Sleepy-eyed, I opened my phone to a bunch of people screaming that the market had crashed. I glanced at my holdings, and luckily — there’s not much to see — just Bitcoin and those wild stocks on the top gainers list.

First, let’s talk about the recent market rhythm. Bitcoin has been rollercoastering these past two days: soaring along with US stocks the day before yesterday, then pulling back yesterday, with no time to set take-profit points. Now, it’s just holding passively, waiting to see what happens. Ethereum was hit by big insiders throwing in a wave of buy-ins. Based on previous patterns, these large players will soon be “removed,” which makes the market churn quite uncomfortable. Solana is fluctuating with the crowd; on-chain activity and ecosystem development have been quite good lately, but market attention hasn’t kept up — a bit of a pity.

Turning to policy and market movements, there are quite a few signals worth noting these days. On the financial side, some brokerage plans to allow users to top up accounts with stablecoins, and a major exchange is in talks with the Middle East on asset tokenization collaborations (scaling up to $2 billion). Regulatory progress is even more intense: BitGo has obtained a banking operations license; the U.S. Office of the Comptroller of the Currency conditionally approved a well-known payment network’s trust bank application; and Paxos was also approved as a regulated blockchain infrastructure provider. Moody’s released a stablecoin rating system centered on reserve asset quality, providing a reference standard for the market.

Active financing and M&A moves are also lively in the crypto space. A stablecoin project submitted an acquisition proposal to take majority ownership of a sports asset. Exchanges and DEXs are innovating aggressively: a leading exchange launched VIP-only features integrating trading and financial management; a Solana-based DEX received funding support to deepen its RWA (real-world asset) track; another Solana ecosystem leader announced multiple infrastructure upgrades at the Breakpoint conference. More aggressively, a crypto fund partnered with an MEV solutions provider to propose on-chain governance, planning to introduce staker rewriting permissions, with the first voting round launching in Q1 next year.

Meanwhile, some risk signals should be noted. An executive from an investment platform expressed the view that Bitcoin is more like a speculative collectible than a long-term asset. Stock exchanges have gained greater IPO review discretion to handle high-risk projects. Also, a DeFi platform’s frontend was hacked in the past, though it should have been fixed by now.

Overall, despite market volatility, long-term positive signals like infrastructure iteration, regulatory breakthroughs, and ecosystem development continue to accumulate. The key still depends on whether your risk tolerance and holding strategy can match this rhythm.