#大户持仓动态 A recent move by the UK is worth noting - it has officially confirmed the legal status of crypto assets as property. This is a significant Favourable Information for mainstream cryptocurrencies like $ETH, providing institutional investors with reassurance. Previously, pension funds and hedge funds had been waiting and watching, but now that the regulatory framework is clear, their willingness to allocate is noticeably on the rise. The advancement of Ethereum Spot ETF is the most direct reflection of this trend - you will find that more and more professional funds are beginning to take this field seriously.

The macro aspect is more complex. The competition for the position of the Federal Reserve Chairman is intense, and the policy ideas of different candidates vary significantly. If the dovish camp comes to power? Ample liquidity makes risk assets attractive. If the hawkish camp takes the stage? The market may face a situation of tight liquidity. The transmission effect of these policy signals on the cryptocurrency market is quite evident—you need to keep a close eye on these changes.

The global economic environment in 2026 will also not be simple. The inversion of US Treasury yields has lasted for quite a long time, combined with the adjustment pressure in the job market, fluctuations in consumer credit data, and political factors such as the midterm elections. The multiple variables stacking up will definitely increase market uncertainty. The link between the encryption market and macroeconomics, as well as the policy cycle, is becoming tighter and tighter; it is no longer an era where a single factor can determine the direction.

From the composition of market participants, institutional funds have become important incremental buyers of encryption assets, and the overall pattern of the market is shifting from a purely speculative cycle to a more fundamental and professional institutional-scale migration. This means that the market is becoming more logical and increasingly focusing on fundamentals. For retail investors, it is more necessary to be rational at this time—do thorough homework and allocate according to their own risk tolerance, rather than being led by the hotspots. The performance of popular coins like $XRP and $SOL can be used to observe the rhythm of market hotspot rotation, but this is just a reference, not an investment guide.

Which do you think has a greater impact on the cryptocurrency market, the current regulatory dynamics or macro policies?