The domestic crackdown on cryptocurrency in 13 sectors has a significant impact, directly triggering account bans for deposits and withdrawals, with some automatic unbans. Bank cards need to be processed at offline counters, and ordinary users are clearly affected.

Retail investors are reluctant to enter against the wind, and many U merchants are gradually withdrawing. Now both institutions and retail investors are exiting, with funds continuously flowing out, which is a typical characteristic of a bear market.