#科技巨头入场稳定币 Policy Game: The conflict between Trump and Musk exposes political uncertainty, which may suppress market sentiment in the short term, but long-term policy easing (such as ETFs and tax reforms) still supports the market.

Capital Migration: Strong inflow into Bitcoin ETFs, but there is a clear trend of funds flowing towards Ethereum ETFs, requiring attention to structural changes.

Technical Risks: The EU regulatory draft could undermine the legitimacy of public chains, and the industry must address compliance challenges. $BTC