I used to find it pretty unbelievable too: how could the Zhejiang Financial Assets Exchange, with a yield of only 4%–5%, end up collapsing? During this trip back home, I chatted with quite a few friends working in brokerage firms and banks, and only then did I realize that bank wealth management products now generally offer just around 1.5%–2%. Many wealthy individuals are sitting on large sums of money but can’t find reliable investment opportunities. They actually want to invest in crypto, but the reality is: they don’t understand it, they’re afraid, and there isn’t a truly compliant and user-friendly entry point. People inside the "fortress" want to get out, while people outside want to get in. If China ever opens up an entry point, maybe BTC will really break through $300K? But, it’s just wishful thinking. It’s tough, really tough.