According to BlockBeats, on June 28th, Galaxy Digital CEO Mike Novogratz stated that the core reason for the recent decline in Bitcoin was a "collapse in confidence triggered by Strategy." The problem lies not only in the price of Bitcoin itself, but also in the spreading concerns about Strategy's financing model. As the world's largest publicly traded corporate Bitcoin holder, Strategy's stock and preferred securities have become key indicators for traders to gauge the risk in the Bitcoin market. Previously, the company's Bitcoin flywheel effect had been under pressure, with its stock price trading below the value of its Bitcoin holdings at one point, meaning that its long-reliant "premium stock issuance to raise funds for further Bitcoin purchases" model is facing challenges. Novogratz bluntly stated that STRC trading is weak and should have remained around $100. Currently, Strategy's annual dividend obligation has risen to approximately $1.2 billion, and declining cash reserves have shortened the dividend coverage period to only about 14 months.

Bitcoin also faces pressure at the macro level. Novogratz summarizes the current market logic as "a strong dollar means a weak Bitcoin," with hawkish central bank signals and a strengthening dollar suppressing demand for risk assets. From a technical perspective, the $59,000 to $60,000 range has become a key support level for Bitcoin; a break below this level could open up downside potential to $45,000.

Novogratz also frankly admitted that the current situation is complex, with a 50/50 chance of a rebound or a deep correction. ETF outflows, weak liquidity, and the cautious positioning of the options market further confirm the market's fragile sentiment. Now, Strategy's balance sheet health, STRC price performance, and cash position are no longer just company-level issues, but have evolved into a signal of confidence in the overall Bitcoin market.

According to BlockBeats, on June 28, GMGN monitoring showed that the BSC ecosystem's Chinese Meme coin , "Binance Life," rebounded sharply after a flash crash, rising 50% from its low point. Its market capitalization is currently $720 million, and it is trading at approximately $0.72. The 24-hour fluctuation has been roughly balanced, with an on-chain trading volume of approximately $10.9 million during the same period.

At 2 PM today, Binance Life experienced a short-term drop of over 40%, briefly dipping below $0.50, bringing its market capitalization to a low of $480 million. Notably, this flash crash occurred at the same time as a significant surge in the Solana ecosystem's meme coin, ANSEM, raising suspicions of large-scale cross-ecosystem portfolio rebalancing.

BlockBeats Note: Meme coin trading is highly volatile, largely dependent on market sentiment and hype, and has no real value or use cases. Investors should be aware of the risks.

BlockBeats reported on June 28th that the Bank for International Settlements (BIS) issued a stark warning in its annual economic report released Sunday, stating that the AI spending spree by large tech companies could end in a sustained "investment recession," potentially impacting financial markets and the global economy. The BIS points out that the five largest hyperscale cloud providers are projected to invest over $1 trillion by the end of 2025-2026, but if returns in the tech sector fall short of expectations, investors may quickly tighten financing, causing the capital expenditure boom to abruptly turn into a long-term investment recession. The report cites historical precedents—the canal construction of the 1830s, the British railway boom of the 1840s, and the dot-com bubble of the late 1990s—all sharing a common characteristic: "genuine technological breakthroughs attracted capital exceeding what commercial returns could support," ultimately ending in an investment reversal and triggering an economic recession.

Just as the BIS issued its warning, a flurry of market frenzy signals appeared:

SpaceX launched a $25 billion bond offering shortly after its record $86 billion IPO, which Allianz's chief investment officer pointed out this week as a sign that the market has entered "bubble territory."

Tech companies are taking advantage of near-century-low credit spreads to issue bonds across global credit markets to finance AI projects, with hundreds of billions of dollars flowing in.

BIS further points out that, unlike previous cycles, households currently have a higher equity exposure relative to their wealth and income. Therefore, a significant correction in AI-related stocks would have a more severe impact on the real economy. Simultaneously, the large-scale bond issuance by AI companies to raise funds could also jeopardize financial stability. Furthermore, the energy disruptions caused by the near closure of the Strait of Hormuz continue to push up inflation, placing global central banks under multiple pressures from persistent inflation, the sustainability of AI investment, increased financial vulnerability, and deteriorating fiscal conditions.

BlockBeats reports that on June 28th, Etherlink issued a security alert stating that its EVM Bridge had been attacked. As a precaution, all transfers have been suspended to protect user funds, and no losses have been reported. Etherlink is working closely with LayerZero, Asymmetric Research, and Zeeve to investigate the issue and ensure the attack is fully mitigated. A timeline for service restoration has not yet been determined.