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BlackRock's pledgable ETH ETF reshapes valuation, regulations release RWA and other matters, Fusaka upgrade strengthens infrastructure,
combined with capital movements from the Middle East and SpaceX, as well as Upbit being hacked promoting ecological compliance,
jointly supporting the evolution of crypto from marginal assets to systemic assets,
the current volatility is a period of structural building and the underlying logic is solid.

【Policy Interpretation｜The Central Bank Again Emphasizes 'Cracking Down on Virtual Currency Trading Speculation', What Does It Mean for the Crypto Circle?】

Today, the central bank held a meeting with multiple departments, including the Public Security, Cyberspace Administration, Financial Regulatory Bureau, and Foreign Exchange Bureau, reiterating the need to crack down on virtual currency trading speculation, specifically mentioning:

(1) Virtual currencies do not possess legal compensation and are not considered legal tender;
(2) Activities related to virtual currencies are illegal financial activities;
(3) Stablecoins are also a type of virtual currency, which carry risks of money laundering, fraud, and cross-border fund transfers.

In simple terms: this is not a new regulation but a reiteration of the regulatory approach from 2021 that is 'comprehensive and strict', and requires continued high-pressure regulation.

1. Possible Impacts

(1) Sentiment: Short-term bearish

Such official statements can amplify panic sentiment, especially after experiencing significant volatility,

some leveraged longs and emotional traders may choose to reduce or close positions.

(2) Medium to Long-term: Regional regulation, not asset 'death sentences'

The long-term price core of $BTC and $ETH is still determined by global liquidity and institutional/fund allocation.

High-pressure regulation from a single country will impact participation paths and costs but is unlikely to fundamentally change global trends.

(3) Channel Pressure: Fiat ↔ Stablecoins are more sensitive

The article touches on stablecoins and cross-border funds; in the future, off-exchange, cross-border channels, and gray arbitrage activities will likely become increasingly stringent, with associated risk factors continuing to rise.

2. As a trader, what should you do?

Treat regulation as a 'constant', rather than a black swan

(1) Strictly control leverage and set stop-losses to avoid being caught off guard by market fluctuations;
(2) Focus on medium to long-term structural analysis, avoiding emotional trading on 1-minute charts;
(3) Diversify positions and avoid heavily betting on a single sentiment.

Compliance is always the premise

Being in China, it is essential to fully understand and comply with local laws and regulations,

do not participate in any activities deemed illegal financial activities, and do not act as an agent for others in investment, fundraising, or order-following.

The above is my personal understanding and record of this news, for communication purposes only, and does not constitute any investment advice. Trading is at your own risk, and please pay attention to risk control and compliance.

#Trading Diary Day 2｜BTC Intraday Plan + 9.4w Being Stuck Progress
Account situation briefly explained:
Cost is around 9.4w, currently in a stuck state.
As of the post, $BTC is fluctuating around 9.0-9.1

My overall idea remains unchanged:
This BTC with a cost of 9.4w will not be sold until it returns to 9.4w, treating it as an 'observation position' for mindset practice;
Only a small portion of U will be used for planned short-term practice during the day.

Today's intraday plan:
If $BTC pulls back to the support area I am focusing on (for example, the 9.3 area), I will consider making a light long position, with a single position not exceeding 5% to 10% of total funds.
If it directly rises to the upper pressure zone (for example, above 9.5), I will not chase high, only waiting for opportunities after a pullback.

Each trade must:
Set stop-loss in advance (loss control at 1% to 2% of the account);
Write a review afterwards, not avoiding losses.

Regarding the BTC at 9.4w:
I do not plan to touch it today, just record the changes in mindset;
There is still some distance to the break-even price, treating it as practice on 'how to stay calm when being stuck'.
Throughout this month, I will continue to record on Binance Square:

Market: How $BTC moves;
Operations: How I place orders, how I set stop-loss;
Mindset: What I think every day being stuck at 9.4w.

This is only a personal trading record and does not constitute investment advice.⚠️

# Trading Diary Day 1｜Let’s be honest about a reality

Right now, I have a long position of $BTC in my account, with a cost around 94,000, and based on the current price, I am in a loss.

I set a small rule for myself:

I will not sell this BTC until it returns to 94,000, treating it as a “mental practice position.”
During this loss period, I will record daily in Binance Square:
How the market moves;

What changes occur in my mindset;

Whether I considered averaging down / cutting losses / hedging, and ultimately why I did so.
I cannot guarantee profit; I am just seriously recording the entire process of an ordinary retail investor being in a loss.

For personal record only, not investment advice.

How did I set my own trading rules for $BTC ? A simple framework that beginners can use (not investment advice)

"At this price level, can I still buy $BTC ?"

Honestly, there's no standard answer to this question. But during this time, I have established a simple set of trading rules for myself, and I’m sharing them, which might give you some reference (not investment advice, just my learning record).

1. I first accept a reality: no one can accurately buy at the bottom/sell at the top.

When looking at the K-line, you will find that every major rise and fall looks very clear in hindsight, but it’s quite chaotic when it happens.


So my first rule is: do not pursue buying at the lowest or selling at the highest, just aim for the overall direction to be correct, and not to blow up my position.

2. Position management is much more important than "guessing direction".

No matter where the current price is, I set for myself:
The total position of crypto assets should not exceed X% of the investable funds;
Within this position, a single currency (like $BTC ) should not exceed Y% of total assets;
For the contract portion, only use a very small position and try not to use high leverage.

The benefit of doing this is: even if I make a few wrong judgments, I won’t lose so much that I can’t sleep at night.

3. After completing each transaction, I will simply note down: why I bought, how the price moved after buying, and where I can do better next time.

These may seem "slow", but for an ordinary person like me, it’s much more comfortable than frequently chasing highs and cutting losses.

4. Final reminder

The above are my personal trading rules on $BTC , which are only suitable for my own risk tolerance.
Cryptocurrency is highly volatile, and you must decide how to play based on your financial situation and stress tolerance.
This is not investment advice, just my personal record.

If you plan to make some operations on $BTC , you can check the current price and trends from the currency tags/charts above. Remember to think clearly about your position and stop-loss points before placing an order.

BTC funding rate turns negative (currently about -0.0001), OI declines, what do you think? After this cooldown, what is the probability of a rebound?

Personally, I am more optimistic about the 86k support, looking up to the 97k range. Feel free to share your strategy (not investment advice, DYOR).
#Bitcoin #FundingRate

Today's BTC Overview:
Price oscillates between 88k–91k;
In November, the spot ETF has seen a cumulative net outflow of about 3.7B USD, but OI has fallen and the funding rate has turned negative (Binance -0.0004%), indicating more of a cooling of leverage rather than a trend collapse.
As a former bank analyst, I lean towards considering this a phase of turnover.

On-chain: Whales are accumulating at low levels around 86k, forming a support band.

Macro: Tonight's Fed data may change risk appetite, so pay attention to volatility and false breakouts.

#Bitcoin #Crypto