#银行接入加密服务 When I saw this news, my first reaction was: the bank is officially getting on board.

The explanation letter from OCC is essentially a reassurance for American banks – you can engage in cryptocurrency trading, but on the condition of a "no-risk principal" model, which means acting as an intermediary without holding positions yourself. It sounds like a compromise that satisfies the commercial demands of banks while avoiding direct exposure to the risks of holding cryptocurrency.

But there is a detail worth noting here: the bank entering the market as an "agent" means what? It means that the flow of funds will be more standardized, and the market will become more "institutionalized". This in itself is not a bad thing; rather, it represents that the crypto market is maturing.

However, I must remind you — when traditional financial institutions enter on a large scale, retail investors need to be more cautious. The entry of banks often comes with a transfer of pricing power; liquidity may seem abundant, but it's important to understand who actually has the pricing power. In the past, it was the speculators harvesting the retail investors, but now it might be a more "formal" mechanism doing the harvesting.

What really needs to be focused on is: does this mean that market liquidity will improve? Or does it mean that the bargaining power of retail investors will be further weakened? The previous compliance progress is positive, but don't be blinded by the word "normalization." The logic that has survived for a long time remains the same - risk prevention is a priority; even the best news should be questioned.