An exchange: The market sees a phased rebound but divergence continues, with capital inflows and structural recovery occurring simultaneously.

According to the latest weekly report from a certain exchange, the easing of macro risks has led the market to rebound. Last week, the S&P 500 rose by 3.48%, the Nasdaq increased by 4.12%, and WTI crude oil dropped by over 14% within the week. The crypto market also recovered in tandem, with BTC rising 2.5% and ETH gaining 3.9%, accompanied by net capital inflows into spot ETFs—approximately $786 million for BTC and about $187 million for ETH. However, market sentiment remains in the “extreme fear” range, with capital inflows proceeding relatively cautiously.

In terms of asset and industry developments, structural opportunities continue to emerge. Thanks to fundamental improvements brought by network performance upgrades, TON surged 15.9%. Meanwhile, the Hong Kong Monetary Authority issued its first batch of stablecoin licenses to Anchorpoint and HSBC, marking the official implementation of the compliant digital currency framework.

On the financing front, activity remained relatively robust, with 11 deals completed last week and total disclosed funding reaching approximately $73.7 million—a significant rebound compared to the previous week. Funds mainly flowed into infrastructure and early-stage innovation sectors. Overall, while the market has experienced a short-term recovery, structural differentiation continues, and capital and narratives are gradually focusing on areas with fundamental strength and regulatory compliance.