The market has been under significant pressure these days. BTC has already dropped to around $90,300, with a 24-hour decline of approximately 2.6%; ETH appears even weaker, fluctuating around $3,120, with a decline of 4.1% over the same period.

However, the actions of institutions are still quite interesting. Morgan Stanley has submitted an application to the SEC for spot ETFs covering BTC, ETH, and SOL, indicating that traditional financial giants are still increasing their exposure to crypto assets. BlackRock has also been active recently, making large purchases of BTC and ETH. According to statistics, the net institutional inflow during this wave of volatility has already exceeded $1 billion.

Payment scenarios are also expanding. Video platform Rumble has integrated Tether wallet functionality, allowing creators to now accept BTC tips directly, further strengthening BTC’s role as a payment method in the content economy.

Policy developments are worth paying attention to. Senator Tim Scott revealed that the Senate Banking Committee is expected to hold a markup vote on the Crypto Market Structure Bill in mid-January, where BTC and ETH might be classified as commodities—this classification could have a significant impact on the overall regulatory framework.

Short-term volatility is expected to amplify. Manufacturing PMI data was released last Friday, showing continued contraction in manufacturing activity, as the market digests the potential impact on the economy and the US dollar exchange rate. The real big event is still to come—this Friday at 9:30 PM, the December Non-Farm Payrolls report will be published, a data release that has historically been a key trigger for crypto price fluctuations and should be closely monitored.