#加密货币监管框架 After reading this policy statement, I am actually very clear in my mind—the overall direction of regulation has been firmly set. The Chinese authorities' attitude towards virtual currencies is "ban," while their stance on digital RMB is "promote." These two lines will not intersect.

From a follow-trading perspective, what does this mean? The trading space for crypto assets in the domestic market will be further squeezed, and the flow of funds and trading logic in the crypto circle will inevitably need to adjust. I have observed the position changes of some top traders and found clear signs of stop-loss and withdrawal in the past two months—those traders who previously relied on domestic hype and liquidity are now more dependent on overseas market liquidity and policy expectations.

The takeaway for follow-traders is: do not blindly chase large positions betting on "domestic liberalization." The key is to select traders who have a clear understanding of policy risks, know how to diversify their positions, and can quickly adjust their strategies. Pay particular attention to their stop-loss execution—at a time when policy certainty is so strong, those who can decisively control downside risk will be the ones to survive until the next window.

Experience shows that the clearer the regulatory framework, the easier it is to follow, because there are fewer variables. Conversely, those gray areas are the easiest to trap.