Crypto Morning Brief: BTC falls below $61,000, down 2.86% over the past 24 hours; the draft revision of the People’s Bank of China Law proposes to clarify the legal status of the digital RMB.
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Crypto Morning Brief: BTC falls below $61,000, down 2.86% over the past 24 hours; the draft revision of the People’s Bank of China Law proposes to clarify the legal status of the digital RMB.
South Korea has incorporated tokenized securities into its capital market reform framework, with infrastructure development targeted for completion by February 2027.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Highlights
BTC Drops Below $61,000, Down 2.86% Over 24 Hours
According to HTX market data, BTC has fallen below $61,000, currently trading at $60,993.99—a 2.86% decline over the past 24 hours.
Multiple Law Enforcement Groups Jointly Oppose Key Provision of the Clarity Act; Negotiations Continue
According to Crypto in America, the National District Attorneys Association, the National Association of Assistant U.S. Attorneys, the International Association of Chiefs of Police, and the National Sheriffs’ Association jointly sent a letter to Acting Attorney General Todd Blanche and Patrick Witt, Executive Director of the White House Crypto Council, expressing strong opposition to Section 604 of the Clarity Act—the Blockchain Regulatory Certainty Act (BRCA). Law enforcement groups argue that this provision could create regulatory loopholes exploitable by criminals for drug trafficking, fraud, child exploitation, sanctions evasion, and terrorist financing.
Meanwhile, crypto-backed candidates secured sweeping victories in primary elections across Maryland, New York, and Utah. Fairshake, a crypto-aligned super PAC, has collectively invested over $7.6 million in these campaigns—including $5.5 million supporting Adrian Boafo, candidate for Maryland’s 5th Congressional District.
Miler Whitehouse-Levine, founder of the Solana Policy Institute, warned that August 7, 2026, may be the final window for Congress to pass cryptocurrency market structure legislation. He stated that industry stakeholders are open to limited revisions of the BRCA provision to address law enforcement concerns—but firmly oppose any fundamental changes undermining its core protective scope.
In addition, the House Financial Services Committee held a hearing on “The Future of Payments” the same day, focusing on stablecoin regulation, federal banking charters for crypto firms, and the role of digital assets within the U.S. financial system.
BlackRock Deposits 2,700 BTC and 52,956 ETH into Coinbase, Valued at ~$257 Million
Onchain analyst Onchain Lens (@OnchainLens) reported that BlackRock deposited 2,700 BTC (valued at ~$168.6 million) and 52,956 ETH (valued at ~$88.17 million) into Coinbase.
a16z-Linked Wallet Withdraws Another 12,780 ETH from Binance, Worth ~$21.21 Million
Onchain analyst Onchain Lens (@OnchainLens) reported that an a16z-linked wallet withdrew another 12,780 ETH from Binance, valued at ~$21.21 million. Cumulatively, this wallet has now withdrawn 25,560 ETH from Binance—worth ~$42.3 million—with related funds subsequently transferred to a new wallet address.
Two Newly Created Wallets, Likely Linked to Bitmine, Withdraw 35,138 ETH from BitGo and Kraken
Onchain analyst Onchain Lens (@OnchainLens) reported that two newly created wallets withdrew 35,138 ETH from BitGo and Kraken—worth ~$58.39 million at current prices—suggesting high probability of association with Bitmine.
21Shares Mid-Year Report: Bitcoin Year-End Target Price $100,000; ETP AUM Reaches $140 Billion
According to The Block, Zurich-based asset manager 21Shares released its mid-year 2026 crypto market report on June 24, reaffirming its year-end Bitcoin target price of $100,000. The report notes Bitcoin is currently trading at ~$62,300—roughly 50% below its October 2025 all-time high of $126,000—but its price trajectory closely mirrors historical post-halving patterns. Importantly, it has never breached the $54,000 investor cost basis, signaling maturing market structure.
Global crypto ETP assets under management stand at ~$140 billion—down ~15% year-to-date—with holdings totaling 1.25 million BTC—~8% below peak levels. However, 21Shares attributes this decline primarily to price volatility rather than mass selling. Additionally, the report forecasts year-to-date trading volume has already reached $5.75 billion, with full-year volume potentially hitting $10 billion. Total value locked (TVL) in DeFi remains at $140 billion—far short of the $30 billion target—with security incidents cited as the main constraint. Tokenized real-world assets on public blockchains total $31 billion, including $15 billion in tokenized U.S. Treasury securities.
Standard Chartered: Aave Could Reach $3,500 by 2030—A ~50x Increase From Current Levels
According to CoinDesk, Geoff Kendrick, Head of Digital Asset Research at Standard Chartered, published a report initiating coverage of decentralized lending protocol Aave, assigning a year-end 2030 target price of $3,500—representing a ~50x increase from its current ~$70 price—and projecting outperformance relative to both Bitcoin and Ethereum.
Kendrick noted Aave has recovered from the April 2026 KelpDAO rsETH bridge exploit, during which attackers used ~$290 million in stolen tokens as collateral to borrow real assets on Aave—posing up to $230 million in potential protocol losses. Assets have since begun flowing back onto the platform, and Aave retains its dominant position in onchain lending.
Looking ahead, Standard Chartered forecasts the value of tokenized assets actively used in DeFi applications will grow 37-fold by 2030, with Aave poised to benefit directly given its revenue model tightly coupled to lending activity. Moreover, Aave’s Horizon initiative—which enables lending of tokenized real-world assets in permissioned environments—and the potential relaunch of its token buyback program are viewed as key catalysts.
South Korea Integrates Tokenized Securities Into Capital Markets Reform Framework; Infrastructure Target Set for February 2027
South Korea has incorporated tokenized securities into its broader capital markets reform agenda. The Financial Services Commission (FSC) recently launched the Capital Markets Infrastructure Review Meeting to coordinate reforms—including faster securities settlement, extended trading hours, and digital transformation. Per the roadmap, the tokenized securities framework is scheduled to take effect in February 2027, with subordinate regulations expected to undergo public consultation in July this year. On infrastructure development, Samsung SDS has been awarded a contract by the Korea Securities Depository (KSD) to build a tokenized securities management platform, integrating existing electronic securities account systems with blockchain data—with completion also targeted for February 2027.
PBOC Law Amendment Draft Seeks to Explicitly Define Legal Status of Digital RMB
According to Caixin, the “Draft Amendment to the People’s Bank of China Law” was submitted for its first reading at the 23rd session of the Standing Committee of the 14th National People’s Congress on June 23, 2026. Notably, “clarifying the legal status of digital RMB” appears explicitly in the draft for the first time. Previous draft versions released in 2020 only stated that “RMB includes both physical and digital forms.” This revision significantly elevates the legal standing of digital RMB.
Additionally, the 2020 draft previously stipulated that no entity or individual may manufacture or issue token vouchers or digital tokens to circulate as substitutes for RMB. For violations, the People’s Bank of China retains authority to order cessation, destroy illicitly issued tokens or vouchers, confiscate illegal proceeds, and impose fines up to five times the amount involved.
Sports Prediction Market Onyx Odds Raises $20 Million, Led by Payward (Kraken’s Parent)
According to Axios, sports prediction market Onyx Odds has raised $20 million in funding, led by Payward—the parent company of Kraken—with a post-money valuation of $220 million. CEO Leul Dadi stated the company plans to expand into additional trading products.
Market Data
Recommended Reading
Micron (MU) Earnings Deep Dive: Record $4.14B Revenue, SCA Strategy Reshapes Memory Industry Valuation Logic
https://www.techflowpost.com/article/32201
A single quarter: $4.14 billion in revenue—a staggering 346% year-on-year surge. Gross margin: 84.9%; net income: $2.8 billion. These figures would shock any tech firm—but for Micron, they border on surreal. Just two years ago, in the same quarter, the company posted $930 million in revenue, a 39% gross margin, and less than $1.9 billion in net income. Yet its after-hours stock jump of 15% signals market excitement isn’t centered solely on Q3 results. What truly ignited sentiment was the Q4 guidance: $5 billion in revenue (midpoint), gross margin ~86%, and $31 earnings per share. The memory supercycle is well underway.
CBRS’ First Post-IPO Earnings: Revenue Doubles, But Gross Margin Guidance Plunges—OpenAI Mega-Contract Path Remains Long
https://www.techflowpost.com/article/32199
Cerebras (CBRS) delivered its first quarterly report since going public. Core Q1 revenue stood at $191 million—up 92% YoY and beating consensus. Yet Q2 core gross margin guidance plunged sharply—from 46.5% down to 36–38%—triggering a >10% after-hours stock decline. This company—building chips on entire wafers and betting big on AI inference—holds an OpenAI contract worth over $20 billion and a collaboration framework with AWS, with full-year revenue guidance set at $855–865 million. Growth metrics are solid—but so too is the valuation debate.
Wall Street Asset Manager CEO Reveals Portfolio: Betting on Nasdaq & BTC—The “Middle Ground” Is the Worst Choice
https://www.techflowpost.com/article/32194
Anthony Pompliano and John Pompliano reunite this episode to dissect the brutal selloff among the Magnificent Seven (Mag 7) tech stocks, widespread panic over AI capital expenditures (CapEx), and why underlying inflation data is far safer and more controlled than media headlines suggest.
This episode features Anthony Pompliano, Founder & CEO of Professional Capital Management—a long-standing figure in crypto investment whose podcast ranks among North America’s most-listened-to financial podcasts.
We’ll also fully unpack Anthony’s latest portfolio allocation, exclusively analyze the real political calculus behind new Fed Chair Kevin Warsh’s rate decisions, and deeply examine why Bitcoin’s “high volatility” isn’t a risk—but rather its most essential, ultimate advantage—as we embark on the decade-long journey ahead.
Meta Enters Prediction Markets Under Codename “Arena”: No Real Money—But 3.56B Daily Active Users Are Its Biggest Edge
https://www.techflowpost.com/article/32188
According to The New York Times, dated June 23, Mark Zuckerberg has instructed his team to develop an independent prediction market application codenamed “Arena.” Initially designed around a points-based system—not real-money wagering—it leaves open the possibility of introducing actual funds later. Following the news, shares of DraftKings and Robinhood both fell, as markets fear Meta’s 3.56 billion daily active users could deliver a paradigm-shifting competitive blow to Polymarket and Kalshi.
Zuckerberg has once again set his sights on someone else’s business.
Per The New York Times report on June 23, Meta CEO Mark Zuckerberg recently directed a small internal team to begin developing a prediction market application internally dubbed “Arena.” The app will operate independently of Facebook, Instagram, WhatsApp, and Messenger—but will leverage Meta’s vast social-platform user base for distribution. CNBC later confirmed the story via sources familiar with the matter.
Two insiders told The New York Times that Arena is currently positioned internally as an “experimental project—but top priority.” Meta has not commented publicly.
Semiconductor Sector Up 155%; Bernstein Calls NVDA and AVGO “Absurdly Cheap”
https://www.techflowpost.com/article/32196
Bernstein released its quarterly semiconductor industry review on June 23. Key takeaways: AI has become the “only game” in semiconductors—fundamentals remain robust, but valuations and positioning have reached historic highs. The report recommends NVDA and AVGO (both rated “Outperform”), arguing that while their performance has lagged this year, they remain the most critical beneficiaries within the AI supply chain—and are currently “absurdly cheap.” AMD’s rating was upgraded, while Qualcomm (QCOM) remains under scrutiny due to pressure on its mobile business.
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