#加密货币抵押品应用 Last night the information was too dense, let me summarize the key points for everyone —

**Macroeconomic**: US tech stocks slightly declined while crypto concept stocks rose broadly, indicating that market sentiment can still hold up. The interest rate meeting early Thursday morning is key; a 25BP rate cut is basically a done deal, but hawkish rhetoric will determine the subsequent trend.

**Positive Signal**: The CFTC has approved ETH, BTC, and USDC as collateral for the derivatives market, which is significant—indicating that institutions are increasingly optimistic about the liquidity and risk management systems of crypto assets. ETH is also supported by BlackRock's staking ETF application, making it relatively resilient against downturns.

**Operation Suggestions**:
1. Don't chase too much on the long side or the short side; BTC, ETH, and SOL are all in a consolidation phase, and this kind of market is the easiest to get liquidated.
2. Focus on projects with compliance and institutional recognition - the establishment of collateral identity for stablecoins like USDC has a positive impact on subsequent ecological projects.
3. Steer clear of purely conceptual coins; the cases of Stable's collapse and XPL's 90% plummet show that the market is no longer buying into this.

The panic index has risen to 22, still in extreme panic, but the recent rise has not quickly reversed the sentiment—indicating that it's still early to bottom out; it would be more prudent to wait for more positive news to materialize before taking action.