#ETF资金流向 Seeing Japan's recent tax reform plan, I have to be honest — this is actually a signal for retail investors.

Separating the tax system, three-year loss carryforward and deduction, ETF separate taxation, all seem very friendly on the surface, but you need to understand the core logic: the government is starting to treat virtual currencies as "formal assets." What does this mean? It means the regulatory framework is gradually improving, capital flows will become more transparent, and the room for manipulation is being squeezed.

Among the pitfalls I've encountered over the years, the biggest lesson is — the more a market grows wildly, the more people are involved in "harvesting" retail investors. Now, countries are pushing for compliance. In the short term, policies seem friendly, but in the long term, they are actually squeezing out those market makers who rely on information asymmetry.

The key is to see clearly: ETF being listed separately for taxation indicates that capital is flowing from small coins and clone projects toward larger ones. This shift in flow determines which projects will survive and which will become tools for pump-and-dump schemes.

If you're still chasing projects without a clear understanding of their lifecycle, relying solely on hype, now is the time to be cautious. Policy friendliness does not mean project safety; in fact, it calls for greater caution — because a large amount of capital will be reallocated, and old-school projects are easily abandoned without mercy.