#密码资产动态追踪 The U.S. Congress is taking frequent actions, and the "CLARITY Act" has entered the formal review stage this week. The prospects for Bitcoin regulation are undergoing a substantial shift. Interestingly, the market's reaction has been unexpectedly calm—$BTC $ETH has not followed suit with a sharp rise. What underlying logic might be behind this?

From on-chain data, the exchange deposit and withdrawal flows have not shown abnormal fluctuations. There are no signs of large-scale sell-offs, nor has panic withdrawal increased. The SOPR indicator remains stable, indicating that investors are neither rushing to cut losses nor hurriedly taking profits. What does this phenomenon suggest? The market is collectively holding steady, waiting for a clear future signal.

Forward-looking capital has long since changed its strategy. You can clearly see the holding periods lengthening and trading frequency decreasing, as if the entire ecosystem has reached a consensus: regardless of policy directions, the institutionalization and financialization of Bitcoin have become an irreversible major trend. This is no longer about betting on individual news but about betting on the evolution of the entire industry—from retail playgrounds evolving into institutional-grade assets, and from crypto circles self-indulgence transforming into integration with traditional finance.

In the short term, being led by policies is a game for beginners. True participants are looking at the big trends over 5 or 10 years. When the market no longer swings wildly due to a hearing, it actually proves that it is moving toward maturity. For retail investors, the window may not be very long—are you choosing to wait and see, or firmly holding your chips?