[HTX Research Analyst WZ: Crypto Market Pricing Extending Outward, Regulation and Macro Liquidity Becoming Key Variables] During the seventh live session of Huobi's Big Shot Lecture Series, HTX Research asset analyst WZ pointed out that in the past, people were accustomed to explaining Crypto with Crypto. However, today, the variables determining the next phase of Crypto's market trends are increasingly occurring outside of Crypto itself. This marks the beginning of a new pricing cycle for Crypto. On the policy front, WZ believes that although the Clarity Act, which has systematic characteristics, faces obstacles in Senate voting due to the need for bipartisan support, involvement of the Trump family's interests, and the distribution of stablecoin benefits, U.S. crypto regulation has not come to a halt. For instance, the SEC recently released an "innovation exemption" proposal, allowing compliant institutions that meet certain conditions to tokenize specific stocks. This is accelerating the integration of traditional finance and crypto boundaries.