The market sentiment has been quite good these past few days. Bitcoin price has stabilized at $92,756, and the capital flow is also quite active—US spot ETF has seen a net inflow of over $470 million in a single day, and Ethereum has attracted a net inflow of $174 million. Although the net subscription for the Hong Kong spot ETF is zero, that's not the main point.

What truly deserves attention is the big move in the Hong Kong regulatory circle. Starting from January 1, 2026, Hong Kong will align with Basel standards, which means banks will face stricter capital constraints when handling crypto assets. This is no small matter—Hong Kong's role in this move is quite interesting. On one hand, it needs to maintain regulatory international competitiveness and recognition; on the other hand, it must leave room for digital financial innovation testing.

Exchanges and financial institutions that can't keep up with the pace should prepare quickly. Hong Kong has specially prepared a series of events in January, which will be a good entry point for those wanting to gain in-depth understanding of these changes.

Additionally, the short positions of Trump media and technology groups have recently increased significantly, which happened after they announced a merger with an AI technology company. The specific developments are still under observation.