#美联储货币政策 Macron's remarks are worth paying attention to, but they need to be viewed in context. The core of stablecoin risk lies on the asset side—there is indeed a concentration issue with USD assets backing them. Once liquidity is under pressure, it could trigger a chain reaction. This is not an issue of crypto regulation easing itself, but rather a problem of financial system leverage and risk transfer.

From an on-chain data perspective, I focus on real signals: the speed of stablecoin inflows and outflows, the movements of whale addresses, and the risk exposure at the smart contract level. If the US truly relaxes crypto regulation significantly, we will see obvious changes in capital flows in the short term—either large inflows (risk appetite increases) or accelerated outflows (risk aversion).

The call for the European Central Bank to reshape monetary policy actually reflects a deeper game: different economies have varying perceptions of crypto asset risk pricing. The US chooses to embrace, while Europe opts for defense, which will directly influence capital flows and market structure. From an investment research perspective, this divergence itself is a signal—continuous tracking of capital movements across major exchanges and wallet addresses is necessary to see how real market participants are voting with their feet.

Data speaks.