Trump openly supports cryptocurrencies.

If this had happened two years ago, who would believe it.

Someone who once publicly called Bitcoin a "scam" now directly endorses the crypto industry for votes, promising to relax regulations. Political winds shift faster than a needle, crypto has become a key issue for swing state voters, even Elon Musk liked the post below.

My first reaction was that the market would definitely celebrate wildly.

But after calming down, I realized Trump's support has never been given for free; he has big sponsors behind him, and policy deals. If the crypto industry wants to use legalization as a bargaining chip, it must cater to the appetite of this political beast.

Short-term sentiment is at its peak, but will long-term rules be tied to the rollercoaster of "who comes to power, who loosens regulations"?

Earlier, I thought that with this kind of news, $BTC would surge, but on-chain I didn't see large inflows; instead, funding rates were tightening a bit. Some in the market are betting on political dividends, but others are waiting for the real implementation day.

I don't chase this kind of emotional trading.

Political cards are always a double-edged sword. Loosening regulations is good, but who benefits, and where the looseness extends to, is the real question.

Now, if long positions rush in and the election results reverse, the liquidation zone could bury people until tomorrow.

Don't get too caught up in the positions.

This time, I’ll just review and reflect, not pretend to be a teacher.

Looking at the on-chain prediction market, it just went through a round of legal crackdown—A Michigan judge ruled that sports prediction markets are not under CFTC jurisdiction, and the Polymarket injunction was dismissed; on the same day, Kentucky sued Kalshi and Polymarket;

CME Chairman Duffy directly announced plans to sue the CFTC, opposing the approval of Kalshi’s Bitcoin perpetual contracts. These three events happened within two days, effectively giving prediction markets and perpetual contracts a simultaneous triple attack.

For crypto funds, this regulatory game will make more institutional funds temporarily cautious, liquidity short-term tight, and the altcoin and contract liquidation zones more crowded.

Do you think Trump coming to power will truly bring a spring for crypto, or is it just another political show?