#加密生态动态追踪 Recently observing the crypto market, it feels like the entire ecosystem is indeed in a period of divergence. In the short term, risk aversion sentiment is acting up, while in the long term, efforts are being made to pave the way for the new phase. This tug-of-war has a significant impact on the market.

Large Bitcoin holders continue to sell off, and the demand for spot ETFs is no longer as strong. The combination of these two forces has suppressed the upward momentum. But from another perspective, this adjustment actually provides an opportunity for new institutions to enter.

Policy signals from the US are becoming increasingly clear. There have been new developments in legislation, and regulators are rapidly establishing rules—such as the CFTC recently clarifying that Bitcoin and other digital assets can be used as collateral for derivative trading. This is quite significant for increasing market acceptance.

What’s truly exciting is the core track in 2026. RWA tokenization and stablecoin payment applications have already attracted traditional financial giants like JPMorgan Chase and Bank of America to invest real money. This is not just conceptual hype but a genuine industry migration.

Against this backdrop, I personally think it’s especially important to pay attention to projects with strong community consensus, particularly those with token burn mechanisms within their ecosystems that form a closed loop. These communities often have greater resilience under pressure and long-term vitality.