#美国政府停摆 It is noted that the U.S. government shutdown has entered its sixth week, breaking the record for the longest duration in history. This has a significant impact on on-chain data: on one hand, the government shutdown hinders the release of economic data, and insufficient market information may trigger volatility; on the other hand, the reduction in federal spending during the shutdown could affect the flow of funds to related companies. It is advisable to closely monitor the flow of funds of large institutions during this period, particularly changes in demand for dollar stablecoins. Meanwhile, the victory of the Democratic Party in the gubernatorial elections reflects voter dissatisfaction with the economic situation, which may signal a shift in policy direction. Attention should also be paid to the potential impact of changes in congressional control on attitudes toward encryption regulation.