Trump openly supports cryptocurrencies.

If this had happened two years ago, who would believe it.

Someone who once publicly called Bitcoin a "scam" now directly endorses the crypto industry for votes, promising to relax regulations. Political winds shift faster than a needle, crypto has become a key issue for swing state voters, even Elon Musk liked the post.

My first reaction was that the market would definitely celebrate.

But after calming down, I realized Trump’s support has never been free; he has big backers and policy deals behind it. The crypto industry wanting legalization as a bargaining chip must cater to this political beast’s appetite.

Short-term emotions are high, but will long-term rules be tied to the rollercoaster of “who’s in power, who loosens regulations”?

Earlier, I thought that with this kind of news, $BTC would surge, but on-chain there was no large inflow, instead funding rates tightened a bit. Some in the market are betting on political dividends, but others are waiting for the real implementation day.

I don’t chase these emotional trends.

Political cards are always a double-edged sword. Loosening regulations is good, but who benefits, and how much, is the real question.

Now, if long positions rush in and the election turns around, the liquidation zone could bury people until tomorrow.

Don’t get too caught up in the position.

This time, I’ll just review and reflect, not pretend to be a teacher.

Looking at the on-chain prediction market, it just went through a legal crackdown — a Michigan judge ruled that sports prediction markets are not under CFTC jurisdiction, Polymarket’s injunction was dismissed; on the same day, Kentucky sued Kalshi and Polymarket;

CME Chairman Duffy directly announced plans to sue the CFTC, opposing the approval of Kalshi’s Bitcoin perpetual contracts. These three events happened within two days, effectively giving prediction markets and perpetual contracts a three-way squeeze.

For crypto funds, this regulatory game will make more institutional funds temporarily cautious, liquidity short-term tight, and altcoins and contract liquidation zones more crowded.

Do you think Trump really takes office, crypto will usher in a true spring, or is it just another political show?
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