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According to ChainCatcher, a report by 10x Research indicates that while Bitcoin's price has shown limited volatility recently, pricing in the derivatives market has already begun to reflect the potential for significant market moves. The report points out that several structural signals have emerged in the market recently: volatility is being bought rather than sold, option skew has shifted back towards downside protection, funding rates have declined, open interest in futures is diverging, and ETFs continue to see net outflows. The report suggests that although the price range appears stable on the surface, capital positioning and pricing structures indicate that the market is preparing for unexpected events. Bulls typically view the rebuilding of the US Treasury General Account, the end of quantitative tightening, and potential rate cuts as liquidity positives. However, if the market structure lacks consistent support, macro expectations are unlikely to drive a sustained trend. 10x Research notes that liquidity alone is not sufficient to create directional moves; it is still necessary to observe whether leverage, position structure, and trading flows are aligned. This weekly report covers Bitcoin and Ethereum derivatives positions, volatility trends, funding rates, ETF and stablecoin flows, options activity, as well as potential ranges and key catalysts for the next 1 to 2 weeks.

ChainCatcher News, according to a research report by CICC, under the baseline scenario, if Hassett becomes the new Federal Reserve Chair, it may cause U.S. Treasury yields and the U.S. dollar to first decline and then rise, which would overall be positive for U.S. stocks. From a timeline perspective, in early 2026, Trump is expected to announce the nomination of a new chair. For Hassett, he would first need to be nominated as a Federal Reserve governor and confirmed by the Senate, then be nominated as chair and confirmed again. After the current chair Powell's term ends in May 2026, Hassett would officially become chair and could begin presiding over the June FOMC meeting at the earliest. The first quarter of next year will be a key period when the new chair's nomination begins to influence market expectations. If Hassett makes overly dovish statements at that time, there is a possibility that U.S. Treasury yields and the U.S. dollar could temporarily fall more than expected. However, as long as he does not significantly cross the line to the extent of "losing independence concerns," the realization of expectations combined with the recovery of the U.S. economy may cause Treasury yields and the U.S. dollar to turn upward.