Recent movements in the crypto market have been quite active, with several key points worth noting.

On the macro level, there are changes. Federal Reserve Board member Milan suggested a 150 basis point rate cut, which has a significant impact on risk assets. On the other hand, the Hong Kong branch of the Bank of China stated that it will take digital assets and Bitcoin seriously, reflecting a subtle shift in traditional financial institutions' attitude towards crypto assets.

Institutional deployment is accelerating. JPMorgan stated that the adjustment in the cryptocurrency market is becoming more stable, and market sentiment has stabilized. Furthermore, Morgan Stanley plans to launch a digital wallet to support tokenized assets, marking that Wall Street giants are building their own Web3 infrastructure.

There are also new developments in security and legal aspects. The Upbit exchange was hacked, with hackers transferring 1,400 ETH to Tornado Cash anonymous mixers, reminding us that exchange security issues still exist. Meanwhile, South Korea’s Supreme Court confirmed that Bitcoin within exchanges can be legally seized, taking another step in defining the legal nature of crypto assets.

Overall, positive policy signals are being released, institutions continue to deploy, and legal frameworks are being improved— the crypto market is undergoing a transition from speculation to institutionalization.