#加密货币监管政策 takes the predictions of the founder of Galaxy Digital with a grain of salt. While Bitcoin's claim of $100,000 by the end of the year is compelling, it needs to be approached with caution. Judging from the on-chain data, the recent large-value address activity has not shown obvious signs of accumulation. Uncertainty about regulatory policies remains a major risk factor. Even if the price rises sharply, it may face greater selling pressure. It is recommended to pay attention to the flow of institutional funds and large transfers on the chain to judge the actual buying strength. At the same time, it closely tracks regulatory trends in various countries, especially the changes in the attitude of the US SEC towards Bitcoin ETFs.