Bitcoin briefly broke above $64k, but the exact same candlestick is a completely different story depending on which currency you look at.

Measured in yen, Bitcoin’s rise is far weaker than in USD terms—yen strengthens on worries about intervention, and crypto assets are shrinking in the eyes of those holding yen. This is a structural split driven by the pricing currency.
ETF flows have continued to see net outflows, and the Ethereum fund also ended five straight days of net inflows. The rebound is more from short covering and futures squeezes than from fresh capital entering. Wintermute characterized it as a relief rally.
Tokenized RWA and prediction markets are the real growth engines in Q2. A Bitwise report shows trading volume for the latter surged nearly 18 times year over year. Tokenization of traditional finance is accelerating, but capital flows are decoupling from price action.
Whether the rebound can continue depends on whether USD liquidity truly turns around, and on the follow-up impact of yen intervention. Don’t just look at the USD chart.
$btc #eth #q2 #defi #rwa
$q2 #btc #etf #链上数据 #blockchain