According to GMGN market data, an extreme price difference has emerged between ZKJ futures contracts and the spot market. The perpetual contract price is $0.03034, while the on-chain spot price is $0.1165, representing a 450% increase in 24 hours, with the price difference reaching 74%.

In the past hour, total liquidations across the network reached $11.67 million, with $8.95 million from long positions, with $2.72 million from short positions. BTC liquidation $2.68 million, ETH liquidation $1.51 million.

According to Huoxun Finance, Visa has partnered with WeFi, an on-chain bank founded by former Tether CEO Reeve Collins. Users can hold digital assets in self-custodied wallets and make direct purchases within the global Visa acceptance network, eliminating the need to hold assets on centralized exchanges. WeFi co-founder and CEO Maksym Sakharov stated that the stablecoin is directly embedded in the underlying infrastructure, with settlement completed automatically in the background, providing a user experience identical to regular payments. The partnership will initially launch in select markets in Europe, Asia, and Latin America, with further expansion depending on regulatory approvals.

According to Huoxun Finance, data shows that stablecoin transaction volume decreased by 19.18% over the past 30 days, falling to $8.31 trillion. However, its total market capitalization still increased by 2.06% to $305.29 billion, and the number of holders increased by 2.32% to 246.94 million. In terms of net inflows over the past 30 days, Tether's USDT led with $3.6 billion, Circle's USDC with $2 billion, and MakerDAO's DAI with $1.2 billion; Ethena's USDe saw the largest net outflow, reaching $1.1 billion.

According to Coinglass data, when the price of Ethereum breaks through $2,385, the cumulative short liquidation intensity on major centralized exchanges will reach $1.022 billion; if the price falls below $2,170, the cumulative long liquidation intensity will be $824 million.