What changed (last ~48–72h) and why it matters
• Market tone stayed defensive; “no clear catalyst” narrative is back. BTC hovered around the high-$60Ks with analysts warning a dip below ~$65K is plausible if macro data disappoints. That matters because crypto is trading like a risk asset again macro prints (jobs/inflation) are the near-term driver, not chain news. 
• Stablecoin “plumbing” got more regulated—Stripe’s Bridge moved closer to a U.S. trust bank. Bridge received conditional OCC approval to establish a national trust bank, potentially enabling custody/issuance/reserve services in a more regulated wrapper. This matters because stablecoin rails are increasingly institutional and compliance-shaped, not “wild west.”

• A fresh reminder that stablecoins can be a single-point-of-failure narrative. Reuters’ Breakingviews flagged shrinking equity cushion vs assets at a major stablecoin issuer (peg resilience framing). This matters because in stress, stablecoin confidence becomes a market-wide volatility amplifier.

• ETH narrative is still “in-between” (tech roadmap vs price action). Coverage highlights Ethereum’s 2026 priorities (scale/account abstraction/post-quantum angles), but price remains range-bound so traders may treat ETH as a tech roadmap story rather than a momentum story right now.

• Institutional performance headlines were ugly. A major macro firm’s crypto fund logged a big down year (2025), reinforcing the idea that “smart money” isn’t immune positioning may stay cautious. $BTC $BNB #bitcoin #btc
