A key date is the U.S. midterm election on November 3. The results will affect the pace of regulatory legislation over the next two years, especially rules that have yet to be finalized, such as the market structure bill. Democrats are currently favored to retain control of both chambers, which could slow legislative progress and have a greater impact on DeFi and exchange-platform assets; Bitcoin itself is more influenced by macro liquidity and ETF flows. Historical data shows that Bitcoin often comes under pressure for the full year during midterm election years, though it sometimes recovers in the 12 months after the election. In the short term, uncertainty ahead of the election could amplify volatility; once the results are in, markets may “buy the rumor, sell the news”—or price things in the opposite direction.