* Ohio's approval of cryptocurrency payments and the development of MiCA-compliant stablecoins signify progress in institutional acceptance. * Short-term risk factors include a sharp decline in ETH price and X account compromises. * Slowing inflows into Bitcoin (BTC) ETFs are impacting institutional investor sentiment. * Market Bias: Neutral overall, with caution advised for short-term bearish pressures.

・Ohio Approves Vendor for Crypto Payment Processing for State Services The move by Ohio to approve a vendor for cryptocurrency payment processing for state services enhances the legitimacy of crypto usage within the U.S. This could encourage similar initiatives from more state and local governments, easing access to cryptocurrencies for both individual and institutional investors. In the long term, the expanded adoption of cryptocurrencies in government services will prove their utility and boost further proliferation. ・ETH Price Dips Below $4,000: Ethereum's 'Biggest Loser' Faces $36.4 Million Liquidation The decline in Ethereum's price and the large-scale liquidation reinforce short-term bearish sentiment. Notably, the concentration of long liquidations between $2,370 and $2,500 suggests further downward pressure at these levels. The fact that Ethereum's technical indicators point towards a 10-15% drop serves as a warning sign for market participants, indicating the potential for further price adjustments for ETH. ・European Banks Developing MiCA-Compliant Euro Stablecoin The move by major European banks to develop a euro-pegged stablecoin compliant with MiCA (Markets in Crypto-Assets) regulations is a significant indicator of institutional acceptance and regulatory clarity for digital assets in Europe. The planned launch in late 2026 could establish new benchmarks in the stablecoin market, potentially offering safer and more reliable payment methods for businesses and investors. This contributes to enhancing the overall credibility and stability of the crypto ecosystem. ・Influencer X Account Takeover Attacks Target Crypto Community Sophisticated account takeover (ATO) attacks on the X (formerly Twitter) platform indicate escalating security risks within the crypto community. These attacks, which bypass two-factor authentication using more elaborate methods, exploit the accounts of influencers and project representatives, potentially leading to scams and disinformation campaigns. This underscores the necessity for enhanced security measures on platforms sharing crypto-related information, as well as the need for increased security awareness among users. ・Astar Leads Surge in Perpetual DEX Volume, Reaching $70 Billion Daily Trading The record increase in perpetual trading volume on Decentralized Exchanges (DEXs) highlights the vibrancy of the Decentralized Finance (DeFi) sector and growing interest in more advanced derivative trading. Astar's leadership in this surge suggests that new platforms and products are effectively capturing market demand, potentially driving continued innovation and growth within the DeFi ecosystem. ・Bitcoin ETFs Enter 'Slowing' Phase: Are Bears Targeting $90K BTC Price? The slowdown in inflows into spot Bitcoin ETFs signals a temporary pullback in institutional demand, indicating cooling bullish sentiment. Predictions from some analysts forecasting a drop to $90,000 underscore the market's volatility and the significant impact of institutional activity on price movements. While this deceleration suggests a potential for short-term price correction, the focus remains on whether the long-term trend of institutional adoption will continue. ・M2 Capital Backs Ethena with $20 Million Investment in ENA Tokens M2 Capital's investment in Ethena (ENA) demonstrates institutional interest in the emerging field of synthetic dollar protocols and expectations for the potential value of the ENA token. Support from investment firms like M2 Capital for protocols such as Ethena enhances their technical credibility and market competitiveness. This suggests that investments in innovative projects within the DeFi space are likely to continue. ・Circle Considers 'Reversible' USDC Transactions, Moving Away from Crypto Ethos Circle's consideration of making USDC transactions reversible marks a departure from the fundamental principles of cryptocurrency's decentralized and immutable nature. While this could potentially facilitate fund recovery from fraud or hacks, it also increases the risks associated with centralized control and may contradict the ethos of decentralization. This move is likely to reignite discussions about the necessary balance between stablecoin adoption and regulatory compliance. ・Australia Drafts New Law for Crypto Service Providers Australia's move to strengthen regulations for crypto service providers aligns with global regulatory trends. The new legislation aims to enhance oversight of cryptocurrency exchanges, thereby improving investor protection and market stability. This is crucial for fostering the maturation of the crypto market and creating an environment where more institutional investors can participate with confidence, although it might also temporarily slow the pace of innovation. ・Four Reasons Bitcoin Isn't Mimicking Record Highs of Gold and Stocks Bitcoin's current inability to track the record highs set by traditional assets like gold and stocks suggests differences in market maturity and patterns of institutional capital inflow. Liquidity patterns and historical trends, where traditional risk assets often require a "cool-down" period, are important factors influencing the price movements of Bitcoin and altcoins. How macroeconomic conditions and shifts in investor sentiment affect the correlation between these traditional assets and the crypto market will be a key focus going forward. ・Overall Summary Yesterday's cryptocurrency market saw progress in institutional adoption, with Ohio approving crypto payments and European banks developing MiCA-compliant stablecoins. However, negative news also emerged, including ETH price declines and X account takeovers. While the slowdown in ETF inflows indicates a potential short-term correction, investments in DeFi and strengthening regulatory frameworks suggest long-term market growth and maturation. Overall, the crypto market remains highly volatile, but advancements in both institutional acceptance and technological innovation point towards significant future developments.

**Risk Analysis** * ETH price drops and liquidations pose contagion risks to the broader market. * X account takeovers raise concerns regarding information manipulation and scams. * Slowing inflows into Bitcoin ETFs suggest a cooling of institutional investor sentiment. * Downside Risk: Breaking below the recent low of $4 could trigger further declines.

**Outlook:** **Short-term (24-48 hours):** While oversold RSI conditions might allow for a minor rebound, ETH weakness and slowing ETF inflows are expected to act as headwinds. Neutral to bearish. **Mid-term (1 week):** Ethereum's price action and the resumption of ETF inflows are key. Positive regulatory news is anticipated. **Key Catalysts:** ETH price, ETF flows, emerging DeFi trends.

**Overall Conclusion:** The market exhibits a neutral-to-bearish bias, caught between a corrective phase after short-term overheating and progress in institutional adoption. Technically, despite oversold conditions, fundamental weaknesses including sluggish ETH price action and decelerating ETF inflows are exerting downward pressure, making a strong immediate rebound improbable. **Investor Strategy:** Confirm support at the recent low of $4 before considering cautious long positions, contingent on signs of a sustained uptrend. Should the price fall below $4, prepare for further downside and implement strict stop-loss measures. This week's key focus will be the $4 and $5 price levels. A break above $5 could indicate short-term buying pressure, while a failure to hold $4 may amplify selling pressure. For risk management, closely monitor ETH price trends, ETF inflows, and security-related news. While market volatility remains high, institutional adoption and technological innovation possess the long-term potential to drive market growth. Rational decision-making and robust risk management strategies are paramount.