The sharp decline and consolidation over the past two weeks are paving the way for a new round of market trends. Market sentiment, institutional movements, and the regulatory environment are resonating together, and the current core driving force has become clear.

Policy expectations are shifting: The leadership change at the Federal Reserve is imminent, with potential candidates from within the circle leaning towards interest rate cuts and friendly policies, and market confidence in easing is rapidly increasing.

Liquidity is bottoming out: QT has paused, and although QE has not been restarted, the tightest phase has passed. The Treasury has recently injected tens of billions into banks, enough to cushion external tightening pressures.

An innovation exemption is approaching: The SEC will introduce a cryptocurrency innovation exemption policy in the next 1-2 months. Compliance projects and financing activities are expected to accelerate, not only supporting BTC/ETH but also possibly igniting a wave of quality altcoin trends.

Institutional entry is accelerating: Traditional giants like the Vanguard Group have opened Bitcoin ETF trading, and several banks are recommending an allocation of 1%-4% in crypto assets. It is only a matter of time before more "behemoth" institutions follow suit.

This round of market trends is likely to be driven by "compliance innovation," forming a pattern where mainstream coins provide the platform and altcoins lead the surge. In December, a breakthrough is imminent, and the market is brewing; good times may be delayed, but they will surely come.

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