#美联储重启降息步伐 This past week, there have been some interesting signals in the crypto space.

Let’s start with a big one — France’s Caisse des Dépôts et Consignations has opened up crypto trading directly to its clients. Traditional finance is really stepping in, and moves by these established institutions are often more perceptive than retail investors.

Vitalik has been talking about gas fees on Twitter again. He mentioned the urgent need for a reliable, decentralized on-chain gas futures market. In short, it would let people lock in transaction costs in advance, so they don’t get hit by sudden spikes in gas fees. This is actually a pretty practical need.

On the policy front, there’s movement too. Pakistan’s Ministry of Finance held a special meeting to discuss a national-level digital asset framework. Developing countries are starting to take this seriously and put it on the agenda, with compliance trends becoming more and more apparent.

In terms of macro environment, most economists believe the Fed will cut rates in December, and there could be two more cuts before 2026. Once liquidity loosens, market imagination has room to grow.

Looking at stablecoins — Circle has minted 10 billion USDC in just the past month. Such a huge supply expansion means either institutions are positioning themselves, or market liquidity is really picking up.

By the way, there’s also some fundraising news. Blockchain bank N3XT has raised $72 million in a Series C round. Institutional capital is still pouring into infrastructure, indicating that long-term players remain bullish on this sector.

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