The Great and Beautiful Bill is implemented, and the currency floods: the "American era" of crypto assets begins

In the power chess game of Washington, seemingly isolated events are interconnected in deep logic, collectively unfolding a grand strategic blueprint. In early July, while public attention focused on the "Independence Day gift" bestowed upon President Trump - a massive fiscal bill named the "One Big Beautiful Bill" (OBBB), in the shadows of Capitol Hill, another more subtle yet equally profound transformation was quietly brewing: a series of legislative proposals targeting digital assets were rapidly moving to the core of the agenda. These two seemingly parallel tracks - radical fiscal expansion on one side and precise regulatory reconstruction on the other - are far from historical coincidence. They collectively constitute a far-sighted "Washington Yang Strategy": using macroeconomic waves as momentum and custom-designed regulatory barriers as a shield, aiming to establish an unmatched American hegemonic foundation in the global digital asset competition. This is not a simple tax reduction or regulatory adjustment, but a bold bet about the future dominance of the financial order. [The translation continues in this manner, maintaining the original structure and tone while translating the text into English.]

On-Chain Data and Market Sentiment Deep Game

The current market is in a period of digesting multiple signals. Surface sentiment indicators show a clear greed tendency - the Fear and Greed Index has climbed to 73; however, in-depth analysis of on-chain data reveals a more mature and solid landscape. Glassnode's analysis points out that despite market volatility, the bull market foundation remains solid, with the $93,000 to $100,000 range forming a structural support zone, serving as a buffer screen for price pullbacks.

Although price increases have triggered some profit-taking, data clearly shows that selling pressure is gradually being relieved. Long-term holders (LTH) have shifted back towards "HODL" behavior, and more notably, their Bitcoin supply has reached a historical peak - which is particularly rare in the late stages of a bull market, reflecting their firm belief in future trends. This divergence between surface sentiment (greed) and underlying data (calmness) is precisely a clear sign of market maturity: an ecosystem dominated by institutions is forming, patiently building strong support foundations, digesting selling pressure, and waiting for comprehensive macroeconomic and regulatory policies to take effect.

Enterprise Balance Sheet 2.0 Era

The "enterprise paradigm" pioneered by MicroStrategy, which opened up crypto asset exposure for listed companies, is evolving to version 2.0. Under the dual tailwinds of macroeconomic and regulatory factors, corporate focus has extended from Bitcoin to other strategically valuable digital assets, with Ethereum particularly standing out.

Crypto mining company Bitmine Immersion (BMNR)'s stock price soared over 130% in a single day, driven by the company's announcement of completing a $250 million private placement - clearly indicating the inclusion of Ethereum in core reserve assets. Tom Lee, a well-known crypto bull and Fundstrat founder, becoming the new chairman further injects strong market credibility into this strategy. Similarly, Canadian fintech company Mogo Inc. (MOGO) announced a $50 million Bitcoin reserve quota and listed Bitcoin as the "enterprise-level threshold return rate benchmark" for all capital allocation decisions.

This forms a complete positive feedback loop: The CLARITY Act has de-risked Ethereum, making BMNR's ETH reserve strategy possible; in turn, BMNR's actions serve as a heavyweight concept verification, confirming the key value of the CLARITY Act. We are witnessing the birth of a new enterprise balance sheet asset class - the market has begun to recognize the essential differences between "Bitcoin as a value store" and "Ethereum as a decentralized computing platform/settlement layer", and Washington's regulatory layout provides an institutional framework for their coexistence and flourishing within compliant entities.

Galloping Above the New US Crypto Paradigm

In summary, the fierce offensive of inflationary fiscal expansion, a regulatory framework aimed at promoting industry legalization and directional guidance, and the strategic rejection of national monetary control are not coincidental. This is a far-sighted "Washington's open strategy", with its core goal of consolidating the United States' leading position in the next generation of financial and technological revolution.

The US is using inflation as a lever to dissolve debt pressure, creating a persistent structural hard asset demand; simultaneously, it is building a regulatory moat, incorporating digital assets into its own development trajectory. It paves a legalization path for the Web3 ecosystem's scaled development, ensuring the core infrastructure of the next-generation internet takes root on US soil. More critically, in advancing all this, the US has clearly chosen the values of economic freedom and personal privacy, rather than the path of national surveillance - giving it a significant advantage in the global ideological contest against authoritarian opponents.

The market has keenly captured this signal, responding with a mature consolidation posture and strategic corporate adoption beyond Bitcoin's scope. For global investors, developers, and builders, Washington's message is crystal clear: the game is on, and the US is poised to seize victory. A macro and regulatory ecosystem tailored for digital assets and globally most attractive is taking shape in the US. Although this gamble is fraught with risks, its strategic objectives are clear - attracting global capital, nurturing domestic innovation, and ensuring the US dollar continues to hold an undisputed position as the global reserve currency in the 21st century through a new, privately-led decentralized digital proxy.