「Capital Entry + Political Turmoil: Last Week's Five Major Hot Topics in the Crypto Circle」

① Gemini Files IPO Application

Gemini suddenly filed an IPO application with the SEC, marking the formal 'entry' of the crypto market. This not only follows the trend of Circle (CRCL) but also provides a more 'public and transparent' path for entering the crypto industry (reuters).

② Circle’s Amazing Two-Day Gain

Stablecoin issuer Circle (CRCL) saw a further increase of 44.7% the day after its IPO, with its market value about to reach 25 billion USD, producing a positive chain reaction on the stocks of peers (such as Robinhood, Coinbase, etc.) (marketwatch).

③ The War of Words: Trump vs Musk

Last week, the public opinion storm between 'Trump × Musk' triggered panic, causing BTC to drop below 101k, but it quickly rebounded, reflecting the high selling pressure and emotional response pathway.

④ Regulatory Progress: Initial Hearing on the CLARITY Act

The U.S. House Financial Services Committee discussed the CLARITY Act, attempting to clarify the regulatory boundaries between the SEC and CFTC and strengthen compliance supervision; however, the bill remains controversial (axios).

⑤ 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 'deep integration' trend between Bitcoin and the MAGA political ecology.

🔍 Behind-the-Scenes Drivers and Market Under Currents

1. Strong Financing in the Compliance Track

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

2. Market Sensitivity and Rapid Rebound

The Trump × Musk incident caused a short-term adjustment in BTC, but it also indicates strong support and capital trends in the market, with main funds currently 'holding back' during the consolidation phase.

3. Simultaneous Game of Regulation and Politics

The U.S. CLARITY, Europe's MiCA, and domestic policies are continuously advancing, while the political exposure from the Bitcoin conference shows that crypto assets have been embedded in the country's soft power framework.

This Week's Observations

Stablecoins & RWA Sector Accelerates: Pay attention to USDC, Circle's subsequent financing transmission, and the pace of regulatory implementation;

High Position Structure Attention to Rhythm: BTC pushing towards 110k, short-term vigilance for 'volume shortage adjustment';

Policy and Conference Continuation Effects: The subsequent specific implementation of CLARITY on industry regulations, and whether slight changes in U.S. policy have a direct impact on on-chain capital paths.