Gate Daily: Bitcoin continues to pull back from historical highs; the House rejects the crypto assets bill; BTC dark web volume unexpectedly evaporates by 70%.

Bitcoin (BTC) continues its historical high point correction, currently reporting around 118,000 USD in the Asian early session today (16). The "Crypto Assets Week" in the United States has attracted attention, as the House of Representatives rejected the cryptocurrency regulatory proposal and called for a second vote, undermining President Trump's encryption regulatory process. 70% of Bitcoin's dark web trading volume has evaporated instantaneously, with whales suspected of executing a rug pull.

Today's Outlook

1. Change in API crude oil inventory in the U.S. last week (in 10,000 barrels) (as of 0711), previous value was 712.8

2. UK June Consumer Price Index (Year-on-Year), previous value was 3.4%

3. Eurozone May seasonally adjusted trade balance (billion euros), previous value was 14

4. U.S. Producer Price Index (YoY) for June, previous value was 2.6%

5. U.S. EIA crude oil inventory change (10,000 barrels) (as of 0711), previous value was 707.

6. Federal Reserve Governor Barr spoke at a conference hosted by the Federal Reserve.

7. Boston Federal Reserve Chair Collins delivered a speech.

8. Bank of England Governor Bailey delivered a speech.

9. Dallas Federal Reserve Chair Logan delivered a speech on the U.S. economy.

10. Cleveland Federal Reserve President Harker delivered a speech.

Macroeconomic Events & Crypto Circle Hotspots

1. President Trump urged House Republicans to support a procedural motion that would advance three crypto bills during the House's "Crypto Assets Week," but lawmakers voted down the measure in today's voting session. Trump wrote on Truth Social that "all Republicans should vote in favor," and believes the "GENIUS Act" will make the U.S. "light years ahead" of China and Europe in digital asset regulation. Leadership statistics indicate that despite Trump's call, some liberal-leaning members opposed the rule after merging the crypto bills with defense spending.

2. Trump stated that he has reached an agreement with Indonesia, where Indonesian goods will face a 19% tariff, while U.S. export goods will not be taxed. Additionally, he hinted that he might impose tariffs on pharmaceuticals as early as the end of this month and could soon tax semiconductors, indicating that these import duties could coincide with the broad "reciprocal" tariff rates set to take effect on August 1. Trump told reporters upon returning to Washington from an AI summit in Pittsburgh on Tuesday: "Perhaps at the end of this month, we will start with low tariffs, giving pharmaceutical companies about a year to build, and then we will raise the tariffs."

3. Abacus Market was the largest Bitcoin dark web market in the West and went offline due to obvious scams. Within just one night, the entrance to the dark web Bitcoin market Abacus turned into a 404, and the BTC and XMR in the hands of tens of thousands of users disappeared without a trace. This "whale," which once held a 70% market share and had a monthly trading volume exceeding 6.3 million USD, is suspected of staging an Exit Scam, or may have quietly come to an end under law enforcement pressure. This incident not only caused significant losses for many users but also highlighted the risks of centralized custody and the increasingly enhanced tracking capabilities of law enforcement agencies in the Crypto Assets field.

4. The U.S. Bureau of Labor Statistics announced that the year-on-year increase in the Consumer Price Index (CPI) for June reached 2.7%, up 0.3% from May and higher than last month’s 2.4%. This marks the largest monthly increase of the year and exceeds the market's original expectation of 2.6%. Analysts further pointed out that the rebound in energy prices is the main driver, with energy prices rising 0.9% month-on-month in June, and both gasoline and fuel price indexes turning "from decline to increase." The core CPI (excluding food and energy) is also noteworthy, growing 0.2% month-on-month, with a year-on-year increase of 2.9%, which may lead the Federal Reserve to be more cautious in its interest rate decisions. Boston Federal Reserve President Collins publicly stated that the increase in tariffs may boost inflation while suppressing economic growth and employment, but the strong balance sheets of U.S. businesses and households may help mitigate the impact.

Market Trend

1、$BTC has further pulled back from its historical high, currently reported at around 117,800 USD, with a liquidation of 17.82 million USD in the past 24 hours, mainly from long positions;

2. The U.S. stock market closed mixed on Tuesday, with the Nasdaq Composite rising by 37.47 points, or 0.2%, to close at 20,677.80 points. The Dow Jones Industrial Average fell by 436.36 points, or 1%, to 44,023.29 points, while the S&P 500 index dropped by 24.80 points, or 0.4%, to 6,243.76 points.

3. In the Gate BTC/USDT liquidation map, based on the current 117,769.70 USDT, if it drops to around 115,613 USD, the cumulative liquidation amount for long positions exceeds 211 million USD; if it rises to around 118,505 USD, the cumulative liquidation amount for short positions exceeds 182 million USD. The liquidation amount for shorts is significantly lower than that for longs, suggesting to reasonably control leverage ratios to avoid triggering large-scale liquidations during market fluctuations.

(Source: Gate)

4. In the past 24 hours, BTC spot inflow was 5.26 billion USD, outflow was 5.29 billion USD, resulting in a net outflow of 0.03 billion USD.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $BTC, $XRP, $SOL, $DOGE, and $ETH have seen net outflows, indicating trading opportunities.

(Source: Coinglass)

News Updates

1. The U.S. House of Representatives failed to pass the procedural vote on the Crypto Assets bill, and a second vote may take place on Wednesday.

2. Cantor Fitzgerald intends to reach a SPAC deal worth over $4 billion with Bitcoin pioneers.

3. Trend Research begins to take profits on ETH, with part of the assets transferred to DEX to repay loans.

4. Jonathan Gould was appointed as the 32nd Director of the Office of the Comptroller of the Currency.

5. PumpFun has reportedly transferred 98,000 SOL to the repurchase address, worth approximately 16 million USD.

6. The UK has released a digitalization strategy for the wholesale financial market, promoting DLT and stablecoin innovation.

7. SharpLink Gaming has purchased an additional 5,188 ETH, bringing its total holdings to 300,000 coins.

8. David Sacks: The Trump administration plans to prohibit the issuance of CBDC.

9. Citigroup CEO: Citigroup is exploring the possibility of issuing stablecoins.

10. Tether held over $127 billion in U.S. Treasury bonds in the second quarter.

11. The U.S. Department of Justice has ended its investigation into the prediction platform PolyMarket.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Today's homework is a bit difficult. Overall, it's about CPI, tariffs, monetary policy, and internal disputes within the Republican Party. From a macro data perspective, although CPI data is rising, the market has lowered expectations for a rate cut in September. However, because Bessenet emphasized that the selection process for the successor to the Federal Reserve Chairman has already begun, the market's tolerance for inflation and rate cuts has increased significantly. Tariffs and monetary policy remain the focus of the current game. Even if the new Federal Reserve Chairman can differentiate from Powell's powers, the inflation in the U.S. must be at least controlled to facilitate a rate cut. Otherwise, even if they take office, they cannot lead the Federal Reserve by the nose. Therefore, the ongoing game is far from over. Originally, there was pressure from ancient Whales selling Bitcoin today, which made some investors worry about a potential big pit and choose to exit early. In the early morning, the House of Representatives voted down the stablecoin bill and other cryptocurrency legislation, especially as Trump and the Republicans had confidently declared this week as cryptocurrency week, but the results were totally shocking. This was basically due to the absence of certain members within the Republican Party, leading them to label this week as cryptocurrency week. Trump is very angry, while the Democrats voted unanimously against it. It's still unknown whether voting can be restarted during cryptocurrency week. If it can't be restarted, this cryptocurrency week will indeed become a joke. Additionally, the URPD data still cannot be updated. It should be nearly ready by tomorrow, but we can still see that there are two gaps at $112,000 and $114,000 that have not been filled, and historically, URPD has never had gaps that were not filled."