Expectations for regulatory clarity following statements by the SEC Chairman, speculation about potential Federal Reserve rate cuts indicated by softening US employment data, and Cboe's plans for long-term Bitcoin futures contracts targeting the US market constitute an exceptional combination of positive catalysts. These converging positive factors are expected to boost market liquidity, encourage institutional adoption, and fuel further price appreciation. The overall market bias is clearly bullish.

・SEC Suggests Most Tokens Aren't Securities, Backs Super App Initiative The SEC Chairman's statement bolsters hopes for regulatory clarity, potentially fostering innovation within the altcoin market. The super app initiative is expected to enhance user convenience and increase market liquidity, thereby boosting long-term confidence in Bitcoin. ・Weakening US Jobs Data Fuels Expectations of Fed Rate Cuts The softening US jobs data increases expectations for Federal Reserve (Fed) rate cuts, serving as a significant bullish catalyst for the risk asset, Bitcoin. The anticipated low-interest-rate environment and increased market liquidity are expected to strongly support Bitcoin's price appreciation, with markets already beginning to price in the Fed's policy shift. ・Cboe Plans 10-Year Bitcoin/Ether Futures for US Market Cboe's planned introduction of long-dated futures contracts offers institutional investors a more efficient means to access the cryptocurrency market within the US, enhancing market liquidity and sophistication. This initiative is expected to encourage greater institutional participation and signal potential for stable capital inflows into the Bitcoin market. ・First US Dogecoin ETF Commences Trading, Creating Ripples for Meme Coin ETFs The approval of the first US Dogecoin ETF signifies a move towards mainstreaming within the crypto market and expansion of the ETF landscape, particularly in enabling meme coins—often considered speculative assets—to be listed as ETFs. While this could temporarily boost overall market interest and liquidity, it also carries the risk of encouraging further speculation. ・Kraken Launches Tokenized Securities (RWA) Trading in Europe Kraken's European launch of tokenized securities (RWAs) highlights the advancement of real-world asset tokenization and the convergence of traditional finance with blockchain technology. This move acts as a catalyst, enhancing the credibility and diversity of the cryptocurrency market while deepening institutional engagement. ・Gemini Increases IPO Size, Reflecting Strong Investor Appetite for Crypto Firms Gemini's increased IPO scale signals strong investor interest in crypto-related companies and indicates fresh capital inflows into the market. This development is likely to improve overall market sentiment, indirectly bolstering interest in Bitcoin as well. Overall Summary The cryptocurrency market on September 9, 2025, is navigating a complex interplay of regulatory developments, macroeconomic shifts, and evolving financial infrastructure, creating diverse influences on Bitcoin's price. Primarily, the SEC Chairman's statements serve as a positive signal for regulatory clarity in the crypto space. The assertion that "most tokens are not securities" has the potential to improve investor sentiment towards altcoins and foster market innovation. Additionally, the "super app" initiative, which aims to integrate services like trading, lending, and staking, enhances user convenience. This is expected to boost overall market liquidity and lower entry barriers for institutional investors. Such regulatory clarity is anticipated to build long-term confidence in Bitcoin and solidify the foundation for healthy market growth. From a macroeconomic viewpoint, the historically significant downward revision of US employment data signals a softening labor market. This is further fueling expectations of Federal Reserve (Fed) rate cuts, even with inflation remaining elevated. Such conditions serve as a potent bullish catalyst for risk assets, with Bitcoin poised to potentially capitalize on this environment to push prices higher, building on its historical pattern of attracting capital inflows during easing cycles. Markets appear to be pricing in this anticipated Fed policy pivot, suggesting potential for Bitcoin to reach new price highs. However, the risk of stagflation remains a concern if rate cuts occur while inflation proves persistent, warranting close observation of future economic data and policy decisions. Financial infrastructure advancements are also exerting considerable influence. Cboe's plan to introduce 10-year futures contracts for the US market provides institutional investors with more efficient access to crypto markets, significantly boosting liquidity. This fosters market sophistication and encourages greater institutional adoption. Furthermore, Kraken's rollout of tokenized securities (RWA) trading in Europe, alongside the approval of the Dogecoin ETF, demonstrates the increasing integration of real-world assets and historically speculative asset classes into the mainstream market via regulated financial products. These developments accelerate the convergence between traditional finance and cryptocurrencies, enhancing overall market credibility and diversity. The heightened activity in IPOs for crypto-related firms, highlighted by Gemini's larger offering, reflects substantial capital inflows and positive industry-wide sentiment, consequently boosting interest in Bitcoin indirectly. Collectively, these developments suggest the cryptocurrency market, and Bitcoin in particular, are on a sustainable growth trajectory, buoyed by tailwinds of regulatory clarity, increased institutional engagement, and a supportive macroeconomic environment. The expansion of the ETF market, heightened interest in RWAs, and the introduction of novel financial products like long-dated futures are accelerating Bitcoin's transition from a purely speculative asset to a more established, broader asset class. While short-term concerns, such as speculative risks associated with the Dogecoin ETF and technical hurdles for some altcoins, persist, overall market sentiment remains bullish, driven by anticipated regulatory advancements and macroeconomic support. Future price movements for Bitcoin are expected to hinge significantly on the Fed's rate cut trajectory and the evolving regulatory landscape globally. Increased institutional participation in derivatives and RWA markets, specifically, is projected to enhance Bitcoin's liquidity and stability, paving the way for inflows from a more diverse base of market participants.

Downside risks include inflation proving more persistent than expected, potentially delaying interest rate cuts by the Federal Reserve. Additionally, sudden regulatory tightening or a deterioration in overall market sentiment could exert short-term price pressure. The key support level to watch is the recent low of $109,498. A break below this level could lead to further corrections.

Over the next 24-48 hours, stable performance or modest gains are anticipated, driven by strong fundamentals and continued inflows into ETFs. In the medium term (within a week), further significant price appreciation is possible, contingent on clear signals regarding potential Fed rate cuts and sustained strong ETF inflows. Key catalysts include upcoming inflation data releases and comments from Fed officials.

**Conclusion:** As of September 9, 2025, the Bitcoin market is experiencing significant tailwinds driven by regulatory clarity, a favorable macroeconomic shift, and increased institutional participation. Enhanced regulatory transparency, stemming from SEC statements, coupled with rising expectations for Federal Reserve rate cuts following weaker US employment data, and advancements in financial infrastructure like Cboe's introduction of longer-term futures and the launch of tokenized securities trading, are powerfully reinforcing Bitcoin's status as both 'digital gold' and a primary asset class. The sustained inflows into Bitcoin ETFs and its high market dominance underscore BTC's leadership, while indicators such as a healthy RSI and a MACD suggesting trend continuation further support the positive outlook. The strong correlation with the S&P 500 also indicates that the improving macroeconomic environment is beneficial for Bitcoin. The outlook for Bitcoin remains exceptionally bullish. We recommend accumulating positions during pullbacks to the $110,000-$112,000 range, or establishing long positions upon confirmation of a breakout above the current high of $113,934. Short-term profit targets are set between $115,000 and $120,000, with a stop-loss order placed below $109,000 for risk management. Key focus areas this week include signals regarding Fed rate cuts and inflation data. By maintaining positive market sentiment and practicing disciplined risk management, investors can effectively capitalize on this growth wave. Bitcoin's future appears bright, and investors should confidently seize this opportunity.