#加密货币监管立法 Looking at the stock performance of listed mining companies and crypto firms this week, I really feel a bit emotional. Bitdeer is entangled in lawsuits, CleanSpark's profits fell short of expectations and was sold off by insiders, even BitMine backed by ARK Invest couldn't reverse the downward trend—these projects that once seemed very promising are now teaching us a lesson through real actions.

The root of the problem is actually quite clear: market confidence collapse caused by global policy uncertainty and legislative delays. When this kind of instability occurs, it’s easiest to expose projects that are inherently not solid enough and have overinflated valuations. I’ve seen this scenario too many times in 2017 and 2021—when funds are abundant and sentiment is optimistic, any project can be hyped up; but when the winter truly hits, companies without the ability to generate cash flow will be the first to reveal their flaws.

The predicament of mining companies is even more worth warning about. This industry seems straightforward—mining, selling coins, earning the spread—but leverage, cost pressures, and regulatory risks are all piled on top. Signals like equity dilution and lawsuit pressures are often precursors to internal collapse. My advice is to stay sufficiently cautious about such assets when regulatory prospects are uncertain.

The secret to lasting longevity is: downturns are actually the best opportunity to see the true quality of a project. Those that do not rely on fundraising or emotional support are the ones worth sticking with.