Federal Reserve Governor Waller confirmed that a "streamlined main account" will be launched for crypto firms by the end of the year, but Congress's broader cryptocurrency market structure bill is stalled.
This is a typical period of infrastructure adjustment. Regulators are shifting from "complete rejection" to "controlled access," but the political games at the legislative level are causing delays. The main account is the artery for the inflow and outflow of funds; the Federal Reserve's willingness to open a small door is more practically significant than Congress's bickering. This eliminates the tail risk of being completely cut off from fiat channels, but it cannot bring a frenzy of incremental funds in the short term.
BTC fell below $67,000, affected by widespread risk aversion stemming from concerns over AI debt in the US stock market. This is a structural deleveraging in the middle of a bull market. The market is paying the price for previous overheating. When the AI bubble tightens traditional funding, the crypto market, being the most sensitive to liquidity, will inevitably hurt first. But this is just emotional transmission, not logical refutation.
Liquidity is not only built through rises, but also through "drops." The current pullback is cleaning out weak hands, making the vehicle lighter.
BTC remains an emotional anchor. It is currently testing the validity of support at $65k-$66k, and its task is to "hold the lower limit"; as long as the key structure is not broken, the logic of the bull market remains unchanged.
ETH / UNI is a testing ground for old money. BlackRock's choice of Uniswap for on-chain trading is a significant signal that has been overlooked due to falling prices. They are transitioning from mere speculation targets to "infrastructure channels" for institutional funds.
