The SEC and CFTC have approved spot trading of Bitcoin and Ethereum on major exchanges such as the New York Stock Exchange, Nasdaq, and the Chicago Board Options Exchange. This will take the liquidity and popularity of BTC and ETH to a new level, further promoting the mainstream adoption of BTC and ETH. In terms of liquidity, the daily trading volume of traditional exchanges ($600 billion) is approximately 30 times that of current crypto exchage. This increased trading volume provides the opportunity for greater liquidity and better price discovery. In terms of popularity, institutional investors (such as pension funds) are relatively more likely to trust platforms regulated by the SEC/CFTC. After this cycle, the cyclical characteristics of the crypto market will change significantly.