Bitcoin fluctuates repeatedly + Coinbase's major actions + Regulatory and ETF signals overlap, what exactly happened today?

Bitcoin's price rebounded this morning, quickly hitting nearly $90,000 before swiftly retreating to around $86,000 — the drastic price fluctuations reflect that market sentiment remains cautious in the short term.

Contrary to recent expectations for a price rebound, the U.S. Senate has postponed the originally scheduled crypto-related legislation to 2026, leading to uncertainty regarding the clarity of future policies. This uncertainty directly affects confidence in funds and volatility.

Important news today indicates:

✔ Coinbase is rapidly transforming and expanding its services—moving from a pure trading platform to channels for stocks, prediction markets, and USDC assets, showing that institutions remain active in expanding industry boundaries.

✔ The future supply and demand trends for ETFs are bullish—data shows that by 2026, ETFs may consume over 100% of new supply, with strong demand for Bitcoin, Ethereum, and Solana ETFs; this long-term funding logic may be a key foundation for the new cycle ahead.

📉 Investment strategies and market sentiment are changing.

Recent reports indicate that due to significant price retracement, overall risk appetite among investors is declining, with institutions and professional funds gradually shifting from pure price betting strategies to risk management, proactive allocation mechanisms, and infrastructure investment. This suggests that the market is transitioning from the "speculative phase" to the "mature allocation phase."

📈 The correlation between the stock market and crypto during the holiday season is also amplifying.

As Christmas approaches, the traditional stock market enters a seasonal uptrend window, which may short-term boost the sentiment of some risk assets, including crypto assets.

✨ What can we infer from today’s market movements?

📉 Short-term sentiment remains highly volatile: the price rebound has not stabilized, indicating that bears are still dominating after breaking important technical levels.

📊 Policy uncertainty remains a short-term suppressive factor.

🏦 Structural layout at the institutional and product level is accelerating.

📅 The holiday season may still produce emotional rebounds, but beware of "false breakthroughs" and short-term fluctuations.

In summary:

Today’s crypto market presents a mixed signal of "price under short-term pressure + structural layout accelerating" — speculative sentiment is retreating, but institutions and long-term funds are still preparing for the future cycle.