4E: SEC Proposes "Innovation Exemption," BTC Faces Short-Term Pressure but ETF Popularity Remains High

ChainCatcher News, according to 4E's observation, US Securities and Exchange Commission Chairman Paul Atkins stated that there are plans to launch an "innovation exemption" by the end of the year, allowing crypto companies to immediately launch new products and avoid cumbersome regulatory constraints, with supporting rules to be formulated in the coming months. He emphasized that the number of IPOs in the US has dropped to half of what it was 30 years ago, and the new initiative aims to revitalize the capital markets.
On the market side, CryptoQuant data shows that short-term bitcoin holders have engaged in panic selling, with the scale exceeding $3.39 billion. The SOPR indicator has fallen below 1, reflecting that a large number of investors are selling at a loss. BTC whales are also experiencing unrealized losses, putting short-term price movements under pressure. Meanwhile, open interest in bitcoin futures has dropped from $44.8 billion to $42.8 billion, indicating a decline in speculative positions.
Traditional financial giants continue to profit from the crypto market. Data shows that BlackRock's bitcoin and ethereum ETFs have generated annual revenues of $260 million, with BTC products contributing $218 million. Assets under management are close to $85 billion, accounting for 57.5% of the US spot bitcoin ETF market share, firmly ranking first. At the same time, the trading volume share of spot ethereum ETFs has risen to 15%, significantly higher than the 3% in the same period last year, driving ETH's cumulative annual gain to over 30%.
The wealth structure is also accelerating its transformation. According to the "2025 Cryptocurrency Wealth Report," the number of people worldwide holding over $1 million in crypto assets has reached 241,700, a 40% increase from last year; among them, there are 450 individuals holding over $100 million in crypto assets.
4E reminds investors: Regulatory exemptions and ETF development are driving further institutionalization of the crypto market, but short-term volatility is still dominated by sentiment and capital flows. Investors are advised to pay attention to the pace of policy implementation and institutional capital movements, maintain prudent allocation, and diversify risks.