The recent dynamics of the cryptocurrency market are intricate and complex, covering multiple aspects such as politics, regulation, and technological innovation.

In the political arena, comments made by Federal Reserve Chair Powell have attracted attention. Trump hinted that Powell would soon step down, while a suspected forged resignation letter from Powell has sparked heated discussions online. On the other hand, SpaceX issued a reminder to investors that Musk may return to politics, which has also caught the market's attention.

On the regulatory front, the FBI has concluded its investigation into the founder of Kraken exchange and returned the previously seized equipment. At the same time, the U.S. Securities and Exchange Commission (SEC) has approved the conversion of the Bitwise 10 encryption index fund into an ETF, indicating a relaxation in regulatory attitudes.

In the field of product innovation, 21Shares has submitted the S-1 application for the ONDO ETF, demonstrating the market's demand for new types of encryption products. Meanwhile, there are reports that the prediction market platform Polymarket is considering issuing its own stablecoin, a move aimed at better managing the profits generated from the platform's USDC reserves.

The Ethereum ecosystem has also seen significant changes. Staking liquidity has accelerated, with exit and entrance funds reaching approximately $2 billion and $1.3 billion respectively, reflecting investors' continued confidence and activity in the Ethereum network.

These developments indicate that despite facing various challenges, the cryptocurrency market continues to evolve and adapt, with participants striving to find a balance between regulation, innovation, and market demand.