Today two things happened, one is the well-known David Sacks press conference, and the other is SEC's HesterPeirce released the encryption task force, the former seems to have not met market expectations, but also elaborated on some key content, the latter may bring about a transformation of the SEC.

The reason why BTC almost fell below $98,000 is because the expected BTC or encryption currency reserve strategy was not explicitly mentioned, and the focus was on the compliance of stablecoins. Of course, David Sacks emphasized that this is an important step in the development of the US dollar to promote it as the world's reserve currency (dollar hegemony).
And at the end of the press conference, David Sacks also mentioned that the US is working on a #Bitcoin strategic reserve, and that sovereign funds are independent. This provides a basis for sovereign funds to incorporate encryption currency into their strategic reserves. This sentence is my own judgment, not what David Sacks said.
So theoretically, David Sacks' press conference did not have any negative news, just a slightly slower pace, starting with stable coins, which is not wrong, but the market hopes to see more direct effects. Obviously, the market miscalculated in this respect, but it can be seen that the strategic reserve is indeed advancing. The reason for bringing back market opportunities is still with the SEC's updates.
Many partners are looking forward to the ETF physical exchange and pledging (#ETH), which are already under consideration. This may be the most direct positive news. In addition, the definition of Token registration and issuance, as well as the solution for encryption currency market makers, etc., are all new issues discussed by the SEC encryption currency group. It is believed that there will be results in a not too long period of time. This is an area that the market did not anticipate, but it is indeed positive content.
As I said before, although the progress is a bit slow, the trend shows that the US policy towards encryption currencies is indeed gradually opening up, especially for #BTC's strategic reserves, which may be more active than many of our friends imagine. However, the promotion of these things may require some time, but liquidity has not provided better opportunities, and non-compliant counterfeit coins may face even greater difficulties, which are all facts.
But at least from the current SEC's perspective, #BTC 和 ETH and future encryption currencies that can be traded through spot ETFs may have better prospects, especially those related to staking, not just for ETH, but also potentially for POS ETFs.
Looking back at the data of BTC, turnover has further increased today, and market pessimism has begun to emerge. The morning Chinese tariffs and the evening David Sacks press conference have stirred the nerves of investment partners in Asia and the United States. Now it seems that we need to be prepared for a longer period of garbage time.
On the whole, I don't think there's a problem with the trend, just a bit slow. There isn't a big issue with holding BTC for the long term, but this kind of oscillating market really tests investors' confidence and position. It's definitely more difficult for other cryptocurrencies besides #BTC.
However, at present, the support between $92,000 and $98,000 for BTC is still very strong, and there is no sign of breaking in the short term. However, there is still a 'lack of momentum' situation, which honestly makes me a little frustrated. Obviously, all the information is good, all the policies are good, but there is a lack of purchasing power. It is difficult to have a leap all at once, just like the momentum from $25,000 to $65,000, and the surge from $65,000 to $100,000.