#加密货币监管框架 Regulatory heavy hand is coming again, but this time it's a bit different.

After reading the risk warning from the Seven Associations, I summarized the logic—since 2013, each policy implementation has hit the market’s peak enthusiasm. After Bitcoin’s all-time high in 2013, bans followed; during the ICO frenzy in 2017, exchanges were shut down; at the mining peak in 2021, power was cut off. This time, stablecoins and RWA are being targeted.

But the key has changed. Previously, policies could directly end a bull market. Now? Bitcoin has long gone international, with Wall Street ETFs and Middle Eastern sovereign funds becoming the new main players. Here, we "strictly guard" while Western markets still set the prices—this has become the new normal.

In the short term, USDT negative premium clearly indicates that some people are eager to exchange for fiat and exit, so emotional fluctuations are inevitable. But looking at historical data, the long-term suppressive power of policies is diminishing—shutting down exchanges in 2017 and clearing out miners in 2021 didn’t stop Bitcoin’s long-term upward trend.

For the degens, such news is actually the best "calm period." Many of the hot airdrop projects earlier on were just scams under the guise of compliance, raising funds and pumping prices. Essentially, they were just scams with a different name. Instead of rushing in to get caught in the trap, it’s better to use this time to carefully select projects, optimize strategies, and reduce interaction costs. Historically, the most stable harvesting period is after the storm has settled—provided you survive until then.