There has been a major news event recently that has caused quite a stir in the crypto circle. According to reports, former U.S. President Trump has explicitly stated that he will not grant a pardon to FTX founder SBF, which essentially seals his 25-year prison sentence. To review the background: SBF was once a prominent figure in the crypto industry, and FTX was once regarded as a leading exchange in the sector. However, the sudden collapse of FTX in 2022 completely changed everything, with losses exceeding $8 billion and affecting countless investors. Subsequently, SBF was sentenced to 25 years in prison on charges including fraud. Earlier, there was speculation in the crypto community that, considering Trump had pardoned several cases, SBF might have a chance to turn things around. But now, that possibility has been largely eliminated. This news has significant implications. For SBF himself, it means there is no longer any hope for legal redemption; for the entire crypto market, it could intensify investors’ concerns about regulatory policies. After all, the FTX incident itself caused a serious trust crisis in the industry, and the final penalties for those involved will directly influence market expectations regarding compliance. It’s worth noting that Trump’s stance may change in the future, but as of now, his position is quite clear. Investors holding tokens like FTT, SOL, and other related cryptocurrencies should closely monitor subsequent regulatory developments and market reactions.

The market has been relatively calm in recent days, but the "noise" from geopolitical tensions has indeed increased. Trade frictions have heightened risk aversion, causing Bitcoin to fluctuate around the $91,000 level. But what are the truly wealthy people up to? **Wall Street's "Clear Signal" to Buy the Dip** In the past week, major American investment banks like Morgan Stanley have suddenly accelerated their efforts, simultaneously applying for spot ETFs for BTC, ETH, and Solana. Honestly, this signal is quite aggressive. Even more astonishing is that the total trading volume of US spot crypto ETFs has just surpassed $2 trillion—doubling from $1 trillion in just 8 months. In other words, institutional capital is entering at an exponential rate. **Whale's $800 Million Bet** While retail investors are still debating short-term corrections, the famous whale (0xb317) is still holding a position worth $800 million. It is heavily weighted in Ethereum with $640 million, with an average entry price of $3,147. Now, it’s just waiting for Ethereum to catch up. Interestingly, this whale has experienced floating losses of over ten million dollars but has never sold a single coin. Behind this steadfastness, the focus is on the large-scale market movement expected in Q1 2026. **The Truth About the Macro Landscape** Although short-term trade risks have indeed suppressed sentiment, looking at the bigger picture, 2026 marks the dawn of the institutionalized era. Just wait and see.