HTX Research analyst WZ: Cryptocurrency market pricing is extending outward, with regulation and macro liquidity becoming key variables According to Shenzhen TechFlow, on September 23, in the seventh live broadcast of the Huobi VIP Lecture, WZ, an asset analyst of HTX Research, pointed out that in the past, people used to use Crypto to explain Crypto, but today, more and more variables that determine the next segment of Crypto's market occur outside of Crypto. This is also a new pricing cycle that Crypto is entering. At the policy level, WZ believes that although the Clarity bill, which has systematic features, has been blocked from voting in the Senate due to issues such as the need to win bipartisan votes, involving the interests of the Trump family, and the distribution of stablecoin benefits. However, the regulation of cryptocurrency in the United States has not stagnated. For example, the SEC recently issued an "innovation exemption" plan, allowing compliant institutions that meet the conditions to tokenize specific stocks, accelerating the integration of traditional finance and the cryptocurrency boundary. On a macro level, WZ stated that the situation in the Middle East and the risk of blockage in the Strait of Hormuz have pushed up the "risk premium" of crude oil. The rise in oil prices will trigger inflation expectations, which in turn will affect US bond yields and global liquidity. When energy prices remain high and interest rates remain high, the upward potential of risky 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 fund overflow, and the pattern of "general rise" of altcoins is difficult to occur. But in the new cycle, assets with a "new narrative" and strong consensus will still emerge from an independent upward trend.