In the current week, under the Eastern Eight Time Zone, multiple trends are simultaneously rewriting the landscape of technology and finance, revolving around the promotion of domestic high-end chip production in China, the tug-of-war over cryptocurrency legislation in Washington, and the global luxury real estate market absorbing crypto wealth. On one side, the Chinese semiconductor industry is accelerating the elevation of "self-controllable" to a strategic high point under U.S. policy pressure, while on the other side, the U.S. Senate is repeatedly entangled in negotiations over cryptocurrency market structure legislation. Meanwhile, the presence of crypto funds in high-end real estate transactions is becoming increasingly clear. The struggle for technological sovereignty and the fragmentation of global financial regulation are unfolding simultaneously, with crypto assets no longer merely a price game on the blockchain, but being forced to seek more real-world anchors and outlets. The core question has become: how can crypto assets achieve self-anchoring and functional transformation in a world where supply chains are being rewritten and regulatory frameworks are torn apart?

Domestic Chip Charge: Supply Chains Forced to Rewrite

In recent public statements, Wei Shaojun, a figure in the Chinese semiconductor industry, reiterated that the Chinese semiconductor industry "must adhere to the path of domestic production in advanced processes and other fields." This statement effectively elevates the previously more policy-oriented concept of "self-controllable" to the forefront of the semiconductor industry narrative. Advanced processes are no longer just indicators for catching up on technology nodes but are imbued with dual meanings of technological sovereignty and industrial security, with domestic production seen as a long-term necessity to navigate external pressure cycles. Meanwhile, the U.S. policy oscillation and tightening in the high-end chip sector continue to constrain China's semiconductor industry, from export controls to licensing reviews. Although it is difficult for outsiders to obtain a complete picture of every detail and quota, the tightening direction is sufficient to alter companies' medium- to long-term decisions. The uncertainty of the supply chain is forcing China to lay out its computing power and AI infrastructure in advance, with local replacements and self-built systems becoming the norm. In this process, the demand for infrastructure centered on computing power is continuously rising, leaving space for the local crypto computing power ecosystem—whether it be public chain nodes, the reuse of mining residual computing power, or general computing power platforms that cater to both AI and crypto, all are seeking long-term survival methods within a rewritten supply chain framework. Chips are no longer just terminals of the electronics industry but are one of the prerequisites for whether crypto infrastructure can expand steadily.

Washington Tug-of-War: Cryptocurrency Legislation Stalled…

In contrast to China's relatively clear path of "domestic production—security—long-term investment" in semiconductors, Washington's legislative process in the crypto field appears hesitant and fragmented. Negotiations in the U.S. Senate Banking Committee regarding the cryptocurrency market structure bill have repeatedly stalled, with disagreements over how to regulate DeFi becoming a focal point: some emphasize that protocol layers should be included in a strong regulatory framework according to traditional financial intermediary standards, while others worry that excessive pressure will push innovation and liquidity further into overseas regulatory havens. This game contrasts sharply with the U.S.'s hardline stance on chip policy, where there is pressure on advanced processes and high-end chip exports, attempting to reshape the global supply chain order through rules and technological blockades, while on the other hand, there is repeated tugging at the boundaries of crypto regulation, highlighting the inconsistency between the rhythms of technological governance and financial governance, with a clear misalignment and fragmentation at the global institutional level. For institutional funds, this legislative stagnation directly affects the asset allocation status of crypto assets: long-term holding strategies require clearer rules regarding taxes, custody responsibilities, and clearing priorities, and compliant product design is difficult to advance on a large scale while the market structure bill remains unresolved. As a result, most institutions are forced to oscillate between "tentative participation" and "wait-and-see," while funds truly willing to bet on the long term and incorporate crypto into their core asset pools still have to wait for Washington to provide more predictable answers in the regulatory framework.

Price Volatility Slows: Under Mild Expansion…

In the past 24 hours, according to a single data source, Bitcoin's price has dropped approximately 1.08% to about $91,900, while Ethereum has fallen about 2.05% to around $3,187. The RWA sector, seen as more closely related to real assets in on-chain narratives, has led the decline with a drop of about 2.99%, while the SocialFi sector, which is more social and traffic-oriented, has seen a slight increase of about 0.58%. These numbers come from a single metric and can be viewed more as a short-term market thermometer rather than a definitive conclusion for the entire market. Compared to the dramatic fluctuations, the current price adjustment is closer to a slowdown in rhythm. CryptoQuant analysts summarize the current state as "the Bitcoin market has entered a phase of mild expansion," emphasizing that leverage has not been disorderly amplified, and short-term selling pressure has not reached extreme panic-clearing scenarios, with the overall situation still in a neutral to bullish operating range. It is in this phase of reduced volatility, where sentiment is neither extremely optimistic nor extremely pessimistic, that funds are beginning to shift their attention from candlestick charts to off-chain factors: on one hand, the reconstruction of domestic chips and computing power systems determines the future cost and geopolitical distribution of crypto infrastructure; on the other hand, the tug-of-war in U.S. legislation, global regulatory trends, and changes in the structure of the real economy, such as how high-end real estate absorbs crypto wealth. These "macro narratives" are often drowned out by noise during periods of dramatic price fluctuations, but when the market enters a phase of mild expansion and narrow oscillation, they become the reference coordinates that funds prioritize when making medium- to long-term layouts.

Crypto Luxury Home Buyers: Virtual Gains Pouring…

In the off-chain world, crypto funds have quietly begun to rewrite the structure of traditional markets. Sotheby's International Realty noted in its latest report that "the impact of crypto assets on the global high-end real estate market is intensifying." This judgment does not provide precise transaction proportions or regional distributions but clearly conveys one direction: wealth originating from the blockchain is increasingly being locked into tangible assets like luxury homes. The typical transaction path is often not complex: one type of buyer cashes out part of their crypto gains during a bull market or at a peak, converting it into fiat currency through over-the-counter channels or compliant exchanges, and then enters high-end residential or vacation properties through family trusts, cross-border asset allocation, or local investment tools; another type directly negotiates with developers or intermediaries to reach transactions priced in Bitcoin or other mainstream tokens, then collaborates with fiat currency settlements or gradually liquidates during the settlement phase to reduce price volatility risks. Regardless of the method used, it essentially involves exchanging what was once considered highly speculative on-chain chips for tangible assets with more stable expectations and real use value. From the perspective of asset evolution, this flow is quietly changing the role of crypto assets: as more luxury homes, land, and artworks have one or more layers of crypto funding sources behind them, crypto assets are no longer just high-volatility speculative tools; they are beginning to be seen as a part that can be redeemed, mortgaged, and used as a vehicle for wealth inheritance. It is through this transformation from "speculative chips" to "real collateral" that crypto assets gain new price anchors and credit anchors—its value is not only determined by the depth of transactions and sentiment on the blockchain but is increasingly defined by what it can be redeemed for in the real world and what long-term rights it can secure.

In a Fragmented World, Crypto Grows in the Cracks

Zooming out, China's sprint towards domestic production in high-end chips and advanced processes, the long tug-of-war in the U.S. over cryptocurrency market structure legislation, and the accelerated absorption of crypto wealth by the global luxury real estate market actually form a complete narrative chain: global technology and financial governance are being rewritten at different paces, yet remain disconnected from each other. At the chip level, technological autonomy has risen to become a core variable of national security and long-term competitiveness, with supply chain reconstruction leading to a re-layout of computing power and infrastructure; at the financial level, major economies like the U.S. have yet to form a stable framework for crypto regulation, resulting in funds and businesses navigating between different legal jurisdictions, with regulatory arbitrage and compliance dilemmas coexisting. In this context, crypto assets are inevitably going to face uncertainties brought about by the regulatory tug-of-war and industrial policy friction of various countries in the short term: from the operating environment of exchanges to the approval pace of institutional products, and whether project parties can stably access local computing power and data centers, every link may be amplified by policy oscillations. However, on a longer time scale, crypto is quietly deepening its embedding in the real world: on one end are public chains, L2s, and various infrastructures supported by domestic chips and local computing power systems, while on the other end is the on-chain wealth quietly absorbed by tangible assets like luxury homes, which may extend to more categories of traditional assets and industrial scenarios in the future. What will be worth continuous observation next is the further direction of Sino-U.S. technology policies, especially to what extent China's domestic computing power system can support local crypto and AI ecosystems, and whether U.S. cryptocurrency legislation can move from a tug-of-war to a more defined framework, providing institutional funds with clearer compliance paths. At the same time, whether crypto funds will flow more into traditional industries such as infrastructure, energy, and entertainment beyond high-end real estate will also determine whether this round of "moving from on-chain to offline" can truly build a more solid real-world anchor for crypto assets.

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