US crypto concept stocks saw broad pre-market declines, with MSTR down 3.62%

Preliminary vessel tracking data from Kpler and Vortexa shows that shortly after exiting OPEC, the United Arab Emirates (UAE) lifted its crude oil and condensate exports to an all-time high in June. Rauball, a senior oil analyst at Kpler, noted that the UAE’s average daily exports of the two commodities hit a record 3.7 million barrels in June, far outpacing the pre-Middle East conflict level of 3.1 million to 3.3 million barrels per day. The UAE’s previous export peak came in April 2020, when volumes reached 3.44 million barrels per day amid a brief oil price war between Saudi Arabia and Russia. Emma Li, senior oil analyst at Vortexa, added that between June 1 and 29, Abu Dhabi’s crude oil loading volumes hit 4 million barrels per day, exceeding the pre-war level of 3.4 million barrels per day. Exports also rose to a record high of 3.7 million barrels per day, compared to 3.3 million barrels per day in the first two months of this year.

After Strategy unveiled its new capital management framework, it drew mixed reactions from the market. Benchmark Equity Research reaffirmed its "Buy" rating on Strategy’s Class A common stock (MSTR) and maintained a 12-month price target of $570, noting the new framework will enhance the company’s capital management flexibility. Under the new framework, Strategy is authorized to sell up to $1.25 billion worth of Bitcoin to raise funds when needed, no longer relying solely on equity or bond issuances for financing. At current prices, this equals roughly 21,000 BTC, accounting for about 2.5% of the company’s approximately 847,000 BTC holdings. Strategy previously sold 32 BTC in May 2026 and 704 BTC in 2022 for tax purposes, later repurchasing a similar amount. Benchmark views this move as shifting Strategy from a one-way Bitcoin accumulation model to actively managing both sides of its balance sheet, which helps ease prior market concerns about its capital structure. However, some market participants hold a cautious stance. Arca Chief Investment Officer Jeff Dorman stated that Strategy may need to sell roughly $2 billion to $3 billion worth of Bitcoin to eliminate the market’s long-standing sell-off pressure expectations. Ripple CEO Brad Garlinghouse criticized that over-reliance on financial engineering cannot create long-term value, adding that such strategies have had a negative impact on the broader market.

Spot gold continues its downward trend, falling below $3,950 per ounce during intraday trading today, with a 1.75% drop, hitting its lowest level since November 2025, and down roughly 29% from the all-time high set in January this year. Affected by the decline in international gold prices, multiple domestic brands have cut their pure gold jewelry prices by 25 to 30 yuan per gram in a single day. Specifically, Chow Tai Fook’s pure gold quote dropped to 1,208 yuan per gram, Lao Feng Xiang to 1,206 yuan per gram, Chow Sang Sang to 1,213 yuan per gram, and Laomiao Gold to 1,212 yuan per gram. As gold continues its correction, several international investment banks have recently lowered their gold price targets. Goldman Sachs cut its end-2026 gold price target from $5,400 to $4,900, and said it will maintain a "tactically cautious" stance, citing factors including the delay of Fed rate cut expectations to 2027 and hawkish signals from the first policy meeting of new Fed Chair Kevin Warsh. Institutions including Deutsche Bank, Citigroup, Morgan Stanley, and ANZ have also recently successively lowered their gold price forecasts. However, some institutions still hold a positive outlook on gold’s long-term trend. Goldman Sachs stated that the gold bull market is not over yet, as the continued reserve diversification by emerging market central banks will still support long-term demand; JPMorgan Chase maintained its forecast that gold could rise to $6,000 by the end of 2026, arguing that the current correction is more of a periodic price reset rather than the end of the long-term bull market.

Pyth Network announced that Nasdaq has joined the Pyth Data Marketplace as a data publisher, and will first distribute Nasdaq TotalView full order book (Depth-of-Book) as well as opening and closing auction order imbalance data via Pyth. This marks the first time Nasdaq market data has been distributed via an on-chain network. Pyth stated that as market data consumption gradually shifts from traditional terminals to software applications including trading systems, fintech platforms, prediction markets, and digital asset trading platforms, the Pyth Data Marketplace offers data providers a unified distribution channel for both on-chain and off-chain applications, expanding their reach while preserving data ownership and control. Nasdaq TotalView is Nasdaq’s core market data product for professional traders, providing a full order book, order information at each price tier, participant affiliation data, and order imbalance data during opening and closing call auctions. Other current data publishers on the Pyth Data Marketplace include the U.S. Department of Commerce, Kalshi, Euronext, Exchange Data International, OTC Markets, SGX FX, and Tradeweb, among others.

Research firm Ned Davis Research noted that two historically rare market divergence signals have emerged simultaneously in the U.S. stock market recently: the Philadelphia Semiconductor Index (SOX) has continued to hit new highs, while the "Magnificent Seven" tech giants have lagged significantly; and the Dow Jones Industrial Average and Nasdaq Composite Index have shown notable trend divergence. Historical data indicates such situations often occur near key market inflection points. As of mid-June, on a 26-week rolling basis, the SOX has outperformed the Bloomberg Magnificent Seven Index by over 100 percentage points, with their correlation dropping to its lowest level since the end of 2021. Ned Davis Research pointed out that a similar divergence occurred in 2021, after which the Magnificent Seven and semiconductor sectors peaked successively, and the U.S. stock market entered a bear market in 2022. Meanwhile, in the seven trading days leading up to June 25, the Dow rose 0.5% while the Nasdaq fell 5%, marking a 5.5 percentage point gap in their rolling performance. Since the Nasdaq’s launch in 1971, such a large divergence has only appeared in roughly 1% of trading days. Historical statistics show that after similar divergences, the probability of the market being in a bear market over the next three months is around 66.9%, significantly higher than the historical average of 24.8%. However, the firm stressed that the above statistical patterns do not mean a bear market is inevitable. The current market rally lacks broad participation, and divergence across sectors continues to widen. Investors should closely monitor whether the aforementioned divergences intensify further and take timely risk management measures.

Swan Bitcoin CEO Cory Klippsten stated that Bitcoin Long-Term Holder (LTH) holdings have hit an all-time high. This metric has historically coincided with market cycle bottoms, suggesting Bitcoin could bottom earlier in this cycle compared to previous ones. Per Glassnode data, long-term holders hold approximately 14.7 million Bitcoins, an all-time peak, indicating veteran investors retain strong confidence in holding the asset. Klippsten believes this trend signals the market bottom may arrive sooner. However, not all share this view. Jiang Zhuoer, founder of Lebit Mining Pool, previously noted Bitcoin may bottom between October and December 2026. He explained that Strategy (formerly MicroStrategy)’s mNAV (market value relative to Bitcoin reserves net asset value) typically bottoms roughly six months ahead of Bitcoin; currently, the metric stands at 0.72, near the 2022 bear market low of 0.7, leading him to project this cycle’s Bitcoin bottom will land in the $42,000 to $44,000 range. Separately, Zach Pandl, head of research at Grayscale, warned that if the U.S. CLARITY Act fails to pass this year, Bitcoin reserve firms like Strategy may continue deleveraging, adding further downward pressure to Bitcoin prices. Galaxy Digital has also lowered the probability of the bill being enacted by 2026 to 50%, citing a limited time window for the U.S. Senate to advance related legislation before its August recess.