News

Jinse Finance reported that according to Alpha's latest report, Bitcoin has entered a deeper adjustment phase, with the recent decline mainly influenced by record outflows from spot ETFs, the deleveraging of derivatives, and continued pressure from a high-interest macro environment. Currently, the yield on the 10-year US Treasury remains above 4.45%, and market expectations for a Federal Reserve interest rate cut have further diminished. On-chain and capital flow data indicate the market is now closer to a “distribution phase” rather than “panic selling.” The cumulative volume delta (CVD) for spot trading has shifted from strong accumulation between April and May to a significant negative, indicating that recent buyers continue to exit the market. The cost basis for short-term holders has fallen below the True Market Mean of $77,800, meaning a large number of new investors are in an unrealized loss position, adding strong selling pressure for any subsequent rebound. As the price gradually approaches the overall realized cost basis of around $53,900, the market’s tendency to reduce positions during rebounds becomes increasingly evident.

The Iranian armed forces announced the cessation of military actions against Israel, causing international oil prices to drop sharply. WTI crude oil fell 2% in the short term and is now up 1.7% at 92.07.

Germany’s two-year government bond yield reversed its early morning gains and is now down by 1 basis point to 2.68%, after Iran’s armed forces announced the end of their military action against Israel.