Mu Changchun: The cumulative transaction volume of multilateral central bank digital currency bridges is nearly 500 billion yuan

CryptoQuant CEO Ki Young Ju stated on the X platform that it is uncertain whether Bitcoin is at the bottom of the cycle. From a traditional cycle perspective, Bitcoin seems far from reaching the bottom, as every major cycle has touched the realized price. If it had not touched this time, perhaps it would have been different.

On June 25, 2026, the US Treasury repurchased US $2 billion of treasury bond due 2046-2056, with a total operating quotation of US $21.3 billion.

Analyst Alicharts pointed out that the apparent demand for Bitcoin has been negative for 208 consecutive days, recently dropping to -273000 BTC, and the accumulation phase has been stagnant for 7 months.

The personal consumption expenditure price index (PCE) in the United States rose 0.4% month on month, lower than the 0.5% expected by economists. Deutsche Bank analysts said that this data suppressed the narrative of the Federal Reserve raising interest rates, and the market lowered its bets on the Fed raising interest rates, causing the US dollar to slightly decline.

Strategy’s paper loss exceeds the market caps of hundreds of tokens, highlighting the extreme concentration of risk in the crypto market right now.