[HTX Research's Andy Joins Huobi Masterclass: Q3 BTC Direction Depends on Liquidity, ETH Direction on Regulation] Deep Tide TechFlow reports that on July 20, Andy Liu, Head and Chief Analyst of HTX Research, joined the Huobi Masterclass to share insights on the topic 'Q3 2026 Outlook: A New Order in the Crypto Market Amid Global Liquidity Repricing.' He stated that BTC is no longer just a native crypto asset but has become a proxy variable for global dollar liquidity. In the third quarter, the three core variables influencing BTC's trajectory are: direction depends on liquidity, elasticity on ETFs, and risk on the dollar. When discussing Ethereum, Andy Liu pointed out that the current issue for Ethereum is not whether the ecosystem is growing, but whether that growth can translate into value for ETH. In the medium to long term, Ethereum remains one of the most important settlement and application infrastructures in crypto. However, in the short term, ETH must reestablish the link between ecosystem growth and its value. Therefore, the core judgment for ETH in Q3 is: direction depends on regulation, elasticity on DeFi, and confirmation on fees and burns.