4E: SEC plans to introduce "innovation exemption," BTC under short-term pressure but ETF enthusiasm remains high

ChainCatcher news, according to 4E observations, U.S. Securities and Exchange Commission Chairman Paul Atkins stated that there are plans to launch an "innovation exemption" by the end of the year, allowing crypto companies to immediately launch new products and avoid cumbersome regulatory constraints, while formulating supporting rules in the coming months. He emphasized that the number of IPOs in the U.S. has fallen to half of what it was 30 years ago, and the new initiative aims to boost the vitality of the capital markets.
In the market, CryptoQuant data shows that short-term Bitcoin holders are experiencing panic selling, with a scale exceeding $3.39 billion, and the SOPR indicator has dropped below 1, reflecting that a large number of investors are cutting losses below their cost price. BTC whales are also showing unrealized losses, and short-term trends are under pressure. Meanwhile, Bitcoin futures open interest has decreased from $44.8 billion to $42.8 billion, indicating a retreat in speculative positions.
Traditional financial giants continue to profit from the crypto market. Data shows that BlackRock's Bitcoin and Ethereum ETFs have generated annual revenue of $260 million, with the BTC product contributing $218 million, and AUM nearing $85 billion, accounting for 57.5% of the U.S. spot Bitcoin ETF market share, maintaining the top position. At the same time, the trading volume of Ethereum spot ETFs has risen to 15%, significantly higher than 3% in the same period last year, driving ETH's cumulative increase this year to over 30%.
The wealth structure is also accelerating its reshaping. The "2025 Cryptocurrency Wealth Report" shows that the number of people globally holding over $1 million in crypto assets has reached 241,700, a 40% increase from last year; among them, the number of millionaires holding over $100 million in crypto assets has reached 450.
4E reminds investors: regulatory exemptions and ETF developments are driving further institutionalization of the crypto market, but short-term volatility is still dominated by emotions and capital flows. It is recommended that investors pay attention to the pace of policy implementation and institutional capital trends, maintaining a prudent allocation and risk diversification.