The encryption market in 2026 may be even crazier than this year.

First, the conclusion: there are at least 5 major catalysts on the way next year, and each is directly related to liquidity. On the Federal Reserve side, the market expects at least 3 interest rate cuts; on the fiscal side, if Trump's proposed $2000 universal cash distribution plan is implemented, this money will eventually flow into the market; more importantly, the new Federal Reserve chairman's open attitude towards encryption assets is not a trivial matter.

Looking again at the regulatory aspect. Once the SLR (Supplementary Leverage Ratio) policy is relaxed, the idle funds in the banking system will be released on a large scale—what does this mean? The entry threshold for institutions has been lowered. Additionally, if the Republican Party dominates the midterm elections, the probability of restarting quantitative easing will significantly increase.

Putting these together, the macro environment for cryptocurrencies in 2026 is almost entirely positive. Of course, the premise is that policies don't suddenly backfire. But if these cards can be played, the logic for the continuation of a bull market is basically sound.

Which of these factors do you think is most likely to be realized first?