HTX Research Analyst WZ: The pricing of the cryptocurrency market is extending outward, with regulation and macro liquidity becoming key variables

In the seventh live broadcast of the Huobi Expert Lecture, HTX Research asset analyst WZ pointed out that in the past, people were accustomed to explaining Crypto with Crypto, but today, the variables that determine the next phase of Crypto are increasingly occurring outside of Crypto. This marks a new pricing cycle that Crypto is entering.

On the policy level, WZ believes that although the Clarity Act, which has systematic characteristics, is hindered in the Senate due to the need to secure bipartisan votes and issues involving the Trump family's interests and stablecoin profit distribution, U.S. crypto regulation has not stalled. For instance, the SEC recently released an "innovation exemption" plan that allows compliant institutions meeting certain conditions to tokenize specific stocks, accelerating the integration of traditional finance and crypto.

On the macro level, WZ stated that the situation in the Middle East and the blockage risk in the Strait of Hormuz have raised the "risk premium" of crude oil. Rising oil prices can trigger inflation expectations, which in turn affect U.S. Treasury yields and global liquidity. When energy prices remain high and interest rates stay elevated, the upward potential for risk assets like Bitcoin may be constrained.

WZ also pointed out that in this cycle, the direct inflow and outflow of ETF funds have changed the traditional logic of capital overflow, making a "general rise" pattern for altcoins difficult to achieve. However, in the new cycle, assets with a "new narrative" and strong consensus will still experience independent upward trends.