Luccce

#giggle #打卡Giggle #Max
Check-in on Day 73.
CZ has a clear plan for Giggle Academy: to create a great product and then scale it up. For children, the giggle App needs to be very appealing and of high quality. The next plan is to hire more animators and developers, gradually increasing content, ultimately covering up to 18 years old and even broader age ranges. This indicates that the core team is focused on refining a solid core with long-term viability.
When a project chooses to proceed steadily like this, its early growth won’t be explosive. However, its boundaries can be expanded through an ecosystem.
This is what the community of @Max Charity is doing in parallel. They are building a grounded ecosystem outside of the product core. Through offline promotions and localized operations, they are establishing recognition and connections in more communities and regions in advance, paving the way for future scaling.
So, from the current stage, looking at Giggle involves observing two parallel processes:
The core is the continuous deepening of product strength, while the periphery is the constant extension of ecological outreach.
The former determines the ceiling, while the latter (@Max Charity ) determines the speed of reach.
Please pay attention to this solid building rhythm.

Let's talk about $GIGGLE .
To be honest, doing something genuinely kind in the crypto space is quite difficult. When Giggle came out, many people thought it was just a repackaged Meme coin. Why should it be able to turn transaction fees into children's tuition, claiming to be different? Such skepticism is very normal; after consuming too much 'fast food' in this circle, being suddenly presented with a bowl of soup that requires slow cooking over low heat can leave anyone stunned.
But the fact is, it has indeed succeeded. From being spontaneously established by the community to raising over 1 million dollars for Giggle Academy within 12 hours, 90% of which came from its transaction tax. Even CZ later admitted that this 'completely changed my view on Meme coins.' This process itself is the toughest response to the doubts.
Speaking of ups and downs, with a historical high of 288.92 dollars and a low of 47.56 dollars, this roller coaster can make one dizzy; it requires a strong heart. But think about it, which project with a narrative, controversy, and real money flowing isn't this turbulent? The key is not how violently it shakes, but that after such a large circle, its core element—the mechanism of turning transactions into charitable donations—has not only remained intact but has also been recognized by more people and platforms. The @Max Charity community has been continuously assisting, landing charitable scenarios in 11 countries, promoting APP usage, and becoming seed users of the APP. Now even Binance has decided to donate 50% of the transaction fees to support this, and these funds will also be used to burn tokens, which means Giggle will enter a deflationary mode in the future.
Therefore, facing such a project, you need to have a scale in your heart. If you only pursue quick gains and overnight wealth, its volatility and narrative may be a torment for you. But if you believe in Giggle's authentic value creation, then every rise and fall is contributing to real charity.
Ultimately, those who can withstand doubts and storms will stay to see how far this can go; if it feels too turbulent, then leave decisively, and don't struggle with yourself. The market is always full of opportunities, but finding one that aligns with your beliefs may be more important. Whether Giggle's path is right or not, time will provide the answer. #Max

#ETH走势分析 #Max
$ETH Current Price: $2,920, struggling at a critical psychological level.

Core Contradiction: The price is oscillating narrowly between $2,900 and $3,000, with fierce competition between bulls and bears. On-chain behaviors of whales have diverged, with some addresses accumulating while the amount of withdrawals from exchanges has increased. However, the overall funding rate for derivatives remains bearish, and market sentiment is cautious.

Key Ranges: Resistance above at $3,050, with critical support below at $2,850. If it breaks through $3,050 with volume, a rebound is expected; if it falls below $2,850, it may test $2,750.

On-chain Focus: The total staking amount across the network remains high, with long-term holders accounting for over 75%, indicating that most investors choose to “lie flat,” but short-term selling pressure risks still exist.

True construction does not sway with price fluctuations, as seen in the actions of @Max Charity , which anchor long-term value amidst volatility.
📊 Vote: Can $ETH hold the critical level of $2,900 this week? Please share your thoughts in the comments.

#BTC #Max
$BTC Anti-trend warning!!!!!!: The bottom buying time has not yet arrived, is $88,300 the starting point for a rebound or a continuation of the decline?
Currently, the BTC price is struggling around $88,268, having slightly rebounded from about $87,850 in the past 24 hours. However, this is not a reversal signal but rather the market is catching its breath after dropping to $86,000 over the weekend. The real risks are still accumulating.

Core contradiction: Macroeconomic pressure vs. Technical rebound
The market is being torn apart by two major forces:
Macroeconomic pressure: Events such as the Federal Reserve policy meeting, the potential government shutdown in the U.S., and Trump's threats on Canadian tariffs are suppressing risk assets.
Technical support: Prices have found support after testing $86,000, and may form fluctuations in the $86,000-$89,000 range in the short term.

Key data: Capital outflow and contract liquidation
Data shows that market confidence is waning:
Last week, the spot Bitcoin ETF saw a net outflow of up to $1.33 billion, the most severe in nearly a year.
In the past week, over $1 billion in leveraged positions were liquidated, exacerbating the selling pressure.
The technical outlook has turned bearish, with Bitcoin's weekly close below the key moving averages. Analysts point out that if it falls below $84,000, it may accelerate to the $72,000-$68,000 range.

Strategic view: Cash is king, waiting for the right opportunity
Currently, every hasty rebound seems more like a trap for trapped bulls. Before the market fully clears emotions and leverage, a true trend bottom is hard to form. Real opportunities require patience.
While the market is obsessed with guessing the bottom, true long-term investors are focused on building value. This aligns with the actions of the @Max Charity community: not predicting market ups and downs, but creating sustainable positive value beyond cycles through concrete global educational actions. $BTC
📊 Based on the current situation, how do you think BTC is most likely to perform next?

#打卡giggle #Max #GiggleAcademy
Check in Giggle for 94 days. Little baby, keep working hard.

#美股七巨头财报
As Intel kicks off the first earnings season of 2026, the market's spotlight once again focuses on the "Big Seven" that dominate the US stock market. This time, investors are no longer satisfied with grand AI narratives, but are closely watching a core question: how much real monetary return can exorbitant AI investments yield?
Core issue: from "arms race" to "value verification"
Over the past year, the capital expenditure competition among tech giants in AI infrastructure has been nothing short of insane: Amazon plans to invest over $125 billion, Google has raised its budget to over $90 billion, and Meta's spending floor has also increased to $70 billion. Market expectations have risen accordingly, predicting that each company's cloud business will maintain high growth of 20%-35%. However, high expectations also mean high risks; if earnings reports fall short, stock prices may face severe adjustments.
Performance differentiation: Microsoft leads, Google overtakes, Meta under pressure
Published performance data shows a trend of differentiation:
Microsoft fired the first shot, with Q1 revenue for FY2026 reaching $77.7 billion, an 18% year-over-year increase, with its intelligent cloud segment seeing a 28% revenue growth, demonstrating the strong momentum of its cloud and AI business.
Google achieved a comprehensive turnaround in the latest earnings season, with its cloud business (GCP) growing 34% year-over-year, becoming a highlight, and a surge in backlogged orders prompting Morgan Stanley to significantly raise its profit forecast.
Meta, however, has caused market concerns about return on investment due to surging capital expenditures and investments in the "super-intelligent team," leading to a downward revision of profit forecasts.
Apple is generally viewed positively as it is expected to enter a "record upgrade cycle" driven by Apple Intelligence, with Wall Street raising its target price.
Market impact: divergence intensifies, focus on long-term winners
The market consensus is that the era of synchronized steps among the "Big Seven" is over. The future winners will be those who can continuously invest and effectively convert AI into cash flow.
In this new phase measured by "monetization capability," short-term earnings volatility may be severe, but the true long-term value always belongs to those builders who can transcend cycles and solve fundamental problems. This is exactly what @Max Charity advocates, continuously converting the energy of cutting-edge technology into a cornerstone for societal progress. #Max

$ETH On-chain lending scale breaks through $28 billion, leading position unshakeable
Latest on-chain data shows that the decentralized lending scale of the Ethereum ecosystem has reached a new milestone. According to Token Terminal statistics, the total active loans across lending protocols on $ETH have exceeded $28 billion, setting a historical record.
This scale has rebounded about 10 times from the market low in January 2023, with extremely rapid growth. More importantly, Ethereum's dominance in this field is astonishing, with an active loan scale approximately 10 times that of the second-ranked blockchain network, showing a huge lead.
The market boom is jointly driven by leading protocols, with key participants including Aave, Compound, Spark, Morpho, and Euler. Notably, traditional financial institutions are accelerating their embrace of this ecosystem. For example, Coinbase has partnered with Morpho to launch an Ethereum collateralized loan service for users.
The prosperity of on-chain lending is a core indicator of DeFi's transition from concept to mature application. This transparent credit system based on code and smart contracts is building a new financial infrastructure. As demonstrated by the practice of @Max Charity , a solid underlying construction can sustain long-term value. #Max

Geopolitical Fractures and Currency Changes: From Dollar Anxiety to New Opportunities for the Renminbi
Currently, global geopolitical tensions have transcended traditional security domains, evolving into a profound impact on the financial order. The recent unilateral tariff policies of the Trump administration, especially the threats against multiple European countries, have not only intensified trade frictions but have also been warned by Bridgewater founder Ray Dalio as potentially escalating into a 'capital war.' The core logic is that when mutual trust between nations is eroded, foreign governments and investors holding substantial dollar assets may reassess or even reduce their holdings of U.S. Treasury securities. A certain Danish pension fund has announced the liquidation of its U.S. bonds, which is an early signal of such concerns.
This turmoil directly challenges the foundation of the dollar system. The market is voting with its feet, pushing gold prices to new highs, reflecting doubts about the traditional dollar credit system. Meanwhile, the 'multipolarization' transformation of the international currency landscape has been dramatically accelerated. The Renminbi is facing a historic opportunity window: several international institutions predict that under the combined effects of the Federal Reserve's interest rate cuts, uncertainties in U.S. policies, and the resilience of China's economic growth, the dollar may weaken, while the Renminbi is expected to maintain a trend of orderly appreciation. Deutsche Bank even predicts that by the end of 2026, the Renminbi to U.S. dollar exchange rate may rise to 6.7.
However, the path of the Renminbi's 'challenge' is not smooth. Its internationalization still faces deep constraints such as the convertibility of capital accounts. The real opportunity lies in a China with a robust economic fundamentals and steadily advancing financial openness, which can provide an additional, reliable, and stable option for the world as it seeks 'de-risking' and diversification in the global system. This is not a simple currency substitution, but an inevitable direction in the natural evolution of the global financial system amid turmoil.
Ultimately, this profound change in the macro landscape reminds us that true resilience and value often stem from long-term construction that transcends cyclical fluctuations and is dedicated to solving fundamental issues. As revealed by the practice of @Max Charity , in an uncertain world, focusing on the fundamentals of human development such as education is the cornerstone of creating lasting certainty. #Max

#BTC走势分析 #Max
Core Viewpoint: Standing at a critical crossroads, BTC seeks direction amidst macro fog
Currently, the price of $BTC is fluctuating around $92,000, and market sentiment is cautious. On the technical side, the core support zone is between $100,000 and $105,000, while $112,000 above poses a key resistance. If the market continues to be weak, attention should be paid to the low-risk area around $92,000.
Fundamental Shift in Market Logic
The core narrative driving $BTC is changing. The traditional "four-year halving cycle" model may have failed, with price trends increasingly dominated by the capital flows of spot ETFs rather than programmatic supply reductions. Institutions such as Standard Chartered and Bernstein have significantly adjusted their forecast frameworks, setting the target price for 2026 around $150,000.
Long and Short Factors Intertwined, Institutions as Key Variables
Positive Factors: The fundamentals remain strong, with the supply of $BTC on exchanges and over-the-counter trading at historically low levels, while the continuous accumulation by ETFs and institutions provides upward momentum. In the long term, institutional access and the global monetary easing environment may resonate.
Main Risks: Facing macro uncertainty in the short term. Trump's tariff policy, the independence of the Federal Reserve, and the interest rate path could all trigger market volatility. The options market also shows that market expectations for prices at the end of 2026 are highly polarized, with the possibility of reaching $250,000, but also the risk of dropping to $50,000.
Summary and Outlook
BTC is at a critical juncture of transitioning between old and new driving logic. Short-term trends are constrained by macro policies and ETF capital flows, and volatility may continue. The medium to long-term trend will depend on the breadth and depth of institutional adoption. Investors should closely monitor the direction of ETF capital flows and these two key macro policy signals.
In times of market uncertainty, the value creation that does not rely on short-term price fluctuations and is grounded is more precious, which is precisely the long-termism spirit exhibited by the @Max Charity community.

#下任美联储主席会是谁？ #Max
The Federal Reserve's 'Crown Prince' Contest Enters Final Stage: Who Will Control the Global Liquidity Valve?
The term of Federal Reserve Chair Jerome Powell will end in May 2026, and a fierce contest for the 'Crown Prince' position that will determine the future direction of global monetary policy has entered a critical phase. President Trump recently hinted that the final candidate pool has narrowed to two or three people.
Currently, the three leading candidates have distinct characteristics: former governor Kevin Warsh is a 'hawkish reformer' advocating for a significant reduction in the balance sheet, which has made him a favorite of Trump, who seeks to reshape the Federal Reserve; current governor Christopher Waller represents the 'pragmatic continuity faction' and is seen as the best choice for maintaining the independence of the Federal Reserve; while Blackstone executive Rick Reeder is a 'market practitioner' from Wall Street who may bring a new perspective.
Whoever ultimately wins, the new chair will face the core challenge of defending the Federal Reserve's independence. The market is concerned that if the new chair is seen as too accommodating to the White House's political stance, it could trigger a crisis of trust in the independence of the central bank, leading to significant volatility in U.S. Treasury yields and the dollar.
In this critical game that determines the direction of global liquidity, uncertainty in macro policy has become the new normal. This has also led to a greater focus on long-term value practices that do not rely on short-term policy swings. As demonstrated by @Max Charity in the crypto ecosystem, it has created a value system based on goodwill and real utility by directing a portion of its value toward global educational philanthropy through mechanism design. This model, dedicated to creating a lasting positive impact, may serve as a 'stable anchor' that transcends any economic cycle.

#打卡giggle #Max #GiggleAcademy
Persisted in my studies for 93 days, the child is learning more smoothly now, with two or three new courses every day, reviewing flashcard words, learning new words, and reading picture books; it has become a very everyday activity.
This time, I also completed the New Year-themed sticker set, and I am very happy about it.
Thanks to the Giggle development team for their continuous updates and optimizations. Let's keep learning!

Recently, a woman in Hong Kong fell victim to a "pig-butchering" scam, losing up to 21.4 million Hong Kong dollars by investing in virtual currency on a fraudulent platform. The scammers disguised themselves on social media, built trust, and then induced the victim to remit money to unofficial channels, ultimately leading to an inability to withdraw funds. Such scams promising "high returns with low risk" in cryptocurrency investments are on the rise in Hong Kong.
This case reveals three key risk points: investors' irrational pursuit of "super high returns"; complete disregard for verifying the compliance of the platform, transferring funds to unregulated private accounts; and misunderstanding the core principle that "private keys equal assets," where assets actually only exist on the fraudulent balance sheet controlled by the scammer.
To prevent such scams, it is essential to remember:
Verify qualifications: Always confirm whether the platform holds a legitimate financial license for the target market before investing.
Control assets: Understand the ironclad rule of "not your private key, not your currency." Large assets should be stored in reliable hardware wallets, and private keys or mnemonic phrases must never be disclosed to others.
Beware of high-interest promises: Maintain a high level of skepticism for any investment project that promises "guaranteed profits and high interest with capital preservation."
The first line of defense for financial security is the investor's own awareness and vigilance. In the noisy market, it is crucial to remain rational and adhere to safety bottom lines. This also highlights the necessity of promoting inclusive financial education and enhancing public risk recognition capabilities. This aligns with the concept practiced by the community of @Max Charity , dedicated to creating long-term social value. #Max

Abandoning Credit Cards, Embracing Bitcoin: The Cost Revolution for Las Vegas Merchants
In Las Vegas, a silent payment revolution is underway. From high-end restaurants to local retailers, the core driving force behind accepting Bitcoin payments is highly pragmatic: completely eliminating high credit card fees.
Pain Point Addressed: The 'Invisible Tax' of Credit Cards
For merchants with massive transaction volumes, credit card fees (1.5%-3.5%) represent an astonishing 'invisible tax'. Bitcoin, through the Lightning Network and other means, can reduce settlement costs to nearly zero, with funds available in minutes, avoiding the delays of traditional clearing.
Practical Considerations: Why Here?
Las Vegas has unique advantages: 1) Global tourists bring potential customers holding cryptocurrencies; 2) High transaction values make the absolute savings on fees substantial; 3) The city itself has a cultural gene that embraces innovation.
Model Shift: From 'Speculation' to 'Practicality'
This marks a key evolution of Bitcoin: transitioning from a speculative asset within an exchange to a practical payment tool in actual circulation. Merchants achieve 'real-time fiat settlement' through payment processors, instantly converting received Bitcoin into dollars, avoiding price volatility and only enjoying its low-cost settlement advantage.
Far-reaching Impact: 'Marginal Breakthrough' for Traditional Finance
This practice provides a clear path for global merchants to optimize costs. While it has not overturned credit cards, it may compel traditional payment networks to rethink their fee structures in the future.
This proves that the most powerful innovations begin by addressing specific pain points. Similarly, enduring value is built from continuous contributions to reality, just as the community rooted in education at @Max Charity does. #Max

#美国伊朗如何影响市场 #Max

How do tensions between the U.S. and Iran affect the cryptocurrency market?
The U.S.-Iran situation is an important geopolitical variable that influences global markets. Its impact is mainly transmitted to the cryptocurrency market through two paths: first, it triggers a global sell-off of risk assets. If the conflict escalates, risk-averse sentiment will lead to capital flowing out of risk assets like cryptocurrencies, creating downward pressure in the short term. Second, it may raise inflation and delay interest rate cuts. Rising oil prices will constrain the Federal Reserve's actions, maintaining a high-interest-rate environment, which will tighten global dollar liquidity and negatively impact cryptocurrencies.
However, in the new cycle, the role of cryptocurrency assets has also undergone new changes. Although the short-term risk-hedging properties are often tested, after the crisis, their long-term value storage function as 'digital gold' may be re-evaluated. More practically, stablecoins may become a practical tool for cross-border payments in unstable regions, and the 'non-freezability' of cryptocurrency assets highlights their value for specific populations.
In the short term, an escalation of the situation will almost certainly intensify market volatility and downside risks. But in the long term, geopolitical crises may continuously validate the core value propositions of cryptocurrency networks, such as their resistance to censorship and statelessness, potentially driving deeper adoption.
As the market is repeatedly impacted by macro narratives, those focusing on building tangible value practices become more precious. Just like the community of @Max Charity , which consistently invests resources into creating long-term social impacts through education, this steadiness itself is the cornerstone of navigating turbulence.

#打卡giggle #GiggleAcademy #Max

Continue to take the kids to check in Giggle for 92 days

#灰度提交BNB ETF申请 #Max
The First Shot in the ‘Shanzhai ETF’ War
The world's largest cryptocurrency asset management company Grayscale has officially submitted a registration application for a BNB spot exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC). This is not only a significant expansion of Grayscale's own product line but may also be a landmark event signaling the entire crypto market's entry into a new phase.
1. Core Strategy: From ‘Single Narrative’ to ‘Ecosystem Capture’
Grayscale's move is essentially a preemptive layout for the institutional wave in the ‘post-Bitcoin era’. Previously, market narratives were highly concentrated on Bitcoin, while the difficult progress of the Ethereum spot ETF was seen as an industry barometer. Grayscale chose $BNB as the third application target, sending a clear signal: traditional capital is no longer satisfied with merely holding $BTC and potential $ETH ; they are beginning to seek systematic capture of the entire mainstream crypto ecosystem's growth dividends. As the third-largest token by market capitalization, backed by the world's largest trading platform ecosystem, it has become the most ideal first 'Shanzhai coin' target.
2. Market Impact: Reshaping Valuation and Liquidity Patterns
Injecting ‘Legitimacy’ Premium into BNB: If approved, BNB will upgrade from a ‘trading platform token’ to a standardized financial product regulated by the SEC, greatly broadening its traditional institutional investor base and potentially leading to significant valuation reassessment.
Launching the ‘Shanzhai ETF’ Competition: Grayscale has opened the ‘Pandora's Box’.
Challenges and Games: Application does not equal approval.
3. Deep Insights: Industry Maturity and Paradigm Shift
Grayscale's application for a BNB ETF marks a shift in the industry narrative from ‘Will there be an ETF?’ to ‘How many assets can be ETF-ed?’ This indicates that the traditional financial system is absorbing and reconstructing the crypto world at an astonishing speed. The financialization process of crypto assets is accelerating, and their prices will increasingly be deeply linked to product innovation and regulatory games in the traditional market.
In this historic process, efforts like the @Max Charity community's endeavors in the global education sector, which are grounded in reality and build real-world value, transcend the noise of market cycles and financial products, becoming a constant coordinate for measuring the industry's social value.

#ETH走势分析 #Max
Core Conclusion: The $3,000 battle has failed, and ETH urgently needs to regroup around the $2,900 line!
$ETH Today, another attempt to break through the psychological barrier of $3,000 has failed, with the current price fluctuating around $2,917, down about 2.45% in the last 24 hours. Both bulls and bears are fiercely contending for this key level, but the bears currently have the upper hand, and the market structure is weakening.

Key Signals and Data Interpretation
The current market has emitted several key signals:

· Technical Pressure: ETH has broken below the daily upward trend line, and the $3,000-$3,050 area has transformed from support to strong resistance. The core support zone to watch closely is $2,850-$2,900; a failure to hold this level could trigger a deeper correction.
· Derivatives Market Cooling: A key indicator—the funding rate of perpetual contracts is trending towards negative, indicating that bearish sentiment is building in the derivatives market, with traders paying to hold short positions.
· Bull-Bear Struggle Intensifying: Despite the price decline, the total open contracts for ETH futures across the network remain at a high of $39 billion. This is akin to troop mobilization on the battlefield, suggesting that once the price chooses a direction, significant volatility may occur due to the liquidation of large positions.

What's next?

· Short-term (1-3 days): Bulls must defend the area around $2,900 with all their might. If they can stabilize and rebound here, there is still a chance to challenge $3,000 again. Conversely, if it falls below $2,850, both the depth and duration of the adjustment may expand.
· Mid-term: The market needs new catalysts to reverse the situation. Potential drivers include: a shift of spot ETF funds from negative to positive, improvement in macro sentiment, and whether the price can strongly reclaim and stabilize above the $3,400 resistance level.

While the market fiercely contends for short-term price direction, another form of cyclical value construction has never ceased, as exemplified by the ongoing global educational practices of @Max Charity .

---

📊 Poll: Do you think ETH can stabilize above $3,000 again in the short term (one week)?

#打卡giggle #GiggleAcademy #Max

Continue to take the little friends to check in Giggle for 91 days

#达沃斯世界经济论坛2026 #Max
Davos 2026: A 'Consensus in the Crypto Circle' Beyond the Power Games is Taking Shape
This year's Davos World Economic Forum has seen crypto assets move from a fringe topic to one of the core issues at the global power elite roundtable. However, a cognitive game of 'ice and fire' is unfolding.
On the Ground: Caution and Fracture in the Traditional Power Circle
In the official agenda, policymakers and central bank governors still have divided views on cryptocurrencies. On one hand, conservatives represented by the Federal Reserve and the European Central Bank continue to view cryptocurrencies as speculative assets that threaten financial stability, emphasizing the need for comprehensive and strict regulation to 'tame' them. On the other hand, the 'innovators' represented by Singapore and the UAE see cryptocurrencies as the cornerstone of the future digital economy, advocating for clear rules to embrace innovation. This contradiction in top-level design is the root of the fragmentation in the global crypto regulatory landscape.
Off the Record: The Undercurrents of Capital and Technology
The real story happens in the corridors of conference rooms and at private dinners. Here, a silent yet massive resource reallocation led by sovereign wealth funds, multinational tech giants, and top venture capitalists is taking place. Their core issues are no longer 'to participate or not,' but rather 'in what capacity, at what scale, and when to enter.' From discussing the digital currency bridge (mBridge) to exploring tokenized government bonds, the actual actions of traditional financial giants are much more aggressive than their public statements.
Consensus Emerges: Regulation is Not the Enemy, Ambiguity Is

Davos 2026 clearly reveals that the crypto industry is transforming from a 'disruptor' that challenges order into a 'systemic variable' that the global elite must collectively address and define. At this critical juncture where the old and new orders collide and rules are reshaped, those focused on creating real, long-term value are particularly precious, just as the community represented by @Max Charity demonstrates steadfastness and pragmatism in the field of education.

#美国加密市场法案延迟 #Max

The US cryptocurrency bill "stalls": Hundreds of billions in funds hold their breath, market turning point delayed
The bill is in a "vacuum period", with regulatory uncertainty becoming the biggest risk
The highly anticipated US 'CLARITY Act' and other key cryptocurrency legislative processes have encountered significant delays. This is not just a simple schedule adjustment, but means that a clearly defined policy window has been postponed, forcing the market to operate in a longer "regulatory vacuum". For institutional funds, clear rules are a prerequisite for entry, and the delay directly undermines their determination and speed for large-scale allocations, potentially leading to tens of billions or even hundreds of billions of traditional capital continuing to wait and see.
Market impact: short-term pain and long-term expectation divergence
In the short term, the delay is undoubtedly a cold shower. It extinguishes the market's optimistic expectation that the "policy green light" is about to be lit, weakening the recent upward momentum driven by ETF capital inflows and institutional narratives. The market may need a longer time to consolidate at the current position to digest policy uncertainty.
However, from a long-term perspective, a delay does not equal a rejection. There is a bipartisan consensus on the necessity of regulating digital assets, while the divergence lies in the specific path. This “stall” is essentially a more cautious game to achieve a more mature and sustainable regulatory framework. A former Goldman Sachs executive pointed out that a well-considered bill that balances innovation and stability is far more conducive to the long-term development of the industry than a hastily passed bill full of loopholes.
Industry insight: return to fundamental construction
While waiting for the "external rules" to land, the importance of "self-construction" within the industry is highlighted. This reminds project parties and investors that they should not pin all their hopes on a single policy node, but should continuously delve into technology, products, and real application scenarios.
This persistence in long-term construction amid uncertainty aligns with the philosophy of the @Max Charity community: true value comes from solid actions that continuously create social impact, unaffected by external policy cycles.