Trump is preparing to sign the crypto market structure bill. Many will see this as short-term positive news. But what I'm more concerned about isn't the "news-driven surge," but the potential structural changes it might bring. As regulatory boundaries become clearer, the way institutions price the risk of crypto assets will also change. First, policies will become clearer, then institutions will be more willing to allocate, and then liquidity will slowly return. Most people only look at the candlestick charts. Smart money looks first at whether the rules have changed.