Last week, funds have flowed into #Bitcoin, #Ethereum, and #Hyperliquid.

Bitcoin has fallen below the lower range of the long-popular valuation model, the Bitcoin Rainbow Chart, marking only the second time in history it has dipped into the purple zone labeled "Bitcoin is Dead" in the original framework. Developed by Reddit user Azop in 2014, the Bitcoin Rainbow Chart uses logarithmic growth curves to track Bitcoin’s long-term price trends, with distinct color zones corresponding to different market sentiment phases. Some Bitcoin holders view the current plunge into this zone as a key buying opportunity, drawing parallels to Bitcoin’s 2022 drop to around $15,000, which later formed the cycle’s bottom. However, analysts are divided on this signal. Markus Levin, co-founder of XYO, said the price’s first break below a range that has held for over a decade signals a structural shift in the model. He does not believe this means Bitcoin is dead; instead, he argues the Rainbow Chart has become invalid. Emad Shahin, COO of Ethra, noted that the Rainbow Chart acts more as a sentiment indicator than a predictive tool. Mark Zalan, CEO of GoMining, added that the "Bitcoin is Dead" zone does not actually mean Bitcoin is defunct—historically, it typically reflects extreme panic and undervaluation, often followed by a recovery. As institutional investors, ETF flows, derivatives activity, and macro factors carry increasing weight in Bitcoin pricing, the validity of relying solely on historical valuation models is waning. Lee stated that Bitcoin’s current position at the Rainbow Chart’s lower levels points to weak market sentiment, but does not guarantee another sharp new low. If risk appetite deteriorates further, Bitcoin still cannot rule out a drop to the $50,000 range.

Crypto KOL Ansem posted, stating he believes Micron (MU)’s earnings report may beat expectations, driving its stock to a new high, which could mark the peak of the “storage rally” in the coming months. The Magnificent Seven tech giants have weakened sharply recently, pulling back from their highs, while the storage and semiconductor sectors had been propping up the market up to now. Ansem noted his earlier incorrect bullish call on SpaceX ahead of its first major share unlock, which he views as another sign of retail investor fatigue in the market. If SpaceX continues to trade below its $150 opening price, he will cut his related positions. On the macro front, Ansem said interest rate and inflation concerns are real, but he views Fed official Kevin Warsh’s cancellation of forward guidance as a move to let the Federal Reserve respond based on market activity rather than pre-emptively calming markets. If inflation shocks from the Strait of Hormuz prove temporary and the market weakens concurrently, the Fed may pivot, creating a window for market cooling from now until the next Fed meeting at the end of July. On crypto, Ansem noted the crypto market has underperformed over the past two years but is currently in a favorable position. If open-source AI and decentralized inference become popular narratives, Solana could be one of the best trades over the next 12 months. For Bitcoin, Ansem said concerns related to MicroStrategy (MSTR) are legitimate, and a paired trade of going long BTC and shorting MSTR looks attractive. Bitcoin is currently at a critical juncture, near its 2021 all-time high and 200-week moving average. If it holds above $60,000 and MSTR breaks below its support level, that would be a strong signal of a long-term bottom formation. Overall, Ansem believes the market may rise first today, then sell off in early Q3, and investors may have opportunities to buy BTC near $60,000 and SOL near $60, which he views as bear market lows.

According to CNBC, Tarek Mansour, CEO of prediction market platform Kalshi, confirmed the company is in the early stages of potential IPO planning, but will not go public in 2026. Mansour noted it is reasonable to start considering an IPO given Kalshi’s current financial standing and growth rate. He said: "A company with our financial position and growth trajectory will have these discussions. People will start asking the question. We’re basically thinking about this, but obviously don’t have answers yet." Earlier, The Information reported that Kalshi was in early discussions about a potential IPO, with a possible listing timeline of late 2027 or 2028. Mansour did not provide a more specific timeline on Wednesday, only stating that an IPO will not occur in 2026. Kalshi has grown rapidly over the past year. At the end of June 2025, the company was valued at $2 billion; in May this year, Kalshi announced the completion of its Series F financing round, lifting its valuation to $22 billion. Prediction market observers point out that one factor driving the valuation increase is market opportunities brought by institutional traders. While retail users have fueled Kalshi’s growth, the company has begun adjusting its messaging and product development direction to boost its appeal to Wall Street. Regarding potential insider trading issues in prediction markets, Mansour said Kalshi has taken measures to enhance market integrity, including strengthening efforts to identify traders’ employers and enforcing KYC verification requirements. Kalshi has filed cases against individuals to show its efforts to curb insider trading concerns are working. Building market integrity for prediction market platforms is "a difficult problem, but not an impossible one."

According to an official announcement, Bitget has launched two stock perpetual contracts—SONY (Sony Group) and MVLL (Marvell Technology 2x Long ETF)—to meet users’ diversified investment demands. Both contracts are settled in USDT, support up to 20x leverage, and offer 24/7 trading. For more details, please refer to Bitget’s official platform.

According to an official announcement, Binance has decided to withdraw its MiCA license application submitted in Greece and will seek authorization in another EU member state.

Computing power market infrastructure firm Ornn has closed a $33 million seed funding round, led by a16z Crypto, with participation from Galaxy Ventures, Nordstar, and SV Angel, while existing backers Vine Ventures, Crucible Capital, Link Ventures, and Box Group also contributed. Ornn stated that mature commodity markets first require reliable pricing data; price discovery enables subsequent risk transfer, which in turn supports more efficient capacity allocation. Its OCPI, a transaction-based computing power index, is designed to deliver a unified, credible price benchmark for the computing power market eligible for settlement. Partners including ICE can facilitate risk transfer by directly referencing OCPI-based futures and options contracts. Ornn also unveiled Ornn Compute, a physical capacity layer for the computing power market that aggregates dedicated GPU capacity from multiple neoclouds onto a single platform, offering unified onboarding processes, a secondary transfer market, and on-demand subletting features. Operators can access diversified demand from multiple tenants via an underwriting contract, while buyers can view the location, hardware configuration, and terms of their reserved clusters. The platform will turn dedicated GPU capacity into liquid assets and unlock previously idle capacity for utilization.