidity crises.

July: The crypto market's Fear & Greed Index rose to 68, entering the greed zone. Institutional funds saw a net inflow of over $2.2 billion into the crypto market in a single week. Retail investor participation rebounded, and exchanges saw a 30% increase in new users.

The integration of AI and blockchain faces challenges in practical application, with more concepts than real-world applications. Quantum computing is progressing faster than expected, threatening the obsolescence of traditional encryption algorithms. MPC technology is costly, has low wallet adoption rates, and offers a poor security experience.

The regulators also required licensed platforms to deposit risk reserve funds for user asset compensation, which significantly reduced the number of trading platforms available to local retail investors, while demand for cross-border over-the-counter trading increased slightly.

In early June, US-listed crypto giant Strategy released its financial report, revealing that it had sold its Bitcoin holdings for the first time since its large-scale accumulation strategy, realizing approximately $2.5 million in Bitcoin assets. The company had previously been a benchmark for bullish investors due to its extreme accumulation strategy; this slight reduction in holdings was interpreted by the market as a sign of weakening institutional long-term conviction. Following the news, Bitcoin prices fell sharply in the short term, triggering stop-loss liquidations in numerous long positions in the derivatives market.

In the second quarter, numerous fraudulent DeFi projects used short videos and social media marketing to lure retail investors with promises of extremely high annualized returns. After users deposited their crypto assets, the project teams absconded with the funds. Over 130 similar fraudulent projects were exposed domestically and internationally throughout the month, involving a total amount exceeding US$53 million. Anti-fraud agencies in various countries intensified their crackdown on cryptocurrency trading through social media, removed high-yield DeFi promotional content from social media platforms, and disseminated information about the high risks of crypto investments. Retail investors' willingness to participate in unknown new projects significantly decreased.

Just as Bitcoin fell to a near two-year low and market sentiment remained depressed, Michael Saylor, chairman of Strategy, a major Bitcoin investor, published an article attempting to offer another perspective on the crisis of confidence in the cryptocurrency market. He urged that for the Bitcoin ecosystem to achieve long-term stability, it should not blindly embrace a single ideology, but must strike a balance among various drastically different visions of the future.

Over the past six months, the cryptocurrency market has suffered setbacks due to the LUNA crash and rising interest rates, with several companies facing bankruptcy risks. In response, crypto billionaire and co-founder of digital asset exchange FTX, Sam Bankman-Fried (SBF), warned that "a wave of cryptocurrency exchange closures is likely in the short term."

This week, several large companies have filed for bankruptcy, including well-known firms and funds such as Celsius, Three Arrows Capital, and BlockFi, all of which have entered operational crises and are seeking external financial assistance. However, these are only the "large companies" that we see in the news. There are many more small and medium-sized crypto companies that we don't see. The latter can only choose to sell digital assets and convert them into fiat currency to maintain operations. It is difficult for them to obtain bailout financing from FTX like BlockFi. Crypto companies selling assets to survive is an ongoing process and continues to put pressure on the crypto market.

The Reserve Bank of Australia raised its benchmark interest rate by 50 basis points to 1.35%. With the Federal Reserve continuing to raise interest rates, it is inevitable that central banks around the world will follow suit and raise interest rates in tandem. The tightening of the macroeconomy has led to poor performance of various risk assets. However, historically, such tightening usually does not last long. Therefore, after the tightening is fully anticipated in the second half of the year, the market will gradually recover. This is the best time to accumulate positions.

The chairman of the Russian Duma's Financial Markets Committee stated that if a crypto market were to be established within the framework of the central bank, he suggested it would be a sub-market of the Moscow Stock Exchange, which would be better than any other approach. If Russia were to do this, it would serve as a domestic crypto experiment, allowing cryptocurrency trading like stocks, preventing the currency from circulating on the blockchain and thus mitigating foreign exchange outflows. However, it ultimately depends on whether Russia's move is purely speculative or similar to a Bitcoin spot ETF, backed by actual Bitcoin assets. If it's the latter, it would be a significant boost to the market.

Over the past few years, stablecoins have become one of the hottest trends in the cryptocurrency space, currently boasting a market capitalization of approximately $150 billion. Stablecoins offer a fast, efficient, borderless, and stable way to transfer value on the blockchain. In addition to the aforementioned advantages, decentralized stablecoins can also increase transparency and censorship resistance, which are crucial components of Web3. As crypto assets further integrate with non-crypto native users, stablecoin adoption will continue to increase. Recognizing this trend, the lending protocol Aave plans to launch its native decentralized stablecoin, GHO, which will be backed by various collateral.

Bitcoin's on-chain activity is in bear market territory, with recent network utilization suggesting that almost all market participants have been shaken out. Demand for block space is low, and network user growth is lackluster. However, beneath the surface, the market is experiencing some very intriguing divergences. Despite being the worst performing month in history so far this year, and now the worst price performance since 2011, a strong hoarding mentality persists.

While ApeCoin is currently declining like other cryptocurrencies in the space, it surged nearly 75% between June 18th and June 28th, successfully defying the current bear market trend. In this article, we'll explore the key reasons behind APE's bull run. But before we begin, let's quickly recap BAYC.🌟🌟🌟

Understanding the motivations for buying cryptocurrencies or NFTs is key to long-term success. If you can't explain your reasons to yourself or a friend, you probably don't understand these assets at all. "Buying the dip" is a buzzword, not an investment strategy. Success requires a lot of work and knowledge to acquire assets at low prices. You also need patience and to know when to cut your losses. The best way to make money is not to spend it all.

A strong Puell Multiple index indicates that mining profitability is above the annual average, meaning miners are cashing out their Bitcoin to maximize revenue. Therefore, a high Puell Multiple typically occurs at price peaks; conversely, a low Puell Multiple indicates that miners are currently less profitable than the annual average. This also means that miners with revenue below cost will face the risk of closure, ceding market share to more competitive miners. The elimination of these miners reduces selling pressure on Bitcoin.