#加密行业监管 Wu Qing's statement clearly delineates the boundaries of regulation. The key phrase is "decisively not expanding business where regulation is unclear and uncontrollable"—this is not a vague attitude but a strict constraint.

The attitude towards crypto assets has shifted from "prohibition" to "cautious approach," and this change in wording is noteworthy. But caution does not equal openness; the core logic remains risk management first. From an on-chain data perspective, such policy signals typically reflect in capital flows within 24-72 hours—either large holders preemptively positioning to avoid risks or institutional funds adjusting their boundaries.

My main concern is the subsequent implementation. Once the regulatory framework is clear, compliance costs will rise, naturally filtering out some participants. In the short term, there may be some fluctuations in funds, but in the long run, projects and platforms operating within a cautious framework will gain more certainty.

It is recommended to monitor the recent movements of large wallets, especially whether institutional funds are adjusting their positions.