The recent cryptocurrency market has been quite active. Notably, movements related to stablecoins and the adjustment phase of Bitcoin are drawing attention.

First, on the macro front, the U.S. Federal Reserve's policy to exclude "reputational risk" from bank regulation is significant. This could ease some of the pressure on crypto companies facing "bank withdrawals." Meanwhile, in the UK, regulatory activity is also intensifying, such as the process of returning assets frozen in Bitcoin money laundering cases.

In project developments, the Ethereum Foundation announced plans to stake approximately 70k ETH. This indicates a shift in the foundation's financial strategy. Additionally, iShares applied to list a staking-compatible Ethereum spot ETF (ETHB) on Nasdaq, which is noteworthy. On the downside, there was bad news with three projects under Step Finance shutting down simultaneously.

Looking at price trends, Bitcoin is currently trading in the $66,000 to $70,000 range. Since the decline in early February, analysts suggest the market is transitioning from a liquidation-driven downtrend to a balanced consolidation environment. Reduced volatility and weakening momentum are characteristic features.

An interesting aspect is the movement related to stablecoins. According to Standard Chartered Bank's analysis, stablecoin issuers could significantly increase demand for U.S. Treasury securities, with the total stablecoin market cap projected to reach $2 trillion by 2028. This could have a major impact on the U.S. debt financing environment.

In terms of fundraising, stablecoin payment companies are planning to raise over $1 billion through U.S. IPOs, and several related firms have completed seed and Series A funding rounds. Although the market is in a correction phase, investments in infrastructure and payments-related areas continue.

It’s also worth tracking institutional investor activity. One major trading firm reportedly bought 592 Bitcoin last week, with current book losses exceeding $7 billion. Meanwhile, the Bitcoin holdings of a large exchange have reached a four-month high, potentially signaling selling pressure.

Overall, the market appears to be in a phase of adjustment and consolidation, with regulatory improvements and infrastructure development progressing simultaneously. It’s important to look beyond short-term volatility and focus on structural changes.