Watching the market today has been a bit exhausting.

Bitcoin once dropped below $91,000 and is now hovering around $92,000. Ethereum is doing even worse, plunging straight through $3,200. The entire mainstream crypto sector is grinding sideways, testing everyone’s patience.

But what’s really worth mentioning today are two completely different pieces of news—one cold, one hot.

Let’s start with China. The National Internet Finance Association of China, along with six other organizations, issued another risk warning: virtual currencies can’t be used as money, and any business involving virtual currencies or real-world asset tokens should be avoided. Same old tune? Maybe, but the stance is clear—make your own judgment.

Now, across the ocean. The US Commodity Futures Trading Commission (CFTC) just approved the trading of already-listed spot crypto products on registered futures exchanges. What does this mean? Crypto is officially entering the regulatory framework of traditional finance, and investor protection now has a solid footing.

Even more explosive: the probability of a Fed rate cut in December has soared to 87%. If a rate cut really happens and liquidity loosens, will risk assets take off? Make a note.

Institutions are making interesting moves as well. Franklin Templeton launched a Solana spot ETF (ticker SOEZ), which even includes staking—a pretty bold move. There are also rumors that the SEC might announce the approval of Ethereum ETF registration as soon as next Monday. Whether it’s true or not, the market is already getting excited.

On the data front: total stablecoin market cap has broken $300 billion, and the IMF even released a special report studying its regulatory framework. Recently, around $47 million has flowed into Ethereum, with whale addresses aggressively accumulating.

There are two key dates to watch: the Fed’s policy meeting next week, and the SEC’s potential decision on the Ethereum ETF. Either event could trigger major volatility.

If you’re holding coins, watch your positions. If you’re trading futures, don’t get carried away.