In the past couple of days, BTC has fallen below the $95,000 mark again, and market sentiment has cooled significantly. We were originally hopeful about reaching the $100,000 milestone, but now it seems we need to take a step back.

After a careful analysis of the source of the decline, the problem stems from the U.S. Senate suddenly halting the crypto regulation bill. On the surface, it appears that a major compliant platform withdrew support at the last minute, but the deeper logic is the key — the traditional banking system has inserted a ban into the bill's provisions: stablecoins cannot generate yields.

How harsh is this move? A quick calculation makes it clear. The global stablecoin market continues to expand; if USDC, USDT, and similar stablecoins can earn interest, why would users still keep $6 trillion in bank deposits? The banking moat is directly being breached.

A CEO of a major platform bluntly revealed that this is traditional finance protecting its monopoly ecosystem. In the short term, BTC dropping 253 basis points from its high is indeed uncomfortable. But over a longer timeframe, the weekly chart remains green — since the beginning of the year, the increase has still maintained a 59% gain. Large investors are not panicking; institutional investors like MicroStrategy are still continuously accumulating with billions of dollars in real funds.

Looking at it from another perspective, this correction might actually be a turning point. The most dangerous times are when regulatory directions are unclear and cause sudden surges. Now, by laying the issue bare in Congress, it forces policymakers to reconsider the necessity of friendly regulatory clauses. When the final bill is drafted, it is very likely to be less restrictive on the crypto industry than the current version.

On the technical side, there are also bright spots — exchange BTC reserves are continuously flowing out, which is a typical signal of whales quietly accumulating.