Global differentiation: The US SEC has delayed the approval of pledged ETFs, which has blocked the new capital inflow channel expected by the cryptocurrency market and affected the market's optimism. The EU MiCA 2.0 has strengthened the audit requirements for exchange reserves. Although it will help regulate the market in the long run, it will increase the operating costs and compliance difficulties of exchanges in the short term. Some investors are worried that market liquidity and trading convenience will be affected.
