Bitcoin (BTC) backs off midweek gains, temporarily trading around $65,040 on July 24. According to an official announcement, crypto exchange BitMEX will officially shut down on September 23 and will stop registering new users starting immediately. Zhizhi Technology signed a non-binding term sheet, agreeing to accept approximately 3,500 BTC (about $220 million) as payment for a new share offering.
Macroeconomic Events & Crypto Market Hot Topics
1、According to an official announcement, crypto exchange BitMEX will officially shut down on September 23, and will stop registering new users starting immediately. BitMEX said that after a strategic review of its business and the crypto industry, the board of directors of its parent company, HDR Global Trading Limited, decided to close the exchange. The platform will operate normally before the closure, but starting August 26 it will restrict opening new positions. Users will only be able to reduce positions; after the closure time, any remaining positions will be force-liquidated. KYC users who do not withdraw assets before the closure time will be charged an account management fee (either $50 per month or 1% of the balance, whichever is higher), and the fee may increase. BitMEX reminded users to watch out for phishing scams that use this news, and said withdrawals may be delayed due to factors such as blockchain confirmation times, but all assets are beyond liabilities.
Former BitMEX co-founder Arthur Hayes tweeted a message of thanks, saying he appreciates partners, BitMEX employees, and customers, and that they jointly created a wonderful journey and are proud of the business they built. “Thank you to my partners, the BitMEX employees, and most importantly: our customers. It’s been a great journey. We created extraordinary achievements together. I’m extremely proud of everything we created together, and we will close the platform in a responsible manner, according to our own will. Satoshi forever.”
2、According to Cryptopolitan, Zhizhi Technology signed a non-binding term sheet, agreeing to accept approximately 3,500 BTC (about $220 million) as payment for a new share offering. The proposed BTC position is about fifteen times Zhizhi’s market cap, and it also comes right after Nasdaq issued a trading notification below $1. The deal still needs to go through procedures such as audits, custody, regulatory approvals, and a final agreement, and may not be completed.
The buyer is a company named Joyertech and Information OPC. Based on the term sheet disclosed in the 6-K filing, the company intends to subscribe to a private investment in equity (PIPE). This means the company sells shares directly to private investors rather than selling them on the public market.
News Roundup
1、Goldman Sachs CEO publicly supports the “CLARITY Act,” taking a different stance from fellow Wall Street peers
2、CryptoQuant: Ethereum shows signs of improvement versus Bitcoin, but key bottom signals are not yet confirmed
3、1kx: On-chain protocol fees fell 33% QoQ in Q2; perpetuals and prediction markets grew against the trend by 22%
4、Argentina moves to relax capital market regulations, planning to allow mutual funds to invest in crypto
5、Report: Bitcoin may already be approaching the cycle bottom, with multiple indicators issuing rare signals in sync
6、ARK Invest: Hyperliquid’s weekly RWA trading volume share hits 54%, exceeding trading volume of crypto assets
7、U.S. CFTC extends the consultation period for 24/7 futures trading and energy perpetual contracts rules to August 26
8、DEX aggregator Odos announces it will stop operations, and all services will permanently close starting July 30
9、New U.S. tariffs take effect today, adding 10%-12.5% tariffs to dozens of countries
Market Performance
1、Latest on Bitcoin: $BTC backs off midweek gains, temporarily around $65,040. In the past 24 hours, $49.76 million was liquidated, with the main liquidations on long positions;
2、U.S. stocks’ four major indexes closed lower on July 23. The S&P 500 fell more than 1%, marking its largest single-day drop in a month. The Nasdaq fell more than 2%. Earlier, the latest earnings reports released by large tech companies once again raised concerns in the market about massive AI spending. Rising oil prices intensified inflation worries, pushed bond yields higher, and dragged down large-cap tech stocks. The Dow Jones Industrial Average closed down 506.93 points, down 0.97%, at 51,711.65. The S&P 500 fell 90.66 points, down 1.21%, to 7,408.30; the Nasdaq fell 553.21 points, down 2.15%, to 25,137.69.
（Source: Gate）
3、In Gate BTC/USDT liquidation map, using the current 64,946.80 USDT as the reference: if it drops to around $64,200, the cumulative long liquidation amount would exceed $437 million. If it rises to around $65,646, the cumulative short liquidation amount would exceed $357 million. The short-side liquidation amount is higher than the long-side. It is recommended to control leverage reasonably to avoid triggering large-scale liquidations as market conditions change.
（Source: Coinglass）
4、Over the past 24 hours, BTC spot inflows were $1.49 billion, outflows were $1.63 billion, and net outflows were $140 million.
（Source: Coinglass）
5、Over the past 24 hours, $SNDK, $XAU, $ADA, $MU, $AKE , and others led with net outflows in contract trading, indicating potential trading opportunities.
X KOL Selected Views
Phyrex Ni（@Phyrex_Ni）：“With Trump continuing a hardline stance, oil prices are still rising. Today, Brent crude has already broken through $100. I added short positions at $95 in BZUSDT and $90 in CLUSDT, and I’m also placing shorts at $100 in BZUSDT and $95 in CLUSDT. I don’t know whether these two prices will be reached, but just like I always say, I’ll stick to the two approaches.”
“The first is: when oil prices rise, I short. The second is: keep margin, raise the liquidation price to $120. If oil prices keep rising, I’ll continue chasing shorts and keep increasing margin. For now, the margin at $120 should be sufficient. But if the goal is to avoid a spike with adjustments up to $130, that would be safer. I really don’t believe that WTI above $100 and Brant above $110 can be maintained for too long.”
“Ongoing oil price increases are already starting to show their impact on the market. U.S. stocks have also seen a large-scale pullback. And there’s a midterm election in less than three and a half months—I’d like to see how long Trump’s hardline stance will last.”
“Bitcoin’s recent performance is still pretty good. Even though it’s also pulled back along with U.S. stocks, the magnitude of this drop is slightly smaller than the Nasdaq. Earlier, I was frustrated that the BTC I sold at $65,000 might have been too cheap. Now it looks like I may have a chance to buy back at $63,000.”
“Tonight Trump said he’s preparing an unprecedented strike on Iran—wonder if next Monday will be TACO.”
Today’s Preview
1、UK June retail sales (MoM, seasonally adjusted), prior value 1.2%
2、France July manufacturing PMI (initial estimate), prior value 51.2
3、Germany July manufacturing PMI (initial estimate), prior value 50.3
4、Eurozone July manufacturing PMI (initial estimate), prior value 51.4
5、UK July manufacturing PMI (initial estimate), prior value 52.5
6、U.S. June new home sales (annualized, MoM), prior value -7.3%
7、AMD Advancing AI event held July 22–23 in San Francisco
8、Intel Q2 earnings released after the U.S. stock market close on July 23
