RGMH

The Bank of Japan unexpectedly raised interest rates, and we are experiencing the craziest day since 2004. Immediately after, the crypto trading group in New York exploded—rumors of Powell possibly leaving early are spreading wildly on Wall Street, and several hedge funds have activated emergency plans. This is not just normal market volatility; this is a turning point in an era. I immediately realized that in this moment of global capital reshuffling, only truly resilient underlying assets can weather the cycle. The end of the global 'arbitrage frenzy' and the rise of a new generation of financial infrastructure mean that as traditional arbitrage capital begins to flee, funds are seeking new habitats—those truly creating value in the native crypto ecosystem. Japan's end of the negative interest rate era means that over $3.2 trillion of low-cost yen will exit the global market, and all assets related to yen arbitrage are plummeting. But there is another overlooked story: a large amount of capital withdrawn from traditional markets is quietly flowing into the 'value lowland' of the crypto world. When global stock markets crash, the on-chain stablecoin settlement volume instead hits a new high. What does this indicate? During periods of market turbulence, the demand for efficient, low-cost, decentralized value transfer is experiencing explosive growth. $BTC $OP $ARB

Heavyweight! The U.S. "Bitcoin Strategic Reserve Act" has been officially submitted to Congress: BTC can be used to pay taxes, and personal income tax is completely exempt!
The "Bitcoin Act" submitted by U.S. lawmakers has officially entered the congressional process, and the core content is dazzling:
✅ The U.S. government will establish a "National Bitcoin Strategic Reserve"
✅ Citizens and businesses are allowed to pay taxes directly with Bitcoin
✅ The portion of taxes paid with Bitcoin is completely exempt from capital gains tax (personal income tax 0%!)
✅ Holding government-recognized Bitcoin reserves will also receive special tax benefits.
The U.S. directly upgrades Bitcoin from a "speculative asset" to a "quasi-sovereign reserve currency" level, with tax treatment more favorable than U.S. dollar cash! Once the bill is passed, the U.S. will become the world's first superpower to truly incorporate Bitcoin into the national fiscal system. $BTC $DOGE $WCT

This round of adjustment is not just a matter of the 'cryptocurrency circle', but a result of the global capital chain linkage. The enthusiasm for ETFs has declined, with institutional attitudes shifting from aggressive to cautious. Although there is a slight inflow into ETFs, the overall enthusiasm has significantly weakened. Institutions have transitioned from 'blindly increasing positions' to 'refined risk control', and the market structure has shifted from aggressive to conservative. Macro funds are beginning to reassess the risks associated with crypto assets. Crypto companies and holding enterprises are under pressure, and the risks are spreading beyond the chain. Some companies are facing increased pressure from financial reports due to asset shrinkage, and market fluctuations outside the chain have intensified. Crypto assets are no longer independent; they have deeply integrated into the global financial system. $BTC $ETH

For ordinary people, stablecoins can become tools for cross-border payments and crypto investments, but it is essential to choose compliant and transparent issuers while avoiding betting all assets on stablecoins. In the digital age, 'security' is always more important than 'convenience'. Tether and USDC monopolize 99% of the market: Is the 'dual oligopoly era' of stablecoins a prosperity or a ticking time bomb? The rise of stablecoins essentially meets the bridge demand between the traditional financial system and the crypto market. It is an intermediate station for fiat currency deposits, avoiding the high costs and delays of direct fiat currency exchanges; it bypasses the SWIFT system for real-time settlement; it is digital cash used for liquidity management in the crypto market. The scale and influence of stablecoins can no longer be ignored; they are both the cornerstone of the prosperity of the crypto market and potential systemic risk points. $BTC $BNB

The Bitcoin crash at 8 AM on 12.01 was the result of five factors resonating: tightening macro policies, institutional fund withdrawals, high leverage sell-offs, regulatory uncertainties, and technical vulnerabilities, rather than a single event trigger. This crash again proves that in a liquidity cycle dominated by Federal Reserve policies, Bitcoin has become a risk asset rather than a safe-haven asset. Price fluctuations are highly correlated with traditional financial markets, and investors need to be aware of the far-reaching effects of leverage risks and macro policy changes on the crypto market. $BTC $XRP

Analysis of the reasons for the sharp decline of Bitcoin at 8 AM on December 1, 2025: The core reason for the crash: multiple negative factors resonating, triggering a high-leverage liquidation. [Live Report on the Crash]
Time: 8 AM on December 1, 2025 (Beijing Time)
Magnitude: Bitcoin price plummeted from 93,000 to 88,500, a drop of 4.3% within 1 hour.
Chain Reaction: Ethereum fell over 5%, Binance Coin dropped 7%, the entire crypto market evaporated nearly 2 trillion RMB in 24 hours, 220,000 people were liquidated, with a liquidation amount of 12.2 billion.
Direct Trigger: High leverage liquidation chain reaction.
After Bitcoin's price fell below the key technical support level of 90,000, it triggered forced liquidations of over 15 billion in leveraged positions, forming a "long squeeze" effect. The leverage ratio in the crypto market has long been at a high level (over 90% of liquidated traders used more than 10 times leverage). Once the price drops by 5-10%, programmatic liquidation orders flood in, creating a vicious cycle of "price drop → liquidation → accelerated decline." $BTC $BNB

Why must countries ban virtual currencies? The truth is suffocating! This is not a technical discussion, but a super-limit war concerning the survival of your wallet. Imagine a certain hegemonic country that can operate a global "wealth harvesting machine" at zero cost and without restrictions. It does not need warships and cannons; it only requires a string of code—cryptocurrency—to make your life savings evaporate into thin air without you noticing. Cryptocurrency is a "legal" tool for plunder, and by manipulating the cryptocurrency market, global capital can be directed and harvested like a tide. It disguises itself with the glamorous veneer of "decentralization," attracting global retail investors to rush forward one after another, and in the end, the whales manipulate the ups and downs behind the scenes, completing a "legal robbery" against civilians. $BTC $BNB $XRP

The legislative framework gradually incorporated by Europe and the United States into regulation differs significantly from China's approach, which, based on financial sovereignty, capital controls, and considerations for social stability, chooses to cut off systemic risks that may arise from the circulation of virtual currencies at the source. This stands in contrast to the 'incorporation into regulation and limited opening' path taken by developed countries in Europe and the United States, which seeks a delicate balance between innovation and risk. China's 'prohibition model' entails a complete ban on the issuance and trading of stablecoins. $OP $WCT

加密货币市场 Stablecoins are a form of virtual currency that currently cannot effectively meet customer identification, anti-money laundering, and other requirements, posing risks of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border fund transfers. It also reiterates the continued adherence to the prohibitive policy on virtual currencies, and the ongoing crackdown on illegal financial activities related to virtual currencies. This marks the first time that the central bank has explicitly classified stablecoins as illegal and subjected them to strict regulation, indicating that China has further strengthened the risk prevention logic in its governance of virtual currencies. We can clearly see that, compared to Europe and the United States, which gradually integrate regulation through legislative frameworks, China has chosen to cut off the potential systemic risks posed by the circulation of virtual currencies at the source, based on considerations of financial sovereignty, capital controls, and social stability, forming a stark contrast to the path taken by developed countries in Europe and the United States of 'integrating regulation and limited openness.' This difference stems from different definitions of the boundaries of financial security. $XRP $OP $ARB

Blockchain is a technology solution for collectively maintaining a reliable database through decentralization and trustlessness. In simpler terms, blockchain technology refers to a method of accounting that involves the participation of everyone. Behind all systems, there is a database, which can be seen as a large ledger. Therefore, it becomes crucial to determine who keeps this ledger. Currently, it is the owner of the system who maintains the records; for instance, Tencent keeps the ledger for WeChat, and Alibaba for Taobao. However, in a blockchain system, everyone in the system has the opportunity to participate in accounting. If there are any changes to the data within a certain time frame, everyone in the system can take part in the accounting process. The system will evaluate who accounted the fastest and best during that time, record their entries in the ledger, and distribute the ledger contents to all other participants in the system for backup. This way, everyone in the system has a complete ledger. This method is what we refer to as blockchain technology. Blockchain addresses the issue of intermediary trust. In the past, it was difficult for two people who did not know or trust each other to collaborate, as they had to rely on a third party. For example, in payment transactions, any transfer in the past required the existence of institutions like banks or Alipay. However, through blockchain technology, Bitcoin represents humanity's first achievement in completing a trustless transfer between two parties without the involvement of any intermediary institutions. This is a significant breakthrough of blockchain. $XRP $WCT $DOGE

The cryptocurrency market directs and harvests global capital like a tide. It disguises itself with the glamorous facade of "decentralization" to attract retail investors from around the world. In the end, the whales manipulate the ups and downs behind the scenes, completing a "legal robbery" against the common people. #It undermines the financial sovereignty of all nations, rendering a country's central bank and fiscal policy virtually ineffective. Your wealth is no longer protected by you and your country, but is exposed to the cross-border capital's sniper scope. $OP $LINK $WCT

The meeting emphasized that virtual currencies do not have the same legal status as legal tender, do not possess legal tender characteristics, and should not and cannot be circulated as currency in the market. Activities related to virtual currencies are classified as illegal financial activities. Stablecoins are a form of virtual currency that currently cannot effectively meet requirements for customer identity verification, anti-money laundering, and other aspects, posing risks of being used for money laundering, fundraising scams, and illegal cross-border fund transfers. $DOGE $ARB $LINK

“Virtual currency is not currency and is not allowed to circulate domestically.”
This means:
Don't think the domestic ban will be lifted; it's not possible in the short term.
Because once it's lifted, it opens the door for capital outflow.
So this statement is telling everyone: “Don't hold onto fantasies.”
“All virtual currency-related businesses are illegal financial activities.”
This means:
Doing these things domestically:
Development, operation, maintenance, community, activities, meetings……
All fall under “illegal.”
But the reality is:
As long as you don't act high-profile, don't deceive people, and don't engage in large-scale capital flows, they generally won't specifically cause you trouble.
This is the principle of “people don't raise issues, officials don't pursue.”
“The risk of stablecoins is the highest” — this is the core,
Why?
Because stablecoins bypass foreign exchange controls, equivalent to:
Quietly establishing an “unregulated small dollar system” domestically.
This is the most sensitive for the country, so it is the most strictly monitored.
To summarize, is the impact big or not?
Reasons why the impact is not significant:
Everything that can be regulated has already been regulated.
Industry professionals are all overseas.
The market has long given up hope on mainland policies.
Capital and transactions are primarily abroad.
This is a statement of attitude, not a destructive blow.
But here are the points you need to pay attention to:
Do not publicly promote cryptocurrency domestically.
Do not flaunt wealth.
Do not create trends.
Do not participate in gray OTC or money laundering.
Do not engage in large-scale cross-border capital flows.
Self-media content should not touch the red line.
Keeping a low profile is the best safety.
In conclusion:
This policy will not crash the market, nor will it change the bull-bear situation, but it continues to emphasize one thing:
“Prohibition domestically, active abroad” will be a long-term state.
If you can play, you can play,
But —
Keep a low profile, be aware of boundaries, and avoid gray areas,
This is the most correct posture. $XRP $WCT $OP

Cryptocurrency:
ZIL: Leveraging sharding technology to achieve high throughput, the transaction fee destruction mechanism also provides potential support for the coin's value.
OP: Significantly reduces Ethereum transaction costs based on Optimism Rollup technology, and the OP Stack architecture allows developers to quickly deploy customized Layer2 networks.
RON: As a sidechain token specifically designed for games, it achieves low fees and high-speed transaction processing, and has mature applications in the blockchain gaming ecosystem.
ARB: Optimized by Arbitrum's Optimistic Rollup technology, it has high transaction confirmation efficiency, supports complex smart contracts, and has strong ecosystem compatibility.
AVAX: Utilizes the Avalanche consensus mechanism to achieve second-level transaction confirmations, has high throughput, and possesses excellent cross-chain interoperability and ecosystem expansion capabilities. $OP $ARB $XRP

Why do most altcoins slowly depreciate over time, even in a decent market, because unlocking dilutes them. Projects continuously unlock and release tokens into the market, causing persistent selling pressure, while there isn't even enough real demand to absorb this supply. $DOGE $LINK $WCT

The core reason for China's prohibition of virtual currency trading is to maintain financial security, prevent systemic risks, combat illegal activities, and safeguard national currency sovereignty. This policy has been continuously strengthened since 2017, forming a comprehensive regulatory framework.

Financial Risk Prevention

The price of virtual currencies is highly volatile and speculative, easily leading to market manipulation and leveraged speculation, resulting in investors losing all their money. For example, in 2022, the 'LUNA coin' plummeted nearly 100% within a week, exposing the instability of the market. Its high-energy consumption mining model (such as Bitcoin consuming over 134 billion kilowatt-hours annually) exacerbates resource waste, conflicting with the 'dual carbon' goals.

Combating Illegal Activities

The anonymity of virtual currencies makes them tools for money laundering, telecom fraud, and capital flight. Data from the Ministry of Public Security shows that the funds from telecom fraud are often transferred through Bitcoin, making it difficult to recover stolen assets. Providing services from overseas exchanges to domestic users is also explicitly prohibited to block channels for illegal financial activities.

Maintaining Currency Sovereignty and Financial Stability

The decentralized nature of virtual currencies undermines the central bank's control over currency issuance, conflicting with the development direction of legal digital currencies (such as digital RMB). Their trading activities may evade foreign exchange controls, violate the 'Foreign Exchange Management Regulations,' and even constitute illegal business operations.

#加密市场观察 #虚拟货币监管 #虚拟货币合规 convened a meeting of the coordination mechanism for combating speculation in virtual currency trading. The meeting emphasized that virtual currencies do not have the same legal status as legal tender, do not have legal compensation, and should not and cannot be used as currency for circulation in the market. Activities related to virtual currencies are considered illegal financial activities. Stablecoins are a form of virtual currency, and currently, they cannot effectively meet the requirements for customer identity verification, anti-money laundering, and other aspects, posing risks of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border fund transfers.

RWA+ is not just a technological experiment, but a systematic activation of the "heavy assets, low liquidity" field.
With the improvement of the registration system, data oracles, and secondary liquidity mechanisms, RWA+ is transitioning from "case breakthroughs" to "platform infrastructure," becoming the core hub linking the real economy and global capital. $XRP $DOGE $LINK

Digital currency ETFs need to be assessed in conjunction with individual investment goals, risk tolerance, and market environment. Below are some analyses of mainstream digital currency ETFs:
1. Ishares Bitcoin Trust (IBIT)

Features: Issued by the world's largest asset management company BlackRock, with a management scale exceeding $90 billion and extremely strong liquidity. Directly holds Bitcoin, with low tracking error, and the custodian is Coinbase Custody, ensuring high security.
Suitable for: Investors seeking stable and large-scale Bitcoin allocation, especially suitable for institutions or long-term investors.

2. Fidelity Wise Origin Bitcoin Fund (FBTC)

Features: Issued by Fidelity Investments, with relatively low management fees (0.25%), custody handled by Fidelity's own institution, enhancing trust through a vertically integrated model. The one-year return rate is on par with mainstream products, with good liquidity.
Suitable for: Investors who trust the Fidelity brand and focus on cost control, suitable for medium to long-term holding.

3. Ark 21Shares Bitcoin ETF (ARKB)

Features: Employs a multi-custodian strategy to diversify risk. Management fees are moderate, tracking the spot price of Bitcoin, with excellent one-year return performance. Suitable for investors seeking innovative investment strategies and willing to accept certain risks.

4. Grayscale Bitcoin Trust ETF (GBTC)

Features: The oldest Bitcoin ETF with a large management scale. However, fees are relatively high (1.5%), and there have been significant fluctuations in premiums/discounts.
Suitable for: Investors who prefer historical performance and can accept higher fees, need to closely monitor its discount situation.

5. Bitwise Bitcoin ETF Trust (BITB)

Features: Lower fees (0.2%), custody managed by Coinbase Custody, with good liquidity. The one-year return rate is similar to mainstream products, suitable for investors seeking value for money.

If seeking liquidity, brand trust, and large-scale allocation, IBIT is the first choice;
For cost control, FBTC or BITB can be selected;
For innovative strategies, ARKB can be considered;
Investors who can accept higher risks and fees may pay attention to GBTC.

It should be noted that the digital currency market is highly volatile. It is recommended to fully understand the risks before investing and to allocate assets reasonably based on one's financial situation. $BTC $DOGE $XRP

Solana ETF

Representative products: Bitwise's BSOL, Grayscale's GSOL, Vaneck's VSOL, etc.
Characteristics: As a representative of high-performance public chains, Solana's ETF not only provides price exposure, but some products also attempt to allocate on-chain earnings to investors through a staking mechanism.

XRP ETF

Representative products: Bitwise's XRP ETF, Canary's XRPC, Grayscale's GXRP, etc.
Characteristics: The ETFization of XRP benefits from the settlement of legal disputes with the SEC. Currently, several products have been launched, with active capital inflow, but the price fluctuates significantly in the short term.

Dogecoin ETF

Representative products: Grayscale's GDOG, Bitwise's BWOH, etc.
Characteristics: As a well-known "Meme coin," the listing of its ETF marks Wall Street's recognition of community consensus-driven crypto assets, but the market reaction is relatively tepid, with low trading volume.

Litecoin ETF

Representative products: Canary Capital's LTC ETF.
Characteristics: Litecoin, as a code fork of Bitcoin, has similar regulatory attributes to Bitcoin. Its ETF has been approved for listing, but the scale of capital inflow is relatively small.

Hedera (HBAR) ETF

Representative products: Canary and Grayscale's HBAR ETF.
Characteristics: HBAR meets the listing conditions through CFTC-regulated futures contracts launched by Coinbase and is currently in the approval or upcoming listing stage.

All ETFs are products listed on the U.S. market, and specific trading codes and issuing institutions may vary depending on the product. It should be noted that cryptocurrency ETFs are considered high-risk investments, with significant market volatility, and investors should carefully assess the risks. $XRP $LTC $LINK