The market has indeed been moving quite quickly these past couple of days.

**What’s happening on the market side**

BTC yesterday surged all the way up to 92,000, showing signs of breaking through, but then it suddenly dropped back. That’s why it’s important to run when the gains are big early on; during other times, the market is still trying hard to push higher, which can be quite exhausting. ETH is following Bitcoin’s lead and is currently around 3,100, relatively more resilient to drops. SOL broke the 144 level yesterday, hitting it twice in the morning and evening, but both times it was hammered back down. There have been quite a few on-chain activities recently, worth paying more attention to.

There’s also an interesting development—pump.fun transferred 148 million USDC and USDT back to Kraken, this time from funds raised during the ICO period. Large transfers like this usually mean something; take a look and interpret.

**Regulatory and policy updates**

The US has been quite active. The Senate Agriculture Committee pushed back the review of the Cryptocurrency Market Structure Act to the end of January. The CFTC reorganized its Innovation Advisory Committee, including executives from crypto firms and traditional exchanges as the first members. These details seem official, but in reality, they indicate that the regulatory framework is gradually being built.

The SEC isn’t idle either. They delayed the review of PENGU and T. Rowe Price’s crypto ETFs, and fully support Congress’s clarification of jurisdiction between the SEC and CFTC. Additionally, a US senator proposed a bill to protect crypto developers, which is a positive signal for the ecosystem.

Bloomberg reported that WLFI, a crypto lending platform (full name World Liberty Markets), supports ETH, USD1, USDT, and others, mainly operating through a platform token. The team’s background isn’t simple, and their market-moving efforts are quite strong.

**Global economic outlook**

The Nikkei 225 index opened up 1.68% today, hitting a new all-time high. This signals that the era of global liquidity injection is still ongoing, and funds remain relatively loose. The SEC also stated that whether Venezuela’s Bitcoin holdings will be frozen remains uncertain; this area still needs further observation.

**On-chain data and capital flows**

Bitmine added 154,208 ETH to its staking, bringing the total staked to 1.34 million ETH. These folks are really action-oriented—no words, just do. Meanwhile, FTX/Alameda unstaked 195,669 SOL, worth about $27.98 million, which might be one of the reasons for SOL’s recent decline. Honestly, this volume isn’t particularly large.

**Other noteworthy points**

The Nigerian government passed a new tax law explicitly stating that crypto transactions are traceable and should be included in tax reporting. This shows that more countries are establishing regulatory frameworks for crypto assets—not to suppress, but to integrate into the system. Additionally, former US Treasury Secretary Yellen expressed serious concerns about the Federal Reserve Chair Powell’s investigation, emphasizing that markets should pay attention to the Fed’s independence. This reflects ongoing policy uncertainties.

Overall, the market is caught between short-term volatility and the long-term building of regulatory frameworks. One side is driven by price swings, the other by gradual regulatory progress—these forces are in a tug-of-war.