Michael Saylor: Bitcoin relies on capital, consensus, and cybersecurity to maintain the dynamic balance of its system.

According to data from Cloverpool, Bitcoin’s mining difficulty adjusted at block height 957,600 (at 04:09:11 Beijing Time today), dropping by 5% to 127.17 T. The current 7-day average network hash rate stands at 866.28 EH/s.

According to Coinglass data, as Bitcoin posts a slight dip and remains range-bound today, funding rates on major centralized (CEX) and decentralized exchanges (DEX) signal the market has returned to significant bearishness; specific funding rates are shown in the attached chart. BlockBeats Note: The funding rate is a mechanism set by cryptocurrency trading platforms to align perpetual contract prices with underlying asset prices. It is a fund exchange between long and short traders, with no fee charged by the platform. It adjusts the cost or return of holding contracts to keep contract prices close to underlying asset prices. A 0.01% funding rate is the benchmark. When the rate exceeds 0.01%, it indicates a generally bullish market; when it falls below 0.005%, it signals a generally bearish market.

CryptoQuant analyst Axel Adler noted in a post that Bitcoin’s short-term holder (STH) real stress model shows buying and selling pressure among current STHs is cooling slightly, with buying power still leading. Meanwhile, after 8 consecutive weeks of outflows, the ETF market recently recorded a net inflow of roughly $197.4 million—though this amount is insufficient to confirm a reversal in institutional demand trends, signaling market capital momentum remains weak. Next week will bring multiple key macroeconomic data releases and events, so whether institutional funds can return remains to be observed.

On-chain analyst Ai Yi ( @ai_9684xtpa ) has monitored that a trader purchased CASHCAT worth $1,190 at an average price of $0.00664 six days ago, and fully exited all positions by selling at an average price of $0.17585 eight hours ago, generating a total profit of $14,400.

According to DefiLlama data, the launchpad platform NOXA.Fun on Robinhood Chain generated protocol fees of $2.33 million yesterday, while Pump.fun’s protocol fees reached $575,500 the same day. NOXA.Fun serves as the launchpad for CASHCAT, with a cumulative total of 248,562 active user addresses.

According to survey data from The Wall Street Journal, the probability of a U.S. economic recession has dropped to 25%, down from 33% in April.