#加密货币监管 Seeing GameStop's $500 million Bitcoin position fluctuate amidst volatility really feels familiar. From a $530 million paper loss down to $519 million now, I've experienced this rollercoaster many times over the past decade.

The 2025 market cycle reminds me of a few similar milestones. Trump's "light regulation" framework indeed boosted confidence across the industry. When Bitcoin hit new highs, many listed companies followed suit—GameStop, MetaPlanet, Trump Media—all doing the same. They seem to be "embracing the future," but essentially, they are betting on policy continuity.

The key issue here is: that 30% crash in October wiped out $19 billion of leveraged positions. What does this tell us? It shows that no matter how friendly the regulatory environment is, it can't change the market's fragility. Using strategic reserves to hold Bitcoin and leveraging for speculation are two different things. GameStop didn't increase or decrease holdings, indicating they at least maintained rationality, but financial pressures are already beginning to show.

This reminds me of the madness at the end of 2017 and the subsequent winter, even the cycle in 2021. Every time, a large number of institutions "enter the market," and each time, risks are exposed during corrections. The difference now is that traditional listed companies are also involved. Their financial report fluctuations will directly impact investor confidence—this is a new amplifying effect.

History shows us that an improved regulatory environment does not equal risk elimination. The real test isn't during a bull market but in how these institutions endure the uncertainty of the next cycle.