The Southern 2x Long Coinbase ETF (07711) has surged more than 20%, with shares climbing 20.17% to HK$28 at the time of writing, generating trading turnover of HK$1.6098 million.

Market data from Woofun AI indicates that Bitcoin (BTC) has solidified its US$80,000 support level through steady ETF inflows, despite setbacks in the CLEAR Act and headwinds from Federal Reserve interest rate policy.

A recent research note from JPMorgan suggests that Bitcoin currently possesses greater upside potential than gold. The bank highlights that substantial short positions in Bitcoin ETFs create conditions for potential short squeezes in the future, a dynamic not present in the gold market. Additionally, capital inflows into Bitcoin ETFs have been considerably smaller in aggregate compared to gold ETF flows in recent periods.

Notably, the U.S. Securities and Exchange Commission (SEC) has unveiled an "Innovation Exemption" initiative, granting temporary, conditional relief to qualifying tokenized securities trading platforms. This allows these platforms to facilitate on-chain trading of tokenized versions of select U.S.-listed stocks. The SEC stated this measure aims to drive the U.S. capital markets toward on-chain trading infrastructure, a move widely interpreted by market participants as a positive regulatory development for the cryptocurrency sector.

Industry commentators believe the SEC's action provides a clear regulatory pathway for certain platforms to engage in tokenized U.S. securities trading. As a result, shares of Coinbase (COIN.US) and related companies have strengthened further on the news.