Looking at this morning’s wave of news, two clues stand out.

The first is the frequency of regulatory actions—China is increasing its gold reserves, the EU is considering expanding regulatory powers, and the US SEC chairman has also made a statement. Whether it’s traditional finance or digital assets, major economies are racing to set rules and boundaries for the future.

The second, and more interesting, is the long-term discussion on the technical front. Jensen Huang talked about the underlying logic of crypto mining from an energy perspective, while a16z warned about potential security risks brought by quantum computing. These topics have moved beyond short-term price fluctuations and are starting to consider how far cryptocurrency can go from the perspectives of energy costs and technological security.

Looked at together, these signals are actually quite clear: the entire crypto market is saying goodbye to its early days of wild growth and entering a new stage—one framed by mainstream regulation, constrained by energy considerations, and facing technological change. The rules of the game are changing, and so must the way we play.

If you’re curious about the deeper impact of a specific development, feel free to discuss further.