Recent market conditions clearly illustrate the current situation.

Bitcoin is steadily above $90,000, trading volume is gradually accumulating, and volatility is increasing—this is a typical "cold sentiment, stable structure" trend. In such a market, there are usually only two scenarios: either waiting for macro policies to be implemented or funds have already secretly moved elsewhere to seek excitement.

The answer is the latter. Everyone has already figured it out.

The US crypto market structural bill has just entered a critical discussion phase, with stablecoins, trading mechanisms, and incentive models all coming to the table. The attitude of investment banks is very clear—this window of opportunity won't last long. There's no need to obsess over the bill's wording, but one fact must be understood: once these things are finalized, they will directly determine whether funds dare to enter confidently in the coming years.

Meanwhile, institutions are re-creating narratives around Ethereum. "2026 is Ethereum's year," "long-term technological iterations," "quantum resistance," "ecosystem resilience"—these short-term narratives can't move the market, but they serve one purpose: giving long-term capital a reason to stay at the table.

Progress on the main storyline is slow, making it easier for short-term excitement to ignite.

So, you've seen what the BSC market has looked like these past two days. Those who started trading meme coins there since the day before yesterday have experienced what "the accelerator of human nature" really means. One wave of pump, one wave of dump. People solely focused on Bitcoin might think recent movements are uneventful, but the real energy has already been released elsewhere.