BTC is still consolidating in a narrow range at high levels, but the tokenized U.S. stocks exemption has sparked a structural reshaping of liquidity.

Over the past 24 hours, expectations of further Fed rate hikes and elevated U.S. Treasury yields have weighed on the market, leading spot ETFs to record net outflows. BTC has continued to trade in a choppy range as it attempts to recover.

At first glance, the overall market lacks incremental funding to drive a one-way rally. However, the policy side has reached a historic turning point: the SEC has officially issued a five-year innovation exemption policy for tokenized trading in U.S. stocks (Innovation Exemption). On-exchange capital has quickly shifted away from pure Meme speculation, and is instead rallying around compliant U.S. stock settlement DEXs, RWA lending, and high-performance public-chain tracks.

Current strategy:

📌 If BTC holds the buy-side support below and waits for volatility to converge: buy on dips for the core policy-benefit targets;

📌 If a second dip occurs due to macro tightening pressure: keep positions light for swing trades and strictly avoid blindly chasing at elevated levels.

Analysis of major coins

BTC: In the short term, it has entered a high-level consolidation and repair phase. On the options side, bullish OI sentiment has weakened somewhat, and funds charging into exchanges occurs frequently. Macro rate hikes and policy variables remain a key concern; be alert to the risk of institutions rotating out and turning over positions at elevated levels. Although the long-term upside thesis hasn’t changed, in the short term it’s recommended to closely track liquidity premiums, wait for volatility to converge, and patiently accumulate on dips.

ETH: The price action shows a divergent pattern. Although the SEC’s U.S.-stock tokenization momentum is more favorable to L2 settlement and DEX, direct value capture on the mainnet is temporarily hindered. Meanwhile, large capital continues to accumulate at the bottom. The share of bullish options open interest has risen significantly, indicating strong institutional expectations for a bottom repair. A breakout on volume above $2,520 will open up upside room; it’s recommended to buy on dips.

SOL: A recent strong breakout above the key resistance level of $102 has provided plenty of short-term momentum, and the on-chain native token is showing sustained net inflows. With improved network responsiveness and growing institutional attention, the overall outlook remains bullish. In the short term, focus on testing the $107 resistance level; maintain a long bias above $102, and be cautious of pullbacks caused by macro volatility.

BNB: The outlook remains positive. The SEC’s approval of an exemption for tokenized U.S.-stock trading injects strong momentum into “coin-stock DeFi.” BNB Chain, leveraging platforms such as bStock and Genius, is deeply integrating RWA and on-chain asset issuance. This model is continuously attracting traditional incremental capital. It’s recommended to focus on coin-stock treasury reserve targets and accumulate on dips.

Hot coin market updates

UNI: The SEC’s approval of on-chain U.S.-stock trading has fundamentally reshaped its underlying fundamentals. As a direct beneficiary of decentralized liquidity and the protocol fee burn mechanism, the opening of compliant channels will drive massive, institutional-grade liquidity inflows. Although some large holders take profits in the short term, a pullback is a good opportunity to build positions; breaking above the previous high looks likely.

ONDO: As a core leader in the RWA track, it directly benefits from the SEC’s 5-year innovation exemption policy for tokenized U.S. stocks. Official compliance recognition of mapping real-world assets onto on-chain infrastructure has greatly improved business premium. Although there are localized governance disputes, the underlying assets and business moat remain solid. It’s a high-quality base position for building the on-chain U.S.-stock narrative.

NEAR: Technically, it has already broken through the 200-week moving average and the core resistance band with strength, and upside momentum is strong. On the fundamentals, it has fully transitioned to an AI architecture and achieved significant implementation results, earning strong recognition from institutional funds. Compared with privacy and scalability-focused assets, it has strong expectations for a catch-up rally. The upside target is directly aimed at $5–$6; it’s recommended to hold firmly and consistently on dips.

AAVE: As the absolute king of DeFi lending, the market action shows extremely strong resilience. Large USDC net inflows confirm that institutional liquidity is accelerating into the space. With the RWA narrative surging and tokenized U.S.-stock adoption taking hold, its lending ecosystem will capture vast value from collateral. In the short term, it’s recommended to accumulate on dips and wait for favorable news to cluster and intensify.