Today, major cryptocurrencies are generally down and in a consolidation phase.

· Bitcoin (BTC): Once fell below $91,000, currently fluctuating around $92,000.
· Ethereum (ETH): Fell below $3,200.

There are key updates from both China and the US today, which have significant impact on market sentiment and long-term development.
Seven Chinese Associations Jointly Issue Risk Warning
Seven industry associations, including the National Internet Finance Association of China, issued a risk warning, reiterating:
Virtual currencies cannot be used as currency for circulation within the country.
Any business related to virtual currencies or real-world asset tokens is prohibited.
The public should be alert to related illegal activities and protect their “wallets.”

The US Commodity Futures Trading Commission (CFTC) announced that already-listed spot cryptocurrency products are now allowed to trade on registered futures exchanges. This is seen as an important step in bringing cryptocurrencies into the traditional financial regulatory framework, aiming to provide greater investor protection.
The probability of a Fed rate cut in December is as high as 87%. If interest rates are cut, it typically improves liquidity and supports risk assets, including cryptocurrencies.

Asset management giant Franklin Templeton has launched the Solana Spot ETF (SOEZ), and the fund features staking functionality.
The US SEC may announce the effectiveness of the Ethereum ETF registration statement as early as next Monday.

Stablecoin Regulation: The International Monetary Fund (IMF) released a report focusing on the global regulatory framework for stablecoins. The total market cap of stablecoins has now exceeded $30 billion.
Ethereum Inflows: Data shows approximately $47 million has recently flowed into Ethereum, with whale addresses accumulating large amounts.
Two key upcoming events to watch: the results of next week’s Fed meeting, and the US SEC’s potential decision on the Ethereum ETF. Either event could trigger significant market volatility.