Recently, while looking at cryptocurrency market data, I noticed some interesting changes. Bitcoin is now just over $80k, down 1.71% in 24 hours, but based on institutional actions, the real story is in the options market.

BlackRock's IBIT open interest in options has surpassed Deribit for the first time, reaching $27.6 billion. What does this mean? Institutional investors are viewing cryptocurrencies with a longer-term perspective. The bullish options on IBIT mainly bet that Bitcoin can reach $109,709, which is 41% higher than the current price, and the average expiration date is two months longer than traditional crypto exchanges. This shift clearly indicates that traditional financial participants are reshaping the crypto market.

On the other hand, Trump publicly supported the "Digital Asset Market Clarity Act" at the Mar-a-Lago crypto summit, promising that the White House will not let bank lobbyists block the establishment of a crypto regulatory framework. This signal is significant, suggesting that U.S. crypto policy may truly be moving forward. Industry leaders like Tether's CEO and Cathie Wood have participated, indicating that both institutional and policy levels are reaching a consensus.

In terms of market performance, ETH has fallen 2.52% to $2.27k, BNB down 0.84% to $656, and SOL dropped more sharply, 3.23% to $94.50. However, at this time, the Ethereum Foundation has unstaked $48.9 million worth of ETH, leading some to speculate whether they plan to sell, adding some uncertainty to the market.

There are also developments in DeFi, with Aave announcing the creation of a recovery fund for rsETH, collaborating with KelpDAO and LayerZero. Litecoin experienced a zero-day vulnerability used to launch a DoS attack, but it has been patched. These are signals of ongoing adjustments and improvements within the crypto ecosystem. Overall, institutionalization is accelerating, but market sentiment remains somewhat cautious.