Strategy’s unrealized losses on its Bitcoin holdings have widened to $12.6 billion.

According to a report by the Financial Times, driven by intensified sell-offs in tech stocks, Bitcoin has plunged to a 20-month low as market risk sentiment continues to weaken. Bitcoin briefly fell below $60,000, with an intraday drop of up to 5.4%, hitting its lowest level since October 2024. Over the past two years, traders have viewed $60,000 as a key support level. This sell-off follows widespread selling of large-cap tech stocks this week. Traders are betting the U.S. central bank will raise interest rates to tackle inflation; higher rates are likely to suppress risk appetite, prompting investors to re-evaluate overvalued assets and shift toward relatively safe assets. In recent years, crypto assets have been highly correlated with stock market moves, but this relationship is now under strain. Bitcoin and Solana have fallen 32% and 47% respectively this year, with no significant recovery even amid stock market rebounds. Part of the reason is declining retail investor demand for crypto, as they turn to chasing volatility in AI-related stocks. Gerry O’Shea, Head of Global Market Insights at crypto asset management firm Hashdex, noted that with large IPOs and AI stocks dominating the market, sentiment remains weak. Analysts currently do not see major catalysts for the crypto market. U.S. capital markets are still digesting SpaceX’s world’s largest IPO, which listed on Nasdaq earlier this month, with AI firms like OpenAI and Anthropic expected to follow. Meanwhile, the U.S. digital asset regulatory bill Clarity Act remains stalled in the Senate. The bill faces strong opposition from the banking sector and has not yet secured enough bipartisan support.

According to Hyperinsight monitoring, a "sell on highs" whale has shorted all AI sector assets, with its main positions concentrated in short contracts for Micron Technology (MU), SK Hynix, and the DRAM index. After Micron’s earnings report triggered a sharp rally in the memory sector, the three short positions saw significant unrealized losses: MU (4x leverage): $7.26 million in size, average price $871, unrealized loss of $2 million; SK Hynix (SKHX, 4x leverage): $15.3 million in size, average price $1,461, unrealized loss of $3.13 million; DRAM (4x leverage): $4.37 million in size, average price $63.4, unrealized loss of $790,000. Total unrealized loss for the three positions is approximately $5.92 million. Currently, MU, SKHX, and DRAM are up 11.5%, 10.6%, and 9.6% on the day respectively. Whales holding these three on-chain assets still maintain a bearish stance, with nominal short/long ratios of 1.5, 1.4, and 1.75 respectively. The average entry costs of large holders are as follows: MU: Long whales’ average price is ~$1,066, short whales’ average is ~$894, current price is $1,220; SKHX: The average prices of long and short whales are almost identical, around $1,638, both below the current price of $1,876; DRAM: Long whales’ average price is ~$68.5, short whales’ average is ~$72.1, current price is ~$78.3. Address: 0x4c78a97cef589b01bb91dbf893fffa14243d2444

Micron CEO Sanjay Mehrotra stated during an earnings call held early this morning that, “In the robotics sector, ongoing advances in simulation, foundation models, and integrated software-hardware technology stacks are accelerating the development of Physical AI. This is creating a growing and substantial opportunity for high-bandwidth, low-power memory and storage devices, as these technologies underpin real-time perception, reasoning, and control. Humanoid robots carry 10 times more storage capacity than the average L2+ class vehicle. We anticipate a sustained, sizable multi-decade storage demand cycle will begin in the latter part of this decade.”

BiyaPay Launches World Cup Carnival Campaign. During the campaign period, users can enjoy zero-fee transactions, and earn lottery entries by completing tasks including top-ups, transactions, friend referrals, and cross-border remittances, with prizes such as World Cup final box seats, exclusive VIP grand awards, and multiple campaign rewards up for grabs. All won rewards will be distributed in the form of blind boxes, automatically credited to users’ accounts after the lottery draw. The campaign ends at 23:59 (UTC+8) on July 10. BiyaPay stated that it aims to leverage the World Cup, a global sporting event, to bring richer interactive experiences to users, combine the event’s popularity with multi-asset allocation scenarios, and further expand users’ ways to participate in global market investments. For more details, please refer to BiyaPay’s official platform.

According to CNBC, fueled by surging AI demand, memory prices have continued to rise, pushing Micron Technology (MU) to a record-high profit margin, surpassing major U.S. tech firms including NVIDIA and Meta to claim the top spot among large-cap U.S. tech companies. Micron released its earnings report on Wednesday, showing its fiscal third-quarter gross margin rose to 84.9%, up from 74.9% in the prior quarter and far exceeding 39% in the year-ago period. This level outpaces Meta’s latest quarterly gross margin of 81.9% and NVIDIA’s 75%. Micron CFO Mark Murphy said on the earnings call: “The fiscal third-quarter gross margin more than doubled year-over-year, setting a new record for the company.” Net revenue for the quarter hit $41.46 billion, an increase of over $20 billion from the prior quarter (which had already been the company’s highest in its 48-year history), while net profit reached $28.24 billion, surging more than 100% from the previous record set in the prior quarter. As of Wednesday’s close, Micron’s stock has rallied over 700% in the past year, lifting its market cap above $1 trillion, and it added another 14% in after-hours trading. NVIDIA, AMD and Google all rely on Micron’s high-bandwidth memory for AI processors and related systems. The memory shortage has driven up prices, also pushing higher component costs for consumer electronics makers like Apple. Apple CEO Tim Cook previously said iPhones would need price hikes to address what he called an “unsustainable” memory situation. Micron CEO Sanjay Mehrotra noted the company is signing long-term strategic client agreements, some of which include price ranges, with floor prices that will enable Micron to generate strong profit margins far exceeding peak quarterly levels in past cycles. Micron projects its fiscal fourth-quarter gross margin will be around 86%, and forecasts tight market conditions will persist beyond 2027.

According to data from Farside Investors, U.S. spot Bitcoin ETFs recorded a total net outflow of $469 million yesterday. Among this, BlackRock’s IBIT saw a net outflow of $239.3 million, while FBTC posted a net outflow of $120.8 million. In the same period, U.S. spot Ethereum ETFs had a total net outflow of $30.3 million. Of that, BlackRock’s ETHA recorded a net outflow of $8.1 million, and FETH saw a net outflow of $15.7 million.