Today in crypto, a new report highlighted a sharp decline in enforcement actions under the new leadership US the US Securities and Exchange Commission (SEC). Analysts are split on whether the Bitcoin bull cycle is nearing its end, while Nvidia’s earnings beat briefly lifted both tech stocks and major cryptocurrencies.
SEC enforcement actions fall sharply under Chair Atkins: Report
The US SEC has taken a noticeably more restrained approach since Paul Atkins became chair, with total enforcement actions falling by about 30% in fiscal 2025, according to a new report from Cornerstone Research.
The broad decline in enforcement activity was “consistent with the general pattern for other fiscal years when the SEC administration changed,” the report noted.
Regulatory actions involving crypto firms also declined. That trend was expected after the SEC dropped several investigations and lawsuits following Gary Gensler’s departure. The report specifically pointed to the agency’s case against Coinbase, which was dismissed in February.
“Chair Atkins has signaled that a ‘top priority’ of his administration will be ‘to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach,’” the report said.
Bitcoin hits “most bearish” levels: Is the bull cycle ending?
Bitcoin is entering bearish territory as institutional demand dries up and key market indicators point to a downward phase, according to data from analytics platform CryptoQuant.
Bitcoin (BTC) market conditions have turned the “most bearish” within the current bull cycle that started in January 2023, CryptoQuant said in its latest crypto weekly report shared with Cointelegraph.
CryptoQuant’s Bull Score Index has declined to extreme bearish levels of 20/100, while the BTC price has fallen far below the 365-day moving average of $102,000 — a key technical level and the final bearish signal marking the start of the 2022 bear market.
The price drop comes amid weakening institutional demand, including reduced buying by Bitcoin treasury firms such as Michael Saylor’s Strategy, along with limited inflows into exchange-traded funds (ETFs).
Even with Strategy’s latest purchase of 8,178 BTC ($835 million) — its largest acquisition since July 2025 — the buy remains significantly smaller than many of its previous major purchases, CryptoQuant’s head of research Julio Moreno noted in an X post on Wednesday.
In addition to waning corporate buying, Bitcoin ETFs have also faced pressure, with year-to-date inflows dropping to $27.4 billion — 52% below last year’s total of $41.7 billion, according to data from CoinShares.
Nvidia’s blowout Q3 earnings lift crypto, tech stocks
Nvidia posted record third-quarter earnings on Wednesday, beating Wall Street expectations and allaying fears of an AI bubble, which helped to lift crypto and tech stocks in after-hours trading.
The chip maker reported record Q3 revenues of $57 billion, up 62% from a year ago, along with profits $31.9 billion, up 65% from last year. Both figures blew past analyst expectations and helped to arrest a weeks long slide in tech stocks over concerns of an AI bubble.
Nvidia (NVDA) jumped 5% after-hours to $196 after closing trading on Wednesday up 2.85%. Shares in crypto companies also got a boost, with Coinbase (COIN), Strategy (MSTR) and Circle Internet Group (CRCL) all seeing slight bumps after finishing the trading session down.
The earnings helped buoy Bitcoin (BTC), which has climbed to nearly $93,000 as of early trading on Thursday after Nvidia’s announcement, climbing from below $89,000, which it hit on Wednesday for the first time since April.