After a slight rebound, SK Hynix faced increased selling pressure, with suspected short-selling activity exceeding $12 million.
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DRAM weakened, and the memory supply chain continued its correction, rebounding intraday before coming under pressure again.
According to BlockBeats, on July 6th, based on BIT (bit.com) market data, the DRAM chip memory ETF rose and then fell back today, weakening again. The current price is around 64.5, with a daily decline of 1.3%. Overall, it shows a high-level oscillating downward structure, with insufficient rebound momentum. The trading volume increased in stages during the decline, indicating that selling pressure is still being released.
Analysis: Strategy's capital restructuring alleviated short-term liquidity pressures, but structural risks remain.
According to Odaily Odaily, Alex Thorn, head of Galaxy Research, said that the capital management reforms recently launched by Michael Saylor's Strategy (MSTR) have effectively alleviated market concerns about its liquidity and preferred stock system in the short term, but they are more about "buying time" than fundamentally solving structural problems. Strategy has faced pressure on its preferred stock "digital credit" system in recent weeks, with its STRC ("Stretch" preferred stock) briefly falling below par value, hitting a low of approximately $71.25. This has raised concerns about the company's ability to pay preferred stock dividends, given its declining BTC price and shrinking dollar reserves. The market subsequently focused on three stress scenarios: selling Bitcoin, issuing new MSTR shares to dilute shareholders, or reducing/suspending preferred stock dividends. In response, Strategy announced a comprehensive capital management restructuring on Monday, launching a "Digital Credit Capital Framework" that includes five tools: a board-approved dollar reserve policy, adjustments to the STRC dividend mechanism, a $1 billion preferred stock buyback mandate, a $1 billion MSTR common stock buyback mandate, and a Bitcoin monetization mechanism. Simultaneously, the company increased its annualized STRC dividend yield from 11.5% to 12%. The market reacted positively, with both MSTR and STRC rising sharply that day, and Bitcoin also rebounding in tandem. Alex Thorn points out that this adjustment improved market sentiment in the short term, allowing Strategy to extend its cash coverage period to approximately 17 months and enhance its funding buffer through new financing. However, the company still faces approximately $6.7 billion in convertible bonds maturing in 2027-2028, and long-term structural risks remain. The core issue is not whether Strategy has enough BTC (approximately 847,000 coins), but rather that its dollar liquidity is insufficient to cover preferred stock and capital structure obligations without harming the interests of any party, leading to a squeeze on the interests of various shareholder groups. However, the key significance of this adjustment lies in enhancing the "optionality" of the company's capital instruments, shifting it from a one-way BTC accumulation strategy to a more proactive asset and liability management model, thereby preventing short-term liquidity problems from escalating into a systemic crisis. Although the current Bitcoin market environment is weak and may not have bottomed out yet, Strategy's new framework has, to some extent, bought the company a window of opportunity, allowing it to wait for more favorable market conditions.
Analysis: Spot selling pressure on Altcoin has fallen to a near five-year low, but the market still shows no signs of bottoming out.
According to BlockBeats, on July 3, market analyst IT Tech cited data from Crypto Quant, stating that the cumulative buy-sell volume difference in the spot market for Altcoin other than Bitcoin and Ethereum has further fallen to a new low in nearly five years, indicating that selling pressure continues to intensify. Since reaching a peak in early 2025, the Altcoin spot market has been in a net selling state for more than 15 months, with almost no obvious rebound or signs of easing selling pressure, and the market has not yet formed a clear bottom.
SPCX's thin circulating supply may allow it to influence the cryptocurrency market, with a single long position of 13.62 million shares nearing liquidation potentially becoming selling pressure.
According to BlockBeats, on July 2nd, Hyperinsight monitoring showed that SpaceX (SPCX) continued its pullback, falling over 10.3% on the Hyperliquid platform to its current price of $156.93, a decline of approximately 22% from its all-time high of $225.64 on June 16th. Its 24-hour trading volume reached $338 million, with open interest reaching $178 million, making it the third-largest open interest stock after Micron and SK Hynix. In terms of news, this round of decline is part of the sell-off in the AI industry chain triggered by Meta Compute. Its extremely thin public float (only about 4-5%) amplifies the selling pressure. Coupled with high valuation and concerns about the upcoming 20% lock-up period, it may offset the positive impact of its inclusion in the Nasdaq on July 6. This thin liquidity structure amplifies the influence of the crypto market's capital volume. In the past trading day, the total trading volume of SPCX-related contracts in the crypto market reached $2.4 billion. Compared to the Nasdaq's SpaceX trading volume of $16.2 billion during the same period, the crypto market's trading volume (including leverage) is approximately 14.8% of that. Among large on-chain holders, the average price of long positions is approximately $164.16, long positions are now underwater. The largest long position on the Hyperliquid platform's SPCX is the most affected. The whale is currently long positions with 10x leverage, totaling $13.62 million. The average price is approximately $164, and the liquidation price is $148. This represents a loss of only about 5.7% from the current price, resulting in a floating loss of $370,000 (-37.5%).
Analyst: BTC call option trading suddenly increased, suspected to be large investors starting to sell.
According to Mars Finance, macro researcher Adam posted on the X platform that the rebound seems somewhat weak, with a sudden increase in large-scale call option trading. Combined with a decline in implied volatility, large traders have begun selling call options, resulting in a large sell-off of current-month call options. Margin released for the June quarterly settlement is rapidly being converted into selling positions during the rebound. He suggested considering selling some 0.3 Delta call options, such as the $66,000 call option for the following week.
Data: A whale holding 22,567 ETH is suspected of selling 7,347 ETH at a loss, incurring a loss of $4.041 million.
According to Mars Finance, on-chain analyst Ai Yi's monitoring, a whale that accumulated 22,567 ETH between November 2025 and July 2026 is suspected of selling 7,347 ETH at a loss, incurring a loss of $4.041 million. This address initially held $52.77 million worth of ETH at an average price of $2,338, and subsequently deposited 8,947 ETH into FalconX starting in April of this year, with the most recent deposit occurring 7 hours ago. If sold, the cumulative loss would be $4.196 million.