The latest statement from the Fed chairman may contain signals that most investors have not noticed.

Tonight's speech appeared calm on the surface—there was no mention of adjustments to monetary policy throughout, yet it repeatedly emphasized the "integrity concept" and "institutional foundation" of a certain former political figure. At first glance, it seems like a routine address, but upon closer examination, it is thought-provoking: this moral narrative precisely hits the pain points of the crypto market.

The trust mechanism is precisely the most fragile link in this industry. Over the past two years, leading platforms have encountered problems one after another, and countless project teams have vanished without a trace; each explosion of issues depletes market confidence. What regulators are truly concerned about is never the price fluctuations of a particular cryptocurrency, but the systemic risks triggered by the collapse of trust in the entire ecosystem. When policymakers start to define problems using a "moral framework," it often means that more stringent regulatory tools are on the way.

For ordinary investors, what they should do now is not to panic, but to reevaluate their holding logic. Those projects with unclear team backgrounds and vague business models may not survive the next round of cleansing. In contrast, #数字货币市场回调 and a few mainstream assets with practical application scenarios are more valuable when uncertainty increases.

In the second half of the market, the technical narrative may yield to compliance capabilities. Only projects that can prove their transparency under regulatory pressure are likely to go further. Can your current configuration withstand this test?