#加密圆桌会议要点 **Analysis of Key Points from the Encrypted Roundtable Conference**：

1. **Regulatory Dynamics**: The US and Europe are strengthening compliance frameworks for stablecoins, which may suppress the sentiment for anonymous coins and DeFi in the short term, but will benefit mainstream coins being integrated into the traditional financial system in the long term;

2. **Technological Trends**: Layer 2 scaling and modular blockchain are in focus, with the ETH ecosystem and infrastructure tokens like ATOM and TIA likely to see speculative interest;

3. **Institutional Layout**: Asset management giants are accelerating compliance and custody arrangements, with increased expectations of fund inflows into BTC spot ETFs, showing clear mid-term liquidity support;

4. **Risk Warning**: The conference repeatedly mentioned on-chain security and derivatives leverage risks, which may prompt exchanges to actively reduce contract multiples, leading to increased volatility in high-leverage altcoins.

**Strategy**: In the short term, focus on compliance narratives and technological iterations, avoid assets sensitive to regulation, and be wary of “expectation gaps” before policy implementations.