Recently, discussions in the Chinese community have been relatively quiet, but events with significant market impact are continuously accumulating. There is a clear feeling: on the surface, everything seems very calm, but behind the scenes, a systematic framework is being built.

From a macro policy perspective, the US government’s voice advocating for Bitcoin purchases is growing louder—this is not to say that the statement itself is highly important, but the key point is that it has entered the policy discussion scope. Meanwhile, the Democratic side is working on another matter, including 30 lawmakers led by Pelosi pushing to ban elected officials from participating in political prediction markets. In other words, they are tightening the gray areas. Additionally, the Supreme Court has postponed its ruling on Trump’s tariffs case, meaning trade policy uncertainty will continue; Trump’s remarks about Greenland are also elevating the importance of geopolitical and resource narratives.

Looking at the RWA (Real-World Assets) and institutional entry line, the pace of advancement is clearly accelerating. The SEC has approved DTC’s push for blockchain tokenization of stocks, ETFs, and government bonds—effectively moving the core clearing functions of traditional finance onto the blockchain. Bank of New York Mellon has launched tokenized deposit products, focusing on testing programmable cash functionalities. Ondo has launched 98 tokenized stocks and ETFs on Ethereum and BNB Chain, covering AI, metals, tech hardware, and leveraged ETFs—this is a tangible expansion of assets. Ripple has obtained the UK FCA’s EMI license and crypto registration, meaning XRP’s compliant payment scenario in the UK is truly taking shape.

The certainty-driven catalysts in the secondary market are also emerging. Polygon has launched a technology stack connecting enterprises, consumers, and AI agents; Arbitrum completed the ArbOS Dia upgrade, a major infrastructure-level benefit; Pump.fun optimized creator revenue-sharing mechanisms, directly boosting ecosystem activity; Optimism proposed to use 50% of superchain revenue for OP buybacks, forming a clear value return logic; Solana Mobile confirmed the launch of SKR tokens on January 21, entering the payout phase.

Looking at the overall picture, this doesn’t resemble a sentiment-driven market but rather a multi-dimensional, synchronized push of structural changes. The most critical turning point in the market often occurs when everything appears most tranquil.