4E: US government shutdown ends, institutions continue to increase their holdings of Bitcoin On November 13th, according to 4E Observation, the US House of Representatives passed a bill to end the government shutdown with 222 votes in favor and 209 votes against, marking the end of the short-term political deadlock in the US federal government and providing some support for market sentiment. In terms of encrypted assets, SharpLink, an Ethereum treasury company, released its Q3 2025 financial report, which showed a year-on-year surge of 1100% in total revenue, reaching approximately $10.8 million, with a net profit of $104.3 million and earnings per share of $0.62. SharpLink's ETH holdings have increased to 861251 as of November 9th, with a total of approximately $3 billion in cryptocurrency assets, demonstrating significant effectiveness of its ETH vault strategy. At the same time, the bill submitted by Brazilian President Lula da Silva intends to authorize the monetization of seized cryptocurrencies before trial, in order to weaken the funding chain of criminal factions. This measure, along with the Brazilian central bank's new regulatory requirements for the cryptocurrency industry, marks an important step for the country in combating crime and regulating the market. In the Bitcoin market, the market value of Strategy (MSTR) has fallen below the net asset value of its Bitcoin holdings, resulting in a market value inversion phenomenon. At the same time, the listed company added 195000 bitcoins in the third quarter, with a total value of approximately $20.5 billion, continuing the company's enthusiasm for Bitcoin as a reserve asset. Since the beginning of 2024, the cumulative increase in holdings has exceeded 700000 bitcoins. 4E Comment: The recent political stability in the United States, strengthened regulation in Brazil, and continuous increase in Bitcoin holdings by listed companies indicate that macro policies and institutional behavior have a significant impact on the cryptocurrency market. In the short term, favorable political conditions and institutional demand in the United States may continue to support market sentiment.