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According to CCTV News, the second plenary session of the Fourth Session of the 14th National People's Congress was held today at the Great Hall of the People in Beijing, where Zhang Jun, President of the Supreme People's Court, delivered the work report of the Supreme People's Court.The report shows that in the past five years, 9,326 cases of crimes endangering cybersecurity were concluded, involving 22,000 people, an increase of 158.5% (in terms of case numbers) compared to the previous five years. The law has been used to punish crimes such as online rumors, online pyramid schemes, and online violence, promoting comprehensive governance of cybersecurity. Two young individuals maliciously "doxxed" others, illegally obtaining and disseminating personal privacy information, and were convicted and sentenced according to the law. Strict penalties have been imposed for crimes involving money laundering and illegal foreign exchange using virtual currencies, working together to prevent illegal cross-border capital transfers. It is clarified that drivers who activate assisted driving functions after drinking should still bear criminal responsibility, and technological applications must adhere to legal boundaries.

The cryptocurrency research institution 10x Research published on the X platform, pointing out that the performance of cryptocurrency concept stocks has recently diverged. Among them, Circle (CRCL) has seen its stock price rise above the 7-day and 30-day moving averages, showing bullish signals technically, with an increase of about 3.6% over the past week.On the fundamental side, Circle has reached a strategic partnership with Polymarket, which will use native USDC as the main settlement asset, further expanding the use of USDC in the prediction market.At the institutional level, ARK Invest, led by Cathie Wood, increased its holdings of 218,000 shares of CRCL during the market correction, valued at approximately $13 million, indicating a rise in institutional confidence. Analysts believe that promoting digital dollar reserves under the framework of the GENIUS Act will lead to more direct inflows into the U.S. Treasury market, and under this trend, Circle may become a major beneficiary.

According to CoinDesk, Bitcoin failed to hold its ground after rebounding to $70,000 over the weekend and has now declined for three consecutive days. Amid weakening spot trading volume, the Crypto Fear and Greed Index remains in the "Extreme Fear" zone.On-chain data institutions indicate that this round of correction is relatively mild compared to historical cycles, with no signs of panic selling commonly seen at previous cycle tops, suggesting that this may be a good time for medium to long-term positioning.Meanwhile, Bitcoin spot ETFs have maintained stable net inflows over the past three days, providing some hedge against selling pressure in the market. With low spot trading volume, leveraged funds are dominating short-term price fluctuations. The previous rebound from the low was influenced by the squeeze on crowded short positions, and it is expected that short-term prices may continue to fluctuate sharply within a range.On the macro front, weaker-than-expected U.S. retail sales data has raised expectations for interest rate cuts and suppressed the dollar's performance. The market will next focus on non-farm employment and inflation data, which may further impact the sentiment towards risk assets.

According to Jinshi reports, ECB Governing Council member Nagel stated that the European Central Bank will take appropriate action when medium-term inflation expectations persistently and significantly deviate from 2%.

Liquid Capital (formerly LD Capital) founder Yi Lihua expressed on social media:"The community is confused. Trend Research is buying heavily, BMNR and MicroStrategy are buying, Zhao Changpeng is calling for a super bull market cycle, yet the coin prices remain weak and volatile. What is the reason for this? After all, the stock market and gold/silver are skyrocketing. We see several main reasons including:Four-year cycle and the 1011 crashYen interest rate hikesNo new purchases in the U.S. BTC strategic reservesShort sellers taking advantage of the current situation to drive prices downSafe-haven funds in gold, silver, and the stock marketHowever, analyzing from a contrarian perspective, at a time when so many bearish factors are present, ETH remains stable, oscillating around 3000. This is also the reason we decided to build positions after liquidating at 4500. Many people suggested we wait to buy, as there would be better entry points, but investment trading does not have a god's eye view; it is difficult to know what the lowest point will be. The difference between investment and speculation is that we find it hard to engage in short-term trading; even if we have significant unrealized gains, we remain inactive, setting our buy and sell strategies based on a medium to long-term timeline."

According to Hyperinsight monitoring, the "short to medium-term high win rate" whale (0x3a447) entered the market at 14:31 with 40x leverage to go long on 11.6 BTC (approximately 1.06 million USD), with an average entry price of 92,059.5 USD, currently experiencing a slight unrealized loss.

VanEck's November report indicates that Bitcoin wallets that have not traded in the past five years are the main source of recent sell-offs, while the longest-held wallets remain "remarkably stable."In the past two years, the number of coins aged 3-5 years has decreased by 32%, with changes in the holding addresses of these coins. VanEck believes this trend is related to the turnover of cyclical traders rather than long-term holders giving up after ten years.The report also emphasizes adjustments in speculative positions: since October 9, the open interest in Bitcoin perpetual contracts has decreased by 20% in BTC terms and 32% in USD terms, leading to funding rates falling to levels similar to those during previous market downturns. The balances of small wallets holding 100 to 1000 BTC have increased by 9% over six months and 23% over a year, while the largest whale group has reduced their positions.

According to 10x Research analysis, ETH has now fallen below the 7-day and 30-day moving averages, with a bearish technical pattern, experiencing a decline of 6.6% over the past week. Meanwhile, ETH ETFs have seen a net outflow of over $1.4 billion, and on-chain long-term holders (3-10 years) are selling at the fastest pace since 2021, creating additional supply pressure.Despite the increased selling pressure, large addresses have been accumulating during the downturn, with several whales having cumulatively purchased over a billion dollars' worth of ETH.

According to Jinshi reports, Federal Reserve's Bostic stated that if medium- to long-term inflation expectations continue to rise, serious trouble will be faced.

ChainCatcher message, glassnode has released its latest view after the recent decline, indicating that the cost basis of short-term holders is typically seen as a key battleground between bulls and bears, currently at $111,400. Continued trading below this level may signal a shift in market structure towards a bearish outlook in the medium to long term.

According to ChainCatcher news, as reported by Jin10, Huatai Securities' research report indicates that the tariffs are expected to moderately push up core inflation in the U.S. in the third quarter, and there are differences in the market regarding the magnitude and duration of the inflation rise. The Federal Reserve is highly likely to restart the interest rate cut cycle in September. Although inflation is expected to rebound in the third quarter, it is anticipated to have limited constraints on the Fed's interest rate cuts in 2025. In the short term, the rebound in inflation will have a limited impact on U.S. Treasury yields, but after the implementation of the "Big and Beautiful" bill, U.S. Treasury yields will still face pressure. Huatai Securities maintains the view that the U.S. dollar will face depreciation pressure in the medium to long term.

ChainCatcher news reports that, according to 4E observations, BTC briefly broke through $124,000, reaching a high of $124,474, setting a new historical record. While market sentiment is high, Google Trends data shows that the global search volume for the keyword "altcoin" has reached a nearly five-year high, indicating that both retail and institutional investors are increasingly focused on the altcoin market.In terms of U.S. politics and monetary policy, the Trump administration is considering 11 candidates for the Federal Reserve chair, with three new candidates including Jefferies Chief Market Strategist David Zervos, former Fed Governor Larry Lindsey, and BlackRock Global Fixed Income CIO Rick Rieder. Analysts point out that if personnel changes signal strengthens, the market may adjust interest rate expectations and risk pricing in advance.Standard Chartered Bank has significantly raised its target price for ETH at the end of 2025 from $4,000 to $7,500, and its target for the end of 2028 from $7,500 to $25,000, citing reasons such as the expansion of the Ethereum ecosystem, increased institutional adoption, and the accelerated trend of on-chain financialization.Listed company Metaplanet announced its Q2 2025 financial report: revenue increased by 41% quarter-on-quarter to 1.239 billion yen, and gross profit increased by 38% quarter-on-quarter to 816 million yen; both operating profit and net profit turned profitable, with total assets and net assets increasing by 333% and 299% quarter-on-quarter, respectively.In addition, BitMine Chairman Tom Lee stated that ETH could become the most macro-influential investment opportunity in the next 10 to 15 years, as the process of artificial intelligence and Wall Street's blockchain financialization will create significant growth space for Ethereum.4E reminds investors: historical highs and institutional bullishness do not mean the trend is risk-free. It is advised that investors pay attention to the macro narrative and on-chain fundamentals of BTC and ETH while managing position allocation and cycle rhythm effectively.

ChainCatcher news, according to Jinshi reports, Federal Reserve board nominee Milan stated that medium-term inflation expectations are "quite moderate."

ChainCatcher news, according to CNBC, U.S. President Trump signed an executive order on Thursday allowing alternative assets such as private equity, cryptocurrency, and real estate to enter workplace retirement plans. However, some investor advocacy groups warn that while these new investments may offer enticing returns, they also pose significant risks to long-term retirement savers.Jerry Schlichter, founding partner of the law firm Schlichter Bogard, which specializes in high-fee 401(k) litigation, stated, "The goal of ordinary people is to have a safe and reliable retirement plan, and new areas like cryptocurrency or private equity are fraught with various dangers for investors."Investment experts typically recommend allocating core long-term investment portfolios in diversified assets that can provide stable returns over the long term (at least several decades). Jerry Schlichter pointed out that given the long-term upward trend of the stock market, broad-based stock index funds are a suitable 401(k) investment choice.The issues with cryptocurrency are evident. Although certain cryptocurrencies have delivered astonishing returns, these assets have existed for too short a time to prove their safety. "Cryptocurrency has no long-term performance history, and its short- to medium-term performance is highly volatile," Schlichter said. "If you don't understand this investment, you shouldn't rely on it as a retirement asset."

ChainCatcher news, according to Jinshi Data reports, CITIC Construction Investment stated that in recent years, an increasing number of payments are fleeing the dollar-dominated centralized monetary system, seeking refuge in digital payment systems (such as Bitcoin). Stablecoins are "dual-sided" currencies that combine features of both centralized and digital currencies.Policies aimed at promoting the development of stablecoins need to focus on strengthening the stability mechanisms of stablecoins: enhancing the market's "trust consensus" in stablecoins. This is also the focal point of recent stablecoin regulatory policies. Looking at the current comparison of the total scale of stablecoins and U.S. Treasury bonds, promoting the development of stablecoins cannot lead to a large-scale influx of funds into the dollar and U.S. Treasury bonds in the short term.From a medium to long-term perspective, the robust development of stablecoins can first allow fiat currencies (such as the dollar) to ride on the coattails of Bitcoin's market cap expansion; secondly, it can also allow fiat currencies to don a layer of stablecoin's digital attire, bridging the divide between centralized credit currencies and digital currencies.

ChainCatcher news, according to Jinshi reports, Citic Securities research report indicates that cryptocurrencies have good privacy and anti-inflation properties, growing rapidly since their inception, and are gradually being formalized as assets. As the demand for cryptocurrencies expands, it forms a fundamental demand similar to gold, establishing a speculative pricing pattern.However, in the short term, due to insufficient monetization and the high risk appetite of marginal price setters, cryptocurrencies are even more speculative. In the medium to long term, it is expected that both cryptocurrencies and gold will benefit from the monetization brought about by de-globalization and de-dollarization. "Future gold" does not necessarily include Bitcoin, but it is highly likely to include cryptocurrencies. In the short term, cryptocurrencies are expected to benefit from potential regulatory easing during Trump's term, but certainty in trade and foreign policy needs to be awaited.