Regulatory New Trends and Institutional Games: Policy Opportunities and Underlying Funds in the crypto market

[Chain News] The changing political landscape in the United States is bringing new opportunity windows for the encryption industry. Reports suggest that Trump may appoint a new Fed chairman in the first week of January next year, and this personnel change will affect the direction of U.S. monetary policy. A more direct industry signal comes from the Commodity Futures Trading Commission (CFTC) — new chairman Michael Selig has been sworn in, succeeding Caroline Pham. Selig's background is quite noteworthy: he previously served on the SEC's crypto asset working group, actively promoting legislative measures for the digital asset market structure and advocating for the approach of “ending regulation by enforcement.” He has publicly stated that he will lead the CFTC in setting “common-sense” rules in the new era, helping the U.S. become a global hub for crypto capital. This statement reflects a clear shift in regulatory attitude.

International regulation is breaking the ice. The Parliament of Ghana recently approved a bill to legalize cryptocurrency, which is a direct response to concerns from the country's central bank—Bitcoin's usage in Ghana has been increasingly widespread but has long remained in an unregulated gray area. Bank of Ghana Governor Johnson Asiamah stated that the passage of the Virtual Asset Service Providers Bill will promote the licensing of crypto platforms and the construction of a regulatory framework. Several countries are moving towards legalization, and this trend is gradually unfolding.

Large institutions are accelerating their布局. JPMorgan is assessing the provision of cryptocurrency trading services to institutional clients, with products covering spot and derivatives. This move by the Wall Street giant indicates that traditional financial institutions have shifted their attitude towards digital assets from a wait-and-see approach to participation. Meanwhile, a compliant platform is acquiring the prediction market startup The Clearing Company, with the transaction expected to be completed in January—this acquisition reflects the expansion of CeFi platforms into the on-chain derivatives space. The prediction market Kalshi, led by Zhao Changpeng's platform, has supported the deposit and withdrawal of BNB, and the synergistic effects of the cross-chain ecosystem are becoming apparent.

The capital positions are quietly adjusting. Strategy increased its US dollar reserves by $748 million, currently holding $2.19 billion in cash and 671,268 BTC – a direct reflection of market confidence. Last week, global listed companies net bought $26.35 million in BTC, with institutional allocation maintaining a steady pace. BitMine increased its holdings by 98,800 ETH last week, with total holdings surpassing 4 million, and the total valuation of cash and crypto portfolio reaching $13.2 billion, including 4,066,062 ETH, 193 BTC, and $1 billion in cash reserves. Trump Media, under Trump, increased its holdings by 450 BTC, bringing its total holdings to 11,542, valued at approximately $1.03 billion, and the company's commitment to Bitcoin is continuously strengthening.

But market sentiment is also fluctuating. Last week, digital asset investment products experienced their first outflow of funds in four weeks, amounting to $952 million. The regulatory uncertainty brought by the delay in the passage of the U.S. “Clear Act” and concerns about whale sell-offs have jointly pressured the funding situation. The outflow of funds was almost entirely concentrated in the U.S. ($990 million), partially offset by some inflows from Canada and Germany. Specifically, Ethereum saw the largest outflow of funds at $555 million, followed by Bitcoin at $460 million, while Solana and XRP continued to attract funds—investors are showing differentiation in their choices among different assets.

Innovative financing is still ongoing. The digital bank Erebor, backed by tech giants, has completed a $350 million financing round, doubling its valuation to $4.35 billion, and has received FDIC deposit insurance approval and a preliminary banking license, with hopes to officially launch in 2026. The Espresso airdrop registration portal is now open, allowing users to connect their wallets to check eligibility, with formal token claims set to begin in early 2026. ETHZilla sold 24,291 ETH to redeem bonds, raising approximately $74.5 million, and is shifting its business focus to RWA tokenization—this shift reflects the ecosystem participants exploring new growth directions.

Overall, the warm winds of the policy environment, the acceleration of institutional layout, and the differentiation of capital flows are jointly creating a new landscape for the encryption market.