[HTX Research's Andy Joins Huobi Masterclass: Q3 BTC Direction Depends on Liquidity, ETH Direction on Regulation] BlockBeats News, July 20 — Andy Liu, Head and Chief Analyst of HTX Research, joined the Huobi Masterclass and shared insights on the theme '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 trend are: direction depends on liquidity, elasticity depends on ETFs, and risk depends 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 once again prove that ecosystem growth can translate into ETH value. Therefore, the core judgment for ETH in Q3 is: direction depends on regulation, elasticity depends on DeFi, and confirmation depends on fees and burn.