The market information over the past week has been quite extensive, and I need to organize it to see the clear direction.

**Let's start with big tech.** SpaceX is paving the way for an IPO — they have already engaged several Wall Street investment banks for preliminary consulting. Although no specific timeline has been announced, this move essentially signals that Elon Musk's project is officially heading towards the capital markets. This is also a signal for the tech industry.

**On the macro front,** we still need to keep a close eye on the Fed's movements. Market forecasts indicate a 75.6% probability that the Fed will keep interest rates unchanged in January next year, suggesting that short-term policy uncertainty is decreasing. However, the actual direction still depends on upcoming key data releases on inflation and employment. Citigroup analysts say that non-farm payroll data might send mixed signals — with employment and inflation always tugging in opposite directions. Once the data diverges, market expectations of the Fed's next move could become divided.

**In crypto, there's an interesting development.** Robinhood is advancing stock tokenization on Arbitrum, which means the integration of traditional stocks with on-chain infrastructure is accelerating. Using Layer 2 networks can significantly reduce costs and improve settlement efficiency — they are serious about this approach.

**Regulatory efforts face setbacks.** South Korea's regulators failed to submit the legislation for the Korean won-stablecoin regulation as scheduled, which has delayed the legislative progress. This might impact the compliance and deployment of domestic stablecoins and fintech projects.

**Let's talk about the big players' movements.** Michael Saylor has once again released a Bitcoin tracker. This guy has a habit — he always signals something before making large-scale acquisitions. The market is already starting to price in his possible next buy-in.

**Finally, a long-term outlook.** Barclays has offered a somewhat pessimistic prediction: without significant catalysts, 2026 could become the "down year" for the crypto market. They believe that future market performance will depend more on actual policy support, ETF capital inflows, and the expansion of real-world applications. Relying solely on storytelling won't sustain long-term growth.