The driving forces of this year's market and the logic from last year have some differences. #aster Direct purchase The surge in 2024, to put it simply, was driven by spot ETFs. Institutions allocated a portion of their positions through compliant channels and then locked them up, with almost no active trading. The benefit is that it opened up traditional funding channels, but the downside is also obvious: this kind of funding is "passive allocation," only entering without moving, which won't create sustained market momentum. By this year, the momentum driven by ETFs has basically been exhausted. However, in 2025, the U.S. regulatory attitude suddenly relaxed, directly flipping the market sentiment. On one hand, the SEC abandoned the extreme framework of "everyone in DeFi is a broker." Previously, front-end providers, liquidity providers, and even developers could be forcibly labeled as brokers, but now this has been completely revoked, meaning that domestic protocols and teams in...
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