This news about the central bank continuing to crack down on virtual currencies has been brewing for a day, and everyone has their own opinions. My view is pretty neutral—neither bullish nor bearish. The idea that previous domestic policy tightening led to price surges might not work this time. The logic is actually quite clear: in the past, the stricter China banned crypto, the more the U.S. embraced it. Essentially, the inflow of funds from the U.S. outweighed the market losses caused by China's bans. But this time, if there’s no major new moves from the U.S., expecting a big rally is just wishful thinking. As for the bearish side, it might not be that bad either. While stricter policies could regulate capital inflows and exchanges more tightly, the crypto space in China is already minimized to the bare essentials. Marginal utility is diminishing. Whether the incremental impact goes from 1% to 0.1%, it doesn’t make much difference—after all, the domestic crypto scene is just a stock market game among existing players. That said, as a topic that can be leveraged, this level of news is definitely significant. But after a day has passed, the market doesn’t seem to care much about it.