Two things happened today, one is the well-known David Sacks press conference, and the other is the SEC's HesterPeirce launching the encryption task force. The former may not have met market expectations, but it also elaborated on some key points, while the latter may bring about changes to the SEC.

The reason why BTC almost fell below $98,000 after David Sacks is because the expected BTC or encryption currency reserve 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 the US dollar as the world's reserve currency (dollar hegemony).
And at the end of the conference, David Sacks also mentioned the issue of the current US strategic reserve of #Bitcoin, and said that sovereign funds are independent. This provides the basis for sovereign funds to include encryption currency as a strategic reserve, which 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 stablecoins, which is not wrong, but the market hopes for more direct effects. Obviously, the market miscalculated in this respect, but it can be seen that strategic reserves are indeed advancing. The reason for bringing the market opportunity back lies in the SEC's updates.
The ETF physical redemption and pledge (#ETH) that many small partners have been looking forward to are already under consideration, which may be the most direct positive news. In addition, the definition of token registration and issuance, as well as the scheme for encryption currency market makers, etc., are all issues discussed by the new SEC encryption currency group. It is believed that there will be results in a short period of time, which is not expected by the market but indeed a positive content.
As I said before, although the progress is a bit slow, it is indeed gradually opening up from the trend that the US policy towards encryption currency, especially the strategic reserve of #BTC, may be more positive than many of our friends imagined, but the advancement of these things may take some time, and the liquidity has not provided a better opportunity, and the difficulties faced by non-compliant altcoins may be higher, these 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 with the pledge, not just for ETH, but also potentially for POS ETFs.
Looking back at the data of BTC, the turnover has further increased today, and the market's pessimistic sentiment has begun to emerge. The morning Chinese tariffs and the evening David Sacks' press conference have stirred up the nerves of two main investment partners in Asia and the United States. Now it seems that we need to be prepared for a longer garbage time.
I don't think there's any problem with the trend, just a bit slow. There is no problem with holding BTC for the long term, but this volatile market really tests the confidence and position of investors, which is even more difficult for other cryptocurrencies besides #BTC.
However, at present, the support of BTC between $92,000 and $98,000 is still very solid, and there is no sign of breaking in the short term, but there is still a "sluggishness" situation. To be honest, this makes me a little depressed. Obviously, all the information is good, all the policies are good, but it feels like there is a lack of purchasing power, and it is difficult to have a leap forward at once, just like the momentum of rising from $25,000 to $65,000 and then rushing up to $100,000.