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On July 29, Tibo, the product lead for OpenAI Codex, announced on X that all usage limits for ChatGPT Work and Codex users have been reset, and released a statement regarding the issue of rapid consumption of GPT-5.6 Sol usage.In the previous weeks, a large number of users reported that the consumption speed of Codex limits exceeded expectations. OpenAI emphasized that it has not reduced the usage quotas of any subscription plans. After investigation, several reasons were found: Sol is more inclined to work for longer periods, execute more tool calls, and coordinate complex workflows than previous models; it consumes more tokens at the same reasoning level; programmatic tool calls (code mode) allow Sol to execute tool calls in parallel, resulting in more responses and higher usage per round; the distribution of impact is extremely uneven, with median user efficiency being acceptable, but heavy users handling complex tasks consuming far more than expected.OpenAI stated that multiple improvements have been completed, and it is expected that usage endurance will be extended by about 18% in typical usage scenarios. Tomorrow, the five-hour limit that was paused during the investigation will be restored. OpenAI acknowledged that "capabilities and efficiency do not always improve synchronously, and some issues only become apparent after large-scale real-world use; we should have realized this earlier."

According to ValidatorQueue data, the current Ethereum validator entry queue size is 2,499,792 ETH, with an expected waiting time of 43 days and 10 hours; in contrast, the exit queue has dropped to 0, and the exit waiting time shows as 0 minutes, but complete withdrawal of funds after exiting still takes about 7.7 days.Data shows that the current number of active Ethereum validators is 883,724, with a total staked amount of approximately 40.8 million ETH, accounting for 33.49% of the total supply, and the current staking APR is 2.64%.

According to the on-chain analysis platform CryptoQuant, the Bitcoin "Profit Supply Percentage" indicator is approaching the critical threshold of 45%. Historical data shows that this level is usually associated with periods of high market pressure and significant capitulation risk. In contrast, during bull market peaks, this indicator often exceeds 90%. Current data indicates that a large number of Bitcoin holdings have shifted from profit to loss, and the market is undergoing a deep expectation reset rather than being in an exuberant phase.From an on-chain perspective, profit compression often drives the chips to migrate from weak hands to long-term holders, which may exacerbate short-term volatility. However, historically, such redistribution processes help form a healthier market structure, and long-term accumulation opportunities may be emerging.

According to Jinshi reports, Federal Reserve Chairman Powell stated that the current policy is not on a preset track.

Thibault Sottiaux, the head of OpenAI Codex, announced that the usage limits for Codex across all plans have been reset to align with the newly launched plugin system and to encourage users to experience it.The first batch of integrated plugins includes commonly used developer tools such as Slack, Figma, Notion, and Gmail, allowing users to utilize Codex capabilities in more application scenarios.

Bit Digital CEO Sam Tabar posted on the X platform that the recent Ethereum market resembles a "value reset," with market leverage rapidly entering and then quickly reassessing, leaving clear traces of liquidation due to a wave of forced closures, and the bid-ask squeeze amplifying volatility.Now that the market has stabilized, the price of Ethereum has returned to the structural support range of $1800 to $2100. Currently, there has been no substantial change in Ethereum's fundamentals: stablecoin settlements are active, Rollups are still anchored to the mainnet, and in programmable settlement scenarios that need to meet institutional risk assessments, Ethereum remains the preferred choice.Market bottoms are usually only confirmed in hindsight, but this event demonstrates how leverage can quickly distort the market, while Ethereum's long-term value and fundamentals remain solid.

According to Decrypt, the Bitcoin rebound continues, breaking through $71,000 for the first time in three weeks, but whether this upward trend can be sustained still depends on the overall liquidity environment and geopolitical risks.Ranveer Arora, co-founder and CEO of Altura, stated, "The continuous inflow of ETF funds provides structural buying support, but the more direct driving factors seem to be position resets, reduced supply elasticity post-halving, and improved liquidity expectations. In the crypto market, once selling pressure is digested and positions start to rotate, the flow of leverage and derivatives often accelerates the price discovery process." Arora believes that Bitcoin's performance is still closely related to the global liquidity environment. He pointed out that Bitcoin's performance "is less like a traditional defensive asset and more like a high-beta expression of global liquidity conditions."Alex J., Chief Product Officer of LetsExchange, stated that Bitcoin's rise to $71,000 is "mainly driven by escalating geopolitical tensions and rising uncertainty." When asked whether this rebound can be sustained, Alex J. said, "It's unlikely. But the price is also not expected to drop significantly." He explained that when the global financial system experiences severe turmoil, significantly affecting the liquidity flows between different assets, Bitcoin struggles to compete with conservative assets like gold.

Matrixport released a research report on platform X, which pointed out that Bitcoin recently experienced a rapid decline, with implied volatility in options soaring at one point and then partially retreating. The price of Bitcoin dropped from around $85,000 to a low near $60,000, before stabilizing around $66,000.Meanwhile, the implied volatility for March 2026 quickly surged from just over 40% to a panic high close to 65%, reflecting a strong demand for downside protection during the decline. Subsequently, implied volatility fell back to around 50%, indicating that some tail risk hedges are being unwound, and short-term pressure has eased. The crypto market is approaching a critical turning point: volatility remains high, sentiment lingers at extremely low levels, and market liquidity continues to flow out. Traders are gradually unwinding their crash hedges, resulting in a noticeable reduction in overall positions and a significant decline in participation.Historically, such combinations often appear before the initiation of significant directional trends. The macro environment is showing signs of improvement, but the prices of crypto assets have not followed suit significantly, and this divergence is typically difficult to sustain in the long term.

QCP Director Elbert Iswara stated in a Money FM 89.3 radio program that the recent significant fluctuations in Bitcoin resemble a liquidity reset rather than a structural collapse. Although the price briefly fell to $60,033, the subsequent rebound indicates that long-term investors and institutional demand still exist.He pointed out that the current Bitcoin trend is mainly influenced by the macroeconomic environment, while factors such as ETF fund outflows, derivative positions, and leverage liquidations have exacerbated the volatility. Iswara suggested that investors pay attention to the key price range of $60,000 to $65,000, ETF fund flows, leverage liquidation situations, and changes in the correlation between Bitcoin and stocks, and believes that Bitcoin should be regarded as a high beta asset for risk management in the short term.

According to charts and analysis released by Matrixport, Bitcoin is attempting to stage a counter-trend rebound after experiencing a capitulation-style sell-off. This round of decline has washed out weak positions and triggered passive selling pressure and chain liquidations in the derivatives market.In the short term, there is still some upward space from a technical perspective, but whether the rebound can be sustained largely depends on whether there is new capital to take over, rather than relying solely on short covering and systematic hedging funds. Matrixport points out that Bitcoin is still in a larger bear market reset phase, where rapid rebounds are not uncommon but often difficult to maintain. On-chain data also indicates that the current environment remains weak, with insufficient demand momentum and limited structural accumulation. Meanwhile, hedging activities in the options market are heating up, which may further amplify price volatility. If spot demand is insufficient, Bitcoin's price is more likely to experience a rapid decline, and the impact of derivatives on price will also increase.

Coinbase Institutional posted that after the December sell-off, there are signs of a reset in the cryptocurrency market: inflows into spot BTC and ETH ETFs; low leverage; balanced order books; options positions.The institution stated that systemic leverage has dropped to 3% of the total cryptocurrency market capitalization, while options skew indicates that demand for upward movement is increasing. With the recovery of liquidity after the holidays, early inflows suggest that institutional investors are cautiously re-taking on risk.

Glassnode stated, "Bitcoin is about to face the largest options expiration in history, with a notional value of approximately $23.58 billion in Bitcoin options expiring on December 26, while the spot price remains within a recent range.Over the past month, options trading activity has cooled down. The flow of funds has significantly decreased, which typically indicates a weakening confidence in the bullish outlook, while demand for protective put options remains. The implied volatility curve has declined across the board, suggesting a reduction in recent hedging and upside leverage demand. The market is digesting a more controlled price movement.Currently, the at-the-money implied volatility across various maturities is around 44%, down more than 10 volatility points from recent highs. The skew on the 25th (implied volatility of put options minus implied volatility of call options) remains positive, indicating that the pricing of put options is still higher than that of call options.This means that the downside risk has been fully reflected in the price, and it does not appear to show the skewed pattern typically seen before a breakout. Arbitrage trading continues to dominate, and the flow of

According to market news, CryptoQuant analyst MorenoDV_ stated that a valuation reset for Bitcoin is occurring.By observing the Bitcoin NVT golden cross indicator (smoothed with a 100-day moving average), the relationship between market valuation and on-chain economic activity can be assessed. NVT is considered the price-to-earnings ratio for Bitcoin, where transaction volume replaces earnings to answer the question of whether the network's market value aligns with actual economic activity. The current NVT golden cross indicator shows that short-term NVT is significantly below the long-term trend, indicating that Bitcoin's market value is undervalued relative to on-chain activity.Historically, when the indicator shows a deep negative divergence, it typically reflects low market sentiment and structural undervaluation of the network. In this cycle, the indicator fell to a historical low of -0.58 and has now rebounded to about -0.32, indicating that prices are gradually realigning with the transaction-driven fundamentals, but still remain in a conservative valuation range. This phenomenon usually occurs during deleveraging and risk-averse phases, followed by a market accumulation period that drives healthier price discovery. The current market is transitioning from deep undervaluation to equilibrium, with selective capital strengthening, which may signal structural improvements and long-term opportunities in the crypto market.

According to Jinshi News, at 21:30 tonight, the United States will jointly release the November and "incomplete" October non-farm payroll reports. The market generally views this week as a small "reset" of the U.S. macro narrative, and the release of non-farm employment data is considered the first shot in this process. Investors are paying attention to whether the downside risks mentioned by Powell will be validated.

According to Jin Ten, Federal Reserve Chairman Powell stated at a press conference that the Fed's interest rate policy is prepared to respond to future economic conditions, but he declined to provide guidance on whether there will be another rate cut in the near term. Powell pointed out that since September, the federal funds rate has been lowered by 75 basis points, and it has been cumulatively reduced by 175 basis points since last September, currently within a broad estimate range considered neutral, with decisions to be made at upcoming meetings.

ChainCatcher news, according to Jinshi reports, Federal Reserve official Collins stated that there is no predetermined path for current policy and pointed out the possibility of keeping interest rates stable.

ChainCatcher message, Glassnode posted data on social media indicating that the Bitcoin short-term holder NUPL (Net Unrealized Profit/Loss) metric has entered the loss zone, suggesting that recent buyers are under pressure. Historically, the capitulation events of short-term holders often signal the market entering a reset phase, which typically lays the groundwork for a new round of asset accumulation.

ChainCatcher news, CryptoQuant analyst Axel Adler Jr posted on X platform that since March, Bitcoin long-term holders (LTH) have realized a price increase faster than spot, forming a healthy bullish divergence. The chips bought at high prices in spring and summer are maturing and entering the LTH group, with their higher cost basis pushing up the realized price for LTH, thereby compressing the profit multiples and reducing risk without a price drop.This process means that old low-cost chips are gradually being digested, and new high-cost chips are joining, allowing the market to achieve a "healthy reset." As short-term holder demand absorbs the selling pressure from long-term chips, the cycle is expected to extend, and the upward price trend may receive further support.