#数字资产监管进展# From the perspective of capital flow, the CFTC's efforts to promote the compliance of crypto assets are significant. This not only clears obstacles for institutional capital to enter the market but also provides a clear compliance path for on-chain projects. Data shows that in recent months, large address holdings have shown a net inflow trend, which may be related to improved policy expectations. It is essential to closely follow the specific implementation of the DCM platform and the collaborative regulatory framework between the SEC and CFTC. This could become an important indicator of future capital flows. In the long run, clearer regulations are expected to drive more traditional capital to allocate to crypto assets, but in the short term, we must remain vigilant about the uncertainties in the policy implementation process.