全球稳定币监管框架收紧与合规落地

Recent Developments: The battle between bulls and bears in the derivatives market has intensified. On July 22, 2026, BTC rebounded to $66,000, but option skew indicated a fragile balance in the market, with bulls facing significant unrealized losses recently. On July 20 earlier that month, Deribit saw a call option straddle with a notional value of $2.5 billion, targeting the range of $70,000–$72,000, requiring a break above the $69,000 resistance level to realize profits. There has been a notable divergence in institutional strategies. As of July 21, 2026, MicroStrategy’s reserves increased to $3.225 billion, but four weeks of selling stocks without purchasing Bitcoin resulted in a decrease in the number of BTC shares held per share, diluting the metrics.