An interesting contrast: The US government has reopened, both the stock market and gold are rising, but BTC is barely moving around 103K.

The spot ETF situation is even more bizarre—the entire market only saw $1.2 million in inflows on Monday, and most coins are bleeding. Only BlackRock’s product is still attracting funds, having already brought in $2.81 billion this year.

On the other hand, Solana is doing great, with net inflows for 10 consecutive days and $6.8 million coming in just on Monday. Ethereum is steady, but there’s not much hype either.

On-chain data shows that 72% of BTC holders are still in profit even if the price drops below $100,000, indicating the bottom is indeed solid. Analysts believe this is a mid-term consolidation, similar to the patterns in June last year and February this year.

The most noteworthy development is that Washington is pushing a bipartisan bill to shift regulatory authority over digital assets from the SEC to the CFTC. If this passes, the entire rulebook for the crypto ecosystem could be rewritten.

Will there be a strong rebound by the end of the year? Investors are all waiting for the answer. Right now, it’s a dull period—let’s see who can break the stalemate first.