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

According to Mars Finance, Paul Atkins, chairman of the U.S. Securities and Exchange Commission, announced plans to launch an "innovation exemption" before the end of the year, allowing crypto companies to immediately launch new products and avoid cumbersome regulatory constraints, while developing supporting rules in the coming months. He emphasized that the number of U.S. IPOs has fallen to half of what it was 30 years ago, and the new initiative aims to boost the vitality of the capital market. In terms of 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 the short-term trend is under pressure. Meanwhile, the open interest in Bitcoin futures 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 Ether ETFs have generated an annual revenue of $260 million, of which BTC products contributed $218 million, with AUM approaching $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 Ether spot ETFs has risen to 15%, significantly higher than the 3% of 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 individuals holding more than $1 million in crypto assets globally 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 the development of ETFs are driving further institutionalization of the crypto market, but short-term fluctuations are still dominated by emotions and capital flows. It is recommended that investors pay attention to the rhythm of policy implementation and institutional capital trends, maintaining a prudent allocation and risk diversification.