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

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

2. **Technological Trends**：Layer 2 scaling and modular blockchains are in the spotlight, with the ETH ecosystem and infrastructure tokens like ATOM and TIA potentially entering a speculative window;

3. **Institutional Layout**：Asset management giants are accelerating their compliance custody arrangements, with expectations for increased inflow into BTC spot ETFs, providing significant medium-term liquidity support;

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

**Strategy**：In the short term, focus on compliance narratives + technological iteration as the main line, avoid regulatory-sensitive assets, and be wary of the 'expectation gap' washout before policy implementation.