These past two days, the crypto world has been influenced by two lines. One is the policy line, and the other is the capital line.

**Regulation is really coming**

The U.S. Senate Banking Committee officially launched markup hearings on the "Digital Asset Market Clarity Act" today, and this is not just a procedural step. The core issues of the bill are on the table—how to regulate DeFi, and whether to restrict the yields of stablecoins. Once this bill passes, there will be a clear classification of tokens as "securities or commodities," and exchanges will finally have a compliant path forward. This is a signal to institutional capital. But if the bill is blocked, the market will return to days of regulatory ambiguity, and uncertainty will be the biggest risk.

**Whales are voting with real money**

A more direct signal comes from the capital side. Large XRP holders have recently been aggressively increasing their holdings, buying a total of 1.4 billion tokens in just 15 days, worth about $3.8 billion. Such a level of accumulation is not retail behavior; it’s a game of real money. Because of this, XRP has directly broken through $3, and is only 17% away from its all-time high of $3.84.

The macro environment is also cooperating—U.S. stocks, the Nasdaq and S&P, have seen slight pullbacks, but gold has risen 0.79%, and silver’s increase is even more impressive at 7.97%. Safe-haven assets and cryptocurrencies are strengthening together, responding to the story of rate cut expectations.

**Market price overview**

Bitcoin is currently trading at $97,244, up 1.76% in 24 hours, continuing a 14-day rally, with a brief touch of $96,000 during the session. Ethereum is following the market higher, up over 5%, stabilizing above $3,400. XRP’s performance is the most eye-catching, continuing its rally toward its all-time high. SOL and DOGE are also showing movement, with SOL up 8.2% and DOGE up 4.6%, indicating active capital switching among mainstream coins.