TechFlow news, on July 1, Chloe (@ChloeTalk1), author of the HTX DeepThink column and researcher at HTX Research, analyzed that as of July 1, 24-hour spot trading volume continued to decline to approximately $104 billion, down over 20% month-on-month from early June. Bitcoin fluctuated around $107,000. With the approaching U.S. tariff deadline on July 9, markets are increasingly concerned that rising import costs and tightening dollar liquidity could suppress overall demand for risk assets.
Meanwhile, Deutsche Bank's "Pennsylvania Plan" is gradually gaining market attention. The plan aims to attract active U.S. institutional and retail participation in Treasury purchases through regulatory exemptions, tax incentives, and stablecoin legislation, thereby reducing reliance on foreign capital and promoting the development and adoption of dollar-denominated stablecoins.
On-chain data shows CryptoQuant's Demand Momentum Index has dropped to historic lows, indicating significantly weakened buying momentum. Bitcoin network hash rate has slightly declined since mid-June to 776 EH/s, with miners' daily revenue falling back to about $493,000, and short-term selling pressure has moderately increased. On the derivatives front, after the $15 billion Bitcoin options expiry on June 27, the Bitcoin Put/Call ratio remains near 0.74, while open interest stays high at around $90 billion. CME FedWatch tool data indicates market expectations for a Fed rate cut in September have risen above 70%, with macro policy uncertainty continuing to dominate short-term market sentiment.
