June 27 news, according to 4E observation, as of 14:00 (UTC+8) on June 27, 2025, Bitcoin (BTC) was last reported at US$107,328, and fluctuated in the range of US$108,084-US$106,708 in the past 48 hours. The overall technical aspect is neutral. Although the fluctuations have narrowed slightly, there is no clear breakthrough trend. Mainstream currencies were solid, with Ethereum (ETH) hovering around $2,430, and Solana and Cardano down about 2%. The total market value of the crypto market dropped slightly, and more investors returned to mainstream assets and tended to wait and see. On June 24, Guotai Junan International was approved to upgrade its securities trading license to provide virtual asset trading and consulting services. This was the first Chinese-funded securities firm to receive this upgrade, and its share price rose nearly 200%. Its licensing action provides an example for traditional financial institutions to intervene in the crypto market and also enhances the industry's confidence in compliance. In addition, the latest report emphasizes that although crypto assets have the function of improving cross-border payments and liquidity, they have not yet entered the ranks of central bank reserve assets. This statement reminds the market that although crypto assets have potential, it will take time before they are widely recognized by sovereign reserves. Overall, the market in the past 48 hours has still been influenced by regulatory advances, macro data and geographical factors. Against the background of the compliance process and institutional entry, although the crypto market fluctuates in the short term, the structural driving momentum continues to grow in the medium and long term. 4E reminds investors: Short-term volatility is increasing, please focus on regulatory changes and the impact of option expiration, and be sure to control positions and set reasonable stop losses.