The market has been a bit lively these days. S&P 500 futures have hit the 7000-point mark for the first time, and risk asset sentiment has clearly improved. At the same time, the issuance speed of stablecoins is also accelerating — a major stablecoin issuer has minted 2.25 billion coins since the beginning of the year, with a single minting of 500 million coins today alone, signaling a quite clear loosening of market liquidity.

What’s more worth paying attention to is the policy-level movements. A financial project supporting the next US leader is applying for a national trust bank license and plans to launch a 1 USD stablecoin; meanwhile, the first US state to approve stablecoin issuance has already backed related assets. These series of actions indicate that the compliant stablecoin track is becoming a new testing ground for mainstream finance. Coupled with the recent surge in the public chain ecosystem’s popularity, the linkage effect between public chains and compliant assets is beginning to show.

Lock-in sentiment is also heating up. The pledge-withdrawal queue for a leading equity asset has been cleared for the first time since July this year, and the newly entered locking queue has exceeded 1.46 million units (equivalent to over $4.6 billion), reflecting a strengthening bullish attitude among institutions and large investors.

From an exchange rate perspective, a well-known investor’s public warning that the USD will fall 39% against gold by 2025 has continued to weaken the dollar, creating support for commodities and alternative assets. Analysts are therefore optimistic that BTC could potentially surge to $130,000.

However, short-term risks should also be watched. Both BTC and XRP are in a consolidation phase after reaching high levels, and the short-term correction pressure on mainstream coins is indeed increasing. Caution is advised when chasing highs, and the weekly trend breakout of altcoins also needs observation and validation — don’t follow blindly.