#美国消费者物价指数发布在即 Market Clearing Phase in Regulatory Game

Recently, the deliberation on the US crypto regulation bill has been postponed, and many people's first reaction is "the negative news is lifted, the market should start moving." But looking at $BTC and $ETH 's candlestick charts makes it clear — the market is actually quite calm.

This calmness itself is quite interesting. If it were truly a major positive, there would have been an increase in volume and a sharp rise already. But what’s the result? The market neither shows obvious upward attack nor panic decline; instead, it consolidates with low volume within a key range. What does this indicate? The main funds are not trading on the short-term stimulus of "postponement news," but are waiting for the final version of the bill. In other words, the market has already digested some of the regulatory uncertainty and is now in a phase of "using time to exchange for space" — a game of patience.

Interestingly, $ETH is particularly sensitive to regulatory developments — because it is deeply tied to the DeFi ecosystem, stablecoin system, and staking mechanisms, all of which are within the scope of the bill. Logically, positive news should cause a jump, but $ETH is also consolidating with low volume there, without the expected "regulatory positive lift." This detail instead shows that market participants are increasingly skeptical of the "postponement = bull market" logic.

Ultimately, the current market reflects a stance of waiting — waiting to see how the bill is finalized and how much real impact policies will have. During this waiting period, funds are choosing consolidation rather than rushing in.