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Golden Ten Data Futures, July 1 – According to SMM data, China’s national silver ingot production in June was 1,562 tons, a month-on-month decrease of 6.5%. The cumulative production in the first half of the year was 9,773 tons, up 6.9% year-on-year. The decline in output was mainly due to maintenance at copper smelters and suspended production at some manufacturers. Production is expected to recover somewhat in July and August.

Jinse Finance reported that on July 1, CryptoQuant founder and CEO Ki Young Ju posted on X that Bitcoin is very likely to experience another parabolic bull cycle. Admittedly, capital efficiency is gradually declining. In 2011, a net inflow of only $2.7 billion pushed the price up by 55,436%. In this cycle, an inflow of $697 billion resulted in only a 689% increase. For the next parabolic bull market, it is highly probable that institutions will need to increase their allocation. Bitcoin needs to become a core macro asset instead of being solely an ETF target traded mainly by retail investors. This transformation is still in its early stages, and the logic remains intact. If Bitcoin is able to absorb an additional realized market cap exceeding $1 trillion, a new surge is still possible. Currently, the total market value of gold is $27 trillion.

```htmlGolden Ten Data reported on July 1 that the Nationwide Building Society stated that although mortgage costs have eased, UK house prices failed to achieve growth for the second consecutive month in June. The institution released data on Wednesday showing that the average house price in June remained flat at £277,484 (approximately $367,460), after falling by 0.6% in May. This performance was slightly below economists' expectations of a 0.1% increase. The Middle East conflict has shaken the mortgage market, ending the strong growth in house prices seen earlier this year. Previously, the market expected the Bank of England to raise interest rates to curb inflation, which drove up borrowing costs. Although mortgage interest rates remain higher than before the outbreak of war, the cost for homebuyers has retreated from the April peak. As investors anticipate that the US-Iran ceasefire agreement will be maintained, bets on the Bank of England raising rates have weakened, and mortgage interest rates may fall further in the coming months.```