On June 12, it was reported that as of 14:00 (UTC+8) on June 12, 2025, Bitcoin (BTC) was reported at US$107,745, down about 2.3% from the high of US$110,277 48 hours ago. Prices temporarily stabilized after stepping back on the support of US$107,500, and the overall situation is still in the high and volatile range. Ethereum (ETH) hovers around US$2,800. The overall transaction volume in the crypto market has declined slightly, and funds have become cautious. The latest U.S. CPI in May rose 0.1% month-on-month and 2.4% year-on-year, and the core CPI was 2.8% year-on-year, both lower than market expectations, reflecting the continued moderate decline in inflation. After the data was released, U.S. bond yields fell, the U.S. dollar weakened, gold rose, and risky assets were boosted in the short term, but the response from crypto assets was relatively mild, indicating that the market has partially factored in expectations of slowing inflation. Although the data is conducive to loose expectations, there is a high probability that the Federal Reserve will keep interest rates unchanged at its upcoming interest rate meeting. Analysts generally believe that the interest rate cut window may be postponed until after September. Policy uncertainty still restricts the market's willingness to go long. In addition, Societe Generale announced that it will issue U.S. dollar stablecoins in July, and the G7 summit will also discuss cross-border crypto asset supervision cooperation. The continued intervention of traditional financial and regulatory agencies is pushing the encryption industry towards compliance and institutionalization, laying the foundation for medium-and long-term development.