Over the past 24 hours, two points are the most worth watching: 1) The ECB supports shifting more crypto regulatory oversight in the EU toward ESMA, and regulatory expectations are leaning toward tightening; 2) Grayscale has publicly opposed the SEC’s pause in launching its multi-asset crypto ETF, indicating that the push for institutional products is still up for negotiation. In the short term, regulation may weigh on sentiment, but the ETF outlook hasn’t died—BTC looks more like it’s consolidating with a slight bullish bias.