The U.S. House of Representatives plans to review a new version of the cryptocurrency market structure bill within weeks, and market expectations for regulation are heating up. Federal Reserve's Kashkari made strong statements claiming that cryptocurrencies are "useless" in developed economies and stated that the implementation of regulation depends on congressional legislation. Despite the hawkish remarks, the market still interprets it as a signal that the regulatory path is gradually becoming clearer.
Meanwhile, institutional behavior in the crypto market is concerning. Analysis indicates that two large institutions have recently significantly reduced their holdings of ETH, which may negatively impact market stability. Against the backdrop of ongoing speculation, Fidelity pointed out that due to public companies continuously buying Bitcoin, the exchange's BTC supply has dropped to its lowest level since November 2018, with only 2.6 million remaining. Since last November, more than 425,000 BTC have flowed out of exchanges, and before 2025, the monthly purchase of BTC by public companies may continue to exceed 30,000 coins.
Regarding the TRUMP Meme Coin, officials responded to market rumors, emphasizing that the threshold for participating in the dinner is far lower than rumored, and it is not necessary to hold over $300,000. Currently, the top holder's position is valued at approximately $14 million, while the 220th from the bottom holds only $420, both of whom are qualified to participate. They also reiterated that the unlocking of tokens is still locked for 90 days to prevent activities from triggering selling pressure. Although the TRUMP Coin previously surged due to activity news, the sentiment is currently cooling, and the official actions to stabilize market confidence are commendable.
