The crypto market in 2026 is experiencing a coexistence of boom and bust. After Bitcoin broke through $90,000, it entered a range-bound oscillation, triggering a wave of liquidation of hundreds of millions in funds. Behind this is not just price volatility—global regulators are accelerating their deployment, and compliance has shifted from an option to a survival necessity.

The Fed's interest rate cut expectations have become the new focus of the game. Carry trade and liquidation risks are brewing beneath the surface. Once expectations reverse, it could trigger a chain reaction. Meanwhile, the wave of tax transparency is pushing the entire industry toward deep transformation.

RWA (Real-World Asset on Chain) and cross-border applications of digital RMB have become new exploration directions, representing concrete steps toward compliance. But the reality is harsh—retail investors fear liquidation, institutions are observing and positioning, and the market is stuck on the same problem: volatility is hard to endure, compliance pathways are unclear, and choosing the right track is daunting.

This is not a casino, never has been. Holding positions, anchoring to compliance, and controlling risk exposure are the correct attitudes to navigate the cycle. At this stage, survival is more important than making money.