Bitget Research Institute: Dual Catalysts of Policy and Regulation Propel the Crypto Market into a New Turning Point

Yesterday, the cryptocurrency market experienced the strongest single-day performance of the year. Bitcoin reached a high of $70,000, marking the first time in two months; Ethereum peaked at $2,300; Solana rose by about 12%. The Bitget Research Institute analyzed that the core driving force behind this round of market activity comes from a dual breakthrough in policy and regulation: the White House convened a meeting with the president, executives from the cryptocurrency industry, and heads of the SEC and CFTC, marking the formal entry of digital assets into the national financial strategy discussion level; on the same day, the SEC proposed "Regulation Crypto Assets," establishing a clear channel for token financing and introducing the "investment contract safe harbor" mechanism for the first time, which is expected to promote the emergence of more U.S.-native projects.

From a market structure perspective, when the first two catalysts were realized, the market was in a bearish position, and the price increase triggered a chain reaction of liquidations. On that day, 126,000 traders across the network had a total of $1.92 billion in positions liquidated, setting a record for the largest short liquidation day in history, further amplifying the price increase. The Bitget Research Institute believes that since a considerable proportion of this round of price increase comes from concentrated short liquidations rather than spot buying, there is a short-term pressure for market correction. However, from a medium to long-term perspective, the cryptocurrency market is迎来政策与流动性的双重转折点, with the clarification of regulatory pathways and the improvement of the long-end liquidity environment together forming the foundation for a new cycle.