On-chain data shows that recently 250 Bitcoins were transferred from an anonymous address, routed through intermediaries, and ultimately flowed into BitGo. Such large transfers often attract market attention. From a transaction perspective, large operations from anonymous addresses are usually accompanied by uncertainty. What is even more concerning is that some funds are flowing into custodial platforms like BitGo — which could indicate upcoming liquidity preparations. Once large holders have selling intentions, exchanges and custodial platforms often become the first to position. In the short term, these signals indeed increase the market's bearish pressure expectations. However, it is worth noting that every move by major whales in the Bitcoin market is closely monitored — large transfers can sometimes trigger reverse operations from counterparties. The trends of mainstream assets like Ethereum, SOL, and others are also worth paying attention to, as they often follow Bitcoin’s market sentiment fluctuations.

Buying coins for yourself, trading coins, making money or losing money—most of the time, this is just personal investment, and judicial authorities generally won't pay much attention. But the problem lies here—once you start "thinking crookedly," such as helping others buy on their behalf, taking service fees, exchanging money for others, doing wash trading, or acting as an intermediary to match trades, the situation changes completely. These behaviors could be directly classified as illegal business operations, and may even involve accomplice liability. Why? Because in the eyes of the law, you're no longer just investing. What have you become? You've turned into an underground financial service provider. That is the core issue. Relevant regulatory seminars repeatedly emphasize two keywords: **Subjective Knowledge** and **Behavioral Mode**. In other words, whether you are consciously doing it and how you do it determine the final classification. The national policy stance is very clear: you can gamble, lose, or speculate if you want. But there is one bottom line that must never be crossed—private long-term control over foreign exchange, fund settlement, and money laundering capabilities. This violates the core of financial regulation. So look at those still doing OTC rebate activities domestically; they are basically walking a path with no return. The rise and fall of coins like BTC, ETH, SOL may not change their ultimate outcome. To put it simply, there's no problem being an investor, but don’t think about becoming a financial intermediary. This line must not be crossed.

Discussions around MEV handling mechanisms are heating up in the Solana ecosystem. The Harmonic team recently commented on the design of Jito's IB RL validator dashboard, pointing out that the current solution may reinforce the centralization trend in MEV standards. According to Harmonic's performance testing data, they have reached a high level of computational resource consumption per unit of block, while also demonstrating competitiveness in the transaction throughput of DEXs across multiple mainstream protocols. This has sparked reflections on the diversification of the Solana validator ecosystem—how to ensure network efficiency while avoiding any single solution dominating the MEV ecosystem?