#加密货币监管# The news of this administrative order draft is worth following. From the perspective of on-chain data analysis, this move may positively impact the flow of funds in the Crypto Assets industry. If this administrative order is ultimately signed, I expect to see an increase in the inflow of funds to related exchanges and projects. However, the specific impact needs further observation of policy details and actual implementation. It is recommended to continuously track the movements of large institutions and Whale accounts, as well as the interactions of on-chain contracts; this data will provide us with more accurate market reaction signals. At the same time, it is important to closely monitor changes in regulatory attitudes in other countries, as this may trigger a global policy chain reaction.