#数字货币市场洞察 This morning I saw that the USDT to RMB exchange rate dropped below 7 (now at 6.99), and USDC is even crazier, directly at 6.96. To be honest, I sensed this trend as early as last week.

If you break it down, it's not that complicated. The multi-agency joint action on November 28 focused on cracking down on illegal stablecoin forex channels, causing short-term panic selling that directly drove prices down. What's more critical is the on-chain data: recently, large transfers on the Ethereum network have shrunk significantly, and the number of active addresses is also contracting—this indicates that gray funds are rapidly withdrawing, and liquidity has been drained in the short term.

Interestingly, many people are panicking over this, worried that altcoins will crash along with it. But I actually think this is a good thing. The regulation targets underground forex operations, not the technology itself. If you look at the total supply data of stablecoins, it still looks pretty healthy; it's just that the capital flow is being reshuffled—after the speculative funds leave, true long-term capital is more likely to flow into $ETH , BTC, and other mainstream assets that have stood the test of time.

Think back to the market after the regulatory rounds in 2017 and 2021. Every time policy steps in, it's like a forced cooldown, but after things calm down, it actually becomes a window to position yourself. My strategy hasn't changed: continue to DCA into mainstream coins during dips, and firmly avoid anything in the gray area. The messier the market, the more you need to focus on fundamentals. Stay steady, and don't let short-term volatility throw off your rhythm.