Crypto spot trading volumes remain persistently sluggish, with the 7-day average down nearly 80% from their 2025 peak.

According to GMGN monitoring, Robinhood ecosystem token PONS rallied sharply today, with its market cap briefly surging past $39 million to hit an all-time high, before pulling back to $28 million. It still holds a 39% 24-hour gain, with trading volume around $13.6 million in the same period. Market attention is centered on Robinhood CEO Vlad Tenev following PONS founder MEADGod this morning. Current market expectations revolve around competition for Circus Trade, the new meme token launchpad in the Bonk ecosystem. As one of the native tokens of the Pons launchpad, PONS broke through its previous high after renewed capital inflow. The Robinhood market has recently been consistently pricing on-chain infrastructure and "utility-type" tokens. Related reading: Robinhood's Launchpad Battle Royale: Who Will Come Out on Top? BlockBeats Note: On-chain token trading is highly volatile, often driven by market sentiment and concept hype, with no actual value or use cases, so investors need to exercise caution.

Due to fluctuations in the KOSPI index, South Korea activated relevant mechanisms and initiated a programmatic trading halt.

According to data from Farside Investors, U.S. spot Bitcoin ETFs posted a net inflow of $226.8 million yesterday. Among them, BlackRock’s IBIT saw a net inflow of $116.5 million, ARKB recorded $72.7 million, Fidelity’s FBTC pulled in $24.1 million, while Grayscale’s GBTC registered a net outflow of $45.4 million. For spot Ethereum ETFs, net inflows reached $38 million yesterday. Specifically, BlackRock’s ETHA brought in $34.3 million, FETH saw a $2.8 million inflow, TETH posted a $900,000 inflow, with all other products reporting zero net inflows.

According to monitoring by OnchainLens, a whale address dormant for nearly 11 months transferred 9,000 ETH to the Cumberland wallet, worth about $17.19 million, and is expected to be used for over-the-counter (OTC) trading. Prior to this, the address had deposited a total of roughly 50,000 ETH (valued at approximately $205.67 million) into the FalconX wallet via 13 transactions.

CryptoQuant analyst Darkfost wrote in a post that after Bitcoin (BTC) fell below $60,000 in February and entered the capitulation zone, its MVRV percentile dropped below 10%, hitting the historically defined undervalued territory. Since June, the metric has shown a similar trend again. Unlike the traditional MVRV indicator, the MVRV percentile measures the current MVRV’s position relative to historical cycles, and by incorporating a historical probability dimension, it better reflects the current market environment. Currently, BTC’s MVRV percentile stands at around 5%, meaning Bitcoin has spent roughly 95% of its historical trading time at higher MVRV levels. This indicates BTC is significantly undervalued relative to its historical evolution, and such phases have historically coincided with long-term bottom regions.

US intelligence journalist John Hudson reports that U.S. intelligence agencies hold a pessimistic view of a new round of military strikes targeting Iran: current and former officials say these strikes are unlikely to have a significant impact on Iran, nor will they likely soften its negotiating stance. According to U.S. intelligence analysts, Tehran and Washington are trapped in an indefinite deadlock between war and peace—a situation deeply troubling given the increasingly lethal tit-for-tat hostilities between the two sides. Additionally, they note that intelligence assessments on issues like Iran are not designed to make specific future predictions. Instead, they are overviews of current and potential future trends, compiled from all available classified intelligence (including human intelligence and technical collection) as well as open-source information. (Jin10)