Good morning. The market is still somewhat dull: BTC is currently at $73,436, down 0.3% over 24 hours; ETH at $2,013, basically sideways; BNB at $646, up 1.3% over 24 hours; SOL at $82.2, continuing to shrink in volume. According to CoinGecko data, the total market capitalization of the entire network is about $2.56 trillion, up only 0.06% in 24 hours, while trading volume has dropped by 12.8%. The sentiment index is at 23, still in extreme fear.

There are two news items worth paying attention to: First, the CFTC in the U.S. has opened a compliance pathway for perpetual crypto contracts, with actions from Kalshi and Coinbase indicating that the U.S. domestic derivatives framework is moving forward; second, the stablecoin legislation battle is still escalating, with JPMorgan CEO Dimon publicly opposing “yield-bearing stablecoin rewards,” and the conflict of interests between banks and crypto is not over yet.
My simple understanding is: the market isn’t lacking stories; rather, funds are waiting for clearer regulatory and liquidity signals. In the short term, expect volatility; if there is a real direction, it will most likely start with BTC and the compliant mainline. Don’t get too caught up in small altcoins.