#以太坊行情解读 Ethereum's path to Compliance is accelerating. The UK has recently clarified the legal property status of encryption assets, which is truly a significant signal for Mainstream Tokens—the hurdle in institutional investors' minds has finally been lowered. As the regulatory framework becomes clearer, large funds like pensions and hedging funds are beginning to seriously consider allocation issues, and the promotion of Ethereum Spot ETF is also heating up. All these signs point in the same direction: encryption assets are moving from the margins to the mainstream.

But just having regulation is not enough; we need to see how the Federal Reserve will play its cards. Right now, the competition for the position of Federal Reserve Chairman is quite fierce, and different candidates could bring completely different policy tones. If the policy leans towards easing, risk assets will rise; if it shifts towards tightening, liquidity will need to be tightened. The difference between these two scenarios has a very direct transmission effect on the encryption market.

Looking at the broader environment, the global economic exam for 2026 still needs to be addressed. The inversion of U.S. Treasury yield has persisted for so long, coupled with adjustments in the job market, fluctuating consumer credit data, and the ongoing impact of midterm elections on market sentiment. When these factors come together, market volatility can easily be amplified. Interestingly, the correlation between the encryption market and the macro economy, as well as the policy cycle, is now much stronger than before; it is no longer isolated.

From an ecological perspective, institutional funds have officially become an important driving force in the market, as the entire market transitions from retail speculation to professionalization and scaling. Ordinary participants, if they want to enter the market, should not just look at hot rotations; they need to thoroughly research based on their own risk tolerance before taking action. So, are you more concerned about the actions in the regulatory space, or the changes in macro policies from entities like the Federal Reserve?