The cryptocurrency market in the past 24 hours has been highly volatile, from policy breakthroughs in Asia to accelerated institutionalization in the US, and updates to the technical roadmap, the entire ecosystem is rapidly evolving.

First, let's talk about the major moves in Asia. South Korea officially ended a nine-year restriction policy, allowing listed companies and corporate funds to directly invest in crypto assets. This is no small matter—following the US spot ETF approval, it means institutional funds in Asia are also beginning to enter on a large scale. South Korea's move has a profound impact on the market sentiment across the region.

On the US side, crypto custody giant BitGo is planning an initial public offering (IPO) with a target valuation close to $1.96 billion. Honestly, from being unaccepted by traditional finance to now making IPOs a reality, this shift reflects the industry's growing maturity. The institutionalization narrative continues to heat up, and this trend is unlikely to fade in the short term.

However, the market is also digesting some negative news. Former President Trump announced a 25% tariff on countries with trade relations with Iran, increasing geopolitical tensions and putting pressure on risk assets. Bitcoin temporarily retreated from $92,000 to around $90,000 seeking support. Although this volatility wasn't severe, it reflects the market's real-time response to macro risks. Currently, BTC is fluctuating narrowly between $90,800 and $92,500, as the market awaits the upcoming US CPI data to determine the direction.

Regulatory actions are also frequent. Tether, in cooperation with regulators, froze $182 million USDT across five addresses on the Tron chain. Such actions are usually related to sanctions or hacking incidents and have sparked discussions about Tron chain's compliance. On the other hand, Coinbase publicly stated that if new legislation restricts non-bank institutions from offering stablecoin yield services, it will withdraw support for the bill. The battle between CeFi and regulators has entered a heated phase, with both sides shifting from behind the scenes to the forefront.

Dubai financial regulation is tightening as well. Dubai International Financial Centre explicitly bans privacy coin trading and is also tightening rules related to stablecoins. This reflects the increasing emphasis on compliance among major global financial centers.

Progress in technology is equally noteworthy. Vitalik recently published an article outlining Ethereum's technical roadmap for achieving self-sustainability and addressing future quantum computing threats, emphasizing the importance of underlying security. Meanwhile, BTQ Technologies released the first Bitcoin quantum-safe testnet fork, aiming to proactively address the long-term risks quantum computing poses to Bitcoin private keys. Both actions point in the same direction—the industry is preparing for future technological challenges.

At the corporate level, listed company Hyperscale Data (an AI data center operator) announced that its Bitcoin treasury has reached approximately 540 BTC, worth about $49 million, with plans to increase holdings to $100 million. More and more listed companies are viewing Bitcoin as a strategic asset, and this trend is becoming mainstream.

ETH is currently around $3,110. The entire market is balancing between policy support and regulatory tightening, with the major trend of institutional entry coexisting with short-term macro risks. In the coming weeks, US CPI data, legislative developments, and geopolitical progress will be key market focus points.