The current market presents a threefold main theme of regulatory correction, institutional penetration, and asset restructuring. On one hand, the operational risks of centralized platforms are exposed, prompting regulators to shift from lenient oversight to transparent, in-depth scrutiny, with a phased convergence of compliance windows in Southeast Asia; on the other hand, the US regulatory framework is quietly being optimized, with the SEC's stablecoin capital rules being implemented, coupled with liquidity expectations driven by tariffs and tax rebates, clearing key obstacles for traditional finance to access crypto infrastructure.

The collaboration between Deutsche Bank and Ripple, along with the launch of the secondary market for Dubai real estate RWA, marks the transition of real-world asset tokenization from a narrative to large-scale implementation, with the crypto ecosystem beginning to penetrate core traditional financial payment and asset transfer sectors. Whales increasing holdings, institutional investments in mining companies and trusts reflect professional capital's left-side positioning during market clearing phases, showing a clear divergence from retail investor sentiment.
#特朗普宣布新关税政策 #美国CLARITY法案推进
Disputes over Ethereum ecosystem, Basel Accord risk weight negotiations, and the deadlock over the CLARITY Act are essentially a rebalancing process of global crypto regulation and capital standards. Short-term volatility is driven by liquidity and sentiment, while the medium- to long-term landscape is determined by compliance infrastructure, institutional participation, and the progress of asset tokenization. $BTC