According to CoinMeta, the end of the mid-term elections has led to a "divided government" situation in the market. Bitcoin experienced a deep V-shaped rebound from 75.8K to 78.4K within a single day, and NASDAQ futures also turned positive, with the market quickly digesting the election results. The change in control of Congress means that large-scale fiscal stimulus will face obstacles, alleviating concerns about the long-term supply of U.S. Treasury bonds. The decline in the yield on 10-year Treasury bonds has directly unlocked the valuation of tech stocks and risk assets, and the premium associated with policy uncertainty is rapidly fading. Democratic control will lead to a deadlock over deregulatory legislation such as the "Clean Act," and the premium for compliance re-evaluation has proven ineffective in the short term. However, for Bitcoin, its current core pricing anchor has shifted from "Washington policy" to "dollar macro liquidity." The implied volatility for the main expiration dates ( IV ) has risen by about 1%. Although the peak in IV triggered by the mid-term elections has largely stabilized, the options market remains pessimistic about any significant price fluctuations at the end of the year.