Recent market signals suggest financial conditions remain exceptionally accommodative. Credit spreads have compressed to their tightest levels in over two decades—the lowest point since 1998—reflecting a risk-on environment. Adding fuel to the fire, U.S. M2 money supply expanded by $1.65 trillion throughout 2025, sustaining robust global liquidity flows that continue to support risk assets. On the regulatory front, the Senate Agriculture Committee has moved up its crypto market structure markup session to January 27, signaling Washington's renewed focus on digital asset market infrastructure and oversight. These developments paint a picture of loose monetary conditions intersecting with evolving regulatory clarity.