#美SEC推动加密创新监管 The market data in the past two days has stabilized significantly compared to last week. Although it hasn't continued to push upwards, the ability to hold steady after a rebound is a positive signal in itself - at least it indicates that the recovery trend is still ongoing. $BTC is currently repeatedly confirming support around 90,000, while $ETH is testing around the 3,000 line back and forth. From a structural perspective, the next wave of fluctuations will likely have a downward movement, but as long as the previous low of 80,000 holds, even if it undergoes a second or third test, it is just a routine bottoming process.

Today I saw some not-so-good news — regulatory authorities have once again stated that they will continue to closely monitor crypto-related activities. In fact, there have been quite a few instances of industry conferences being canceled recently, which also serves as indirect confirmation. To be realistic, in this economic environment, it's basically unlikely to expect a large influx of domestic funds to push the market up. The performance of altcoins in this round has been weak, and besides the varying quality of the projects themselves, a more critical issue is that there are too few new users, and the incremental funds cannot keep up. Hot topics arise quickly but cool off just as fast. This is a common situation that everyone will face in the coming months.

The market is struggling for another reason: there is truly a lack of sufficient hard new narratives within the community. Recently, a certain mainstream public chain attempted to reactivate its ecosystem. Although it did bring forth a few short-term hotspots, the overall continuity is weak. On the contrary, the concept of "stock tokens" is being tried by more and more platforms. Recently, some trading platforms have already launched stock token trading functions. If this track can really take off, it would be a significant breakthrough for the entire crypto market.

Let's talk about the stock and currency issue again: it generally falls under the category of RWA (Real World Assets on the blockchain). Currently, liquidity is still relatively limited, and the custody model also requires more time to build trust. However, from a more macro perspective, the advancement of RWA and interest rate market businesses actually indicates that the underlying architecture of DeFi is continuously improving. Although this road is slow, the direction is correct.

$ZEC has shown fluctuations recently that are worth paying attention to. However, at this position, we still need to patiently wait for the right entry opportunity.