Recently, news about the delay of the US crypto regulation bill has been everywhere. Many people's first reaction is—bad news has been absorbed, and it's time for a rally?

But a close look at BTC and ETH's candlestick charts shows a different answer.

After the bill's review was postponed, the market did not experience the expected surge in volume. Instead, it oscillated quietly within key price ranges, with trading volume shrinking. This "neither crashing nor soaring" situation actually reflects an interesting phenomenon—main capital isn't waiting for the delay news itself, but for the final version of the bill.

A compliant platform once publicly opposed this bill, and the Senate subsequently postponed its meetings. It sounds like good news, but the market's reaction is just one word: cold.

BTC's performance is the most straightforward. No panic selling, no greedy rally. The price is stuck there, unable to go up or down, as if it's "waiting for time to create space"—waiting for a clearer signal to emerge.

ETH's situation is even more subtle. This coin is naturally more sensitive to regulatory risks because it is tied to the entire DeFi ecosystem, stablecoin system, and staking mechanisms. Logically, the delay should be a relief, but ETH also didn't show a clear rebound; instead, trading volume shrank. Low volume oscillations often indicate that the market is still watching and digesting those uncertainties.

Looking at it from another angle, the uncertainty around regulation has actually been partly digested by the market. Investors have experienced many regulatory storms and are used to this tug-of-war. A one-day or one-week delay is just a matter of time for them. The real question is—how strict will the final bill be? How much impact will it have on the entire ecosystem?

So, at this stage, rather than seeing it as an opportunity, it's more of a waiting process. Big funds are waiting, retail investors are waiting, everyone is waiting for a relatively certain signal. Once that signal appears, the market's reaction will be more intense. The current calm is just the calm before the storm.