On-chain analysis shows accumulation is spreading again in the bitcoin market, but it is still too early to confirm a bottom. Glassnode said that after bitcoin fell below $60,000, long-term holders and patient buyers began absorbing supply, though broader conviction remains limited. It cited rising losses, accelerating outflows from U.S. spot bitcoin ETFs and a buildup of leveraged long positions as continuing burdens, leaving downside risks alongside accumulation signals.

As debate in the U.S. Congress over the Clarity bill advances, crypto application tokens that generate actual fee revenue are being reassessed. Grayscale said tokens tied to on-chain trading, lending and staking could benefit if a federal regulatory framework reduces uncertainty for digital assets and related firms. It highlighted Hyperliquid in trading and also cited projects including PancakeSwap, Jupiter, Aerodrome, Raydium, Pump.fun, Aave, Sky and World Liberty Financial, while noting valuation and fee-distribution limits.