There is an interesting perspective. A certain macro investor has been discussing the crypto market recently, and has been emphasizing one thing — he is looking to the future, and is not focused on the short-term price rise and fall, but rather pondering "how liquidity can be opened up at the institutional level."

According to his logic, the reason 2026 has become a hurdle is not because of how market sentiment will change, but rather because seemingly independent factors such as monetary policy, the banking system, government finance, and the encryption system are starting to align slowly. Once aligned, a brand new capital circulation system will be formed.

He mentioned that the wave of liquidity squeeze the market experienced in the second half of 2025 was actually paving the way for what comes next. By 2026, several conditions will emerge simultaneously: the Federal Reserve's quantitative tapering will have concluded, banks will be forced to reopen the liquidity taps to cope with year-end and annual fund scheduling, and a smoother mechanism for U.S. government and banks to take over Treasury bonds will be established. With these conditions combined, the systemic issue of "not enough money" will no longer be a problem.

The most interesting thing is this shift - the focus of managing debt and liquidity is gradually shifting from the Federal Reserve to the government itself. This reflects a structural change in the financial system, and the impact on the liquidity of crypto assets may be much deeper than you think.