4E: Regulatory pressure and institutional holdings go hand in hand, gold hits new highs again According to 4E Observation, Reliance Global Group, a Nasdaq listed company, announced the completion of its first Bitcoin purchase. Following its previous allocation of ETH and ADA, the company plans to invest a total of $120 million to expand its digital asset portfolio, highlighting the trend of listed companies continuing to embrace cryptocurrency assets. At the same time, the US SEC suspended trading of QMMM Holdings' stock, citing allegations of social media manipulation as its stock price surged nearly 1000% within three weeks after announcing the establishment of a cryptocurrency fund. On the blockchain, analyst Yu Jin detected that suspected Bitmine addresses have once again increased their holdings of 25369 ETH (worth $107 million), indicating that top institutions are still laying out their positions. The SEC will also make final rulings on 16 cryptocurrency ETFs in October, covering tokens such as Solana, XRP, LTC, DOGE, and others, known as the "ETF Month" in the industry. In terms of macro markets, the US Senate will vote again on the bill to avoid a government shutdown on September 30th; Goldman Sachs has raised its global stock market rating to "overweight" for three months, citing reasons such as the resilience of the US economy and a more dovish stance from the Federal Reserve. In terms of safe haven assets, spot gold rose to $3850 per ounce, setting a new historical high. Analysts pointed out that employment data will be the key to the subsequent trend. Institutional applications are also accelerating, with 21Shares updating its spot Solana ETF documents and continuously improving its compliance framework. Glassnode data shows that short-term holders of Bitcoin have entered a loss zone, and the market may be in a "reset phase", laying the foundation for a new round of chip accumulation. 4E reminds investors that the cryptocurrency market is oscillating between regulatory pressure and institutional holdings, with short-term volatility risks and long-term structural opportunities coexisting. The linkage between gold and Bitcoin is worth paying attention to, and investors need to maintain flexible position management.