Point of View: The Federal Reserve Has Over-Eased, with a 65% Chance of Stagflation in the United States

According to Bitget market data, SK Hynix declined 4% and Samsung Electronics fell over 3%. Additionally, some US-listed storage stocks edged lower in after-hours trading: Micron Technology (MU.O) dropped nearly 4%, Western Digital (WDC.O) and Marvell Technology (MRVL.O) fell 2%, and Qualcomm (QCOM.O) decreased 1%.

According to EmberCN’s monitoring, Ethereum treasury firm Sharplink received 5,000 ETH (worth approximately $7.85 million) from FalconX today, marking its first ETH purchase in about eight months. As of press time, Sharplink holds a total of 876,000 ETH, with a current market value of around $1.37 billion, an average cost basis of $3,609 per ETH, and an unrealized loss of roughly $1.789 billion at current prices, translating to a 56% loss. The timing of this move is particularly notable: just three days ago (June 23), Sharplink co-founded non-profit organization Ethlabs alongside Bitmine and Ethereum co-founder Joseph Lubin, a new entity positioned to take over some functions of the Ethereum Foundation. Sharplink subsequently resumed ETH purchases on June 26, sparking widespread market speculation that the move is intended to provide endorsement and support for Ethlabs.

CICC Research: Gold’s Pullback Since March Not End of Bull Market, Turnaround Imminent Since March, gold prices have continued to correct, with international gold once dropping below $4,000 per ounce, a decline of over 25% from the early-March high of $5,321 per ounce. This is mainly driven by two factors: First, the US-Iran conflict pushed up oil prices and inflation, stoking market concerns about persistent US inflation and forming expectations of monetary tightening. Second, Christopher Waller’s debut at the June FOMC meeting was interpreted as hawkish, amplifying monetary tightening fears: Waller emphasized inflation discipline, the Fed’s dot plot revised up inflation expectations, and half of the 18 voting members supported at least one rate hike this year. Current market narrative holds that the Fed’s policy priority is “controlling inflation”, with futures markets pricing in one rate hike each in 2026 and 2027 to restore the dollar’s credibility, and a stronger dollar weighing on gold. However, CICC argues that linear extrapolation of these two logics is inappropriate: US inflation may have already peaked and could enter a downward channel in the second half of the year. Waller’s debut does not mean the Fed has fully shifted to tightening; his remarks may be aimed at reserving room for future policy easing. Therefore, this round of gold pullback is not the end of the bull market, and a turnaround may be near. CICC remains optimistic about gold’s outlook, advising investors to maintain positions, buy on dips, and wait for the turnaround. (Source: Jin10)

According to Bitget market data, Japanese and South Korean stock markets extended their opening declines. The Nikkei 225 index plunged 3.00% intraday to 70102.76 points, while South Korea’s KOSPI index also dropped sharply by 3.00% intraday, standing at 8661.89 points.

Coinbase-backed Ethereum Layer 2 network Base has resumed block production and transaction processing after an approximately two-hour outage early this morning. The Base team stated that the network is now back to normal operation, with internal node synchronization functioning properly, though the root cause of the outage remains under investigation. The team also advised ecosystem node operators to restart their Base nodes to restore synchronization. The outage was first detected at 00:03 this morning, when Base flagged the mainnet’s block status as “unhealthy”; at 00:52, the team confirmed the issue had been identified and deployed multiple repair measures. The incident caused a temporary halt in transaction processing on this major Ethereum Layer 2 network. As of press time, Base has not disclosed the specific cause of the abnormal block production, nor has it clarified whether the incident stemmed from a software vulnerability or consensus mechanism-related issues. Notably, Base previously experienced a network outage in August 2025.

Strategy’s perpetual preferred stock STRC (Stretch) has seen its 90-day correlation coefficient with Bitcoin rise to nearly 0.70, a record high since its launch in July 2025, indicating its price movement is increasingly closely tracking Bitcoin’s fluctuations and eroding its appeal as a relatively stable income-generating product. Data shows STRC has dropped 23% this month to $76, while Bitcoin fell nearly 20% over the same period, breaking below $60,000. STRC has a par value of $100 and adopts a floating dividend mechanism, with its current annualized dividend yield standing at 11.5%. The company originally aimed to maintain its share price close to par to continuously raise funds through additional issuances to buy more Bitcoin. However, since STRC is currently trading at a significant discount to par, Strategy’s ability to raise funds through new issuances for Bitcoin purchases is limited. Meanwhile, the company has recently sold a small portion of its Bitcoin to pay dividends, a stark contrast to its long-held "never sell Bitcoin" strategy. Market views are divided: some investors believe STRC’s current discount offers an investment opportunity combining high yields and potential capital appreciation; others worry that if the downturn persists, it may weaken Strategy’s financing capacity and impact its model of continuously increasing Bitcoin holdings via capital markets.