Interestingly, after each round of intense regulation in the past, there has always been a crazy bull market.

2013.12 Five ministries first regulated, defining Bitcoin as "virtual goods"

BTC fell from 1100 USD to 400 USD (-65%).

At that time, it couldn't even be called the "crypto circle", and the overall capital scale was limited, with schemes like 3M maintaining market transaction volume at the bottom. After experiencing the longest bear market, the market welcomed its first true cyclical bull market.

2017.09 "94 Ban": ICOs were completely halted, and exchanges shut down

BTC fell from 5000 to 2900 (-42%).

But within just a month, it quickly recovered, and by the end of the year, it surged to a new high of 20,000 USD.

The 94 ban was instead seen as a healthy cleansing before the bull market.

2021.05 Comprehensive ban on trading and mining

BTC fell from 64,000 to 29,000 (-55%).

Months later, the price reached a new high of 69,000.

However, this time the regulation caused China to completely lose its strategic advantage as the leader in global hash power.

2022-2023 Continued high-pressure regulation

Soon after, the US SEC approved the Bitcoin ETF, officially bringing mainstream funds into the market.

From then on, China's influence over the industry further weakened.

But this time the situation is clearly different, the marginal impact of regulatory news on the market is becoming smaller and smaller.

In the past, the logic of "clearing negative news at once" was that risks were concentrated and released, chips were deeply cleaned, negative factors were hard to increase significantly, and a new round of strong upward momentum would start.

Now, the influence of Dongda's policies on the market can almost be ignored, as there are neither the foundation conditions for "reshaping history" nor the power to promote changes in the industry landscape again.

Looking back, without those few instances of intense policy cleanup back then, there would not have been the subsequent release of the ETF; if the US had not regained its voice, there would not be a trend of crypto assets being viewed as "national-level reserves".

Bitcoin reaching 100,000 USD, each round of regulation has been a key piece of the puzzle. 😂

Without any one piece, the outcome would not be the same.

To some extent, everything is the best arrangement.