#数字资产市场洞察 Bitcoin miners are facing pressure recently. According to the latest data, miner revenue has declined by 11% since mid-October, and the market capitulation risk is gradually becoming apparent.

Multiple significant messages have come from the policy front. The U.S. Senate has approved Mike Selig to serve as the chairman of the CFTC, and this appointment is expected to have a profound impact on the regulatory framework for the cryptocurrency market. Meanwhile, the attitude of U.S. politicians towards digital assets is also adjusting—Senator Cynthia Lummis has publicly stated plans to push for the formal legislation of a cryptocurrency market structure bill during her remaining term, which is widely seen in the industry as a positive signal for compliance.

In terms of macro environmental protection, U.S. Treasury official Hassett recently expressed the view that current inflation in the U.S. is actually below the policy target level, and the Federal Reserve "has ample room to cut interest rates". This statement may release a preference signal for risk assets.

The regional market momentum is also building. According to the latest report, cryptocurrency activity in Brazil has grown by 43% in the recent period, reflecting the ongoing embrace of digital assets in emerging markets. Meanwhile, the U.S. FTC has approved Nvidia's $5 billion investment in Intel, a decision that will have a ripple effect on the chip industry and its related ecosystem.