US June PCE posts its first month-over-month decline in four years, intensifying market divergence over the Federal Reserve’s future policy path.

According to Hyperinsight monitoring, during SKHX’s sharp rebound today, a whale address starting with 0x890 was liquidated of short positions at 08:02, marking the largest single liquidation event on the entire network to date. Data shows that 4,892.6 SKHX short positions were forcibly closed in a short period, with execution prices ranging from $1,126 to $1,140 and a liquidation price of approximately $1,133.6. The total liquidation size reached $5.547 million, with position losses of around $866,000. At the time of liquidation, SKHX’s mark price had already risen to $1,146.5. The price continued to climb afterward; as of press time, SKHX trades at $1,152.5, up 23.4% intraday, with a 24-hour trading volume of roughly $1.558 billion and open interest of about $451 million. However, the whale did not exit the market post-liquidation. Just 17 seconds after its original short positions were cleared, it reopened a short position on SKHX. Currently, this address holds 770 SKHX short positions with 10x isolated margin, worth approximately $887,000, at an average entry price of $1,147.8, with an unrealized loss of around $3,337 and a liquidation price of $1,249.99. Compared to the liquidated short positions, the new position is smaller in size but retains the same trading direction.

At Binance's offline private sharing event, renowned economist Hong Hao stated that the large-scale correction window previously forecast by his team has opened, and is expected to last until around the end of August. A short-term double-digit rebound is possible, but the market remains in a deleveraging phase, so investors should exercise more patience. Hong Hao pointed out that South Korea's KOSPI index has now fallen significantly from its peak, and the market is entering a phase where "bulls deploy on dips while bears exit via stop-losses". Given that the index's weight is highly concentrated in a small number of tech giants, their fundamental performance will remain the key factor in judging whether the market has truly bottomed out. When asked whether investors should immediately allocate to tech stocks, Hong Hao said that market bottom signals are expected to become clearer over the next two to three weeks, so exercising patience is more important before that. He warned that a typical asset bubble burst often involves a correction of two-thirds or even more. While the market has already fallen by around 50% so far, further downside cannot be ruled out. Hong Hao also noted that besides price trends, factors such as South Korea's regulatory policies, deleveraging process, and overseas leveraged ETFs' impact on the market need to be monitored. He added that if this round of correction is completed quickly, it will also provide more attractive entry opportunities for investors who are bullish on related assets in the long term.

At a Binance offline private sharing event, renowned economist Hong Hao shared his latest views on Bitcoin’s long-term value and market cycles. Hong Hao stated that Bitcoin’s long-term logic is very clear: its fixed supply cap of 21 million coins determines its scarcity, forming a value foundation distinct from the traditional fiat currency system. When discussing the relationship between Bitcoin and gold, Hong Hao noted that both possess scarcity and long-term value storage attributes, though their sources of credit differ. Gold has thousands of years of human credit accumulation, while Bitcoin, backed by a decentralized network and fixed supply mechanism, is forging a new credit system. In the long term, gold’s target is $10,000, while Bitcoin’s target is $1 million. Regarding Bitcoin cycles, a key focus of the market, Hong Hao pointed out that limited supply makes this type of asset inherently cyclical. He believes that, per calculations from his team’s cycle model, an important time window for a new cycle may arrive during the transition between the third and fourth quarters of this year. However, he also reminded investors that, despite the approaching time window, they should remain patient and wait for further resolution of market uncertainties.

CXMT is now in its 5th trading day and has climbed above $8. For now, this battle between the bulls and bears has gone to the bulls. Whale 0xf292 is short 2.9M $CXMT ($23.54M) and is now down $4.67M, while paying $1.42M in funding fees. Whale 0x9a80 is long 1.63M $CXMT ($13.27M) and is now up $2.46M, while earning $823K in funding fees.

According to Lookonchain monitoring, CXMT has entered its fifth trading day since listing, with its price breaking through $8. Long positions currently hold the upper hand in the ongoing long-short game. On-chain data shows whale address 0xf292 is currently shorting 2.9 million CXMT, worth roughly $23.54 million, with an unrealized loss of around $4.67 million, and has paid approximately $1.42 million in funding fees. Another whale address, 0x9a80, holds a long position of 1.63 million CXMT valued at about $13.27 million, with an unrealized profit of roughly $2.46 million, and has earned around $823,000 from funding fees.

The Bank of Japan (BOJ) continued to warn that core inflation could exceed its 2% target, and pledged to keep raising borrowing costs in line with economic and price trends. The central bank also revised its assessment of the balance of risks to economic growth, stating that risks are now balanced rather than skewed to the downside. This signals that the drag from the Middle East conflict is less severe than officials initially feared, as surging global demand for artificial intelligence has acted as a buffer to soften the blow. Overall, the BOJ’s remarks indicate that the yen’s persistent weakness could exacerbate inflationary pressures, fueling expectations of another interest rate adjustment. Investors are increasingly pricing in bets that the BOJ will raise rates before October, and Governor Kazuo Ueda is likely to provide clues supporting this view at a press conference this afternoon.