#美国核心物价涨幅不及市场预估 The White House policy changes once again stir the crypto market, with the resulting chain reactions far exceeding expectations.

The most immediate impact comes from regulatory policies. The stablecoin bill signed by Trump sets new rules for the entire ecosystem—stablecoins must be anchored to U.S. Treasuries or the U.S. dollar, with monthly public disclosures of reserves. This means the survival space for small projects is severely squeezed, while institutions with compliance DNA like Circle and JPMorgan Chase are actually gaining expansion opportunities. The market responded immediately: Bitcoin dropped 1.85% in a single day, and tokens like SUI and XRP followed suit under pressure. This is not just a technical correction; it’s more about the market digesting the restructured rules.

Contradictions exist at the policy implementation level. The White House claims a Bitcoin strategic reserve policy, yet the Department of Justice is selling $6 million worth of BTC assets. This flip-flopping directly undermines institutional confidence. BlackRock and Fidelity had just completed their increased holdings but were cooled off by regulatory counteractions. For professional funds, the risk of rule volatility is often more frightening than market declines—because you cannot price accurately.

Deeper changes are unfolding at the financial system level. JPMorgan Chase launched the deposit token JPMD, followed by Bank of America and Citibank. Behind this isn’t sudden enthusiasm for innovation, but a struggle for payment dominance. Stablecoins are gradually disrupting traditional cross-border payment systems, threatening SWIFT’s monopoly and eroding traditional banks’ deposit bases. The depth of this impact could surpass the influence of internet finance in its early days.

The divergence on the investment side is also intensifying. Compliant assets (BTC, ETH, USDC) are attracting capital, while risk assets are accelerating in depreciation. Short-term market volatility will continue, but the long-term trend toward institutionalization and compliance is irreversible. Based on this rhythm, a new wave of trillion-dollar capital inflows could arrive by 2026. Every policy adjustment by the White House, frankly, is paving the way for assets with solid fundamentals to enter.

The lesson for participants is clear: policies set the framework, markets determine prices, and technology shapes the future. Staying aligned with policy changes, avoiding regulatory gray areas, is the right posture to navigate this financial upheaval. $BTC $ETH $USDC