What is the #数字资产市场动态 market waiting for? The true signal behind the regulatory delay

The US cryptocurrency regulation bill review has recently been postponed again, with some compliance platforms and institutions publicly opposing it. After this news came out, many people's first reaction was — the bearish sentiment has diminished, so is it time to start an upward rally?

But looking at the actual performance of $BTC and $ETH, you can see that the market is actually quite cold. In the past few days, prices have been slowly oscillating within a key range, showing no signs of volume-driven surges, nor panic selling. This "lukewarm" state actually best explains the situation.

The key point here is: the main capital isn't reacting to the "postponement" news itself, but is waiting for the final regulatory version. In other words, the market has already digested some regulatory uncertainty, but the true pricing power has not yet been finalized. We are currently in a "time-for-space" game — no one wants to reveal their hand prematurely, and everyone is waiting for the other side to show their cards.

A detail worth noting: $ETH is more sensitive to regulatory fluctuations than $BTC, because the Ethereum ecosystem is more deeply tied to DeFi, stablecoins, and staking mechanisms — the "regulation hotspots." Logically, if regulatory good news materializes, $ETH should benefit more. But what’s the reality? $ETH is now consolidating with reduced volume, without even a clear upward move. This precisely indicates that the market has fully digested expectations of this delay, and the real turning point still depends on subsequent specific policy directions.

In simple terms: the fading of positive news does not equal an immediate upward signal. Capital is waiting for clearer signals to emerge. The current task is to hold key support levels and wait for the policy to be firmly confirmed.