#密码资产动态追踪 For those who have seen the regulatory timetable from the UK FCA, don't rush to draw conclusions — this isn't as simple as it seems.

The license application window opens in September 2026 and fully takes effect by October 2027. On the surface, it looks like "regulation is coming," but in reality, it's a major reshuffle of the market structure.

Honestly, as soon as you hear the word "regulation," many people reflexively think of suppression. But from a different perspective: the FCA's move is to formally incorporate the entire crypto service system into the framework of the Financial Services and Markets Act. In plain terms, the authorities are finally taking you seriously. Companies that previously registered under anti-money laundering regulations by shell companies will need to re-queue for applications; there's no automatic transition. Platforms that choose not to submit applications? The consequence is being fenced off; maintaining the status quo is already good, and expanding new business is out of the question.

What does this mean? The elimination race is truly about to begin. In the future, to stand firm in the UK and even the entire European market, you must hold legitimate licenses. Those operating on the edge or acting as gray channels will be gradually pushed out. In the short term, there will be market sentiment fluctuations, but the long-term logic is very clear — compliant channels will be open, and only then will large institutions and genuine big funds dare to enter. This is their prerequisite for coming in.

Signals on the chain won't lie. Over the past few weeks, we've observed that BTC activity marked as custodial addresses and institutional wallets has been quite steady — no signs of large-scale sell-offs, but rather signs of accumulation at key price points. The stablecoin balances on the Ethereum network are also gradually rising, indicating what? Funds are gathering strength and waiting.

My straightforward outlook for the future: the next market main theme will definitely revolve around "regulation" and "institutionalization." Before the application window opens in 2026, we expect a wave of hype; when it truly lands around 2027, platforms and projects with solid fundamentals and early compliance layouts will see valuation premiums emerge.

My only advice now: hold assets with fundamentals that stand up to scrutiny and management teams genuinely working on compliance. The market will have noise, prices will fluctuate — that's normal. But the overall direction won't change — only a market operating in the sunlight can truly grow big.

Only those who can hold steady will get to enjoy the later gains. Let time do the talking. $ETH