Recently, there have been quite a few major events in the crypto market. Here's a summary of the key information from the past couple of days.

First, there are personnel changes at exchanges. A major exchange, Gemini, announced the collective departure of its Chief Operating Officer, Chief Financial Officer, and Chief Legal Officer shortly after going public. Such involuntary departures are quite rare in the industry. The three executives left simultaneously, including a board member, and although the official statement said there were no disagreements, this event has indeed sparked a lot of speculation.

Institutional movements are also noteworthy. BlackRock's Bitcoin ETF holdings are continuously expanding, with a new player called Laurore Ltd becoming the largest new holder, reaching $436 million. However, there is little information available about this institution online, making it somewhat mysterious. Additionally, Strategy has increased its Bitcoin holdings by 2,486 coins, bringing its total to over 710k coins. The ongoing accumulation by these institutions is definitely sending positive signals.

On the financing front, Dragonfly completed its fourth fundraise, raising $650 million, setting a new high for them. Another platform, Stake, which focuses on tokenizing real estate, also completed a Series B funding round of $31 million, with Middle Eastern capital accelerating its entry into this field.

Discussions around technology and regulation are also quite active. Some analysts believe Ethereum is currently in a "narrative vacuum," with the market waiting for a new value proposition to emerge. Privacy capabilities have become a new focus; many institutional investors hesitate because full transparency on the chain is not friendly to their trading strategies. Additionally, regulatory battles over the market continue, with the CFTC claiming exclusive jurisdiction, while states are also taking their own actions. The Kalshi platform has even been sued.

On the macro front, Federal Reserve officials remain divided on whether to cut interest rates, and inflation remains a concern. The Bank of Japan may raise interest rates, and negotiations over the Iran nuclear deal are ongoing, all of which could impact market risk sentiment.

From a technical perspective, Bitcoin found support near the 200-week moving average, which historically often marks the bottom of a bear market. However, a true bullish restart still requires clear macro signals. In the short term, the market appears to be range-bound, with $70k remaining an important resistance level.

An interesting phenomenon is that 85% of tokens issued in 2025 are currently at a loss. The number of new venture capital funds has hit a five-year low, and last quarter’s investment volume was only 12% of the peak in 2022. It seems that the VC funding, token issuance, and retail selling model is indeed coming to an end. In the future, projects that will succeed are likely to be those with real users and real revenue.