Bitcoin surpassing $90,000 is not just a price rebound—it's more like a blood change in the entire market game rules.

From my observation, the traditional "four-year halving cycle" is no longer popular. What is truly starting to dominate Bitcoin's movement are more macro factors: whether the Federal Reserve will cut interest rates, whether the US dollar is strong or weak, and how global debt levels are changing. These are the key variables influencing subsequent market trends.

There is a common expectation in the industry that around mid-2026, the global economy will enter a loosening cycle. If this expectation proves correct, funds will definitely flow into high-risk assets in a low-interest-rate environment. The most direct manifestation of this is—the increased correlation between Bitcoin and US stocks. The synchronized rebound of both at the end of last year clearly indicates this: when liquidity is abundant, all risk assets rise together. This means investors can no longer treat cryptocurrencies as isolated assets; they need to consider the entire macro allocation.

Another major change is compliance. As of January 2026, the crypto tax reporting framework has taken effect in 48 regions worldwide, and relevant US legislation is also progressing. On-chain transactions, subscription records, institutional holdings—all data are now fully transparent. In this environment, projects with real cash flow and actual returns (such as lending protocols and asset tokenization) will be viewed more favorably by the market. Violations of regulations are no longer minor issues.

Adapting to these two changes is much more important for investors than blindly predicting short-term rises or falls.