#加密监管政策 Seeing Yi Lihua's words, I am reminded of several key moments over the past decade. The ICO bubble in 2017, the despair of the bear market in 2018, the panic sell-off during 3/12 in 2020... Each time, someone was shouting "This time is different," but those who truly made money were never the traders chasing emotions.

His judgment that "the last major negative factor after Japan's rate hike" is something I need to ponder carefully. Looking back at history, the macro interest rate cycle has indeed been a watershed for crypto assets. The wave of 2021-2022, when the Federal Reserve's aggressive rate hikes directly burst the liquidity bubble, and now the reverse expectation of rate cuts makes logical sense. But the key is not the expectation itself, but how long this expectation can last.

What truly moves me is the statement "a few thousand dollars in returns require enduring hundreds of dollars in volatility." This is not new, but very few people who have heard it can truly do it. I have seen too many people fail at critical moments in history—unable to buy in March 2020, unable to bottom out at the end of 2022, and missing the rebound in early 2023 out of fear. It's not that they don't understand the trend; it's that human greed and fear always cause them to miss the rhythm.

For next year, I believe the three variables—"cryptocurrency policies, rate cuts and liquidity easing, and financial on-chain integration"—will truly change the landscape. But it's still early; the volatility that needs to be endured now must be endured, and the bottom line that must be maintained must be maintained. The best period for spot investment is not a single point, but a span of time—you need to survive during this period, and survive with enough conviction.