The market awaits CPI data and "Encryption Week", Bitcoin fluctuates between $135,000 and $115,000.

1. Market Observation

Recently, Trump announced that he would impose tariffs on imported goods from Mexico and the EU, triggering market turmoil. This policy change has not only affected the stock market but also added uncertainty to the Federal Reserve's interest rate decisions. Market expectations for a rate cut in September have shifted from certainty to about a 70% possibility. Strong employment data has largely ruled out the possibility of a rate cut in July, making the upcoming June CPI report the focus of attention.

In addition to economic data, the market also needs to pay attention to the movements of the U.S. Congress. Congress has announced this week as "Cryptocurrency Week" and plans to review several related bills, which may reshape the landscape of the digital asset market.

In Hong Kong, the strategy for stablecoins and asset tokenization is steadily advancing. The first batch of stablecoin licenses is being issued in limited quantities, focusing on cross-border payment applications. The "LEAP" framework in Hong Kong's policy statement 2.0 has achieved a balance between innovation and stability by optimizing legislation, supporting startups, and strengthening international cooperation. Despite facing numerous challenges in the short term, ETFs and commodity tokenization have the potential to attract capital inflows in the long run.

Bitcoin breaks through $121,500, setting a new historical high. Analysts point out that $119,000 to $120,000 is a key resistance area for Bitcoin. If it can successfully break through, it may rise to $135,000 to $140,000; if it faces resistance, it may retest the support at $114,000 to $115,000. Solana has surged by 12.87% in the past 30 days and successfully broke through $160 twice. Analysts expect SOL to potentially hit $300 before August.

In terms of market dynamics, the performance of altcoins and Meme coins exhibits a high degree of speculation and community-driven characteristics. The NFT sector has seen phenomenal spread, with the "profile picture craze" sparked by Pudgy Penguins sweeping across multiple platforms, its floor price skyrocketing by 49.4% in the past week and up 21.8% in 24 hours, far surpassing other blue-chip projects.

2. Key Data (as of July 14, 12:00 HKT)

• Bitcoin: $121,974 (Year-to-date +30.75%), Daily Spot Trading Volume $42.164 billion
• Ethereum: $3,048.51 (Year-to-date -8.76%), Daily spot trading volume is $25.486 billion
• Fear and Greed Index: 75 (Greed)
• Average GAS: BTC: 0.52 sat/vB, ETH: 2.22 Gwei
• Market share: BTC 63.6%, ETH 9.7%
• 24-hour BTC long-short ratio: 1.192
• Sector Gains and Losses: The NFT sector rose by 8.98%; the GameFi sector rose by 6.12%.
• 24-hour liquidation data: A total of 119,500 people were liquidated globally, with a total liquidation amount of 684 million USD.

3. ETF Flow (as of July 11)

• Bitcoin ETF: +$1.03 billion, continued net inflow for 7 days
• Ethereum ETF: +$205 million, sustained net inflow for 6 days

4. Today's Outlook

• U.S. House Financial Services Committee: The week of July 14 is "encryption week," during which multiple encryption bills will be reviewed.
• Sunrise has opened the $RISE airdrop claiming channel, which must be completed by July 15.
• US June unadjusted CPI YoY: Previous value 2.40%, Forecast value 2.70% (July 15, 20:30)
• US June seasonally adjusted CPI month-on-month: Previous value 0.10%, Forecast value 0.30% (July 15, 20:30)
• Starknet (STRK) will unlock approximately 127 million tokens on July 15 at 8 AM.

Top 500 market cap gains today: Ski Mask Dog (SKI) up 57.79%, Usual (USUAL) up 46.86%, Pudgy Penguins (PENGU) up 31.60%, Algorand (ALGO) up 29.80%, XYO (XYO) up 29.15%.

5. Hot News

• Tokens such as TRUMP, ARB, SEI will experience a large unlock, with TRUMP unlocking a value of approximately $878 million.
• Lianlian Digital plans to raise approximately HKD 394 million for the application of blockchain technology in the payment sector.
• SharpLink Gaming purchased 16,374 ETH again 7 hours ago, bringing their total holdings to 270,000 coins.
• The Czech central bank has included a certain trading platform in its investment portfolio and increased its holdings in Palantir stock.
• The publicly listed company Davis Commodities is evaluating the establishment of a Solana strategic reserve, considering allocating 5-10% of its funds to SOL.
• The NFT trading volume in the past 7 days increased by 20.67% to $122.6 million, with both the number of buyers and sellers dropping by over 80%.
• PUMP on-chain public offering data analysis: USDC accounts for 97%, while USDT only accounts for about 3%.
• The listed company Upexi announced a simultaneous private placement of $200 million in common stock and convertible notes for the purchase of SOL.
• Public company MicroCloud Hologram has purchased $200 million worth of Bitcoin and encryption-related securities derivatives.
• SOON has released a recovery plan, proposing to destroy 3% of the total supply of tokens.