#加密市场观察 Today's Brief • Wall Street equity tokenization stalled as institutions hold positions due to liquidity risks. • Basel Accord revision may unlock massive bitcoin demand from global banks. • 850 Brazilian companies unite in protest against stablecoin taxation. • MicroStrategy's potential $770 million buying pressure could push prices higher. • MicroStrategy plans to hold 1 million bitcoin by end of 2026. • Ethereum Foundation sells 5,000 ETH to BitMine for fundraising. • Hyperliquid trading volume breaks $1.2 billion; on-chain derivatives reshape crude oil pricing. • Ripple launches $750 million buyback; community questions XRP selling pressure. • Stablecoins seen as core infrastructure for AI agents' financial automation. • Solana network USDC trading volume surges, successfully surpassing Ethereum. Today's Analysis The current market is displaying an extremely fractured "dual-speed track": on one side, Wall Street hesitates at the RWA (real-world asset) tokenization gateway, while on the other, the "crypto-native faction" led by MicroStrategy and Hyperliquid is violently dismantling traditional finance's pricing power. Wall Street executives talk a good game about 24/7 blockchain trading efficiency, but when it comes to converting real capital into tokenized equities, they suddenly worry about liquidity drought and financing risks. The signal is crystal clear: tokenization technology isn't the bottleneck—what's missing is an underlying liquidity pool capable of supporting trillions in volume. Current financial institutions simply aren't ready to fully open their "back doors" to public blockchains. Interestingly, just as traditional institutions waver, bitcoin's "stabilizing force" is being pushed to extremes. Michael Saylor's MicroStrategy is no longer content being a major holder; through near-reckless financial leverage, they're sprinting toward a "1 million BTC" target. This isn't simple investing—it's a hedging experiment against the global fiat system. If the Basel Accord indeed gets revised to lower banks' capital requirements for crypto holdings, then MicroStrategy's frenzied buying is essentially front-running the future global banking system's "digital reserves." This is the real showdown: when banks finally get permission to enter, they'll discover the chips have already been swept clean by these pioneers. The real dimension-shifting blow is happening quietly in derivatives and payments. Hyperliquid's daily trading volume breaking $1.2 billion and beginning to influence crude oil pricing signals that on-chain pricing power is penetrating from niche tokens into commodities. When traditional oil markets grind to a halt on weekends, on-chain perpetual contracts are capturing every geopolitical pulse in real-time. Meanwhile, USDC trading volume on Solana surpassing Ethereum isn't just a data victory—it's an application-layer migration. While Ethereum frets over Layer 2 fragmentation, high-throughput public chains have assumed actual stablecoin settlement functions. The future logic chain will no longer be "how blockchain serves traditional finance," but "how crypto infrastructure devours traditional finance." The 850 Brazilian companies collectively protesting stablecoin taxes alone shows crypto has evolved from tech enthusiast toys into real economy necessities. Especially with the rise of AI agents, programmable stablecoins become the only viable "machine currency." When AI agents start making microsecond-level financial decisions autonomously, Wall Street's traditional stock tokens—still worried about liquidity—may already be obsolete before they're even born. In this new order, whoever controls efficient liquidity settlement networks becomes the true rule-maker.

# Translation Last night through early trading, BTC/ETH surged in tandem again, with BTC reaching around 73,100 at its peak and ETH probing above the 2,200 level. Both pulled back under pressure after approaching recent highs, with notable selling pressure from overhead resistance. From a technical perspective, both the 4-hour and daily timeframes show a pattern of rallying and then pulling back. The candlestick bodies are narrowing with prominent long upper wicks, indicating insufficient bullish momentum and concentrated profit-taking at higher levels. Price encountered resistance and retreated near the previous high zone, further confirming strong resistance at the upper end of the current range. Short-term bulls lack effective breakout conditions. Today's strategy focuses on selling into rallies. **BTC:** Short around 73,300-73,900, targeting 71,500 and 70,000 on the downside **ETH:** Short around 2,200-2,230 on rebounds, targeting 2,120 and 2,085 on the downside

$XRP showing strong momentum after the recent breakout impulse. Structure remains bullish with buyers maintaining control above intraday support. EP 1.438 - 1.448 TP TP1 1.465 TP2 1.500 TP3 1.560 SL 1.402 Liquidity was taken above the recent range high and price is now consolidating just below resistance. Expect reactions around this zone as bids continue defending structure and preparing for continuation toward higher liquidity. Let’s go $XRP ‌