Wu Says he learned that US asset management firm VanEck released a report stating that BTC is currently about $63,700, down roughly 33% from its six-month high, and the derivatives market remains cautious. In the 1-month options market, the implied volatility skew of put/call options rose to 11.4 percentage points, and the near-30-day annualized funding rate for perpetual contracts is about 4.5%. Historically, this range typically corresponds to future 30 to 180 days returns below the average level. In the same period, miners’ average daily revenue fell year over year by 39.5% to about $28.5 million, and revenue per unit of hashpower dropped to about $30.6 per PH/s per day, approaching multi-year lows. BTC that has not moved for more than a year accounts for 60.8% of circulating supply, and the long-term supply structure remains relatively stable.