Bitcoin's record high and continued institutional inflows are driving the market rally. Ecosystem expansion on BNB Chain and Solana is also noteworthy. However, caution is warranted regarding increasing regulatory scrutiny and speculative risks. While the overall bias remains bullish, technical indicators are neutral.

・BNB Chain Sees Meme Coin Surge, BNB Overtakes XRP for Market Cap 3rd Place The active trading and surge in meme coin prices on the BNB Chain suggest an activation of the chain's ecosystem and an inflow of speculative capital. Consequently, BNB has surpassed XRP to become the third-largest cryptocurrency by market capitalization. This enhances visibility for the entire BNB ecosystem, potentially attracting more developers and investors. While short-term speculative fervor increases volatility, it may also bolster BNB Chain's position as a key infrastructure in the medium to long term. ・Bitcoin Temporarily Exceeds $126,000; Analysts Predict $300,000 Target Bitcoin has surpassed its previous all-time high, with analysts predicting a potential reach of $300,000, indicating a continuation of the bull market. Simulations based on the past decade of data suggest a 50% probability of exceeding $140,000 within this month. Substantial inflows into ETFs and the resurgence of trades hedging against currency debasement signal growing institutional confidence in Bitcoin, further driving price appreciation. While short-term price corrections are possible, the overall upward trend is likely to be maintained. ・Dubai Aims to Establish Itself as a Crypto Hub with Strengthened Regulations Dubai is strengthening its regulations and granting licenses as it aims to establish itself as a global cryptocurrency hub. BitGo obtaining a VARA license serves as evidence of Dubai's strategy to attract institutional investors within a regulated framework. This move enhances the overall transparency and credibility of the crypto market, potentially fostering institutional adoption and contributing to market maturation in the medium to long term. However, the enhanced regulatory scrutiny might also present barriers to entry for smaller projects and retail investors. ・Kazakhstan Closes 130 Crypto Platforms, Seizes $17 Million in Assets The closure of 130 cryptocurrency platforms and the seizure of approximately $17 million worth of digital assets by Kazakh authorities demonstrate a firm stance against illicit activities such as money laundering. This action is part of a global trend where governments are tightening regulations in the crypto market, underscoring the critical importance of compliance. While cracking down on illegal activities is essential for fostering a healthy market, excessive regulation carries the risk of stifling innovation. ・Ethereum Validator Withdrawals Surge, $10 Billion Worth of ETH Pending Validator withdrawals from Ethereum's Proof-of-Stake (PoS) network have reached record highs, with approximately $10 billion worth of ETH currently pending withdrawal. This suggests a potential increase in selling pressure from market participants. However, reports indicate that institutional investors are offsetting a significant portion of these withdrawals. While short-term price fluctuations are anticipated, this situation could potentially lead to shifts in ETH's holding structure and the emergence of new demand in the long run. ・Fireblocks Partners with Galaxy and Bakkt to Expand Institutional Custody Services Fireblocks' partnership with Galaxy and Bakkt to expand its cryptocurrency custody services for institutional investors represents a significant move to lower entry barriers for this segment. The custody framework, operating under the supervision of the New York Department of Financial Services (NYDFS), is expected to meet the growing demand for services like ETFs and Digital Asset Treasuries (DATs). This initiative is likely to enhance the credibility of the cryptocurrency market and encourage further capital inflows from institutional players. ・Solana Records $2.85 Billion in Annual Revenue, Outpacing Ethereum's Early Growth The news that Solana has recorded $2.85 billion in annual revenue, surpassing Ethereum's early growth phase, highlights the rapid expansion and economic maturation of the Solana ecosystem. The surge in revenue, particularly driven by the meme coin boom, reflects active development and user engagement on the platform. Rising expectations for the price appreciation of Solana's native token, SOL, and the potential approval of a spot Solana ETF are further fueling optimism for the continued development of the Solana ecosystem. ・TRUMP Memecoin Issuer Seeks $200 Million Amid Token Price Drop The official issuer of a memecoin associated with former U.S. President Trump is reportedly seeking to raise $200 million (potentially up to $1 billion) for token buybacks and treasury construction following a sharp decline in the token's price. This situation highlights the excessive speculation within the memecoin market and the associated risks of rapid price collapses. Such significant investments in tokens lacking strong fundamentals can contribute to increased volatility across the broader market. Overall Summary Overall, the cryptocurrency market continues its bull run, driven by Bitcoin's record highs and sustained institutional inflows. The meme coin surge on BNB Chain and Solana's revenue growth indicate diverse developments within their respective ecosystems. Conversely, news such as the exchange closures in Kazakhstan and the funding efforts by the TRUMP memecoin issuer signal the need for caution regarding heightened regulatory scrutiny and speculative risks. Macroeconomic conditions, regulatory developments, and the progress of individual blockchain ecosystem advancements will remain critical factors influencing market trends moving forward.

Risks include the overheated meme coin market and exchange closures in Kazakhstan, raising concerns about speculative trading and potential regulatory tightening. An increase in Ethereum validator withdrawals could also heighten short-term selling pressure on ETH. These factors increase the risk of short-term price corrections and heightened volatility, warranting caution.

**Outlook** For the short-term (24-48 hours), consolidation within the current technical range is anticipated. Should Bitcoin's momentum be sustained, a modest upward movement is possible. In the medium-term (1-week timeframe), market dynamics are expected to be heavily influenced by macroeconomic indicators and regulatory news. Potential scenarios include a breakout from the current range or continued sideways trading. Key catalysts to watch are a decisive move above Bitcoin's primary resistance level and announcements from major regulatory bodies.

Overall, the market sentiment is bullish, buoyed by Bitcoin reaching new all-time highs (ATHs) and increasing institutional inflows. However, technical indicators suggest a neutral stance, pointing towards range-bound trading. Our assessment is "Neutral, leaning bullish". In the short term, expect consolidation within the current range. For the medium term, the key catalyst will be Bitcoin's ability to break through significant resistance levels. **Action Plan:** Refrain from forcing entries. We recommend buying on pullbacks following a confirmed upward breakout, particularly for Bitcoin. Set stop-losses below key support levels and define profit targets upon resistance breakouts. **This Week's Focus:** Monitor Bitcoin's potential breakout towards the $120,000-$130,000 range and subsequent follow-through from altcoins. **Risk Management:** Exercise caution regarding regulatory developments and potential overheating in the memecoin market. Despite market uncertainties, the long-term growth trend remains robust. Disciplined technical analysis and diligent risk management are essential to capitalize on emerging opportunities.