Macro friendliness is beta, regulatory friendliness is alpha; when both resonate, the logic of holding tokens shifts from faith-driven to fundamentals-driven.

Bitcoin’s low point yesterday was about $79,300, and it briefly rebounded to $81,500—up more than 2% over 24 hours. The key drivers are two positive developments from U.S. regulation and macro policy: the appointment of Wosh as Federal Reserve Chair is seen as more friendly toward digital assets; the CLARITY Act has passed, overturning three additional overly strict amendments, allowing banks to hold and trade crypto assets in compliance, easing DeFi regulatory pressure. The market views this as a structural change: Bitcoin is moving from the edge of high risk toward a new type of globally tradable asset with policy legitimacy and institutional allocation, and the market still offers good value for money.