HTX Research Analyst WZ: Crypto Market Pricing Is Extending Outward, with Regulation and Macro Liquidity Becoming Key Variables

September 23 — During the seventh episode of the Huobi Master Lecture livestream, WZ, an asset analyst at HTX Research, pointed out that in the past people were accustomed to explaining Crypto with Crypto, but today, the variables determining Crypto's next market move are increasingly occurring outside of Crypto. This is also the new pricing cycle that Crypto is entering.

On the policy front, WZ believes that although the Clarity Act, which has systematic characteristics, has been blocked in the Senate vote due to the need to win bipartisan votes, issues involving the Trump family's interests, and the distribution of stablecoin interests, U.S. crypto regulation has not stalled. For example, the SEC recently released an "innovation exemption" plan, allowing qualifying compliant institutions to tokenize specific stocks, accelerating the integration of the boundaries between traditional finance and crypto.

On the macro front, WZ stated that the Middle East situation and the risk of blockage in the Strait of Hormuz have pushed up the "risk premium" on crude oil. Rising oil prices will trigger inflation expectations, which in turn affect U.S. Treasury yields and global liquidity. When energy prices remain persistently high and interest rates stay elevated, the upside potential for risk assets such as Bitcoin may be constrained.

WZ also pointed out that in this cycle, the direct inflow and outflow of ETF funds has changed the traditional logic of capital spillover, making a broad altcoin rally difficult to materialize. However, under the new cycle, assets with "new narratives" and strong consensus will still embark on independent upward trends.