On September 29, the market welcomed a turning point. Apple CEO Tim Cook publicly confirmed holding Bitcoin and Ethereum, stating that "it is reasonable for individuals to hold Crypto Assets for portfolio diversification." This news quickly triggered a market reaction, with Bitcoin prices rapidly pumping back above $112,000, and Ethereum briefly rising over 3%, breaking through $4,100 per coin. Other Crypto Assets such as Binance Coin, DOGE, Solana, etc., also rose over 2%.

Coinglass data shows that over 90,000 people have been liquidated in the cryptocurrency market in the past 24 hours, with a total liquidation amount of $261 million, but market sentiment has shifted from panic to cautiously optimistic.
The recent market volatility has not been accompanied by any clear external events or negative policy impacts, but rather is the result of technical adjustments and the cleanup of concentrated leveraged positions. Analysts point out that the U.S. government has reduced investor demand for risk assets by issuing treasury bills and bonds to replenish the Treasury's general account. At the same time, the number of Bitcoins purchased by listed companies has plummeted from 64,000 in July to 12,600 in August, with the purchase volume so far in September at 15,500, representing a 76% drop from the frenzy in early summer.
In addition, the Trump administration recently required H-1B visa applicants to pay a new fee of $100,000, which affected India's $280 billion IT outsourcing profits, leading to a suppression of market risk appetite as funds sought refuge or turned to more liquid assets.
While the market is volatile, regulatory trends bring new hope to the industry. Patrick Witt, Executive Director of the White House Digital Assets Advisory Committee, stated that the Crypto Market Structure Bill is expected to pass by the end of 2025. This legislation will consolidate multiple bills and clarify the regulatory authority of the CFTC and SEC over crypto assets. The improvement of this regulatory framework is expected to reverse the trend of crypto companies relocating during the previous administration.
CoinDesk senior market analyst James Van Straten pointed out that options contracts and other derivatives will drive Bitcoin's market value to at least $10 trillion. He believes that derivatives can not only attract more institutional investors but also effectively cushion the inherent high volatility risks of the digital currency market.