The ballots have been counted,
and only then do positions start shifting.

Once the midterm election results became clear,
what the market was really waiting to see wasn’t who won the spectacle,
but whether Washington would be stuck in a divided-government stalemate,
whether the odds of a sharp policy U-turn would fall,
and whether crypto-related legislation would be pushed back.

The market’s checklist has been reshuffled:
regulatory certainty comes first,
the interest-rate path staying on track despite events comes second,
and whether investors dare to add to high-valuation tech assets comes third.
Bitcoin these past couple of days has looked more like a reflection of risk appetite in U.S. stocks:
it wobbled first, then recovered,
reflecting expectations being priced in.

The ballots are just the trigger;
how positions are allocated will determine whether crypto can keep up.

$BTC $ETH

#U.S. midterm elections: What is the market hoping for? #风险偏好 #Regulatory expectations