Today, BTC’s rise is closely related to the new SEC custody rules.
The CLARITY Act didn’t pass, and the crypto-market-structure bill in Congress is still being held up. But the U.S. hasn’t stopped pushing forward with crypto development—it’s still doing its best to address the issue of getting large funds and institutions to enter.
For institutions to allocate to BTC, the key prerequisite is that assets can be held in compliant custody. Previously, custody came with certain thresholds. Now, if you can’t find a suitable custodian and the conditions are met, institutions and funds can self-custody. Also, state-chartered trust companies that meet the requirements can become custodians for crypto assets.
There are more custody pathways now, and the rules are clearer as well. So the friction for $BTC to enter funds, institutions, and regulated accounts should decrease. That’s certainly positive for Bitcoin’s own holdings.
Moreover, when BTC pulled back a few days ago, part of the contract positions had already been cleared, and open interest has clearly dropped. Some of the leveraged chasing-the-rally has exited, and overall market positioning isn’t that heavy right now.
On top of that, after the PCE came in below expectations, market concerns about further rate hikes decreased. Citi also raised its BTC target price, making it easier for the price to move higher.
Of course, there’s also the Non-Farm Payrolls data today, which could affect the market. But it’s already pretty clear to see that although Trump hasn’t done much in terms of personnel appointments, the SEC and CFTC leadership he appointed really can still move crypto forward for a stretch.
#SEC拟放宽投顾加密托管规则
The CLARITY Act didn’t pass, and the crypto-market-structure bill in Congress is still being held up. But the U.S. hasn’t stopped pushing forward with crypto development—it’s still doing its best to address the issue of getting large funds and institutions to enter.
For institutions to allocate to BTC, the key prerequisite is that assets can be held in compliant custody. Previously, custody came with certain thresholds. Now, if you can’t find a suitable custodian and the conditions are met, institutions and funds can self-custody. Also, state-chartered trust companies that meet the requirements can become custodians for crypto assets.
There are more custody pathways now, and the rules are clearer as well. So the friction for $BTC to enter funds, institutions, and regulated accounts should decrease. That’s certainly positive for Bitcoin’s own holdings.
Moreover, when BTC pulled back a few days ago, part of the contract positions had already been cleared, and open interest has clearly dropped. Some of the leveraged chasing-the-rally has exited, and overall market positioning isn’t that heavy right now.
On top of that, after the PCE came in below expectations, market concerns about further rate hikes decreased. Citi also raised its BTC target price, making it easier for the price to move higher.
Of course, there’s also the Non-Farm Payrolls data today, which could affect the market. But it’s already pretty clear to see that although Trump hasn’t done much in terms of personnel appointments, the SEC and CFTC leadership he appointed really can still move crypto forward for a stretch.
#SEC拟放宽投顾加密托管规则