#比特币市场动态 After reviewing this 12-year regulatory retrospective, I found an interesting pattern — every policy storm is like a "health check" for the market. It seems dangerous on the surface, but in reality, it redefines the boundaries of the game.

Remember in 2013 when Bitcoin dropped from $1130 to $755? Everyone thought it was the end, but the bottom was only truly established at the end of 2015. Then, after the ICO ban in 2017, exchanges migrated to Singapore and Japan, and Bitcoin rebounded from $3000 to $19665. Even during the harshest crackdown in 2021 — shutting down mining farms and cracking down on mining transactions — Bitcoin still managed to surge to $68000.

The key point is that this time’s risk warning signals are somewhat different from previous ones. In the past, it was a broad "ban on virtual currency trading," but now it specifically targets hot sectors like stablecoins and RWA, and even prohibits promotional and referral activities. This indicates that regulators are precisely targeting concept hype rather than trying to kill the entire ecosystem.

But there’s a new variable — Wall Street institutions have become the main force, and the influence of Chinese capital is no longer what it used to be. The USDT negative premium indicates genuine panic, but the global consensus support is now far different from ten years ago.

My feeling is: in the short term, the market may experience emotional fluctuations, but this policy cycle should be shorter than previous ones. The reason is simple — storms are essentially the final clearance before the bottom is formed. The real opportunities often appear after the noise subsides. The key is to distinguish which projects are truly creating value and which are just hype.

The decentralized future will not change course because of a single announcement; it’s just changing the way forward.