On October 21, according to 4E Observation, Federal Reserve Governor Michael Barr warned that the newly passed GENIUS Act may allow stablecoins to use Bitcoin as a reserve asset, thereby weakening their stability. Barr pointed out that although the bill does not directly support Bitcoin reserves,"any medium of exchange adopted by a foreign government" may be considered a qualified asset, which could make the El Salvador case a potential loophole. Citibank's latest report pointed out that stablecoins may become the core driving force for the next stage of growth in the crypto market, with a "store of dollar value" function in emerging markets with high inflation or weak financial systems. However, this may also trigger a policy response in some countries to restrict dollarization. In addition, Strategy announced that it would purchase another 168 bitcoins at a cost of approximately US$18.8 million, and its total holdings increased to 640,400 BTC. Crypto analyst Willy Woo said that this round of markets is driven by long-term spot investors, and if their liquidity begins to decline, market sentiment may quickly turn bearish. 4E reminds investors that regulatory orientation and market structural capital flows are becoming key variables in the market, and short-term fluctuations may be amplified by macro signals and institutional behavior. It is recommended to continue to pay attention to regulatory dynamics and changes in liquidity structure.