Last night, the U.S. stock market crashed. On May 23, I mentioned whether there’s a possibility that the SEC’s moves are actually helping everyone avoid the top of the U.S. stock market. But many people were mocking it. In fact, experienced old hands in the market all know that before May 19, 2021, domestic regulators issued a risk warning about speculation in virtual currencies. A few days later, on May 19, there was another major drop. Then, in October 2021, domestic regulators, together with seven departments, issued another risk warning about speculation in virtual currencies. After that, by November, the bull market ended. Even in the second half of 2025, domestic regulators have continued to warn about severely cracking down on virtual currencies. After a month, the 1011 incident came again. So many times, domestic regulators may not originally intend to help everyone avoid the top, but when market sentiment gets overheated, they usually come out to warn about risks—at least to some extent, it also helps people avoid the top. It all depends on how everyone chooses to interpret it.