The end of the year in the encryption circle has long passed the stage of 'whether to participate or not'; now it's about 'choosing the right direction'. The heavy news released intensively over the past three days all clearly point to the same signal— the bull run window is gradually opening. Let's break down the implications behind this information with the simplest logic.

**Policy dividends come from unexpected places**

Ghana's recent actions have surprised many. The parliament of this West African country has unanimously passed the Virtual Asset Service Providers Bill, which is not just a slogan—practitioners can now officially register with the central bank or the securities and exchange commission, ensuring that encryption activities move entirely out of the 'gray area' into the light. Even more aggressively, they are also planning to issue a gold-backed stablecoin in 2026, which is equivalent to directly linking encryption assets with physical hard currency.

To be honest, policy breakthroughs in emerging markets are often underestimated. Ghana's encryption trading volume reached $3 billion last year; what kind of increase can we expect once legalization is implemented? No one can say for sure. If a gold stablecoin is really launched, it could establish an entirely new trading standard in emerging markets, which is an opportunity worth long-term observation.

**Institutions Speak with Money**

BlackRock's recent moves are very persuasive. The increase in holdings by one of the world's largest asset management companies indicates a $17.64 million increase in encryption assets, including an increase of 4,534 ETH and 45.379 BTC. This is not a small play; it's a real investment. When large institutions continue to accumulate, the market's direction has often already changed.