The essence of this matter is: the UK wants to comprehensively tighten the compliance regulation of crypto assets not to ban cryptocurrencies, but to focus on illegal uses and combat money laundering channels by fully bringing crypto transactions into the regulatory system. The focus is not on 'coins' but on 'criminal behavior + capital flow'. What is actually under close scrutiny are: non-KYC platforms, mixers, cross-border underground money houses, OTC money laundering channels, rather than: BTC / ETH themselves, compliant trading by ordinary investors. The real impact on the crypto market in the medium to long term: positive. Clear regulations = institutions dare to enter, the process of compliance accelerates, sources of funds are cleaner, and the market is more regulated. Historical experience: after every severe regulation, there is first a shock and then a bull market. Short term: bearish sentiment. Common chain reaction: news release → market fears small coins, MEME coins are prioritized for liquidation, and leverage cleans out long positions $ETH #厂长布林带之神