In recent weeks, a series of positive signals have emerged in the policy landscape of the crypto market. The US Senate is currently reviewing the CLARITY Act, which clearly defines BTC and ETH as digital commodities regulated by the CFTC, while the SEC focuses on the regulation of security tokens. The bill also strengthens legal protections for self-custody. A full chamber vote is expected to be completed by the end of Q1, which is undoubtedly the biggest policy green light before large-scale institutional entry.

On the international front, Hong Kong has implemented new crypto capital rules (BCFS) starting January 1, allowing banks to participate in the crypto ecosystem in a compliant manner. RWA and compliant stablecoins are becoming key focus areas for institutions.

In macroeconomic signals, expectations for Fed rate cuts are rising, limiting the pressure on the US dollar to appreciate. This directly enhances the attractiveness of risk assets. Coupled with the complex geopolitical situation, the value of crypto assets as inflation hedges and cross-border payment tools is increasingly highlighted, and funds from traditional markets are gradually shifting into this sector.