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Odaily Planet Daily reported that the National Institution for Finance & Development published an article titled "The Development Model of RMB Stablecoins Can Combine Domestic and International Approaches." The article suggests that innovative exploration of RMB stablecoins could be promoted simultaneously in the Shanghai Free Trade Zone and Hong Kong. One model for offshore RMB stablecoins (CNY Coin, CNYC) is to establish an RMB stablecoin issuing institution in the Shanghai Free Trade Zone, jointly initiated by clearing organizations, major commercial banks, leading payment institutions, and well-known investment firms, to explore on-chain issuance and operational mechanisms for RMB stablecoins. Another model would rely on certain digital RMB operating institutions' branches in the Shanghai Free Trade Zone to directly mint and operate RMB stablecoins on-chain.

Odaily Planet Daily reported that Morgan Stanley's cryptocurrency strategy team pointed out that when traders use leveraged instruments to bet on a decline in Bitcoin, a sustained price increase puts their margin accounts at risk of liquidation. In such cases, they are forced to urgently buy back Bitcoin from the market to close their positions. This concentrated buyback activity, in turn, further drives up the price, creating a positive feedback loop of "price increase—short covering—further price increase." According to Coinglass data, in the past hour, long positions reached $5.762 billion, up 52.94%. However, short positions still account for 48% of the market. Morgan Stanley noted that most short positions are concentrated at defensive levels below $115,000. If the price remains steady above $117,000, it could trigger a new round of short covering worth $500 million, further strengthening the upward momentum.