4E: The US government shutdown ends, and institutions continue to increase their holdings of bitcoin

On November 13, according to 4E observation, on November 13, the US House of Representatives passed a bill to end the government shutdown with 222 votes in favor and 209 votes against, marking the end of the short-term political impasse in the US federal government and providing some support for market sentiment.
In terms of crypto assets, Ethereum treasury company SharpLink released its 2025 third quarter financial report, showing that the company's total revenue increased by 1100% year-on-year, reaching about 10.80 million US dollars, net profit reached 104.30 million US dollars, and earnings per share were 0.62 US dollars. SharpLink's ETH holdings have increased to 861,251 as of November 9, with total crypto assets of about 3 billion US dollars, indicating that its ETH treasury strategy has achieved remarkable results.
At the same time, Brazilian President Lula da Silva has proposed a bill that would authorize the pre-trial liquidation of seized cryptocurrencies in order to weaken criminal factions' funding chains. This move, together with new regulatory requirements for the crypto industry from Brazil's central bank, marks an important step in the country's fight against crime and regulation of the market.
In the bitcoin market, Strategy (MSTR) market capitalization has been lower than the value of its net bitcoin assets, the market value inversion phenomenon. At the same time, listed companies in the third quarter of new holdings of 195,000 bitcoin, a total value of about $20.50 billion, continuing the enthusiasm of enterprises for bitcoin as a reserve asset, since the beginning of 2024 the cumulative holdings have exceeded 700,000.
4E comments: The recent political stability in the United States, the strengthening of Brazilian regulation, and the continued increase in bitcoin holdings by listed companies show that macro policies and institutional behavior have a significant impact on the crypto asset market. In the short term, the positive political situation in the United States and institutional demand may continue to support market sentiment.