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【Crypto World】Market trends are changing. Once-glamorous meme coins are starting to lose their shine, and investors are gradually shifting their focus to projects that are truly useful.
Shiba Inu (SHIB) is now standing here — with a market cap of $5.25 billion and a price close to $0.000009. What's the problem? The supply is too large, making this coin like a heavy stone weighing people down. Want to see significant gains? The difficulty level is rising sharply.
Looking at Dogecoin (DOGE), the market cap has already reached around $25 billion, with a trading price of about $0.15. Sounds pretty good, but the $0.20 barrier is like a solid wall. To break through it? Massive capital injection is needed. The actual profit margin is being squeezed smaller and smaller.
But there's a different voice here. Mutuum Finance (MUTM) caught attention during its pre-sale phase with 196

Recently, the Solana ecosystem token BLACKWHALE has attracted attention, with a 408.5% increase in 24 hours and a 258.5% rise over the past week. However, market analysis indicates that its risk is relatively high, and the price surge is mainly driven by speculative sentiment. Investment should be approached with caution.

A whale recently shifted to a bullish position, establishing over $310 million in long positions, holding 1,210 BTC, 32,474 ETH, and others. The current profit exceeds $9.4 million, reflecting its bullish outlook on the market.

The well-known institution Metalpha recently withdrew 6,000 ETH from Kraken, amounting to approximately $18.67 million. This frequent withdrawal activity may indicate that large investors are adjusting their positions or preparing for subsequent operations, reflecting a change in institutional attitude towards the market.

【区块律动】韩国财政部日前宣布，该国计划正式推出数字资产现货ETF产品。这一举措标志着韩国在加密资产合规化道路上又向前迈进了一步。作为亚洲主要的金融市场之一，韩国的这项政策动向备受关注。数字资产现货ETF的推出，将为传统投资者提供更便捷的数字资产敞口，同时也体现了监管层对加密市场逐步规范和认可的态度。业内人士普遍认为，这类合规金融产品的出现有助于推动数字资产的主流化进程。

The Meme coin WhiteWhale on the Solana chain has recently performed well. After a trader invested $4,126, they have made a profit of $418,800, with a market cap of $110.7 million, and a 24-hour increase of 6.32%. Despite the high returns attracting many traders, risks still exist, so cautious decision-making is necessary.

【Blockchain Rhythm】An interesting on-chain movement worth paying attention to. A major wallet recently transferred 378.11 WBTC to a leading exchange, with a total value of approximately $34.3 million. This operation appears to be a stop-loss liquidation. Looking back at history, this holder built their position in mid-October last year at an average cost of $110,504. Three months have passed in the blink of an eye. If they sell at the current price, the unrealized loss would be around $7.48 million. Large transfers to exchanges like this often indicate upcoming price movements, and many traders are closely monitoring similar whale activities.

There are two factions within the Bitcoin community. One focuses on the risks of financial instruments, while the other hopes to achieve an approximately 11% annualized return through specific products without selling Bitcoin. This approach allows holders to maintain their capital exposure while effectively managing assets and generating stable cash flow.

The role of Bitcoin miners remains important even after block rewards disappear, as miners will rely on transaction fees to maintain network security. Miners prioritize transactions based on fees, increasing the value of scarce block space. In the future, network security will depend on this economic incentive mechanism.

Morgan Stanley plans to launch a digital wallet product in the second half of the year, supporting tokenized asset trading. This marks traditional financial giants beginning to enter the Web3 ecosystem and demonstrates the market's genuine demand for tokenization services. Future developments are worth watching.

【ChainWen】Monitoring data from a leading on-chain data platform shows that a well-known crypto trading strategy account completed a large-scale liquidation operation within the past 20 minutes. This liquidation involved short positions in multiple cryptocurrencies including BTC, ETH, SOL, XRP, kBONK, SUI, FARTCOIN, and others, with perpetual contract holdings completely cleared.
The data is quite shocking—this account has achieved a single-day profit of approximately $7.17 million, and over the past month, it has accumulated around $10.01 million in profits. Considering the total assets of the account exceed $31.78 million, it indicates a very high capital utilization efficiency.
Let's review the operational history of this account. Since establishing the position in December last year, they have been consistently shorting mainstream coins, especially BTC and ETH. At the peak, the BTC short position expanded to over $120 million, making it the largest on-chain BTC short position.
Ironic

The recent market performance has been strong, and SOL is expected to continue rising, with a target possibly reaching $160 or even breaking through $200. The market has not yet formed a widespread bullish consensus, making it a good opportunity for investment. The key is to hold the $90,000 support level for BTC to maintain the market's upward potential.

【BlockBeats】The U.S. Supreme Court is about to rule on whether the global tariffs imposed by the Trump administration under the International Emergency Economic Powers Act are justified. If this order is overturned, importers may have the opportunity to recover a substantial refund—up to $150 billion in paid tariffs. At first glance, this sounds like good news, but the reality is far from simple.
The crux of the issue is: even if the court rules against the tariffs, the business community generally does not believe the government will simply refund the money. Although U.S. Customs has indicated plans to build an electronic refund system, the process details remain a mystery, and the level of automation is an unknown. This uncertainty is enough to make any business nervous.
Smart major players have already taken action. Large importers like Costco have initiated proactive lawsuits to secure multiple layers of protection in advance. But the plight of small and medium-sized enterprises is much more painful—some have even sold their refund rights for just a few cents per dollar.

Japan's cryptocurrency platform Coincheck announces the acquisition of approximately 97% of Canadian 3iQ, with a transaction valuation of $112 million. This merger will enhance Coincheck's asset management capabilities and improve its competitiveness in the multi-chain asset sector.