CryptoQuant analyst Axel Adler Jr. said Bitcoin's MVRV Z-Score has fallen to about 0.42, roughly four times below its historical mean of 1.7, indicating the asset is in an undervalued range. According to ChainCatcher, the metric has not yet entered negative territory, suggesting the market has not seen the kind of capitulation selling often associated with cycle bottoms. Bitcoin's 7-day realized profit and loss has also turned positive after being negative, now standing at about $239 million, which suggests on-chain selling pressure has eased. The analysis said the market is in a phase of undervaluation and short-term stabilization, but it has not yet shown the capitulation signal typically needed to confirm a cycle bottom and still lacks a clear new demand driver.

CryptoQuant analyst Axel Adler Jr. said on X that Bitcoin’s MVRV Z-Score has fallen to about 0.42, roughly four times below its historical average of 1.7. According to Odaily, he said the reading suggests Bitcoin is in an undervalued range, but it has not yet turned negative, meaning the market has not seen the kind of capitulation selling that usually accompanies a cycle bottom. He also said Bitcoin’s 7-day realized profit and loss has turned positive and is now about $239 million, which indicates that on-chain selling pressure has eased. Adler said the market is in a phase of undervaluation and short-term stabilization, but it has not yet shown the capitulation signal needed to confirm a cycle bottom, and there is no clear new demand driver.

According to Yonhap, Hanwha Ocean Co., the shipbuilding arm of South Korea's Hanwha Group, said its second-quarter net profit more than quadrupled from a year earlier as higher-margin vessels and a weaker won boosted earnings. Net profit for the three months ended in June rose to 692.6 billion won ($471.9 million) from 148.5 billion won a year earlier, while operating profit climbed 98% to 736.1 billion won and sales increased 65% to 5.44 trillion won. A company spokesperson said orders for high-value ships started to flow through to results in the second quarter and that higher vessel prices and the won's weakness against the dollar also helped lift earnings. For the first half, net profit more than tripled to 1.19 trillion won from 364.2 billion won, operating profit rose 86.8% to 1.17 trillion won, and sales increased 34% to 8.65 trillion won. Hanwha Ocean said it secured 6.4 trillion won of orders in the first half for LNG carriers, very large crude carriers and other high-value vessels.

Hyperliquid’s testnet has recently introduced a new feature called “stars,” which adds an optional trading address whitelist mechanism for HIP-3 DEX. According to BlockBeats On-chain Detection, deployers can restrict opening positions or adding to positions to whitelisted addresses only, while the testnet whitelist limit is currently 10,000 addresses. Unauthorized addresses can still deposit funds into accounts and submit reduce-only orders to close or lower existing positions. Community members said the feature could expand HIP-3 DEX use cases, including tokenized stocks, real-world assets, institutional indices, and other regulated products that may be limited to users who complete KYC or meet access requirements. They also said new markets could first open to market makers, partners, or community members for testing, helping reduce the risk of spam trading, wash trading, or malicious manipulation early on. The reduce-only design for non-whitelisted users would also help prevent traders from being unable to exit positions because of access restrictions. The “stars” feature does not change Hyperliquid’s permissionless base layer, but adds an optional access-control function that developers can enable or disable as needed. That could support closed trading markets for DAOs, trading clubs, private funds, or partner-only venues while preserving Hyperliquid’s matching engine and settlement layer advantages. The feature is still in testnet phase, and the official team has not disclosed its specific use case. Further applications will depend on the mainnet launch and additional developer documentation.

Renzo is a restaking protocol built on the Ethereum blockchain. It allows users to easily stake their ETH and earn rewards from EigenLayer. Renzo has a strong founding team and is backed by Binance Labs, but its REZ token has experienced a recent price decline.