**2. Uncertainty of Regulatory Policies**

- **Global Regulatory Tightening**: After 2023, if governments increase their regulatory efforts on cryptocurrencies (such as trading restrictions, tax policies, KYC/AML requirements), it may suppress market activity. For example, if the U.S. implements stricter controls on stablecoins or DeFi, it may weaken market confidence.

- **Slow Progress in Compliance**: If key barriers for institutional investors (such as a clear regulatory framework and ETF approvals) are not overcome, traditional capital may continue to observe, leading to a lack of long-term momentum in the market.