On Monday, U.S. stock indices opened, with the Nasdaq index up 0.7% during the trading session, and the S&P 500 index up 0.6%; gold rose by 0.3%, and Brent crude oil fell by 4.6%; Trump continued to criticize Fed Chairman Powell: 'If Powell can lower rates by one or two percentage points, this 'blockhead' could save the U.S. up to $1 trillion in expenses each year. I really don't understand why the Federal Reserve Board hasn't replaced this complete idiot!' Fed Vice Chair Bowman stated that if inflation remains controlled, he would support a rate cut as early as the July meeting.

Getting back to the topic:

Texas Governor Greg Abbott signed the (Bitcoin Reserve Act) SB 21, making it official law. Texas has become the third state to hold BTC reserves, creating a fund managed by the state government that will only invest in cryptocurrencies with an average market capitalization of at least $50 billion over the past 12 months and that are eligible for state budget allocations. Additionally, the bill establishes a strategic BTC Reserve Advisory Committee to provide guidance for fund management and requires a report on holdings every two years. Hong Kong legislator Wu Jiezhuang expressed that there is significant room for the development of stablecoins in Hong Kong, which will eventually combine innovative finance with the real economy, believing that there will be more value-added and entrepreneurial opportunities. However, regarding internet companies and financial institutions planning to issue stablecoins in Hong Kong, Wu welcomed it but reminded retail investors not to be greedy and to understand the risks clearly, maintaining a cautious attitude. Musk stated that he is optimistic about artificial intelligence but remains vigilant about potential dangers, emphasizing the importance of strictly adhering to the truth and having empathy for humanity.

Japanese listed company Metaplanet increased its holdings by 1,111 BTC, bringing its total holdings to 11,111 BTC. U.S. Cardone Capital added approximately 1,000 BTC to its balance sheet, expecting to increase its holdings by 3,000 BTC this year. The Seoul Economic Daily reported that South Korea's payment giant Kakao Pay will launch a KRW stablecoin business, having applied for 18 trademark rights with the Korean Patent Office on June 17, categorized under virtual asset financial services and other fields. QCP stated that the global market is in a wait-and-see state, with market participants digesting geopolitical news headlines and adjusting risk exposure before a potential rebound in volatility, indicating that BTC market positioning shows participants are waiting for clearer catalysts. The next headline news, macro shifts, or tail events could spark a resurgence of volatility. A Matrixport report indicated that BTC ETFs have seen cumulative inflows exceeding $45 billion, with stable demand from U.S. corporations and sustained interest from institutions. However, despite the strong inflows into ETFs, the market still faces hidden selling pressure risks, which could constitute a certain resistance to upward movements. In the short term, market structure adjustments may continue, with the key being whether it can break through the existing range and drive a new wave of U.S. dollar inflows.

BitMEX co-founder Arthur Hayes stated that the U.S. money printing machine is accelerating to fulfill its duties, and the current market weakness will pass. BTC will undoubtedly demonstrate its status as a safe-haven asset in the U.S. CoinShares weekly report shows that digital asset investment products saw an inflow of $1.24 billion last week, with BTC and ETH recording net inflows of $1.1 billion and $124 million, respectively, bringing the total inflow this year to $15.1 billion. According to Bitcoin Historian data, U.S. listed companies increased their holdings by a total of 12,400 BTC last week, while 3,150 BTC were mined, resulting in a definitive supply shortage of BTC. The issuance of TRC20 - Tether has increased to $80.6 billion in stablecoins, with nearly $21 billion added this year. Tether Treasury issued an additional $2 billion in stablecoins on Sunday. David Sacks, the White House cryptocurrency and AI director, stated that the passage of the (GENIUS Stablecoin Act) is a significant achievement for the crypto community. Central banks of three European countries—Switzerland, Sweden, and Norway—lowered rates by 25 basis points last week, announcing a return to a loosening cycle in response to economic pressures, choosing to stimulate the economy in advance. This small-scale loosening wave could be a precursor to a shift in U.S. monetary policy in the second half of the year, especially under the backdrop of slowing inflation, which is expected to support the performance of risk assets.

Attention should be paid to the expiration of Trump's tariff buffer period on July 9. If tariffs are reintroduced, it could become a new source of pressure in the market. In the U.S.-EU trade negotiations, the U.S. demands unilateral concessions from the EU, which are seen as unbalanced by EU members. If the terms of a potential agreement do not improve, the EU will face a difficult decision on whether to take countermeasures. Trump criticized Federal Reserve Chairman Powell: 'The best contribution Powell can make for the U.S. right now is to decisively lower interest rates. If he can lower rates by one or two percentage points, this 'blockhead' could save the U.S. up to $1 trillion in expenses each year. I really don't understand why the Federal Reserve Board hasn't replaced this complete idiot! Maybe I need to change my mind on whether to fire Powell, but there's no rush; his term is ending soon!' FHFA Director Mark Calabria stated, 'Mr. Powell is out of touch with those hardworking Americans.' Bowman, appointed by Trump as the Fed's vice chair for supervision, stated that if inflation remains controlled, he would support a rate cut as early as the July meeting, and the timing for a rate cut may be approaching rapidly. Waller, a Fed governor who is also open to a rate cut, mentioned considering a rate cut at the July meeting. Waller is generally viewed as a strong contender to succeed Powell when his term ends. Fed's Goolsbee: 'If the impact of tariffs disappears, we should continue to lower rates.'

Last weekend, the U.S. launched a conflict against Iran, and Trump said, 'I hope this strike can lead to new diplomatic efforts, and there are no further plans at this time.' Analysts believe that Israel is pulling the U.S. into deeper waters, and Trump is unwilling to wade into the deep end. The cryptocurrency market saw declines across the board over the weekend. The current headline news is Iran's retaliation against the U.S., leading to market volatility. On Tuesday, U.S. stock indices opened, with the Nasdaq index up 0.7% during the trading session, and the S&P 500 index up 0.6%; gold increased by 0.3%, and Brent crude oil fell by 4.6%; the stablecoin issuer Circle, listed in the U.S., saw a more than 20% increase during the session, reaching a market capitalization of $65 billion; BTC rebounded by 2.8%, and ETH rebounded by 4.3%. On Tuesday and Wednesday, Fed Chairman Powell testified on monetary policy reports in the House and Senate. The 90-day buffer period for Trump's tariffs may expire on July 9, with the Fed's interest rate meeting on July 30. Currently, at least Fed Vice Chair Bowman and Governor Waller support a rate cut at the July meeting; Fed's Goolsbee stated: 'If the impact of tariffs disappears, we should continue to lower rates.' In August, Trump requested Congress to pass the (GENIUS Stablecoin Act) in August. The market is struggling, and geopolitical conflict news is frequent, posing short-term bearish pressures. There are signs of a potential rate cut by the Fed in July, with the BTC spot ETF having previously broken the support of $100,000. If the spot ETF continues to dominate the market, it is expected that a new round of rate cuts will promote a new wave of market activity. It's been a long wait, and we hope for a glimmer of the rate cut wave.