The Senate's bill on the structure of the crypto market has sparked industry disagreements due to the stablecoin yield restriction clause. A major exchange's support stance suddenly shifted, forcing the review to be postponed. This uncertainty has disrupted the market's previous optimistic expectations and expanded the regulatory pathway's unpredictability.

In terms of market performance, there is a clear downward pressure. Bitcoin quickly retreated from its high of $97,000 and is now oscillating between $95,000 and $96,000, with 24-hour gains and losses approaching zero; Ethereum hovers around $3,300, also showing weak momentum. The Fear & Greed Index has fallen from a high level to 49, returning to a neutral level.

The most direct impact is the surge in liquidations in the derivatives market—over 120,000 positions were liquidated in the past 24 hours, reflecting the immense pressure faced by retail leverage traders.

However, institutional attitudes have not completely reversed. Data on capital flows indicate that despite increased short-term market friction, institutional investors remain optimistic about the long-term outlook for 2026, with expected annual inflows possibly exceeding one hundred billion dollars. This structural divergence suggests that the market is waiting for clearer signals regarding regulatory direction. In the short term, volatility is expected to persist.