Washington hosted a highly anticipated cryptocurrency policy seminar, which unexpectedly triggered significant turmoil in the digital asset market. Data shows that during the three-day conference, BTC spot prices fluctuated by 12.3%, and the open interest in the derivatives market surged by 47%, reflecting the market's sensitive reaction to policy signals.
According to statistics from the Coinglass platform, the funding rates for perpetual contracts on mainstream exchanges exhibited unusual fluctuations on the first day of the conference, with some platforms showing an extreme negative rate of -0.3% for ETH contracts. Market analysts suggest that this may be related to institutional investors using the policy window for risk hedging, as the open interest for CME Bitcoin futures increased by 18% during the conference, corroborating this judgment.
It is noteworthy that the U.S. Department of Justice disclosed during the conference that 192,000 Bitcoins recovered through law enforcement actions will be managed by the Treasury. On-chain data shows that these assets are gradually being transferred to cold wallet addresses marked as 'GovWallet', with 80,000 BTC securely stored as of the time of writing.
In terms of the regulatory framework, Treasury Secretary Yellen confirmed that she is drafting a bill that requires stablecoin issuers to maintain a 1:1 reserve of cash equivalents in USD and undergo monthly audits. However, the provisions regarding institutional custody in the proposal have sparked industry discussions, with Coinbase CEO Armstrong calling for the preservation of the freedom to use non-custodial wallets in a tweet.
A meme coin named TRUMP experienced unusual volatility during the conference. CoinMarketCap records show that the token's trading volume peaked at $230 million in 24 hours, with its price experiencing drastic fluctuations from $0.018 to $0.15 within 48 hours, currently retreating to the $0.05 range. The project claims it is merely a community entertainment token and is not related to any political entity.
In response to market concerns, SEC Chair Gensler emphasized in a closed-door meeting that the focus will be on advancing a compliance registration system for trading platforms in Q2 2025, requiring all exchanges handling business with U.S. users to complete dual filings with the SEC and CFTC. However, the regulatory classification standards for altcoins remain unclear, resulting in a 9%-15% price correction for mainstream tokens like XRP and ADA within three days following the conference.
Industry experts point out that the regulatory signals released at this summit exhibit a clear lag effect: Bitcoin, due to its market capitalization and institutional holdings, has received relatively clear regulatory positioning, while regulations related to DeFi and NFTs may be delayed until discussions in the 2026 fiscal year. This differentiated regulatory path may lead to a short-term capital concentration towards large-cap tokens.
On-chain analysts suggest that investors pay attention to two key indicators: first, the on-chain movements of the U.S. government wallet, and second, the CPI data set to be released next month.
Historical data indicates that when the macro inflation rate exceeds 3%, the correlation between cryptocurrency assets and gold significantly strengthens, which may bring new allocation demand for digital assets.
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