#比特币市场动态 Twelve years of five policy storms, the pattern is already very clear——regulators often act at the peak of market enthusiasm. While there may be short-term crashes, historical data shows that long-term trends have never been truly blocked. After the 2013 ban, there was a 30% decline, followed by a rebound in 2015; in 2017, exchanges were shut down, yet Bitcoin soared to $19,665 by year-end; in 2021, mining farms experienced power outages, yet the price still surged to a high of $68,000.

This time, the risk warning from the seven major gold associations is essentially a repeat of old themes——air coins, stablecoins, RWA concepts. But the key change is this: Chinese funds are no longer the main market force. Now, Wall Street ETFs and institutional holdings dominate the pricing power. Look at USDT showing negative premium; many people are eager to exchange for fiat currency. This is a reaction from domestic funds. The international market has long since digested these policy expectations.

In plain terms, this regulatory logic has already been "immunized" by the market. Policies can define boundaries, but they cannot stop the global redistribution of computing power and capital. Instead of worrying about short-term policy shocks, it’s better to study the specific implementation details after policy actions——Will CEX restrict domestic IPs? Is KYC registration limited? Are C2C channels closed? These are the real details that affect participation. History tells us that after storms, there is often a new opportunity period. The key is to find the right timing and direction.