Plain Language Blockchain Morning Report: The cryptocurrency market has slightly rebounded but still maintains a downward trend, with fan tokens leading the decline in the altcoin market, and the three major U.S. stock indices closing flat.

1. The cryptocurrency market has slightly rebounded but still maintains a downward trend, with fan tokens leading the decline in the altcoin market, and the three major U.S. stock indices closing flat;

2. The U.S. SEC has delayed its decision on multiple cryptocurrency ETF applications;

3. CICC: The Federal Reserve will remain cautious in its interest rate cut decisions, with limited cuts expected;

4. In the past five days, among the top 25 stocks by liquidity in the U.S. stock market, five are involved in the cryptocurrency sector, including Strategy, BitMine, and others;

5. Greeks.Live: Approximately 880,000 Ethereum will exit staking this week until the end of the month, potentially bringing $2 billion in selling pressure each week;

6. The U.S. Treasury is soliciting innovative regulatory ideas for stablecoins under the GENIUS Act;

7. Circle acquires high-performance consensus engine Malachite to support its Arc network;

8. The yen stablecoin under JPYC will be deployed on Ethereum, Avalanche, and Polygon;

9. TD Cowen maintains a bullish target price of $680 for Strategy, predicting it will hold 4.3% of the total BTC supply by 2027;

10. Bitcoin treasury company KindlyMD has completed a $200 million convertible note issuance, which will be used to increase its BTC holdings.