#加密货币抵押品应用 The explanatory letter 1188 from the OCC in the United States is quite interesting – banks can engage in risk-free principal encryption transactions, essentially acting as a middleman, buying from customer A while selling to customer B, without holding any holdings or bearing asset risk.

The impact on the trading ecosystem is worth paying attention to. The entry of traditional financial institutions into the market-making liquidity will indeed improve things, but the problem arises—when large players like banks start to participate, the arbitrage space for retail and small to medium traders will be further compressed. I have recently been reviewing the strategy adjustments of several copy trading accounts and found that the methods relying on liquidity differences for profit are indeed showing declining effectiveness.

Looking at it from a different angle, this actually indicates that the market structure is maturing. The participation of banks means that risk pricing will be more accurate, and volatility may become more rational. For copy trading strategies, greater emphasis should be placed on traders who base their decisions on fundamental analysis and technical execution, rather than those who rely on liquidity games.

In the short term, there may still be a wave of market movements driven by policy expectations, but in the long run, one must learn to dance with institutions. Those traders who can adapt to increased liquidity and clearer risks are actually more worthy of attention.