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ChainCatcher reported that Capitol Hill in the United States recently held a "Crypto Blitz" meeting, where both parties held roundtable discussions with industry leaders. David Sacks, the White House Crypto and AI Czar, stated that passing market structure legislation is the government's top priority this year. At the Democratic meeting, senators acknowledged that cryptocurrency provides opportunities for voters who are treated unfairly under the traditional banking system, but Arizona Senator Gallego warned industry leaders not to "become accomplices of the Republican Party" due to the DeFi proposal leak incident. The Republican meeting focused on how to define and regulate DeFi, suggesting that regulation should focus on intermediaries rather than protocols, and recommended that both parties and industry representatives review the bill line by line together. Senator Kennedy compared the legislative process to "the ups and downs of a heroin addict." Although both parties expressed a willingness to cooperate, the next specific steps remain unclear.

According to ChainCatcher, a report from 10x Research indicates that the bitcoin options market had already issued warning signals prior to the recent price correction. Data shows that the short-term options volatility curve is steep, with investors increasing their hedging demand for near-term risks, while long-term expectations remain relatively stable. Since the liquidation event, options skew has shifted significantly towards bearishness, reflecting increased demand for put options and hedging activities. The report points out that currently, bitcoin implied volatility remains higher than realized volatility, which is favorable for sellers’ strategies; meanwhile, ethereum implied volatility has fallen below realized volatility, creating more opportunities for buyers. Trading flows indicate that bitcoin investors are selling call options to generate income, while ethereum traders are defensively buying put options. 10x Research believes that shorting bitcoin short-term options volatility and positioning for long-term ethereum exposure can capture opportunities from time decay and volatility mean reversion.