Recent fluctuations in the crypto market have sparked widespread discussion following news about potential policy adjustments in the United States. Looking back, this American leader previously expressed a strong supportive stance during last year's election campaign at a crypto conference, claiming to incorporate core crypto assets into strategic reserves and promising to update regulatory teams to support industry development. He also participated in issuing personal related crypto assets, gaining broad industry support and donations. However, the market reaction was unexpected—these personal assets experienced a sharp decline shortly after launch, with a drop of up to 80%, causing many retail investors to suffer losses. Now, the policy direction seems to be shifting, and this series of reversals is truly astonishing.

From a market perspective, such changes in policy expectations will inevitably cause short-term emotional shocks. The US capital market is enormous, and once negative signals appear, cautious investors may choose to exit, leading to market volatility. This situation is not uncommon in history.

But from another angle, this policy pressure is not entirely without benefit. Based on past experience, each round of policy tightening is often followed by a process of re-pricing. Assets with genuine technological fundamentals and ecological value may actually complete a rebalancing during this phase, laying the groundwork for subsequent recovery. Market participants need to distinguish between short-term emotional fluctuations and long-term fundamental trends to avoid being misled by temporary volatility.