[Fu Peng's Latest Speech: Crypto Assets Deeply Tied to Liquidity, Intensified Divergence in Global Asset Contraction Trends] Fu Peng, Chief Economist of New Fire Group, delivered a keynote speech at WIKIEXPO, providing a systematic analysis of the underlying logic of the crypto market from the perspective of the global liquidity framework. Fu Peng pointed out that in current traditional trading, mainstream crypto assets like Bitcoin are widely regarded as leading indicators of liquidity strength. The essence of crypto assets is deeply tied to global core liquidity. After the 2008 financial crisis, global liquidity peaked in 2021, with a critical turning point occurring last November. The Federal Reserve's balance sheet reduction reached a critical threshold, creating structural funding pressures in the market, and global capital began to contract overall. During a liquidity tightening cycle, capital tends to first clear out all high-elasticity, highly speculative assets, with cryptocurrencies and small-cap thematic stocks being prioritized for reduction. This is the essence of the 'contraction' trend.