$BTC $ETH BTC has reclaimed $66,000, and the biggest catalyst behind the rebound is still the CLARITY Act breaking through. The market is starting to reprice expectations that the U.S. crypto regulatory framework will be implemented. Once the bill is ultimately passed, it will further reduce regulatory uncertainty for institutions entering the crypto market, which is more meaningful in the long term than short-term capital inflows.

The shift in liquidity is already validating this logic. U.S. spot Bitcoin ETFs saw a net inflow of $227 million in a single day, and Ethereum spot ETFs simultaneously returned to net inflows. At the same time, BTC’s MVRV percentile has fallen to about 5%, indicating that on-chain valuations have returned to historically low ranges and the value of long-term allocations is improving. However, this does not mean there are no risks for the short-term price action.

Still, on-chain capital remains divided. Some have withdrawn 7,000 ETH to continue staking, while a whale holding BTC for 12 years has chosen to realize the last portion of its position. This suggests the market is not a consistent bull run, but rather incremental capital driven by policy expectations, absorbing the “chips” from long-term profit-taking.

Two key variables will define what happens next in the market: first, whether the CLARITY Act can complete the legislative process smoothly; second, whether the U.S.-Iran situation escalates further. Trump is expected to decide within the next few days whether to expand military action against Iran. If conflict in the Middle East fully escalates, oil prices, inflation, and liquidity expectations may again become the market’s main storyline, thereby affecting the direction of global risk assets, including crypto.

$SOL 🔥Tides ebb and flow; noise comes and goes. What can truly survive the cycle is never momentary hype, but the consensus power formed by a group of like-minded people.

Since the Conan community began, partners around the world have connected with each other, cast off impatience and bandwagon-following, and steadily focused on community co-building. Everyone shares what they’ve seen and supported each other. Without rushing for a short-lived spectacle, they take one step at a time to solidify the community’s foundation.

The road is long, and companionship is in the same heart. With a long-term mindset, let’s walk together and quietly wait for the community to grow slowly—ready to go to the distance ahead! Welcome to join the Conan International Community! Lock in your plan to get on board! 🚀🚀🚀🍕🍕🍕