The weekend market continued the weakness from Friday, with BTC dipping to around $95,885—its lowest point since May of last year. The market's expectations for the Fed to cut interest rates this year have significantly cooled, and risk appetite has weakened accordingly. The psychological barrier of $100,000 has now become the focus of the Bull vs Bear Battle, with capital flow and liquidity being the key variables driving prices in the short term.

The situation in terms of funding is also not very optimistic. Over the weekend, nearly $900 million was withdrawn from Bitcoin-related funds (including spot ETFs) in a single day, and this wave of selling pressure resonated with the price decline, significantly impacting mining companies and those "Bitcoin vault concept stocks." The selling pressure in the spot and futures markets has been further amplified, and in the short term, risk appetite is likely to continue to be under pressure.

However, there are new developments on the product side. 21Shares has teamed up with Teucrium to launch two multi-asset crypto index ETFs in the United States - FTSE Crypto 10 and FTSE Crypto 10 ex-BTC, operating under the 1940 Act framework, with management fees of 0.5% and 0.65% respectively. This marks a shift in the U.S. market from single-asset spot ETFs towards "index-based allocation". Now, compliant funds looking to allocate non-BTC assets have a new formal entry point, and the logic of future incremental fund allocation may be rewritten as a result.

Interestingly, the Czech central bank has started to experiment. They have made small-scale purchases of about 1 million USD in Bitcoin, stablecoins, and tokenized deposits to accumulate practical experience; however, these assets are managed separately from the official foreign reserves. Although this does not yet constitute a formal signal of monetary policy or foreign reserve allocation, the willingness of the central bank to engage with crypto assets in a "sandbox" manner itself enhances the dialogue between traditional finance and the crypto world.

There has also been progress on the regulatory front. The SEC chairman revealed that the commission will consider establishing a classification system for digital assets, along with an exemption pathway to clearly delineate the boundaries between securities and commodities. If this "Token Taxonomy" proposal can indeed be implemented, the compliance framework for issuance, trading, and custody will be much clearer, and the long-standing issue of "regulatory uncertainty discount" is expected to be alleviated.