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ChainCatcher news, on-chain analyst Murphy stated that long-term holder (LTH) net holdings have reached another all-time high. As of June 17, LTH net holdings stood at 14.96 million BTC, an increase of 20,000 compared to the peak on March 27. This is also the second time since BTC entered a bear market that LTH net holdings have set a new record. More and more BTC is no longer willing to participate in short-term speculation and turnover; chips held by LTH now account for 75% of the total circulating supply. According to Murphy, historically, the bottom of each bear market has usually appeared after LTH net holdings begin to rise—first comes a “recovery in holdings,” then a “bottom is formed.” In the previous cycle, LTH net holdings hit a record high three times, each followed by strong distribution, corresponding to the periods when the Federal Reserve signaled rate hike expectations, the Luna crash, and the FTX collapse. In the current cycle, this is the second record high. Murphy believes the key is not how many record highs are made, but whether the distribution scale by LTH shows an obvious downward trend. If the current distribution is lower than the previous one, it indicates that selling pressure is gradually drying up, suggesting the real bottom of the bear market has either already formed or is not far off.

Glonghui, June 19th | According to Yicai, with the listing of SpaceX, founder Elon Musk's personal fortune has soared. On June 18, data from the Forbes Billionaires List showed that Musk's personal wealth reached 1.3 trillion yuan, with his primary sources of wealth being Tesla and SpaceX. Over two trading days, his fortune increased by 200 billion yuan. As Musk’s net worth soared, multiple U.S. politicians criticized the unfairness of the tax system, demanding that the wealthy bear more tax responsibilities. Some lawmakers mentioned on social media, "The world's first trillionaire Musk has an effective tax rate lower than that of truck drivers, firefighters, or nurses. We do, in fact, need to tax the rich." KPMG China tax partner He Lipeng pointed out that the U.S. federal government does not tax individual net assets, but taxes income instead. Income is categorized into wages/ordinary income, capital gains (stocks, bonds), inheritance, and so on. From the composition of Musk’s net assets, most of it is actually "paper wealth" and is highly tied to the share prices of the two companies. Some media reports state that Musk will receive zero actual salary in 2025 as Tesla failed to meet any specified market capitalization or operational performance targets, and he has not received any salary from Tesla for several consecutive years. When his net assets previously approached one trillion dollars, Musk explained the details on social media, saying, "I've said it thousands of times. ‘Net assets’ are almost entirely due to my shareholdings in Tesla and SpaceX. The cash I hold is less than 0.1%." He Lipeng analyzed that if Musk does not plan his taxes, the annual salary he receives from SpaceX and Tesla would be subject to a 37% federal tax rate, with no further taxes payable in Texas. He also mentioned that most high-net-worth individuals in the U.S. derive their income from stock appreciation, which is generally subject to a 23.8% federal income tax, while the wage-earning class with higher salaries may pay taxes at the regular income tax rate, reaching the top rate of 37%. This also means Musk's effective tax rate could indeed be lower than that of a truck driver.

Trade data provider Descartes Datamyne stated on Thursday that in May, the United States’ fertilizer imports from Middle Eastern ports affected by the Strait of Hormuz blockade dropped to zero, resulting in overall crop nutrient imports falling by 44% year-on-year to 553,000 metric tons. This represents one of the earliest assessments of the war’s impact on American farmers. The Middle East supplies nearly one-third of the world’s fertilizer trade, which is typically shipped through the strait.The supply interruption of urea from Qatar, with common raw materials such as sulfur and ammonia also restricted, has tightened supply and caused prices to soar. According to data from the United Nations Food and Agriculture Organization, global fertilizer prices rose by about 20% from February to May. U.S. fertilizer imports plummeted month-by-month from 464,000 metric tons in February. Recently, nitrogen fertilizer prices have retreated slightly due to a decline in seasonal demand, but phosphate fertilizer prices remain high.American farmers growing crops such as corn, wheat, and soybeans are under multiple pressures from drought, rising input costs, and lost sales. In May, the president of Nutrien—the world’s largest potash producer—stated that regardless of when the war ends, high fertilizer prices could persist until 2027. At the end of last month, the U.S. Federal Trade Commission announced an investigation into fertilizer pricing. Last week, Trump said he was considering measures to help farmers affected by high prices, but did not disclose specific details.