① Gemini Files IPO Application

Gemini suddenly filed for an IPO with the SEC, marking the formal 'entry' of the crypto market, not only following the Circle (CRCL) trend but also providing more 'open and transparent' pathways for the crypto industry (reuters).

② Circle's Two-Day Surge is Remarkable

Stablecoin issuer Circle (CRCL) surged another 44.7% on the second day of its NYSE listing, with its market cap nearing $25 billion, positively impacting the stocks of peers (such as Robinhood, Coinbase, etc.) (marketwatch).

③ The War of Words: Trump vs Musk

Last week's public opinion storm of 'Trump × Musk' triggered panic, causing BTC to drop below 101k, but it quickly rebounded to recover lost ground, reflecting high-level selling pressure and emotional response pathways.

④ Regulatory Process: Initial Hearing of the CLARITY Bill

The US House Financial Services Committee discusses the CLARITY bill, attempting to clarify the regulatory boundaries between the SEC and CFTC and strengthen compliance supervision, but the bill remains controversial (axios).

⑤ The Bitcoin 2025 Conference Becomes a Political Show

The Las Vegas Bitcoin Conference attracted 35,000 attendees, including several Republican politicians and Trump Jr., highlighting the trend of 'deep integration' between Bitcoin and the MAGA political ecosystem.

🔍 Behind-the-Scenes Drivers and Market Undercurrents

（1）Strong Financing in the Compliance Track #监管

The IPOs of Circle and Gemini indicate that the 'stablecoin issuance platform + exchange' model is gaining recognition from institutional capital, marking an important node in the industry's transition from 'wild grass' to 'regular troops'.

（2）Market Sensitive in the Short Term, Rapid Rebound

The Trump × Musk controversy led to a short-term pullback in BTC, but it further indicates strong market support and capital trends, with major funds remaining 'inactive' during the current consolidation phase.

（3）Regulatory and Political Synergy Game

The US CLARITY, EU MiCA, and domestic policies continue to advance, while the political exposure of the Bitcoin Conference shows that crypto assets have been embedded into the national soft power framework.

🧠 Our Perspective - This Week's Observations

  1. #稳定币 & RWA Sector Accelerates: Focus on #USDC , Circle's subsequent financing transmission and regulatory implementation pace;

  2. Pay attention to high-level structure rhythm: #BTC if it pushes to 110k again, be cautious of a 'volume deficit pullback' in the short term;

  3. Policy and Conference Continuation Effect: Specific implementation of CLARITY on industry regulations and whether slight changes in US policy directly impact on-chain capital pathways.