Bitcoin stabilized after hitting a new all-time high, with loosening regulations and increased capital inflows becoming the focus.

After reaching a historic high two weeks ago, Bitcoin failed to maintain its upward momentum and fell back to a stable range after an intraday rally. Despite increased short-term volatility, the largest global cryptocurrency has still seen an accumulated increase of about 16% this year. The friendly policy signals released by the Trump administration on crypto assets are seen as a key factor driving the current market trend. At the same time, market expectations of a slowdown in the US-China trade friction have further stimulated risk appetite, with funds continuing to flow into high-volatility assets like Bitcoin. Eric Jackson, founder of the venture capital firm Emj Capital, pointed out that sovereign wealth funds, professional asset management companies, and corporate conglomerates are increasingly investing in Bitcoin, viewing it as a potential reserve asset surpassing gold. He emphasized that in recent times, many central banks and institutional investors have publicly expressed interest in the crypto sector, significantly increasing market attention. On Tuesday, Bitcoin briefly climbed 1.7% to $110,572, just a step away from the historic high of $111,980 set on May 22; meanwhile, Ethereum surged by 8.3%, leading mainstream cryptocurrencies. It is understood that the recent crypto market has received dual support: on one hand, established banks like Morgan Stanley are accelerating their entry into the crypto business, promoting the popularization of institutional-grade investment tools; on the other hand, the newly appointed chairman of the US Securities and Exchange Commission (SEC), Paul Atkins, sent out signals of regulatory relaxation during a crypto roundtable conference. He explicitly stated that developers of DeFi platforms will no longer be held liable under federal securities laws for code misuse, and called for the formulation of "forward-looking guidance" to regulate industry innovation. This stance was interpreted by the market as a turning point in regulatory support for blockchain technology. Influenced by this news, the price of Ethereum also rose. Atkins said, "We should not fear the future by default. I believe we should not allow a regulatory framework with a hundred-year history to stifle innovation, as these new technologies may disrupt, and more importantly, improve and advance our current traditional intermediary models." Last week, the crypto payment company Circle (CRCL.US) debuted on the US stock market at a price of $31 per share, with the stock price skyrocketing by 245% in the first week to $107, confirming the strong demand in the market for crypto infrastructure. Meanwhile, BlackRock, Inc.'s Bitcoin Spot ETF (IBIT) saw its assets under management surpass $70 billion, setting a record as the fastest ETF to reach this milestone in the industry. Wintermute trader Jack Ostrovsky analyzed that the continued influx of institutional funds and policy support resonating together have pushed the spot market beyond key psychological price levels, with traders closely watching the momentum of the spot market reaching historic highs for sustainability. In addition to short-term fund drivers, the market also anticipates progress in stablecoin legislation. It is widely believed in the industry that clear regulatory rules will drive greater participation by traditional financial institutions in the crypto sector. Eric Jackson summarized, "Whether it is an increase in institutional holdings, an explosion of ETF products, or the elimination of regulatory uncertainty, all positive factors will eventually be reflected in asset prices."