What does the approval of the BTC spot ETF signify? The wild growth period of the crypto circle has truly come to an end. This is not just empty talk—institutional entry, a gradually clearer regulatory framework, and a more standardized market. We are now at the intersection of wilderness and compliance. The era of wild growth from the early days is gone, replaced by what? A more professional, more constrained, but also more mature market ecosystem. This transition means different opportunities and challenges for everyone.