These past couple of days, everyone in the crypto community has been talking about one thing—mainland China and Hong Kong both took action against stablecoins at the same time.

On the mainland, 13 government departments launched a joint operation, directly pursuing criminal responsibility for the gray market chain around stablecoins. In Hong Kong, things are even tougher—they set a 25 million HKD threshold for licenses and limited participation to professional investors only. As soon as the news broke, the chat groups were filled with wails of despair, with everyone saying, "This bull run is over."

But if you think about it carefully, things might not be that simple. The logic behind the regulation is actually pretty clear—the mainland is cleaning up gray channels to make way for the digital yuan, while Hong Kong is raising the bar to make room for compliant capital. To put it bluntly, it’s not about killing off crypto; it’s about changing the players.

Looking at the market reaction is even more interesting. USDT is dropping, but ETH is surging, and BTC’s holding structure is being optimized. Funds are clearly moving from USDT to mainstream coins. No matter how you look at it, this doesn’t seem bearish—it actually looks like a buying opportunity for quality assets.

Tighter regulation might actually be a signal—once the gray money is squeezed out, conditions are ripe for mainstream capital to enter. Do you think this is the end of the bad news, or the start of a new rally? Can BTC break through $100,000? Share your thoughts.