Recently, after some leading exchanges announced plans to strengthen regulatory oversight of the derivatives market, the market has indeed experienced some volatile price movements. Interestingly, many market makers are observing—what level of control will this round of regulation actually impose?

To be honest, a tenfold increase in one night definitely crosses the line, but what if the price rises three times in a day and then drops 50%? The boundary starts to blur. The market needs liquidity and vitality, but also order—these two are naturally prone to conflict. Less volatility leads to criticism of lack of excitement, while too much volatility invites accusations of manipulation—playing the role of a judge is indeed a difficult position. Finding the right balance seems to be an exploration for all exchanges.