Futu and Tiger got hit—essentially, this is the higher-ups tightly sealing off the channels for capital to flow overseas. The compliant retail investor pathways have been cut off to prevent domestic funds from continuing to flow out and prop up U.S. stocks and crypto assets. The actual impact on the U.S. stock market is negligible. Wall Street's liquidity doesn’t rely on the domestic retail funds from these brokerages to stay afloat. This is just institutions using geopolitical policy news as an excuse to take profits from high-flying tech stocks. For the crypto space, in the short term, this is definitely a bearish sentiment. It cuts off a portion of retail inflows, triggering panic selling among retail investors. But if you zoom out and look at the bigger picture, capital always chases profit. The more restrictions there are on capital outflows, the stronger the underground demand for USDT and BTC becomes. Big money and whales don’t even use these retail channels. The tighter the policies, the higher the premiums in the OTC market. This wave of policy-driven bearishness is purely a perfect script for the big players to smash the market and shake out weak hands. Using the fear effect from the news, they create a liquidity vacuum and forcibly scoop up the blood-soaked chips from retail investors at the bottom. The cleaner the shakeout, the less resistance there will be for the next rally. The real pricing power lies with U.S. ETFs and Wall Street. Cutting off domestic retail channels doesn’t change the long-term supply and demand for Bitcoin. If it can’t go lower, it can only go higher. Since the big players dare to absorb so aggressively at these levels despite the bearish news, we’ll follow the smart money and enter early on the left side.