#加密货币监管 The Central Bank of Argentina is considering lifting the ban on bank crypto transactions, and this signal is worth paying attention to.

From an on-chain perspective, this reflects a reality: Argentina is already one of the most active crypto adopters globally, with a large amount of funds flowing into Bitcoin and stablecoins. Although there is a ban, the demand for capital flow still exists—it's just being pushed into the shadow financial system. Once banks obtain regulatory approval to participate, we can expect changes in two directions:

**First, on-chain activity may decrease.** Currently, trading activity is concentrated among virtual asset service providers and native crypto exchanges. Once banks provide compliant channels, some transactions will revert to traditional financial pathways, and the proportion of on-chain transactions may gradually decline. This is not a bad thing; rather, it indicates that the market is moving toward institutionalization.

**Second, whale behavior may adjust.** Large investors often lead regulatory changes with their strategic placements. If reforms are implemented, we need to observe whether there are signals of large transfers made in advance—such actions usually leave traces in address clustering and exchange inflow/outflow data.

Essentially, this is a shift from "explicit prohibition" to "regulated oversight," which is beneficial for overall market liquidity. The key is how the specific framework is designed—the strictness will directly influence traditional financial institutions' willingness to enter.