News

```htmlGolden Ten Data reported on June 30 that France's June inflation rate fell more than market expectations, indicating that price pressures are starting to ease against the backdrop of easing US-Iran tensions leading to lower energy costs. Data released by France's National Institute of Statistics on Tuesday showed that the year-on-year increase in consumer prices slowed from 2.8% in May to 2.0%, while markets expected inflation to drop to 2.3%. The National Institute of Statistics stated that this slowdown in inflation was mainly due to a sharp deceleration in energy prices, especially oil prices. In addition, the rise in service prices has also narrowed, but to a lesser extent. The cooling of inflation is primarily influenced by expectations of a preliminary peace agreement being reached between the US and Iran, which led to a sharp drop in energy prices in June. The slowdown in inflation is a positive signal for the European Central Bank. Earlier this month, the ECB carried out its first rate hike in nearly three years, becoming the first major central bank to take action in response to price increases driven by the Iran war. However, policymakers are expected to remain cautious, continuing to assess whether the recent energy-driven price pressures are just temporary or will have a more lasting inflationary impact.```

30-year Treasury yields rose by 10 basis points to 3.93%, and 20-year Treasury yields jumped nearly 9 basis points to 3.64%. The yen fell to its lowest level against the US dollar in 40 years. The government led by Sanae Takaichi unveiled a roadmap planning to achieve more than 370 trillion yen (2.3 trillion US dollars) in public and private investment in strategic sectors such as artificial intelligence and semiconductors by fiscal year 2040, intensifying market concerns over Japan’s massive debt-to-GDP ratio. The prime minister’s inclination toward monetary easing is also seen as a potential barrier to Bank of Japan rate hikes. Ryutaro Kimura, senior bond strategist at BNP Paribas Asset Management, said: “Investors are increasingly focusing on the Takaichi government's fiscal policy, as well as the government’s political pressure on the Bank of Japan, which is dampening market expectations for rate hikes in the near term.”

CryptoQuant analyst Axel Adler Jr. pointed out that the MVRV ratio of long-term Bitcoin holders has dropped to 1.24, marking the lowest level in nearly three years. The cost basis for long-term holders has risen to $48,400, while the BTC price has fallen back to $59,000, putting the average profit for long-term holders at 24%. The volume held by long-term holders has reached 16.1 million BTC, a record high, while the selling indicator continues to remain low. The analyst believes that the MVRV ratio usually approaches the bottom when it nears 1.0, but currently, it has not yet entered the green surrender zone.