When the market software opened in the morning, Bitcoin's V-shaped rebound around 85000 was quite refreshing, but by the afternoon, it was swaying around the 87000 range. This indecisive rhythm oddly aligns with today's news in the circle—on one side is the clear policy move, and on the other side is the market's hesitation and wait.
The most noteworthy aspect is the two diverging paths of regulation between China and the United States. On this side, the U.S. FDIC has just opened the application channel for stablecoin issuing institutions, marking the first substantive action after the implementation of the "GENIUS Act." U.S. banks have even directly declared the judgment of "future on-chain," as the OCC has granted national trust bank licenses to five digital asset companies, officially pushing stablecoins and crypto custody into the banking system. However, on the mainland, the central bank has directly categorized stablecoins as virtual currencies, completely shutting down the imaginative space for "quasi-legal tender," with the core still being to safeguard the red line of monetary sovereignty. Between the opening and closing, Hong Kong's role has also changed; originally hoping to be a "safe haven," it now resembles a "converter" for digital renminbi to connect globally.
The market's reaction to this policy divergence is very direct: there has been neither a crazy surge nor a dramatic drop, only repeated tugging at key points. Bitcoin's support zone at 85000 is indeed strong, bouncing back after two dips, but the resistance at the upper 90000 level is also obvious, and the bearish arrangement at the daily level has not yet reversed. Ethereum is slightly more resilient, with a double bottom pattern around 2870 providing some confidence, but it has failed to stabilize after several attempts to break the 3000 mark. It seems that the benefits of the Fusaka upgrade can only stabilize the basic plate for now. More interestingly, the capital movements show that Bitcoin ETFs have narrowed outflows while Ethereum ETFs have seen small net inflows, indicating that institutions clearly recognize the long-term logic of technological upgrades.
Today, there are also two details worth noting. The Chicago Mercantile Exchange added TAS trading functionality to SOL and XRP futures, which adds liquidity to mainstream altcoins; the Marshall Islands issued on-chain UBI using the Stellar blockchain, marking another solid case of blockchain moving away from "speculating on coins." But amidst the excitement, the liquidation data in the derivatives market is sounding the alarm—100,000 people were liquidated in 24 hours, with both long and short sides losing 100 million, and the extreme fear in market sentiment has not yet dissipated.
The most noteworthy aspect is the two diverging paths of regulation between China and the United States. On this side, the U.S. FDIC has just opened the application channel for stablecoin issuing institutions, marking the first substantive action after the implementation of the "GENIUS Act." U.S. banks have even directly declared the judgment of "future on-chain," as the OCC has granted national trust bank licenses to five digital asset companies, officially pushing stablecoins and crypto custody into the banking system. However, on the mainland, the central bank has directly categorized stablecoins as virtual currencies, completely shutting down the imaginative space for "quasi-legal tender," with the core still being to safeguard the red line of monetary sovereignty. Between the opening and closing, Hong Kong's role has also changed; originally hoping to be a "safe haven," it now resembles a "converter" for digital renminbi to connect globally.
The market's reaction to this policy divergence is very direct: there has been neither a crazy surge nor a dramatic drop, only repeated tugging at key points. Bitcoin's support zone at 85000 is indeed strong, bouncing back after two dips, but the resistance at the upper 90000 level is also obvious, and the bearish arrangement at the daily level has not yet reversed. Ethereum is slightly more resilient, with a double bottom pattern around 2870 providing some confidence, but it has failed to stabilize after several attempts to break the 3000 mark. It seems that the benefits of the Fusaka upgrade can only stabilize the basic plate for now. More interestingly, the capital movements show that Bitcoin ETFs have narrowed outflows while Ethereum ETFs have seen small net inflows, indicating that institutions clearly recognize the long-term logic of technological upgrades.
Today, there are also two details worth noting. The Chicago Mercantile Exchange added TAS trading functionality to SOL and XRP futures, which adds liquidity to mainstream altcoins; the Marshall Islands issued on-chain UBI using the Stellar blockchain, marking another solid case of blockchain moving away from "speculating on coins." But amidst the excitement, the liquidation data in the derivatives market is sounding the alarm—100,000 people were liquidated in 24 hours, with both long and short sides losing 100 million, and the extreme fear in market sentiment has not yet dissipated.
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BTC
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