4.28 Market Hotspots Sketch

1. Bitcoin Value Divergence: Spot price is 40% lower than energy costs, price is disconnected from mining costs, and valuation disputes are intensifying.

2. Strategy Makes a Comeback: Ranked 88th in U.S. market capitalization, business growth or expectations are attracting capital attention.

3. SEC Regulation Encountering Obstacles: The Trump factor pressures crypto reforms, and policy direction and pace are facing uncertainties.

4. Ethereum Expansion Controversy: Proposal to increase the gas limit by a hundred times over four years to alleviate congestion, but security risks remain unresolved.

5. GBTC Stands Out: Implied annual income exceeds $268 million, leading the Bitcoin investment product market.

6. SEC Strategy Adjustment: After a new leader, law enforcement shifts focus, and the balance of crypto regulation becomes a new focal point.