#加密货币监管 The end of Japan's rate hike cycle, the final struggle of the bears—this logical framework is clear. From on-chain data, recent days' contract liquidations have indeed dominated volatility—large short positions being liquidated, and retail panic selling also happening simultaneously. However, the performance on the spot side is worth noting: inflows of stablecoins on major exchanges are increasing, and accumulation by large wallets is quite evident, indicating that institutions are gradually building positions.

Next year's policy expectations are indeed a decisive factor—interest rate cuts and liquidity injections will boost market liquidity, and the gradual improvement of the crypto regulatory framework is also alleviating concerns about incremental capital. From this perspective, the current period is indeed a favorable zone for spot positioning.

But it needs to be clarified: enduring volatility is not about achieving a specific target like "a few thousand dollars in returns," but about understanding the inevitable costs of market cycles. The true logic should be—during phases supported by fundamentals and positive policy expectations, volatility itself becomes a tool for screening willingness to hold positions. Investors who can hold through declines are often the ultimate winners.

The key still lies in the real on-chain funding data—who is buying, how much they are buying. These data are more direct than sentiment analysis.