$BTC **Analysis of Key Points from the Encrypted Roundtable Meeting**：

1. **Regulatory Dynamics**：The US and Europe strengthen the compliance framework for stablecoins, which may suppress sentiment for anonymous coins and DeFi in the short term, but is beneficial for mainstream coins integrating into the traditional financial system in the long term;

2. **Technological Trends**：Layer 2 scaling and modular blockchains become the focus, with ETH ecosystem and infrastructure tokens like ATOM and TIA possibly entering a speculative window;

3. **Institutional Layout**：Asset management giants accelerate their compliance custody arrangements, expectations for inflows into BTC spot ETFs increase, and there is clear mid-term liquidity support;

4. **Risk Warnings**：The meeting repeatedly mentioned on-chain security and derivative leverage risks, which may prompt exchanges to actively reduce contract multiples, and high-leverage altcoins may experience increased volatility.

**Strategy**：In the short term, focus on compliance narratives + the main line of technological iteration, avoid assets sensitive to regulation, and be wary of the “expectation gap” washout before policy implementation.